<SEC-DOCUMENT>0001104659-24-089964.txt : 20240815
<SEC-HEADER>0001104659-24-089964.hdr.sgml : 20240815
<ACCEPTANCE-DATETIME>20240815104634
ACCESSION NUMBER:		0001104659-24-089964
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20240815
DATE AS OF CHANGE:		20240815
EFFECTIVENESS DATE:		20240815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Funds
		CENTRAL INDEX KEY:			0001413594
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22132
		FILM NUMBER:		241211015

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Aberdeen Funds
		DATE OF NAME CHANGE:	20070926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Global Infrastructure Income Fund
		CENTRAL INDEX KEY:			0001793855
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23490
		FILM NUMBER:		241211021

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILDELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILDELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Aberdeen Standard Global Infrastructure Income Fund
		DATE OF NAME CHANGE:	20200508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Aberdeen Standard Global Infrastructure Public Private Income Fund
		DATE OF NAME CHANGE:	20191112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Healthcare Investors
		CENTRAL INDEX KEY:			0000805267
		ORGANIZATION NAME:           	
		IRS NUMBER:				046564285
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04889
		FILM NUMBER:		241211019

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		6177728515

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEKLA HEALTHCARE INVESTORS
		DATE OF NAME CHANGE:	20141015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	H&Q HEALTHCARE INVESTORS
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRDN EMERGING MARKETS EQUITY INCOME FUND, INC.
		CENTRAL INDEX KEY:			0000846676
		ORGANIZATION NAME:           	
		IRS NUMBER:				222990009
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05770
		FILM NUMBER:		241211027

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN EMERGING MARKETS EQUITY INCOME FUND, INC.
		DATE OF NAME CHANGE:	20180501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN CHILE FUND, INC.
		DATE OF NAME CHANGE:	20100407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHILE FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRDN JAPAN EQUITY FUND, INC.
		CENTRAL INDEX KEY:			0000866095
		ORGANIZATION NAME:           	
		IRS NUMBER:				223060893
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		241211022

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN JAPAN EQUITY FUND, INC.
		DATE OF NAME CHANGE:	20140428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EMERGING EQUITY FUND INC
		DATE OF NAME CHANGE:	19920407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRDN GLOBAL INCOME FUND, INC.
		CENTRAL INDEX KEY:			0000876717
		ORGANIZATION NAME:           	
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06342
		FILM NUMBER:		241211023

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	20020702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN COMMONWEALTH INCOME FUND INC
		DATE OF NAME CHANGE:	20010601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST COMMONWEALTH FUND INC
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Life Sciences Investors
		CENTRAL INDEX KEY:			0000884121
		ORGANIZATION NAME:           	
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		241211018

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		6177728515

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEKLA LIFE SCIENCES INVESTORS
		DATE OF NAME CHANGE:	20141015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	H&Q LIFE SCIENCES INVESTORS
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn National Municipal Income Fund
		CENTRAL INDEX KEY:			0000895574
		ORGANIZATION NAME:           	
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		241211020

	BUSINESS ADDRESS:	
		STREET 1:		C/O ABRDN
		STREET 2:		1900 MARKET STREET, SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		C/O ABRDN
		STREET 2:		1900 MARKET STREET, SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Delaware Investments National Municipal Income Fund
		DATE OF NAME CHANGE:	20081209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	20020327

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Global Dynamic Dividend Fund
		CENTRAL INDEX KEY:			0001362481
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21901
		FILM NUMBER:		241211029

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20180508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20060511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Total Dynamic Dividend Fund
		CENTRAL INDEX KEY:			0001379400
		ORGANIZATION NAME:           	
		IRS NUMBER:				205785181
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21980
		FILM NUMBER:		241211030

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN TOTAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20180508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPINE TOTAL DYNAMIC DIVIDEND FUND
		DATE OF NAME CHANGE:	20061027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Global Premier Properties Fund
		CENTRAL INDEX KEY:			0001390195
		ORGANIZATION NAME:           	
		IRS NUMBER:				208430002
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22016
		FILM NUMBER:		241211028

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN GLOBAL PREMIER PROPERTIES FUND
		DATE OF NAME CHANGE:	20180508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPINE GLOBAL PREMIER PROPERTIES FUND
		DATE OF NAME CHANGE:	20070215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Income Credit Strategies Fund
		CENTRAL INDEX KEY:			0001503290
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22485
		FILM NUMBER:		241211026

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Aberdeen Income Credit Strategies Fund
		DATE OF NAME CHANGE:	20171201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Avenue Income Credit Strategies Fund
		DATE OF NAME CHANGE:	20101012

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Healthcare Opportunities Fund
		CENTRAL INDEX KEY:			0001604522
		ORGANIZATION NAME:           	
		IRS NUMBER:				465317248
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22955
		FILM NUMBER:		241211017

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		617-772-8500

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tekla Healthcare Opportunities Fund
		DATE OF NAME CHANGE:	20140407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tekla Healthcare Growth & Income Fund
		DATE OF NAME CHANGE:	20140402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn World Healthcare Fund
		CENTRAL INDEX KEY:			0001635977
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23037
		FILM NUMBER:		241211016

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		(617) 772-8515

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tekla World Healthcare Fund
		DATE OF NAME CHANGE:	20150306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRDN AUSTRALIA EQUITY FUND, INC.
		CENTRAL INDEX KEY:			0000779336
		ORGANIZATION NAME:           	
		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:		241211024

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN AUSTRALIA EQUITY FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRDN ASIA-PACIFIC INCOME FUND, INC.
		CENTRAL INDEX KEY:			0000790500
		ORGANIZATION NAME:           	
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04611
		FILM NUMBER:		241211025

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN ASIA-PACIFIC INCOME FUND INC
		DATE OF NAME CHANGE:	20041102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN ASIA PACIFIC INCOME FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEN ASIA-PACIFIC INCOME FUND INC
		DATE OF NAME CHANGE:	20010531
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>tm2421636d1_4017g.htm
<DESCRIPTION>40-17G
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0; text-align: right"><IMG SRC="tm2421636d1_4017gimg001.jpg" ALT=""></P>

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

<P STYLE="margin: 0">August 15, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">VIA EDGAR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Washington, D.C. 20549</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt">RE:</TD>
    <TD STYLE="font-size: 10pt">Rule&nbsp;17g-1&nbsp;Fidelity Bond Filing</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Information with Respect to Period Covering May&nbsp;14, 2024 through May&nbsp;14, 2025 for the following Investment Companies (each a &ldquo;Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;):</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Total Dynamic Dividend Fund (811-21980)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Global Dynamic Dividend Fund (811-21901)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Global Premier Properties Fund (811-22016)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Emerging Markets Equity Income Fund (811-05770)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Income Credit Strategies Fund (811-22485)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Asia-Pacific Income Fund,&nbsp;Inc.
(811-04611)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Australia Equity Fund,&nbsp;Inc. (811-04438)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Global Income Fund,&nbsp;Inc. (811-06342)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Japan Equity Fund,&nbsp;Inc. (811-06142)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Global Infrastructure Income Fund (811-23490)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn National Municipal Income Fund (811-07410)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Healthcare Investors (811-04889)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Life Sciences Investors (811-06565)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Healthcare Opportunities Fund (811-22955)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn World Healthcare Fund (811-23037)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abrdn Funds (811-22132)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Dear Sir or Madam:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in; background-color: white">Enclosed for filing,
pursuant to Rule&nbsp;17g-1&nbsp;of the Investment Company Act of 1940, as amended (&ldquo;1940 Act&rdquo;), please find the following
information with respect to the registered investment companies referenced above, each of which is part of the abrdn Funds complex of
mutual funds. Please note for the Commission&rsquo;s records, the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: justify; width: 8%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 8%; font-size: 10pt">a.</TD>
    <TD STYLE="text-align: justify; vertical-align: top; font-size: 10pt">A copy of the Joint Financial Institution Bond, Policy Number J06363271 applicable to the Fund and other named insureds (the &ldquo;Bond&rdquo;), for the period from May&nbsp;14, 2024 through May&nbsp;14, 2025 is enclosed under&nbsp;<B>Exhibit&nbsp;1</B>;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 8%">b.</TD>
    <TD STYLE="text-align: justify; vertical-align: top">A copy of the resolutions adopted by the boards of trustees/directors of the Funds (including a majority of those directors/trustees who are not &ldquo;interested persons&rdquo; of the Funds as defined in the 1940 Act) at meetings held on March&nbsp;12-13, 2023, approving the amount, type, form and coverage of the Bond, and the portion of the premium to be paid by each Fund for the period from May&nbsp;14, 2024 through May&nbsp;14, 2025 is enclosed under&nbsp;<B>Exhibit&nbsp;2</B>;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 8%">c.</TD>
    <TD STYLE="text-align: justify; vertical-align: top">A document showing the amount of the single insured bond which each Fund would have provided and maintained had it not been named as an insured under the Bond for the period from May&nbsp;14, 2024 through May&nbsp;14, 2025 is enclosed under&nbsp;<B>Exhibit&nbsp;3</B>;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: justify; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top; width: 8%">d.</TD>
    <TD STYLE="text-align: justify; vertical-align: top">Premiums have been appropriately paid for the period from May&nbsp;14, 2024 through May&nbsp;14, 2025; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2421636d1_4017gimg001.jpg" ALT="" STYLE="height: 46px; width: 210px"></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%">e.</TD>
    <TD STYLE="text-align: justify; vertical-align: top">A copy of the agreement between each Fund and all of the other named insureds entered into pursuant to paragraph (f)&nbsp;of Rule&nbsp;17g-1&nbsp;is enclosed under&nbsp;<B>Exhibit&nbsp;4</B>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in; background-color: white">Please contact me if
you have questions or require additional information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Very truly yours,</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">/s/ Megan Kennedy</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 50%">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Megan Kennedy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Vice President and Secretary</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Enclosures</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 1</P>

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

<A name="page_1"></A><BR>

<DIV align=left>&nbsp;</DIV>

<P style="MARGIN: 0px">&nbsp;</P>



<A name="page_2"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=45% nowrap colspan=3>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=45% nowrap colspan=3>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD colspan=3>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=13>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap colspan=5>
DECLARATIONS</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=45% nowrap colspan=3>
FEDERAL INSURANCE COMPANY</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=45% nowrap colspan=3>
Incorporated under the laws of Indiana, a stock</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap colspan=5>
Name of Assured:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=45% nowrap colspan=3>
insurance company, herein called the Company</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap colspan=5>
ABRDN FUNDS</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=45% nowrap colspan=3>
One American Square 202 N Illinois Street,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap colspan=5>
Address of Assured:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
Suite 2600</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=35% nowrap colspan=7>
1900 MARKET STREET, SUITE 200</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
Indianapolis, IN 46282</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap colspan=5>
PHILADELPHIA, PA 19103</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=45% nowrap colspan=3>
Bond Number: J06363271</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD colspan=3>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=13>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=13>
THIS IS NONPARTICIPATING WITH REGARD TO PAYING DIVIDENDS TO BONDHOLDERS.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
Item 1.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap colspan=3>
Bond Period:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
From:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
May 14, 2024</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
To:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
May 14, 2025</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=97% colspan=13>
At 12:01 A. M. local time at the Address of Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
Item 2.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=68% nowrap colspan=9>
Single Loss Limits Of Liability   Deductible Amounts:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap colspan=5>
Insuring Clause</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
Single Loss Limit Of</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
Deductible Amount</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
Liability</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
1.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
Employee</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$0</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
2.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
On Premises</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
3.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
In Transit</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
4.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=22% nowrap colspan=3>
Forgery Or Alteration</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
5.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=22% nowrap colspan=3>
Extended Forgery</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
6.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=22% nowrap colspan=3>
Counterfeit Money</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
7.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=22% nowrap colspan=3>
Computer System Fraud</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
8.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=22% nowrap colspan=3>
Claims Expense</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$10,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$0</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
9.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
Audit Expense</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$10,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$0</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=42% nowrap colspan=7>
10. Uncollectible Items Of Deposit</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
11.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap colspan=5>
Voice Initiated Funds Transfer</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
Instruction</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=7% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=24% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=19% nowrap>
 &nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_3"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
IN WITNESS WHEREOF, the Company has caused this Bond to be signed by its Authorized Officers, but it shall</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
not be valid unless also signed by a duly authorized representative of the Company.</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
FEDERAL INSURANCE COMPANY</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><img src="tm2421636d1_asifimg001.jpg" alt=""></td>
    <td style="vertical-align: bottom; text-align: center">&#xa0;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</font></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#xa0;</font></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">May
    9, 2024</td>
    <td>&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="tm2421636d1_asifimg003.jpg" alt=""></font></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</font></td>
    <td>&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative</font></td></tr>
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<BR>




<A name="page_4"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Important Notice</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
The SEC Requires Proof of Your Fidelity Insurance Policy</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb's ICAP Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
2006.</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
information from your agent/broker shortly.</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
between your company and Chubb.</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
If you have any questions, please contact your agent or broker.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_5"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
Notice of Loss Control Services</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Insuring Company: Federal Insurance Company</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
As a Chubb policyholder, you have loss prevention information and/or services available to you, as</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
listed in this Notice. You may order any brochure by email to formsordering@chubb. com and to view</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
our full suite of loss prevention brochures/services go to www. chubb. com/us/fl-lossprevention</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
Directors and Officers (D&amp;O) Liability Loss Prevention Services</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Directors and Officers Liability Loss Prevention Manuals:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Directors and Officers Liability Loss Preventions   #14-01-0035</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Directors and Officers Securities Litigation Loss Preventions   #14-01-0448</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Director Liability Loss Prevention in Mergers and Acquisitions   #14-01-1099</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Directors and Officers Liability Loss Prevention for Not-for-Profit- -#14-01-0036</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Cyber Loss Mitigation for Directors -#14-01-1199</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
Employment Practices Liability (EPL) Loss Prevention Services</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Toll-free Hot Line</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Have a question on how to handle an employment situation? Simply call 1.888.249.8425 to access</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
the nationally known employment law firm of Jackson Lewis P. C. We offer customers an unlimited</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
number of calls to the hot line at no additional charge.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
ChubbWorks. com</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
ChubbWorks. com is a web-based platform that offers multiple services including overviews of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
employment laws, sample employment policies and procedures, and on-line training. To gain</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
immediate access to ChubbWorks go to www. chubbworks. com and register using your policy</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
number.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Employment Practices Loss Prevention Guidelines Manual</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Employment Practices Loss Prevention Guidelines - #14-01-0061</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Loss Prevention Consultant Services</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Chubb has developed a network of more than 120 law firms, human resources consulting firms, and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
labor economist/statistical firms that offer specialized services for employment issues.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Public Company EPL Customers</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Employment Practices Loss Prevention Guidelines   Written by Seyfarth Shaw exclusively for</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Chubb this manual provides an overview of key employment issues faced by for-profit companies</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
and offers proactive idea for avoiding employment lawsuits.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Private Company EPL Customers</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Employment Practices Loss Prevention Guidelines   Written by Seyfarth Shaw exclusively for</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Chubb this manual provides an overview of key employment issues for  profit companies and offers</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
proactive idea for avoiding employment lawsuits.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_6"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
Fiduciary Liability Loss Prevention Services</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Fiduciary Liability Loss Prevention Manual</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Who May Sue You and Why: How to Reduce Your ERISA Risks and the Role of Fiduciary</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Liability Insurance #14-01-1019</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
Crime Loss Prevention Services</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Crime/Kidnap, Ransom &amp; Extortion Loss Prevention Manual</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Preventing Fraud: How Anonymous Hotlines Can Help #14-01-1090</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
Cyber Security Loss Prevention Services</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Visit: https://www2. chubb. com/us-en/business-insurance/cyber-security. aspx to learn more</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
about Chubb's Cyber Services for our policyholders.</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Health Care Directors and Officers (D&amp;O) Liability Loss Prevention Services</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Readings in Health Care Governance Manual</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Readings in Health Care Governance -#14-01-0788</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
ChubbWorks. com</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
ChubbWorks. com for Health Care Organizations   The Health Care Zone is a free online</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
resource containing health care specific loss prevention information for employment practices</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
liability, directors and officers (D&amp;O) liability, and fiduciary liability exposures. To gain</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
immediate access to ChubbWorks go to www. chubbworks. com and register using your policy</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
number.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
"</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Health Care D&amp;O Loss Prevention Consultant Services</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=95% nowrap>
Health Care D&amp; O Loss Prevention Consultant Services- #14-01-1164</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
--------------------</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
The services provided are advisory in nature. While this program is offered as a resource in</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
developing or maintaining a loss prevention program, you should consult competent legal counsel</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
to design and implement your own program. No liability is assumed by reason of the services,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
access or information provided. All services are subject to change without notice.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_7"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center width=100%>
Chubb Producer Compensation</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
Practices &amp; Policies</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Chubb believes that policyholders should have access to information about Chubb's practices and policies related</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
to the payment of compensation to brokers and independent agents. You can obtain that information by accessing</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
our website at http://www. chubbproducercompensation. com or by calling the following toll-free telephone</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
number:</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
1-866-512-2862.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_8"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Trade or Economic</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Sanctions Notice</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
TRADE OR ECONOMIC SANCTIONS NOTICE</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
This insurance does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
us from providing insurance, including, but not limited to, the payment of claims. All other terms and conditions</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
of the policy remain unchanged.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_9"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
IMPORTANT NOTICE TO</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
POLICYHOLDERS</TD>
</TR>
<TR>
	<TD>
<HR noshade size=2>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=2>
</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
Social Engineering Tips</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=99% colspan=3>
Please read!</TD>
</TR>
<TR>
	<TD colspan=3 width=99%><HR noshade size=1></TD></TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
HAVE YOU BEEN TRICKED INTO WIRE FRAUD? TAKE IMMEDIATE ACTION!</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
If you believe you have transferred funds to a criminal posing as a legitimate business associate, you should act</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
quickly:</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
1.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
Immediately contact the originating bank and request a recall of the wire transfer and confirm that</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
recall in writing.</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
2.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
Immediately file a complaint with the FBI at www. ic3. gov. This reporting triggers the FBI's Recovery Asset</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
Team and the FBI's assistance seeking return of the wire transfer.</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
3.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
Preserve records of the incident, including emails sent and received in their original electronic state.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
Correspondence and forensic information contained in these electronic files help investigators shed light on</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
the perpetrator(s), and parties responsible for the incident.</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
4.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
Once the above steps are complete, contact Chubb per the instructions in your policy.</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
While neither recalling the wire transfer nor reporting to the FBI guarantees the return of your funds, these steps</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
maximize the opportunity to mitigate your loss, assist the FBI in tracing the funds and help establish any</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
insurance claim.</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Simple Steps to Prevent Fraudulently Induced Wire Transfers</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Email communication is efficient, but it is not a secure method of communication. Regardless of your familiarity</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
with a contact, that contact's email may be intercepted, altered and fabricated. You may reduce the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
chances of fraud by following these best practices:</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
1.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
Verify Email Requests by Telephone: Require those responsible for paying invoices or changing bank</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
routing information to verify payment details over the phone, rather than by email or documents sent</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
electronically. Making a phone call to a known, pre-existing telephone number remains the single best</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
protection against fraud.</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
2.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
Segregate Wire Transfer Responsibilities: Establish a standing policy that requires at least three people</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
to review and approve wire transfer requests, pay an invoice or change a business partner s bank account</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
information. Such requests should be entered by the initiator of the wire and verified by two independent</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
signatories.</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
3.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
Turn on MFA for Cloud Email: Multifactor Authentication is available from all major email providers. It</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
provides a layer of security to email accounts beyond a user's account name and password, making it harder</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=1% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=96% nowrap>
for criminals to impersonate you, your executives and your employees.</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
This document is for information only. It is offered as a resource to be used together with your professional</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
insurance advisers in maintaining a loss prevention program. No liability is assumed by reason of the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
information this document contains.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_10"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
U. S. Treasury Department's Office</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Of Foreign Assets Control ("OFAC")</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Advisory Notice to Policyholders</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
This Policyholder Notice shall not be construed as part of your policy and no coverage is provided by this</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
policy and review your Declarations page for complete information on the coverages you are provided.</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
This Notice provides information concerning possible impact on your insurance coverage due to directives</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
issued by OFAC. Please read this Notice carefully.</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Presidential declarations of "national emergency". OFAC has identified and listed numerous:</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
l Foreign agents;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
l Front organizations;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
l Terrorists;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
l Terrorist organizations; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
l Narcotics traffickers;</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Treasury's web site   http//www. treas. gov/ofac.</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
entity claiming the benefits of this insurance has violated U. S. sanctions law or is a Specially Designated</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
National and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
contract and all provisions of this insurance are immediately subject to OFAC. When an insurance policy</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
without authorization from OFAC. Other limitations on the premiums and payments also apply.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_11"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Notice to Policyholders</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
QUESTIONS ABOUT YOUR INSURANCE?</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Answers to questions about your insurance, coverage information, or assistance in resolving</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
complaints can be obtained by contacting:</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
CHUBB</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=100%>
Customer Support Service Department</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
436 Walnut Street</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
PO Box 1000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
Philadelphia, PA 19106-3703</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
1-800-352-4462</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_12"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=81% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=81% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=7>
The Company, in consideration of the premium paid, and in reliance on the Application and all other statements</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=7>
made and information furnished to the Company by the Assured, and subject to the Declarations made part of this</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=7>
Bond and to all other terms, conditions, and limitations of this Bond, agrees to pay the Assured for:</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
I.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
INSURING CLAUSES</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
1.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
Employee</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
Loss resulting directly from Larceny or Embezzlement committed by any Employee acting alone or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
in collusion with others.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
2.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
On Premises</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
Loss of Property resulting directly from:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
robbery, burglary, misplacement, mysterious unexplainable disappearance, damage or destruction; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
false pretenses, or common law or statutory larceny, committed by a natural person while on the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
premises of the Assured,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
while the Property is lodged or deposited at premises located anywhere.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
For the purpose of coverage under this Insuring Clause 2, the premises of securities depositories shall be</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
deemed to be premises of the Assured, but only with respect to the loss of Certificated Securities.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
Certificated Securities held by such depositories shall be deemed to be Property, but only to the extent</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
of the Assured's interest therein as detailed in the books and records of such depositories.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
3.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
In Transit</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
Loss of Property resulting directly from common law or statutory larceny, misplacement, mysterious</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
unexplainable disappearance, damage or destruction, while the Property is in transit anywhere in:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
an armored motor vehicle, including loading and unloading thereof;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
the custody of a natural person acting as a messenger of the Assured; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
the custody of a Transportation Company and being transported in a conveyance other than an</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
armored motor vehicle, provided that covered Property transported in such manner is limited to the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
following:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=81% nowrap>
Written records;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=81% nowrap>
Certificated Securities issued in registered form, which are not endorsed or are restrictively</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=81% nowrap>
endorsed; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=81% nowrap>
Negotiable Instruments not payable to bearer, which are not endorsed or are restrictively</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=81% nowrap>
endorsed.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
Coverage under this Insuring Clause 3 begins immediately on the receipt of such Property by the armored</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
motor vehicle, natural person messenger, or Transportation Company and ends immediately on</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
delivery to the premises of the addressee or to any representative of the addressee located anywhere.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
4.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
Forgery Or Alteration</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
Loss resulting directly from the Assured having, in good faith:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
transferred, paid, or delivered any Property; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=3>
established any credit or given any value,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=5>
in reliance on any Written and Original:</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_13"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
Negotiable Instrument (other than an Evidence of Debt);</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
Acceptance;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
Withdrawal Order or receipt for the withdrawal of Property;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(4)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
Certificate of Deposit;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(5)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
Letter of Credit; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(6)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
instruction or advice directed to the Assured and purportedly signed by any Customer, any</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
financial institution, or any Employee,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=8% nowrap colspan=3>
which</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
i.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
bears a Forgery; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
ii.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
is fraudulently materially altered.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=7>
For the purpose of this Insuring Clause 4, a reproduction of a handwritten signature is treated the same as</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=7>
the handwritten signature. An electronic or digital signature is not treated as a reproduction of a</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=7>
handwritten signature.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
5.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=7>
Extended Forgery</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=7>
Loss resulting directly from the Assured having, in good faith, for its own account or the account of others:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=5>
acquired, sold or delivered, given value, extended credit or assumed liability in reliance on any Written</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=5>
and Original:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
Certificated Security;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
deed, mortgage or other instrument conveying title to, or creating or discharging a lien on, real</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
property;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
Evidence of Debt; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(4)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
Instruction,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=8% nowrap colspan=3>
which</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
i.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
bears a Forgery, but only to the extent the Forgery directly causes the loss;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
ii.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
is fraudulently materially altered, but only to the extent the alteration directly causes the loss;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
iii.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=78% nowrap>
is lost or stolen;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=5>
guaranteed in writing or witnessed any signature on any:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
transfer;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
assignment;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
bill of sale;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(4)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
power of attorney; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(5)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap colspan=3>
endorsement upon any item listed in a. (1) through a. (4) above,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=5>
but only to the extent that such guarantee or signature directly causes the loss; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=5>
acquired, sold or delivered, or given value, extended credit or assumed liability in reliance on any item</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=5>
listed in a. (1) or a. (2) above which is a Counterfeit Original, but only to the extent the Counterfeit</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=5>
Original directly causes the loss.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_14"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Actual physical possession, and continued actual physical possession if taken as collateral, of the items</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
listed in a. (1) through a. (4) above by an Employee, Custodian, or a federal or state chartered deposit</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
institution of the Assured is a condition precedent to the Assured having relied on such items. Release</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
or return of such collateral is an acknowledgment by the Assured that it no longer relies on such collateral.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
For the purpose of this Insuring Clause 5, a reproduction of a handwritten signature is treated the same as</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
the handwritten signature. An electronic or digital signature is not treated as a reproduction of a</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
handwritten signature.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
6.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Counterfeit Money</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Loss resulting directly from the receipt by the Assured in good faith of counterfeit Money.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
7.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Computer System Fraud</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Loss resulting directly from the:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
withdrawal, transfer, payment, or delivery of Property; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
creation, deletion, debiting, or crediting of an account of the Assured or Customer,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
which results directly from a Network Intrusion.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
8.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Claims Expense</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Claims Expenses incurred by the Assured in determining the amount of covered loss under this Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
in excess of the applicable Deductible Amount.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
9.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Audit Expense</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Audit Expenses incurred by the Assured by reason of the discovery of loss covered under Insuring</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Clause 1.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
10.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Uncollectible Items Of Deposit</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Loss resulting directly from the Assured having credited an account of a customer, shareholder, or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
subscriber on the faith of any Items of Deposit which prove to be uncollectible, provided that the crediting</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
of such account causes:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
redemptions or withdrawals to be permitted;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
shares to be issued; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
dividends to be paid,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
from an account of an Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
As a condition precedent to coverage under this Insuring Clause 10, the Assured must hold Items of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Deposit for the minimum number of days stated in the Application before permitting any redemptions or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
withdrawals, issuing any shares, or paying any dividends with respect to such Items of Deposit.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Items of Deposit shall not be deemed uncollectible until the Assured's standard collection procedures</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
have failed.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
11.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Voice Initiated Funds Transfer Instruction</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Securities in reliance upon any Voice Initiated Funds Transfer Instruction that purports, and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
reasonably appears, to have originated from:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
the Customer;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
an Employee acting on instructions of such Customer; or</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_15"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
a financial institution acting on behalf of such Customer with authority to make such instructions,</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
but which Voice Initiated Funds Transfer Instruction was, in fact, fraudulently issued without the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
knowledge of the Assured, Employee, or Customer.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
As a condition precedent to coverage under this Insuring Clause 11, the Voice Initiated Funds Transfer</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Instruction must be received and processed in accordance with the Designated Procedures as outlined in</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the Application furnished to the Company.</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD colspan=3>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
II.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
GENERAL AGREEMENTS</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
1.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Automatic Increase   Limit Of Liability</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
If, during the Bond Period, an increase in the minimum amount of the Single Loss Limit Of Liability</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
applicable to Insuring Clause 1 is required pursuant to Rule 17g-1 of the Investment Company Act of 1940,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
as a result of:</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
the creation of a new Investment Company; or</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
an increase in the gross assets of Investment Companies covered under the Bond,</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
then the minimum required increase in the amount of the Single Loss Limit Of Liability applicable to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Insuring Clause 1 shall take place automatically for the remainder of the Bond Period without payment of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
an additional premium.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
2.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Joint Assured</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The first named Assured shall be deemed to be the sole agent of the other Assureds for all purposes</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
under this Bond, including but not limited to the giving or receiving of any notice or proof required to be</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
given and for the purpose of effecting or accepting any amendments to or termination of this Bond.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
If the first named Assured ceases for any reason to be covered under this Bond, then the Assured next</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
named on the Application shall thereafter be considered as the first named Assured for the purposes of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
this Bond.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The Company shall furnish each Assured with a copy of the Bond and with any amendment thereto,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
together with a copy of each formal filing of claim by any other Assured and notification of the terms of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the settlement of each such claim prior to the execution of such settlement.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Knowledge possessed or discovery made by any Assured shall constitute knowledge possessed or discovery</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
made by all of the Assureds for the purposes of this Bond.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
All loss and other payments, if any, payable by the Company, shall be payable to the first named Assured</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
without regard to such Assured's obligations to others, and the Company shall not be responsible for the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
application by the first named Assured of any payment made by the Company. If the Company agrees to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
and makes payment to any Assured other than the first named Assured, such payment shall be treated</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
as though made to the first named Assured.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The Company shall not be liable for loss sustained by one Assured to the advantage of any other Assured.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
3.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Notice To Company Of Legal Proceedings Against Assured   Election To Defend</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The Assured shall promptly give notice to the Company of any legal proceeding brought to determine the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Assured's liability for any loss, claim or damage which, if established, would constitute a collectible loss</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
under this Bond. Concurrent with such notice, and as requested thereafter, the Assured shall furnish</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
copies of all pleadings and pertinent papers to the Company.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The Company may, at its sole option, elect to conduct the defense of all or part of such legal proceeding.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The defense by the Company shall be in the name of the Assured through attorneys selected by the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Company. The Assured shall provide all reasonable information and assistance as required by the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Company for such defense.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_16"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
If the Company elects to defend all or part of any legal proceeding, the court costs and attorneys'  fees</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
incurred by the Company and any settlement or judgment on that part defended by the Company shall be</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
a loss under the applicable Insuring Clause of this Bond. In addition, if the amount demanded in the legal</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
proceeding is greater than the amount recoverable under this Bond, or if a Deductible Amount is applicable,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
or both, the Company's liability for court costs and attorneys'  fees incurred in defending all or part of such</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
legal proceeding is limited to the proportion of such court costs and attorneys'  fees incurred that the amount</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
recoverable under this Bond bears to the total of the amount demanded in such legal proceeding.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
If the Company declines to defend the Assured, no settlement without the prior written consent of the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Company or judgment against the Assured shall determine the existence, extent or amount of coverage</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
under this Bond, and the Company shall not be liable for any costs, fees and expenses incurred by the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
4.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Representations Made By Assured</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
The Assured represents that all information it has furnished in the Application for this Bond or otherwise</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
is complete, true and correct. Such Application and other information constitute part of this Bond. Any</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Application or otherwise, shall be grounds for rescission of this Bond.</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD colspan=3>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
III.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
DEFINITIONS</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
As used in this Bond:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Acceptance means a draft which the drawee has, by signature written on it, engaged to honor as presented.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Assured means:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
the Investment Company listed under Name of Assured in the Declarations (the&#8239;"first named</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
Assured"); or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
any other Investment Company listed in the Application.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Assured does not include any entity or organization that is not an Investment Company.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Assured's Network means:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
the Assured's Computer System; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
an Electronic Communication System.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Audit Expenses means reasonable expenses incurred by the Assured with the Company's prior written</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
consent, which shall not be unreasonably withheld, for audits or examinations required by any</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
governmental regulatory authority or self-regulatory organization to be conducted by such authority,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
organization, or their appointee. Audit Expense shall not include the Assured's internal corporate costs</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
(such as salaries), attorneys'  fees, or expenses incurred by any customer.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Certificate of Deposit means an acknowledgment in writing by a financial institution of receipt of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Money with an engagement to repay it.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
Certificated Security means a share, participation or other interest in property of the issuer, or an</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=91% nowrap colspan=3>
enterprise of the issuer, or an obligation of the issuer, which is:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
represented by an instrument issued in bearer or registered form;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
which it is issued or dealt in as a medium for investment; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
either one of a class or series or by its terms divisible into a class or series of shares, participations,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
interests or obligations.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_17"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Claims Expenses means reasonable expenses incurred by the Assured with the Company s prior written</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
consent, which shall not be unreasonably withheld, solely for independent firms or individuals retained to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
determine the amount of a covered loss. Claims Expenses shall not include the Assured's internal</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
corporate costs (such as salaries), attorneys'  fees, or expenses incurred by any customer.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Computer System means a device or group of devices and all input, output, processing, storage, off-line</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
media libraries (including third-party hosted computing services accessed across the internet, including</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
infrastructure, platform, and software services), and communication facilities, including related</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
communications networks, which are connected directly or indirectly to such device or group of devices.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Counterfeit Original means an imitation of an actual valid Original which is intended to deceive and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
be taken as the Original.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Cryptocurrency means a digital or electronic medium of exchange, operating independently of a central</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
bank, in which encryption techniques are used to regulate the generation of units and to verify the transfer</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
of such units.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Custodian means the institution designated by an Assured to maintain possession and control of its</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
assets.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Customer means any shareholder of an Assured which has a written agreement with the Assured to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
transfer such shareholder's Money or Securities through a Voice Initiated Funds Transfer</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Instruction.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Customer Communication System means an:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
online portal or mobile application provided by the Assured for purposes of accessing a Customer's</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
account; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
electronic mailing system hosted by the Assured or by a third party cloud service provider.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Director means any natural person duly elected or appointed:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
as an officer of the Assured;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
to the Assured's board of directors; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
as a trustee of the Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Electronic Communication System means:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
Fedwire, Clearing House Interbank Payment System (CHIPS), Society for Worldwide Interbank</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
Financial Telecommunication (SWIFT), and similar automated interbank communication systems in</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
which the Assured participates;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
Customer Communication System; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
any communication system similar to those set forth in (1) and (2) of this definition in which the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
Assured participates,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
allowing for the input, output, examination, or transfer of electronic instructions into or from the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Assured's Computer System.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Employee means any natural person:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
while in the regular service of an Assured in the ordinary course of such Assured's business, whom</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
such Assured compensates directly by salary or wage and has the right to control and direct in the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
performance of such service;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
Director while in the regular service of an Assured in the ordinary course of such Assured's</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
business, or while acting as a member of any committee duly elected or appointed to examine or audit</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
or have custody of or access to Property of the Assured;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
intern while in the regular service of an Assured in the ordinary course of such Assured's business;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_18"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(4)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
provided by an employment contractor while in the regular service of an Assured in the ordinary</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
course of such Assured's business under the Assured's supervision at any of the Assured's</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
premises;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(5)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
employee of the Assured s contracted:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
investment advisor;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
underwriter (distributor);</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
transfer agent;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
d.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
shareholder accounting record-keeper; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
e.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
fund administrator,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
while performing acts for the Assured in the capacity of an Employee;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(6)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
attorney of a law firm retained by the Assured while performing legal services for the Assured; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(7)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
Processor, but only while such Processor is performing services and not:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
creating, preparing, modifying, or maintaining the Assured s computer applications or software</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
programs; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
acting as a transfer agent or in any other agency capacity in issuing checks, drafts, or securities for</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
the Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
Each employer of persons as set forth in (6) and (7) of this definition and the partners, officers, and other</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
employees of such employers shall collectively be deemed to be one person for the purpose of the definition</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
of Single Loss and in the event of payment under this Bond, the Company shall be subrogated to the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
Assured's rights of recovery, as stated in Section 12. , Subrogation   Assignment   Recovery, of the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
Conditions and Limitations, against any such employer.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
Employee does not include:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
any employee of a fund administrator for any employee benefit plan; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
any employee of a transfer agent, shareholder accounting record-keeper, or fund administrator which</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
is:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
not an  "affiliated person"  (as defined in Section 2(a) of the Investment Company Act of 1940) of an</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
Assured or of the investment advisor or underwriter (distributor) of such Assured; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap>
a  "bank"  (as defined in Section 2(a) of the Investment Company Act of 1940) .</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
Evidence of Debt means an instrument, including a Negotiable Instrument, executed by a Customer</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
and held by the Assured, which in the regular course of business is treated as evidencing the Customer's</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
debt to the Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
Forgery means:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
affixing the handwritten signature, or a reproduction of the handwritten signature, of another natural</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
person without authorization and with the intent to deceive; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
affixing the name of an organization as an endorsement to a check without authority and with the intent</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=3>
to deceive,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
provided that a signature which consists in whole or in part of one's own name signed with or without</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
authority, in any capacity, for any purpose is not a Forgery.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
Initial Transaction Statement means the first written statement signed by or on behalf of the issuer of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=5>
an Uncertificated Security sent to the registered owner or registered pledgee containing:</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_19"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
a description of the issue of which the Uncertificated Security is a part;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
the number of shares or units transferred to the registered owner, pledged by the registered owner to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
the registered pledgee, or released from pledge by the registered pledgee;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
the name, address and taxpayer identification number, if any, of the registered owner and registered</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
pledgee; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(4)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
the date the transfer, pledge or release was registered.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Instruction means a written order to the issuer of an Uncertificated Security requesting that the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
transfer, pledge or release from pledge of the specified Uncertificated Security be registered.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Investment Company means any entity registered under the Investment Company Act of 1940.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Items of Deposit means one or more checks or drafts drawn upon a financial institution in the United</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
States of America.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Larceny or Embezzlement means larceny and embezzlement as defined under Section 37 of the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Investment Company Act of 1940.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Letter of Credit means an engagement in writing by a bank or other person made at the request of a</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
customer that the bank or other person will honor drafts or other demands for payment in compliance with</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
the conditions specified in the engagement.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Money means a medium of exchange in current use authorized or adopted by a domestic or foreign</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
government as part of its currency.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Negotiable Instrument means any writing:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
signed by the maker or drawer;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
containing an unconditional promise or order to pay a sum certain in Money and no other promise,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
order, obligation or power given by the maker or drawer;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
payable on demand or at a definite time; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(4)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
payable to order or bearer.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Negotiable Instrument includes a substitute check as defined in the Check Clearing for the 21 st Century</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Act, and shall be treated the same as the Original it replaced.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Network Intrusion means the:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
unauthorized access; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap>
entry of an unauthorized application or software program,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
into the Assured's Network, by any entity or natural person, except an Employee or any authorized</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
representative of the Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Original means the first rendering or archetype and does not include photocopies or electronic</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
transmissions even if received and printed.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Processor means an employee of any entity authorized by the Assured to perform data processing of the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Assured's checks and accounting records related to such checks. Processor does not include any</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
employee of a Federal Reserve Bank or clearing house.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Property means Money; Securities; Initial Transaction Statement; Negotiable Instrument;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Certificate of Deposit; Acceptance; Evidence of Debt; Withdrawal Order; Letter of Credit;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
insurance policy; abstract of title, deed and mortgage on real estate; revenue and other stamps; precious</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
metals in any form; and books of accounts and other Written records, but not electronic data processing</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
records or media.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=99% nowrap colspan=3>
Property does not include electronic data or Cryptocurrency.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_20"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
Securities means either Certificated Securities or Uncertificated Securities.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
Single Loss means all covered loss, court costs, and attorneys'  fees resulting from:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
any one act of burglary, robbery or attempt at either, in which no Employee is implicated;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
any one act or series of related acts on the part of any natural person resulting in the damage,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
destruction, or misplacement of Property;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
all acts other than those specified in (1) and (2) of this definition, caused by any natural person or in</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
which such natural person is implicated; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
(4)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
any one event not specified in (1), (2) or (3) of this definition.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
Transportation Company means any organization which provides its own or its leased vehicles for</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
transportation or which provides freight forwarding or air express services.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
Uncertificated Security means a share, participation or other interest in property of the issuer, or an</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
enterprise of the issuer, or an obligation of the issuer, which is:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
not represented by an instrument and the transfer of which is registered on books maintained for that</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
purpose by or on behalf of the issuer;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
of a type commonly dealt in on securities exchanges or markets; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
either one of a class or series or by its terms divisible into a class or series of shares, participations,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
interests or obligations.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
Voice Initiated Funds Transfer Instruction means those oral instructions which authorize the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
transfer of Money in a Customer's account, or of a Customer's Securities, and which are:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
made over a telecommunications device; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
directed to those natural persons specifically authorized to receive such instructions by such</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
telecommunications device.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
Customer authorizing the Assured to debit the Customer's account in the amount of funds stated</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
therein.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
Written means expressed through letters or marks placed upon paper and visible to the eye.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
For the purposes of these definitions, the singular includes the plural and the plural includes the singular,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
unless otherwise indicated.</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD colspan=3>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
IV.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
EXCLUSIONS</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
1.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
General Exclusions   Applicable To All Insuring Clauses</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
This Bond does not cover loss resulting directly or indirectly from:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
riot or civil commotion outside the United States of America and Canada, or any loss due to military,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
naval or usurped power, war or insurrection. This Exclusion 1. a. , however, shall not apply to loss which</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
occurs in transit in the circumstances recited in Insuring Clause 3, provided that when such transit was</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
initiated there was no knowledge on the part of any person acting for the Assured of such riot, civil</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
commotion, military, naval or usurped power, war or insurrection;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
the effects of nuclear fission or fusion, radioactivity, or chemical or biological contamination;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
the loss of potential income. This Exclusion 1. c. , however, shall not apply to interest and dividends</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
accrued to the benefit of the Assured or any Customer prior to the discovery of a covered loss,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
whether or not such accrued interest or dividends have been paid into the account of such Assured or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=5% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
Customer as of the discovery of such covered loss;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_21"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
d.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
damages of any type for which the Assured is legally liable, except compensatory damages, but not</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
multiples thereof, arising from a loss covered under this Bond;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
e.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
all costs, fees and expenses incurred by the Assured:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
in establishing the existence of or amount of loss covered under this Bond, except for loss covered</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
under Insuring Clause 8 or 9; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
as a party to any legal proceeding, even if such legal proceeding results in a loss covered by this</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
Bond;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
f.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
indirect or consequential loss of any nature, except for loss covered under Insuring Clause 8 or 9. This</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
Exclusion 1. f. , however, shall not apply to interest and dividends accrued to the benefit of the Assured</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
or any Customer prior to the discovery of a covered loss, whether or not such accrued interest or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
dividends have been paid into the account of such Assured or Customer as of the discovery of such</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
covered loss;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
g.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
any violation by the Assured or by any Employee:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
of any law regulating:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
i.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap>
the issuance, purchase or sale of securities;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
ii.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap>
securities transactions on security or commodity exchanges or the over the counter market;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
iii.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap>
investment companies; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
iv.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=83% nowrap>
investment advisors; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
of any rule or regulation made pursuant to any such law;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
h.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
the loss or disclosure of confidential information, material or data, while in the care, custody or control</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
of the Assured, including but not limited to patents, trade secrets, processing methods, customer lists,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
financial information, credit card information, health information, retirement or health savings</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
account information, or any similar type of non-public information. This Exclusion 1. h. , however, shall</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
not apply when such information, material or data is used to support or facilitate the commission of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
any act otherwise covered under this Bond;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
i.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
fees, costs, fines, penalties or any other expenses incurred by an Assured which result, directly or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
indirectly, from the access to or disclosure of an Assured's or another entity's or person's confidential</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
or personal information, including but not limited to patents, trade secrets, processing methods,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
customer lists, financial information, credit card information, health information, retirement or health</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
savings account information, or any similar type of non-public information;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
j.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
liability resulting from disclosure of or acting on material nonpublic information;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
k.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
liability assumed by the Assured by agreement under any contract, unless loss under this Bond would</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
be covered in the absence of such agreement;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
l.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
the dishonest acts of any Director who is not an Employee, acting alone or in collusion with others;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
m.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
any modification, damage, destruction, deletion, or corruption of any application or software program</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
within the Assured's Network, except for loss covered under Insuring Clause 7;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
n.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
a threat or series of threats to:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
gain access to the Assured's Computer System and sell or disclose confidential information</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
stored within the Assured's Computer System; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
modify, damage, destroy, delete, or corrupt any application or software program within the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=88% nowrap colspan=3>
Assured's Computer System;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
o.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
costs or expenses of any independent forensic analysts or network security consultants engaged to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=93% nowrap colspan=5>
investigate or assess any actual or alleged threat;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_22"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
p.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
costs or expenses incurred to identify or remediate application or software program errors or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
vulnerabilities, or costs to update, replace, restore, upgrade, maintain, or improve a Computer</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
System;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
q.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
costs or expenses incurred to replace, restore, recreate, collect, or recover any application or software</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
program; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
r.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Cryptocurrency.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
2.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Specific Exclusions   Applicable To All Insuring Clauses Except Insuring Clause 1</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
This Bond does not cover loss resulting directly or indirectly from:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the acts of an Employee, except for loss covered under:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Insuring Clause 2 or 3 which results directly from misplacement, mysterious unexplainable</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
disappearance, or damage or destruction of Property; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Insuring Clause 11;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the surrender of a ransom or extortion payment away from the Assured's premises as a result of a</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
threat to do bodily harm to any person, or to do damage to the premises or Property of the Assured,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
except for loss covered under Insuring Clause 3. b. ;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
payments made or withdrawals from any account involving erroneous credits to such account, unless</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
such payments or withdrawals are physically received by such depositor or representative of such</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
depositor who is within the premises of the Assured at the time of such payment or withdrawal;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
d.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
any Uncertificated Security, except for loss covered under Insuring Clause 7;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
e.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the loss of Property while:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
in the mail;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
in the custody of a Transportation Company, except for loss covered under Insuring Clause 3;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
located on the premises of an armored motor vehicle operator;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
f.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
damages resulting from any civil, criminal or other legal proceeding in which the Assured is</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
adjudicated to have engaged in Racketeering activity;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
g.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
or deliver funds or Property to the Assured, except for loss of Securities covered under Insuring</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Clause 2;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
h.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
instructions issued by a Customer to the Assured when such instructions are made, sent, or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
originated by a natural person authorized by the Customer to make, send, or originate any</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
instructions;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
i.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the use of credit, debit, charge, access, convenience, identification, cash management, or other cards</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
whether such cards were issued, or purport to have been issued, by the Assured or by any entity other</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
than the Assured;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
j.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Items of Deposit which are not finally paid for any reason including, but not limited to, Forgery or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
any other fraud, except for loss covered under Insuring Clause 10;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
k.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the acts of any agent, broker, factor, commission merchant, independent contractor, intermediary,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
finder, or other representative of the same general character of the Assured; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
l.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the acts of any employee, agent, broker, factor, commission merchant, independent contractor,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
intermediary, finder, or other representative of the same general character of any third party, while</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
conducting business with the Assured on behalf of such third party.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_23"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
3.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Specific Exclusions   Applicable To All Insuring Clauses Except Insuring Clauses 1, 4, and 5</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
This Bond does not cover loss resulting directly or indirectly from:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the complete or partial non-payment of or default on any loan whether such loan was procured in good</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
faith or through trick, artifice, fraud, or false pretenses, except for loss covered under Insuring Clause</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
7;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
any Forgery or any alteration, except for loss covered under Insuring Clause 7; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
any counterfeit, except for loss covered under Insuring Clause 6.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
4.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Specific Exclusions   Applicable To Insuring Clause 7</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
This Bond does not cover loss resulting directly or indirectly from:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
any transfer, payment, or delivery of Money or Securities:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
authorized by an Employee; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
arising out of any misrepresentation received by any Employee, agent, broker, factor, commission</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
merchant, independent contractor, intermediary, finder, or other representative of the same</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
general character of the Assured,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
whether such transfer, payment, or delivery was made in good faith or as a result of trick, artifice, fraud,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
or false pretenses;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
forged, altered or fraudulent Negotiable Instruments, Securities, documents or written</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
instruments used as source documentation for input into a Computer System;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
any investment in Securities, or ownership in any corporation, partnership, real property, commodity</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
or similar instrument, whether or not such investment is genuine or fraudulent;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
d.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
mechanical failure, faulty construction, error in design, latent defect, wear and tear, gradual</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
deterioration, electrical disturbance, the Assured's Network failure or breakdown, any malfunction</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
or error in programming, or error or omission in processing;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
e.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
entries or changes made by a natural person with authorized access to the Assured's Network who</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
acts in good faith on instructions, unless such instructions are given to that person by a software</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
contractor or its partner, officer, or employee authorized to design, develop, prepare, supply, service,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
write or implement programs for the Assured's Network; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
f.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
entries or changes made at an Electronic Funds Transfer System or a Customer</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Communication System by a:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Customer; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
natural person with authorized access to the Customer's authentication credentials or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
mechanism.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
5.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Specific Exclusions   Applicable To Insuring Clause 11</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
This Bond does not cover loss resulting directly or indirectly from any Voice Initiated Transfer</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Instruction from a:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Customer; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
natural person with authorized access to the Customer's verification credentials or mechanism.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_24"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
V.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
CONDITIONS AND LIMITATIONS</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
1.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Anti-Bundling</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
If any Insuring Clause requires that an enumerated type of document be fraudulently materially altered or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
a Counterfeit Original, or contain a signature which is a Forgery or obtained through trick, artifice,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
fraud, or false pretenses, the material alteration or Counterfeit Original or fraudulent signature must be</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
on or of the enumerated document itself not on or of some other document submitted with, accompanying</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
or incorporated by reference into the enumerated document.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
2.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Change Or Modification</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
No change in or modification of this Bond shall be effective except when made by written endorsement to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
this Bond signed by an authorized representative of the Company.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
If this Bond is for a sole Assured, no change or modification which would adversely affect the rights of the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Assured shall be effective prior to sixty (60) days after written notice has been furnished by the acting</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
party to the U. S. Securities and Exchange Commission.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
If this Bond is for joint Assureds, no change or modification which would adversely affect the rights of any</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Assured shall be effective prior to sixty (60) days after written notice has been furnished by the Company</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
to all Assureds and to the U. S. Securities and Exchange Commission.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
3.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Conformity</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
If any time period limitation within this Bond is prohibited by any law controlling this Bond's construction,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
by such law.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
4.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Cooperation Of Assured</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
At the Company's request and at reasonable times and places designated by the Company, the Assured</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
shall:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
submit to examination by the Company and subscribe to the same under oath;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
produce for the Company's examination all pertinent records; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
cooperate with the Company in all matters pertaining to the loss.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The Assured shall execute all papers and render all assistance to secure to the Company the rights and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
causes of action provided for under this Bond. The Assured shall do nothing after discovery of any loss to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
prejudice such rights or causes of action.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
5.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Covered Property</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
This Bond shall apply to loss of Property:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
owned by the Assured;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
held by the Assured in any capacity; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
for which the Assured is legally liable.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
This Bond shall be for the sole use and benefit of the Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
6.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Deductible Amount</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The Company shall be liable under this Bond only for the amount by which any Single Loss is greater than</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the applicable Deductible Amount as stated in Item 2 of the Declarations.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
There shall be no deductible applicable to any loss sustained by any Assured and covered under Insuring</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Clause 1.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_25"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
7.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Discovery</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
This Bond applies only to loss first discovered by a Director during the Bond Period. Discovery occurs at</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
the earlier of a Director learning of:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
facts which may subsequently result in a loss of a type covered by this Bond; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
an actual or potential claim in which it is alleged that the Assured is liable to a third party,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
loss does not exceed the applicable Deductible Amount, or the exact amount or details of loss may not then</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
be known.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
8.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Limit Of Liability</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
The payment of any loss under this Bond shall not reduce the liability of the Company for other losses</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
whenever sustained, provided that:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the Company's liability for each Single Loss shall not exceed the applicable Single Loss Limit Of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Liability as stated in Item 2 of the Declarations or as set forth under General Agreement 1, and shall not</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
be cumulative in amounts from year to year or from Bond Period to Bond Period;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
if a Single Loss is covered under more than one Insuring Clause, the maximum payable shall not</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
exceed the largest applicable Single Loss Limit Of Liability; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the Company's liability for loss or losses sustained by more than one Assureds, or all Assureds, shall</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
not exceed the total amount for which the Company would be liable under this Bond if such loss or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
losses were sustained by any one Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
9.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Notice To Company   Proof   Legal Proceedings Against Company</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The Assured shall give the Company notice at the earliest practicable moment, not to exceed sixty (60)</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
days after discovery of a loss, in an amount that is in excess of 50% of the applicable Deductible Amount,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
as stated in Item 2 of the Declarations.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The Assured shall furnish to the Company proof of loss, duly sworn to, with full particulars, within six</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
(6) months after such discovery.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Certificated Securities listed in a proof of loss shall be identified by certificate or bond numbers, if</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
issued with them.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
d.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
expiration of sixty (60) days after the proof of loss is filed with the Company or after the expiration of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
twenty-four (24) months from the discovery of such loss.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
e.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
This Bond affords coverage only in favor of the Assured. No claim, suit, action or legal proceeding</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
shall be brought under the Bond by anyone other than the Assured.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
f.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
All such notices shall be given in writing to one of the following addresses:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
ChubbClaimsFirstNotice@chubb. com; or</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>
 &nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>
 &nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Attn: Chubb Claims Department</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Chubb</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
P. O. Box 5122</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Scranton, PA 18505</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
g.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
All other notices to the Company under this Bond shall be given in writing to the following address:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
NA. FinancialLines@chubb. com; or</TD>
</TR>
<TR>
	<TD>
 &nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>
 &nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>
 &nbsp;</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_26"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Attn: Chubb Underwriting Department</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Chubb</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
202B Hall's Mill Road</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Whitehouse Station, NJ 08889</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
All notices described above shall be effective on the date of receipt by the Company.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
10.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Other Insurance</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Coverage under this Bond shall apply only as excess over any other valid and collectible insurance,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
indemnity or suretyship obtained by or on behalf of:</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(1)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
the Assured;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(2)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
a Transportation Company; or</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
(3)</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
another entity on whose premises the loss occurred or which employed the person causing the loss</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
or engaged the messenger conveying the Property involved.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Solely with respect to Insuring Clause 7, in the event of a loss covered under this Bond and also covered</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
under other valid and collectible insurance issued by the Company, or a parent, subsidiary or affiliate</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
of the Company to the Assured, the Single Loss Limit Of Liability under this Bond shall be reduced by</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
any payment under any other such valid and collectible insurance and only the remainder, if any, shall</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
be applicable to such loss covered hereunder.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
11.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Securities Settlement</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
In the event of a loss of Securities covered under this Bond, the Company may, at its sole discretion,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
purchase replacement Securities, tender the value of the Securities in Money, or issue its indemnity to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
effect replacement Securities.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
The indemnity required from the Assured under the terms of this Section against all loss, cost or expense</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
arising from the replacement of Securities by the Company's indemnity shall be:</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
for Securities having a value less than or equal to the applicable Deductible Amount   one hundred</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
(100%) percent;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
for Securities having a value in excess of the applicable Deductible Amount but within the Single Loss</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Limit Of Liability   the percentage that the Deductible Amount bears to the value of the Securities;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
or</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
for Securities having a value greater than the applicable Single Loss Limit Of Liability   the percentage</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
that the Deductible Amount and portion in excess of the Single Loss Limit Of Liability bears to the value</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
of the Securities.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
The value referred to in Sections 11. a. , b. , and c. is the value in accordance with Section 14. , Valuation,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
regardless of the value of such Securities at the time the loss under the Company's indemnity is sustained.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
The Company is not required to issue its indemnity for any portion of a loss of Securities which is not</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
covered by this Bond, however, the Company may do so as a courtesy to the Assured in its sole discretion.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
The Assured shall pay the proportion of the Company's premium charge for the Company s indemnity as</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
set forth in Sections 11. a. , b. , and c. No portion of the Single Loss Limit Of Liability shall be used as payment</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
of premium for any indemnity purchased by the Assured to obtain replacement Securities.</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
12.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Subrogation   Assignment   Recovery</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
In the event of a payment under this Bond, the Company shall be subrogated to all of the Assured's rights</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
of recovery against any person or entity to the extent of such payment. On request, the Assured shall</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
deliver to the Company an assignment of the Assured's rights, title and interest and causes of action</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
against any person or entity to the extent of such payment.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_27"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Recoveries, whether effected by the Company or by the Assured, shall be applied net of the expense of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
such recovery, in the following order:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
first, to the satisfaction of the Assured's covered loss which would otherwise have been paid but for</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
the fact that it is in excess of the Single Loss Limit Of Liability;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
second, to the Company in satisfaction of amounts paid in settlement of the Assured's claim;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
third, to the Assured in satisfaction of the applicable Deductible Amount; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
d.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
fourth, to the Assured in satisfaction of any loss suffered by the Assured which was not covered under</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
this Bond.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Recovery from reinsurance or indemnity of the Company shall not be deemed a recovery under this Section.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
13.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Termination</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
If the Bond is for a sole Assured, it shall not be terminated unless written notice shall have been given</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
by the acting party to the affected party and to the U. S. Securities and Exchange Commission not less</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
than sixty (60) days prior to the effective date of such termination.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
If the Bond is for a joint Assured, it shall not be terminated unless written notice shall have been given</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
by the acting party to the affected party, and by the Company to all Assureds and to the U. S. Securities</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
and Exchange Commission, not less than sixty (60) days prior to the effective date of such termination.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
If any Director, not acting in collusion with an Employee, discovers any dishonest or fraudulent act</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
committed by such Employee, whether in the employment of the Assured or otherwise, and whether</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
against the Assured or any other person or entity, the Assured:</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
i.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
shall immediately remove such Employee from a position that would enable such Employee to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
cause the Assured to suffer a loss covered by this Bond; and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
ii.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
within forty-eight (48) hours of discovering an Employee has committed any dishonest or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
fraudulent act, shall notify the Company of such action and provide full particulars of such</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=84% nowrap>
dishonest or fraudulent act.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
d.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
This Bond terminates as to any Employee sixty (60) days after receipt by each Assured and the U. S.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Securities and Exchange Commission of written notice from the Company of its decision to terminate</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
this Bond as to any Employee.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
14.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=94% nowrap colspan=5>
Valuation</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Books Of Account Or Other Records</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The value of any loss of Property consisting of books of account or other records used by the Assured</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
in the conduct of its business shall be the amount paid by the Assured for blank books, blank pages,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
or other materials which replace the lost books of account or other records, plus the cost of labor paid</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
by the Assured for the actual transcription or copying of data to reproduce such books of account or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
other records.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Money</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Any loss of Money, or loss payable in Money, shall be paid in the Money of the United States of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
America or the dollar equivalent of it, determined by the free market rate of exchange in effect at the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
time of discovery of such loss.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
Other Property</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
The value of any loss of Property, except as otherwise provided for in this Section 14. , shall be the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
actual cash value or the cost of repairing or replacing such Property with Property of like quality and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=2% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=3>
value, whichever is less.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_28"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
Financial Institution Bond</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
For Investment Companies</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
d.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
Securities</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
The value of any loss of Securities shall be the average market value of such Securities on the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
business day immediately preceding discovery of such loss, provided that the value of any Securities</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
replaced by the Assured, with the consent of the Company and prior to the settlement of any claim for</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
them, shall be the actual market value at the time of replacement. In the case of a loss of interim</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
certificates, warrants, rights or other Securities, the production of which is necessary to the exercise</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
of subscription, conversion, redemption or deposit privileges, the value of them shall be the market</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
value of such privileges immediately preceding their expiration if the loss is not discovered until after</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
their expiration. If no market price is quoted for such Securities or for such privileges, the value shall</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap>
be fixed by agreement of the parties.</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
VI.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS</TD>
</TR>
<TR>
	<TD colspan=5>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
This Bond does not apply to the extent that trade or economic sanctions law or other similar laws or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=92% nowrap colspan=3>
regulations prohibit the Company from providing insurance.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>




<A name="page_29"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=9>
ASSURED'S FUNDS TRANSFER AND SOCIAL ENGINEERING FRAUD</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=97% colspan=11>
ENDORSEMENT</TD>
</TR>
<TR>
	<TD colspan=11 width=97%><HR noshade size=1></TD></TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
Named Assured</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
Endorsement Number</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
ABRDN FUNDS</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
1</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
Bond Number</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
Bond Period</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
Effective Date of Endorsement</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
J06363271</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
05-14-2024</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
to</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
05-14-2025</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
May 14, 2024</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=11>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
Issued By</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
Federal Insurance Company</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=97% colspan=11>
THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=97% colspan=11>
This endorsement modifies insurance provided under the following:</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=97% colspan=11>
FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=11>
In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=5>
Endorsement, this Bond is amended as follows:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=11>
(1) Item 2. , Single Loss Limits Of Liability   Deductible Amounts, of the Declarations is amended to include the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
following:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
Insuring Clause</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=34% nowrap colspan=5>
Single Loss Limit of Liability</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
Deductible Amount</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD colspan=5>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
Assured's Funds Transfer and</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=34% nowrap colspan=5>
$1,000,000 Single/Aggregate</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
Social Engineering Fraud</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=5>
(2) The following Insuring Clause is added:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap colspan=7>
12. Assured's Funds Transfer and Social Engineering Fraud</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=11>
Loss resulting directly from the transfer, payment, or delivery of an Assured's Property on the faith of a</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
Command purportedly issued by:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=9>
an employee of a Vendor instructing an Employee to transfer Property or change bank account</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
information of such Vendor;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=9>
a Director or other Employee who is authorized by the Assured to instruct another Employee to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
transfer Property; or</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=9>
the Assured to a financial institution directing such financial institution to transfer, pay, or deliver</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=9>
Property from an account maintained by such Assured at such financial institution,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=11>
but which Command was, in fact, fraudulently issued or fraudulently modified without the knowledge of the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap colspan=9>
Assured or any natural person set forth in (a) and (b) above.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap colspan=9>
As a condition precedent to coverage under 12. (a) and</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=11>
12. (b), the Employee acting on the Command must obtain Official Authorization prior to any single</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=11>
transfer, payment, or delivery of funds in excess of the Deductible Amount set forth in Paragraph 1 of this</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
Endorsement.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
(3) The following Definitions are added:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% nowrap colspan=3>
Command means any:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=9>
electronic instruction, including an e-mail, that is delivered through an Electronic Communication</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=89% nowrap colspan=9>
System and that is capable of retention by the recipient at the time of receipt; or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=40% nowrap colspan=3>
telex, or Telefacsimile instruction.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=11% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>


<A name="page_30"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>Official Authorization means a valid handwritten signature of at least two Employees, or an electronic</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>record of entry and approval into a wire transfer system, accounting system, or similar system which is</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>capable of maintaining and reproducing an audit trail which demonstrates that at least two Employees</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>approved a transaction within their authority, provided that:</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>a.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>a Forgery shall not be deemed an Official Authorization; and</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>b.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>an Official Authorization shall not include a typed name in any form (including but not limited to e-</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>mail, letterhead or pre-printed material), but shall include electronic reproductions of handwritten</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>signatures in any form.</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>Telefacsimile means a system of transmitting a facsimile of a tangible document by electronic signals over</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>telephone lines to a piece of equipment maintained for the specific purpose of receiving such signals and</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>printing such facsimile on a tangible medium.</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>Vendor means any entity or natural person that has provided specialized investment advice or other goods</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>and services to the Assured pursuant to a written agreement. Vendor does not include any Customer,</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>custodian, broker/dealer, administrator, property manager, counter-party, financial institution, or any similar</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>entity.</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>(4) Exclusion 2. a. is deleted and replaced with the following:</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>a.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>the acts of an Employee, except for loss covered under:</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>(1) Insuring Clause 2 or 3 which results directly from misplacement, mysterious unexplainable</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>disappearance, or damage or destruction of Property; or</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>(2) Insuring Clause 11; or</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>(3) Insuring Clause 12. (a) or 12. (b);</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>(5) The following Exclusions are added:</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>This Bond does not cover loss resulting directly or indirectly from:</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>a.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>any Command issued by a Customer or an authorized representative of the Customer; or</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>b.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>any investment in Securities, or ownership in any corporation, partnership, real property, commodity or</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>similar instrument, whether or not such investment is genuine or fraudulent. This Exclusion, however,</TD></TR>

<TR vAlign=bottom>

   <TD width="6%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" noWrap align=left>shall only apply to Insuring Clauses 12. (a) or 12. (b);</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>conditions of coverage.</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>All other terms, conditions and limitations of this policy shall remain unchanged.</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"></td>
    <td style="width: 48%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="tm2421636d1_asifimg003.jpg" alt=""></font></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"></td>
    <td>&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative</font></td></tr></table>



<A name="page_31"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center width=98% colspan=11>
FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT</TD>
</TR>
<TR>
	<TD colspan=11 width=98%><HR noshade size=1></TD></TR>
<TR valign="bottom">
	<TD align=left width=11% nowrap colspan=3>
Named Assured</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=21% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
Endorsement Number</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% nowrap colspan=5>
ABRDN FUNDS</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
2</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=11% nowrap colspan=3>
Bond Number</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=21% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
Bond Period</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
Effective Date of Endorsement</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=11% nowrap colspan=3>
J06363271</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=21% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
05-14-2024</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
to 05-14-2025</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
May 14, 2024</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
Issued By</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=21% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% nowrap colspan=5>
Federal Insurance Company</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=98% colspan=11>
THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=98% colspan=11>
This endorsement modifies insurance provided under the following:</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=98% colspan=11>
FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=11>
In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50% nowrap colspan=7>
Endorsement, this Bond is amended as follows:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=11>
(1) Item 2. , Single Loss Limits Of Liability   Deductible Amounts, of the Declarations is amended to include the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% nowrap colspan=5>
following:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% nowrap colspan=5>
Insuring Clause</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=34% nowrap colspan=3>
Single Loss Limit of Liability</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
Deductible Amount</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% nowrap colspan=5>
Fraudulent Transfer Instruction</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
$14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
$50,000</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50% nowrap colspan=7>
(2) The following Insuring Clause is added:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50% nowrap colspan=7>
14. Fraudulent Transfer Instruction</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=11>
Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=11>
Securities in reliance upon a Transfer Instruction that purports, and reasonably appears, to have</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% nowrap colspan=5>
originated from:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
a.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap colspan=3>
the Customer;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
b.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=62% nowrap colspan=7>
an Employee acting on instructions of such Customer; or</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
c.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=90% nowrap colspan=9>
a financial institution acting on behalf of such Customer with authority to make such instructions,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=11>
but which Transfer Instruction was, in fact, fraudulently issued without the knowledge of the Assured,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% nowrap colspan=5>
Employee, or Customer.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=70% nowrap colspan=9>
As a condition precedent to coverage under this Insuring Clause 14, the:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
i.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=85% nowrap colspan=7>
sender of the Transfer Instruction must have authenticated such Transfer Instruction with the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=57% nowrap colspan=5>
Customer's authentication credentials or mechanism;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
ii.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=85% nowrap colspan=7>
Employee acting on the Transfer Instruction must obtain Verification prior to any single</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=85% nowrap colspan=7>
transfer, payment, or delivery of funds in excess of the Deductible Amount set forth in Paragraph (1)</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=21% nowrap>
of this Endorsement; and</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=14% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
iii.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=85% nowrap colspan=7>
Assured shall assert any available claims, offsets, or defenses against such Customer, any financial</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=3% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=57% nowrap colspan=5>
institution, or any other party to the transaction.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=70% nowrap colspan=9>
(3) The Definition of Customer is deleted and replaced with the following:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=11>
Customer means any shareholder of an Assured which has a written agreement with the Assured to</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=11>
transfer such shareholder s Money or Securities through a Voice Initiated Funds Transfer</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50% nowrap colspan=7>
Instruction or a Transfer Instruction.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=18% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=26% nowrap>
 &nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>


<A name="page_32"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>(4) The following Definitions are added:</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>Telefacsimile means a system of transmitting a facsimile of a tangible document by electronic signals over</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>telephone lines to a piece of equipment maintained for the specific purpose of receiving such signals and</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>printing such facsimile on a tangible medium.</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>Transfer Instruction means those instructions, other than any Voice Initiated Funds Transfer</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>Instruction, which authorize the transfer of Money in a Customer's account, or of a Customer's</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>Securities, and which are:</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>a.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>transmitted to the Assured via:</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="3%" noWrap align=left>i.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="86%" noWrap align=left>any electronic instruction, including an e-mail, that is delivered through an Electronic</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="86%" noWrap align=left>Communication System and that is capable of retention by the recipient at the time of receipt;</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="3%" noWrap align=left>ii.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="86%" noWrap align=left>telex, or Telefacsimile instruction; or</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="3%" noWrap align=left>iii.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="86%" noWrap align=left>automated telephone system; and</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>b.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>received by an Employee specifically authorized by the Assured to receive and act upon such</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>instructions.</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>Verification means an Employee:</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>a.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>attempted to verify the authenticity of such Transfer Instruction by communicating with the</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>Customer, or natural person purporting to be the Customer via any communication method, other</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>than e-mail, prior to any single transfer, payment, or delivery of funds, and contemporaneously</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>documented the communication method utilized and the result of such attempt in writing; and</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>b.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>contemporaneously documented the use of the Customer's authentication credentials or mechanism.</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>(5) Exclusion 2. a. is deleted and replaced with the following:</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>a.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>the acts of an Employee, except for loss covered under:</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="3%" noWrap align=left>i.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="86%" noWrap align=left>Insuring Clause 2 or 3 which results directly from misplacement, mysterious unexplainable</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="86%" noWrap align=left>disappearance, or damage or destruction of Property; or</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="3%" noWrap align=left>ii.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="86%" noWrap align=left>Insuring Clause 11 or 14;</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>(6) The following Exclusion is added:</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>This Bond does not cover loss resulting directly or indirectly from any Transfer Instruction from a:</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>a.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>Customer; or</TD></TR>

<TR vAlign=bottom>

   <TD width="5%" noWrap align=left>b.</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="91%" colSpan=3 noWrap align=left>natural person with authorized access to the Customer's authentication credentials or mechanism.</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>conditions of coverage.</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="98%" colSpan=5 noWrap align=left>All other terms, conditions and limitations of this Bond shall remain unchanged.</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"></td>
    <td style="width: 48%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="tm2421636d1_asifimg003.jpg" alt=""></font></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"></td>
    <td>&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative</font></td></tr></table>


<A name="page_33"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center width=97% colspan=9>
SCHEDULE OF OTHER ASSUREDS ENDORSEMENT</TD>
</TR>
<TR>
	<TD colspan=9 width=97%><HR noshade size=1></TD></TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
Named Assured</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
Endorsement Number</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
ABRDN FUNDS</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
3</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
Bond Number</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
Bond Period</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
Effective Date of Endorsement</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
J06363271</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
05-14-2024</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
to</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
05-14-2025</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
05-14-2024</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
Issued By</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
Federal Insurance Company</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=97% colspan=9>
THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=97% colspan=9>
This endorsement modifies insurance provided under the following:</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=97% colspan=9>
FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap colspan=5>
In consideration of the premium charged, it is agreed that:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=9>
(1) In addition to the first named Assured, the Investment Company(ies) scheduled in Paragraph (2) of this</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap colspan=5>
Endorsement is/are the other Assured(s) under this Bond.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
(2) Schedule of Other Assureds:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Total Dynamic Dividend Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Global Dynamic Dividend Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Global Premier Properties Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Emerging Markets Equity Income Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Income Credit Strategies Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Asia-Pacific Income Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Asia-Pacific Income Fund VCC</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Australia Equity Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Global Income Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Japan Equity Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Global Infrastructure Income Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=9>
abrdn Funds, a series fund consisting of: abrdn China A Share Equity Fund, abrdn Dynamic Dividend Fund,</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=9>
abrdn Emerging Markets Debt Fund, abrdn Emerging Markets Fund, abrdn Emerging Markets Sustainable</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=9>
Leaders Fund (fka Aberdeen International Equity Fund), abrdn Infrastructure Debt Fund (formely, abrdn</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=9>
Global Absolute Return Strategies Fund), abrdn Emerging Markets Ex-China , abrdn Global Infrastructure</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
Fund,</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=7>
abrdn Intermediate Municipal Income Fund, abrdn International Small Cap Fund, abrdn Realty</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=9>
Income and Growth Fund, abrdn Short Duration High Yield Municipal Fund, abrdn US Small Cap Equity</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
Fund,</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=86% nowrap colspan=7>
abrdn US Sustainable Leaders Fund (fka Aberdeen U. S. Multi-Cap Equity Fund), abrdn US</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=9>
Sustainable Leaders Smaller Companies Fund (fka Aberdeen Focused U. S. Equity Fund), abrdn Ultra Short</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=9>
Municipal Income Fund, abrdn International Sustainable Leaders Fund (fka Aberdeen Select International</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=97% nowrap colspan=9>
Equity Fund, abrdn Global Equity Impact Fund, abrdn High Income Opportunities Fund (formerly, abrdn</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=56% nowrap colspan=5>
Global High Income Fund), EM SMA Completion Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn National Municipal Income Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Healthcare Investors</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Life Sciences Investors</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn Healthcare Opportunities Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
abrdn World Healthcare Fund</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=12% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>


<A name="page_34"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR vAlign=bottom>

   <TD width="100%" noWrap align=left>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left>conditions of coverage.</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left>All other terms, conditions and limitations of this Bond shall remain unchanged.</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"></td>
    <td style="width: 48%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="tm2421636d1_asifimg003.jpg" alt=""></font></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"></td>
    <td>&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative</font></td></tr></table>



<A name="page_35"></A><BR>

<DIV align="left">
<TABLE border=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center width=98% colspan=9>
AGGREGATE LIMIT OF LIABILITY ENDORSEMENT</TD>
</TR>
<TR>
	<TD colspan=9 width=98%><HR noshade size=1></TD></TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
Named Assured</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
Endorsement Number</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
ABRDN FUNDS</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
4</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
Bond Number</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
Bond Period</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
Effective Date of Endorsement</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
J06363271</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
05-14-2024</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
to</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
05-14-2025</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
May 14, 2024</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
Issued By</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
May 14, 2024</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
	<TD>&nbsp;</TD>
	<TD>
<HR noshade size=1>
</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=98% colspan=9>
THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=98% colspan=9>
This endorsement modifies insurance provided under the following:</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=98% colspan=9>
FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=9>
In consideration of the premium charged, it is agreed that this Bond is amended as follows:</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
(1) The following is added to the Declarations:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
Item 3. Aggregate Limit Of Liability: $14,600,000</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=98% nowrap colspan=9>
(2) Section 8. , Limit Of Liability, of the Conditions and Limitations is deleted and replaced with the following:</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=48% nowrap colspan=3>
8. Limit Of Liability</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
A.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
Aggregate Limit Of Liability</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
The Company s total cumulative liability for all Single Loss of all Assureds discovered during the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
Bond Period shall not exceed the Aggregate Limit Of Liability as stated in Item 3 of the Declarations.</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
Each payment made under the terms of this Bond shall reduce the unpaid portion of the Aggregate</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
Limit Of Liability until it is exhausted.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=60% nowrap colspan=5>
On exhausting the Aggregate Limit Of Liability by such payments:</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
(1) the Company shall have no further liability for loss or losses regardless of when discovered and</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=60% nowrap colspan=5>
whether or not previously reported to the Company; and</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
(2) the Company shall have no obligation under General Agreement 3 to continue the defense of the</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
Assured, and on notice by the Company to the Assured that the Aggregate Limit Of Liability</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
has been exhausted, the Assured shall assume all responsibility for its defense at its own cost.</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
The unpaid portion of the Aggregate Limit Of Liability shall not be increased or reinstated by any</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
recovery made and applied in accordance with Section 12. , Subrogation   Assignment   Recovery. In</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
the event that a loss of Property is settled by indemnity in lieu of payment, then such loss shall not</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=60% nowrap colspan=5>
reduce the unpaid portion of the Aggregate Limit Of Liability.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
B.</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=37% nowrap>
Single Loss Limit Of Liability</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=6% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=13% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=25% nowrap>
 &nbsp;</TD>
</TR>
<TR>
	<TD colspan=9>
 &nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
The Company s liability for each Single Loss shall not exceed the applicable Single Loss Limit Of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
Liability as stated in Item 2 of the Declarations or the unpaid portion of the Aggregate Limit Of</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=9% nowrap>
 &nbsp;</TD>
	<TD width=2%>
 &nbsp;</TD>
	<TD align=left width=87% nowrap colspan=7>
Liability, whichever is less. If a Single Loss is covered under more than one Insuring Clause, the</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=98% colspan=9>
maximum payable shall not exceed the largest applicable Single Loss Limit Of Liability.</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>


<A name="page_36"></A><BR>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR vAlign=bottom>

   <TD width="100%" noWrap align=left>The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left>conditions of coverage.</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" noWrap align=left>All other terms, conditions and limitations of this Bond shall remain unchanged.</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"></td>
    <td style="width: 48%">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="tm2421636d1_asifimg003.jpg" alt=""></font></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"></td>
    <td>&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative</font></td></tr></table>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Exhibit&nbsp;2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Resolutions adopted by the members
of the Board of Trustees of abrdn Funds (the &ldquo;Funds&rdquo;) (including a majority of those who are not &ldquo;interested persons&rdquo;
of the Funds as defined in the 1940 Act) on March&nbsp;13, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>Review of Fidelity Bond</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the Funds shall
be named as an insured under a joint insured bond (the &ldquo;Fidelity Bond&rdquo;) with the other funds in the abrdn Fund complex, covering
the officers and the other employees of the Funds from time to time, containing such provisions as may be required by the rules&nbsp;promulgated
under the 1940 Act; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the proposed form
and amount of the Fidelity Bond be, and the same hereby are, approved by the Board, including a majority of the Independent Trustees,
based on such factors including, but not limited to the amount of the Fidelity Bond, the expected value of the assets of the Fund to which
any person covered under the Fidelity Bond may have access, the estimated amount of the premium for such Fidelity Bond, the type and terms
of the arrangements made for the custody and safekeeping of the Funds&rsquo; assets, and the nature of the securities in the Funds&rsquo;
portfolio; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the share of the
premium to be allocated to the Funds be, and hereby is, approved by the Board, including a majority of the Independent Trustees, after
having given due consideration to, among other things, the number of other parties insured under the Fidelity Bond, the nature of the
business activities of those other parties, the amount of the Fidelity Bond, the amount of the premium for such Fidelity Bond, the ratable
allocation of the premium among the parties named as insureds, and the extent to which the share of the premium allocated to the Funds
under the Fidelity Bond is less than the premium that the Funds would have had to pay had it maintained a comparable single insured bond;
and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the officers of
the Funds be, and each of them hereby is, authorized and empowered to obtain the Fidelity Bond and pay the premium thereof; and it is
further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that an agreement certain
funds in the abrdn Fund complex (including the Funds) providing that in the event that any recovery is received under the Fidelity Bond
as a result of a loss sustained by the Funds and also by any other named insured, the Funds shall receive an equitable and proportionate
share of the recovery, but in no event less than the amount it would have received had it provided and maintained a single insured bond
with the minimum coverage required by paragraph (d)(1)&nbsp;of Rule&nbsp;17g-1 is approved with such changes as the officers of the Fund
with the advice of Fund counsel may determine to be necessary or desirable and proper, the execution of said joint fidelity bond agreement
by such officers to be conclusive evidence of such determination; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the proper officers
of the Funds are authorized and empowered to take such action with respect to obtaining additional fidelity bond coverage as they deem
it necessary or appropriate pursuant to Rule&nbsp;17g-1 under the 1940 Act; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the Secretary
of the Funds, or her designee, be, and hereby is, designated as the party responsible for making the necessary filings and giving of notices
with respect to the Fidelity Bond required by paragraph (g)&nbsp;of Rule&nbsp;17g-1 under the 1940 Act; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the officers of
the Funds be, and each of them hereby is, authorized and empowered to execute and deliver all instruments, certificates, agreements, or
other documents and to do and perform any and all other acts and things that any such officer shall determine to be necessary, appropriate
or desirable for the implementation of the foregoing resolutions or to effect or accomplish the intent of the foregoing resolutions, any
such determination to be conclusively evidenced by the execution and delivery by any officer of any such instrument, certificate or other
document or the doing or performing by any officer of any such act or thing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Resolutions adopted by the members
of the Board of Trustees of each of abrdn Income Credit Strategies Fund, abrdn Total Dynamic Dividend Fund, abrdn Global Dynamic Dividend
Fund, abrdn Global Premier Properties Fund, abrdn Global Infrastructure Income Fund, abrdn National Municipal Income Fund, abrdn Healthcare
Investors, abrdn Life Sciences Investors, abrdn Healthcare Opportunities Fund, abrdn World Healthcare Fund (collectively, the &ldquo;Funds&rdquo;
and each a &ldquo;Fund&rdquo;) (including a majority of those who are not &ldquo;interested persons&rdquo; of the Funds as defined in
the 1940 Act) at meetings held on March&nbsp;12-13, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>Review of Fidelity Bond</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the Fund shall
be named as an insured under a joint insured bond (the &ldquo;Fidelity Bond&rdquo;) with the other funds in the abrdn Fund complex, covering
the officers and the other employees of the Fund from time to time, containing such provisions as may be required by the rules&nbsp;promulgated
under the 1940 Act; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the proposed form
and amount of the Fidelity Bond be, and the same hereby are, approved by the Board, including a majority of the Independent Trustees,
based on such factors including, but not limited to the amount of the Fidelity Bond, the expected value of the assets of the Fund to which
any person covered under the Fidelity Bond may have access, the estimated amount of the premium for such Fidelity Bond, the type and terms
of the arrangements made for the custody and safekeeping of the Fund&rsquo;s assets, and the nature of the securities in the Fund&rsquo;s
portfolio; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the share of the
premium to be allocated to the Fund be, and hereby is, approved by the Board, including a majority of the Independent Trustees, after
having given due consideration to, among other things, the number of other parties insured under the Fidelity Bond, the nature of the
business activities of those other parties, the amount of the Fidelity Bond, the amount of the premium for such Fidelity Bond, the ratable
allocation of the premium among the parties named as insureds, and the extent to which the share of the premium allocated to the Fund
under the Fidelity Bond is less than the premium that the Fund would have had to pay had it maintained a comparable single insured bond;
and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the officers of
the Fund be, and each of them hereby is, authorized and empowered to obtain the Fidelity Bond and pay the premium thereof; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that an agreement certain
funds in the abrdn Fund complex (including the Fund) providing that in the event that any recovery is received under the Fidelity Bond
as a result of a loss sustained by the Fund and also by any other named insured, the Fund shall receive an equitable and proportionate
share of the recovery, but in no event less than the amount it would have received had it provided and maintained a single insured bond
with the minimum coverage required by paragraph (d)(1)&nbsp;of Rule&nbsp;17g-1 is approved with such changes as the officers of the Fund
with the advice of Fund counsel may determine to be necessary or desirable and proper, the execution of said joint fidelity bond agreement
by such officers to be conclusive evidence of such determination; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the proper officers
of the Fund are authorized and empowered to take such action with respect to obtaining additional fidelity bond coverage as they deem
it necessary or appropriate pursuant to Rule&nbsp;17g-1 under the 1940 Act; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the Secretary
of the Fund, or her designee, be, and hereby is, designated as the party responsible for making the necessary filings and giving of notices
with respect to the Fidelity Bond required by paragraph (g)&nbsp;of Rule&nbsp;17g-1 under the 1940 Act; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the officers of
the Fund be, and each of them hereby is, authorized and empowered to execute and deliver all instruments, certificates, agreements, or
other documents and to do and perform any and all other acts and things that any such officer shall determine to be necessary, appropriate
or desirable for the implementation of the foregoing resolutions or to effect or accomplish the intent of the foregoing resolutions, any
such determination to be conclusively evidenced by the execution and delivery by any officer of any such instrument, certificate or other
document or the doing or performing by any officer of any such act or thing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Resolutions adopted by the members
of the Board of Directors of each of abrdn Japan Equity Fund,&nbsp;Inc., abrdn Emerging Markets Equity Income Fund,&nbsp;Inc., abrdn Asia-Pacific
Income Fund,&nbsp;Inc., abrdn Australia Equity Fund,&nbsp;Inc. and abrdn Global Income Fund (collectively, the &ldquo;Funds&rdquo; and
each a &ldquo;Fund&rdquo;) (including a majority of those who are not &ldquo;interested persons&rdquo; of the Funds as defined in the
1940 Act) at meetings held on March&nbsp;12-13, 2024</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><I>Review of Fidelity Bond</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the Fund shall
be named as an insured under a joint insured bond (the &ldquo;Fidelity Bond&rdquo;) with the other funds in the abrdn Fund complex, covering
the officers and the other employees of the Fund from time to time, containing such provisions as may be required by the rules&nbsp;promulgated
under the 1940 Act; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the proposed form
and amount of the Fidelity Bond be, and the same hereby are, approved by the Board, including a majority of the Independent Directors,
based on such factors including, but not limited to the amount of the Fidelity Bond, the expected value of the assets of the Fund to which
any person covered under the Fidelity Bond may have access, the estimated amount of the premium for such Fidelity Bond, the type and terms
of the arrangements made for the custody and safekeeping of the Fund&rsquo;s assets, and the nature of the securities in the Fund&rsquo;s
portfolio; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the share of the
premium to be allocated to the Fund be, and hereby is, approved by the Board, including a majority of the Independent Directors, after
having given due consideration to, among other things, the number of other parties insured under the Fidelity Bond, the nature of the
business activities of those other parties, the amount of the Fidelity Bond, the amount of the premium for such Fidelity Bond, the ratable
allocation of the premium among the parties named as insureds, and the extent to which the share of the premium allocated to the Fund
under the Fidelity Bond is less than the premium that the Fund would have had to pay had it maintained a comparable single insured bond;
and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the officers of
the Fund be, and each of them hereby is, authorized and empowered to obtain the Fidelity Bond and pay the premium thereof; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that an agreement certain
funds in the abrdn Fund complex (including the Fund) providing that in the event that any recovery is received under the Fidelity Bond
as a result of a loss sustained by the Fund and also by any other named insured, the Fund shall receive an equitable and proportionate
share of the recovery, but in no event less than the amount it would have received had it provided and maintained a single insured bond
with the minimum coverage required by paragraph (d)(1)&nbsp;of Rule&nbsp;17g-1 is approved with such changes as the officers of the Fund
with the advice of Fund counsel may determine to be necessary or desirable and proper, the execution of said joint fidelity bond agreement
by such officers to be conclusive evidence of such determination; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the proper officers
of the Fund are authorized and empowered to take such action with respect to obtaining additional fidelity bond coverage as they deem
it necessary or appropriate pursuant to Rule&nbsp;17g-1 under the 1940 Act; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the Secretary
of the Fund, or her designee, be, and hereby is, designated as the party responsible for making the necessary filings and giving of notices
with respect to the Fidelity Bond required by paragraph (g)&nbsp;of Rule&nbsp;17g-1 under the 1940 Act; and it is further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>RESOLVED</B>, that the officers of
the Fund be, and each of them hereby is, authorized and empowered to execute and deliver all instruments, certificates, agreements, or
other documents and to do and perform any and all other acts and things that any such officer shall determine to be necessary, appropriate
or desirable for the implementation of the foregoing resolutions or to effect or accomplish the intent of the foregoing resolutions, any
such determination to be conclusively evidenced by the execution and delivery by any officer of any such instrument, certificate or other
document or the doing or performing by any officer of any such act or thing.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 3</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rule 17g-1 Fidelity Bond Filing</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amount of Single Insured Bond for Joint Insureds</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Period of Coverage: May 14, 2024 &ndash; May 14, 2025</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap">Fund</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap">Single Insured Bond Coverage</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 86%; text-align: left">abrdn Total Dynamic Dividend Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Global Dynamic Dividend Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Global Premier Properties Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Emerging Markets Equity Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Income Credit Strategies Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">900,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Asia-Pacific Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Australia Equity Fund, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">525,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Global Income Fund, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">400,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Japan Equity Fund, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">525,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Global Infrastructure Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">900,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn National Municipal Income Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Healthcare Investors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Life Sciences Investors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Healthcare Opportunities Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn World Healthcare Fund</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">900,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">abrdn Funds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 4</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREEMENT WITH RESPECT TO CERTAIN RECOVERY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDER JOINT FIDELITY BOND</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement is made as of the 14<SUP>th</SUP> day of May, 2024 by
and among the funds listed on Schedule I (each, a &ldquo;Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;), all of which are named
insureds on a certain fidelity bond underwritten by Federal Insurance Company (the &ldquo;Insurer&rdquo;) covering certain acts relating
to the Funds (the &ldquo;Joint Fidelity Bond&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS: each of the Funds is either a management investment company
registered under the Investment Company Act of 1940, as amended (the &ldquo;Act&rdquo;) (a &ldquo;Registered Fund&rdquo;), or in the case
of abrdn Asia-Pacific Income Fund VCC (&ldquo;FAP&rdquo;), a Singapore-based closed-end investment company trading on the Toronto Stock
Exchange; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, Rule&nbsp;17d-1(d)(7)&nbsp;under the Act permits arrangements
regarding liability insurance policies among U.S. registered investment companies and their affiliates provided certain conditions are
met;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, FAP has the corporate power and authority to participate in
this Agreement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS: Rule&nbsp;17g-1(f)&nbsp;under the 1940 Act requires that a
registered management investment company named as an insured on a joint fidelity bond enter into a certain agreement with the other named
insureds; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS: the Board members on behalf the Funds (including, for the
Registered Funds, a majority of the Board members who are not &ldquo;interested persons&rdquo; of the relevant Registered Fund, as defined
by Section&nbsp;2(a)(19) of the Act (the &ldquo;Independent Board Members&rdquo;)) have given due consideration to the amount and ratable
allocation of premiums for the Joint Fidelity Bond and (i)&nbsp;have approved each particular Fund&rsquo;s participation in such Joint
Fidelity Bond as being in the best interests of that Fund, and (ii)&nbsp;have determined that the allocation of the premium for the joint
insurance policy to be allocated to each particular Fund is fair and reasonable to that Fund;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, it is agreed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify">The total amount of coverage under the Joint Fidelity Bond shall at all times be at least equal to the sum of the amount of coverage
that each Fund would have been required to provide and maintain individually pursuant to the schedule set forth in paragraph (d)&nbsp;of
Rule&nbsp;17g-1 had the Fund not been a named insured under the Joint Fidelity Bond.&nbsp;The amount of fidelity coverage under the Joint
Fidelity Bond shall be approved at least annually by the Board of each Fund, including a majority of the Independent Board Members.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify">In the event any recovery is received under the Joint Fidelity Bond as a result of a loss sustained by any of the Funds, then each
Fund sustaining such loss shall receive an equitable and proportionate share of the recovery, said proportion to be established by the
ratio that the claim bears to the total amount claimed by all participants, but at least equal to the amount which each such Fund would
have received had it provided and maintained a single insured bond with the minimum coverage required by Rule&nbsp;17g-1(d)(1)&nbsp;under
the 1940 Act (&ldquo;Separate Bond&rdquo;).</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">In the event that the claims of loss of the Funds are so related that the Insurer is entitled to assert that the claims must be aggregated
with the results that the total amount payable on such claims is limited to the face amount of the Joint Fidelity Bond, the following
rules&nbsp;for determining the priorities among the Funds for satisfaction of the claims under the Joint Fidelity Bond shall apply:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">a.</TD><TD STYLE="text-align: justify">First, all such claims of each Fund which have been duly proven and established under the Joint Fidelity Bond shall be satisfied up
to the minimum amount of a Separate Bond for such Fund; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">b.</TD><TD STYLE="text-align: justify">Second, the remaining amount of insurance, if any, shall then be applied to such claims of the Funds in proportion to the total of
the unsatisfied amount of the claims of each Fund.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">4.</TD><TD STYLE="text-align: justify">No premium shall be paid by a Fund under the Joint Fidelity Bond unless the Board of that Fund, including a majority of the Independent
Board Members, approve the allocation method and portion of the premium to be paid by such Fund taking all relevant factors into consideration.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">5.</TD><TD STYLE="text-align: justify">This Agreement may be executed in multiple counterparts.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, each Fund has caused this Agreement to be executed
by one of its officers thereunto duly authorized as of the date first above written.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">/s/ Lucia Sitar</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Lucia Sitar, Vice President</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Authorized Representative for each Fund</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE I</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Total Dynamic Dividend Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Global Dynamic Dividend Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Global Premier Properties Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Emerging Markets Equity Income
Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Income Credit Strategies Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Asia-Pacific Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Australia Equity Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Global Income Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Japan Equity Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Global Infrastructure Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn National Municipal Income Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Healthcare Investors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Life Sciences Investors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Healthcare Opportunities Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn World Healthcare Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">abrdn Funds</P>

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

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

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    <!-- Field: /Page -->

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



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
