<SEC-DOCUMENT>0001193125-18-177681.txt : 20180530
<SEC-HEADER>0001193125-18-177681.hdr.sgml : 20180530
<ACCEPTANCE-DATETIME>20180530085332
ACCESSION NUMBER:		0001193125-18-177681
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180530
DATE AS OF CHANGE:		20180530
EFFECTIVENESS DATE:		20180530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN AUSTRALIA EQUITY FUND INC
		CENTRAL INDEX KEY:			0000779336
		IRS NUMBER:				133304681
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04438
		FILM NUMBER:		18866605

	BUSINESS ADDRESS:	
		STREET 1:		1735 MARKET STREET
		STREET 2:		32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1735 MARKET STREET
		STREET 2:		32ND FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>d563244d4017g.htm
<DESCRIPTION>ABERDEEN AUSTRALIA EQUITY FUND, INC. 40-17G
<TEXT>
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<TITLE>Aberdeen Australia Equity Fund, Inc. 40-17G</TITLE>
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 </P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">May&nbsp;30, 2018 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><U>VIA EDGAR</U> </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attention: Filing Desk </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Washington,
D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Aberdeen Australia Equity Fund, Inc. (the &#147;Fund&#148;) (File Number <FONT STYLE="white-space:nowrap">811-04438)</FONT></B> </TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:10%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Pursuant to Rule <FONT STYLE="white-space:nowrap">17g-1</FONT> under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;),
enclosed for filing on behalf of the Fund please find: (i)&nbsp;a copy of the Fund&#146;s Financial Institutions Bond, Policy Number B080120420P18 (the &#147;Bond&#148;); and (ii)&nbsp;a copy of the resolutions approved by the Board of Directors of
the Fund at a Board meeting on March&nbsp;7, 2018, which authorize the purchase of the Bond in a form and in an amount which is consistent with Rule <FONT STYLE="white-space:nowrap">17g-1(d)</FONT> under the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Premiums have been paid for the period from May&nbsp;14, 2018 to May&nbsp;14, 2019. The bond is written for a $1,250,000 limit of liability.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Alan
Goodson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Alan Goodson, Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Aberdeen Australia Equity Fund, Inc.</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Enclosures </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>Resolution for Approval of Fidelity Bond </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">After discussion, upon motion duly made and seconded, the following resolutions were unanimously adopted at the March&nbsp;7,
2018 Board meeting: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">RESOLVED, that the Board of Directors of the Fund, including all the Directors who are not &#147;interested
persons&#148; of the Fund (as that term is defined by Rule 2(a)(19) under the 1940 Act), hereby determines that a fidelity bond issued by Axis Specialty Europe Limited, for a one year period covering officers and employees of the Fund in accordance
with the requirements of Rule <FONT STYLE="white-space:nowrap">17g-1</FONT> promulgated by the Securities and Exchange Commission under Section&nbsp;17(g) of the 1940 Act, in the amount of $1,250,000, is reasonable in form and amount, after having
given due consideration to the value of the aggregate assets of the Fund to which any such covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets and the nature of the securities in
the Fund&#146;s portfolio; and it is further </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">RESOLVED, that each of the officers of the Fund is hereby designated to make all filings
with the Securities and Exchange Commission and to give all notices on behalf of the Fund required by paragraph (g)&nbsp;of Rule <FONT STYLE="white-space:nowrap">17g-1</FONT> promulgated under the 1940 Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; font-size:11pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" COLOR="#ffffff">&nbsp;&nbsp;Crime Policy </FONT></B></FONT></P></div>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" COLOR="#ffffff">&nbsp;&nbsp;Declarations </FONT></B></FONT></P></div>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Policy&nbsp;Number:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">B080120420P18</TD></TR>
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<TD HEIGHT="8" COLSPAN="7"></TD></TR>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Named Insured</B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>ABERDEEN AUSTRALIA EQUITY FUND INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Principal Address:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">1735 Market Street,</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">32nd Floor,</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">Philadelphia PA, 19103,</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USA.</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="7"></TD></TR>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Policy Period</B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">From: 14th May,
2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To: 14th May, 2019</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">both days at 12:01 a.m. local time at the Principal Address stated in Item 1 above.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="7">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Limit of Liability</B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD1,250,000 in the aggregate.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="7">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Single Loss Limit</B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD1,250,000, each <B>Single Loss </B>reducing to:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD100,000 each <B>Single Loss </B>under Insuring Agreement 1.8 (Stop Payment Order Liability);</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD100,000 each <B>Single Loss </B>under Insuring Agreement 1.9 (Uncollectable Items of Deposit); and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD100,000 each <B>Single Loss </B>under Insuring Agreement 1.10 (Audit Expense); and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD100,000 each <B>Single Loss </B>under Insuring Agreement 1.11 (Unauthorized Signatures); and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">4.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD100,000 each <B>Single Loss </B>in respect of the cover provided by <FONT STYLE="white-space:nowrap">sub-clause</FONT>
(e)&nbsp;of the definition of <B>Computer or Telephonic Fraud</B>.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="7">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B><FONT STYLE="white-space:nowrap">Sub-Limits</FONT></B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The following <FONT STYLE="white-space:nowrap">sub-limit</FONT> applies to the stated cover.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Insuring Agreement 1.13 (Fraudulent Retention of Funds or Property):</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD 1,000,000 in the aggregate</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The amount shown above shall be a part of, and not in addition to, the <B>Limit of Liability</B>.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="7">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Single Loss Deductible</B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD 0, increasing to:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD 5,000 each <B>Single Loss </B>under Insuring Agreement 1.8 (Stop Payment Order Liability);</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">6.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD 5,000 each <B>Single Loss </B>under Insuring Agreement 1.9 (Uncollectable Items of Deposit); and</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="57%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">6.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD 5,000 each <B>Single Loss </B>under Insuring Agreement 1.10 (Audit Expense); and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">6.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD 5,000 each <B>Single Loss </B>under Insuring Agreement 1.11 (Unauthorized Signatures).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="7">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Premium</B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">Included in the premium set forth in the Declarations of Section A.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="7">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Amount&nbsp;of&nbsp;Fund&nbsp;Assets</B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">USD 148,200,000.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="7">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Responsible&nbsp;Person</B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The <B>First Named Insured&#146;s </B>Chief Compliance Officer (or designated alternate).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="7">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><U>&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;&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;&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;&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;&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;&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></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Item 10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Prior Policy</B>:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">Section 2 of Investment Company Insurance Policy and Financial Institutions Bond - Policy Number
B080120420P15.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; font-size:11pt; font-family:ARIAL"><FONT STYLE="font-family:ARIAL" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" COLOR="#ffffff">&nbsp;&nbsp;Crime Policy </FONT></B></FONT></P></div>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insurer</B> hereby undertake and agree, in consideration of the payment, or promise to pay, to the premium specified in the
Declarations to indemnify the <B>Insured</B> for <B>Loss</B> <B>Discovered</B> during the <B>Policy Period </B>or the <B>Extended Reporting Period</B> (if applicable), up to an amount not exceeding the <B>Limit of Liability</B>, to the extent and in
the manner provided in this policy. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">1.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Insuring Agreements </FONT></B></FONT></TD></TR></TABLE></div> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.1<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Fidelity</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from dishonest or fraudulent acts or <B>Theft</B>
committed by an <B>Employee</B> acting alone or in collusion with others. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">However, with regards to <B>Loans</B> and
<B>Trading</B>, such dishonest or fraudulent acts or <B>Theft</B> must be committed by the <B>Employee</B> with the intent to obtain financial benefit for: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the <B>Employee</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any person or organization in collusion with such <B>Employee</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any other person or organization (who were not a counterparty) intended by such <B>Employee</B><I> </I>to make an
improper financial benefit. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">As used in this Insuring Agreement, &#147;financial benefit&#148; does not
include any employee benefits earned in the normal course of employment including: salaries, commissions, fees, bonuses, promotions, awards, profit sharing or pensions other than bonuses, commissions or profit sharing paid to an <B>Employee</B><I>
</I>for a specific transaction with which such <B>Employee</B><I> </I>was involved and in respect of which that <B>Employee</B><I> </I>had committed a dishonest or fraudulent act covered under this policy. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>On Premises</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting from the physical loss of, destruction of, damage to, or mysterious unexplainable disappearance of
<B>Property</B> while such <B>Property</B> is lodged or deposited within offices or premises located anywhere. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting from the loss of or damage to: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">furnishings, fixtures, supplies or equipment within an office of the <B>Insured</B> covered under this policy resulting
directly from larceny or theft in or by burglary or robbery of such office, or attempt thereat, or by vandalism or malicious mischief; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">such office resulting from larceny or theft in, or by burglary or robbery of such office or attempt thereat, or to the
interior of such office by vandalism or malicious mischief, </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">provided that: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the <B>Insured</B> is the owner of such furnishings fixtures, supplies, equipment, or office or is liable for such loss
or damage; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the loss is not caused by fire. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>In Transit </B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from the physical loss of, destruction of, damage to, or
mysterious unexplainable disappearance of <B>Property</B> while such <B>Property</B> is in transit anywhere. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><U>Special Condition</U> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Coverage under this Insuring Agreement begins immediately upon the receipt of such <B>Property</B> by the transporting
person or organization and ends immediately upon delivery to the designated recipient or its agent. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Forgery or Alteration</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; text-indent:7%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Forgery</B> or alteration of, on or in any <B>Negotiable Instrument</B> (except an <B>Evidence of Debt</B>),
<B>Acceptance</B>, <B>Withdrawal Order</B>, receipt for the withdrawal of funds or <B>Property</B>, <B>Certificate of Deposit</B> or <B>Letter of Credit</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">transferring, paying, redeeming or delivering funds or <B>Property</B> or establishing any credit or giving any value on
the faith of any written or printed instructions, advices, requests or applications directed to the <B>Insured </B>or<B> </B>any<B> Financial Organization </B>acting on behalf of the <B>Insured</B>, which instructions, advices, requests or
applications purport to have been signed or endorsed by: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any customer or client of the <B>Insured</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any shareholder of or subscriber to shares issued by any <B>Fund</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any financial institution, </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:15%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">but which instructions, advices, requests or applications either bear a
signature which is a <B>Forgery</B> or have been altered without the knowledge and consent of such customer, client, shareholder, subscriber or financial institution; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Financial Organization </B>transferring, paying, redeeming or delivering funds or <B>Property</B> or establishing
any credit or giving any value on the faith of any written or printed instructions, advices requests or applications which instructions, advices, requests or applications purport to have been signed by or on behalf of the <B>Insured</B> but which
instructions, advices, requests or applications either bear a signature which is a <B>Forgery</B> or have been fraudulently altered. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><U>Special Condition</U> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">For the purposes of this Insuring Agreement 1.4, a mechanically reproduced facsimile signature is treated the same as a
handwritten signature. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Securities</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from the <B>Insured</B>, or any <B>Financial
Organization</B> acting on behalf of the <B>Insured</B>, having in good faith for its own account or for the account of others: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">acquired, sold or delivered, or given value, extended credit or assumed liability on the faith of any original: </P></TD>

<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Certificated</B> <B>Security</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">deed, mortgage or other instrument conveying title to or creating or discharging a lien upon real property; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Evidence of Debt</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Instruction</B> to an <B>Issuer</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Statement of</B> <B>Uncertificated Security</B>, </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">which</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"></P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">bears a signature of any maker, drawer, issuer, endorser, assignor, lessee, transfer agent, registrar, acceptor, surety,
guarantor, or of any person signing in any other capacity which is a forgery; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">is altered; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">is lost or stolen: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">guaranteed in writing or witnessed any signature upon any transfer, assignment, bill of sale, power of attorney,
<B>Guarantee</B> or any items listed in (i)&nbsp;through (v) above; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">acquired, sold or delivered, or given value, extended credit or assumed liability on the faith of any item listed in
(i)&nbsp;through (v) above which is counterfeit. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><U>Special Condition</U> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">For the purposes of this Insuring Agreement 1.5, a mechanically reproduced facsimile signature is treated the same as a
handwritten signature. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Counterfeit Currency</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from the receipt or acceptance by the <B>Insured</B>, in
good faith, of: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any money orders which prove to be <B>Counterfeit</B> or to contain an alteration; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Counterfeit</B> <B>Money</B> of any country. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Computer or Telephonic Fraud and Malware</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Computer or Telephonic Fraud</B>; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the modification or deletion of any <B>Electronic Data</B> or<B> Computer Program </B>due to <B>Malware</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><U>Special Condition</U> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; text-indent:7%; font-size:9pt; font-family:ARIAL" ALIGN="justify">It is agreed that: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">those <B>Electronic Communications</B> which are transmitted through touch tone telephone communication systems or by
telex, TWX or telefacsimile; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">all <B>Telephonic Communications</B>, </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; text-indent:7%; font-size:9pt; font-family:ARIAL" ALIGN="justify">must be <B>Tested</B>. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Stop Payment Order Liability</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from any and all sums which the <B>Insured</B> shall
become obligated to pay by reason of liability imposed upon the <B>Insured</B> by law for damages: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">for having either complied with or failed to comply with any written notice of any customer or client of the
<B>Insured</B>, any shareholder of or subscriber to shares issued by any <B>Fund</B> or any authorized representative of such customer, client, shareholder or subscriber to stop payment of any check or draft made or drawn by such customer, client,
shareholder or subscriber or any authorized representative of such customer, client, shareholder or subscriber; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">for having refused to pay any check or draft made or drawn by any customer or client of the <B>Insured</B>, any
shareholder of or subscriber to shares issued by any <B>Fund</B> or any authorized representative of such customer, client, shareholder or subscriber. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.9</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Uncollectable Items of Deposit </B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B>payments of dividends or fund shares, or withdrawals permitted from an account of a customer or client of the
<B>Insured</B> or any shareholder of or subscriber to shares issued by any <B>Fund</B> based upon uncollectible items of deposit of a customer, client, shareholder or subscriber credited by the <B>Insured</B> or the <B>Insured&#146;s</B> agent to
the Mutual Fund Account of such customer, client, shareholder or subscriber; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B>any item of deposit processed through an automated clearing house which is reversed by a customer or client of the
<B>Insured</B> or a shareholder of or subscriber to shares issued by any <B>Fund</B> and deemed uncollectible by the <B>Insured</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> includes dividends and interest accrued not to exceed fifteen per
cent (15%) of the uncollectible items which are deposited. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This Insuring Agreement applies to all Mutual Funds
with &#147;exchange privileges&#148; if all Fund(s) in the exchange program are insured by a National Union Fire Insurance Company of Pittsburgh, PA 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 <B>Insured</B> Fund(s). </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.10</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Audit Expense</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from expense incurred by the <B>Insured</B> for that
part of audits or examinations required by any governmental regulatory authority or <B>Self</B><B><FONT STYLE="white-space:nowrap">-Regulatory</FONT> Organization</B> to be conducted by such governmental regulatory authority or <B>Self</B><B><FONT
STYLE="white-space:nowrap">-Regulatory</FONT> Organization</B> or by an independent accountant or other person, by reason of the discovery of <B>Loss</B> sustained by the <B>Insured</B> and covered by this policy. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.11</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Unauthorized Signatures </B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from the <B>Insured</B> having accepted, paid or cashed
any check or withdrawal order made or drawn on an account of a customer or client of the <B>Insured</B> or any shareholder of or subscriber to shares issued by any <B>Fund</B> which bears the signature or endorsement of one other than a person whose
name and signature is on file with the <B>Insured</B> as a signatory on such account. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><U>Special Condition</U>
</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insured</B> shall have on file signature of all persons who are signatories on such account. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.12</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Larceny and Embezzlement</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> and costs directly arising from larceny and embezzlement, covering
each officer and employee of the <B>Insured</B>, who may singly, or jointly with others, have access to securities or funds of the <B>Insured</B>, either directly or through authority to draw upon such funds or to direct generally the disposition of
such securities. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.13</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Fraudulent Retention of Funds or Property</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B><I> </I>resulting from the <B>Fraudulent Retention</B> by a third
party recipient of any funds or<B> Property</B>, as a direct result of: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the misdirection or erroneous transfer of such funds or<B> Property</B> by the<I> </I><B>Insured</B><I> </I>or by a
<B>Financial Organization</B> acting upon instructions from the <B>Insured</B>, to a third party recipient account other than that actually intended; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the transfer of such funds or<B> Property</B> by the <B>Insured</B><I> </I>or by a <B>Financial Organization</B> acting
upon instructions from the <B>Insured</B>, to a third party recipient account in an amount greater than that actually intended. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><U>Special Condition</U> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insured</B> shall make reasonable efforts to secure the recovery of such funds or<B> Property</B>. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><I></I><U><FONT STYLE="white-space:nowrap">Sub-Limit</FONT> of Liability</U><I></I> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insurer&#146;s</B> maximum aggregate limit of liability under this Insuring Agreement shall be <FONT
STYLE="white-space:nowrap">sub-limited</FONT> to the amount stated under Item 5 of the Declarations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.14<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Extortion </B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from the loss of <B>Property</B> surrendered away from
an office of the <B>Insured</B> or the transfer of funds as a result of a threat communicated to the <B>Insured</B>: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to do bodily harm to a director, officer, trustee or <B>Employee</B> of the <B>Insured</B>, or a relative or an invitee
of such director, officer, trustee, <B>Employee</B>, who is, or allegedly is, being held captive or under threat; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to damage the premises, property (including <B>Property</B>) or other assets of the <B>Insured</B> or for which the<B>
Insured </B>are legally liable; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to delete or modify the <B>Insured&#146;s</B> <B>Computer Programs</B> or the <B>Insured&#146;s</B> <B>Electronic</B>
<B>Data</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to sell or disclose confidential information to another person or party by reason of having gained unauthorised access to
the <B>Insured&#146;s Computer System</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to compromise the security, confidentiality or integrity of confidential information stored within the <B>Insured&#146;s
Computer System</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to cause the <B>Insured</B> to transfer, pay or deliver any funds or property (including <B>Property</B>) by means of a
<B>Computer System</B> used or operated by the <B>Insured</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to spread <B>Malware</B> from the <B>Insured&#146;s Computer System</B> to the <B>Computer Systems</B> of others;
</P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to interrupt the <B>Insured&#146;s</B> normal operations by means of a denial of service attack on the <B>Insured&#146;s
Computer System</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><U>Special Conditions</U> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">It is agreed that prior to the surrender of such <B>Property </B>or transfer<B> </B>of funds: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">in relation to the threats set out in <FONT STYLE="white-space:nowrap">sub-clauses</FONT> (a)&nbsp;through (h) above
inclusive - the person receiving the threat has made a reasonable effort to report the extortionist&#146;s threat to a director of the <B>Insured</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">in relation to the threats set out in <FONT STYLE="white-space:nowrap">sub-clauses</FONT> (a)&nbsp;and (b) above - a
reasonable effort has been made to report the extortionist&#146;s threat to local law enforcement authorities; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">in relation to the threats set out in <FONT STYLE="white-space:nowrap">sub-clauses</FONT> (c)&nbsp;through (h) above
inclusive - the aforementioned director is satisfied that the person making the threat is both capable of carrying it out and reasonably likely to do so and that the threatened action is technologically feasible. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">1.15</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Fraudulently Induced Instructions (Social Engineering Fraud)</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> resulting from a <B>Fraudulently Induced Instruction</B>. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><U>Special Exclusion</U> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This Insuring Agreement does not cover <B>Loss</B> which is covered by any other Insuring Agreement within this policy.
</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">2.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Extensions </FONT></B></FONT></TD></TR></TABLE></div> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Interpretation</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This policy shall be interpreted with due regard to the purpose of fidelity
bonding under Rule <FONT STYLE="white-space:nowrap">17g-1</FONT> of the Investment Company Act of 1940 (i.e., to protect innocent third parties from harm) and to the structure of the investment management industry (in which a loss of <B>Property</B>
resulting from a cause described in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">
any Insuring Agreement ordinarily gives rise to a potential legal liability on the part of the <B>Insured</B>), such that the definition of <B>Loss</B> herein shall include an
<B>Insured&#146;s</B> legal liability for direct compensatory damages resulting directly from a misappropriation, or measurable diminution in value, of <B>Property</B>. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Difference in Conditions</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If the <B>Insurer</B> is not liable for <B>Loss</B> under this policy, but
cover for the same <B>Loss</B> would (but for the time at which such <B>Loss</B> was <B>Discovered</B>) have been available to any <B>Insured</B> based upon the terms, conditions and exclusions of the <B>Prior Policy</B>, then this policy shall
provide cover in accordance with the terms, conditions and exclusions of the <B>Prior Policy</B>. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If the amount of
any <FONT STYLE="white-space:nowrap">sub-limit</FONT> or any single loss limit under the <B>Prior Policy</B> for any <B>Loss</B> is greater than any <FONT STYLE="white-space:nowrap">sub-limit</FONT> or any single loss limit provided by this policy
for the same <B>Loss</B>, then the <FONT STYLE="white-space:nowrap">sub-limit</FONT> or any single loss limit under this policy for such <B>Loss</B> shall be increased to the same amount as that provided under the <B>Prior Policy</B>. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The Declarations shall be deemed to be amended accordingly in accordance with this provision with respect to the
relevant <B>Loss</B>. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">In no way shall this extension serve to increase the <B>Limit of Liability</B>, and all <FONT
STYLE="white-space:nowrap">sub-limits</FONT> and single loss limits payable under this policy shall be part of, and not in addition to, the <B>Limit of Liability</B>. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">3.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">General Conditions </FONT></B></FONT></TD></TR></TABLE></div> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Nominees</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Loss</B> sustained by any nominee organized by the <B>Insured</B> for the
purpose of handling certain of its business transactions and composed exclusively of its <B>Employees</B> shall, for all the purposes of this policy and whether or not any partner of such nominee is implicated in such <B>Loss</B>, be deemed to be
<B>Loss</B> sustained by the <B>Insured</B>. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Additional Exposures</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Additional Offices</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:15%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Except as provided in <FONT STYLE="white-space:nowrap">sub-clause</FONT>
(b)&nbsp;below, this <B>policy</B> shall apply to any additional office(s) established by the <B>Insured</B> during the <B>Policy Period </B>and to all <B>Employees</B> during the <B>Policy Period</B>, without the need to give notice thereof or pay
additional premiums to the <B>Insurer</B> for the <B>Policy Period</B>. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Merger or Consolidation</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:15%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If during the <B>Policy Period</B>, an <B>Insured</B> shall merge or
consolidate with an institution in which such <B>Insured</B> is the surviving entity, or purchase substantially all the assets or capital stock of another institution, or acquires or creates a separate investment portfolio, and shall within sixty
(60)&nbsp;days notify the <B>Insurer</B> thereof, then this policy shall automatically apply to the <B>Property</B> and <B>Employees</B> resulting from such merger, consolidation, acquisition or creation from the date thereof; provided, that the
<B>Insurer</B> may make such coverage contingent upon the payment of an additional premium. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Acquisition or Creation of Funds</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">If during the <B>Policy Period</B>, an <B>Insured</B> creates or acquires a fund,<B> </B>other than by reason of the
events described in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (b)&nbsp;above;<B> </B>and if the total consolidated assets of such fund<B> </B>are less than or equal to the amount set forth in Item 8 of the Declarations then, subject to all
the other provisions of this policy, coverage shall automatically apply to any <B>Loss</B> sustained by that fund. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">If during the <B>Policy Period</B>, an <B>Insured</B> creates or acquires a fund,<B> </B>other than by reason of the
events described in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (b)&nbsp;above;<B> </B>and if the total consolidated assets of such fund<B> </B>are greater than the amount set forth in Item 8 of the Declarations, no coverage shall apply to
any <B>Loss</B> sustained by that fund<B> </B>unless the <B>Insured </B>provides the <B>Insurer </B>with full particulars of such acquisition or creation, agrees to any additional premium and/or amendment of the provisions of this policy the
<B>Insurer </B>requires and pays any premium required. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">There shall be no coverage for: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="23%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Loss</B> sustained by any such fund resulting from an act committed or an event occurring prior to the
consummation of a transaction described in (i)&nbsp;or (ii) above; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="23%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Loss</B> sustained by any such fund resulting from an act whenever committed or an event whenever occurring, which
together with an act committed or an event occurring prior to the consummation of such transaction, would constitute a <B>Single Loss</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:23%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">In no event shall any transaction among <B>Insureds </B>constitute an
acquisition or creation of funds. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Fund Name Changes</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:15%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If during the <B>Policy Period</B>, a fund changes its legal name in
accordance with the organizational documents of such fund and, if applicable, in accordance with state law, and such name change does not occur in connection with a transaction described in <FONT STYLE="white-space:nowrap">sub-clauses</FONT>
(b)&nbsp;or (c) above, then such fund shall automatically qualify as an insured fund under its new name, in addition to its prior name. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Representation of Insured</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insured</B> represents that the information furnished in the
<B>Application</B> is complete, true and correct, to the best of the knowledge of the person who completed such <B>Application</B>. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Any misrepresentation, omission, concealment or incorrect statement of a material fact, in the <B>Application</B> or
otherwise, which was deliberately made with the intent to deceive, shall be grounds for the rescission of this policy. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Joint Insured</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If two or more <B>Insureds</B> are covered under this policy, the <B>First
Named Insured</B> shall act for all <B>Insureds</B>. Payment by the <B>Insurer</B> to the <B>First Named Insured</B> of <B>Loss</B> sustained by any <B>Insured</B> shall fully release the <B>Insurer</B> on account of such <B>Loss</B>. If the
<B>First Named Insured</B> ceases to be covered under this policy, the remaining <B>Named</B> <B>Insured</B> shall agree with the <B>Insurer</B> as to which one of them shall act on behalf of the all of the remaining <B>Insureds </B>(including but
not limited to the receipt of any <B>Loss</B> payments). The liability of the <B>Insurer</B> for <B>Loss</B> which the <B>Insurer</B> would have been liable had all such <B>Loss</B> or <B>Losses</B> been sustained by one <B>Insured</B> will not
exceed the <B>Limit of Liability</B>. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Legal Proceedings Against the Insured</B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insurer</B> will indemnify the <B>Insured</B> against court costs and
reasonable legal costs, charges, fees, disbursements<B> </B>and expenses incurred and paid by the <B>Insured</B> in defense of any <B>Legal Proceeding</B>. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insureds</B>, and not the <B>Insurer</B>, have the duty to defend any <B>Legal Proceeding</B>. The
<B>Insurer</B> shall be entitled to effectively associate with the <B>Insured</B> in the defense and the negotiation of any settlement of such <B>Legal Proceeding</B> if it that appears reasonable likely that such <B>Legal Proceeding</B> will
involve the <B>Insurer</B> making payment under this policy. The <B>Insured</B> shall provide all reasonable information and assistance required by the <B>Insurer </B>in connection with such<B> Legal Proceeding</B>. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">4.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Exclusions </FONT></B></FONT></TD></TR></TABLE></div> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify">This policy does not
cover: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting directly or indirectly from forgery or alteration, except when covered under Insuring Agreement
1.1, 1.4, 1.5 or 1.7. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> due to military, naval or usurped power, war or insurrection unless such <B>Loss</B> occurs in transit in the
circumstances recited in Insuring Agreement 1.3, 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
<B>Insured</B> in initiating such transit. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting directly or indirectly from the effects of nuclear fission or fusion or radioactivity. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This exclusion shall not apply to <B>Loss</B> resulting from industrial uses
of nuclear energy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting directly or indirectly from any director or trustee of the <B>Insured</B> (other than one employed
as a salaried, pensioned or elected official or an <B>Employee</B> of the <B>Insured</B>), except: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">when performing acts coming within the scope of the usual duties of an <B>Employee</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">while acting as a member of any committee duly elected or appointed by resolution of the board of directors or trustees
of the <B>Insured</B> to perform specific, as distinguished from general, directorial acts on behalf of the <B>Insured</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting directly or indirectly from the complete or partial
<FONT STYLE="white-space:nowrap">non-payment</FONT> of, or default upon, any loan or transaction involving the <B>Insured</B> as a lender or borrower, or extension of credit, including the purchase, discounting or other acquisition of false or
genuine accounts, invoices, notes, agreements or <B>Evidences of Debt</B>, whether such loan, transaction or extension was procured in good faith or through trick, artifice, fraud or false pretences; except when covered under Insuring Agreements
1.1, 1.4, 1.5, 1.7 or 1.15. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting from any violation by the <B>Insured</B> or by any <B>Employee</B>: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">of any law regulating: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the issuance, purchase or sale of securities; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">securities transactions upon security exchanges or over the counter market; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">investment companies; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">of any rule or regulation made pursuant to any such law, unless it is established by the <B>Insured</B> that the act or
acts which caused the said loss involved fraudulent or dishonest conduct which would have caused a loss to the <B>Insured</B> in a similar amount in the absence of such laws, rules or regulations, </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">unless such loss, in the absence of such law, rule or regulation, would be
covered under Insuring Agreement 1.1, 1.4 or 1.5. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting directly or indirectly from the failure of a financial or depository institution, or its receiver
or liquidator, to pay or deliver, on demand of the <B>Insured</B>, funds or <B>Property</B> of the <B>Insured</B> held by it in any capacity, except when covered under Insuring Agreements 1.1, 1.2 or 1.7. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> caused by a dishonest, fraudulent, malicious or criminal act of an <B>Employee</B>, except when covered under
Insuring Agreement 1.1 or when covered under Insuring Agreement 1.2 or 1.3 and resulting directly from misplacement, mysterious unexplainable disappearance or destruction of or damage to the <B>Property</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.9</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting directly or indirectly from transactions in an account of a customer or client of the
<B>Insured</B> or any shareholder of or subscriber to shares issued by any <B>Fund</B>, whether authorized or unauthorized. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This exclusion does not apply: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">when such <B>Loss</B> results directly or indirectly from unlawful withdrawal and conversion of <B>Money</B>, securities
or precious metals, directly from an account of a customer or client of the <B>Insured</B> or any shareholder of or subscriber to shares issued by any <B>Fund</B> by an <B>Employee</B>, provided such unlawful withdrawal and conversion is covered
under Insuring Agreement 1.1; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">when such <B>Loss</B> is covered by Insuring Agreement 1.7. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.10</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">damages resulting from any civil, criminal or other legal proceeding in which the <B>Insured</B> is adjudicated to have
engaged in racketeering activity, except when the <B>Insured</B> establishes that the act or acts giving rise to such damages were committed by an <B>Employee</B> under circumstances which result directly in a loss to the <B>Insured</B> covered by
Insuring Agreement 1.1. For the purposes of this exclusion &#147;racketeering activity&#148; is defined in 18 United States Code 1961 et seq., as amended. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.11</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> through the surrender of property away from an office of the <B>Insured</B> as a result of a threat:
</P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">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 <B>Insured</B> of any such threat; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to do damage in the premises of property of the <B>Insured</B>, except when covered under Insuring Agreement 1.1, 1.7 or
1.14. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.12</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting directly or indirectly from payments made or withdrawals from an account of a customer or client of
the <B>Insured</B> or any shareholder of or subscriber to shares issued by any <B>Fund</B> involving erroneous credits to such account. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This exclusion does not apply: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">when such payments or withdrawals are physically received by such customer, client, shareholder or subscriber or a
representative of such customer, client, shareholder or subscriber who is within the office of the <B>Insured</B> at the time of such payment or withdrawal; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">when such <B>Loss</B> is covered under Insuring Agreement 1.1, 1.7 or 1.15. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.13</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> involving items of deposit, which are not finally paid for any reason, including but not limited to
<B>Forgery</B> or any other fraud, except when covered under Insuring Agreement 1.1, 1.7, 1.9 or 1.15. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.14</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Loss</B> resulting directly or indirectly from counterfeiting, except when covered under Insuring Agreements 1.1, 1.5,
1.6 or 1.7. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.15</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">loss of any tangible item of personal property which is not specifically enumerated in the definition of <B>Property</B>
if such property is specifically covered by other insurance of any kind and in any amount obtained by the <B>Insured</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.16</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">loss of property while in the mail. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.17</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">loss of potential income, including but not limited to interest and dividends, not received by the <B>Insured</B> because
of a loss covered under this policy, except when covered under Insuring Agreement 1.9. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.18</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">damages of any type for which the <B>Insured</B> is legally liable, except compensatory damages, but not multiples
thereof, arising directly from a <B>Loss</B> covered under this policy. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.19</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">all costs, charges, fees, disbursements<B> </B>and expenses incurred by the <B>Insured</B>: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">in establishing the existence of or amount of <B>Loss</B> covered under this policy, other than<B> Preparation Costs
</B>or<B> </B>except to the extent covered under Insuring Agreement 1.10; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">as a party to any legal proceeding whether or not such legal proceeding exposes the <B>Insured</B> to <B>Loss</B> covered
by this policy, except to the extent covered under General Condition 3.5 (Legal Proceedings Against the Insured). </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.20</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">indirect or consequential loss of any nature, other than<B> Preparation Costs </B>or<B> Verification and Reconstitution
Costs </B>or<B> </B>except to the extent covered under Insuring Agreement 1.10. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.21</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">loss due to liability imposed upon the <B>Insured</B> as a result of the unlawful disclosure of <FONT
STYLE="white-space:nowrap">non-public</FONT> material information by the <B>Insured</B> or any <B>Employee</B>, or as a result of any <B>Employee</B> acting upon such information, whether authorized or unauthorized, except to the extent covered
under Insuring Agreement 1.15. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify">Insuring Agreement 1.7 of this policy does not cover any <B>Loss</B>: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.22</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">caused by an identifiable <B>Employee</B> or a person or persons in collusion with an identifiable <B>Employee</B>,
except to the extent covered under Insuring Agreement 1.15. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Prior knowledge by any <B>Employee</B> that a fraudulent or malicious act by
any other person or persons, has been or will be perpetrated, shall for the intent and purpose of this policy be deemed to be collusion if such <B>Employee</B> willfully or deliberately withholds knowledge from the <B>Insured</B> of any such act.
Such withholding of knowledge from the <B>Insured</B> because of a threat to do bodily harm to any person or damage to the <B>Insured&#146;s</B> premises or property shall not be deemed to be or to constitute collusion. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.23</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">resulting from the accessing of any confidential information. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This exclusion shall not apply: </P>
<P STYLE="margin-top:0pt;margin-bottom:0pt;page-break-before:always"></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to the extent that such confidential information is used to support or facilitate the commission of an act covered under
this policy; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to the extent that such <B>Loss</B> covered under Insuring Agreement 1.15. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.24</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">resulting from mechanical failure, faulty construction, error in design, latent defect, wear or tear, gradual
deterioration, electrical disturbance, <B>Recording Media </B>failure or breakdown or any malfunction or error in programming or errors or omissions in processing. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This exclusion shall not apply: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to the extent that the occurrence of any of the events listed in the above enables the commission of an act covered under
this policy; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to the extent that such <B>Loss</B> covered under Insuring Agreement 1.15. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.25</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">by reason of the input of <B>Electronic</B> <B>Data </B>by a third party who had authorised access to an authentication
mechanism. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This exclusion shall not apply: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">where the third party referred to above obtained access beyond the level for which that third party was authorised;
</P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">theft of funds or <B>Property</B> transferred to any third party recipient as a result of any such input, provided there
is no collusion between such third party recipient and the person effecting such transfer and that it is a condition of coverage hereunder that the <B>Insured</B> takes all reasonable steps to secure the recovery of such funds; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to the extent that such <B>Loss</B> covered under Insuring Agreement 1.15. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.26</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">resulting from <B>Computer Programs</B> which were corrupted or which contained fraudulent or malicious features at the
time of their acquisition from a vendor or consultant, where those <B>Computer Programs</B> were developed for sale to or are sold to multiple consumers. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This exclusion shall not apply: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">where no other purchaser of said <B>Computer Programs</B> has notified the same vendor or consultant of the same
fraudulent features during a period of sixty (60)&nbsp;days from the date of <B>Discovery</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">if, at the time of <B>Discovery</B>, such fraudulent features were contained solely on the <B>Computer Programs</B> sold
to the <B>Insured</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">if such fraudulent features were inserted subsequent to the date of acquisition by the <B>Insured</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to the extent that such <B>Loss</B> covered under Insuring Agreement 1.15. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B>5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B>Loss Discovered<FONT COLOR="#ffffff"> </FONT></B></FONT></TD></TR></TABLE></div>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This policy applies to <B>Loss</B> <B>Discovered </B>by the <B>Insured</B> during the <B>Policy Period </B>or the
<B>Extended Reporting Period</B> (if applicable). </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">6.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Aggregate and Single Loss Limits of Liability </FONT></B></FONT></TD></TR></TABLE></div> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Aggregate Limit of Liability </B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insurer&#146;s</B> total liability for all <B>Losses</B> discovered
during the <B>Policy Period</B> shall not exceed the <B>Limit of Liability</B>. The <B>Limit of Liability</B> shall be reduced by the amount of any payment made under the terms of this policy. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Upon exhaustion of the <B>Limit of Liability</B> by such payments: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the <B>Insurer</B> shall have no further liability for <B>Loss</B> or <B>Losses</B> regardless of when discovered and
whether or not previously reported to the <B>Insurer</B>; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the <B>Insurer</B> shall have no obligation under General Condition 3.5 to continue the defense of the <B>Insured</B>,
and upon notice by the <B>Insurer</B> to the <B>Insured</B> that the <B>Limit of Liability</B> has been exhausted; the <B>Insured</B> shall assume all responsibility for its defense at its own cost. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Limit of Liability</B> shall not be increased or reinstated by any
recovery made and applied in accordance with Section&nbsp;9.3. In the event that a loss of <B>Property</B> is settled by the <B>Insurer</B> through the use of a lost instrument bond, such loss shall not reduce the <B>Limit of Liability</B>. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Single Loss Limit of Liability </B> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Subject to the <B>Limit of Liability</B>, the <B>Insurer&#146;s</B> liability
for each <B>Single Loss</B> shall not exceed the applicable <B>Single Loss</B> <B>Limit</B> shown in Item 4 of the Declarations. If a <B>Single</B> <B>Loss</B> is covered under more than one Insuring Agreement or Coverage, the maximum payable shall
not exceed the largest applicable <B>Single</B> <B>Loss</B> <B>Limit</B>. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">7.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Notice/Proof - Legal Proceedings against Insurer </FONT></B></FONT></TD></TR></TABLE></div> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The <B>Insured</B> shall give written notice to the <B>Insurer</B> of any <B>Loss</B> as soon as reasonably practicable
after it has been <B>Discovered</B> and in any event within sixty (60)&nbsp;days after the end of the <B>Policy Period</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The requirement contained in <FONT STYLE="white-space:nowrap">sub-clause</FONT> 7.1 above to give notice of a <B>Loss
</B>shall be suspended and of no effect and/or modified (as the case may be) if such notice is in respect of a <B>Restricted Notification</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The suspension and/or modification of the requirement to notify the <B>Insurer
</B>of any <B>Loss </B>under <FONT STYLE="white-space:nowrap">sub-clause</FONT> 7.1 above in respect of a <B>Restricted Notification </B>shall end when and to the extent that the relevant legal or regulatory<B> </B>prohibition is lifted. Such
notification, if permitted to do so by the relevant regulatory, police<B> </B>or prosecuting authority, shall be accompanied by evidence as to why the <B>Insured </B>was initially prevented from disclosing the existence of or details of any <B>Loss
</B>to the <B>Insurer</B>. On<B> </B>notification of the <B>Loss</B> (in accordance with the foregoing), such <B>Loss </B>shall be deemed to have been <B>Discovered </B>and the<B> Insurer </B>notified at the time the <B>Responsible Officer </B>first
became aware of the <B>Loss</B>. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">Within six (6)&nbsp;months after such <B>Discovery </B>(or, where a <B>Restricted Notification</B> applies, within six
(6)&nbsp;months of the <B>Responsible Person</B> first becoming aware that the relevant legal or regulatory<B> </B>prohibition has been lifted), the <B>Insured</B> shall furnish to the <B>Insurer</B> proof of loss, duly sworn, with full known
particulars. At the <B>Insured&#146;s</B> request, and upon agreement of the <B>Insurer</B>, such period of time shall be extended to permit the <B>Insured</B> more time to determine the amount and/or particulars of its loss. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">Lost <B>Certificated Securities</B> listed in a proof of loss shall be identified by certificate or bond numbers if such
securities were issued therewith. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">Legal proceedings for the recovery of any <B>Loss</B> hereunder shall not be brought prior to the expiration of sixty
(60)&nbsp;days after the original proof of <B>Loss</B> is filed with the <B>Insurer</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">This policy affords coverage only in favour of the <B>Insured</B>. No suit, action or legal proceedings shall be brought
hereunder by anyone other than the named <B>Insured</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">7.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">If the <B>Insured</B> is an institution under the supervision of the Federal Home Loan Bank Board, it is understood and
agreed that in case of any <B>Loss</B> hereunder discovered either by the <B>Insured</B> or by the Federal Home Loan Bank of which the <B>Insured</B> is a member, the said Federal Home Loan Bank is empowered to give notice of the <B>Loss</B> to the
<B>Insurer</B> within the period limited therefore. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">8.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Valuation </FONT></B></FONT></TD></TR></TABLE></div> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Deductions</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">In determining the amount collectible under this policy for any <B>Loss</B>,
all funds received and able to be lawfully retained by the <B>Insured</B> from any source whatsoever in connection with any matter from which a claimed <B>Loss</B> has arisen, including payments and receipts of principal, interest, dividends,
commissions and the like, whenever received, shall be deducted from the amount actually paid out, advanced, taken or otherwise lost. The value of all property (including <B>Property</B>) received and able to be lawfully retained by the
<B>Insured</B> from any source whatsoever in connection with any matter from which a claimed <B>Loss</B> has arisen, whenever received, shall likewise be deducted from the <B>Insured&#146;s</B> claimed <B>Loss</B>. It is understood, however, that
nothing in this policy shall be construed to mean that a claim is not recoverable hereunder until the amount of such deductions have been ascertained. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Securities</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">If <B>Certificated Securities</B> are able to be reissued then the<B> Insured </B>may reissue them, or arrange for them
to be reissued, with the prior approval of the <B>Insurer </B>(such approval shall not be unreasonably delayed or withheld) and the value of those <B>Certificated Securities</B> shall be the actual cost of their reissue plus any interest charges
incurred in doing so. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">To the extent that the <B>Limit of Liability</B> is not exhausted by the<B> Insured</B> in the reissuing of
<B>Certificated Securities</B> in accordance with <FONT STYLE="white-space:nowrap">sub-clause</FONT> 8.2 (i) above, the amount of <B>Loss</B> shall also include any premium required to be paid by the<B> Insured</B> to purchase lost instrument bonds
for the reissuing of duplicate <B>Certificated Securities </B>without reference to their total face value. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The amount of <B>Loss</B> shall also include any sums which the <B>Insured </B>may be required to pay either during the
<B>Policy Period</B> or any time thereafter by reason of any lost instrument bonds issued or purchased by the <B>Insured</B> as referred to in <FONT STYLE="white-space:nowrap">sub-clause</FONT> clause 8.2 (ii) above. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The<B> Insured</B> shall pay the cost of obtaining such lost instrument bond referred to in <FONT
STYLE="white-space:nowrap">sub-clause</FONT> clause 8.2 (iii) above for that portion of the <B>Loss</B> which falls within the applicable deductible amount or which is in excess of the <B>Limit of Liability</B> remaining available for the payment of
<B>Loss</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The <B>Insurer</B> shall reimburse the <B>Insured </B>for the cost of obtaining such lost instrument bond referred to in <FONT
STYLE="white-space:nowrap">sub-clause</FONT> clause 8.2 (iii) above for the amount of <B>Loss</B> which exceeds the applicable deductible amount and is within the <B>Limit of Liability</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">If for any reason it is not possible to <FONT STYLE="white-space:nowrap">re-issue</FONT> <B>Certificated Securities
</B>the value of such <B>Certificated Securities</B> shall be determined by the closing London market value of such <B>Certificated Securities</B> on the day of <B>Discovery </B>of the <B>Loss</B> (or if <B>Discovered</B> during a weekend or
national holiday, on the next business day thereafter). The basis of valuation shall include any accrued interest (including coupons), dividends and privileges up to the date of <B>Discovery </B>of the <B>Loss</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The valuation of <B>Certificated Securities</B> shall include external interest or interest charges up to the date of
<B>Discovery </B>of the <B>Loss</B> necessarily incurred by the <B>Insured</B>,<B> </B>or for which the <B>Insured </B>is legally liable, as the direct result of a loss of <B>Certificated Securities </B>covered under this policy. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">In case of a loss of subscription, conversion, redemption or other similar privileges the value of such privileges shall
be the closing London market value of such privileges immediately preceding the expiration thereof. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Precious Metals</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The value of precious metals shall be determined by their average London
market value on the day of <B>Discovery </B>of the <B>Loss</B> (or if <B>Discovered</B> during a weekend or national holiday, on the next business day thereafter). </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Electronic Data, Electronic Communications and Computer Programs</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">To the extent that a <B>Loss</B> comprises solely the cost of reconstituting <B>Electronic</B> <B>Data</B>,<B> Electronic
Communications</B> or <B>Computer Programs </B>following the <B>Impairment</B> of such <B>Electronic</B> <B>Data</B>,<B> Electronic Communications</B> or <B>Computer Programs</B>,<B> </B>the valuation of such <B>Electronic</B> <B>Data</B>,
<B>Electronic Communications</B> or <B>Computer Programs</B> shall be the cost of labor for the actual transcription or copying in order to reproduce such <B>Electronic</B> <B>Data</B>,<B> Electronic Communications</B> or <B>Computer Programs</B>,
including the cost of purchasing a software licence necessary to reproduce such <B>Electronic</B> <B>Data</B>,<B> Electronic Communications</B> or <B>Computer Programs</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:15%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If <B>Electronic</B> <B>Data </B>or <B>Computer Programs</B> were purchased
from a third party, the valuation of such <B>Electronic</B> <B>Data </B>or<B> Computer Programs</B> shall include the purchase price of that <B>Electronic</B> <B>Data </B>or<B> Computer Programs</B> from that third party if that price is less than
the cost of transcription or copying. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">If <B>Electronic</B> <B>Data </B>cannot be reproduced and that <B>Electronic</B> <B>Data </B>represents: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">securities, or other instruments having a value, then the valuation shall be as indicated in <FONT
STYLE="white-space:nowrap">sub-clause</FONT> 8.2 (Securities) above; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Evidences of Debt</B>, then the valuation of such items shall be as indicated in
<FONT STYLE="white-space:nowrap">sub-clause</FONT> 8.2 (Securities) above; if such <B>Evidences of Debt </B>cannot be valued as<B> </B>indicated in <FONT STYLE="white-space:nowrap">sub-clause</FONT> 8.2 (Securities) above, then the <B>Evidences</B>
<B>of Debt</B> shall be valued in accordance with <FONT STYLE="white-space:nowrap">sub-clause</FONT> 8.8 (Lending) below. In the event that it is not </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="23%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">
possible to value the <B>Evidences of Debt </B>as<B> </B>indicated in <FONT STYLE="white-space:nowrap">sub-clause</FONT> 8.2 (Securities) above or in accordance with in <FONT
STYLE="white-space:nowrap">sub-clause</FONT> 8.8 (Lending) below, then the valuation of such <B>Evidences</B> <B>of</B> <B>Debt</B> shall be the actual monetary value of the debt on the day of <B>Discovery </B>of the <B>Loss</B> (or if
<B>Discovered</B> during a weekend or national holiday, on the next business day); </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">3)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Money</B>,<B> </B>then the valuation of such <B>Electronic</B> <B>Data </B>shall be its actual monetary value at the
time of the <B>Loss</B>. However, in the event that such <B>Loss</B> is suffered in a currency other than the currency stated in the Declarations, then the valuation of such <B>Electronic</B> <B>Data </B>shall be as indicated in <FONT
STYLE="white-space:nowrap">sub-clause</FONT> 8.9 (Currency Valuation) below. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Recording Media</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The value of <B>Recording Media</B> shall be the replacement cost of
<B>Recording Media</B> of the equivalent kind or quality plus the value of any <B>Electronic</B> <B>Data </B>or <B>Computer</B> <B>Programs</B> stored on such <B>Recording Media</B>, as described in <FONT STYLE="white-space:nowrap">sub-clause</FONT>
8.4 (Electronic Data, Electronic Communications<B> </B>and Computer Programs) above. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.6</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Books of Accounts and Records</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The value of books of accounts or other records used by the <B>Insured</B> in
the conduct of their business, shall be the cost of blank books, blank pages or other materials plus the cost of labor and computer time for the actual transcription or copying of data which shall have been furnished by the <B>Insured</B> in order
to reproduce such books and other records. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.7</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Other Property</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">In the case of the loss of, damage to, or destruction of any property
(including <B>Property</B>) other than as described in <FONT STYLE="white-space:nowrap">sub-clauses</FONT> 8.2 to 8.6 above, the value of such property (including <B>Property</B>) shall be the actual cash value of such property (including
<B>Property</B>) on the day of <B>Discovery </B>(or if <B>Discovered</B> during a weekend or national holiday, on the next business day thereafter). </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.8</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Lending</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The value of <B>Lending</B> shall be the amount of monies paid out, advanced
or withdrawn by the <B>Insured</B> in relation to such <B>Lending </B>(subject always to <FONT STYLE="white-space:nowrap">sub-clause</FONT> 8.1 (Deductions) above). </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">8.9</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><U>Currency Valuation</U> </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">In the event that a <B>Loss</B> is suffered in a currency other than the
currency stated in the Declarations, the rate of exchange applicable thereto for the purposes of determining the valuation of <B>Loss</B> shall be the closing <FONT STYLE="white-space:nowrap">mid-spot</FONT> rate on the London market on the day of
<B>Discovery</B> of its <B>Loss</B> (or if <B>Discovered</B> during a weekend or national holiday, on the next business day thereafter). </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">9.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Assignment-Subrogation-Recoveries-Cooperation </FONT></B></FONT></TD></TR></TABLE></div> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">In the event of payment under this policy, the <B>Insured</B> shall deliver, if so requested by the <B>Insurer</B>, an
assignment of such of the <B>Insured&#146;s</B> rights, title and interest and causes of action as it has against any person or entity to the extent of the <B>Loss</B> payment. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">In the event of payment under this policy, the <B>Insurer</B> shall be subrogated to all of the <B>Insured&#146;s</B>
rights of recovery therefore against any person or entity to the extent of such payment, provided, however, that the <B>Insurer</B> shall not be subrogated to any such rights or claims one named <B>Insured</B> under this policy may have against
another named <B>Insured</B> under this policy. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.3</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">Any recoveries (whether effected by the <B>Insurer</B> or by the <B>Insured</B>) shall be applied net of the expense of
such recovery in the following order: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">firstly to the satisfaction of the <B>Insured&#146;s</B> <B>Loss</B> which would otherwise have been paid but for the
fact that it is in excess of either the <B>Limit of Liability </B>or the<B> Single Loss Limit</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">secondly, to the <B>Insurer</B> as reimbursement of amounts paid in settlement of the <B>Insured&#146;s</B> claim, and
</P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">thirdly, to the <B>Insured</B> in satisfaction of any deductible amount. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Recovery on account of <B>Loss</B> of securities as set forth in
Section&nbsp;8.2 or recovery from reinsurance and/or indemnity of the <B>Insurer</B> shall not be deemed a recovery as used herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.4</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">Upon the <B>Insurer&#146;s</B> request and at reasonable times and places designated by the <B>Insurer</B> the
<B>Insured</B> shall: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">submit to examination by the <B>Insurer</B> and subscribe to the same under oath; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">produce for the <B>Insurer&#146;s</B> examination all pertinent records; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">cooperate with the <B>Insurer</B> in all matters pertaining to the <B>Loss</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">9.5</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">The <B>Insured</B> shall execute all papers and render assistance to secure the <B>Insurer</B> the rights and causes of
action provided for herein. The <B>Insured</B> shall do nothing after discovery of <B>Loss</B> to prejudice such rights or causes of action. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">10.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Limit of Liability under this Policy and Prior Insurance </FONT></B></FONT></TD></TR></TABLE></div>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">With respect to any <B>Loss</B> set forth in Section&nbsp;6 of this policy which is recoverable or recovered in whole
or in part under any other bonds or policies issued by the <B>Insurer</B> to the <B>Insured</B> or to any predecessor in interest of the <B>Insured</B> and terminated or canceled or allowed to expire and in which the period for discovery<B> </B>has
not expired at the time any such <B>Loss</B> thereunder is <B>Discovered</B>, the total liability of the <B>Insurer</B> under this policy and under such bonds or policies shall not exceed, in the aggregate, the amount carried hereunder on such
<B>Loss</B> or the amount owed to the <B>Insured</B> under such other bonds or policies, as limited by terms and conditions thereof, for any such <B>Loss</B> if the latter amount be the larger. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If the coverage of this policy supersedes in whole or in part the coverage of any other bond or policy of insurance
issued by an insurer other than the <B>Insurer</B> and terminated, canceled or allowed to expire, the <B>Insurer</B>, with respect to any loss sustained prior to such termination, cancelation or expiration and discovered within the period permitted
under such other bond or policy for the discovery or loss there under, shall be liable under this policy only for that part of such <B>Loss</B> covered by this policy as is in excess of the amount recoverable or recovered on account of such
<B>Loss</B> under such other bond or policy, anything to the contrary in such other bond or policy notwithstanding. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">11.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Other Insurance </FONT></B></FONT></TD></TR></TABLE></div>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The insurance provided by this policy shall apply as excess over any more specific valid and collectible insurance
(except in respect of any insurance specifically written as excess layer insurance to this policy). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">In the event
that the amount recoverable from any more specific valid and collectible insurance by the <B>Insured</B> exceeds the amount of the retention under this policy, such retention shall not be applied in calculating the indemnity due from the
<B>Insurer</B> under this policy. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">12.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Ownership </FONT></B></FONT></TD></TR></TABLE></div>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This policy shall apply to loss of <B>Property</B>: (1)&nbsp;owned by the <B>Insured</B>; (2)&nbsp;held by the
<B>Insured</B> in any capacity; or (3)&nbsp;for which the <B>Insured</B> is legally liable. This policy shall be for the sole use and benefit of the <B>Insured</B> named in the Declarations. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">13.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Deductible Amount </FONT></B></FONT></TD></TR></TABLE></div>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insurer</B> shall be liable hereunder only for the amount by which any <B>Single Loss</B> exceeds the <B>Single
Loss</B> deductible amount for the Insuring Agreement or Coverage applicable to such <B>Loss</B>, subject to the <B>Limit of Liability</B> and the applicable <B>Single Loss Limit</B>. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">14.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Termination or Cancelation </FONT></B></FONT></TD></TR></TABLE></div>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This policy terminates as an entirety upon occurrence of any of the following: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">sixty (60)&nbsp;days after the receipt by the <B>Insured</B> of a written notice from the <B>Insurer</B> of its desire to
cancel this policy; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">immediately upon the receipt by the <B>Insurer</B> of a written notice from the <B>Insured</B> of its desire to cancel
this policy; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">immediately upon the taking over of the <B>Insured</B> by a receiver or other liquidator or by State or Federal
officials; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">immediately upon the taking over of the <B>Insured</B> by another institution; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">immediately upon exhaustion of the <B>Limit of Liability</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">immediately upon expiration of the <B>Policy Period</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This policy terminates as to the subsequent acts of any <B>Employee</B> or any
partner, officer or employee of any processor &#150; (a) as soon as any <B>Insured</B>, or any director or officer not in collusion with such person, learns of any dishonest or fraudulent act or <B>Theft</B> committed by such person at any time,
whether in the employment of the <B>Insured</B> or otherwise, whether or not of the type covered under Insuring Agreement 1.1, against the <B>Insured</B> or any other person or entity, without prejudice to the loss of any <B>Property</B> then in
transit in the custody of such person, or (b)&nbsp;fifteen (15) days after the receipt by the <B>Insured</B> of a written notice from the <B>Insurer</B> of its desire to cancel this policy as to such person. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Termination of the policy as to any <B>Insured</B> terminates liability for any <B>Loss</B> sustained by such
<B>Insured</B> which is <B>Discovered</B> after the effective date of such termination. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">Notwithstanding anything
to the contrary contained in this Section&nbsp;14, this policy shall not be canceled, terminated or modified except after written notice shall have been given by the acting party to the affected party and the Securities and Exchange Commission not
less than sixty (60)&nbsp;days prior to the effective date of cancelation, termination or modification. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If the
<B>Insured</B> is an institution <B>Insured</B> by the Federal Savings and Loan Insurance Corporation, termination or cancelation of this policy in its entirety, whether by the <B>Insured</B> or the <B>Insurer</B>, as provided in parts (a)&nbsp;and
(b) in the first paragraph of this Section&nbsp;14, shall not take effect prior to the expiration of ten (10)&nbsp;days from the receipt by the Federal Home Loan Bank of which the <B>Insured</B> is a member of written notice of such termination or
cancelation unless an earlier date of termination or cancelation is approved by said Federal Home Loan Bank. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">15.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Notice Provisions </FONT></B></FONT></TD></TR></TABLE></div>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This policy shall not be canceled or terminated as provided in Section&nbsp;14, or modified by rider, except after
written notice shall have been given by the acting party to the affected party, and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60)&nbsp;days prior to the effective date of such cancelation, termination or
modification. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">16.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Extended Reporting Period </FONT></B></FONT></TD></TR></TABLE></div>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">If the <B>Insurer</B> or the <B>Insured</B> cancel or decline to renew this policy, the <B>Insured</B> shall have the
right, upon payment of an additional premium of sixty per cent (60%) of the <B>Full Annual Premium</B>, to an extended reporting period of one hundred and eighty (180)&nbsp;days or upon payment of an additional premium of one hundred per cent (100%)
of the <B>Full Annual</B> <B>Premium</B>, to an extended reporting period of three hundred and sixty five (365)&nbsp;days following the effective date of such cancelation or <FONT STYLE="white-space:nowrap">non-renewal</FONT> in which to give
written notice to the <B>Insurer</B> of any <B>Loss Discovered</B> during such extended reporting period arising out of acts committed or events occurring prior to the end of the <B>Policy Period</B> and otherwise covered by this policy. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The rights contained in this Section&nbsp;18 shall terminate, however, unless written notice of such election together
with the additional premium due is received by the <B>Insurer</B> within thirty (30)&nbsp;days of the effective date of cancelation or <FONT STYLE="white-space:nowrap">non-renewal.</FONT> The additional premium for the extended reporting period
shall be fully earned at the inception of the extended reporting period. The extended reporting period is not cancelable. The rights contained within this Section&nbsp;18 shall not apply to any cancelation of this policy resulting from <FONT
STYLE="white-space:nowrap">non-payment</FONT> of premium. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">17.</FONT></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Definitions </FONT></B></FONT></TD></TR></TABLE></div> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Acceptance</B> means a draft, which the drawee has, by signature written thereon, engaged to honor as
presented. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Account Code </B>means a confidential and protected string of characters that identifies or authenticates a
person and permits said person to gain access to<B> </B>a <B>Telephone System</B> for the purpose of making long distance toll calls or utilizing voice mail box messaging capabilities or other similar functional features of a <B>Telephone
System</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Application</B> means: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the application for this policy, any attachment to any such application, any other materials submitted with or
incorporated into any such application and any documents submitted to the <B>Insurer</B> specifically in connection with the underwriting of this policy; and, </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">to the extent made by or required of the <B>Insureds</B>: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:15%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">any public documents filed during the twelve (12)&nbsp;month period
immediately prior to the inception date of this policy by the <B>First Named Insured</B> with the Securities and Exchange Commission or any<B> </B>similar federal, state, local or foreign regulatory body, and any other written<B> </B>public
statement or certification required by law to be made by the Chief<B> </B>Executive Officer, Chief Financial Officer or other Executive Officer of the<B> First Named Insured</B> regarding the accuracy, completeness or adequacy of<B> </B>such
<B>Insured&#146;s </B>financial statements, SEC filings, or internal controls;<B> </B>whether or not such public documents, statements or certifications are furnished to<B> </B>the <B>Insurer</B>. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Certificate of Deposit</B> means an acknowledgment in writing by a <B>Financial Organization</B> of receipt of
<B>Money</B> with an engagement to repay it. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Certificated Security</B> means a share, participation or other interest in property or an enterprise of the
issuer or an obligation of the issuer, which is: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">represented by an instrument issued in bearer or registered form; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued
or dealt in as a medium for investment; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or
obligations. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Computer or Telephonic Fraud</B> means: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the <B>Impairment</B> of: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Electronic</B> <B>Data </B>(including<B> </B>but not limited to any<B> Electronic</B> <B>Data </B>contained in any
<B>Electronic Communication</B>); and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Computer Programs</B>; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any<B> Uncertificated Security</B>; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Electronic Communications </B>on which<B> </B>the <B>Insured</B>, or any<B> Financial Organization </B>or<B>
Service Bureau </B>acting on behalf of the<B> Insured</B>, have acted or relied; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the <B>Insured</B>,<B> </B>or any<B> Financial Organization </B>or<B> Service Bureau </B>acting on behalf of the<B>
Insured</B>, having acted or relied upon any <B>Electronic Communications</B> or <B>Telephonic Communications</B>, purporting to have been, but were not, sent or made by: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any office or department of the <B>Insured</B>; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">another<B> Financial Organization</B>;<B> </B>and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a customer or client of the <B>Insured</B>, any shareholder of or subscriber to shares issued by any <B>Fund</B> or an
authorized representative of such customer, client, shareholder or subscriber when acting in that capacity; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a <B>Service Bureau</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a <B>Financial Organization</B>, a customer or client of the <B>Insured</B>, any shareholder of or subscriber to shares
issued by any <B>Fund </B>or an authorized representative of such customer, client, shareholder or subscriber when acting in that capacity or a <B>Service Bureau</B> having acted or relied upon any <B>Electronic Communications</B> or <B>Telephonic
Communications</B>, purporting to have been, but were not, sent or made by: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the <B>Insured</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">another<B> Financial Organization</B> or <B>Service Bureau </B>acting on behalf of the<B> Insured</B>; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the unauthorised use of an <B>Account Code</B> or <B>System</B> <B>Password</B> contained in a <B>Telephone System
</B>owned or leased by the <B>Insured</B>, with the intention of directing telephone toll charges onto the <B>Insured</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Computer Programs</B> means a collection of instructions that describes a task, or set of tasks, to be carried
out by a <B>Computer System</B>, including but not limited to application software, operating systems, firmware and compilers. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Computer System</B> means a computer and all input, output, processing, storage (including but not limited to
cloud computing and <FONT STYLE="white-space:nowrap">off-line</FONT> media libraries), intranets and communication facilities including related communication or open systems networks and extranets which are connected directly or indirectly to such a
device and any internet or media enabled smartphones, televisions and handheld tablet computers or similar devices with similar capabilities, whether data or WiFi enabled. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Counterfeit</B> means an imitation of an actual valid original, which is intended to deceive and to be taken as
the original. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Custodian</B> means: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any party with which the <B>Insured</B> has a written or electronic agreement for the provision of purchasing services,
safekeeping, registration and entitlement records for the <B>Insured</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any regulated central securities depository. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Custodian</B> shall also include a
<FONT STYLE="white-space:nowrap">sub-custodian,</FONT> being any regulated person or organization which: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">is involved in the provision of custodial services; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">has a written or electronic agreement with the custodian detailed in <FONT STYLE="white-space:nowrap">sub-clause</FONT>
(a)&nbsp;or (b) above for the provision of such services. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Deductible</B> means the amount stated in Item 6 of the Declarations. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Depository</B> means any &#147;securities depository&#148; (other than any foreign securities depository) in
which a <B>Fund</B> may deposit its securities in accordance with Rule <FONT STYLE="white-space:nowrap">17f-4</FONT> under the Investment Company Act of 1940. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Discovered</B> or <B>Discovery</B> means when any <B>Responsible Person</B> first<I> </I>becomes aware of, or
has any knowledge of, any act, omission or event which could reasonably be foreseen to give rise to a <B>Loss</B><I> </I>covered by this policy, even though the exact amount or details of such <B>Loss</B>, act, omission or event are not known at the
time of such discovery. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Discovery</B> also occurs when any <B>Responsible Person</B> first receives
notice of an actual or potential claim in which it is alleged that the <B>Insured</B> is liable to a third party under circumstances which, if true would constitute a loss under this policy. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Electronic Communications</B> means instructions, messages, information or payments that have been, or appear
to have been: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">transmitted electronically: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">through an <B>Electronic Communication System</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">over the Internet; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">communicated through the delivery of <B>Recording Media</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Electronic Communication System</B> means any system which permits the electronic transmission of instructions,
messages, information or payments, including but not limited to: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any touch tone telephone communication system; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">telex, TWX or telefacsimile; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Computer System</B> which operates automated teller machines or point of sale terminals. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Electronic Data</B> means facts or information converted to a form usable in a <B>Computer System</B> or an
<B>Electronic Communications System</B> and which is stored on or capable of being stored on <B>Recording Media</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Employee</B> means: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any of the <B>Insureds</B> officers or employees while performing services for the <B>Insureds</B> offices; and </P></TD>

<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any of the officers or employees of any predecessor of the <B>Insured</B> whose principal assets are acquired by the
<B>Insured</B> by consolidation or merger with, or purchase of assets or capital stock of, such predecessor; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">attorneys retained by the <B>Insured</B> to perform legal services for the <B>Insured</B> and the employees of such
attorneys while such attorneys or the employees of such attorneys are performing such services for the <B>Insured</B>; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">guest students pursuing their studies or duties in any of the <B>Insureds</B> offices; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">directors or trustees of the <B>Insured</B> 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 <B>Insured</B>; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any individual or individuals assigned to perform the usual duties of an employee within the premises for the
<B>Insured</B>, by any agency furnishing temporary personnel on a contingent or part-time basis; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">each natural person, partnership or corporation authorized by written or electronic agreement with the <B>Insured</B> to
perform services as electronic data processor of checks or other accounting records of the <B>Insured</B>; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any employee or any partner of any named <B>Insured</B>; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any consultant whilst performing services or duties on behalf of the <B>Insured</B>; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">each officer, partner or employee of: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Depository</B> or <B>Exchange</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any nominee in whose name is registered any security included in the systems for the central handling of securities
established and maintained by any <B>Depository</B>; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any recognized service company which provides clerks or other personnel to any <B>Depository</B> or <B>Exchange</B> on a
contract basis, </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:15%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">while such officer, partner or employee is performing services for any
<B>Depository</B> in the operation of systems for the central handling of securities; and </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">each officer, director, trustee, partner or employee of: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">an investment adviser; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">an underwriter (distributor); </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a transfer agent or shareholder accounting record-keeper; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">an administrator authorized by written or electronic agreement to keep financial and/or other required records, </P></TD>

<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:15%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">for a <B>Fund</B>, but only while: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">such officer, partner or employee is performing acts coming within the scope of the usual duties of an officer or
employee of an <B>Insured</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">such officer, director, trustee, partner or employee is acting as a member of any committee duly elected or appointed to
examine or audit or have custody of or access to the <B>Property</B> of the <B>Insured</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">such director or trustee (or anyone acting in a similar capacity) is acting outside the scope of the usual duties of a
director or trustee. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Employee</B> does not include any officer, director, trustee, partner or
employee of a transfer agent, shareholder accounting record-keeper or administrator: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">which is not an &#147;affiliated person&#148; (as defined in section 2(a) of the Investment Company Act of 1940) of a
<B>Fund</B> or of the adviser or underwriter of such <B>Fund</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">which is a &#147;Bank&#148; (as defined in section 2(a) of the Investment Company Act of 1940). </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Evidence of Debt</B> means an instrument, including a <B>Negotiable Instrument</B>, executed by a customer or
client of the <B>Insured</B> and held by the <B>Insured</B> which in the regular course of business is treated as evidencing the customer&#146;s or client&#146;s debt to the <B>Insured</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Exchange</B> means any national securities exchange registered under the Securities Exchange Act of 1934.
</P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Extended Reporting Period</B> means the extended reporting period set forth under Section&nbsp;18 (Extended
Reporting Period) of this policy. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Financial Organization</B> means: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any bank, credit institution, financial institution, undertaking for collective investment in securities, investment
firm, stockbroker, asset management company, building society, friendly society, or similar organization; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a regulated investment exchange or automated clearing house. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any <B>Custodian</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>First Named Insured </B>means the entity first named in Item 1 of the Declarations. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Forgery</B> means the signing of the name of another person or organization with intent to deceive; it does not
mean a signature, which consists in whole, or in part of one&#146;s own name signed with or without authority, in any capacity, for any purpose. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Fraudulent Retention</B> means: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the wrongful retention of funds or<B> Property</B> by a third party recipient without contractual or other legal right to
such retention; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B>the<B> </B>inability to recover any funds or <B>Property</B> erroneously transferred into the account of a third
party recipient, despite all reasonable efforts to secure such recovery, solely because: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the third party recipient is unknown; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">such funds or <B>Property</B> have been misappropriated. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Fraudulently Induced Instruction</B> means any instruction for the purpose of directing or transferring funds
or property (including <B>Property</B>) and/or updating <B>Vendor</B> account information communicated to the <B>Insured</B> or an employee of the <B>Insured</B> by: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a natural person purporting to be a director, officer, partner, member, sole proprietor or other employee of the
<B>Insured</B> or by an individual acting in collusion with such person to instruct other employees of the <B>Insured</B> to transfer, pay or deliver funds or property (including <B>Property</B>), but which instruction was in fact fraudulently
transmitted by someone else without the authority and knowledge of such director, officer, partner, member, sole proprietor or other employee of the <B>Insured</B>; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a natural person purporting to be a director, officer, partner, member, sole proprietor or employee of a <B>Vendor
</B>or<B> </B>a<B> </B>customer or client of the <B>Insured</B> (including but not limited to any director, officer, partner, member, sole proprietor or employee of such customer or client of the <B>Insured</B>) or by an individual acting in
collusion with such person, but which instruction was in fact fraudulently transmitted by someone else without the authority and knowledge of such director, officer, partner, member, sole proprietor or employee of a <B>Vendor </B>or<B> </B>a<B>
</B>customer or client of the <B>Insured</B>;<B> </B>or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a natural person purporting to be an authorised representative of any <B>Financial Organization</B> acting on behalf of a
<B>Vendor</B> or a customer or client of the <B>Insured</B> with authorisation to make such instructions, but which instruction was in fact fraudulently transmitted by someone else without the authority and knowledge of such authorised
representative. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Full Annual Premium</B> means the premium level in effect immediately prior to the end of the <B>Policy
Period</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Fund</B> means any investment company which is<STRIKE> </STRIKE>specifically listed in this policy or created or
acquired during the <B>Policy Period</B> in accordance with <FONT STYLE="white-space:nowrap">sub-clause</FONT> (c)&nbsp;of General Condition 3.2 of this policy. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Fund</B> shall also include any private entity whose sole purpose is
holding or acquiring on behalf of one or more investment companies (as described above) debt or equity investments and/or interests in financial derivatives, either directly or indirectly, including any blocker, feeder or other entity that
facilitates the transfer, collection or distribution of funds between or among any <B>Insured Entities</B> and/or investor in an investment company (as described above), including but not limited to controlled foreign corporations. For the avoidance
of doubt, <B>Operating Entities</B> are not covered. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Guarantee</B> means a written undertaking obligating the signer to pay the debt of another to the
<B>Insured</B> or its assignee or to a financial institution from which the <B>Insured</B> has purchased participation in the debt, if the debt is not paid in accordance with its terms. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Impairment</B> means fraudulent, dishonest, malicious or criminal: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">preparation; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">input; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">modification; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">deletion, </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">whether actual or attempted by or at the behest of any person or persons. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Instruction</B> to an <B>Issuer</B> means a written order to the issuer of an <B>Uncertificated Security</B>
requesting that the transfer, pledge or release from pledge of the <B>Uncertificated Security</B> specified be registered. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Insured</B> means: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the <B>Named Insured</B>; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any other entity designated as an &#147;Additional Named Insured&#148; under this policy. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Insurer</B> means<B> </B>AXIS Specialty Europe SE. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Legal Proceeding</B> means any legal proceeding brought to determine the <B>Insured&#146;s</B> liability for
any <B>Loss</B>, claim or damage which, if established, would constitute a collectible <B>Loss</B> under this policy. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Lending</B> or <B>Loan</B> means any of the following: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">all extensions of credit by the<B> Insured</B> and all transactions creating a creditor or lessor relationship in favour
of the<B> Insured</B>, including but not limited to transactions by which the<B> Insured</B> assumes an existing creditor or lessor relationship and includes any such extensions of credit, whether authorised or unauthorised; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any note, account, agreement or other <B>Evidence of Debt</B> assigned or sold to, or discounted or otherwise acquired by
the<B> Insured</B>, including but not limited to the purchase, discounting or other acquisition of false or genuine accounts or invoices. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Letter of Credit</B> means an engagement in writing by a <B>Financial Organization</B> or other person made at
the request of a customer that the <B>Financial Organization</B> or other person will honor drafts or other demands for payment upon compliance with the conditions specified in the <B>Letter of Credit</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Limit of Liability </B>means the amount stated in Item 3 of the Declarations. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Loss</B> means: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">direct financial loss sustained by the <B>Insured</B> and as set out in the policy; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Preparation Costs</B>; and/or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Verification and Reconstitution Costs</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Malware</B> means any unauthorised, corrupting or harmful software code, including but not limited to computer
viruses, ransomware, Trojan horses, keystroke loggers, spyware, adware, worms and logic bombs. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Money</B> means a medium of exchange in current use authorized or adopted by a domestic or foreign government
as a part of its currency. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Named Insured</B> means the entity(ies) specified in Item 1 of the Declarations. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Negotiable Instrument</B> means any writing: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">signed by the maker or drawer; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">containing any unconditional promise or order to pay a sum certain in <B>Money</B> and no other promise, order,
obligation or power given by the maker or drawer; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">is payable on demand or at a definite time; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">is payable to order or bearer. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Operating Entity</B> means an entity whose primary purpose is to carry on a commercial or industrial enterprise rather
than the making, holding, management, realization or disposal of investments or reinvestments of any kind. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Policy Period</B> means the period of time from the inception date shown in Item 2 of the Declarations to the
earlier of the expiration date shown in Item 2 of the Declarations or the effective date of cancelation of this policy. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Preparation</B> <B>Costs</B> means costs, charges, fees, disbursements and expenses incurred and/or paid by the
<B>Insured</B>, with the prior written approval by the <B>Insurer</B> (such approval not to be unreasonably delayed or withheld), for independent outside accountants, solicitors or other specialists or professional persons to determine, or attempt
to determine the amount and/or extent of any direct financial loss covered under this policy. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Prior Policy </B>means the policy identified in Item 10 of the Declarations. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Property</B> means <B>Money</B>, <B>Certificated Securities</B>, <B>Uncertificated Securities</B>,
<B>Negotiable Instruments</B>, <B>Certificates of Deposit</B>, documents of title, <B>Acceptances</B>, <B>Evidences of Debt</B>, security agreements, <B>Withdrawal Orders</B>, certificates of origin or title, <B>Letters of Credit</B>, insurance
policies, abstracts of title, deeds and mortgages on real estate, revenue and other stamps, tokens, unsold state lottery tickets, books of account and other records whether recorded in writing or electronically, gems, jewellery, precious metals of
all kinds and in any form, and tangible items of personal property which are not hereinbefore enumerated. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><B>Property</B> shall include <B>Recording Media</B>. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Recording Media</B> means the physical components or materials on which <B>Electronic</B> <B>Data </B>or
<B>Computer Programs</B> can be recorded. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Responsible Person </B>means the person(s) stated under Item 9 of the Declarations. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Restricted Notification </B>means when the <B>Insured </B>is prevented from disclosing the existence of or
details of any <B>Loss </B>to the <B>Insurer </B>after it has been <B>Discovered</B> due to any legal or regulatory prohibition imposed by or on behalf of any regulatory, police or prosecuting authority anywhere in the world. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Self-Regulatory Organization</B> means any association of investment advisers or securities dealers registered
under the federal securities laws, or any <B>Exchange</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Service Bureau</B> means<B><I> </I></B>a natural person, partnership or corporation authorised by written or
electronic agreement with the <B>Insured</B> to perform data processing services using <B>Computer Systems</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Single Loss</B> means all covered <B>Loss</B>, including court costs and legal costs, charges, fees,
disbursements<B> </B>and expenses<B> </B>incurred by the <B>Insurer</B> under General Condition 3.5, resulting from: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any one act or series of related acts of burglary, robbery or attempt thereat, in which no <B>Employee</B> is implicated;
or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any one act or series of related unintentional or negligent acts or omissions on the part of any person (whether an
<B>Employee</B> or not) resulting in damage to or destruction or misplacement of property; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


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<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">all acts or omissions other than those specified in (a)&nbsp;and (b) preceding, caused by any person (whether an
<B>Employee</B> or not) or in which such person is implicated; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">any one casualty or event not specified in (a), (b) or (c)&nbsp;preceding. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Single Loss</B> <B>Limit </B>means the amount(s) stated in Item 4 of the Declarations. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Statement of Uncertificated Security</B> means a written statement of the issuer of an <B>Uncertificated
Security</B> containing: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a description of the issue of which the <B>Uncertificated Security</B> is a part; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the number of shares or units: transferred to the registered owner; pledged by the registered owner to the registered
pledgee; released from pledge by the registered pledgee; registered in the name of the registered owner on the date of the statements; or subject to pledge on the date of the statement; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the name and address of the registered owner and registered pledge; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a notation of any liens and restrictions of the issuer and any adverse claims to which the <B>Uncertificated Security</B>
is or may be subject or a statement that there are none of those liens, restrictions or adverse claims; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">the date the transfer of the shares or units to the new registered owner of the shares or units was registered, the
pledge of the registered pledgee was registered or of the statement, if it is a periodic or annual statement. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>System Password</B> means a confidential and protected string of characters that identifies or authenticates a
person and permits said person to gain access to the <B>Telephone System</B> or any portion thereof in order to perform security functions, system administration or maintenance functions. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Telephonic Communications</B> means instructions, messages, information or payments made over the telephone or
by Voice over Internet Protocol (VoIP), or other forms of IP or broadband telephony. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Telephone System</B> means a private branch exchange, a third party hosted telephony service, voice mail
processor, automated call-back attendant or a <B>Computer System</B> with a similar capacity. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Tested</B> means a method of authenticating the contents of a communication by utilizing: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a valid test key, including but not limited to a digital signature, public key cryptography, asymmetric cryptography or
other similar technologies or encryption methods, for the purpose of protecting the integrity of that communication; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a Personal Identification Number (PIN); or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">a &#147;call back&#148; procedure to an authorised person, other than the individual initiating the communication.
</P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Theft</B> means robbery, burglary or <FONT STYLE="white-space:nowrap">hold-up,</FONT> occurring with or without
violence or the threat of violence. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Uncertificated Security</B> means a share, participation or other interest in property of or an enterprise of
the issuer or an obligation of the issuer, which is: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">not represented by an instrument and the transfer of which is registered upon books maintained for that purpose by or on
behalf of the issuer; </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">of a type commonly dealt in on securities exchanges or markets; and </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt">each one of a class or series or by its terms divisible into a class or series of shares, participations, interests or
obligations. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:0pt;margin-bottom:0pt;page-break-before:always"></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Vendor</B> means any entity with which the <B>Insured</B> has a legitimate
<FONT STYLE="white-space:nowrap">pre-existing</FONT> arrangement or written or electronic agreement to provide goods, services or other activities to the <B>Insured</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Verification and Reconstitution Costs</B> means costs, charges, fees, disbursements and expenses incurred
and/or paid by the <B>Insured</B>, with the prior written approval by the <B>Insurer</B> (such approval not to be unreasonably delayed or withheld), for the verification or reconstitution or removal of: </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Computer Programs</B> or <B>Electronic</B> <B>Data </B>which have been the subject of <B>Impairment</B>; or </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B>Malware</B>. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; font-size:8pt" COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:9pt"><B></B><B>Withdrawal Order</B> means a <FONT STYLE="white-space:nowrap">non-negotiable</FONT> instrument, other than an
<B>Instruction </B>to an<B> Issuer</B>, signed by a customer or client of the <B>Insured</B> or any shareholder of or subscriber to shares issued by any <B>Fund</B> authorizing the <B>Insured</B> to debit the customer&#146;s, client&#146;s,
shareholder&#146;s or subscriber&#146;s account in the amount of funds stated therein. </P></TD>
<TD WIDTH="10%">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>ENDORSEMENT NO. 1 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT STYLE="font-family:ARIAL" COLOR="#ffffff"><B>Additional Insured Endorsement</B></FONT><FONT
STYLE="font-family:ARIAL" COLOR="#ffffff"> </FONT></P></div> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This endorsement forms a part of Policy number B080120420P18 issued to
ABERDEEN AUSTRALIA EQUITY FUND INC. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">In consideration of the premium charged, it is hereby understood and agreed that the policy is
amended as follows: </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This policy is endorsed to provide cover for the following Additional Named Insured: </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:7%; margin-right:10%; font-size:9pt; font-family:ARIAL">FIRST AUSTRALIA FUND INC. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">All other terms, conditions and exclusions remain unchanged. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>ENDORSEMENT NO. 2 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:#1f497d;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT STYLE="font-family:ARIAL" COLOR="#ffffff"><B>No Claims Bonus Endorsement</B></FONT><FONT
STYLE="font-family:ARIAL" COLOR="#ffffff"> </FONT></P></div> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">This endorsement forms a part of Policy number B080120420P18 issued to
ABERDEEN AUSTRALIA EQUITY FUND INC. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The <B>Insurer</B> agrees to pay a 2.5% no claims bonus at the end of the second consecutive
12 month policy period provided no claims or circumstances have been notified to the <B>Insurer</B> during the policy periods. For the purposes of the no claims bonus any Extended Reporting Period invoked or extension of coverage granted by the
<B>Insurer</B> shall be deemed part of the policy period and must elapse without any claims or circumstances being notified to the <B>Insurer </B>for the Insured to qualify for the no claims bonus. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">The 2.5% no claims bonus will be calculated upon the 2019 12 month policy periods&#146; annual premium and payable upon successful
renewal with the <B>Insurer</B> in 2020. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:10%; font-size:9pt; font-family:ARIAL" ALIGN="justify">All other terms, conditions and exclusions remain unchanged. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1735 Market Street, 32<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19103 </P>

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