<SEC-DOCUMENT>0001104659-20-023299.txt : 20200220
<SEC-HEADER>0001104659-20-023299.hdr.sgml : 20200220
<ACCEPTANCE-DATETIME>20200220151450
ACCESSION NUMBER:		0001104659-20-023299
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20200220
DATE AS OF CHANGE:		20200220
EFFECTIVENESS DATE:		20200220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FPA CAPITAL FUND INC
		CENTRAL INDEX KEY:			0000099188
		IRS NUMBER:				941632697
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-01596
		FILM NUMBER:		20634615

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-473-0225

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRANSAMERICA CAPITAL FUND INC
		DATE OF NAME CHANGE:	19840826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FPA PARAMOUNT FUND INC
		CENTRAL INDEX KEY:			0000076210
		IRS NUMBER:				952239888
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-00852
		FILM NUMBER:		20634611

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-473-0225

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAMOUNT MUTUAL FUND INC/
		DATE OF NAME CHANGE:	19840620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOURCE CAPITAL INC /DE/
		CENTRAL INDEX KEY:			0000091847
		IRS NUMBER:				941679410
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-01731
		FILM NUMBER:		20634614

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-473-0225

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMC INVESTMENT CORP
		DATE OF NAME CHANGE:	19721123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FPA NEW INCOME INC
		CENTRAL INDEX KEY:			0000099203
		IRS NUMBER:				941632698
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-01735
		FILM NUMBER:		20634612

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-473-0225

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRANSAMERICA NEW INCOME INC
		DATE OF NAME CHANGE:	19840826

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRANSAMERICA INVESTORS FUND INC
		DATE OF NAME CHANGE:	19820524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FPA U.S. VALUE FUND INC
		CENTRAL INDEX KEY:			0000732041
		IRS NUMBER:				953901760
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03896
		FILM NUMBER:		20634613

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-473-0225

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FPA PERENNIAL FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FPA FUNDS TRUST
		CENTRAL INDEX KEY:			0000924727
		IRS NUMBER:				043236699
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08544
		FILM NUMBER:		20634610

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-473-0225

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BOULEVARD
		STREET 2:		SUITE 1200
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UAM FUNDS TRUST
		DATE OF NAME CHANGE:	19951101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REGIS FUND II
		DATE OF NAME CHANGE:	19940606
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>tm208248d1_4017g.htm
<DESCRIPTION>40-17G
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font-size: 11pt; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">First Pacific
Advisors</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11601
Wilshire Boulevard</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Los
Angeles, CA 90025</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February
20, 2020</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">100
F Street, N.E.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Washington,
D.C. 20549</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">VIA
EDGAR</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">RE:
Rule 17g-1 Filing</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FPA
Capital Fund, Inc. (&ldquo;Capital&rdquo;) (File No. 811-01596)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FPA
Funds Trust (the &ldquo;Trust&rdquo;) (File No. 811-08544)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FPA
Paramount Fund, Inc. (&ldquo;Paramount&rdquo;) (File No. 811-00852)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FPA
New Income, Inc. (&ldquo;New Income&rdquo;) (File No. 811-01735)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FPA
U.S. Value Fund, Inc. (&ldquo;U.S. Value&rdquo;) (File No. 811-03896)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Source
Capital, Inc. (&ldquo;Source&rdquo;) (File No. 811-01731)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(each
an &ldquo;FPA Fund&rdquo; and collectively the &ldquo;Funds&rdquo;)</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dear
Sir or Madam:</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pursuant
to Rule 17g-1 of the Investment Company Act of 1940, as amended (&ldquo;1940 Act&rdquo;), on behalf of the Funds, please find
enclosed for filing the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 11pt; vertical-align: top">
<TD STYLE="font-size: 11pt; width: 0.25in"></TD><TD STYLE="font-size: 11pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Funds&rsquo; Joint Investment Company Blanket bond in the amount of $9,550,000 (&ldquo;Bond&rdquo;);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 11pt; vertical-align: top">
<TD STYLE="font-size: 11pt; width: 0.25in"></TD><TD STYLE="font-size: 11pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
                                         Secretary&rsquo;s Certificate certifying the resolutions adopted by the members of the
                                         Boards of Directors/Trustees of the Funds (including those members who are not &ldquo;interested
                                         persons&rdquo; of the Funds as defined in the 1940 Act) authorizing the amount, type,
                                         form and coverage of the Bond consistent with Rule 17g-1 under the 1940 Act; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 11pt; vertical-align: top">
<TD STYLE="font-size: 11pt; width: 0.25in"></TD><TD STYLE="font-size: 11pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         allocation agreement between each FPA Fund with respect to the Bond.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
fidelity bond premium has been paid for the period December 7, 2019 to December 7, 2020 policy period.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Had
Capital, the Trust, Paramount, New Income, U.S. Value and Source not been named as the insureds under the attached joint insured
bond, each of Capital, the Trust, Paramount, New Income, U.S. Value and Source would have provided and maintained a single insured
bond in the amount of $600,000, $6,500,000, $600,000, $3,700,000, $400,000 and $750,000, respectively. These amounts are at least
the minimum required amounts pursuant to Rule 17g-1(d).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Please
contact me at (617) 662-3968 if you have any questions.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Very
truly yours,</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>/s/ Rebecca
    Gilding</U></FONT></TD>
    <TD STYLE="font-size: 11pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rebecca Gilding</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 11pt; vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary of the Funds</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Enclosures</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 11pt; vertical-align: top">
<TD STYLE="font-size: 11pt; width: 0"></TD><TD STYLE="font-size: 11pt; width: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">cc:</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">J.
                                         Richard Atwood</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AON
RISK INSURANCE SERVICES WEST, INC.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ATTN:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Joseph McGoldrick</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">707
WILSHIRE BLV., #2600</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LOS
ANGELES, CA 90017</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 18%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>INSURED:</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FPA
                                         FUNDS TRUST</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 18%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>PRODUCT:</I></B></FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 82%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>DFIBond</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 18%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>POLICY
NO:</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82473034</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 18%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>TRANSACTION:</I></B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RENL</FONT></TD>
</TR></TABLE>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 22%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PREMIUM
    BILL</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insured:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FPA
    FUNDS TRUST</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
    December&nbsp;6, 2019</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Producer:</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AON
    RISK INSURANCE SERVICES WEST,&nbsp;INC.</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Company:</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FEDERAL
    INSURANCE COMPANY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">THIS
BILLING IS TO BE ATTACHED TO AND FORM&nbsp;PART&nbsp;OF THE BOND REFERENCED BELOW.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOTE:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PLEASE
                                         RETURN THIS BILL WITH REMITTANCE AND NOTE HEREON ANY CHANGES. BILL WILL BE RECEIPTED
                                         AND RETURNED TO YOU PROMPTLY UPON REQUEST.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PLEASE
REMIT TO PRODUCER INDICATED ABOVE. PLEASE REFER TO:</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 26%; border-top: Black 1.5pt solid; border-right: Black 1pt solid; border-left: Black 1.5pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EFFECTIVE
    DATE</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 19%; border-top: Black 1.5pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BOND
    NUMBER</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-top: Black 1.5pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COVERAGE</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-top: Black 1.5pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PREMIUM</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-left: Black 1.5pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December&nbsp;7,
    2019</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;24,230.00</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-left: Black 1.5pt solid; padding-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-left: Black 1.5pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December&nbsp;7,
    2020</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-left: Black 1.5pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.5%
    Commission</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TOTAL</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&nbsp;24,230.00</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 57%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Chubb
    Group of Insurance Companies</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 3pt; width: 43%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DECLARATIONS</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202B Hall&rsquo;s Mill Road</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FINANCIAL INSTITUTION INVESTMENT</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Whitehouse Station, NJ 08889</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>COMPANY ASSET PROTECTION BOND</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NAME OF ASSURED (including its <B>Subsidiaries</B>):</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number: 82473034</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FPA FUNDS TRUST</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11601 WILSHIRE BLVD SUITE 1200</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL INSURANCE
    COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LOS ANGELES, CA 90025</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Incorporated
    under the laws of Indiana</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">a
    stock insurance company herein called the COMPANY</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Capital
    Center, 251 North Illinois, Suite&nbsp;1100</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Indianapolis,&nbsp;IN
    46204-1927</FONT></TD></TR>
</TABLE>
<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0%"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM
                           1.</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BOND
                                         PERIOD:&nbsp;from&nbsp;12:01 a.m.&nbsp;on&nbsp;December&nbsp;7, 2019</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.8in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;to
12:01 a.m.&nbsp;on&nbsp;December&nbsp;7, 2020</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM
                          2.</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">LIMITS
                                         OF LIABILITY--DEDUCTIBLE AMOUNTS:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
 &ldquo;Not Covered&rdquo; is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference
shall be deemed to be deleted. <B>There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any
Investment Company.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 0.75in">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: center; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: -0.625in; font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: left; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">SINGLE
    LOSS</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: center; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: left; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">DEDUCTIBLE</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: center; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; vertical-align: bottom; font-weight: normal">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal"><U>INSURING
    CLAUSE</U></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: center; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: left; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal"><U>LIMIT
    OF LIABILITY</U></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: center; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: left; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal"><U>AMOUNT</U></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; text-align: center; font-weight: normal"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 37%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Employee</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left; width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On Premises</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In Transit</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Forgery or Alteration</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Extended Forgery</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Counterfeit Money</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Threats to Person</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not
    Covered</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Computer System</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Voice Initiated Funds Transfer Instruction</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Uncollectible Items of Deposit</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Audit Expense</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM
                          3.</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">THE
                                         LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS EXECUTED
                                         SIMULTANEOUSLY HEREWITH:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">O
    THE TERMS OF THE FOLLOWING SIMULTANEOUSLY HEREWITH:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ENDORSEMENTS
    EXECUTED</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1-17</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, THE COMPANY </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">has caused this Bond to be signed
by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm208248d1_4017gimg001.jpg" ALT=""></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm208248d1_4017gimg002.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Secretary</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">President</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Countersigned
    by</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; width: 30%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December&nbsp;6,
    2019</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: bottom; width: 49%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT><IMG SRC="tm208248d1_4017gimg003.jpg" ALT=""></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Authorized
    Representative</FONT></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98) - Federal</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Page
    1 of 1</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 76%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
    COMPANY, in consideration of payment of the required premium, and in reliance on the APPLICATION and all other statements
    made and information furnished to the COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this Bond and
    to all other terms and conditions of this Bond, agrees to pay the ASSURED for:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(204,204,204) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(204,204,204) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(204,204,204) 3pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>Insuring
    Clauses</I></B></FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Employee</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
    resulting directly from <B>Larceny </B>or <B>Embezzlement </B>committed by any <B>Employee</B>, alone or in collusion with
    others.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(204,204,204) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(204,204,204) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(204,204,204) 3pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>On
    Premises</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
    of <B>Property </B>resulting directly from robbery, burglary, false pretenses, common law or statutory larceny, misplacement,
    mysterious unexplainable disappearance, damage, destruction or removal, from the possession, custody or control of the ASSURED,
    while such <B>Property </B>is lodged or deposited at premises located anywhere.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(204,204,204) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(204,204,204) 3pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: rgb(204,204,204) 3pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>In
    Transit</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
    of <B>Property </B>resulting directly from common law or statutory larceny, misplacement, mysterious unexplainable disappearance,
    damage or destruction, while the <B>Property </B>is in transit anywhere:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
    an armored motor vehicle, including loading and unloading thereof,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
    the custody of a natural person acting as a messenger of the ASSURED, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
    the custody of a <B>Transportation Company </B>and being transported in a conveyance other than an armored motor vehicle provided,
    however, that covered <B>Property </B>transported in such manner is limited to the following:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;written
    records,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;securities
    issued in registered form, which are not endorsed or are restrictively endorsed, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;negotiable
    instruments not payable to bearer, which are not endorsed or are restrictively endorsed.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage
    under this INSURING CLAUSE begins immediately on the receipt of such <B>Property </B>by the natural person or <B>Transportation
    Company </B>and ends immediately on delivery to the premises of the addressee or to any representative of the addressee located
    anywhere.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
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<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-top: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page
                                         1 of 19</FONT></P>


</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>Insuring
                                         Clauses</I></B></FONT></P>



</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(continued)</I></FONT></P>



</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Forgery
    Or Alteration</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 76%; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
    resulting directly from:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Forgery
    </B>on, or fraudulent material alteration of, any bills of exchange, checks, drafts, acceptances, certificates of deposits,
    promissory notes, due bills, money orders, orders upon public treasuries, letters of credit, other written promises, orders
    or directions to pay sums certain in money, or receipts for the withdrawal of <B>Property</B>, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transferring,
    paying or delivering any funds or other <B>Property</B>, or establishing any credit or giving any value in reliance on any
    written instructions, advices or applications directed to the ASSURED authorizing or acknowledging the transfer, payment,
    delivery or receipt of funds or other <B>Property</B>, which instructions, advices or applications fraudulently purport to
    bear the handwritten signature of any customer of the ASSURED, or shareholder or subscriber to shares of an <B>Investment
    Company</B>, or of any financial institution or <B>Employee </B>but which instructions, advices or applications either bear
    a <B>Forgery </B>or have been fraudulently materially altered without the knowledge and consent of such customer, shareholder,
    subscriber, financial institution or <B>Employee</B>;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">excluding,
    however, under this INSURING CLAUSE any loss covered under INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING
    CLAUSE 5. is provided for in the DECLARATIONS of this Bond.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
    the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Extended
    Forgery</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
    resulting directly from the ASSURED having, in good faith, and in the ordinary course of business, for its own account or
    the account of others in any capacity:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquired,
    accepted or received, sold or delivered, or given value, extended credit or assumed liability, in reliance on any original
    <B>Securities, documents or other written instruments </B>which prove to:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;bear
    a <B>Forgery </B>or a fraudulently material alteration,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;have
    been lost or stolen, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;be
    <B>Counterfeit</B>, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;guaranteed
    in writing or witnessed any signatures on any transfer, assignment, bill of sale, power of attorney, guarantee, endorsement
    or other obligation upon or in connection with any <B>Securities, documents or other written instruments</B>.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Actual
    physical possession, and continued actual physical possession if taken as collateral, of such <B>Securities, documents or
    other written instruments </B>by an <B>Employee, Custodian</B>, or a Federal or State chartered deposit institution of the
    ASSURED is a condition precedent to the ASSURED having relied on such items. Release or return of such collateral is an acknowledgment
    by the ASSURED that it no longer relies on such collateral.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page
                                         2 of 19</FONT></P>


</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>Insuring
                                         Clauses</I></B></FONT></P>



</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Extended
                                         Forgery</I></FONT></P>
                           <P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(continued)</I></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 76%; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
    the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Counterfeit
    Money</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
    resulting directly from the receipt by the ASSURED in good faith of any <B>Counterfeit </B>money.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Threats
    To Person</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
    resulting directly from surrender of <B>Property </B>away from an office of the ASSURED as a result of a threat communicated
    to the ASSURED to do bodily harm to an <B>Employee </B>as defined in SECTION&nbsp;1.e. (1), (2)&nbsp;and (5), a <B>Relative
    </B>or invitee of such <B>Employee</B>, or a resident of the household of such <B>Employee</B>, who is, or allegedly is, being
    held captive provided, however, that prior to the surrender of such <B>Property</B>:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
    <B>Employee </B>who receives the threat has made a reasonable effort to notify an officer of the ASSURED who is not involved
    in such threat, and</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
    ASSURED has made a reasonable effort to notify the Federal Bureau of Investigation and local law enforcement authorities concerning
    such threat.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It
    is agreed that for purposes of this INSURING CLAUSE, any <B>Employee </B>of the ASSURED, as set forth in the preceding paragraph,
    shall be deemed to be an ASSURED hereunder, but only with respect to the surrender of money, securities and other tangible
    personal property in which such <B>Employee </B>has a legal or equitable interest.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Computer
    System</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
    resulting directly from fraudulent:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;entries
    of data into, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes
    of data elements or programs within,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
    <B>Computer System</B>, provided the fraudulent entry or change causes:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;funds
    or other property to be transferred, paid or delivered,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;an
    account of the ASSURED or of its customer to be added, deleted, debited or credited, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;an
    unauthorized account or a fictitious account to be debited or credited.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page
                                         3 of 19</FONT></P>


</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>Insuring
    Clauses</I></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(continued)</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Voice
    Initiated Funds Transfer Instruction</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 76%; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
    resulting directly from <B>Voice Initiated Funds Transfer Instruction </B>directed to the ASSURED authorizing the transfer
    of dividends or redemption proceeds of <B>Investment Company </B>shares from a <B>Customer&rsquo;s </B>account, provided such
    <B>Voice Initiated Funds Transfer Instruction </B>was:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;received
    at the ASSURED&rsquo;S offices by those <B>Employees </B>of the ASSURED specifically authorized to receive the <B>Voice Initiated
    Funds Transfer Instruction</B>,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;made
    by a person purporting to be a <B>Customer</B>, and</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;made
    by said person for the purpose of causing the ASSURED or <B>Customer </B>to sustain a loss or making an improper personal
    financial gain for such person or any other person.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
    order for coverage to apply under this INSURING CLAUSE, all <B>Voice Initiated Funds Transfer Instructions </B>must be received
    and processed in accordance with the Designated Procedures outlined in the APPLICATION furnished to the COMPANY.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Uncollectible
    Items of Deposit</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.&nbsp;&nbsp;&nbsp;&nbsp;Loss
    resulting directly from the ASSURED having credited an account of a customer, shareholder or subscriber on the faith of any
    <B>Items of Deposit </B>which prove to be uncollectible, provided that the crediting of such account causes:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;redemptions
    or withdrawals to be permitted,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    to be issued, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dividends
    to be paid,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">from
    an account of an <B>Investment Company</B>.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
    order for coverage to apply under this INSURING CLAUSE, the ASSURED must hold <B>Items of Deposit </B>for the minimum number
    of days stated in the APPLICATION before permitting any redemptions or withdrawals, issuing any shares or paying any dividends
    with respect to such <B>Items of Deposit</B>.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Items
    of Deposit </B>shall not be deemed uncollectible until the ASSURED&rsquo;S standard collection procedures have failed.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Audit
    Expense</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.&nbsp;&nbsp;&nbsp;Expense
    incurred by the ASSURED for that part of the cost of audits or examinations required by any governmental regulatory authority
    or self-regulatory organization to be conducted by such authority, organization or their appointee by reason of the discovery
    of loss sustained by the ASSURED and covered by this Bond.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page
                                         4 of 19</FONT></P>


</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>General
Agreements</I></B></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Additional
    Companies Included As Assured</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 76%; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;If
    more than one corporation, or <B>Investment Company</B>, or any combination of them is included as the ASSURED herein:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;The
    total liability of the COMPANY under this Bond for loss or losses sustained by any one or more or all of them shall not exceed
    the limit for which the COMPANY would be liable under this Bond if all such loss were sustained by any one of them.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;Only
    the first named ASSURED shall be deemed to be the sole agent of the others for all purposes under this Bond, including but
    not limited to the giving or receiving of any notice or proof required to be given and for the purpose of effecting or accepting
    any amendments to or termination of this Bond. The COMPANY shall furnish each <B>Investment Company </B>with a copy of the
    Bond and with any amendment thereto, together with a copy of each formal filing of claim by any other named ASSURED and notification
    of the terms of the settlement of each such claim prior to the execution of such settlement.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;The
    COMPANY shall not be responsible for the proper application of any payment made hereunder to the first named ASSURED.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;Knowledge
    possessed or discovery made by any partner, director, trustee, officer or supervisory employee of any ASSURED shall constitute
    knowledge or discovery by all the ASSUREDS for the purposes of this Bond.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;If
    the first named ASSURED ceases for any reason to be covered under this Bond, then the ASSURED next named on the APPLICATION
    shall thereafter be considered as the first named ASSURED for the purposes of this Bond.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Representation
    Made By Assured</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;The
    ASSURED represents that all information it has furnished in the APPLICATION for this Bond or otherwise is complete, true and
    correct. Such APPLICATION and other information constitute part of this Bond.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
    ASSURED must promptly notify the COMPANY of any change in any fact or circumstance which materially affects the risk assumed
    by the COMPANY under this Bond.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any
    intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the APPLICATION or otherwise,
    shall be grounds for recision of this Bond.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page
                                         5 of 19</FONT></P>


</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>General
Agreements</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(continued)</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD ROWSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Additional
    Offices Or Employees - Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities - Notice To Company</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 76%; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;If
    the ASSURED, other than an <B>Investment Company</B>, while this Bond is in force, merges or consolidates with, or purchases
    or acquires assets or liabilities of another institution, the ASSURED shall not have the coverage afforded under this Bond
    for loss which has:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;occurred
    or will occur on premises, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;been
    caused or will be caused by an employee, or</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;arisen
    or will arise out of the assets or liabilities,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of
    such institution, unless the ASSURED:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gives
    the COMPANY written notice of the proposed consolidation, merger or purchase or acquisition of assets or liabilities prior
    to the proposed effective date of such action, and</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obtains
    the written consent of the COMPANY to extend some or all of the coverage provided by this Bond to such additional exposure,
    and</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
    obtaining such consent, pays to the COMPANY an additional premium.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Change
    Of Control - Notice To Company</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;When
    the ASSURED learns of a change in control (other than in an <B>Investment Company</B>), as set forth in Section&nbsp;2(a)&nbsp;(9)&nbsp;of
    the Investment Company Act of 1940, the ASSURED shall within sixty (60) days give written notice to the COMPANY setting forth:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;the
    names of the transferors and transferees (or the names of the beneficial owners if the voting securities are registered in
    another name),</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;the
    total number of voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately
    before and after the transfer, and</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;the
    total number of outstanding voting securities.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Failure
    to give the required notice shall result in termination of coverage for any loss involving a transferee, to be effective on
    the date of such change in control.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Court
    Costs And Attorneys&rsquo;&nbsp;Fees</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    COMPANY will indemnify the ASSURED for court costs and reasonable attorneys&rsquo; fees incurred and paid by the ASSURED in
    defense, whether or not successful, whether or not fully litigated on the merits and whether or not settled, of any claim,
    suit or legal proceeding with respect to which the ASSURED would be entitled to recovery under this Bond. However, with respect
    to INSURING CLAUSE 1., this Section&nbsp;shall only apply in the event that:</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;an
    <B>Employee </B>admits to being guilty of <B>Larceny or Embezzlement</B>,</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;an
    <B>Employee </B>is adjudicated to be guilty of <B>Larceny or Embezzlement</B>, or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page
                                         6 of 19</FONT></P>


</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><I>General
Agreements</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><I>Court
    Costs And Attorneys&rsquo;&nbsp; Fees&nbsp;(continued)</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 76%; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;in
    the absence of 1 or 2 above, an arbitration panel agrees, after a review of an agreed statement of facts between the COMPANY
    and the ASSURED, that an <B>Employee </B>would be found guilty of <B>Larceny or Embezzlement </B>if such <B>Employee </B>were
    prosecuted.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
    ASSURED shall promptly give notice to the COMPANY of any such suit or legal proceeding and at the request of the COMPANY shall
    furnish copies of all pleadings and pertinent papers to the COMPANY. The COMPANY may, at its sole option, elect to conduct
    the defense of all or part of such legal proceeding. The defense by the COMPANY shall be in the name of the ASSURED through
    attorneys selected by the COMPANY. The ASSURED shall provide all reasonable information and assistance as required by the
    COMPANY for such defense.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
    the COMPANY declines to defend the ASSURED, no settlement without the prior written consent of the COMPANY nor judgment against
    the ASSURED shall determine the existence, extent or amount of coverage under this Bond.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
    the amount demanded in any such suit or legal proceeding is within the DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no
    liability for court costs and attorney&rsquo;s fees incurred in defending all or part of such suit or legal proceeding.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
    the amount demanded in any such suit or legal proceeding is in excess of the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS
    for the applicable INSURING CLAUSE, the COMPANY&rsquo;S liability for court costs and attorney&rsquo;s fees incurred in defending
    all or part of such suit or legal proceedings is limited to the proportion of such court costs and attorney&rsquo;s fees incurred
    that the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE bears to the total of
    the amount demanded in such suit or legal proceeding.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
    the amount demanded is any such suit or legal proceeding is in excess of the DEDUCTIBLE AMOUNT, if any, but within the LIMIT
    OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE, the COMPANY&rsquo;S liability for court
    costs and attorney&rsquo;s fees incurred in defending all or part of such suit or legal proceedings shall be limited to the
    proportion of such court costs or attorney&rsquo;s fees that the amount demanded that would be payable under this Bond after
    application of the DEDUCTIBLE AMOUNT, bears to the total amount demanded.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amounts
    paid by the COMPANY for court costs and attorneys&rsquo; fees shall be in addition to the LIMIT OF LIABILITY stated in ITEM
    2. of the DECLARATIONS.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 0.5pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 0.5pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page
                                         7 of 19</FONT></P>


</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
    and Limitations</I></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Definitions</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
        used in this Bond:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Computer
        System </B>means a computer and all input, output, processing, storage, off-line media libraries, and communication facilities
        which are connected to the computer and which are under the control and supervision of the operating system(s)&nbsp;or
        application(s)&nbsp;software used by the ASSURED.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Counterfeit
        </B>means an imitation of an actual valid original which is intended to deceive and be taken as the original.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Custodian
        </B>means the institution designated by an <B>Investment Company </B>to maintain possession and control of its assets.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Customer
        </B>means an individual, corporate, partnership, trust customer, shareholder or subscriber of an <B>Investment Company
        </B>which has a written agreement with the ASSURED for <B>Voice Initiated Funds Transfer Instruction</B>.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Employee
        </B>means:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;an
        officer of the ASSURED,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
        natural person while in the regular service of the ASSURED at any of the ASSURED&rsquo;S premises and compensated directly
        by the ASSURED through its payroll system and subject to the United States Internal Revenue Service Form&nbsp;W-2 or equivalent
        income reporting plans of other countries, and whom the ASSURED has the right to control and direct both as to the result
        to be accomplished and details and means by which such result is accomplished in the performance of such service,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
        guest student pursuing studies or performing duties in any of the ASSURED&rsquo;S premises,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
        attorney retained by the ASSURED and an employee of such attorney while either is performing legal services for the ASSURED,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
        natural person provided by an employment contractor to perform employee duties for the ASSURED under the ASSURED&rsquo;S
        supervision at any of the ASSURED&rsquo;S premises,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
        employee of an institution merged or consolidated with the ASSURED prior to the effective date of this Bond,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.9in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
        director or trustee of the ASSURED, but only while performing acts within the scope of the customary and usual duties
        of any officer or other employee of the ASSURED or while acting as a member of any committee duly elected or appointed
        to examine or audit or have custody of or access to <B>Property </B>of the ASSURED, or</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         8 of 19</FONT></P>


</TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Definitions
                                         (continued)</I></FONT></P>
                           <P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">each
        natural person, partnership or corporation authorized by written agreement with the ASSURED to perform services as electronic
        data processor of checks or other accounting records related to such checks but only while such person, partnership or
        corporation is actually performing such services and not:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.2in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">creating,
        preparing, modifying or maintaining the ASSURED&rsquo;S computer software or programs, or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.2in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">acting
        as transfer agent or in any other agency capacity in issuing checks, drafts or securities for the ASSURED,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any
        partner, officer or employee of an investment advisor, an underwriter (distributor), a transfer agent or shareholder accounting
        recordkeeper, or an administrator, for an <B>Investment Company </B>while performing acts coming within the scope of the
        customary and usual duties of an officer or employee of an <B>Investment Company </B>or acting as a member of any committee
        duly elected or appointed to examine, audit or have custody of or access to <B>Property </B>of <B>an Investment Company</B>.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        term <B>Employee </B>shall not include any partner, officer or employee of a transfer agent, shareholder accounting recordkeeper
        or administrator:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.2in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">which
        is not an &ldquo;affiliated person&rdquo; (as defined in Section&nbsp;2(a)&nbsp;of the Investment Company Act of 1940)
        of an <B>Investment Company </B>or of the investment advisor or underwriter (distributor) of such <B>Investment Company</B>,
        or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.2in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">which
        is a &ldquo;bank&rdquo; (as defined in Section&nbsp;2(a)&nbsp;of the Investment Company Act of 1940).</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
        Bond does not afford coverage in favor of the employers of persons as set forth in e. (4), (5)&nbsp;and (8)&nbsp;above,
        and upon payment to the ASSURED by the COMPANY resulting directly from <B>Larceny or Embezzlement </B>committed by any
        of the partners, officers or employees of such employers, whether acting alone or in collusion with others, an assignment
        of such of the ASSURED&rsquo;S rights and causes of action as it may have against such employers by reason of such acts
        so committed shall, to the extent of such payment, be given by the ASSURED to the COMPANY, and the ASSURED shall execute
        all papers necessary to secure to the COMPANY the rights provided for herein.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Each
        employer of persons as set forth in e.(4), (5)&nbsp;and (8)&nbsp;above and the partners, officers and other employees
        of such employers shall collectively be deemed to be one person for all the purposes of this Bond; excepting, however,
        the fifth paragraph of Section&nbsp;13.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Independent
        contractors not specified in e.(4), (5)&nbsp;or (8)&nbsp;above, intermediaries, agents, brokers or other representatives
        of the same general character shall not be considered <B>Employees</B>.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         9 of 19</FONT></P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Definitions
    (continued)</I></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Forgery
        </B>means the signing of the name of another natural person with the intent to deceive but does not mean a signature which
        consists in whole or in part of one&rsquo;s own name, with or without authority, in any capacity for any purpose.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">g.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Investment
        Company </B>means any investment company registered under the Investment Company Act of 1940 and listed under the NAME
        OF ASSURED on the DECLARATIONS.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">h.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;Items
        of Deposit </B>means one or more checks or drafts drawn upon a financial institution in the United States of America.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Larceny
        or Embezzlement </B>means larceny or embezzlement as defined in Section&nbsp;37 of the Investment Company Act of 1940.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">j.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Property
        </B>means money, revenue and other stamps; securities; including any note, stock, treasury stock, bond, debenture, evidence
        of indebtedness, certificate of deposit, certificate of interest or participation in any profit-sharing agreement, collateral
        trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust
        certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights,
        any interest or instruments commonly known as a security under the Investment Company Act of 1940, any other certificate
        of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right
        to subscribe to or purchase any of the foregoing; bills of exchange; acceptances; checks; withdrawal orders; money orders;
        travelers&rsquo; letters of credit; bills of lading; abstracts of title; insurance policies, deeds, mortgages on real
        estate and/or upon chattels and interests therein; assignments of such policies, deeds or mortgages; other valuable papers,
        including books of accounts and other records used by the ASSURED in the conduct of its business (but excluding all electronic
        data processing records); and, all other instruments similar to or in the nature of the foregoing in which the ASSURED
        acquired an interest at the time of the ASSURED&rsquo;S consolidation or merger with, or purchase of the principal assets
        of, a predecessor or which are held by the ASSURED for any purpose or in any capacity and whether so held gratuitously
        or not and whether or not the ASSURED is liable therefor.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">k.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Relative
        </B>means the spouse of an <B>Employee </B>or partner of the ASSURED and any unmarried child supported wholly by, or living
        in the home of, such <B>Employee </B>or partner and being related to them by blood, marriage or legal guardianship.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Securities,
        documents or other written instruments </B>means original (including original counterparts) negotiable or non-negotiable
        instruments, or assignments thereof, which in and of themselves represent an equitable interest, ownership, or debt and
        which are in the ordinary course of business transferable by delivery of such instruments with any necessary endorsements
        or assignments.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         10 of 19</FONT></P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Definitions
    (continued)</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">m.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Subsidiary
        </B>means any organization that, at the inception date of this Bond, is named in the APPLICATION or is created during
        the BOND PERIOD and of which more than fifty percent (50%) of the outstanding securities or voting rights representing
        the present right to vote for election of directors is owned or controlled by the ASSURED either directly or through one
        or more of its subsidiaries.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Transportation
        Company </B>means any organization which provides its own or its leased vehicles for transportation or which provides
        freight forwarding or air express services.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Voice
        Initiated Election </B>means any election concerning dividend options available to <B>Investment Company </B>shareholders
        or subscribers which is requested by voice over the telephone.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">p.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Voice
        Initiated Redemption </B>means any redemption of shares issued by an <B>Investment Company </B>which is requested by voice
        over the telephone.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Voice
        Initiated Funds Transfer Instruction </B>means any <B>Voice Initiated Redemption </B>or <B>Voice Initiated Election</B>.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
        the purposes of these definitions, the singular includes the plural and the plural includes the singular, unless otherwise
        indicated.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>General
    Exclusions - Applicable to All Insuring Clauses</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This
        bond does not directly or indirectly cover:</B></FONT></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        not reported to the COMPANY in writing within sixty (60) days after termination of this Bond as an entirety;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        due to riot or civil commotion outside the United States of America and Canada, or any loss due to military, naval or
        usurped power, war or insurrection. This Section&nbsp;2.b., however, shall not apply to loss which occurs in transit in
        the circumstances recited in INSURING CLAUSE 3., provided that when such transit was initiated there was no knowledge
        on the part of any person acting for the ASSURED of such riot, civil commotion, military, naval or usurped power, war
        or insurrection;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting from the effects of nuclear fission or fusion or radioactivity;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        of potential income including, but not limited to, interest and dividends not realized by the ASSURED or by any customer
        of the ASSURED;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">damages
        of any type for which the ASSURED is legally liable, except compensatory damages, but not multiples thereof, arising from
        a loss covered under this Bond;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">f.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">costs,
        fees and expenses incurred by the ASSURED in establishing the existence of or amount of loss under this Bond, except to
        the extent covered under INSURING CLAUSE 11.;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">g.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting from indirect or consequential loss of any nature;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         11 of 19</FONT></P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>General
    Exclusions - Applicable to All Insuring Clauses (continued)</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">h.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting from dishonest acts by any member of the Board of Directors or Board of Trustees of the ASSURED who is not an
        <B>Employee</B>, acting alone or in collusion with others;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss,
        or that part of any loss, resulting solely from any violation by the ASSURED or by any <B>Employee</B>:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of
        any law regulating:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.2in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
        issuance, purchase or sale of securities,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.2in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">securities
        transactions on security or commodity exchanges or the over the counter market,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.2in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">investment
        companies,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.2in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">investment
        advisors, or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of
        any rule&nbsp;or regulation made pursuant to any such law; or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">j.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        of confidential information, material or data;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">k.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting from voice requests or instructions received over the telephone, provided however, this Section&nbsp;2.k. shall
        not apply to INSURING CLAUSE 7. or 9.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Specific
    Exclusions - Applicable To All Insuring </I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Clauses Except
    Insuring Clause 1.</FONT></I></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>This
        Bond does not directly or indirectly cover:</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        caused by an <B>Employee</B>, provided, however, this Section&nbsp;3.a. shall not apply to loss covered under INSURING
        CLAUSE 2. or 3. which results directly from misplacement, mysterious unexplainable disappearance, or damage or destruction
        of <B>Property</B>;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        through the surrender of property away from premises of the ASSURED as a result of a threat:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to
        do bodily harm to any natural person, except loss of <B>Property </B>in transit in the custody of any person acting as
        messenger of the ASSURED, provided that when such transit was initiated there was no knowledge by the ASSURED of any such
        threat, and provided further that this Section&nbsp;3.b. shall not apply to INSURING CLAUSE 7., or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.9in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to
        do damage to the premises or <B>Property </B>of the ASSURED;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting from payments made or withdrawals from any account involving erroneous credits to such account;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        involving <B>Items of Deposit </B>which are not finally paid for any reason provided however, that this Section&nbsp;3.d.
        shall not apply to INSURING CLAUSE 10.;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        of property while in the mail;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         12 of 19</FONT></P>


</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Specific
    Exclusions - Applicable To All Insuring </I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Clauses Except
    Insuring Clause 1. (continued)</FONT></I></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">f.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting from the failure for any reason of a financial or depository institution, its receiver or other liquidator to
        pay or deliver funds or other <B>Property </B>to the ASSURED provided further that this Section&nbsp;3.f. shall not apply
        to loss of <B>Property </B>resulting directly from robbery, burglary, misplacement, mysterious unexplainable disappearance,
        damage, destruction or removal from the possession, custody or control of the ASSURED.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">g.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        of <B>Property </B>while in the custody of a <B>Transportation Company</B>, provided however, that this Section&nbsp;3.g.
        shall not apply to INSURING CLAUSE 3.;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">h.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting from entries or changes made by a natural person with authorized access to a <B>Computer System </B>who acts
        in good faith on instructions, unless such instructions are given to that person by a software contractor or its partner,
        officer, or employee authorized by the ASSURED to design, develop, prepare, supply, service, write or implement programs
        for the ASSURED&rsquo;s <B>Computer System</B>; or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting directly or indirectly from the input of data into a <B>Computer System </B>terminal, either on the premises
        of the customer of the ASSURED or under the control of such a customer, by a customer or other person who had authorized
        access to the customer&rsquo;s authentication mechanism.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Specific
    Exclusions - Applicable To All Insuring </I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Clauses Except
    Insuring Clauses 1., 4., And 5.</FONT></I></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.&nbsp;&nbsp;<FONT STYLE="font-size: 5pt">&nbsp;</FONT>&nbsp;&nbsp;&nbsp;<B>This
        bond does not directly or indirectly cover:</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting from the complete or partial non-payment of or default on any loan whether such loan was procured in good faith
        or through trick, artifice, fraud or false pretenses; provided, however, this Section&nbsp;4.a. shall not apply to INSURING
        CLAUSE 8.;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        resulting from forgery or any alteration;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
        involving a counterfeit provided, however, this Section&nbsp;4.c. shall not apply to INSURING CLAUSE 5. or 6.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Limit
    Of Liability/Non-Reduction And Non-Accumulation Of Liability</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">At
        all times prior to termination of this Bond, this Bond shall continue in force for the limit stated in the applicable
        sections of ITEM 2. of the DECLARATIONS, notwithstanding any previous loss for which the COMPANY may have paid or be liable
        to pay under this Bond provided, however, that the liability of the COMPANY under this Bond with respect to all loss resulting
        from:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any
        one act of burglary, robbery or hold-up, or attempt thereat, in which no <B>Employee </B>is concerned or implicated, or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any
        one unintentional or negligent act on the part of any one person resulting in damage to or destruction or misplacement
        of <B>Property</B>, or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">all
        acts, other than those specified in a. above, of any one person, or</FONT></P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         13 of 19</FONT></P>


</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Limit
    Of Liability/Non-Reduction And Non-Accumulation Of Liability</I></FONT><I> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(continued)</FONT></I></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any
        one casualty or event other than those specified in a., b., or c. above,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">shall
        be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS
        of this Bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year
        to year or from period to period.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All
        acts, as specified in c. above, of any one person which</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">directly
        or indirectly aid in any way wrongful acts of any other person or persons, or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">permit
        the continuation of wrongful acts of any other person or persons</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">whether
        such acts are committed with or without the knowledge of the wrongful acts of the person so aided, and whether such acts
        are committed with or without the intent to aid such other person, shall be deemed to be one loss with the wrongful acts
        of all persons so aided.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Discovery</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
        Bond applies only to loss first discovered by an officer of the ASSURED during the BOND PERIOD. Discovery occurs at the
        earlier of an officer of the ASSURED being aware of:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">facts
        which may subsequently result in a loss of a type covered by this Bond, or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
        actual or potential claim in which it is alleged that the ASSURED is liable to a third party,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">regardless
        of when the act or acts causing or contributing to such loss occurred, even though the amount of loss does not exceed
        the applicable DEDUCTIBLE AMOUNT, or the exact amount or details of loss may not then be known.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Notice
    To Company - Proof - Legal Proceedings Against Company</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT>The
        ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to exceed sixty (60) days after
        discovery of loss, in an amount that is in excess of 50% of the applicable DEDUCTIBLE AMOUNT, as stated in ITEM 2. of
        the DECLARATIONS.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        ASSURED shall furnish to the COMPANY proof of loss, duly sworn to, with full particulars within six (6)&nbsp;months after
        such discovery.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Securities
        listed in a proof of loss shall be identified by certificate or bond numbers, if issued with them.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Legal
        proceedings for the recovery of any loss under this Bond shall not be brought prior to the expiration of sixty (60) days
        after the proof of loss is filed with the COMPANY or after the expiration of twenty-four (24) months from the discovery
        of such loss.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
        Bond affords coverage only in favor of the ASSURED. No claim, suit, action or legal proceedings shall be brought under
        this Bond by anyone other than the ASSURED.</FONT></P></TD></TR>
</TABLE>
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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         14 of 19</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Notice
    To Company - Proof - Legal Proceedings Against Company (continued)</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 76%; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Proof
    of loss involving <B>Voice Initiated Funds Transfer Instruction </B>shall include electronic recordings of such instructions.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Deductible
    Amount</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
    COMPANY shall not be liable under any INSURING CLAUSES of this Bond on account of loss unless the amount of such loss, after
    deducting the net amount of all reimbursement and/or recovery obtained or made by the ASSURED, other than from any Bond or
    policy of insurance issued by an insurance company and covering such loss, or by the COMPANY on account thereof prior to payment
    by the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in ITEM 3. of the DECLARATIONS, and then for such
    excess only, but in no event for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
    shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any <B>Investment Company</B>.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Valuation</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>BOOKS
    OF ACCOUNT OR OTHER RECORDS</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        value of any loss of <B>Property </B>consisting of books of account or other records used by the ASSURED in the conduct
        of its business shall be the amount paid by the ASSURED for blank books, blank pages, or other materials which replace
        the lost books of account or other records, plus the cost of labor paid by the ASSURED for the actual transcription or
        copying of data to reproduce such books of account or other records.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        value of any loss of <B>Property </B>other than books of account or other records used by the ASSURED in the conduct of
        its business, for which a claim is made shall be determined by the average market value of such <B>Property </B>on the
        business day immediately preceding discovery of such loss provided, however, that the value of any <B>Property </B>replaced
        by the ASSURED with the consent of the COMPANY and prior to the settlement of any claim for such <B>Property </B>shall
        be the actual market value at the time of replacement.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
        the case of a loss of interim certificates, warrants, rights or other securities, the production of which is necessary
        to the exercise of subscription, conversion, redemption or deposit privileges, the value of them shall be the market value
        of such privileges immediately preceding their expiration if said loss is not discovered until after their expiration.
        If no market price is quoted for such <B>Property </B>or for such privileges, the value shall be fixed by agreement between
        the parties.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>OTHER
        PROPERTY</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        value of any loss of <B>Property</B>, other than as stated above, shall be the actual cash value or the cost of repairing
        or replacing such <B>Property </B>with <B>Property </B>of like quality and value, whichever is less.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         15 of 19</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>(continued)</I></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Securities
    Settlement</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
        the event of a loss of securities covered under this Bond, the COMPANY may, at its sole discretion, purchase replacement
        securities, tender the value of the securities in money, or issue its indemnity to effect replacement securities.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        indemnity required from the ASSURED under the terms of this Section&nbsp;against all loss, cost or expense arising from
        the replacement of securities by the COMPANY&rsquo;S indemnity shall be:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for
        securities having a value less than or equal to the applicable DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for
        securities having a value in excess of the DEDUCTIBLE AMOUNT but within the applicable LIMIT OF LIABILITY - the percentage
        that the DEDUCTIBLE AMOUNT bears to the value of the securities;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for
        securities having a value greater than the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT and
        portion in excess of the applicable LIMIT OF LIABILITY bears to the value of the securities.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        value referred to in Section&nbsp;10.a., b., and c. is the value in accordance with Section&nbsp;9, Valuation, regardless
        of the value of such securities at the time the loss under the COMPANY&rsquo;S indemnity is sustained.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        COMPANY is not required to issue its indemnity for any portion of a loss of securities which is not covered by this Bond;
        however, the COMPANY may do so as a courtesy to the ASSURED and at its sole discretion.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        ASSURED shall pay the proportion of the Company&rsquo;s premium charge for the Company&rsquo;s indemnity as set forth
        in Section&nbsp;10.a., b., and c. No portion of the LIMIT OF LIABILITY shall be used as payment of premium for any indemnity
        purchased by the ASSURED to obtain replacement securities.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Subrogation
    - Assignment &mdash; </I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Recovery</FONT></I></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
        the event of a payment under this Bond, the COMPANY shall be subrogated to all of the ASSURED&rsquo;S rights of recovery
        against any person or entity to the extent of such payment. On request, the ASSURED shall deliver to the COMPANY an assignment
        of the ASSURED&rsquo;S rights, title and interest and causes of action against any person or entity to the extent of such
        payment.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Recoveries,
        whether effected by the COMPANY or by the ASSURED, shall be applied net of the expense of such recovery in the following
        order:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">first,
        to the satisfaction of the ASSURED&rsquo;S loss which would otherwise have been paid but for the fact that it is in excess
        of the applicable LIMIT OF LIABILITY,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">second,
        to the COMPANY in satisfaction of amounts paid in settlement of the ASSURED&rsquo;S claim,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">third,
        to the ASSURED in satisfaction of the applicable DEDUCTIBLE AMOUNT, and</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         16 of 19</FONT></P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Subrogation
    - Assignment &ndash; </I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Recovery <FONT STYLE="font-size: 10pt">(continued)</FONT></FONT></I></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">d.&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 5pt">&nbsp;</FONT>&nbsp;&nbsp;fourth,
        to the ASSURED in satisfaction of any loss suffered by the ASSURED which was not covered under this Bond.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Recovery
        from reinsurance or indemnity of the COMPANY shall not be deemed a recovery under this section.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Cooperation
    Of Assured</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">At
        the COMPANY&rsquo;S request and at reasonable times and places designated by the COMPANY, the ASSURED shall:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">submit
        to examination by the COMPANY and subscribe to the same under oath,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">produce
        for the COMPANY&rsquo;S examination all pertinent records, and</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">cooperate
        with the COMPANY in all matters pertaining to the loss.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        ASSURED shall execute all papers and render assistance to secure to the COMPANY the rights and causes of action provided
        for under this Bond. The ASSURED shall do nothing after loss to prejudice such rights or causes of action.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Termination</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
        the Bond is for a sole ASSURED, it shall not be terminated unless written notice shall have been given by the acting party
        to the affected party and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior
        to the effective date of such termination.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
        the Bond is for a joint ASSURED, it shall not be terminated unless written notice shall have been given by the acting
        party to the affected party, and by the COMPANY to all ASSURED <B>Investment Companies </B>and to the Securities and Exchange
        Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
        Bond will terminate as to any one ASSURED, other than an <B>Investment Company</B>:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">immediately
        on the taking over of such ASSURED by a receiver or other liquidator or by State or Federal officials, or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">immediately
        on the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the ASSURED,
        or assignment for the benefit of creditors of the ASSURED, or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">immediately
        upon such ASSURED ceasing to exist, whether through merger into another entity, disposition of all of its assets or otherwise.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        COMPANY shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation
        tables if terminated by the ASSURED or pro rata if terminated for any other reason.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         17 of 19</FONT></P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
and Limitations</I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Termination
    (continued)</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 76%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
        any partner, director, trustee, or officer or supervisory employee of an ASSURED not acting in collusion with an <B>Employee
        </B>learns of any dishonest act committed by such <B>Employee </B>at any time, whether in the employment of the ASSURED
        or otherwise, whether or not such act is of the type covered under this Bond, and whether against the ASSURED or any other
        person or entity, the ASSURED:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">shall
        immediately remove such <B>Employee </B>from a position that would enable such <B>Employee </B>to cause the ASSURED to
        suffer a loss covered by this Bond; and</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">within
        forty-eight (48) hours of learning that an <B>Employee </B>has committed any dishonest act, shall notify the COMPANY,
        of such action and provide full particulars of such dishonest act.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
        COMPANY may terminate coverage as respects any <B>Employee </B>sixty (60) days after written notice is received by each
        ASSURED <B>Investment Company </B>and the Securities and Exchange Commission, Washington, D.C. of its desire to terminate
        this Bond as to such <B>Employee</B>.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Other
    Insurance</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Coverage
        under this Bond shall apply only as excess over any valid and collectible insurance, indemnity or suretyship obtained
        by or on behalf of:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
        ASSURED,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
        <B>Transportation Company</B>, or</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">another
        entity on whose premises the loss occurred or which employed the person causing the loss or engaged the messenger conveying
        the <B>Property </B>involved.</FONT></P></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Conformity</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
    any limitation within this Bond is prohibited by any law controlling this Bond&rsquo;s construction, such limitation shall
    be deemed to be amended so as to equal the minimum period of limitation provided by such law.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 3pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Change
    or Modification</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in; text-indent: -0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
        Bond or any instrument amending or affecting this Bond may not be changed or modified orally. No change in or modification
        of this Bond shall be effective except when made by written endorsement to this Bond signed by an authorized representative
        of the COMPANY.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
        this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall
        be effective prior to sixty (60) days after written notice has been furnished to the Securities and Exchange Commission,
        Washington, D.C., by the acting party.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         18 of 19</FONT></P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Conditions
And Limitations</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Change
    or Modification (continued)</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify; width: 76%; padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
    this Bond is for a joint ASSURED, no charge or modification which would adversely affect the rights of the ASSURED shall be
    effective prior to sixty (60) days after written notice has been furnished to all insured <B>Investment Companies </B>and
    to the Securities and Exchange Commission, Washington, D.C., by the COMPANY.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICAP
    Bond (5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 31%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form&nbsp;17-02-1421
    (Ed. 5-98)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         19 of 19</FONT></P>


</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ENDORSEMENT/RIDER</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effective
date of</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this
endorsement/rider: December&nbsp;7, 2019</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FEDERAL
INSURANCE COMPANY</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement/Rider
No.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
be attached to and</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form
a part of Bond No.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin: 0in 0in 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Issued
to: FPA FUNDS TRUST</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AMEND
DEFINITION OF FORGERY ENDORSEMENT</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
consideration of the premium charged, it is agreed that the definition of <B>Forgery </B>set forth in Section 1, Definitions,
of the Conditions and Limitations of this bond is deleted and replaced with the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Forgery
</B>means:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">affixing
                                         the handwritten signature, or a reproduction of the handwritten signature, of another
                                         natural person without authorization and with the intent to deceive; or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">affixing
                                         the name of an organization as an endorsement to a check without authority and with the
                                         intent to deceive.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provided,
however, that a signature which consists in whole or in part of one&rsquo;s own name signed with or without authority, in any
capacity, for any purpose is not a <B>Forgery</B>. An electronic or digital signature is not a reproduction of a handwritten signature
or the name of an organization.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All
other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><IMG SRC="tm208248d1_4017gimg004.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Authorized
    Representative</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 40%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14-02-21353
    (11/2014)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         1</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 40%; text-align: right"></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lt;NYFTZFOOTER&gt;&lt;NYFTZNOTICE&gt;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 36%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
No:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond
Number:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME
OF ASSURED: FPA FUNDS TRUST</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PREMIUM
ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It is
agreed that:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
                                         premium for this Bond for the period December 7, 2019 to December 7, 2020 is:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Premium:</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Twenty
                                         four thousand two hundred thirty dollars and 00/100 ($24,230.00)</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
                                         is further agreed that this premium is subject to change during this period if amendments
                                         are made to this Bond at the request of the ASSURED.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Endorsement applies to loss discovered after 12:01 a.m. on December 7, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
December&nbsp;6, 2019</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 4%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; width: 46%"><IMG SRC="tm208248d1_4017gimg005.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP
Bond</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form
17-02-0735 (Rev. 1-97)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 36%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
No:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond
Number:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME
OF ASSURED: FPA FUNDS TRUST</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AMEND
NAME OF ASSURED ENDORSEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It is
agreed that NAME OF ASSURED of the DECLARATIONS for this Bond is amended to include the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>FPA
                                         Funds Trust</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>FPA
                                         Capital Fund, Inc.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>FPA
                                         Crescent Fund</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>FPA
                                         International Value Fund</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>FPA
                                         Paramount Fund, Inc.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>FPA
                                         New Income, Inc.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>FPA
                                         U.S. Value Fund, Inc.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Source
                                         Capital, Inc.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>FPA
                                         Flexible Fixed Income Fund</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left">&bull;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>FPA
                                         Balanced Fund</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Endorsement applies to loss discovered after 12:01 a.m. on December 7, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
December&nbsp;6, 2019</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 4%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; width: 46%"><IMG SRC="tm208248d1_4017gimg006.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP
Bond&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form
17-02-6272 (Ed. 8-04)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%; text-align: left"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         1</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ENDORSEMENT/RIDER</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effective
date of</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this
endorsement/rider: December&nbsp;7, 2019</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement/Rider
No.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
be attached to and</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form
a part of Bond No.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Issued
to: FPA FUNDS TRUST</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AMEND
DISCOVERY AND NOTICE ENDORSEMENT</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In consideration
of the premium charged, it is agreed that this Bond is amended as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
                                         6., Discovery, is deleted in its entirety and replaced it with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Discovery</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Bond applies only to loss first discovered by the Head of Risk Management or Chief Compliance Officer of the ASSURED during the
BOND PERIOD. Discovery occurs at the earlier of the Head of Risk Management or Chief Compliance Officer of the ASSURED being aware
of:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">facts
                                         which may subsequently result in a loss of a type covered by this Bond, or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
                                         actual or potential claim in which it is alleged that the ASSURED is liable to a third
                                         party,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">regardless
of when the act or acts causing or contributing to such loss occurred, even though the amount of loss does not exceed the applicable
DEDUCTIBLE AMOUNT, or the exact amount or details of loss may not then be known.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
                                         7., Notice to Company-Proof-Legal Proceedings Against Company, is amended by deleting
                                         paragraph a. and replacing it with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
                                         ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not
                                         to exceed ninety (90) days after discovery of loss by Head of Risk Management or Chief
                                         Compliance Officer of the ASSURED, in an amount that is in excess of fifty percent (50%)
                                         of the applicable DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All
other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>&nbsp;</P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: top; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; width: 50%"><IMG SRC="tm208248d1_4017gimg007.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14-02-14521
(08/2008)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         1</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ENDORSEMENT/RIDER</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effective
date of</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this
endorsement/rider: December&nbsp;7, 2019</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement/Rider
No.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
be attached to and</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form
a part of Bond No.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Issued
to: FIRST PACIFIC ADVISORS, LP</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AUTOMATIC
INCREASE IN LIMITS ENDORSEMENT</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional Offices Or Employees-Consolidation,
Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To Company, is amended by adding the following subsection:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Automatic
Increase in Limits for Investment Companies</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940 (&ldquo;the Act&rdquo;),
due to:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         creation of a new <B>Investment Company</B>, other than by consolidation or merger with,
                                         or purchase or acquisition of assets or liabilities of, another institution; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
                                         increase in asset size of current <B>Investment Companies </B>covered under this Bond,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">then
the minimum required increase in limits shall take place automatically without payment of additional premium for the remainder
of the BOND PERIOD.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All
other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>&nbsp;</P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: top; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; width: 50%"><IMG SRC="tm208248d1_4017gimg008.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14-02-14098
(04/2008)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         1</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ENDORSEMENT/RIDER</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Effective
date of</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this endorsement/rider:
December&nbsp;7, 2019</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FEDERAL
INSURANCE COMPANY</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement/Rider
No.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To be attached
to and</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form a
part of Bond No.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Issued
to: FPA FUNDS TRUST</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FRAUDULENT
TRANSFER INSTRUCTIONS ENDORSEMENT&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(For
use with the ICAP bond)</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
consideration of the premium charged, it is agreed that this bond is amended as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
                                         following Insuring Clause is added:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FRAUDULENT
TRANSFER INSTRUCTIONS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss
resulting directly from the ASSURED having, in good faith, transferred money on deposit in a <B>Customer&rsquo;s </B>account,
or a <B>Customer&rsquo;s Certificated Security </B>or <B>Uncertificated Security</B>, in reliance upon a fraudulent instruction
transmitted to the ASSURED via telefacsimile, telephone or electronic mail; provided, however, that:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         fraudulent instruction purports, and reasonably appears, to have originated from:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">i.</FONT></TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">such
                                         <B>Customer</B>, or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ii.</FONT></TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
                                         <B>Employee </B>acting on instructions of such <B>Customer</B>, or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">iii.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">another
                                         financial institution acting on behalf of such <B>Customer </B>with authority to make
                                         such instructions; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">B.</FONT></TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         sender of the fraudulent instruction verified the instruction with the password, PIN,
                                         or other security code of such <B>Customer</B>; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">C.</FONT></TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         sender was not, in fact, such <B>Customer</B>, was not authorized to act on behalf of
                                         such <B>Customer</B>, and was not an <B>Employee</B>; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">D.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         instruction was received by an <B>Employee </B>specifically authorized by the ASSURED
                                         to receive and act upon such instructions; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">E.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for
                                         any transfer exceeding the amount set forth in paragraph (8) of this endorsement, the
                                         ASSURED verified the instructions via a call back to a predetermined telephone number
                                         set forth in the ASSURED&rsquo;s written agreement with such <B>Customer </B>or other
                                         verification procedure approved in writing by the COMPANY; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14-02-21330 (10/2014)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         1</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">F.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         ASSURED preserved a contemporaneous record of the call back, if any, and the instruction
                                         which verifies use of the authorized password, PIN or other security code of the <B>Customer</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
                                         the purposes of the coverage afforded by this endorsement, the following terms shall
                                         have the following meanings:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Certificated
Security </B>means a share, participation or other interest in property of, or an enterprise of, the issuer or an obligation of
the issuer, which is:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">represented
                                         by an instrument issued in bearer or registered form, and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">either
                                         one of a class or series or by its terms divisible into a class or series of shares,
                                         participations, interests or obligations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Customer
</B>means any individual, corporate partnership, proprietor, trust customer, shareholder or subscriber of an <B>Investment Company
</B>which has a written agreement with the ASSURED authorizing the ASSURED to transfer <B>Money </B>on deposit in an account or
<B>Certificated Security </B>or <B>Uncertificated Security </B>in reliance upon instructions transmitted to the ASSURED via telefacsimile,
telephone or electronic mail to transmit the fraudulent instruction.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Uncertificated
Security </B>means a share, participation or other interest in property of or an enterprise of the issuer or an obligation of
the issuer, which is:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">not
                                         represented by an instrument and the transfer of which is registered on books maintained
                                         for that purpose by or on behalf of the issuer, and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of
                                         a type commonly dealt in on securities exchanges or markets, and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">either
                                         one of a class or series or by its terms divisible into a class or series of shares,
                                         participations, interests or obligations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
                                         shall be a condition precedent to coverage under this Insuring Clause that the ASSURED
                                         assert any available claims, offsets or defenses against such <B>Customer</B>, any financial
                                         institution or any other party to the transaction.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Solely
                                         with respect to the Fraudulent Transfer Instruction Insuring Clause, the following Exclusions
                                         are added:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss
                                         resulting directly or indirectly from a fraudulent instruction if the sender, or anyone
                                         acting in collusion with the sender, ever had authorized access to such <B>Customer&rsquo;s
                                         </B>password, PIN or other security code; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">B.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss
                                         resulting directly or indirectly from the fraudulent alteration of an instruction to
                                         initiate an automated clearing house (ACH) entry, or group of ACH entries, transmitted
                                         as an electronic message, or as an attachment to an electronic message, sent via the
                                         internet, unless:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">i.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">each
                                         ACH entry was individually verified via the call back procedure without regard to the
                                         amount of the entry; or</FONT></TD></TR>                                                                                                                                                                                                                            <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ii.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         instruction was formatted, encoded or encrypted so that any altercation in the ACH entry
                                         or group of ACH entries would be apparent to the ASSURED.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14-02-21330 (10/2014)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         2</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD><TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Solely
                                         with respect to the Fraudulent Transfer Instruction Insuring Clause, Exclusion 2.k. is
                                         deleted and replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">k.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
                                         resulting from voice requests or instructions received over the telephone, provided however,
                                         this Section 2.k. shall not apply to INSURING CLAUSE 7. or 9. or the Fraudulent Transfer
                                         Instruction Insuring Clause.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
                                         the purposes of the Fraudulent Transfer Instruction Insuring Clause, all loss or losses
                                         involving one natural person or entity, or one group of natural persons or entities acting
                                         together, shall be a Single Loss without regard to the number of transfers or the number
                                         of instructions involved.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
                                         the purposes of the Fraudulent Transfer Instruction Insuring Clause, the Single Loss
                                         Limit of Liability shall be $ 9,550,000. The Deductible Amount shall be $ 50,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(8)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
                                         amount of any single transfer for which verification via call back will be required is:
                                         $ 50,000.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All
other terms, conditions and limitations of this Bond shall remain unchanged.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%"></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm208248d1_4017gimg003.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Authorized Representative</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14-02-21330 (10/2014)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         3</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 45%"></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
No.:&nbsp;7</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME
OF ASSURED: FPA FUNDS TRUST</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AMENDING
DEFINITION OF EMPLOYEE-FORMER EMPLOYEES ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
is agreed that this Bond is amended by adding to the definition of <B>Employee </B>in Section 1., Definitions, the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(10)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
                                         natural person who resigns, retires or is terminated from the service of the ASSURED
                                         during the BOND PERIOD provided that this applies:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for
                                         a period of sixty (60) days subsequent to such resignation, retirement or termination
                                         but not beyond the date of expiration or termination of the Bond; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 60pt; text-indent: -24pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if
                                         such resignation, retirement or termination has not arisen from or in connection with
                                         the discovery by the ASSURED of any actual or alleged dishonest, fraudulent or criminal
                                         act(s) of such person.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 60pt; text-indent: -24pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Endorsement applies to loss discovered after 12:01 a.m. on December 7, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
December&nbsp;6, 2019</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; width: 44%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm208248d1_4017gimg003.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP
Bond</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form
17-02-2335 (Ed. 10-00)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
No.:&nbsp;8</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME
OF ASSURED:&#9;FPA FUNDS TRUST</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AMENDING
DEFINITION OF EMPLOYEE-CONSULTANT ENDORSEMENT</B></FONT></P>

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

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
is agreed that this bond is amended by adding to the definition of <B>Employee </B>in Section 1., Definitions, the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(11)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a
                                         consultant retained by the ASSURED and an employee of such consultant while either is
                                         performing consulting services for the ASSURED pursuant to a written contract.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Endorsement applies to loss discovered after 12:01 a.m. on December 7, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
December&nbsp;6, 2019</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt none; padding: 0in; border-left-style: none; border-bottom-style: solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm208248d1_4017gimg003.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP
Bond</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form
17-02-2336 (Ed. 10-00)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
No.:&nbsp;9</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME
OF ASSURED: FPA FUNDS TRUST</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PREAMBLE
 &ndash; REPRESENTATIONS MADE BY ASSURED ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
is agreed that this Bond is amended as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By
                                         deleting in its entirety the Preamble on Page 1 of the Bond and substituting the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ldquo;The
COMPANY, in consideration of payment of the required premium and subject to the DECLARATIONS made a part of this Bond and to all
other terms and conditions of this Bond, agrees to pay the ASSURED for:&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By
                                         deleting in its entirety General Agreement B., Representations Made By Assured, and substituting
                                         the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ldquo;B.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Representations
                                         Made By Assured</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No
statement made by or on behalf of the ASSURED, whether contained in the APPLICATION or otherwise, shall be deemed to be a warranty
of anything except that the statement is true to the best of the knowledge and behalf of the person making the statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any
intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the APPLICATION or otherwise,
shall be grounds for recision of this Bond.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Endorsement applies to loss discovered after 12:01 a.m. on December 7, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
December&nbsp;6, 2019</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt none; padding: 0in; border-left-style: none; border-bottom-style: solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="tm208248d1_4017gimg003.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP
Bond</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form
17-02-2360 (Ed. 10-00)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
No.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME
OF ASSURED: FPA FUNDS TRUST</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REVISE
ITEM 2. ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and substituting the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ITEM
2. </B>LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If
 &ldquo;Not Covered&rdquo; is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference
to such INSURING CLAUSE in this Bond shall be deemed to be deleted. <B>There shall be no deductible applicable to any loss under
INSURING CLAUSE 1 sustained by any Investment Company</B>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
<TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">SINGLE&nbsp;LOSS</FONT></TD>
<TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">DEDUCTIBLE</FONT></TD>
</TR>
<TR STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in 0in 1pt; vertical-align: bottom; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal"><U>INSURING&nbsp;CLAUSE</U></FONT></TD>
<TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in 0in 1pt; text-align: left; vertical-align: bottom; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal"><U>LIMIT&nbsp;OF&nbsp;LIABILITY</U></FONT></TD>
<TD STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; padding: 0in 0in 1pt; text-align: left; vertical-align: bottom; border-top-style: none; border-right-style: none; border-left-style: none"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-style: normal; font-weight: normal"><U>AMOUNT</U></FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="padding: 4pt 0in 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="padding: 4pt 0in 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; width: 57%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employee</FONT></TD>
<TD STYLE="padding: 4pt 0in 0in; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="padding: 4pt 0in 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 4pt 0in 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 4pt 0in 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 8%">&nbsp;</TD>
<TD STYLE="padding: 4pt 0in 0in; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="padding: 4pt 0in 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 4pt 0in 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
Premises</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
Transit</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forgery
or Alteration</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extended
Forgery</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Counterfeit
Money</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Threats
to Person</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not Covered</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Computer
System</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Voice
Initiated Funds Transfer Instruction</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Uncollectible
Items of Deposit</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Audit
Expense</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unauthorized
Signature</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stop
Payment</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extended
Computer Systems</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,550,000</FONT></TD>
<TD STYLE="padding: 0in; font-family: Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; padding: 0in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</FONT></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Endorsement applies to loss discovered after 12:01 a.m. on December 7, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
December&nbsp;6, 2019</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt none; padding: 0in; border-left-style: none; border-bottom-style: solid"><IMG SRC="tm208248d1_4017gimg008.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP
Bond&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form 17-02-1582 (Ed. 5-98)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%; text-align: left"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         1</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
No.:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME
OF ASSURED: FPA FUNDS TRUST</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>UNAUTHORIZED
SIGNATURE ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
is agreed that this Bond is amended as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By adding
                                         the following INSURING CLAUSE:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unauthorized
                                         Signature</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss
resulting directly from the ASSURED having accepted, paid or cashed any check or <B>Withdrawal Order </B>made or drawn on or against
the account of the ASSURED&rsquo;S customer which bears the signature or endorsement of one other than a person whose name and
signature is on file with the ASSURED as a signatory on such account.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
shall be a condition precedent to the ASSURED&rsquo;S right of recovery under this INSURING CLAUSE that the ASSURED shall have
on file signatures of all the persons who are signatories on such account.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By
adding to Section 1., Definitions, the following:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">r.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Instruction
                                         </B>means a written order to the issuer of an <B>Uncertificated Security </B>requesting
                                         that the transfer, pledge or release from pledge of the specified <B>Uncertificated Security
                                         </B>be registered.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">s.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Uncertificated
                                         Security </B>means a share, participation or other interest in property of or an enterprise
                                         of the issuer or an obligation of the issuer, which is:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">not
                                         represented by an instrument and the transfer of which is registered on books maintained
                                         for that purpose by or on behalf of the issuer, and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of
                                         a type commonly dealt in on securities exchanges or markets, and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">either
                                         one of a class or series or by its terms divisible into a class or series of shares,
                                         participations, interests or obligations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 78pt; text-indent: -24pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 78pt; text-indent: -24pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP
Bond&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%; text-align: left"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         1</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">t.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Withdrawal
                                         Order </B>means a non-negotiable instrument, other than an <B>Instruction</B>, signed
                                         by a customer of the ASSURED authorizing the ASSURED to debit the customer&rsquo;s account
                                         in the amount of funds stated therein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Endorsement applies to loss discovered after 12:01 a.m. on December 7, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>

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

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
December&nbsp;6, 2019</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt none; padding: 0in; border-left-style: none; border-bottom-style: solid"><IMG SRC="tm208248d1_4017gimg008.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP
Bond</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form 17-02-5602 (Ed. 10-03)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%; text-align: left"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         2</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
No.:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME
OF ASSURED: FPA FUNDS TRUST</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>STOP
PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
is agreed that this Bond is amended as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By
                                         adding the following INSURING CLAUSE:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ldquo;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.</font></TD><TD STYLE="text-align: justify">Stop Payment Order
or Refusal to Pay Check</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Loss resulting directly from the ASSURED
being legally liable to pay compensatory damages for:</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">complying
                                         or failing to comply with notice from any customer of the ASSURED or any authorized representative
                                         of such customer, to stop payment on any check or draft made or drawn upon or against
                                         the ASSURED by such customer or by any authorized representative of such customer, or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">refusing
                                         to pay any check or draft made or drawn upon or against the ASSURED by any customer of
                                         the ASSURED or by any authorized representative of such customer.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 84pt; text-indent: -24pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By
                                         adding the following Specific Exclusion:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ldquo;Section
                              4.A. Specific Exclusions &ndash; Applicable to INSURING CLAUSE 13</FONT></TD>
</TR>               <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>This Bond does not directly
               or indirectly cover:</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">liability
                                         assumed by the ASSURED by agreement under any contract, unless such liability would have
                                         attached to the ASSURED even in the absence of such agreement,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
                                         arising out of:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">libel,
                                         slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious
                                         prosecution, assault or battery,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">sickness,
                                         disease, physical bodily harm, mental or emotional distress or anguish, or death of any
                                         person, or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.75in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">discrimination.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Endorsement applies to loss discovered after 12:01 a.m. on December 7, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
December&nbsp;6, 2019</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt none; padding: 0in; border-left-style: none; border-bottom-style: solid"><IMG SRC="tm208248d1_4017gimg008.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP
Bond</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form
17-02-2365 (Ed. 10-00)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FEDERAL
INSURANCE COMPANY</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endorsement
No.:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number:</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82473034</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME
OF ASSURED: FPA FUNDS TRUST</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EXTENDED
COMPUTER SYSTEMS ENDORSEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
is agreed that this Bond is amended as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By
                                         adding the following INSURING CLAUSE:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Extended
                                         Computer Systems</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Electronic
                                         Data, Electronic Media, Electronic Instruction</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss resulting
                              directly from:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         fraudulent modification of <B>Electronic Data, Electronic Media </B>or <B>Electronic
                                         Instruction </B>being stored within or being run within any system covered under this
                                         INSURING CLAUSE,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">robbery,
                                         burglary, larceny or theft of <B>Electronic Data, Electronic Media </B>or <B>Electronic
                                         Instructions</B>,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         acts of a hacker causing damage or destruction of <B>Electronic Data, Electronic Media
                                         </B>or <B>Electronic Instruction </B>owned by the ASSURED or for which the ASSURED is
                                         legally liable, while stored within a <B>Computer System </B>covered under this INSURING
                                         CLAUSE, or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the
                                         damage or destruction of <B>Electronic Data, Electronic Media </B>or <B>Electronic Instruction
                                         </B>owned by the ASSURED or for which the ASSURED is legally liable while stored within
                                         a <B>Computer System </B>covered under INSURING CLAUSE 14, provided such damage or destruction
                                         was caused by a computer program or similar instruction which was written or altered
                                         to intentionally incorporate a hidden instruction designed to damage or destroy <B>Electronic
                                         Data, Electronic Media</B>, or <B>Electronic Instruction </B>in the <B>Computer System
                                         </B>in which the computer program or instruction so written or so altered is used.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP2
Bond&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%; text-align: left"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         1</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">B.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Electronic
                                         Communication</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss
resulting directly from the ASSURED having transferred, paid or delivered any funds or property, established any credit, debited
any account or given any value on the faith of any electronic communications directed to the ASSURED, which were transmitted or
appear to have been transmitted through:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
                                         <B>Electronic Communication System</B>,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
                                         automated clearing house or custodian, or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a Telex,
                                         TWX, or similar means of communication,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">directly
into the ASSURED&rsquo;S <B>Computer System </B>or <B>Communication Terminal</B>, and fraudulently purport to have been sent by
a customer, automated clearing house, custodian, or financial institution, but which communications were either not sent by said
customer, automated clearing house, custodian, or financial institution, or were fraudulently modified during physical transit
of <B>Electronic Media </B>to the ASSURED or during electronic transmission to the ASSURED&rsquo;S <B>Computer System </B>or <B>Communication
Terminal</B>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">C.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Electronic
                                         Transmission</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Loss
resulting directly from a customer of the ASSURED, any automated clearing house, custodian, or financial institution having transferred,
paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any electronic
communications, purporting to have been directed by the ASSURED to such customer, automated clearing house, custodian, or financial
institution initiating, authorizing, or acknowledging, the transfer, payment, delivery or receipt of funds or property, which
communications were transmitted through:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
                                         <B>Electronic Communication System</B>,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an
                                         automated clearing house or custodian, or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a Telex,
                                         TWX, or similar means of communication,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">directly
into a <B>Computer System </B>or <B>Communication Terminal </B>of said customer, automated clearing house, custodian, or financial
institution, and fraudulently purport to have been directed by the ASSURED, but which communications were either not sent by the
ASSURED, or were fraudulently modified during physical transit of <B>Electronic Media </B>from the ASSURED or during electronic
transmission from the ASSURED&rsquo;S <B>Computer System </B>or <B>Communication Terminal</B>, and for which loss the ASSURED
is held to be legally liable.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP2
Bond&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%; text-align: left"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         2</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0%"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By
                                         adding to Section 1., Definitions, the following:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">u.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Communication
                                         Terminal </B>means a teletype, teleprinter or video display terminal, or similar device
                                         capable of sending or receiving information electronically. <B>Communication Terminal
                                         </B>does not mean a telephone.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">v.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Electronic
                                         Communication System </B>means electronic communication operations by Fedwire, Clearing
                                         House Interbank Payment System (CHIPS), Society of Worldwide International Financial
                                         Telecommunication (SWIFT), similar automated interbank communication systems, and Internet
                                         access facilities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">w.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Electronic
                                         Data </B>means facts or information converted to a form usable in <B>Computer Systems
                                         </B>and which is stored on <B>Electronic Media </B>for use by computer programs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Electronic
                                         Instruction </B>means computer programs converted to a form usable in a <B>Computer System
                                         </B>to act upon <B>Electronic Data</B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">y.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Electronic
                                         Media </B>means the magnetic tape, magnetic disk, optical disk, or any other bulk media
                                         on which data is recorded.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By
                                         adding the following Section after Section 4., Specific Exclusions-Applicable to All
                                         INSURING CLAUSES except 1., 4., and 5.:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
4.A. Specific Exclusions-Applicable to INSURING CLAUSE 14</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>This
Bond does not directly or indirectly cover:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
                                         resulting directly or indirectly from <B>Forged</B>, altered or fraudulent negotiable
                                         instruments, securities, documents or written instruments used as source documentation
                                         in the preparation of <B>Electronic Data</B>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
                                         of negotiable instruments, securities, documents or written instruments except as converted
                                         to <B>Electronic Data </B>and then only in that converted form;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
                                         resulting from mechanical failure, faulty construction, error in design, latent defect,
                                         wear or tear, gradual deterioration, electrical disturbance, <B>Electronic Media </B>failure
                                         or breakdown or any malfunction or error in programming or error or omission in processing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">d.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
                                         resulting directly or indirectly from the input of <B>Electronic Data </B>at an authorized
                                         electronic terminal of an <B>Electronic Funds Transfer System </B>or a <B>Customer Communication
                                         System </B>by a person who had authorized access from a customer to that customer&rsquo;s
                                         authentication mechanism; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">e.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">liability
                                         assumed by the ASSURED by agreement under any contract, unless such liability would have
                                         attached to the ASSURED even in the absence of such agreement; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">f.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loss
                                         resulting directly or indirectly from:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">written
                                         instruction unless covered under this INSURING CLAUSE; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">instruction
                                         by voice over the telephone, unless covered under this INSURING CLAUSE.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP2
Bond</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%; text-align: left"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         3</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By adding
                                         to Section 9., Valuation, the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Electronic
Data, Electronic Media, Or Electronic Instruction</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
case of loss of, or damage to, <B>Electronic Data, Electronic Media </B>or <B>Electronic Instruction </B>used by the ASSURED in
its business, the COMPANY shall be liable under this Bond only if such items are actually reproduced form other <B>Electronic
Data, Electronic Media </B>or <B>Electronic Instruction </B>of the same kind or quality and then for not more than the cost of
the blank media and/or the cost of labor for the actual transcription or copying of data which shall have been furnished by the
ASSURED in order to reproduce such <B>Electronic Data, Electronic Media </B>or <B>Electronic Instruction </B>subject to the applicable
SINGLE LOSS LIMIT OF LIABILITY.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">However,
if such <B>Electronic Data </B>can not be reproduced and said <B>Electronic Data </B>represents <B>Securities </B>or financial
instruments having a value, then the loss will be valued as indicated in the SECURITIES and OTHER PROPERTY paragraphs of this
Section.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
Endorsement applies to loss discovered after 12:01 a.m. on December 7, 2019.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ALL
OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:
December&nbsp;6, 2019</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5%; vertical-align: bottom; padding: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt none; padding: 0in; border-left-style: none; border-bottom-style: solid"><IMG SRC="tm208248d1_4017gimg008.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized
Representative</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ICAP2
Bond</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form 17-02-2976 (Ed. 1-02)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 30%; text-align: left"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page
                                         4</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<!-- Field: Split-Segment; Name: 7 -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>ENDORSEMENT/RIDER</B></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">Effective date of</TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">this endorsement/rider: December&nbsp;7,
2019</TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>FEDERAL INSURANCE COMPANY</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%">Endorsement/Rider No.</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%">14</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">To be attached to and</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">form a part of Bond No.</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">82473034</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Issued to:&nbsp;&nbsp;FPA FUNDS TRUST</P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">PRO RATA CANCELLATION ENDORSEMENT</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">In consideration of the premium charged, it
is agreed that, notwithstanding anything to the contrary in the policy or any endorsements thereto, in the event that this policy
is cancelled, any premium refund due to the insured shall be computed on a pro rata basis. However, the refund may be less than
pro rata if the insurer has made a loan to the insured for the purpose of payment of premiums for this policy.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The cancellation will be effective even if
a refund has not been made or offered.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0pt 0">All other terms, conditions and limitations
of this Bond shall remain unchanged.</P>

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; width: 70%; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 0in; width: 30%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt solid; border-left-style: none"><IMG SRC="tm208248d1_4017gimg003.jpg" ALT=""></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 0in; vertical-align: top">Authorized Representative</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">14-02-19726 (01/2013)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%; text-align: center">Page
                                         1</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 33%"></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 43 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>ENDORSEMENT/RIDER</B></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">Effective date of</TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">this endorsement/rider: December&nbsp;7,
2019</TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">FEDERAL INSURANCE COMPANY</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%">Endorsement/Rider No.</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%">15</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">To be attached to and</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">form a part of Policy No.</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">82473034</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Issued to: FPA FUNDS TRUST</P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>COMPLIANCE WITH APPLICABLE TRADE SANCTION
LAWS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">It is agreed that this insurance does not
apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this
insurance.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.</P>

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

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All other terms, conditions and limitations of this Policy shall
remain unchanged.</P>

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; width: 50%; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; width: 30%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt solid; border-left-style: none"><IMG SRC="tm208248d1_4017gimg003.jpg" ALT=""></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">Authorized Representative</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">14-02-9228 (2/2010)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%; text-align: center">Page
                                         1</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 33%"></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>ENDORSEMENT/RIDER</B></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">Effective date of</TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">this endorsement/rider: December&nbsp;7,
2019</TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>FEDERAL INSURANCE COMPANY</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%">Endorsement/Rider No.</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%">16</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">To be attached to and</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">form a part of Bond No.</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">82473034</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Issued to: FPA FUNDS TRUST</P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">DELETING VALUATION-OTHER PROPERTY AND AMENDING
CHANGE OR MODIFICATION ENDORSEMENT</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In consideration of the premium charged, it is agreed that this
Bond is amended as follows:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD STYLE="text-align: justify">The paragraph titled Other Property in Section 9,
Valuation, is deleted in its entirety.</TD>
</TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0in"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">2.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
                                         third paragraph in Section 16, Change or Modification, is deleted in its entirety and
                                         replaced with the following:</TD></TR></TABLE>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left">If this Bond is for a joint ASSURED,
no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after
written notice has been furnished to all insured <B>Investment Companies </B>and the Securities and Exchange Commission, Washington,
D.C., by the COMPANY.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.</P>

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

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All other terms, conditions and limitations of this Bond shall
remain unchanged.</P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; width: 70%; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; text-align: center; width: 30%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt solid; border-left-style: none"><IMG SRC="tm208248d1_4017gimg003.jpg" ALT=""></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; text-align: center; vertical-align: top">Authorized Representative</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">17-02-2437 (12/2006) rev.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%; text-align: center">Page
                                         1</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 33%"></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>ENDORSEMENT/RIDER</B></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">Effective date of</TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">this endorsement/rider: December&nbsp;7,
2019</TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">FEDERAL INSURANCE COMPANY</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top"><B>&nbsp;</B></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 50%">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 20%">Endorsement/Rider No.</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top; width: 30%">17</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">To be attached to and</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">form a part of Bond No.</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">82473034</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Issued to: FPA FUNDS TRUST</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">AMEND NAME OF ASSURED (OMNIBUS) ENDORSEMENT</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In consideration of the premium charged, is agreed that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">(1)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The
                                         Name of ASSURED, as set forth on the Declarations of this Bond, shall include any <B>Investment
                                         Company </B>first sponsored or managed by First Pacific Advisors, LLC on or before the
                                         inception of the BOND PERIOD.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">(2)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">The
                                         Name of ASSURED, as set forth on the Declarations of this Bond, shall include any newly
                                         created <B>Investment Company </B>during the BOND PERIOD that is sponsored or managed
                                         by First Pacific Advisors, LLC.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">(3)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">An
                                         <B>Investment Company </B>ceases to be an ASSURED when such <B>Investment Company </B>is
                                         no longer sponsored or managed by First Pacific Advisors, LLC.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.</P>

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

<P STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All other terms, conditions and limitations of this Bond shall
remain unchanged.</P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; width: 50%; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; width: 30%; vertical-align: top; border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt solid; border-left-style: none"><IMG SRC="tm208248d1_4017gimg003.jpg" ALT=""></TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0in; vertical-align: top">Authorized Representative</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 33%">MS-212004 (12/2017)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 34%; text-align: center">Page
                                         1</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 33%"></TD>
</TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>IMPORTANT POLICYHOLDER INFORMATION</B></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; text-align: justify">Inquiries concerning your policy should
be directed to your insurance agent. The name, address and telephone number of your agent, if one is involved, is shown on the
policy and/or in the material accompanying the policy.</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; text-align: justify">If you require additional information you may contact the California
Insurance Department at either the following address or phone number:</P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 40%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%">California Insurance Department</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">300 South Spring Street</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Los Angeles, CA 90012</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1-800-927-HELP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Form 14-02-1495 (Ed. 1/94)</P>

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

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

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




<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>IMPORTANT NOTICE</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.5in; text-align: justify">The premium shown on this policy or premium
statement may be subject to adjustment in accordance with the provisions of California law recently adopted by ballot initiative.
You will be informed about any adjustment as soon as the requirements of the law and their effect on your premium can be determined.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Form 99-10-0267 (Ed. 2/98)</P>

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

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

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




<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>IMPORTANT NOTICE TO POLICYHOLDERS</B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All of the members
of the Chubb Group of Insurance companies doing business in the United States (hereinafter &ldquo;Chubb&rdquo;) distribute their
products through licensed insurance brokers and agents (&ldquo;producers&rdquo;). Detailed information regarding the types of
compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located
at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Thank you for choosing Chubb.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">10-02-1295 (ed. 6/2007)</P>

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

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

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




<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>Important Notice:</I></B></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>The SEC Requires Proof of Your Fidelity Insurance Policy</B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Your company is now required to file an
electronic copy of your fidelity insurance coverage (Chubb&rsquo;s ICAP Bond policy) to the Securities and Exchange Commission
(SEC), according to rules adopted by the SEC on June 12, 2006.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Chubb is in the process of providing your
agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity
insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The electronic copy of your policy is provided
by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you
receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic
copy, constitute the entire agreement between your company and Chubb.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If you have any questions, please contact your agent or broker.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Form 14-02-12160 (ed. 7/2006)</P>



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

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

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

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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: center"><B>SECRETARY&rsquo;S CERTIFICATE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, Rebecca D. Gilding, Secretary
of FPA Capital Fund, Inc. (&ldquo;Capital&rdquo;), FPA Funds Trust (the &ldquo;Trust&rdquo;) on behalf of its series, FPA Crescent
Fund (&ldquo;Crescent&rdquo;) FPA International Value Fund (&ldquo;International&rdquo;), FPA Flexible Fixed Income Fund (&ldquo;Flexible&rdquo;),
and FPA Balanced Fund (&ldquo;Balanced&rdquo;) FPA New Income, Inc. (&ldquo;New Income&rdquo;), FPA Paramount Fund, Inc. (&ldquo;Paramount&rdquo;),
FPA U.S. Value Fund, Inc. (&ldquo;U.S. Value&rdquo;), each a Maryland corporation, and Source Capital, Inc. (&ldquo;Source&rdquo;),
a Delaware Trust, (each an &ldquo;FPA Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;), hereby certifies that the following
resolutions were adopted by the Boards of Directors/Trustees (the &ldquo;Boards&rdquo;) of the Funds at a meeting held on November
11, 2019, at which a quorum was at all times present and acting throughout:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>WHEREAS,</B> Rule 17g-1 of
the 1940 Act provides, among other things, that: (1) registered investment companies provide fidelity coverage against larceny
and embezzlement covering each officer and employee of the investment company who has access to its securities or funds; (2) that
such coverage shall not be terminated or modified except after written notice has been given to the affected parties and to the
SEC not less than 60 days prior to the effective date of termination or modification; (3) that such coverage shall be in a form
and amount deemed reasonable by a majority of the Directors who are not &ldquo;interested persons&rdquo; (as defined in the 1940
Act) of Capital, the Trust on behalf of its series, Crescent, FFI, and International, NI, Paramount, USV, and Source; (4)&nbsp;that
such Directors shall give consideration to all relevant factors including, but not limited to, the value of the aggregate assets
of the registered management investment company to which any covered person may have access, the type and terms of the arrangement
made for the custody and safekeeping of such assets, and the nature of the securities in each Fund&rsquo;s portfolio, provided
that the minimum coverage required by Rule&nbsp;17g-1(d) is obtained; (5)&nbsp;that this determination by a majority of the Independent
Directors of each Fund be made not less than once every 12&nbsp;months; and (6) that true copies of such resolutions, any fidelity
coverage and certain other documents be filed with the SEC within certain specified notification periods; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>WHEREAS,</B> FPA and each
Fund are named in an employee dishonesty (fidelity) bond, substantially in the form presented at this Meeting, with such changes
as are deemed appropriate by the officers of applicable Funds, with the advice of counsel, the Bond issued by National Union Fire
Insurance Co. of Pittsburgh, providing coverage of $9,550,000 to FPA and each Fund; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>WHEREAS,</B> FPA and each
Fund entered into a Fidelity Bond Coverage Agreement (the &ldquo;Allocation Agreement&rdquo;) dated October 17, 2016 in order to
meet the requirements of Rule&nbsp;17g-1(f) of the 1940 Act and to ensure that premiums on the Bond and any recovery received under
the Bond are allocated in a fair and equitable manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>NOW, THEREFORE, BE IT RESOLVED,</B>
that the Bond insuring FPA and each Fund for $9,550,000 or such greater amounts as the officers of each Fund may from time to time
determine in accordance with the provisions of Rule 17g-1 of the 1940 Act, is hereby deemed to be reasonable in form and amount
as required by and considering all relevant factors as provided in Rule 17g-1 and the Bond, substantially in the form presented
at this Meeting, with such changes as are deemed appropriate by the officers of applicable Funds, </P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">with the advice of counsel, is
hereby approved from December 7, 2019 through December 7, 2020; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESOLVED FURTHER,</B> that
the Allocation Agreement be, and it hereby is, re-approved; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESOLVED FURTHER,</B> that
the Boards have each determined that the participation by FPA and each Fund in the Bond and the Allocation Agreement is in the
best interests of each Fund; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESOLVED FURTHER,</B> that
after having given due consideration to all relevant factors including, but not limited to: (i) the number of other parties named
as insureds; (ii) the nature of the business activities; (iii) the amount of the Bond; (iv) the ratable allocation of the premium
among FPA and each Fund; and (v) the extent to which the share of the premium allocated to each Fund is less than the premium each
Fund would have had to pay if it had provided and maintained a single insured bond, the Boards (all Directors voting) and separately
by a majority of the Independent Directors of each Board, hereby approve the allocation of the premium for the Bond in accordance
with the provisions of the Allocation Agreement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESOLVED FURTHER,</B> that
upon agreement with the above named insureds of the total premium for the Bond is $24,230 of which $1,348.45, $5,618.55, $1,348.45,
$5,618.55, $1,179.90, $1,685.57, $898.97, $1,685.57, and $4,846.00 shall be paid by Capital, Crescent, International, NI, FFI,
Paramount, USV, Source, and FPA, respectively; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESOLVED FURTHER,</B> that
the Secretary or any appropriate officer of the Funds shall file or cause to be filed the binder to the Bond and appropriate notices
with the SEC in accordance with paragraph (g) of Rule 17g-1 of the 1940 Act; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>RESOLVED FURTHER,</B> that
any officer of the Funds be, and each of them hereby is, authorized to execute and deliver the Bond and make any and all payments
and do any and all other acts, in the name of the Funds and on their behalf, as they, or any of them, may determine to be necessary
or desirable and proper with the advice of counsel in connection with the preceding resolutions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: February 20, 2020</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>/s/ Rebecca Gilding</U></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Rebecca Gilding</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Secretary</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>FIDELITY BOND COVERAGE AGREEMENT</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement is made
as of the 1<SUP>st</SUP> day of November, 2019, by and between First Pacific Advisors, LP, a registered investment adviser, and
FPA Capital Fund, Inc., FPA Funds Trust, FPA New Income, Inc., FPA Paramount Fund, Inc., FPA U.S. Value Fund, Inc., and Source
Capital, Inc., all of which are registered management investment companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, each
of the above named parties are named insureds under a joint insured fidelity bond (&ldquo;Bond&rdquo;), which Bond is of the type
required by Rule 17g-1 under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, an
agreement respecting the allocation of proceeds should a loss result under the Bond is required by paragraph (f) of Rule 17g-1
under the 1940 Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
parties hereto desire to enter into an agreement respecting such proceeds;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
it is agreed as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is agreed by each
of the parties hereto that in the event of a recovery under the Bond as a result of a loss sustained by more than one of the named
insureds, the amount received by each shall be an equitable and proportionate share of the recovery, provided, however, that such
share shall at least be equal to the amount which each named insured would have received had it provided and maintained a single
insured fidelity bond of the type required by Rule 17g-1 with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under
the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
each of the undersigned entities has caused this Agreement to be executed by an officer thereunder duly authorized as of the date
first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">FIRST PACIFIC ADVISORS, LP</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">FPA CAPITAL FUND, INC.</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 4%">By:</TD>
<TD STYLE="padding-bottom: 1pt; width: 41%">/s/ E. Lake Setzler III</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
<TD STYLE="width: 4%">By:</TD>
<TD STYLE="padding-bottom: 1pt; width: 41%">/s/ J. Richard Atwood</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">Name: E. Lake Setzler III</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">Name: J. Richard Atwood</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">Title: Treasurer, FPA GP, Inc.</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">General Partner</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;FPA FUNDS TRUST</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">FPA NEW INCOME, INC.</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2"></TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>By:</TD>
<TD STYLE="padding-bottom: 1pt">/s/ J. Richard Atwood</TD>
    <TD>&nbsp;</TD>
<TD>By:</TD>
<TD STYLE="padding-bottom: 1pt">/s/ J. Richard Atwood</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">Name: J. Richard Atwood</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">Name: J. Richard Atwood</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">Title: President</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">Title: President</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">FPA U.S. VALUE FUND, INC.</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">FPA PARAMOUNT FUND, INC. &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 4%">By:</TD>
<TD STYLE="padding-bottom: 1pt; width: 41%">/s/ J. Richard Atwood</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
<TD STYLE="width: 4%">By:</TD>
<TD STYLE="padding-bottom: 1pt; width: 41%">/s/ J. Richard Atwood</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">Name: J. Richard Atwood</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">Name: J. Richard Atwood</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">Title: President</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">Title: President</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">SOURCE CAPITAL, INC.</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>By:</TD>
<TD STYLE="padding-bottom: 1pt">/s/ J. Richard Atwood</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">Name: J. Richard Atwood</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">Title: President</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>

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



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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
