<SEC-DOCUMENT>0001072613-20-000192.txt : 20200522
<SEC-HEADER>0001072613-20-000192.hdr.sgml : 20200522
<ACCEPTANCE-DATETIME>20200522094418
ACCESSION NUMBER:		0001072613-20-000192
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20200522
DATE AS OF CHANGE:		20200522
EFFECTIVENESS DATE:		20200522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND
		CENTRAL INDEX KEY:			0001521404
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22562
		FILM NUMBER:		20903878

	BUSINESS ADDRESS:	
		STREET 1:		C/O BARINGS LLC
		STREET 2:		300 SOUTH TRYON STREET, SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		704-805-7200

	MAIL ADDRESS:	
		STREET 1:		C/O BARINGS LLC
		STREET 2:		300 SOUTH TRYON STREET, SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BABSON CAPITAL GLOBAL SHORT DURATION HIGH YIELD FUND
		DATE OF NAME CHANGE:	20120615

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BABSON CAPITAL GLOBAL FLOATING RATE & INCOME FUND
		DATE OF NAME CHANGE:	20110520
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>bond.htm
<DESCRIPTION>BARINGS GLOBAL SHORT DURATION HIGH YIELD FUND
<TEXT>
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    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



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    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
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<P STYLE="font: bold 10pt/110% Arial, Helvetica, Sans-Serif; margin-top: 0.15in; margin-bottom: 0; text-align: center">IMPORTANT
NOTICE</P>

<P STYLE="font: bold 10pt/110% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; text-align: center">FIDELITY CRIME
DIVISION CLAIMS</P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.5pt; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.5pt; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt/36pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Should
this account have a potential claim situation, please contact:</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fidelity
&amp; Crime Claims Department</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Great
American Insurance Group</B></FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Five
Waterside Crossing Windsor, CT 06095</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.55pt; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(860)
298-7330</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 5.35pt; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(860)
688-8188 fax</B></FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 9.55pt; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CrimeClaims@gaig.com</B></FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 4.85pt; margin-right: 0; margin-bottom: 0">SDM-683 (Ed. 08/14)</P>


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    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
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<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0">FI
    75 10 (Ed. 11/16)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 13pt 95.95pt 0 104.95pt; text-align: center"><B>INVESTMENT COMPANY
BOND</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 96pt 0 104.95pt; text-align: center">GREAT AMERICAN INSURANCE
COMPANY</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 96.25pt 0 104.95pt; text-align: center">(A Stock Insurance Company,
Herein Called the Underwriter)</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left">
    <TD COLSPAN="2">DECLARATIONS</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">Bond No. FS 2346444 10 00</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="3">Name of Insured (herein called Insured): Barings Corporate Investors</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Principal Address:</TD>
    <TD>300 S Tryon Street</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Suite 2500</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Charlotte, NC 28202</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Item 2.</TD>
    <TD COLSPAN="3">Bond Period: from 12:01 a.m. on 11/04/2019 to 11/04/2020 12:01 a.m. the effective date of the termination
    or cancellation of this Bond, standard time at the Principal Address as to each of said dates.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD></TD>
    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
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<TR STYLE="border-top: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; vertical-align: top">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top">Limit of Liability - Subject to Sections 9, 10 and 12 hereof,
    <BR>&nbsp; <BR>Amount applicable to</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Limit
                                         of Liability</FONT></P></TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.15pt 0 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deductible</FONT></P></TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 46%; text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (A)-Fidelity</TD><TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">2,250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (B)-On Premises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (C)-In Transit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (D)-Forgery or Alteration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (E)-Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (F)-Counterfeit Currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (G)-Stop Payment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (H)-Uncollectible Items of Deposit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (I)-Audit Expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (J)-Telefacsimile Transmissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (K)-Unauthorized Signatures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;Optional Insuring Agreements and
                                         Coverages</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;Insuring Agreement (L)-Computer
                                         Systems</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (M)-Automated Phone Systems</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;Insuring Agreement (N)-Fraudulent Transfer Instructions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#9;Not
                                         Covered</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#9;N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
</TABLE>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 10 (Ed. 11/16)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 2)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2.15pt 0 0 1pt"></P>



</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD></TD></TR>
</TABLE>

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


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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="3" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 95%">If &ldquo;Not Covered&rdquo; is inserted above opposite any specified Insuring Agreement or Coverage,
    such Insuring Agreement or Coverage and any other reference thereto in this Bond shall be deemed to be deleted therefrom.</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Offices or Premises Covered-Offices acquired or established subsequent to the effective date of this Bond are covered
    according to the terms of General Agreement A. All the Insured&rsquo;s offices or premises in existence at the time this Bond
    becomes effective are covered under this Bond except the offices or premises located as follows:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>N/A</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Item 5.</TD>
    <TD>The liability of the Underwriter is subject to the terms of the following Riders attached hereto:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>See Form FI8801</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">Item 6.</FONT></TD>
    <TD>The Insured by the acceptance of this Bond gives to the Underwriter terminating or cancelling prior Bond(s) or Policy(ies)
    No.(s)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>FS 2346444 09</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>such termination or cancellation to be effective as of the time this Bond becomes effective.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 10 (Ed. 11/16)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    2 of 2)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"></P>



<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 4.85pt; margin-bottom: 0; margin-left: 0; text-align: right">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 4.85pt; margin-bottom: 0; margin-left: 0; text-align: right"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 4.85pt; margin-bottom: 0; margin-left: 0; text-align: right">FI
75 11 (Ed. 08/15)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 96.2pt 0 104.95pt; text-align: center"><B>INVESTMENT COMPANY BOND</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: justify">The Underwriter,
in consideration of an agreed premium, and subject to the Declarations made a part hereof, the General Agreements, Conditions
and Limitations and other terms of this Bond, agrees with the Insured, in accordance with Insuring Agreements hereof to which
an amount of insurance is applicable as set forth in Item 3 of the Declarations and with respect to loss sustained by the Insured
at any time but discovered during the Bond period, to indemnify and hold harmless the Insured for:</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 96.2pt 0 104.95pt; text-align: center">INSURING AGREEMENTS</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(A)</TD>
<TD>Loss
                                         resulting from any dishonest or fraudulent act(s), including Larceny or Embezzlement
                                         committed by an Employee, committed anywhere and whether committed alone or in collusion
                                         with others, including loss of Property resulting from such acts of an Employee, which
                                         Property is held by the Insured for any purpose or in any capacity and whether so held
                                         gratuitously or not and whether or not the Insured is liable therefor.</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-indent: 0pt; text-align: justify">Dishonest or
fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest or fraudulent act(s) committed by such Employee
with the manifest intent:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD STYLE="text-align: justify">to
                                         cause the Insured to sustain such loss; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify">to
                                         obtain financial benefit for the Employee, or for any other person or organization intended
                                         by the Employee to receive such benefit, other than salaries, commissions, fees, bonuses,
                                         promotions, awards, profit sharing, pensions or other employee benefits earned in the
                                         normal course of employment.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(B)</TD>
<TD STYLE="text-align: justify">Loss
                                         of Property (occurring with or without negligence or violence) through robbery, burglary,
                                         Larceny, theft, holdup, or other fraudulent means, misplacement, mysterious unexplainable
                                         disappearance, damage thereto or destruction thereof, abstraction or removal from the
                                         possession, custody or control of the Insured, and loss of subscription, conversion,
                                         redemption or deposit privileges through the misplacement or loss of Property, while
                                         the Property is (or is supposed or believed by the Insured to be) lodged or deposited
                                         within any offices or premises located anywhere, except in an office listed in Item 4
                                         of the Declarations or amendment thereof or in the mail or with a carrier for hire other
                                         than an armored motor vehicle company, for the purpose of transportation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(1)</TD><TD STYLE="text-align: justify">Loss
                                         of or damage to furnishings, fixtures, stationary, supplies or equipment, within any
                                         of the Insured's offices covered under this Bond caused by Larceny or theft in, or by
                                         burglary, robbery or hold-up of such office,  or attempt thereat, or by vandalism or
                                         malicious mischief; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(2)</TD><TD STYLE="text-align: justify">loss
                                         through damage to any such office by Larceny or theft in, or by burglary, robbery or
                                         hold-up of such office or attempt thereat.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 92.2pt 0 100.85pt; text-align: center">IN TRANSIT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(C)</TD>
<TD STYLE="text-align: justify">Loss
                                         of Property (occurring with or without negligence or violence) through robbery, Larceny,
                                         theft, hold-up, misplacement, mysterious unexplainable disappearance, being lost or otherwise
                                         made away with, damage thereto or destruction thereof, and loss of subscription, conversion,
                                         redemption or deposit privileges through the misplacement or loss of Property, while
                                         the Property is in transit anywhere in the custody of any person or persons acting as
                                         messenger, except while in the mail or with a carrier for hire, other than an armored
                                         motor vehicle company, for the purpose of transportation, such transit to begin immediately
                                         upon receipt of such Property by the transporting person or persons, and to end immediately
                                         upon delivery thereof at destination.</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
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    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 4.9pt; margin-bottom: 0">FORGERY OR ALTERATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(D)</TD>
<TD STYLE="text-align: justify; padding-right: 0.2pt; width: 0">Loss
                                         through FORGERY or ALTERATION of, on or in any bills of exchange, checks, drafts, acceptances,
                                         certificates of deposit, promissory notes, or other written promises, orders or directions
                                         to pay sums certain in money due bills, money orders, warrants, orders upon public treasuries,
                                         letters of credit, written instructions, advices or applications directed to the Insured,
                                         authorizing or acknowledging the transfer, payment, delivery or receipt of funds or Property,
                                         which instructions or advices or applications purport to have been signed or endorsed
                                         by any customer of the Insured, shareholder or subscriber to shares, whether certificated
                                         or uncertificated, of any Investment Company or by any financial or banking institution
                                         or stock-broker but which instructions, advices or applications either bear the forged
                                         signature or Endorsement or have been altered without the knowledge and consent of such
                                         customer, shareholder or subscriber to shares, whether certificated or uncertificated,
                                         of an Investment Company, financial or banking institution or stockbroker, withdrawal
                                         orders or receipts for the withdrawal of funds or Property, or receipts or certificates
                                         of deposit for Property and bearing the name of the Insured as issuer, or of another
                                         Investment Company for which the Insured acts as agent, excluding, however, any loss
                                         covered under Insuring Agreement (F) hereof whether or not coverage for Insuring Agreement
                                         (F) is provided for in the Declarations of this Bond.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">Any check or draft (a) made payable
to a fictitious payee and endorsed in the name of such fictitious payee or (b) procured in a transaction with the maker or drawer
thereof or with one acting as an agent of such maker or drawer or anyone impersonating another and made or drawn payable to the
one so impersonated and endorsed by anyone other than the one impersonated, shall be deemed to be forged as to such Endorsement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.2pt 0 35pt; text-align: justify">Mechanically reproduced facsimile
signatures are treated the same as handwritten signatures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(E)</TD>
<TD STYLE="text-align: justify; width: 0">Loss
                                         sustained by the Insured, including loss sustained by reason of a violation of the constitution,
                                         by-laws, rules or regulations of any Self Regulatory Organization of which the Insured
                                         is a member or which would have been imposed upon the Insured by the constitution, by-laws,
                                         rules or regulations of any Self Regulatory Organization if the Insured had been a member
                                         thereof,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.9pt 0.4in 0 35pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(1)</TD><TD STYLE="text-align: justify">through
                                         the Insured's having, in good faith and in the course of business, whether for its own
                                         account or for the account of others, in any representative, fiduciary, agency or any
                                         other capacity, either gratuitously or otherwise, purchased or otherwise acquired, accepted
                                         or received, or sold or delivered, or given any value, extended any credit or assumed
                                         any liability, on the faith of, or otherwise acted upon, any securities, documents or
                                         other written instruments which prove to have been</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(a)</TD><TD>counterfeited, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 0.4in">forged
                                         as to the signature of any maker, drawer, issuer, endorser, assignor, lessee, transfer
                                         agent or registrar, acceptor, surety or guarantor or as to the signature of any person
                                         signing in any other capacity, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 28.85pt">raised
                                         or otherwise altered, or lost, or stolen, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(2)</TD><TD STYLE="text-align: justify">through
                                         the Insured's having, in good faith and in the course of business, guaranteed in writing
                                         or witnessed any signatures whether for valuable consideration or not and whether or
                                         not such guaranteeing or witnessing is ultra vires the Insured, upon any transfers, assignments,
                                         bills of sale, powers of attorney, guarantees, Endorsements or other obligations upon
                                         or in connection with any securities, documents or other written instruments and which
                                         pass or purport to pass title to such securities, documents or other written instruments;
                                         EXCLUDING, losses caused by FORGERY or ALTERATION of, on  or in those instruments covered
                                         under Insuring Agreement (D) hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 35pt; text-align: justify">Securities,
documents or other written instruments shall be deemed to mean original (including original counterparts) negotiable or non-negotiable
agreements which in and of themselves represent an equitable interest, ownership, or debt, including an assignment thereof which
instruments are in the ordinary course of business, transferable
by delivery of such agreements with any necessary Endorsement or assignment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 35pt; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    2 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-align: left">&nbsp;</P>


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    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.9pt 0 0 35pt; text-align: justify">The word &quot;counterfeited&quot;
as used in this Insuring Agreement shall be deemed to mean any security, document or other written instrument which is intended
to deceive and to be taken for an original.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 35pt; text-align: justify">Mechanically reproduced facsimile
signatures are treated the same as handwritten signatures.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9pt; margin-bottom: 0">COUNTERFEIT CURRENCY</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(F)</TD>
<TD STYLE="text-align: justify; width: 0">Loss
                                         through the receipt by the Insured, in good faith, of any counterfeited money orders
                                         or altered paper currencies or coin of the United States of America or Canada issued
                                         or purporting to have been issued by the United States of America or Canada or issued
                                         pursuant to a United States of America or Canadian statute for use as currency.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9pt; margin-bottom: 0">STOP PAYMENT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(G)</TD>
<TD STYLE="text-align: justify; width: 0">Loss
                                         against any and all sums which the Insured shall become obligated to pay by reason of
                                         the Liability imposed upon the Insured by law for damages:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">For having either complied with
or failed to comply with any written notice of any customer, shareholder or subscriber of the Insured or any Authorized Representative
of such customer, shareholder or subscriber to stop payment of any check or draft made or drawn by such customer, shareholder
or subscriber or any Authorized Representative of such customer, shareholder or subscriber, or</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">For having refused to pay any
check or draft made or drawn by any customer, shareholder or subscriber of the Insured, or any Authorized Representative of such
customer, shareholder or Subscriber.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9pt; margin-bottom: 0">UNCOLLECTIBLE ITEMS OF
DEPOSIT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(H)</TD>
<TD STYLE="text-align: justify; width: 0">Loss
                                         resulting from payments of dividends or fund shares, or withdrawals permitted from any
                                         customer's, shareholder's or subscriber's account based upon Uncollectible items of Deposit
                                         of a customer, shareholder or subscriber credited by the Insured or the Insured's agent
                                         to such customer's, shareholder's or subscriber's Mutual Fund Account: or loss resulting
                                         from any item of Deposit processed through an Automated Clearing House which is reversed
                                         by the customer, shareholder or subscriber and deemed uncollectible by the Insured.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 35pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 35pt; text-align: justify">Loss
includes dividends and interest accrued not to exceed 15% of the Uncollectible items which are deposited.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 35pt; text-align: justify">This
Insuring Agreement applies to all Mutual Funds with &quot;exchange privileges&quot; if all Fund(s) in the exchange program are
insured by a Great American Insurance Company of Cincinnati, OH for Uncollectible Items of Deposit. Regardless of the number of
transactions between Fund(s) the minimum number of days of deposit within the Fund(s) before withdrawal as declared in the Fund(s)
prospectus shall begin from the date a deposit was first credited to any Insured Fund(s).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 9pt; margin-bottom: 0; text-align: center">AUDIT EXPENSE</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(I)</TD>
<TD STYLE="text-align: justify; width: 0">Expense
                                         incurred by the Insured for that part of the costs of audits or examinations required
                                         by any governmental regulatory authority to be conducted either by such authority or
                                         by an independent accountant by reason of the discovery of loss sustained by the Insured
                                         through any dishonest or fraudulent act(s), including Larceny or Embezzlement of any
                                         of the Employees. The total liability of the Underwriter for such expense by reason of
                                         such acts of any Employee or in which such Employee is concerned or implicated or with
                                         respect to any one audit or examination is limited to the amount stated opposite Audit
                                         Expense in Item 3 of the Declarations; it being understood, however, that such expense
                                         shall be deemed to be a loss sustained by the Insured through any dishonest or fraudulent
                                         act(s), including Larceny or Embezzlement of one or more of the Employees and the liability
                                         under this paragraph shall be in addition to the Limit of Liability stated in Insuring
                                         Agreement (A) in Item 3 of the Declarations.</TD></TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9pt; margin-bottom: 0">TELEFACSIMILE TRANSMISSIONS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(J)</TD>
<TD STYLE="text-align: justify; width: 0">Loss
                                         resulting by reason of the Insured having transferred, paid or delivered any funds or
                                         Property, established any credit, debited any account, or given any value relying on
                                         any fraudulent instructions sent by a customer or financial institution by Telefacsimile
                                         Transmission directed to the Insured, authorizing or</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    3 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.9pt 0 0 35pt; text-align: justify">acknowledging the transfer,
payment, or delivery of funds or property, the establishment of a credit, debiting of any account, or the giving of value by the
Insured, but only if such telefacsimile instructions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(1)</TD><TD STYLE="text-align: justify">bear
                                         a valid test key exchanged between the Insured and a customer or another financial institution
                                         with authority to use such test key for Telefacsimile instructions in the ordinary course
                                         of business, but which test key has been wrongfully obtained by a person who was not
                                         authorized to initiate, make, validate or authenticate a test key arrangement; and</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(2)</TD><TD STYLE="text-align: justify">fraudulently
                                         purport to have been sent by such customer or financial institution, but which telefacsimile
                                         instructions are transmitted without the knowledge or consent of such customer or financial
                                         institution by a person other than such customer or financial institution and which bear
                                         a forged signature.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 75pt; text-align: justify">&quot;Telefacsimile&quot;
means a system of transmitting written documents by electronic signals over telephone lines to equipment maintained by the Insured
within its communication room for the purposes of reproducing a copy of said document. It does not mean electronic communication
sent by Telex, TWC, or electronic mail, or Automated Clearing House.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 76.05pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(K)</TD>
<TD STYLE="text-align: justify">Loss
                                         resulting directly from the Insured having accepted, paid or cashed any check or withdrawal
                                         order, draft, made or drawn on a customer's account which bears the signature or Endorsement
                                         of one other than a person whose name and signature is on the application on file with
                                         the Insured as a signatory on such account.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 35pt; text-align: justify">It
shall be a condition precedent to the Insured's right to recovery under this Insuring Agreement that the Insured shall have on
file signatures of all persons who are authorized signatories on such account.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 96.2pt 0 104.95pt; text-align: center"><B>GENERAL AGREEMENTS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(A)</TD>
<TD>ADDITIONAL
                                         OFFICES OR EMPLOYEES- CONSOLIDATION OR MERGER-NOTICE</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(1)</TD><TD STYLE="text-align: justify">If
                                         the Insured shall, while this Bond is in force, establish any additional office or offices,
                                         such office or offices shall be automatically covered hereunder from the dates of their
                                         establishment, respectively. No notice to the Underwriter of an increase during any premium
                                         period in the number of offices or in the number of Employees at any of the offices covered
                                         hereunder need be given and no additional premium need be paid for the remainder of such
                                         premium period.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(2)</TD><TD STYLE="text-align: justify">If
                                         an Investment Company, named as Insured herein, shall, while this Bond is in force, merge
                                         or consolidate with, or purchase the assets of another institution, coverage for such
                                         acquisition shall apply automatically from the date of acquisition. The Insured shall
                                         notify the Underwriter of such acquisition within 60 days of said date, and an additional
                                         premium shall be computed only if such acquisition involves additional offices or employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.4in 0 58pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 89.3pt 0 100.85pt; text-align: center">WARRANTY</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 89.3pt 0 100.85pt; text-align: center">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(B)</TD>
<TD STYLE="text-align: justify">No
                                         statement made by or on behalf of the Insured, whether contained in the application or
                                         otherwise, shall be deemed to be a warranty of anything except that it is true to the
                                         best of the knowledge and belief of the person making the statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 2.05pt; margin-bottom: 0; text-align: center">(Applicable
to all Insuring Agreements or Coverages now or hereafter forming part of this Bond)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(C)</TD>
<TD STYLE="text-align: justify">The
                                         Underwriter will indemnify the Insured against court costs and reasonable attorneys'
                                         fees incurred and paid by the Insured in defense, whether or not successful, whether
                                         or not fully litigated on the merits and whether or not settled of any suit or legal
                                         proceeding brought against the Insured to enforce the lnsured's liability or alleged
                                         liability on account</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    4 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.9pt 0 0 35pt; text-align: justify">of any loss, claim or damage
which, if established against the Insured, would constitute a loss sustained by the Insured covered under the terms of this Bond
provided, however, that with respect to Insuring Agreement (A) this indemnity shall apply only in the event that</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">an
                                         Employee admits to being guilty of any dishonest or fraudulent act(s), including Larceny
                                         or Embezzlement; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">an
                                         Employee is adjudicated to be guilty of any dishonest or fraudulent act(s), including
                                         Larceny or Embezzlement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">in
                                         the absence of (1) or (2) above an arbitration panel agrees, after a review of an agreed
                                         statement of facts, that an Employee would be found guilty of dishonesty if such Employee
                                         were prosecuted.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 35pt; text-align: justify">The
Insured shall promptly give notice to the Underwriter of any such suit or legal proceeding and at the request of the Underwriter
shall furnish it with copies of all pleadings and other papers therein. At the Underwriter's election the Insured shall permit
the Underwriter to conduct the defense of such suit or legal proceeding, in the Insured's name, through attorneys of the Underwriter's
selection. In such event, the Insured shall give all reasonable information and assistance which the Underwriter shall deem necessary
to the proper defense of such suit or legal proceeding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 35pt; text-align: justify">If
the Insured's liability or alleged liability is greater than the amount recoverable under this Bond, or if a Deductible Amount
is applicable, the liability of the Underwriter under this General Agreement is limited to that percentage of litigation expense
determined by pro ration of the Bond limit of liability to the amount claimed, after the application of any deductible. This litigation
expense will be in addition to the Limit of Liability for the applicable Insuring Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9pt; margin-bottom: 0">FORMER EMPLOYEE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 35pt">(D)</TD>
<TD STYLE="text-align: justify">Acts
                                         of Employee, as defined in this Bond, are covered under Insuring Agreement (A) only while
                                         the Employee is in the Insured's employ. Should loss involving a former Employee of the
                                         Insured be discovered subsequent to the termination of employment, coverage would still
                                         apply under Insuring Agreement (A) if the direct proximate cause of the loss occurred
                                         while the former Employee performed duties within the scope of his/her employment.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 173.2pt 0 182.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 173.2pt 0 182.05pt; text-align: center">THE FOREGOING
INSURING AGREEMENTS AND</P>

<P STYLE="margin: 0 173.2pt 0 182.05pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">GENERAL
AGREEMENTS ARE SUBJECT TO</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 96pt 0 104.95pt; text-align: center"><B>THE FOLLOWING CONDITIONS
AND LIMITATIONS:</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0.05pt; margin-bottom: 0"><B>SECTION </B>1.
DEFINITIONS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 35pt; text-align: justify">The
following terms, as used in this Bond, shall have the respective meanings stated in this Section:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 35pt; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD>Employee means:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 1.9pt">any
                                         of the Insured's officers, partners, or employees, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(2)</TD><TD STYLE="text-align: justify">any
                                         of the officers or employees of any predecessor of the Insured whose principal assets
                                         are acquired by the Insured by consolidation or merger with, or purchase of assets of
                                         capital stock of such predecessor, and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(3)</TD><TD STYLE="text-align: justify">attorneys
                                         retained by the Insured to perform legal services for the Insured and the employees of
                                         such attorneys while such attorneys or the employees of such attorneys are performing
                                         such services for the Insured, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(4)</TD><TD STYLE="text-align: justify">guest
                                         students pursuing their studies or duties in any of the Insured's offices, and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(5)</TD><TD STYLE="text-align: justify">directors
                                         or trustees of the Insured, the investment advisor, underwriter (distributor), transfer
                                         agent, or shareholder accounting record keeper, or administrator authorized by written
                                         agreement to keep financial and/or other required records, but only while performing
                                         acts coming within the scope of the usual duties of an officer or employee or while acting
                                         as a member of any committee duly elected or appointed to examine or audit or have custody
                                         of or access to the Property of the Insured, and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    5 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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


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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.9pt 0 0 73.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(6)</TD><TD STYLE="text-align: justify">any
                                         individual or individuals assigned to perform the usual duties of an employee within
                                         the premises of the Insured by contract, or by any agency furnishing temporary personnel
                                         on a contingent or part-time basis, and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(7)</TD><TD STYLE="text-align: justify">each
                                         natural person, partnership or corporation authorized by written agreement with the Insured
                                         to perform services as electronic data processor of checks or other accounting records
                                         of the Insured, but excluding any such  processor who acts as transfer agent or in any
                                         other agency capacity in issuing checks, drafts or securities for the Insured, unless
                                         included under Sub-section (9) hereof, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(8)</TD><TD STYLE="text-align: justify">those
                                         persons so designated in section 15, Central Handling of Securities, and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(9)</TD><TD>any officer, partner
                                         or Employee of</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 110pt"></TD><TD STYLE="width: 35pt">(a)</TD><TD>an investment advisor,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 110pt"></TD><TD STYLE="width: 35pt">(b)</TD><TD>an underwriter (distributor),</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 110pt"></TD><TD STYLE="width: 35pt">(c)</TD><TD>a transfer agent
                                         or shareholder accounting record-keeper, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 110pt"></TD><TD STYLE="width: 35pt">(d)</TD><TD STYLE="text-align: justify">an
                                         administrator authorized by written agreement to keep financial and/or other required
                                         records, for an Investment Company, named as Insured while performing acts coming within
                                         the scope of the usual duties of an officer or Employee of any Investment Company named
                                         as Insured herein, or while acting as a member of any committee duly elected or appointed
                                         to examine or audit or have custody of or access to the Property of any such Investment
                                         Company provided that only Employees or partners of a transfer agent, shareholder accounting
                                         record-keeper or administrator which is an affiliated person as defined in the Investment
                                         Company Act of 1940, of an Investment Company named as Insured, or is an affiliated person
                                         of the adviser, underwriter or administrator of such Investment Company, and which is
                                         not a bank, shall be included within the definition of Employee.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 4.9pt; margin-bottom: 0; margin-left: 145pt; text-align: justify">Each
employer of temporary personnel or processors as set forth in Sub-Sections (6) and (7) of Section 1 (a) and their partners, officers
and employees shall collectively be deemed to be one person for all the purposes of this Bond, excepting, however, the last paragraph
of Section 13. Brokers, or other agents under contract or representatives of the same general character shall not be considered
Employees.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify">Property
                                         means money (i.e. currency, coin, bank notes, Federal Reserve notes), postage and revenue
                                         stamps, U.S. Savings Stamps, bullion, precious metals of all kinds and in any form and
                                         articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semi-precious
                                         stones, Bonds, securities, evidences of debts, debentures, scrip, certificates, interim
                                         receipts, warrants, rights, puts, calls, straddles, spreads, transfers, coupons, drafts,
                                         bills of exchange, acceptances, notes, checks, withdrawal orders, money orders, warehouse
                                         receipts, bills of lading, conditional sales contracts, abstracts of title, insurance
                                         Policies, deeds, mortgages under real estate and/or chattels and upon interests therein,
                                         and assignments of such Policies, mortgages and instruments, and other valuable papers,
                                         including books of account and other records used by the Insured in the conduct of its
                                         business, and all other instruments similar to or in the nature of the foregoing including
                                         Electronic Representations of such Instruments enumerated above (but excluding all data
                                         processing records) in which the Insured has an interest or in which the Insured acquired
                                         or should have acquired an interest by reason of a predecessor's declared financial condition
                                         at the time of the Insured's consolidation or merge with, or purchase of the principal
                                         assets of, such predecessor or which are held by the Insured for any purpose or in any
                                         capacity and whether so held by the Insured for any purpose or in any capacity and whether
                                         so held gratuitously or not and whether or not the Insured is liable therefor.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(c)</TD><TD STYLE="text-align: justify">Forgery
                                         means the signing of the name of another with the intent to deceive; it does not include
                                         the signing of one's own name with or without authority, in any capacity, or for any
                                         purpose.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    6 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(d)</TD><TD STYLE="text-align: justify">Larceny
                                         and Embezzlement as it applies to any named Insured means those acts as set forth in
                                         Section 37 of the Investment Company Act of 1940.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(e)</TD><TD STYLE="text-align: justify">Items
                                         of Deposit means any one or more checks and drafts.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>SECTION </B>2.
EXCLUSIONS THIS BOND DOES NOT COVER:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD STYLE="text-align: justify">loss
                                         effected directly or indirectly by means of forgery or alteration of, on or in any instrument,
                                         except when covered by Insuring Agreement (A), (D), (E) or (F).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify">loss
                                         due to riot or civil commotion outside the United States of America and Canada; or loss
                                         due to military, naval or usurped power, war or insurrection unless such loss occurs
                                         in transit in the circumstances recited in Insuring Agreement (C) and unless, when such
                                         transit was initiated, there was no knowledge of such riot, civil commotion, military,
                                         naval or usurped power, war or insurrection on  the part of any person acting for the
                                         Insured in initiating such transit.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">loss,
                                         in time of peace or war, directly or indirectly caused by or resulting from the effects
                                         of nuclear fission or fusion or radioactivity; provided, however, that this paragraph
                                         shall not apply to loss resulting from industrial uses of nuclear energy.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(d)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">loss
                                         resulting from any wrongful act or acts of any person who is a member of the Board of
                                         Directors of the Insured or a member of any equivalent body by whatsoever name known
                                         unless such person is also an Employee or an elected official, partial owner or partner
                                         of the Insured in some other capacity, nor, in any event, loss resulting from the act
                                         or acts of any person while acting in the capacity of a member of such Board or equivalent
                                         body.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(e)</TD><TD STYLE="text-align: justify">loss
                                         resulting from the complete or partial nonpayment of, or default upon, any loan or transaction
                                         in the nature of, or amounting to, a loan made by or obtained from the Insured or any
                                         of its partners, directors or Employees, whether authorized or unauthorized and whether
                                         procured in good faith or through trick, artifice, fraud or false pretenses, unless such
                                         loss is covered under Insuring Agreement (A), (E) or (F).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 4.9pt; margin-bottom: 0; margin-left: 75pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(f)</TD><TD STYLE="text-align: justify; padding-right: 28.85pt">loss
                                         resulting from any violation by the Insured or by any Employee</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(1)</TD><TD STYLE="text-align: justify">of
                                         law regulating (a) the issuance, purchase or sale of securities, (b) securities transactions
                                         upon Security Exchanges or over the counter market, (c) Investment Companies, or (d)
                                         Investment Advisors, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(2)</TD><TD STYLE="text-align: justify">of
                                         any rule or regulation made pursuant to any such law.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 75pt; text-align: justify">unless
such loss, in the absence of such laws, rules or regulations, would be covered under Insuring Agreements (A) or (E).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(g)</TD><TD STYLE="text-align: justify">loss
                                         of Property or loss of privileges through the misplacement or loss of Property as set
                                         forth in Insuring Agreement (C) or (D) while the Property is in the custody of any armored
                                         motor vehicle company, unless such loss shall be in excess of the amount recovered or
                                         received by the Insured under (a) the Insured's contract with said armored motor vehicle
                                         company, (b) insurance carried by said armored motor vehicle company for the benefit
                                         of users of its service, and (c) all other insurance and indemnity in force in whatsoever
                                         form carried by or for the benefit of users of said armored motor vehicle company's service,
                                         and then this Bond shall cover only such excess.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(h)</TD><TD STYLE="text-align: justify">potential
                                         income, including but not limited to interest and dividends, not realized by the Insured
                                         because of a loss covered under this Bond, except as included under Insuring Agreement
                                         (I).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(i)</TD><TD STYLE="text-align: justify">all
                                         damages of any type for which the Insured is legally liable, except direct compensatory
                                         damages arising from a loss covered under this Bond.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(j)</TD><TD STYLE="text-align: justify">loss
                                         through the surrender of Property away from an office of the Insured as a result of a
                                         threat</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(1)</TD><TD STYLE="text-align: justify">to
                                         do bodily harm to any person, except loss of Property in transit in the custody of any
                                         person acting as messenger provided that when such transit was initiated there was no
                                         knowledge by the Insured of any such threat, or</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    7 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.9pt 0 0 73.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 75pt"></TD><TD STYLE="width: 35pt">(2)</TD><TD STYLE="text-align: justify">to
                                         do damage to the premises or Property of the Insured, except when covered under Insuring
                                         Agreement (A).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(k)</TD><TD STYLE="text-align: justify">all
                                         costs, fees and other expenses incurred by the Insured in establishing the existence
                                         of or amount of loss covered under this Bond unless such indemnity is provided for under
                                         Insuring Agreement (I).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(l)</TD><TD STYLE="text-align: justify">loss
                                         resulting from payments made or withdrawals from the account of a customer of the Insured,
                                         shareholder or subscriber to shares involving funds erroneously credited to such account,
                                         unless such payments are made to or withdrawn by such depositor or representative of
                                         such person, who is within the premises of the drawee bank of the Insured or within the
                                         office of the Insured at the time of such payment or withdrawal or unless such payment
                                         is covered under Insuring Agreement (A).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(m)</TD><TD STYLE="text-align: justify">any
                                         loss resulting from Uncollectible Items of Deposit which are drawn from a financial institution
                                         outside the fifty states of the United States of America, District of Columbia, and territories
                                         and possessions of the United States of America, and Canada.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>SECTION </B>3. ASSIGNMENT
OF RIGHTS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1in 0 0 35pt; text-align: justify">This Bond does not afford
coverage in favor of any Employers of temporary personnel or of processors as set forth in sub-sections (6) and (7) of Section
1(a) of this Bond, as aforesaid, and upon payment to the insured by the Underwriter on account of any loss through dishonest or
fraudulent act(s) including Larceny or Embezzlement 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 Insured'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 Insured
to the Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the rights herein provided
for.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 4.9pt; margin-bottom: 0"><B>SECTION </B>4.
LOSS-NOTICE-PROOF-LEGAL PROCEEDINGS</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">This
Bond is for the use and benefit only of the Insured named in the Declarations and the Underwriter shall not be liable hereunder
for loss sustained by anyone other than the Insured unless the Insured, in its sole discretion and at its option, shall include
such loss in the Insured's proof of loss. At the earliest practicable moment after discovery of any loss hereunder the Insured
shall give the Underwriter written notice thereof and shall also within six months after such discovery furnish to the Underwriter
affirmative proof of loss with full particulars. If claim is made under this Bond for loss of securities or shares, the Underwriter
shall not be liable unless each of such securities or shares is identified in such proof of loss by a certificate or Bond number
or, where such securities or shares are uncertificated, by such identification means as agreed to by the Underwriter. The Underwriter
shall have thirty days after notice and proof of loss within which to investigate the claim, and this shall apply notwithstanding
the loss is made up wholly or in part of securities of which duplicates may be obtained. Legal proceedings for recovery of any
loss hereunder shall not be brought prior to the expiration of sixty days after such proof of loss is filed with the Underwriter
nor after the expiration of twenty-four months from the discovery of such loss, except that any action or proceeding to recover
hereunder on account of any judgment against the Insured in any suit mentioned in General Agreement C or to recover attorneys'
fees paid in any such suit, shall be begun within twenty-four months from the date upon which the judgment in such suit shall
become final. If any limitation embodied in this Bond is prohibited by any law controlling the construction hereof, such limitation
shall be deemed to be amended so as to be equal to the minimum period of limitation permitted by such law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">Discovery
occurs when the Insured</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD>becomes aware of
                                         facts, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 0.4in">receives
                                         written notice of an actual or potential claim by a third party which alleges that the
                                         Insured is liable under circumstance</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 35pt; text-align: justify">which would
cause a reasonable person to assume that a loss covered by the Bond has been or will be incurred even though the exact amount
or details of loss may not be then known.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    8 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 0pt; text-align: justify">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 4.9pt; margin-bottom: 0"><B>SECTION </B>5.
VALUATION OF PROPERTY</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">The
value of any Property, except books of accounts or other records used by the Insured in the conduct of its business, for the loss
of which a claim shall be made hereunder, shall be determined by the average market value of such Property on the business day
next preceding the discovery of such loss; provided, however, that the value of any Property replaced by the Insured prior to
the payment of claim therefor shall be the actual market value at the time of replacement; and further provided that in case of
a loss or misplacement of interim certificates, warrants, rights, or other securities, the production which is necessary to the
exercise of subscription, conversion, redemption or deposit privileges, the value thereof shall be the market value of such privileges
immediately preceding the expiration thereof if said loss or misplacement is not discovered until after their expiration. If no
market price is quoted for such Property or for such privileges, the value shall be fixed by agreement between the parties or
by arbitration.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">In
case of any loss or damage to Property consisting of books of accounts or other records used by the Insured in the conduct of
its business, the Underwriter shall be liable under this Bond only if such books or records are actually reproduced and then for
not more than the cost of blank books, blank pages or other materials plus the cost of labor for the actual transcription or copying
of data which shall have been furnished by the Insured in order to reproduce such books and other records.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9.25pt; margin-bottom: 0"><B>SECTION </B>6.
VALUATION OF PREMISES AND FURNISHINGS</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">In
case of damage to any office of the Insured, or loss of or damage to the furnishings, fixtures, stationary, supplies, equipment,
safes or vaults therein, the Underwriter shall not be liable for more than the actual cash value thereof, or for more than the
actual cost of their replacement or repair. The Underwriter may, at its election, pay such actual cash value or make such replacement
or repair. If the Underwriter and the Insured cannot agree upon such cash value or such cost or replacement or repair, such shall
be determined by arbitration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 4.9pt; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 4.9pt; margin-bottom: 0"><B>SECTION </B>7.
LOST SECURITIES&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">If
the Insured shall sustain a loss of securities the total value of which is in excess of the limit stated in Item 3 of the Declarations
of this Bond, the liability of the Underwriter shall be limited to payment for, or duplication of, securities having value equal
to the limit stated in Item 3 of the Declarations of this Bond.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">If
the Underwriter shall make payment to the Insured for any loss of securities, the Insured shall thereupon assign to the Underwriter
all of the Insured's rights, title and interests in and to said securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">With
respect to securities the value of which do not exceed the Deductible Amount (at the time of the discovery of the loss) and for
which the Underwriter may at its sole discretion and option and at the request of the Insured issue a Lost Instrument Bond or
Bonds to effect replacement thereof, the Insured will pay the usual premium charged therefor and will indemnify the Underwriter
against all loss or expense that the Underwriter may sustain because of the issuance of such Lost Instrument Bond or Bonds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">With
respect to securities the value of which exceeds the Deductible Amount (at the time of discovery of the loss) and for which the
Underwriter may issue or arrange for the issuance of a Lost Instrument Bond or Bonds to effect replacement thereof, the Insured
agrees that it will pay as premium therefor a proportion of the usual premium charged therefor, said proportion being equal to
the percentage that the Deductible Amount bears to the value of the securities upon discovery of the loss, and that it will indemnify
the issuer of said Lost Instrument Bond or Bonds against all loss and expense that is not recoverable from the Underwriter under
the terms and conditions of this INVESTMENT COMPANY BOND subject to the Limit of Liability hereunder.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9.6pt; margin-bottom: 0"><B>SECTION </B>8.
SALVAGE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">In case of recovery,
whether made by the Insured or by the Underwriter, on account of any loss in excess of the Limit of Liability hereunder plus the
Deductible Amount applicable to such loss from any source other than suretyship, insurance, reinsurance, security or indemnity
taken by or for the benefit of the Underwriter, the net amount of such recovery, less the actual costs and expenses of making
same, shall be applied to reimburse the Insured in full for the
excess portion of such loss, and the remainder, if any, shall be paid first in reimbursement of the Underwriter and thereafter
in reimbursement of the Insured for that part of such loss within the Deductible Amount. The Insured shall execute all necessary
papers to secure to the Underwriter the rights provided for herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    9 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 0pt; text-align: justify">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9.6pt; margin-bottom: 0"><B>SECTION </B>9.
NON-REDUCTION AND NON- ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">At all times prior to termination
hereof this Bond shall continue in force for the limit stated in the applicable sections of Item 3 of the Declarations of this
Bond notwithstanding any previous loss  for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however,
that regardless of the number of years this Bond shall continue in force and the number of premiums which shall be payable or
paid, the liability of the Underwriter under this Bond with respect to all loss resulting form</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">any
                                         one act of burglary, robbery or hold-up, or attempt thereat, in which no Partner or Employee
                                         is concerned or implicated shall be deemed to be one loss, or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify">any
                                         one unintentional or negligent act on the part of any one person resulting in damage
                                         to or destruction or misplacement of Property, shall be deemed to be one loss, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(c)</TD><TD>all wrongful acts,
                                         other than those specified in (a) above,
                                         of any one person shall be deemed to be one loss, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(d)</TD><TD STYLE="text-align: justify">all wrongful acts,
                                         other than those specified in (a) above,
                                         of one or more persons (which dishonest act(s) or act(s) of Larceny or Embezzlement
                                         include, but are not limited to, the failure of an Employee to report such acts of others)
                                         whose dishonest act or acts intentionally or unintentionally, knowingly or unknowingly, directly or indirectly, aid or aids in any way, or permits the continuation of,
                                         the dishonest act or acts of any other person or persons shall be deemed to be one
                                         loss with the act or acts of the persons aided, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(e)</TD><TD STYLE="text-align: justify">any
                                         one casualty or event other than those specified in (a), (b), (c) or (d) preceding, shall
                                         be deemed to be one loss, and shall be limited to the applicable Limit of Liability stated
                                         in Item 3 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 35pt; text-align: justify">Subsection
(c) is not applicable to any situation to which the language of sub-section (d) applies.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">With
respect to any loss set forth in the PROVIDED clause of Section 9 of this Bond which is recoverable or recovered in whole or in
part under any other Bonds or Policies issued by the Underwriter to the Insured or to any predecessor in interest of the Insured
and terminated or cancelled or allowed to expire and in which the period for discovery has not expired at the time any such loss
thereunder is discovered, the total liability of the Underwriter under this Bond and under other Bonds or Policies shall not exceed,
in the aggregate, the amount carried hereunder on such loss or the amount available to the Insured under such other Bonds, or
Policies, as limited by the terms and conditions thereof, for any such loss if the latter amount be the larger.&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><B>SECTION </B>11.
OTHER INSURANCE</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">If
the Insured shall hold, as indemnity against any loss covered hereunder, any valid and enforceable insurance or suretyship, the
Underwriter shall be liable hereunder only for such amount of such loss which is in excess of the amount of such other insurance
or suretyship, not exceeding, however, the Limit of Liability of this Bond applicable to such loss.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 12pt; margin-bottom: 0"><B>SECTION </B>12.
DEDUCTIBLE</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">The
Underwriter shall not be liable under any of the Insuring Agreements of this Bond on account of loss as specified, respectively,
in sub-sections (a), (b), (c), (d) and (e) of Section 9, Non-Reduction And Nonaccumulation Of Liability And Total Liability, unless
the amount of such loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the insured,
other than from any Bond or Policy of insurance issued by an insurance company and covering such loss, or by the Underwriter on
account thereof prior to payment by the Underwriter of such loss, shall exceed the Deductible Amount set forth in Item 3 of the
Declarations hereof (herein called Deductible Amount) and then for such excess only, but in no event for more than the applicable
Limit of Liability stated in Item 3 of the Declarations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.4in 0 22pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.4in 0 22pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.4in 0 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    10 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.4in 0 0pt; text-align: justify">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">The Insured will bear,
in addition to the Deductible Amount, premiums on Lost Instrument Bonds as set forth in Section 7.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 35pt; text-align: justify">There shall be no deductible
applicable to any loss under Insuring Agreement A sustained by any Investment Company named as Insured herein.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9.4pt; margin-bottom: 0"><B>SECTION </B>13. TERMINATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">The Underwriter may terminate
this Bond as an entirety by furnishing written notice specifying the termination date which cannot be prior to 90 days after the
receipt of such written notice by each Investment Company named as Insured and the Securities and Exchange Commission, Washington,
D.C. The Insured may terminate this Bond as an entirety by furnishing written notice to the Underwriter. When the Insured cancels,
the Insured shall furnish written notice to the Securities and Exchange Commission, Washington, D.C. prior to 90 days before
the effective date of the termination. The Underwriter shall notify all other Investment Companies named as Insured of the receipt
of such termination notice and the termination cannot be effective prior to 90 days after receipt of written notice by all other
Investment Companies. Premiums are earned until the termination date as set forth herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 35pt; text-align: justify">This Bond will terminate
as to any one Insured, (other than a registered management investment company), immediately upon taking over of such Insured by
a receiver or other liquidator or by State or Federal officials, or immediately upon the filing of a petition under any State
or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the
Insured, or immediately upon such Insured ceasing to exist, whether through merger into another entity, or by disposition of all
of its assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 35pt; text-align: justify">This Bond will terminate
as to any registered management investment company upon the expiration of 90 days after written notice has been given to the
Securities and Exchange Commission, Washington, D.C.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 35pt; text-align: justify">The
Underwriter shall refund the unearned premium computed as short rates in accordance with the standard short rate cancellation
tables if terminated by the Insured or pro rata if terminated for any other reason.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 35pt; text-align: justify">This Bond shall terminate</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD STYLE="text-align: justify">as
                                         to any Employee as soon as any partner, officer or supervisory Employee of the Insured,
                                         who is not in collusion with such Employee, shall learn of any dishonest or fraudulent act(s), including Larceny or Embezzlement on the part of such Employee without prejudice to the loss of any Property then in transit in the custody of such Employee and
                                         upon the expiration of ninety (90) days after written notice has been given to the Securities
                                         and Exchange Commission, Washington, D.C. (See Section 16(d)) and to the Insured Investment
                                         Company, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify">as
                                         to any Employee 90 days after receipt by each Insured and by the Securities and Exchange
                                         Commission of a written notice from the Underwriter of its desire to terminate this Bond
                                         as to such Employee, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(c)</TD><TD STYLE="text-align: justify">as
                                         to any person, who is a partner, officer or employee of any Electronic Data Processor
                                         covered under this Bond, from and after the time that the Insured or any partner or officer
                                         thereof not in collusion with such person shall have knowledge of information that such
                                         person has committed any dishonest or fraudulent act(s), including Larceny or Embezzlement
                                         in the service of the Insured or otherwise, whether such act be committed before or after
                                         the time this Bond is effective.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>SECTION </B>14. RIGHTS AFTER TERMINATION OR
CANCELLATION</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">At any time prior to the
termination or cancellation of this Bond as an entirety, whether by the Insured or the Underwriter, the Insured may give to
the Underwriter notice that it desires under this Bond an additional period of 12 months within which to discover loss sustained
by the Insured prior to the effective date of such termination or cancellation and shall pay an additional premium therefor.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">Upon receipt of such
notice from the Insured, the Underwriter shall give its written consent thereto: provided, however, that such additional period
of time shall terminate immediately;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    11 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 0pt; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD STYLE="text-align: justify">on
                                         the effective date of any other insurance obtained by the Insured, its successor in business or any other party, replacing in whole or in part the insurance afforded by this
                                         Bond, whether or not such other insurance provides coverage for loss sustained prior
                                         to its effective date, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify">upon
                                         takeover of the Insured's business by any State or Federal official or agency, or by
                                         any receiver or liquidator, acting or appointed for this purpose without the necessity
                                         of the Underwriter giving notice of such termination. In the event that such additional
                                         period of time is terminated, as provided above, the Underwriter shall refund any unearned
                                         premium.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.1in; margin-bottom: 0; margin-left: 35pt; text-align: justify">The right to purchase such
additional period for the discovery of loss may not be exercised by any State or Federal official or agency, or by any receiver
or liquidator, acting or appointed to take over the Insured's business for the operation or for the liquidation thereof or for
any other purpose.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 9.65pt; margin-bottom: 0"><B>SECTION </B>15. CENTRAL
HANDLING OF SECURITIES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">Securities included in the
systems for the central handling of securities established and maintained by Depository Trust Company, Midwest Depository Trust
Company, Pacific Securities Depository Trust Company, and Philadelphia Depository Trust Company, hereinafter called Corporations,
to the extent of the Insured's interest therein as effective by the making of appropriate entries on the books and records of
such Corporations shall be deemed to be Property.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">The words
&quot;Employee&quot; and &quot;Employees&quot; shall be deemed to include the officers, partners, clerks and other employees
of the New York Stock Exchange, Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock Exchange and Philadelphia Stock
Exchange, hereinafter called Exchanges, and of the above named Corporations, and of any nominee in whose name is registered
any security included within the systems for the central handling of securities established and maintained by such
Corporations, and any employee of any recognized service company, while such officers, partners, clerks and other employees
and employees of service companies perform services for such Corporations in the operation of such systems. For the purpose
of the above definition a recognized service company shall be any company providing clerks or other personnel to said
Exchanges or Corporation on a contract basis.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">The Underwriter shall
not be liable on account of any loss(es) in connection with the central handling of securities within the systems established
and maintained by such Corporations, unless such loss(es) shall be in excess of the amount(s) recoverable or recovered under
any Bond or Policy if insurance indemnifying such Corporations, against such loss(es), and then the Underwriter shall be liable
hereunder only for the Insured's share of  such excess loss(es), but in no event for more than the Limit of Liability applicable
hereunder.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">For the purpose of determining
the Insured's share of excess loss(es) it shall be deemed that the Insured has an interest in any certificate representing any
security included within such systems equivalent to the interest the Insured then has in all certificates representing the same
security included within such systems and that such Corporation shall use their best judgment in apportioning the amount(s)
recoverable or recovered under any Bond or Policy of insurance indemnifying such Corporations against such loss(es) in connection
with the central handling of securities within such systems among all those having an interest as recorded by appropriate entries in the books and records of such Corporations in Property involved in such loss(es) on the basis that each such interest
shall share in the amount(s) so recoverable or recovered in the ratio that the value of each such interest bears to the total
value of all such interests and that the Insured's share of such excess loss(es) shall be the amount of the Insured's interest
in such Property in excess of the amount(s) so apportioned to the Insured by such Corporations.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">This Bond does not afford
coverage in favor of such Corporations or Exchanges or any nominee in whose name is registered any security included within the
systems for the central handling of securities established and maintained by such Corporations, and upon payment to the Insured
by the Underwriter on account of any loss(es) within the systems, an assignment of such of the Insured's rights and causes of
action as it may have against such Corporations or Exchanges shall to the extent of such payment, be given by the Insured to the
Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the rights provided for herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    12 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 4.9pt; margin-bottom: 0"><B>SECTION </B>16. ADDITIONAL COMPANIES
INCLUDED AS INSURED</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">If more than one
corporation, co-partnership or person or any combination of them be included as the Insured herein:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">the
                                         total liability of the Underwriter hereunder for loss or losses sustained by any one
                                         or more or all of them shall not exceed the limit for which the Underwriter would be
                                         liable hereunder if all such loss were sustained by any one of them.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">the
                                         one first named herein shall be deemed authorized to make, adjust and receive and enforce
                                         payment of all claims hereunder and shall be deemed to be the agent of the others for
                                         such purposes and for the giving or receiving of any notice required or permitted to
                                         be given by the terms hereof, provided that the Underwriter shall furnish each named
                                         Investment Company with a copy of the Bond and with any amendment thereto, together
                                         with a copy of each formal filing of the settlement of each such claim prior to the
                                         execution of such settlement,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">the
                                         Underwriter shall not be responsible for the proper application of any payment made hereunder
                                         to said first named Insured,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(d)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">knowledge
                                         possessed or discovery made by any partner, officer or supervisory Employee of any Insured
                                         shall for the purpose of Section 4 and Section 13 of this Bond constitute knowledge
                                         or discovery by all the Insured, and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(e)</TD><TD STYLE="text-align: justify; padding-right: 0.2pt">if
                                         the first named Insured ceases for any reason to be covered under this Bond, then the
                                         Insured next named shall thereafter be considered as the first named Insured for the
                                         purposes of this Bond.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>SECTION </B>17. NOTICE AND CHANGE OF CONTROL</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">Upon the Insured's obtaining
knowledge of a transfer of its outstanding voting securities which results in a change in control (as set forth in Section
2(a) (9) of the Investment Company Act of 1940) of the Insured, the Insured shall within thirty (30) days of such knowledge
give written notice to the Underwriter setting forth:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(a)</TD><TD STYLE="text-align: justify">the
                                         names of the transferors and transferees (or the names of the beneficial owners if the
                                         voting securities are requested in another name), and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(b)</TD><TD STYLE="text-align: justify">the
                                         total number of voting securities owned by the transferors and the transferees (or the
                                         beneficial owners), both immediately before and after the transfer, and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35pt"></TD><TD STYLE="width: 40pt">(c)</TD><TD STYLE="text-align: justify">the
                                         total number of outstanding voting securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">As used in this section,
control means the power to exercise a controlling influence over the management or Policies of the Insured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">Failure to give the required
notice shall result in termination of coverage of this Bond, effective upon the date of stock transfer for any loss in which any
transferee is concerned or implicated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">Such notice is not required
to be given in the case of an Insured which is an Investment Company.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>SECTION </B>18. CHANGE OR MODIFICATION</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">This Bond or any instrument
amending or effecting same may not be changed or modified orally. No changes in or modification thereof shall be effective unless
made by written Endorsement issued to form a part hereof over the signature of the Underwriter's Authorized Representative. When
a Bond covers only one Investment Company no change or modification which would adversely affect the rights of the Investment
Company shall be effective prior to 60 days after written notification has been furnished to the Securities and Exchange Commission,
 Washington, D.C. by the Insured or by the Underwriter. If more than one Investment Company is named as the Insured herein, the
Underwriter shall give written notice to each Investment Company and to the Securities and Exchange Commission, Washington, D.C.
not less than 60 days prior to the effective date of any change or modification which would adversely affect the rights of such
Investment Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 75 11 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    13 of 13)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 14.9pt 0 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 14.9pt 0 0; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3.7pt; margin-bottom: 0; margin-left: 0; text-align: right">FI 88 01 (Ed. 10 11)</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6.4pt; margin-bottom: 0"><B>FORMS AND RIDERS
SCHEDULE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.4pt 0 0 199.2pt">&nbsp;</P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0">It is hereby understood and agreed the following forms
and riders are attached to and are a part of this bond:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; border: black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10.6pt 6.5pt 0 0">Form No. / Edition</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="text-align: center; font: 10pt/103% Arial, Helvetica, Sans-Serif; margin-top: 3.2pt; margin-bottom: 0">Date Added
        *</P>
                                                                                                                                                       <P STYLE="text-align: center; font: 10pt/103% Arial, Helvetica, Sans-Serif; margin-top: 3.2pt; margin-bottom: 0">or</P>
                                                                                                                                                       <P STYLE="text-align: center; font: 10pt/103% Arial, Helvetica, Sans-Serif; margin-top: 3.2pt; margin-bottom: 0">Date
Deleted</P></TD>
    <TD STYLE="text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 10.6pt; margin-bottom: 0">Form Description</P></TD>
    <TD STYLE="text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>
        <P STYLE="text-align: center; font: 10pt/103% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">Rider No.</P>
        <P STYLE="text-align: center; font: 10pt/103% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">(if applicable)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left; width: 9%"><FONT STYLE="font-size: 10pt">FI7510&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right; width: 9%"><FONT STYLE="font-size: 10pt">11-16</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt; width: 55%"><FONT STYLE="font-size: 10pt">Investment
    Company Bond Dec Page</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 13%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7511</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;08-15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Investment
    Company Bond Insuring Agreements</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">SRF9808</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;08-95</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Rider
    - Amended Section 4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">SRF9808&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">08-95</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Rider
    - Amended Insuring Agreement F</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7343&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">08-15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Joint
    Insured List</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7504&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">08-15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Newly
    Created Investment Companies</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7506&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">08-15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Insuring
    Agreement (L) Computer Systems</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7507&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">08-15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Insuring
    Agreement (M) Automated Phone Systems</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7508&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">08-15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Newly
    Established Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7345&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">08-15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Confidential
    Information And Data Breach Clarifying Rider</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7339&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">06-14</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Virtual
    Or On-Line Peer To Peer Mediums Of Exchange Exclusion</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7340&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">08-15</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">Economic
    And Trade Sanctions Clause</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; border-left: Black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: left"><FONT STYLE="font-size: 10pt">FI7341&#9;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-right: 5.85pt; text-align: right"><FONT STYLE="font-size: 10pt">04-17</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.2pt; padding-left: 8.8pt"><FONT STYLE="font-size: 10pt">In-Witness
    Clause</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.2pt; padding-left: 3.55pt"><FONT STYLE="font-size: 10pt">*
    If not at inception</FONT></TD></TR>
</TABLE>



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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI 88 01 (Ed. 10/11)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 1)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 17 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">RIDER NO. 1</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0.05pt 265.8pt 0 24pt">To be attached to and form part of Investment
Company Bond</P>

<P STYLE="font: 10pt/200% Arial, Helvetica, Sans-Serif; margin: 0.05pt 265.8pt 0 24pt">No. FS 2346444 10 00</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 24pt">In favor of Barings Corporate Investors</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 7.95pt 96pt 0 104.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 7.95pt 96pt 0 104.95pt; text-align: center"><B>Amended Section 4</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 24pt">It is agreed that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">1.</TD><TD>SECTION 4. is
                                         deleted in its entirety and replaced with the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.5pt; margin-bottom: 0; margin-left: 24pt">This bond is for the use and benefit only of
the Insured named in the Declarations and the Underwriter shall not be liable hereunder for loss sustained by anyone other than
the Insured unless the Insured, in its sole discretion and at its option, shall include such loss in the Insured's proof of loss.
As soon as practicable no later than 60 days after discovery of any loss hereunder the Insured shall give the Underwriter written
notice thereof and shall also within six months after such discovery furnish to the Underwriter affirmative proof of loss with
full particulars. If claim is made under this bond for loss of securities or shares, the Underwriter shall not be liable unless
each of such securities or shares is identified in such proof of loss by a certificate or bond number or, where such securities
or shares are uncertificated, by such identification means as agreed to by the Underwriter. The Underwriter shall have thirty
days after notice and proof of loss within which to investigate the claim, and this shall apply notwithstanding the loss is made
up wholly or in part of securities of which duplicates may be obtained. Legal proceedings for recovery of any loss hereunder shall
not be brought prior to the expiration of sixty days after such proof of loss is filed with the Underwriter nor after the expiration
of twenty-four months from the discovery of such loss, except that any action or proceeding to recover hereunder on account of
any judgment against the Insured in any suit mentioned in General Agreement C or to recover attorneys? fees paid in any such suit,
shall be begun within twenty-four months from the date upon which the judgment in such suit shall become final. If any limitation
embodied in this bond is prohibited by any law controlling the construction hereof, such limitation shall be deemed to be amended
so as to be equal to the minimum period of limitation permitted by such law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 218.05pt 0 38.4pt; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.35pt; margin-bottom: 0; margin-left: 38.4pt; text-indent: -0.2in">Discovery occurs
when an officer with the title of Vice President or higher</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.35pt; margin-bottom: 0; margin-left: 38.4pt; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 30pt; text-align: left">(a.)</TD><TD STYLE="text-align: justify">becomes aware of facts, or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 30pt; text-align: left">(b.)</TD><TD STYLE="text-align: justify">receives written notice of an actual or potential claim
by a third party which alleges that the Insured is liable under circumstance.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 24pt">which would cause a reasonable person to assume
that a loss covered by the bond has been or will be incurred even though the exact amount or details of loss may not be then known.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">2.</TD><TD>This rider shall
                                         be come effective as of 12:01 a.m. on 11/04/2019 standard time.</TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SRF 9808 (Ed. 08/95)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 1)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">RIDER NO. 2</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">To be attached to and form part of
Investment Company Bond</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">No. FS 2346444 10 00</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 24pt">In favor of Barings Corporate Investors</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.25pt 0 0 24pt">It is agreed that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">1.</TD><TD>Insuring
                                         Agreement (F) Counterfeit Currency, is hereby amended by deleting the words: &quot;of
                                         the United States of America or Canada&quot;, and substituting &quot;of any country in
                                         the world.&quot;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">2.</TD><TD>This rider shall
                                         become effective as of 12:01 a.m. on 11/04/2019 standard time.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SRF 9808 (Ed. 08/95)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 1)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 2pt 0 0 1pt">FI 73 43 (Ed. 08/15)</P>



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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">RIDER NO. 3</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 96.3pt 0 104.95pt; text-align: center"><B>JOINT INSURED LIST</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">To be attached to and form part of
INVESTMENT COMPANY BOND,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">Bond No.&#9;FS 2346444 10 00</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">In favor of Barings Corporate Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">It is agreed that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">1.</TD><TD>At
                                         the request of the Insured, the Underwriter adds to the list of Insured under the attached
                                         bond the following: </TD></TR></TABLE>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.55pt">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.55pt">Barings Participation Investors&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.55pt">Barings Global Short Duration High Yield Fund</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">2.</TD><TD>Nothing
                                         herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions,
                                         provisions, agreements, or limitations of the above mentioned bond other than as stated
                                         herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">3.</TD><TD>This Rider shall
                                         become effective as of 12:01 a.m. on 11/04/2019 standard time.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    73 43 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 1)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 2pt 0 0 1pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt; text-align: right">FI 75 04 (Ed. 08/15)</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6.2pt; margin-bottom: 0; text-align: center">RIDER NO. 4</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0"><B>NEWLY CREATED
INVESTMENT COMPANIES</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">To be attached to and form part of INVESTMENT
COMPANY BOND,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">Bond No.&#9;FS 2346444 10 00</P>

<P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">In favor of Barings Corporate Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">It is agreed that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">1.</TD><TD>Item
                                         1. Named of Insured on the Declarations Page shall include any existing Investment Company
                                         or portfolios which are not listed under the Joint Insured Rider of the attached bond.
                                         It shall also include any Newly Created Investment Company or portfolio provided that
                                         the Insured shall submit to the Underwriter, following the end of the Bond Period, a
                                         list of all newly created portfolios and copies of any prospectuses and statements of
                                         additional information relating to such newly created Investment Companies or portfolios
                                         unless said prospectus and statements of additional information have been previously
                                         submitted.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.2pt; margin-bottom: 0; margin-left: 45.55pt">Following the end of the Bond Period, any
newly created Investment Company or portfolio created during the Bond Period, will continue to be an Insured only if the Underwriter
is notified as set forth in the above paragraph, the information required herein is provided to the Underwriter, and the Underwriter
acknowledges the addition of such newly created Investment Company or portfolio to the bond by a Rider of this bond.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">2.</TD><TD>It is further agreed
                                         that the following definition is added to Conditions and Limitations - Section 1. Definitions:</TD></TR></TABLE>

<P STYLE="font: 10pt/101% Arial, Helvetica, Sans-Serif; margin: 12.05pt 0 0 63.6pt; text-indent: -0.25in">(g) &nbsp;Newly created Investment
Company or portfolio shall mean any Investment Company or portfolio for which registration with the SEC has been declared.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">3.</TD><TD>Nothing
                                         herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions,
                                         provisions, agreements, or limitations of the above mentioned bond other than as stated
                                         herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">4.</TD><TD>This Rider shall
                                         become effective as of 12:01 a.m. on 11/04/2019 standard time.</TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    75 04 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 1)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt; text-align: right">FI 75 06 (Ed. 08/15)</P>





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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6.2pt; margin-bottom: 0; text-align: center">RIDER NO. 5</P>

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B>INSURING AGREEMENT
(L) COMPUTER SYSTEMS</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">To be attached to and form part of INVESTMENT
COMPANY BOND,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">Bond No.&#9;FS 2346444 10 00</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">In favor of Barings Corporate Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">It is agreed that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">1.</TD><TD>The attached bond
                                         is hereby amended by adding to it an additional Insuring Agreement as follows:</TD></TR></TABLE>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 3pt; margin-bottom: 0">INSURING AGREEMENT
(L) - COMPUTER SYSTEMS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12.25pt 0 0 45.6pt">Loss resulting directly from a fraudulent</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(1)</TD><TD>entry of data
                                         into, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(2)</TD><TD>change
                                         of data elements or programs within a Computer System; provided that fraudulent entry
                                         or change causes</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>Property to
                                         be transferred paid or delivered,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD>an account of
                                         the Insured, or of its customer, to be added, deleted, debited or credited, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(c)</TD><TD>an unauthorized
                                         account or a fictitious account to be debited or credited;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(3)</TD><TD>voice
                                         instructions or advices having been transmitted to the Insured or its agent(s) by telephone;
                                         and provided further, the fraudulent entry or change is made or caused by an individual
                                         acting with the manifest intent to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>cause the Insured
                                         or its agent(s) to sustain a loss, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD>obtain
                                         financial benefit for that individual or for other persons intended by that individual
                                         to receive a financial benefit,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(c)</TD><TD>and further provided
                                         such voice instructions or advices:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100pt"></TD><TD STYLE="width: 30pt">(i)</TD><TD>were
                                         made by a person who purported to represent an individual authorized to make such voice
                                         instructions or advices; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100pt"></TD><TD STYLE="width: 30pt">(ii)</TD><TD>were electronically
                                         recorded by the Insured or its agent(s).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(4)</TD><TD>It
                                         shall be a condition to recovery under the Computer Systems Rider that the Insured or
                                         its agent(s) shall to the best of their ability electronically record all voice instructions
                                         or advices received over the telephone. The Insured or its agent(s) warrant that they
                                         shall make their best efforts to maintain the electronic recording system on a continuous
                                         basis. Nothing, however, in this Rider shall bar the Insured from recovery where no recording
                                         is available because of mechanical failure of the device used in making such recording,
                                         or because of failure of the media used to record a conversation from any
cause, or error or omission of any Employee(s) or agent(s) of the Insured.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    75 06 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 3)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 20.25pt 0 63.55pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 78pt 0 104.95pt; text-align: center">SCHEDULE OF SYSTEMS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12.25pt 77.95pt 0 104.95pt; text-align: center">Any System Utilized
by the Insured</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">2.</TD><TD>As used in this
                                         Rider, Computer System means:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>computers with
                                         related peripheral components, including storage components, wherever located,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD>systems and applications
                                         software,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(c)</TD><TD>terminal devices,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(d)</TD><TD>related communication
                                         networks or customer communication systems, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(e)</TD><TD>related Electronic
                                         Funds Transfer Systems,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 18pt 0 0 45.55pt">by which data are electronically collected, transmitted,
processed, stored, and retrieved.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">3.</TD><TD>In
                                         addition to the Exclusions in the attached bond, the following Exclusions are applicable
                                         to this Insuring Agreement:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>loss resulting
                                         directly or indirectly from the theft of confidential information, material or data:
                                         and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD>loss
                                         resulting directly or indirectly from entries or changes made by an individual authorized
                                         to have access to a Computer System who acts in good faith on instructions, unless such
                                         instructions are given to that individual by a software contractor (or by a partner,
                                         officer or employee thereof) authorized by the Insured to design, develop, prepare, supply
                                         service, write or implement programs for the Insured's Computer System.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">4.</TD><TD>The following portions
                                         of the attached bond are not applicable to this Rider:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>the
                                         initial paragraph of the bond preceding the Insuring Agreements which reads &quot;...at
                                         any time but discovered during the Bond Period.&quot;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD>Conditions
                                         and Limitations - Section 9. Non-Reduction and Non-Accumulation of Liability and Total
                                         Liability</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">(c)</TD><TD>Conditions and
                                         Limitations - Section 10. Limit of Liability</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">5.</TD><TD>The
                                         coverage afforded by this Rider applies only to loss discovered by the Insured during
                                         the period this Rider is in force.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">6.</TD><TD>All
                                         loss or series of losses involving the fraudulent activity of one individual, or involving
                                         fraudulent activity in which one individual is implicated, whether or not that individual
                                         is specifically identified, shall be treated as one loss. A series of losses involving
                                         unidentified individuals but arising from the same method of operation may be deemed
                                         by the Underwriter to involve the same individual and in that event shall be treated
                                         as one loss.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">7.</TD><TD>The Limit of Liability
                                         for the coverage provided by this Rider shall be $ 2,250,000.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">8.</TD><TD>The
                                         Underwriter shall be liable hereunder for the amount by which one loss shall be in excess
                                         of $ 10,000. (herein called the Deductible Amount) but not in excess of the Limit of
                                         Liability stated above.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    75 06 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    2 of 3)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">9.</TD><TD>If
                                         any loss is covered under this Insuring Agreement and any other Insuring Agreement or
                                         Coverage, the maximum amount payable for such loss shall not exceed the largest amount
                                         available under any one Insuring Agreement or Coverage.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">10.</TD><TD>Coverage
                                         under this Rider shall terminate upon termination or cancellation of the bond to which
                                         this Rider is attached. Coverage under this Rider may also be terminated or cancelled
                                         without canceling the bond as an entirety:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>90
                                         days after receipt by the Insured of written notice from the Underwriter of its desire
                                         to terminate or cancel coverage under this Rider, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD>immediately
                                         upon receipt by the Underwriter of a written request from the Insured to terminate or
                                         cancel coverage under this Rider.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0; margin-left: 45pt">The Underwriter shall refund to the Insured
the unearned premium for this coverage under this Rider. The refund shall be computed at short rates if this Rider is terminated
or cancelled or reduces by notice from, or at the insistence of the Insured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">11.</TD><TD>Conditions
                                         and Limitations - Section 4. Loss-Notice-Proof-Legal Proceedings is amended by adding
                                         the following sentence:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0; margin-left: 45.6pt">Proof of loss resulting from Voice Instructions
or advices covered under this bond shall include Electronic Recording of such Voice Instructions of advices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">12.</TD><TD>Notwithstanding
                                         the foregoing, however, coverage afforded by this Rider is not designed to provide protection
                                         against loss covered under a separate Electronic and Computer Crime Policy by whatever
                                         title assigned or by whatever Underwriter written. Any loss which is covered under such
                                         separate policy is excluded from coverage under this bond; and the Insured agrees to
                                         make claim for such loss under its separate policy.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">13.</TD><TD>Nothing
                                         herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions,
                                         provisions, agreements, or limitations of the above mentioned bond other than as stated
                                         herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">14.</TD><TD>This Rider shall
                                         become effective as of 12:01 a.m. on 11/04/2019 standard time.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    75 06 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    3 of 3)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0">FI 75 07 (Ed. 08/15)</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">RIDER NO. 6</P>

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

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

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B>INSURING AGREEMENT
(M) AUTOMATED PHONE SYSTEMS</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0"></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">To be attached to and form part of INVESTMENT
COMPANY BOND,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">Bond No.&#9;FS 2346444 10 00</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">In favor of Barings Corporate Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">It is agreed that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">1.</TD><TD>The attached bond
                                         is hereby amended by adding to it an additional Insuring Agreement as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; text-align: center">INSURING AGREEMENT
(M) AUTOMATED PHONE SYSTEMS&nbsp;</P>

<P STYLE="margin-top: 12pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 45pt">Loss caused by an Automated
Phone System (&quot;APS&quot;) Transaction, where the request for such APS Transaction is unauthorized or fraudulent and is made
with the manifest intent to deceive; provided, that the entity which receives such request generally maintains and follows during
the Bond Period all APS Designated Procedures with respect to APS Transaction. The unintentional isolated failure of such entity
to maintain and follow a particular APS Designated Procedure in a particular APS Designated Procedure in a particular instance
shall not preclude coverage under this Insuring Agreement, subject to the exclusions herein and in the bond.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">1.</TD><TD>Definitions: The
                                         following terms as used in this Insuring Agreement shall have the following meanings:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>&quot;APS Transaction&quot;
                                         means any APS Redemption, APS Exchange or APS Election.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD>&quot;APS
                                         Redemption&quot; means any redemption of shares issued by an Investment Company which
                                         is requested over the telephone by means of information transmitted by an individual
                                         caller through use of a telephone keypad.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(c)</TD><TD>&quot;APS
                                         Election&quot; means any election concerning dividend options available to Fund shareholders
                                         which is made over the telephone by means of information transmitted by an individual
                                         caller through use of a telephone keypad.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.15pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(d)</TD><TD>&quot;APS
                                         Exchange&quot; means any exchange of shares in a registered account of one Fund into
                                         shares in an identically registered account of another Fund in the same complex pursuant
                                         to exchange privileges of the two Funds, which exchange is requested over the telephone
                                         by means of information transmitted by an individual caller through use of a telephone
                                         keypad.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(e)</TD><TD>&quot;APS Designated
                                         Procedures&quot; means all of the following procedures:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/100% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 25pt">(1)</TD><TD>Election
                                         in Application: No APS Redemption shall be executed unless the shareholder to whose account
                                         such an APS Redemption relates has previously elected by Official Designation to permit
                                         such APS Redemption.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/100% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 25pt">(2)</TD><TD>Logging:
                                         All APS Transaction requests shall be logged or otherwise recorded, so as to preserve
                                         all of the information transmitted by an individual caller through use of telephone keypad
                                         in the course of such a request, and the records shall be retained for at least six months.</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    75 07 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 3)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>Information
                                         contained in the records shall be capable of being retrieved through the following methods:
                                         audio tape and or transactions stored on computer disks</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD>Information
                                         contained in the records shall be capable of being retrieved and produced within a reasonable
                                         time after retrieval of specific information is requested, at a success rate of no loss
                                         than 85 percent.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/100% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 25pt">(3)</TD><TD>Identity
                                         Test: The identity of the caller in any request for an APS Transaction shall be tested
                                         before executing that APS Transaction by requiring the entry by the caller of a confidential
                                         personal identification number (&quot;PIN&quot;)</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>Limited
                                         Attempts to Enter PIN: IF the caller fails to enter a correct PIN within three attempts,
                                         the caller must not be allowed additional attempts during the same (telephone call/twenty-four
                                         hour day) to enter the PIN. The caller may either be instructed to redial a customer
                                         service representative or may be immediately connected to such a representative.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/100% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 25pt">(4)</TD><TD>Written
                                         Confirmation: A written confirmation of any APS Transaction shall be mailed to the shareholder(s)
                                         to whose account such APS Transaction relates, at the original record address, by the
                                         end of the Insured's next regular processing cycle, but in no event later than five business
                                         days following such APS Transaction.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/100% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 25pt">(5)</TD><TD>Access
                                         to APS Equipment: Access to the equipment which permits the entity receiving the APS
                                         Transaction request to process and effect the transaction shall be limited in the following
                                         manner:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 120pt">DSY Systems, Inc. and U.S. Bancorp Fund Services,
LLC</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">2.</TD><TD>Exclusions: It
                                         is further understood and agreed that this extension shall not cover:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD>Any loss covered
                                         under Insuring Agreement (A) Fidelity, of this bond;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/100% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 25pt">(1)</TD><TD>The redemption
                                         of shares, where the proceeds of such redemption are made payable to other-than</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 25pt">(i)</TD><TD>the shareholder
                                         of record, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 25pt">(ii)</TD><TD>a person officially
                                         Designated to receive redemption proceeds, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 25pt">(iii)</TD><TD>a bank account
                                         officially Designated to receive redemption proceeds, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/100% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 25pt">(2)</TD><TD>The
                                         redemption of shares, where the proceeds of such redemption are paid by check mailed
                                         to any address, unless such address has either been</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 25pt">(i)</TD><TD>designated
                                         by voice over the telephone or in writing without a signature guarantee, in either case
                                         at least thirty(30) days prior to such redemption, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 25pt">(ii)</TD><TD>officially Designated,
                                         or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/101% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 120pt"></TD><TD STYLE="width: 25pt">(iii)</TD><TD>verified by any
                                         other procedures which may be stated below in this Rider, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/100% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 25pt">(3)</TD><TD>The
                                         redemption of shares, where the proceeds of such redemption are paid by wire transfer
                                         to other than the shareholder's officially Designated bank account, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/100% Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 25pt">(4)</TD><TD>the Intentional
                                         failure to adhere to one or more APS Designated Procedures.</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    75 07 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    2 of 3)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">2.</TD><TD STYLE="padding-right: 43.8pt">Nothing
                                         herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions,
                                         provisions, agreements, or limitations of the above mentioned bond other than as stated
                                         herein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">3.</TD><TD>This Rider shall
                                         become effective as of 12:01 a.m. on 11/04/2019 standard time.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    75 07 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    3 of 3)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">FI 75 08 (Ed. 08/15)</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">RIDER NO. 7</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 96.15pt 0 104.95pt; text-align: center"><B>NEWLY ESTABLISHED
FUNDS</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">To be attached to and form part of INVESTMENT
COMPANY BOND,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">Bond No.&#9;FS 2346444 10 00</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">In favor of Barings Corporate Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">It is agreed that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">1.</TD><TD>If
                                         the Insured shall, while this bond is in force, establish any new funds other than by
                                         consolidation or merger with, purchase or acquisition of assets or liabilities of another
                                         institution, such funds shall automatically be covered, hereunder from the date of such
                                         establishment without the payment of additional premium for the remainder of the Bond
                                         Period.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">2.</TD><TD>Notice
                                         of any newly established funds during the Bond Period are to be made to the Underwriter
                                         at the earliest practicable moment and prior to the expiration date of the attached bond.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">3.</TD><TD>If the Insured
                                         shall, while this bond is in force, require an increase in the Limit of Liability of
                                         Insuring Agreement (A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Fidelity in order to comply with the Securities and Exchange Commission Rule 17g-1 of the Investment Company Act of 1940
(17 Code of Federal Regulations &sect; 270.17g-1) due to an increase in asset size of the currently named funds or via the addition
of newly established funds by the Insured under the bond, such increase in the Limit of Liability for Insuring Agreement (A) Fidelity
(as required) shall automatically be increased up to the minimum required and mandated by S.E.C. Rule 17g-1, but shall not exceed
an each and every loss Limit of Liability of $ 2,500,000 hereunder from the date of such increase without the payment of additional
premium for the remainder of the Bond Period.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">4.</TD><TD>Nothing
                                         herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions,
                                         provisions, agreements, or limitations of the above mentioned bond other than as stated
                                         herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">5.</TD><TD>This Rider shall
                                         become effective as of 12:01 a.m. on 11/04/2019 standard time.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    75 08 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 1)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">FI 73 45 (Ed. 08/15)</P>



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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 95.95pt 0 104.95pt; text-align: center">RIDER NO. 8</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6.4pt; margin-bottom: 0"><B>CONFIDENTIAL INFORMATION
AND DATA BREACH CLARIFYING RIDER</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">To be attached to and form part of Investment
Company Bond</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">Bond No. FS 2346444 10 00</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">In favor of Barings Corporate Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">It is agreed that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">1.</TD><TD>CONDITIONS AND LIMITATIONS,
                                         Section 2. Exclusions is amended to include:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 45pt">Confidential Information:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 45pt">Loss resulting from:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 18pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">a)</TD><TD>Theft,
                                         disappearance, destruction or disclosure of the confidential or personal information
                                         of the Insured or another person or entity for which the Insured is legally liable including,
                                         but not limited to patents, trade secrets, personal information, processing methods,
                                         customer lists, financial information, credit card information, intellectual property,
                                         health information, or any other type of non-public information.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 70pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 70pt">For purposes of coverage
that may be attached to the Bond by Rider which pertains to Computer Systems, confidential information cannot be properly transferred.
A loss otherwise covered under the Computer Systems Rider (if attached) shall not be excluded by the fact that confidential information
was used to gain access to your computer system or to the computer system of your financial institution in order to cause the
fraudulent transfer.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 25pt">b)</TD><TD>The
                                         use of another person's or entity's confidential or personal information including but
                                         not limited to, financial information, credit card information, health information or
                                         any other type of non-public information.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0; margin-left: 45pt">Data Breach Costs:&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 70pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 70pt">Loss resulting from fees, costs, fines, penalties
and other expenses which are related to the access or disclosure of another person's or entity's confidential information, and
the obligations of the Insured to comply with federal and state privacy laws and Payment Card Industry Data Security Standards
(if applicable) arising from a data security breach, including, but not limited to, expenses related to notifying affected individuals
when the affected individuals' financial information, credit card information, health information or other type of non-public
information was stolen, accessed, downloaded or misappropriated while in the care, custody or control of the Insured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">2.</TD><TD>Nothing
                                         herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions
                                         and limitations, or provisions of the attached bond other than as above stated.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">3.</TD><TD>This Rider shall
                                         become effective as of 12:01 a.m. on 11/04/2019 standard time.</TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    73 45 (Ed. 08/15)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 1)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">FI 73 39 (Ed. 06/14)</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.7pt 14.9pt 0 0; text-align: right">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12.3pt 95.95pt 0 104.95pt; text-align: center">RIDER NO. 9</P>

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

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B>VIRTUAL OR ON-LINE
PEER TO PEER MEDIUMS OF EXCHANGE EXCLUSION</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">To be attached to and form part of Investment
Company Bond</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">Bond No. FS 2346444 10 00</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">In favor of Barings Corporate Investors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">This Rider amends the section entitled &quot;Exclusions&quot;:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0.05pt; margin-bottom: 0; margin-left: 24pt">This bond does not cover:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">1.</TD><TD>Loss of virtual
                                         or on-line peer to peer mediums of exchange.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">2.</TD><TD>Nothing
                                         herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions,
                                         provisions, agreements, or limitations of the above mentioned bond other than as stated
                                         herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt"></TD><TD STYLE="width: 20pt">3.</TD><TD>This Rider shall
                                         become effective as of 12:01 a.m. on 11/04/2019 standard time.</TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FI
    73 39 (Ed. 06/14)</FONT></TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Page
    1 of 1)</FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 4.85pt; margin-bottom: 0">FI 73 40 (Ed. 08/15)</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center">THIS RIDER CHANGES YOUR BOND.
PLEASE READ IT CAREFULLY.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0">This insurance does not apply to the extent that
trade or economic sanctions or other laws or regulations prohibit us from providing insurance.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0pt">FI 73 40 (Ed. 08/15)</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt">R * B0 * 11/14/2019 * FS 2346444 10 00</P>



</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: top"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Great
                                         American Insurance Company</FONT></P>



</TD>
    <TD STYLE="text-align: center; width: 33%; vertical-align: bottom"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">566917</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3.9pt; margin-bottom: 0; margin-left: 0; text-align: right">FI 73 41 (Ed. 04/17)</P>

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

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

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

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6.45pt; margin-bottom: 0"><B>In Witness Clause</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">In Witness Whereof, we have caused this Financial Institution
Bond to be executed and attested, and, if required by state law, this Financial Institution Bond shall not be valid unless countersigned
by our authorized representative.</P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
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    <TD STYLE="text-align: center; width: 45%; vertical-align: bottom"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 24.75pt; width: 133.5pt">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom">PRESIDENT</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">SECRETARY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">Copyright Great American Insurance Co., 2009</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-right: 0; margin-bottom: 0">FI 73 41 (Ed. 04/17)</P>

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M5K;P22R0P11O,VZ1D0 NW3)(ZGZT44 2T444 %<EXE\.ZK=^*M!\1:/):-<:
M=YL4UO=R,B212  [656(88';^7)10!#:>&-<U3Q5;Z[XGO;816))L-+L69X8
MW((\QW8*7?!./E&.U;_B31_^$@\-:EI'VAK?[9;O#YJC)3(QG'<>W>BB@#FM
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M44 -9$?;O16VG<N1G!]13J** "F2PQ3A1+$D@4[@'4'!]:** %V)E3M7*\ X
MZ5#:V%G8AQ9VD%N)&+.(8PFYCW.!R:** ((]$TJ'59-4BTVT34)1A[I85$K#
JW;&:OT44 %%%% $-K:6]E!Y%K!'!%N9]D:A5RS%F.!ZDD_4T444 ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>bgh_cover-ltr.htm
<DESCRIPTION>COVER LETTER
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
22, 2020</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
DC 20549</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Re:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Joint
Insured Fidelity Bond for Investment Companies &#8211; SEC Rule 17g-1</B></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><B>Barings
Global Short Duration High Yield Fund (File No. 811-22845)</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">Dear
Sir or Madam:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to SEC Rule 17g-1 under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), enclosed herewith for filing
on behalf of Barings Global Short Duration High Yield Fund (the &#8220;Trust&#8221;) are the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 30pt; text-align: left">1.</TD><TD STYLE="text-align: justify">Copy
of the Investment Company Bond (Bond No. FS 2346444 10 00) issued by Great American Insurance Group (the &#8220;Bond&#8221;),
effective November 4, 2019 and delivered to the Trust on May 15, 2020;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="text-align: left; width: 30pt">2.</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Certified
copy of the resolutions dated September 27, 2019 of the Trust&#8217;s Board of Trustees, including a majority of the Trustees
who are not &#8220;interested persons&#8221; (as defined by the 1940 Act) of the Trust, approving the amount, type, form and coverage
of the Bond, and the portion of the premium to be paid by the Trust; and</P>


</TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30pt"></TD><TD STYLE="text-align: left; width: 30pt">3.</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Copy
of the agreement effective November 4, 2019 between the Trust, Barings Corporate Investors, and Barings Participation Investors
entered into pursuant to Rule 17g-1.</P>


</TD>
</TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>The
Trust would have provided and maintained a single bond in the amount of $900,000, if it was not named as an insured under a joint
insured bond. Premiums on the Bond were paid through November 4, 2020, the expiration date of the Bond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">If
you have any questions, please do not hesitate to contact me at (617) 761-3808.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><U>/s/
Janice Bishop&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Janice
Bishop</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Chief
Legal Officer and Secretary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">&nbsp;</FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>bgh_certificate.htm
<DESCRIPTION>CERTIFICATE
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-variant: small-caps"><B><U>EXHIBIT
99.2&nbsp;</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-variant: small-caps">Barings
Global Short Duration High Yield Fund</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-variant: small-caps">Certificate</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">I, Janice Bishop, Chief Legal Officer
and Secretary of Barings Global Short Duration High Yield Fund (&#8220;BGH&#8221; or the &#8220;Trust&#8221;), hereby certify that
the following resolutions were duly adopted by the Board of Trustees of the Trust, including a majority of the Trustees who are
not &#8220;interested persons&#8221; of the Trust, on September 27, 2019, and remain in full force and effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">Section 17(g) and Rule 17g-1 of the Investment Company Act of 1940, as amended, requires that BGH
provides and maintains a fidelity bond issued by a reputable fidelity insurance company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">BGH&#8217;s existing coverage is a joint bond with Barings Corporate Investors (&#8220;MCI&#8221;)
and Barings Participation Investors (&#8220;MPV&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">The Risk Management Department of Massachusetts Mutual Life Insurance Company (&#8220;MassMutual&#8221;)
surveyed the availability of appropriate fidelity bonds from Great American Insurance Company (&#8220;Great American&#8221;) and
other insurers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">The proposed carrier for coverage is Great American, a general insurance organization that currently
carries an A.M. Best rating of A;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">The minimum amount of coverage for BGH under the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;)
rules is $900,000, the minimum amount of coverage for MCI is $750,000 and the minimum amount of coverage for MPV is $600,000;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">The minimum amount for a joint bond with BGH, MCI and MPV is $2,250,000, so a proposed bond in
the amount of $2,250,000 is recommended for the November 4, 2019 to November 4, 2020 period; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">The total proposed premium for the joint bond is expected to be approximately $3,500 with BGH&#8217;s
portion being $1,400, MCI&#8217;s portion being $1,155 and MPV&#8217;s portion being $945. The joint bond carries no deductible
for fidelity coverage as required by SEC regulations, and carries a $5,000 or $10,000 deductible for various optional coverages;
it is therefore</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That Great American and its affiliated companies carrying its group financial rating be, and they
hereby are, approved for the bonding of officers and employees of BGH as required by law, including a requirement for a 60-day
notice of any cancellation, termination or modification; that all officers and employees of BGH or of its investment adviser having
access to the securities of BGH be bonded under a &#8220;Registered Management Investment Company Bond&#8221; jointly with MCI
and MPV, the bond to be in the total amount of $2,250,000, to indemnify each BGH, MCI and MPV against larceny and embezzlement,
which the Trustees, including a majority of those not &#8220;interested persons&#8221; (as defined by the Investment Company Act
of 1940, as amended) hereby, in light of the value and nature of the assets, the persons having access thereto and the custody
arrangements therefore, find to be reasonable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That the payment by BGH of its pro-rated portion of the estimated total 12-month premium of approximately
$3,500 for coverage commencing November 4, 2019 and ending November 4, <FONT STYLE="letter-spacing: -0.1pt">2020,
is found to be reasonable and officers authorized to make disbursements are directed</FONT> to pay the pro-rated portion;</TD></TR></TABLE>


<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That the Chairman, the President, a Vice President, the Chief <FONT STYLE="letter-spacing: -0.1pt">Financial
Officer, the Treasurer, or the Secretary be, and they each hereby are, authorized to</FONT> enter into an agreement with the other
insureds providing that in the event recovery is received under the bond as a result of a loss sustained by the Trusts<FONT STYLE="letter-spacing: -0.1pt">,
that each BGH, MCI and MPV shall receive an equitable share of the recovery and at least equal to</FONT> the amount it would have
received under an individual bond for the minimum required coverage for BGH coverage of $900,000; for MCI coverage of $750,000;
MPV coverage of $600,000; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">RESOLVED:</TD><TD STYLE="text-align: justify">That the Secretary or any Associate Secretary be, and they each hereby are, authorized to file
a copy of this resolution and the bond or any other papers pertaining thereto with the SEC, to file all notices of claims and settlements
under the bond as required by law and regulations of the SEC and to make such other filings and give such other notices as required
by Rule 17g-1(g).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">IN WITNESS WHEREOF, I have hereunto
set my hand and the common seal of the Trust this 22<SUP>nd</SUP> day of May, 2020.</P>

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

<TABLE CELLPADDING="1" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 37%">/s/ Janice Bishop</TD>
    <TD STYLE="width: 17%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Janice Bishop</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Chief Legal Officer and Secretary</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>agreement.htm
<DESCRIPTION>AGREEMENT WITH RESPECT TO FIDELITY BOND
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

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

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AGREEMENT
WITH RESPECT TO FIDELITY BOND</B></FONT></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Barings Corporate Investors (&#8220;MCI&#8221;), Barings Participation Investors (&#8220;MPV&#8221;) and Barings Global Short
Duration High Yield Fund (&#8220;BGH&#8221;) (MCI, MPV and BGH referred to collectively as the &#8220;Investment Companies&#8221;)
are each management investment companies registered as such under the Investment Company Act of 1940 (the &quot;Act&quot;) and
are each managed by Barings LLC; and</FONT></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Section 17(g) of the Act and Rule 17g-1 thereunder require each registered management investment company to purchase a fidelity
bond of a certain minimum amount and, based on present assets of the Investment Companies, would permit each of the Investment
Companies to purchase a single insured bond in the following minimum amounts, respectively:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-family: Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barings
    Corporate Investors</FONT></TD><TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 18%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">750,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barings Participation
    Investors</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">600,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barings
    Global Short Duration High Yield Fund</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">900,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,250,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Rule 17g-1 allows registered management investment companies managed by the same person to purchase a joint insured bond in a
minimum amount equal to the aggregate of the minimum amounts of single insured bonds required for each such company and would
permit the Investment Companies to purchase a joint insured bond in the minimum amount of $2,250,000; and</FONT></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
in accordance with Rule 17g-1, the Investment Companies have jointly contracted to purchase an Investment Company Bond issued
by Great American Insurance Company, a member of Great American Insurance Group (the &#8220;Bond&#8221;) in the sum of $2,250,000,
which amount has been determined to be reasonable by a majority of the Boards of Trustees of each of the Investment Companies
(including a majority of the Trustees who are not interested persons of each of the Investment Companies); and</FONT></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Rule 17g-1 requires each registered management investment company that is a party to a joint insured bond to enter into an agreement
with all other named insureds for an equitable and proportionate sharing of any recovery involving a joint loss;</FONT></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, effective November 4, 2019, each of the Investment Companies hereby agrees by and between themselves as follows:</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         portion of the Bond premium to be paid by or on behalf of each of the Investment Companies
                                         shall be as agreed upon between the Investment Companies and as approved by a majority
                                         of the Boards of Trustees of Barings Corporate Investors, Barings Participation Investors
                                         and Barings Global Short Duration High Yield Fund who are not interested persons of each
                                         of the Investment Companies, such apportionment of the premium to be equitable taking
                                         all relevant factors into consideration.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event a loss is sustained that affects two or more of the Investment Companies that
                                         exceeds the Bond&#8217;s limit of liability, the amount of such recovery will be prorated
                                         in the ratio of the insurance coverage of such Investment Companies under the Bond, provided
                                         that each Investment Company shall receive an equitable and proportionate share of the
                                         recovery, but at least equal to the amount it would have received if it had maintained
                                         a single insured bond in the amount required by paragraph (d)(1) of Rule 17g-1.</FONT></TD></TR></TABLE>

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

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<P STYLE="font: 10pt/12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Courier New, Courier, Monospace; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 46%; vertical-align: top"><P STYLE="font: 10pt/12pt Courier New, Courier, Monospace; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BARINGS
CORPORATE INVESTORS</FONT></P>
&nbsp;</TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BARINGS PARTICIPATION INVESTORS</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: &nbsp;&nbsp;/s/ Jonathan Bock</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: &nbsp;&nbsp;/s/ Jonathan Bock</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan Bock</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan Bock</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="margin: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        foregoing is executed on behalf of Barings Corporate Investors, organized under a Declaration of Trust dated September
        13, 1985, as amended from time to time. The obligations of this Agreement are not personally binding upon, nor shall resort
        be had to the property of, any of the Trustees, shareholders, officers, employees or agents of such Trust, but the Trust's
        property only shall be bound.</FONT></P>


<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        foregoing is executed on behalf of Barings Participation Investors, organized under a Declaration of Trust dated April
        7, 1988, as amended from time to time. The obligations of this Agreement are not binding upon, nor shall resort be had
        to the property of, any of the Trustees, shareholders, officers, employees or agents of such Trust, but the Trust&rsquo;s
        property or a specific portion thereof shall only be bound.</FONT></P>


</TD></TR>
</TABLE>

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<P STYLE="font: 10pt/12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt/12pt Courier New, Courier, Monospace; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Courier New, Courier, Monospace; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; width: 46%; vertical-align: top"><P STYLE="font: 10pt/12pt Courier New, Courier, Monospace; margin: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BARINGS
                                         GLOBAL SHORT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DURATION
HIGH YIELD FUND&nbsp;</FONT></P>
</P>
&nbsp;</TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: &nbsp;&nbsp;/s/
    Carlene Pollock</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlene Pollock</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="margin: 0; font: 10pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        foregoing is executed on behalf of Barings Global Short Duration High Yield Fund, organized under an Agreement and Declaration
        of Trust dated May 19, 2011, as amended from time to time. The obligations of such Trust are not personally binding upon,
        nor shall resort be had to the property of, any of the Trustees, shareholders, officers, employees or agents of such Trust,
        but only to the Trust&#8217;s property and assets shall be bound.</FONT></P>


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