<SEC-DOCUMENT>0001193125-21-080729.txt : 20210315
<SEC-HEADER>0001193125-21-080729.hdr.sgml : 20210315
<ACCEPTANCE-DATETIME>20210315100420
ACCESSION NUMBER:		0001193125-21-080729
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20210315
DATE AS OF CHANGE:		20210315
EFFECTIVENESS DATE:		20210315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli 787 Fund, Inc.
		CENTRAL INDEX KEY:			0001394166
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22041
		FILM NUMBER:		21740188

	BUSINESS ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104
		BUSINESS PHONE:		800-432-4320

	MAIL ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	787 Fund, Inc.
		DATE OF NAME CHANGE:	20070322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli Innovations Trust
		CENTRAL INDEX KEY:			0001760567
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23395
		FILM NUMBER:		21740219

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELLSWORTH GROWTH & INCOME FUND LTD
		CENTRAL INDEX KEY:			0000793040
		IRS NUMBER:				133345139
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04656
		FILM NUMBER:		21740217

	BUSINESS ADDRESS:	
		STREET 1:		65 MADISON AVENUE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960
		BUSINESS PHONE:		(973) 631-1177

	MAIL ADDRESS:	
		STREET 1:		65 MADISON AVE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELLSWORTH FUND LTD
		DATE OF NAME CHANGE:	20060330

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELLSWORTH CONVERTIBLE GROWTH & INCOME FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI EQUITY TRUST INC
		CENTRAL INDEX KEY:			0000794685
		IRS NUMBER:				222736509
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04700
		FILM NUMBER:		21740213

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TETON WESTWOOD FUNDS
		CENTRAL INDEX KEY:			0000796229
		IRS NUMBER:				133625130
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04719
		FILM NUMBER:		21740199

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAMCO WESTWOOD FUNDS
		DATE OF NAME CHANGE:	20091130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTWOOD FUNDS
		DATE OF NAME CHANGE:	20060621

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI WESTWOOD FUNDS
		DATE OF NAME CHANGE:	19980304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI GROWTH FUND
		CENTRAL INDEX KEY:			0000806857
		IRS NUMBER:				133391404
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04873
		FILM NUMBER:		21740189

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
		BUSINESS PHONE:		2124903670

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAMCO GROWTH FUND
		DATE OF NAME CHANGE:	20070411

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI GROWTH FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMSTOCK FUNDS INC
		CENTRAL INDEX KEY:			0000830779
		IRS NUMBER:				133454481
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05502
		FILM NUMBER:		21740215

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMSTOCK PARTNERS FUNDS INC
		DATE OF NAME CHANGE:	19960214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMSTOCK PARTNERS STRATEGY FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMSTOCK INCOME STRATEGY INC
		DATE OF NAME CHANGE:	19880420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI CONVERTIBLE & INCOME SECURITIES FUND INC
		CENTRAL INDEX KEY:			0000845611
		IRS NUMBER:				133523423
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05715
		FILM NUMBER:		21740194

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		2123098408

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE YORK
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI CONVERTIBLE SECURITIES FUND INC /DE
		DATE OF NAME CHANGE:	19970507

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI SERIES FUNDS INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI VALUE 25 FUND INC
		CENTRAL INDEX KEY:			0000853438
		IRS NUMBER:				061283268
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05848
		FILM NUMBER:		21740200

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI VALUE FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI EQUITY SERIES FUNDS INC
		CENTRAL INDEX KEY:			0000877670
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06367
		FILM NUMBER:		21740214

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		2123098448

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI MONEY MARKET FUNDS
		CENTRAL INDEX KEY:			0000888129
		IRS NUMBER:				133678826
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06687
		FILM NUMBER:		21740204

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215100

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI INVESTOR FUNDS INC
		CENTRAL INDEX KEY:			0000893783
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07326
		FILM NUMBER:		21740206

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
		BUSINESS PHONE:		9149215100

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI CAPITAL SERIES FUNDS INC
		CENTRAL INDEX KEY:			0000901246
		IRS NUMBER:				133761834
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07644
		FILM NUMBER:		21740216

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WCC CAPITAL GROWTH FUND INC
		DATE OF NAME CHANGE:	19930714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAMCO GLOBAL SERIES FUNDS, INC
		CENTRAL INDEX KEY:			0000909504
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07896
		FILM NUMBER:		21740210

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI GLOBAL SERIES FUNDS INC
		DATE OF NAME CHANGE:	19930805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI MULTIMEDIA TRUST INC.
		CENTRAL INDEX KEY:			0000921671
		IRS NUMBER:				133767317
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08476
		FILM NUMBER:		21740211

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
		BUSINESS PHONE:		9149215070

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI GLOBAL MULTIMEDIA TRUST INC
		DATE OF NAME CHANGE:	19940414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli Gold Fund, Inc.
		CENTRAL INDEX KEY:			0000923459
		IRS NUMBER:				133770370
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08518
		FILM NUMBER:		21740209

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAMCO GOLD FUND, INC
		DATE OF NAME CHANGE:	20070411

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI GOLD FUND INC
		DATE OF NAME CHANGE:	19940519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI INTERNATIONAL GROWTH FUND, INC
		CENTRAL INDEX KEY:			0000925463
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08560
		FILM NUMBER:		21740190

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPOATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAMCO INTERNATIONAL GROWTH FUND, INC
		DATE OF NAME CHANGE:	20070411

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI INTERNATIONAL GROWTH FUND INC
		DATE OF NAME CHANGE:	19940616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI UTILITY TRUST
		CENTRAL INDEX KEY:			0001080720
		IRS NUMBER:				134046522
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09243
		FILM NUMBER:		21740201

	BUSINESS ADDRESS:	
		STREET 1:		1 CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215083

	MAIL ADDRESS:	
		STREET 1:		1 CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI UTILITY FUND
		DATE OF NAME CHANGE:	19990225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI DIVIDEND GROWTH FUND
		CENTRAL INDEX KEY:			0001086884
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09377
		FILM NUMBER:		21740192

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI BLUE CHIP VALUE FUND
		DATE OF NAME CHANGE:	19990520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI UTILITIES FUND
		CENTRAL INDEX KEY:			0001087966
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09397
		FILM NUMBER:		21740202

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI DIVIDEND & INCOME TRUST
		CENTRAL INDEX KEY:			0001260729
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21423
		FILM NUMBER:		21740203

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI GLOBAL UTILITY & INCOME TRUST
		CENTRAL INDEX KEY:			0001282957
		IRS NUMBER:				320116828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21529
		FILM NUMBER:		21740205

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8149219105

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAMCO Global Gold, Natural Resources & Income Trust
		CENTRAL INDEX KEY:			0001313510
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21698
		FILM NUMBER:		21740208

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1422
		BUSINESS PHONE:		800.422.3554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAMCO Global Gold, Natural Resources & Income Trust by Gabelli
		DATE OF NAME CHANGE:	20111222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Gold, Natural Resources & Income Trust
		DATE OF NAME CHANGE:	20050112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Gold, Natural Resources & Income Trust
		DATE OF NAME CHANGE:	20050105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Keeley Funds, Inc.
		CENTRAL INDEX KEY:			0001324203
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21761
		FILM NUMBER:		21740221

	BUSINESS ADDRESS:	
		STREET 1:		141 WEST JACKSON BOULEVARD
		STREET 2:		SUITE 2150
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60604
		BUSINESS PHONE:		800-422-3554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDL FUND
		CENTRAL INDEX KEY:			0001378701
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21969
		FILM NUMBER:		21740212

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Deal Fund
		DATE OF NAME CHANGE:	20061019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli Healthcare & WellnessRx Trust
		CENTRAL INDEX KEY:			0001391437
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22021
		FILM NUMBER:		21740198

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1422
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Healthcare & WellnessRx Trust
		DATE OF NAME CHANGE:	20070227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli ESG Fund, Inc.
		CENTRAL INDEX KEY:			0001391839
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22026
		FILM NUMBER:		21740197

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		1 800 422 3554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli SRI Fund, Inc.
		DATE OF NAME CHANGE:	20130423

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli SRI Green Fund, Inc.
		DATE OF NAME CHANGE:	20090909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli SRI Fund, Inc.
		DATE OF NAME CHANGE:	20070302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAMCO Natural Resources, Gold & Income Trust
		CENTRAL INDEX KEY:			0001438893
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22216
		FILM NUMBER:		21740207

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAMCO Natural Resources, Gold & Income Trust by Gabelli
		DATE OF NAME CHANGE:	20120106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Natural Resources, Gold & Income Trust
		DATE OF NAME CHANGE:	20080717

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Gold & Income Trust
		DATE OF NAME CHANGE:	20080630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIVIDEND Fund Inc. by Gabelli
		CENTRAL INDEX KEY:			0001528838
		IRS NUMBER:				453041997
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22607
		FILM NUMBER:		21740196

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		800-422-3554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIVIDEND Fund Inc.
		DATE OF NAME CHANGE:	20110829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli Global Small & Mid Cap Value Trust
		CENTRAL INDEX KEY:			0001585855
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22884
		FILM NUMBER:		21740195

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli Go Anywhere Trust
		CENTRAL INDEX KEY:			0001635193
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23035
		FILM NUMBER:		21740193

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1022
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli ETFs Trust
		CENTRAL INDEX KEY:			0001748425
		IRS NUMBER:				831373005
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23568
		FILM NUMBER:		21740220

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914 921-8371

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCROFT FUND LTD
		CENTRAL INDEX KEY:			0000009521
		IRS NUMBER:				042476994
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02151
		FILM NUMBER:		21740218

	BUSINESS ADDRESS:	
		STREET 1:		65 MADISON AVENUE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960
		BUSINESS PHONE:		(973) 631-1177

	MAIL ADDRESS:	
		STREET 1:		65 MADISON AVENUE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCROFT CONVERTIBLE FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI ASSET FUND
		CENTRAL INDEX KEY:			0000783898
		IRS NUMBER:				133331485
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04494
		FILM NUMBER:		21740191

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8004223554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		STREET 2:		100 PARK AVENUE
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>d141631d4017g.htm
<DESCRIPTION>GABELLI FUNDS
<TEXT>
<HTML><HEAD>
<TITLE>GABELLI FUNDS</TITLE>
</HEAD>
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<TD STYLE="width: 49%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="width: 51%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>New York Free Trade Zone Filing Exemption </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">This document is deemed part of the face of the Policy.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>And Class Code Disclosure</B></FONT></TD></TR> </TABLE>
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<TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 5pt; padding-left: 5pt; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>NOTICE:
 THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND
REGULATIONS.</B></FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2-14057 Large Deductible or Self-Insured Retention Insurance</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: <B>Travelers Casualty and Surety Company of
America</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy Number: <B>106839603</B>&nbsp;</FONT></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
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<TD STYLE="width: 66%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AFE-19002 Rev. 01-19</FONT></TD>
<TD STYLE="width: 34%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page 1 of 1</FONT></TD></TR>
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<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&copy; 2019 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>
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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">
<IMG SRC="g141631img002.jpg" ALT="">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 5pt"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>PO Box 2950</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Hartford, CT
06104-2950</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">March 3, 2021</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">THE GABELLI ASSET FUND</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401 THEODORE FREMD AVE OFC 1</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RYE, NY 10580-1422</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Re: Important Information about <B><U>Claims Information Line</U></B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dear THE
GABELLI ASSET FUND</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Travelers Bond &amp; Specialty Insurance is pleased to announce its <B>1-800-842-8496</B> Claims
Information Line. This line is designed to provide insureds with an additional resource on how to report claims or those circumstances or events which may become claims.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policyholders will be able to obtain assistance on the following topics from the Claims Information Line:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
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<TD STYLE="width: 24pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 13pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The information that needs to be included with the claim notice</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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<TD STYLE="width: 13.25pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
<TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The address, electronic mail address and/or facsimile number to which the policyholder can send claims
related information</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 24pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 13pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Get questions on the claim process answered</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Declarations Page of your policy sets forth where you should report
claims and claims related information. You should also review the policy&rsquo;s reporting requirements to be aware of how much time you have to report a claim to Travelers. The sooner Travelers is notified, the sooner we can become involved in the
process and offer assistance to our policyholder. A delay in reporting may result in all or part of a matter to fall outside of the coverage provided.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Claims Information Line should streamline the claim reporting process and
allow policyholders to ask questions on what information is needed as well as other questions which will assist them in working with Travelers. While the Claims Information Line provides policyholders a valuable resource by answering questions and
providing information, the line does not replace the reporting requirements contained in the Policy.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We hope this
improvement to customer service is something our policyholders will find helps them understand the claim process and provides them a resource for reporting.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
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<TD STYLE="width: 64%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LTR-4035 Ed. 06-09</FONT></TD>
<TD STYLE="width: 36%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 141pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page 1 of 1</FONT></TD></TR>
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<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&copy; 2009 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">
<IMG SRC="g141631img002.jpg" ALT="">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>P.O. Box 2950</B><BR> <B>Hartford, CT 06104-2950</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">03/03/2021&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> THE GABELLI ASSET FUND</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401 THEODORE FREMD AVE OFC 1<BR> RYE, NY 10580-1422</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RE: Risk
Management PLUS+ Online &reg; from Travelers Bond &amp; Specialty Insurance </B>(<FONT STYLE="color: blue">www.rmplusonline.com</FONT>)</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As a
Travelers Bond &amp; Specialty Insured you receive risk management services, at no cost, to help protect you and your business.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk
Management PLUS+ Online, is a robust website to assist you in the mitigation of risk relative to employment practices, directors and officers, fiduciary liability, cyber, crime, kidnap &amp; ransom, and identity fraud exposures.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Highlights of Risk Management PLUS+ Online include:</FONT>&nbsp;</P>
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<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 20.25pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 15.75pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thousands of articles on a variety of risk management topics</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>
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<TD STYLE="width: 20.25pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 15.75pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Topical webinars and podcasts on current issues</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 15.75pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Checklists to assist in managing risk</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 20.25pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 15.75pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Web based training</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 20.25pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 15.75pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
<TD STYLE="padding-right: 28pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model Employee Handbook, including policies and forms for downloading or printing that reduce risks in
the workplace.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following Risk Management PLUS+ Online Registration Instructions contain easy, step-by-step
instructions to register for this valuable tool. For more information, call 1-888-712-7667 and ask for your Risk Management PLUS+ Online representative. It&rsquo;s that simple.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thank you for choosing Travelers Bond &amp; Specialty Insurance for your insurance needs. Travelers is a market leader in providing management liability and crime coverages that are
specifically customized for your organization.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Instructions for Registration &amp; Orientation to Risk Management PLUS+
Online<SUP>&reg;</SUP></U></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Registration for Site Administrators:</I></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Site Administrator is the person in your organization who will oversee Risk Management PLUS+ Online for the organization. The Site Administrator is typically a person who leads
human resources and/or financial functions or is responsible for legal matters pertaining to personnel. The Site Administrator may add other Site Administrators later to assist with their responsibilities. To register:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 11pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Go to <FONT STYLE="color: blue">www.rmplusonline.com</FONT>.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"></TD>
<TD STYLE="width: 11pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the Sign-In box, click <B>Register</B><I>.</I></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: left"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"></TD>
<TD STYLE="width: 11pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="padding-right: 16pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enter the password/passcode: &lt;TRVP300100 for Insurance Companies&gt;
&lt;TRVP300400 for Banks and Diversified&gt; &lt;TRVP300300 for Asset Management&gt;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: left"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"></TD>
<TD STYLE="width: 11pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fill in the Registration Information and click <B>Submit</B><I>.</I></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: left"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 11pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Your organization is registered, and you are registered as Site Administrator.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Learning to Navigate the Site:</I></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: left"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: left"></TD>
<TD STYLE="width: 11pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Go to <FONT STYLE="color: blue">www.rmplusonline.com</FONT>. On each page, you will see a box outlined in blue that contains the instructions for
use of that page.</FONT></TD> </TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: left"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"></TD>
<TD STYLE="width: 11pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="padding-right: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> If you have any questions, just click on <B>Contact Us</B> on the front page<I>.</I>
Enter your question in the form provided, and the System Administrator will get back to you quickly with the answer.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: left"></P>
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<TD STYLE="width: 11pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">You can also schedule a live walk-through of the site by sending a request for a walk-through via the contact link on the front page.</FONT></TD>
</TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
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<TD STYLE="width: 50%; border-top: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LTR-4107 Rev. 06-18</FONT></TD>
<TD STYLE="width: 50%; border-top: Black 2pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Page 1 of 1</FONT></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&copy; 2018 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="text-align: right"></TD></TR> </TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">
<IMG SRC="g141631img003.jpg" ALT="">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Willis Producing Office for this policy is:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Willis of
New York, Inc.</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
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<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LTR-19041 Ed. 01-15</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 121pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2015 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 38%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 61%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; border-bottom: red 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This notice provides no
coverage, nor does it change any policy terms. To determine the scope of coverage and the insured&rsquo;s rights and duties under the policy, read the entire policy carefully. For more information about the content of this notice, the insured should
contact their agent or broker. If there is any conflict between the policy and this notice, the terms of the policy prevail.</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: red 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: red 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Independent Agent And Broker</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Compensation Notice</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"></P></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For information on how Travelers compensates independent agents, brokers, or
other insurance producers, please visit this website: www.travelers.com/w3c/legal/Producer_Compensation_Disclosure.html.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Or write or
call:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Travelers, Agency Compensation</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>P.O. Box 2950</B></FONT>&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Hartford, Connecticut 06104-2950</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(866) 904.8348</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
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<TD STYLE="width: 66%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NTC-19036 Rev. 01-19</FONT></TD>
<TD STYLE="width: 34%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page 1 of 1</FONT></TD></TR>
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<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&copy; 2019 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR> </TABLE>
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<IMG SRC="g141631img004.jpg" ALT="">&nbsp;</TD>
<TD STYLE="width: 50%; text-align: right; border-bottom: Black 2pt solid">
<IMG SRC="g141631img005.jpg" ALT="">&nbsp;<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Investment Company Bond</I></B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Declarations</I></B></FONT></P> </TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 50pt 0 0; text-align: right; text-indent: 0">&nbsp;<FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NO. </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">106839603</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Travelers Casualty and Surety Company of America</B><BR> <B>Hartford,
Connecticut</B><BR> (A Stock Insurance Company, herein called the Company)</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 8%; border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM 1</B></FONT></TD>
<TD STYLE="width: 92%; border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">THE GABELLI ASSET FUND</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal Address:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401 THEODORE FREMD AVE OFC 1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RYE, NY 10580-1422</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter, &ldquo;Insured&rdquo;)</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 8%; border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM 2</B></FONT></TD>
<TD STYLE="width: 36%; border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>POLICY PERIOD:</B></FONT></TD>
<TD STYLE="width: 56%; border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 27pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inception Date: December 07, 2020</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiration Date: December 07, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12:01 A.M. local time as to both dates at the Principal Address stated in ITEM
1.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM 3</B></FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ALL NOTICES OF CLAIM OR LOSS MUST BE SENT TO THE
COMPANY BY EMAIL, FACSIMILE, OR</B></FONT><B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MAIL AS SET FORTH BELOW:</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: BSIclaims@travelers.com&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fax: 1-888-460-6622</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8%; padding-right: 0"></TD>
<TD STYLE="text-align: justify; width: 92%; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mail: Travelers Bond &amp; Specialty Insurance Claim</FONT></TD> </TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12%; text-indent: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8%; padding-right: 0"></TD>
<TD STYLE="text-align: justify; width: 92%; padding-left: 0.375in; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">P.O. Box 2989</FONT></TD> </TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8%; padding-right: 0"></TD>
<TD STYLE="text-align: justify; width: 92%; padding-left: 0.375in; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hartford, CT 06104-2989</FONT></TD> </TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8%; padding-right: 0"></TD>
<TD STYLE="text-align: justify; width: 92%; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Overnight Mail: Travelers Bond &amp; Specialty Insurance Claim</FONT></TD> </TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8%; padding-right: 0"></TD>
<TD STYLE="text-align: justify; padding-left: 1in; width: 92%; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">One Tower Square, S202A</FONT></TD> </TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8%; padding-right: 0"></TD>
<TD STYLE="text-align: justify; padding-left: 1in; width: 92%; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hartford, CT 06183</FONT></TD> </TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For questions related to claim reporting or handling, please call
1-800-842-8496.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 10pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"></TD>
<TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM 4</B></FONT></TD>
<TD STYLE="text-align: justify; padding-right: 17pt; font: 10pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 92%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If &ldquo;<I>Not Covered</I>&rdquo; is
inserted opposite any specified Insuring Agreement below, or if no amount is included in the Single Loss Limit of Insurance, such Insuring Agreement and any other reference thereto is deemed to be deleted from this bond.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 92%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 8%">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 46%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 22%; padding-left: 8pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SINGLE LOSS</B></FONT></TD>
<TD STYLE="width: 32%; padding-left: 33pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SINGLE LOSS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 9pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURING AGREEMENT</B></FONT></TD>
<TD STYLE="padding-left: 16pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LIMIT OF</B></FONT></TD>
<TD STYLE="padding-left: 33pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DEDUCTIBLE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURANCE</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 47pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AMOUNT</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 8pt">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 47pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A.&nbsp;&nbsp;FIDELITY</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 17pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage A.1.&nbsp;&nbsp;Larceny or Embezzlement</FONT></TD>
<TD STYLE="padding-left: 8pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="padding-left: 33pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="padding-left: 17pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage A.2.&nbsp;&nbsp;Restoration Expenses</FONT></TD>
<TD STYLE="padding-left: 8pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="padding-left: 33pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-15001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 129pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 2pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 19%; padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>B. ON PREMISES</B></FONT></TD>
<TD STYLE="width: 22%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 19%; padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="width: 32%; padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 15pt">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 39pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>C. IN TRANSIT</B></FONT></TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in">&nbsp;</TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>D. FORGERY OR ALTERATION</B></FONT></TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in">&nbsp;</TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>E. SECURITIES</B></FONT></TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in">&nbsp;</TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0.2in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F. COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</B></FONT></TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>G. CLAIM EXPENSE</B></FONT></TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000</FONT></TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$5,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0.2in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>H. STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF
CHECKS</B></FONT></TD>
<TD STYLE="padding-left: 15.1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$25,000</FONT></TD>
<TD STYLE="padding-left: 38.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$5,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in">&nbsp;</TD>
<TD STYLE="padding-left: 15.1pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 38.9pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>I.&nbsp;&nbsp;COMPUTER SYSTEMS</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 19%; padding-left: 0.2in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage I.1.</FONT></TD>
<TD STYLE="width: 22%; padding-left: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Computer Fraud</FONT></TD>
<TD STYLE="width: 19%; padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="width: 32%; padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.2in">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 4pt">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 15pt">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 39pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.2in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage I.2.</FONT></TD>
<TD STYLE="padding-left: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fraudulent Instructions</FONT></TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 0.2in; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.2in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage I.3.</FONT></TD>
<TD STYLE="padding-left: 4pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Restoration Expense</FONT></TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,475,000</FONT></TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 0.2in; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 4pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 15pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 14pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>J. UNCOLLECTIBLE ITEMS OF DEPOSIT</B></FONT></TD>
<TD STYLE="padding-left: 14pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$25,000</FONT></TD>
<TD STYLE="padding-left: 39pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$5,000</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM 5</B></FONT></TD>
<TD COLSPAN="2" STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PREVIOUS BONDS OR POLICIES:</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD> </TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Insured, by acceptance of this bond, gives notice to the Company
canceling or terminating prior bond or policy numbers:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not Applicable</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such cancellation or termination to be effective as of the time this bond becomes
effective.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red; text-indent: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 10pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"></TD>
<TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM 6</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 92%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DISCOVERY PERIOD:</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional Premium Percentage:</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 52%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% of the annualized premium</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional Months:</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12 months</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(If exercised in accordance with section VI. CONDITIONS, S. DISCOVERY PERIOD)</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ITEM 7</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; width: 92%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FORMS AND ENDORSEMENTS ATTACHED AT ISSUANCE:</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 8%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AFE-19002-0119; IVBB-16001-0116; IVBB-19021-0116; IVBB-19004-0116; IVBB-19007-0116;
</FONT>IVBB-19010-0116; IVBB-19016-0116; IVBB-19024-0116; IVBB-10004-0916; IVBB-10010-1116; IVBB-19044-0518; IVBB-18023-1217; IVBB-17022-1019</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PRODUCER INFORMATION:</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WTW NORTHEAST INC<BR> 200 LIBERTY ST<BR> NEW YORK, NY 10281</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-15001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 129pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 2 of 3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 2pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 30%; border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Countersigned By</FONT></TD>
<TD STYLE="width: 70%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Company has caused this bond to be signed by its authorized officers.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;
<IMG SRC="g141631img006.jpg" ALT=""></FONT></TD>
<TD STYLE="width: 65%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">
<IMG SRC="g141631img007.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">President</FONT></TD>
<TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate Secretary</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-15001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 129pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 3 of 3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 2pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%">
<IMG SRC="g141631img008.jpg" ALT="">&nbsp;</TD>
<TD STYLE="width: 50%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Investment Company Bond</I></B></FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><B><I>Table of Contents</I></B></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<tr>
<td width="100%"></td></tr>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; font-size: 10pt">
<TD STYLE="vertical-align: top; background-color: #e5e5e5">
<P ALIGN="JUSTIFY" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p></td></tr> </table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><B><I></I></B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a001"><FONT STYLE="font-size: 10pt"><B><I>I.</I></B></FONT></A></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a001"><FONT STYLE="font-size: 10pt"><B><I>CONSIDERATION CLAUSE</I></B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; width: 7%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; width: 7%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; width: 81%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; width: 5%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a002"><FONT STYLE="font-size: 10pt"><B><I>II.</I></B></FONT></A></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a002"><FONT STYLE="font-size: 10pt"><B><I>INSURING AGREEMENTS</I></B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a003"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a003"><FONT STYLE="font-size: 10pt"><B>FIDELITY</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a004"><FONT STYLE="font-size: 10pt"><B>Coverage A.1. &nbsp;&nbsp;&nbsp;Larceny or
Embezzlement</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a005"><FONT STYLE="font-size: 10pt"><B>Coverage A.2. &nbsp;&nbsp;&nbsp;Restoration
Expenses</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a006"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a006"><FONT STYLE="font-size: 10pt"><B>ON PREMISES</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a007"><FONT STYLE="font-size: 10pt"><B>C.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a007"><FONT STYLE="font-size: 10pt"><B>IN TRANSIT</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a008"><FONT STYLE="font-size: 10pt"><B>D.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a008"><FONT STYLE="font-size: 10pt"><B>FORGERY OR ALTERATION</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a009"><FONT STYLE="font-size: 10pt"><B>E.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a009"><FONT STYLE="font-size: 10pt"><B>SECURITIES</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a010"><FONT STYLE="font-size: 10pt"><B>F.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a010"><FONT STYLE="font-size: 10pt"><B>COUNTERFEIT MONEY AND COUNTERFEIT MONEY
ORDERS</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a011"><FONT STYLE="font-size: 10pt"><B>G.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a011"><FONT STYLE="font-size: 10pt"><B>CLAIM EXPENSE</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a012"><FONT STYLE="font-size: 10pt"><B>H.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a012"><FONT STYLE="font-size: 10pt"><B>STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF
CHECKS</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a013"><FONT STYLE="font-size: 10pt"><B>I.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a013"><FONT STYLE="font-size: 10pt"><B>COMPUTER SYSTEMS</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a014"><FONT STYLE="font-size: 10pt"><B>Coverage I.1.&nbsp;&nbsp;&nbsp;Computer
Fraud</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a015"><FONT STYLE="font-size: 10pt"><B>Coverage I.2.&nbsp;&nbsp;&nbsp;Fraudulent
Instructions</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a016"><FONT STYLE="font-size: 10pt"><B>Coverage I.3.&nbsp;&nbsp;&nbsp;Restoration
Expenses</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a017"><FONT STYLE="font-size: 10pt"><B>J.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a017"><FONT STYLE="font-size: 10pt"><B>UNCOLLECTIBLE ITEMS OF DEPOSIT</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a018"><FONT STYLE="font-size: 10pt"><B><I>III.</I></B></FONT></A></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a018"><FONT STYLE="font-size: 10pt"><B><I>GENERAL AGREEMENTS</I></B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a019"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a019"><FONT STYLE="font-size: 10pt"><B>ORGANIC GROWTH</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a020"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a020"><FONT STYLE="font-size: 10pt"><B>CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF
ASSETS</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a021"><FONT STYLE="font-size: 10pt"><B>C.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a021"><FONT STYLE="font-size: 10pt"><B>REPRESENTATION OF INSURED</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a022"><FONT STYLE="font-size: 10pt"><B>D.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a022"><FONT STYLE="font-size: 10pt"><B>JOINT INSURED</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a023"><FONT STYLE="font-size: 10pt"><B>E.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a023"><FONT STYLE="font-size: 10pt"><B>COURT COSTS AND ATTORNEY&rsquo;S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND
</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a024"><FONT STYLE="font-size: 10pt"><B><I>IV.</I></B></FONT></A></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a024"><FONT STYLE="font-size: 10pt"><B><I>DEFINITIONS</I></B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a025"><FONT STYLE="font-size: 10pt"><B><I>V.</I></B></FONT></A></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a025"><FONT STYLE="font-size: 10pt"><B><I>EXCLUSIONS</I></B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a026"><FONT STYLE="font-size: 10pt"><B><I>VI.</I></B></FONT></A></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a026"><FONT STYLE="font-size: 10pt"><B><I>CONDITIONS</I></B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a027"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a027"><FONT STYLE="font-size: 10pt"><B>ADDITIONAL COMPANIES INCLUDED AS INSURED</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a028"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a028"><FONT STYLE="font-size: 10pt"><B>DISCOVERY</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a029"><FONT STYLE="font-size: 10pt"><B>C.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a029"><FONT STYLE="font-size: 10pt"><B>BOND PERIOD</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a030"><FONT STYLE="font-size: 10pt"><B>D.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a030"><FONT STYLE="font-size: 10pt"><B>SINGLE LOSS</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a031"><FONT STYLE="font-size: 10pt"><B>E.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a031"><FONT STYLE="font-size: 10pt"><B>SINGLE LOSS LIMIT OF INSURANCE</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a032"><FONT STYLE="font-size: 10pt"><B>F.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a032"><FONT STYLE="font-size: 10pt"><B>DEDUCTIBLE</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a033"><FONT STYLE="font-size: 10pt"><B>G.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a033"><FONT STYLE="font-size: 10pt"><B>NON-ACCUMULATION OF LIMITS</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a034"><FONT STYLE="font-size: 10pt"><B>H.</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a034"><FONT STYLE="font-size: 10pt"><B>NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS</B></FONT></A></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20</B></FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red; text-indent: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
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<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16 </FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 129pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 2pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 6%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 6%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a035">I.</A></B></FONT></TD>
<TD STYLE="width: 82%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a035">VALUATION</A></B></FONT></TD>
<TD STYLE="width: 6%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a036">J.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a036">ASSIGNMENT</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a037">K.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a037">SUBROGATION</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a038">L.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a038">RECOVERIES</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a039">M.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a039">COOPERATION</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a040">N.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a040">ANTI-BUNDLING</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a041">O.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a041">LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a042">P.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a042">OTHER INSURANCE OR INDEMNITY</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a043">Q.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a043">COVERED PROPERTY</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a044">R.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a044">CANCELATION, TERMINATION, CHANGE OR MODIFICATION</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a045">S.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a045">DISCOVERY PERIOD</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a046">T.</A></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A HREF="#a046">HEADINGS</A></B></FONT></TD>
<TD STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25</B></FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 120pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Page 2 of 25</FONT></TD></TR>
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<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR> </TABLE>
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<IMG SRC="g141631img009.jpg" ALT=""></p></td>
<TD VALIGN="BOTTOM">&nbsp;&nbsp;</td>
<TD VALIGN="BOTTOM" ALIGN="RIGHT"> <P ALIGN="RIGHT" STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><b><i><br>Investment Company Bond&nbsp;&nbsp;</i></b></p>
<P ALIGN="RIGHT" STYLE="margin-top: 0pt; margin-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><b><i>with Extended Coverages&nbsp;&nbsp;</i></b></p></td></tr> </table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"></P> <P STYLE="margin-top: 0; margin-bottom: 0"></P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
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<TD STYLE="vertical-align: top; background-color: #e5e5e5">&nbsp;</td></tr> </table> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>I.</I></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A NAME="a001"></A>CONSIDERATION CLAUSE</I></B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>IN CONSIDERATION </B>of the payment of an agreed premium and
subject to the Declarations and pursuant to all the terms, conditions, exclusions and limitations of this bond, the Company agrees to indemnify the Insured as set forth in ITEM 1 of the Declarations (herein called Insured) for:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A NAME="a002"></A>II.</I></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>INSURING AGREEMENTS</I></B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a003"></A><B>A.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FIDELITY</B></FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a004"></A>Coverage A.1. Larceny or Embezzlement</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss resulting directly from <B>Larceny or Embezzlement</B> committed by an <B>Employee</B> acting alone or in collusion with others.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a005"></A>Coverage A.2. Restoration Expenses</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Restoration Expenses </B>incurred by the Insured and resulting
directly from a <B>Computer Violation </B>by an <B>Employee</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>B.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a006"></A>ON PREMISES</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss of <B>Property</B> resulting directly from:</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">robbery, burglary, mysterious unexplainable disappearance or misplacement and damage
or destruction; or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 35.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">theft, false pretenses, or common law or statutory larceny, committed by a person
physically present in an office of, or on the premises of, the Insured at the time the <B>Property </B>was surrendered,</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">while the <B>Property</B> is lodged or deposited within offices or premises located anywhere. The premises of a <B>Depository</B> will be deemed premises of the Insured, but solely
as respects loss of <B>Certificated Securities</B>. Coverage for <B>Certificated Securities </B>held by such <B>Depository </B>is limited to the extent of the Insured&rsquo;s interest therein as effected by the making of appropriate entries on the
books and records of such <B>Depository</B>. The Company will not be liable under Insuring Agreement B for loss in connection with the central handling of securities within the systems established and maintained by any <B>Depository</B> unless the
amount of such loss exceeds the amount recoverable or recovered under any bond or policy or participants&rsquo; fund insuring the <B>Depository </B>against such loss.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not afford any coverage in favor of any
<B>Depository</B> or exchange or any nominee in whose name is registered any security included within the <B>Depository&rsquo;s</B> systems.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Direct loss, through any hazard specified in Insuring Agreement B.1. of any <B>Property</B> while such
<B>Property </B>is within any of the Insured&rsquo;s or an <B>Investment Adviser&rsquo;s </B>offices and in the possession of any customer of the Insured, any representative of such customer or any <B>Employee</B> whether or not the Insured is
liable for the loss thereof, and provided such loss, at the option of the Insured, is included in the Insured&rsquo;s proof of loss, but excluding, in any event, loss caused by such customer, any representative of such customer, or any
<B>Employee</B>.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
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<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 120pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 3 of 25</FONT></TD></TR>
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<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>C.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a007"></A>IN TRANSIT</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss of <B>Property</B> (occurring with or without negligence or
violence) resulting directly from robbery, larceny, theft, holdup, mysterious unexplainable disappearance, misplacement, being lost or otherwise made away with, damage thereto or destruction thereof, and loss of subscription, conversion, redemption
or deposit privileges through the misplacement or loss of <B>Property</B>, while the <B>Property</B> is in transit anywhere in the custody of any person or persons acting as <B>Messenger</B>, except while in the mail or with a carrier for hire other
than an armored motor vehicle company, for the purpose of transportation, such transit to begin immediately upon receipt of such <B>Property</B> by the transporting person or persons, and to end immediately upon delivery thereof at destination, but
only while the <B>Property</B> is being conveyed.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>D.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a008"></A>FORGERY OR ALTERATION</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss resulting directly from the Insured having, in good faith, paid or transferred any
<B>Property</B> in reliance on any <B>Written, Original</B>:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Negotiable Instrument </B>(except an <B>Evidence of Debt</B>);</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Certificate of Deposit</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Letter of Credit</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Withdrawal Order</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Acceptance</B>;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">receipt for the withdrawal of <B>Property</B>; or</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">instruction or advice directed to the Insured or an <B>Investment Adviser</B> and purportedly signed by
a <B>Customer</B> of the Insured or by a <B>Financial Institution</B>,</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">which (a) bears a handwritten signature which is a <B>Forgery</B>; or (b) is altered, but only to the extent the <B>Forgery </B>or alteration causes the loss.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Actual physical possession of the items listed in 1. through 7. above
by the Insured is a condition precedent to the Insured&rsquo;s having relied on the items.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>E.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a009"></A>SECURITIES</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss resulting directly from the Insured having, in good faith, for
its own account or for the account of others:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">acquired, sold, delivered, or given value, extended credit or assumed liability, on the faith of any
<B>Original Written </B>document that is a (an):</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Certificated Security</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Document of Title</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">deed, mortgage, or other instrument conveying title to, or creating or discharging a lien on, real
property;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Certificate of Origin or Title</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Certificate of Deposit</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">f.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Evidence of Debt</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">g.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">corporate, partnership, or personal <B>Guarantee</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">h.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Security Agreement</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 120pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 4 of 25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Instruction</B>;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">j.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement of Uncertificated Security</B>,</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">bears a handwritten signature material to the validity or enforceability of the <B>Original Written
</B>document that is a <B>Forgery</B>, but only to the extent the <B>Forgery </B>causes the loss;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is altered, but only to the extent the alteration causes the loss; or</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is lost or stolen;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">guaranteed in writing or witnessed any handwritten signature upon any transfer, assignment, bill of
sale, power of attorney, <B>Guarantee</B>, endorsement, or any items listed in items 1.a. through 1.i. above; or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">acquired, sold or delivered, given value, extended credit or assumed liability, on the faith of any
item listed in 1.a. through 1.d. above, that is a <B>Counterfeit,</B> but only to the extent the <B>Counterfeit</B> causes the loss.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Actual physical possession, and continued actual physical possession if taken as collateral, of the items listed in 1.a. through 1.j. above by the Insured, an <B>Investment
Adviser</B>, a <B>Custodian</B>, or a Federal or State chartered deposit institution of the Insured is a condition precedent to the Insured&rsquo;s having relied on the faith of such items. Release or return of such collateral is an acknowledgment
by the Insured that it no longer relies on such collateral.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a010"></A>COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss resulting directly from the receipt by the Insured, in good
faith, of any <B>Counterfeit Money</B> of the United States of America and its territories and possessions, Canada or any other country, or of <B>Counterfeit </B>money orders denominated in United States or Canadian currency.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>G.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a011"></A>CLAIM EXPENSE</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reasonable expenses necessarily incurred and paid by the Insured in
preparing any covered claim for loss under any Insuring Agreement covered under this bond, which loss exceeds the Single Loss Deductible Amount applicable to such Insuring Agreement. Such expenses include costs incurred (including necessary wages of
<B>Employees</B>) for that part of audits or examinations performed, whether or not required by State or Federal supervisory authorities and conducted either by such authorities or by independent accountants, by reason of the discovery of loss
sustained by the Insured.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>H.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a012"></A>STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Damages that the Insured becomes legally liable to pay its customers
resulting directly from the Insured or an <B>Investment Adviser</B> having:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">failed to comply with any notice of any customer of the Insured or any authorized
representative of such customer to stop payment on any check or draft made or drawn by such customer; or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73.05pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 35.95pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">wrongfully dishonored or wrongfully failed to certify any check or draft made or
drawn by the customer of the Insured or any authorized representative of such customer.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provision of this bond, damages under paragraph 2. above do not include the amount of any check or draft in question, or any amounts paid to the payee,
endorser, or accommodation party of such check or draft.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 120pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 5 of 25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>I.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a013"></A>COMPUTER SYSTEMS </B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a014"></A>Coverage I.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Fraud</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss resulting directly from <B>Computer Fraud</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a015"></A>Coverage I.2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fraudulent
Instructions</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss resulting directly from the Insured or an <B>Investment
Adviser</B> having, in good faith, caused a transfer of funds as a result of a <B>Fraudulent Instruction</B> when the Insured or an <B>Investment Adviser</B>, prior to causing the transfer of the funds, used its best efforts to verify the identity
of the person transmitting the instruction; provided that if the instruction is purported to be from a <B>Customer</B>, the Insured, or an <B>Investment Adviser</B>:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">performed a <B>Callback Verification</B> with respect to such instruction; or</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">followed commercially reasonable <B>Security Procedures</B> applicable to the transaction and
instruction.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such <B>Fraudulent Instruction</B> received and, if applicable, <B>Callback
Verification</B> performed, must be either recorded, logged, or documented by the Insured or an <B>Investment Adviser</B>.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;
</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a016"></A>Coverage I.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restoration
Expenses</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Restoration Expenses </B>incurred by the Insured or an <B>Investment Adviser </B>and
resulting from a <B>Computer Violation </B>by someone other than an <B>Employee</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>J.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a017"></A>UNCOLLECTIBLE ITEMS OF DEPOSIT</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss, including dividends and interest accrued not to exceed 15% of
the value of each <B>Item of Deposit</B> that is deposited, resulting directly from the Insured or <B>Investment Adviser</B> having credited an account of a customer, shareholder or subscriber on the faith of any <B>Items of Deposit</B> that prove
to be uncollectible, provided that the crediting of such account causes:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">redemptions or withdrawals to be permitted;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shares to be issued; or</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">dividends to be paid.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It is a condition precedent to coverage under this Insuring Agreement
that the Insured or <B>Investment Adviser </B>hold funds represented in <B>Items of Deposit </B>for the maximum number of days allowable under Regulation CC before permitting any redemptions or withdrawals, or issuing any shares or paying any
dividends with respect to such <B>Items of Deposit</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Items of Deposit </B>will not be deemed to be uncollectible until
the Insured&rsquo;s or <B>Investment Adviser&rsquo;s </B>standard collection procedures have failed.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Insuring Agreement applies to Insureds with exchange privileges if all funds in the exchange program are insured by the Company for <B>Uncollectible Items of Deposit</B>.
Regardless of the number of transactions between funds, the maximum number of days allowable under Regulation CC begins from the date a deposit was first credited to any fund in the exchange program.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>III.</I></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A NAME="a018"></A>GENERAL AGREEMENTS</I></B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a019"></A>ORGANIC GROWTH</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If an Insured or <B>Investment Adviser</B>, while this bond is in
force, adds additional <B>Employees</B> other than by consolidation or merger with, or purchase or acquisition of the assets, assets under management or</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 120pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 6 of 25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">liabilities of, another institution, such
<B>Employees</B> will automatically be covered hereunder from the date of such addition without the requirement of notice to the Company or the payment of additional premium for the remainder of the Policy Period as set forth in ITEM 2 of the
Declarations.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>B.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a020"></A>CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Insured or an <B>Investment Adviser</B>, while this bond is in
force, consolidates or merges with, or purchases or acquires assets, assets under management or liabilities of, or purchases or acquires more than 50% voting stock ownership of another institution (hereinafter referred to as a
&ldquo;Transaction&rdquo;), coverage under this bond for loss which:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has occurred or will occur in the offices or premises of such institution;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has been caused or will be caused by any employee or employees of such institution; or</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has arisen or will arise out of the assets, assets under management or liabilities acquired by the Insured as a result of
such Transaction,</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is provided as follows:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Automatic Loss Sustained Coverage</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Transaction involves assets, assets under management and
liabilities in an amount that is more than 25% of the consolidated assets of all Insureds as of the most recent calendar year-end preceding the date of the Transaction, then coverage of this bond as respects the Transaction will be afforded for a
Single Loss that is both discovered and for which the acts giving rise to the loss occur in their entirety on or after the effective date of the Transaction. This coverage terminates 60 days after the Transaction date, or the termination date of the
bond, whichever comes earlier, unless the Insured provides notice to the Company and obtains the written consent of the Company to extend such coverage beyond said date and, upon obtaining such consent, pays to the Company an additional premium, if
required.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Automatic Discovery Coverage</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Transaction involves assets, assets under management and
liabilities in an amount that is 25% or less of the consolidated assets of all Insureds as of the most recent calendar year-end preceding the date of the Transaction, then coverage of this bond as respects the Transaction will be afforded for a
Single Loss that is discovered on or after the effective date of the Transaction, for the remainder of the Policy Period as set forth in ITEM 2 of the Declarations, without additional premium being charged and without notice to the Company of the
Transaction.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>C.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a021"></A>REPRESENTATION OF INSURED</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No statement made by or on behalf of the Insured, whether contained
in the application or otherwise, is deemed to be a warranty of anything except that it is true to the best of the knowledge and belief of the person making the statement.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>D.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a022"></A>JOINT INSURED</B></FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not indemnify or hold harmless any Insured for loss
sustained by an <B>Investment Adviser</B>, or by a proprietorship, partnership or corporation that is owned, controlled or operated by such Insured, and not named as an Insured hereunder, except as may be provided on a limited basis within General
Agreement B., but this paragraph does not apply to loss sustained by a nominee organized by an Insured hereunder other than a holding company.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If two or more Insureds are covered under this bond, the first named
Insured will act for all Insureds. Payment by the Company to the first named Insured of loss sustained by any Insured fully releases the Company on account of such loss. If the first named Insured ceases to be covered under this bond, the Insured
next named will thereafter be considered the first named Insured. In the absence of an Insured</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 120pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 7 of 25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">being specifically next named, the Insured
entity having the greatest consolidated assets of all remaining Insureds then becomes the first named Insured. Knowledge possessed or discovery made by any Insured or <B>Investment Adviser</B> constitutes knowledge or discovery by all Insureds for
all purposes of this bond. The liability of the Company for loss or losses sustained by all Insureds will not exceed the amount for which the Company would have been liable had all such loss or losses been sustained by one Insured.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>E.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a023"></A>COURT COSTS AND ATTORNEY&rsquo;S FEES - LEGAL PROCEEDINGS - ELECTION TO
DEFEND</B></FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company will indemnify the Insured against court costs and
reasonable attorney&rsquo;s fees incurred and paid by the Insured in defending any suit or legal proceeding brought against the Insured to enforce the Insured&rsquo;s liability, or alleged liability, on account of any loss, claim or damage that, if
established against the Insured, would constitute a collectible loss under this bond in excess of any Single Loss Deductible Amount, provided, however, that with respect to Insuring Agreement A this indemnity will apply only in the event
that:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an <B>Employee</B> admits to being guilty of <B>Larceny or Embezzlement</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an <B>Employee</B> is adjudicated to be guilty of <B>Larceny or Embezzlement</B>; or</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of 1. or 2. above, an arbitration panel agrees, after a review of an agreed statement of
facts, that an <B>Employee</B> would be found guilty of <B>Larceny or Embezzlement </B>if such <B>Employee </B>were prosecuted.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such indemnity is in addition to the Single Loss Limit of Insurance for the applicable Insuring Agreement or Coverage.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Insured or an <B>Investment Adviser</B> must notify the Company
promptly after notice thereof, of any such suit or legal proceeding and at the request of the Company will furnish it with copies of all pleadings and other papers therein. At the Company&rsquo;s election the Insured will permit the Company to
conduct the defense of such suit or legal proceeding, in the Insured&rsquo;s name, through attorneys of the Company&rsquo;s selection. In such event, the Insured and <B>Investment Adviser</B> will give all reasonable information and assistance,
other than pecuniary, that the Company deems necessary to the defense of such suit or legal proceeding.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the amount of the Insured&rsquo;s liability or alleged liability is greater than the amount recoverable under this bond, or if a Single Loss Deductible Amount is applicable, or
both, then the liability of the Company under this General Agreement E. is limited to the proportion of court costs and attorney&rsquo;s fees incurred and paid by the Insured or by the Company that the amount recoverable under this bond bears to the
total amount of the Insured&rsquo;s liability or alleged liability. Any amount not recoverable by reason of the Insured&rsquo;s liability or alleged liability being greater than the amount recoverable under any insuring agreement of this bond, does
not serve to reduce the Single Loss Deductible Amount applicable to such Insuring Agreement or Coverage.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Company pays court costs and attorney&rsquo;s fees in excess of its proportionate share of such costs and fees, the Insured will promptly reimburse the Company for such
excess.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>IV.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><A NAME="a024"></A>DEFINITIONS</I></B></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
used in this bond:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Acceptance </I></B>means a <B>Written</B> draft that the drawee has, by signature thereon, engaged to honor as
presented.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>B.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Bond Period </I></B>has the meaning set forth in section VI. CONDITIONS, C. BOND PERIOD.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>C.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Callback Verification </I></B>means a verbal conversation with the purported <B>Customer</B>,
using a <B>Pre-Determined Telephone Number</B>, to verify the identity of the <B>Customer </B>and the authenticity of a funds transfer request.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 119pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 8 of 25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>D.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Certificate of Deposit </I></B>means a <B>Written</B> acknowledgment by an
Insured or a <B>Financial Institution</B> of receipt of <B>Money</B> with an engagement to repay it.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>E.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Certificate of Origin or Title </I></B>means a <B>Written</B> document issued
by a manufacturer of personal property or a governmental agency evidencing the ownership of the personal property and by which ownership is transferred.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Certificated Security </I></B>means a share, participation or other interest in
property of, or an enterprise of, the issuer or an obligation of the issuer, that is:</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">represented by a <B>Written</B> instrument issued in bearer or registered
form;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of a type commonly dealt in on securities exchanges or markets or commonly recognized
in any area in which it is issued or dealt in as a medium for investment; and</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">either one of a class or series or by its terms divisible into a class or series of
shares, participations, interests or obligations.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>G.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Computer Fraud </I></B>means an intentional, unauthorized, and fraudulent entry
of data or computer instructions directly into, or change of data or computer instructions within, a <B>Computer System</B> by a natural person or entity other than an <B>Employee</B>, including any such entry or change made via the internet or a
<B>Network</B>, provided that such entry or change causes:</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Property </B>to be transferred, paid, or delivered;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an account of the Insured, or of its customer, to be added, deleted, debited or
credited; or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an unauthorized or fictitious account to be debited or
credited.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>H.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Computer System </I></B>means:</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any computer; and</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any input, output, processing, storage or communication device, or any related
network, operating system or application software, that is connected to, or used in connection with, such computer,</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that is rented by, owned by, leased by, licensed to, or under the direct operational control of, the Insured or an <B>Investment Adviser</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>I.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Computer Violation </I></B>means:</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the introduction of a <B>Computer Virus</B> into a <B>Computer System</B>;
or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage to, or destruction of, computer programs, software or other electronic data
stored within a <B>Computer System </B>by a natural person, who has:</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">gained unauthorized access to such <B>Computer System</B>;
or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorized access to such <B>Computer System</B> but uses such access to cause such
damage or destruction.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>J.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Computer Virus </I></B>means any malicious code that could destroy, alter,
contaminate, or degrade the integrity, quality, or performance of:</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">electronic data used, or stored, in any <B>Computer System</B> or network;
or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a computer network, any computer application software, or a computer operating system
or related network.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>K.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Counterfeit </I></B>means a <B>Written</B> imitation of an actual, valid, or
verifiable <B>Original </B>that is intended to deceive and to be taken as the <B>Original</B>.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 121pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 9 of 25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>L.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Custodian </I></B>means an institution designated by an Insured or an <B>Investment Adviser</B> to
maintain possession and control of the Insured&rsquo;s assets.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>M.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Customer </I></B>means, only with respect to Insuring Agreement I.2., an entity or natural person
that has a <B>Funds Transfer Agreement </B>with the Insured or with an <B>Investment Adviser</B>.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>N.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Depository </I></B>means a clearing corporation that is:</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registered with the Securities Exchange Commission as a clearing agency under section 17A of the
Securities Exchange Act of 1934 (15 U.S.C. 78q-1); or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Federal Reserve Bank or other person or entity authorized to operate the federal
book entry system described in the regulations of the Department of Treasury codified at 31 CFR 357, Subpart B, or book-entry systems operated pursuant to comparable regulations of other federal agencies.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>O.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Document of Title </I></B>means a <B>Written</B> document that is a bill of
lading, dock warrant, dock receipt, warehouse receipt or order for the delivery of goods, and also any other <B>Written</B> document that in the regular course of business or financing is treated as adequately evidencing that the person in
possession of it is entitled to receive, hold and dispose of the document and the goods it covers and must purport to be issued by or addressed to a bailee and purport to cover goods in the bailee&rsquo;s possession that are either identified or are
fungible portions of an identified mass.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>P.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Electronic Data Processor </I></B>means a natural person, partnership or
corporation authorized in writing by the Insured or an <B>Investment Adviser</B> to perform services as a data processor of checks presented to the Insured by a customer or <B>Financial Institution</B>, but excluding any such processor who acts as a
transfer agent or in any other agency capacity in issuing checks, drafts or securities for the Insured, A Federal Reserve Bank or clearinghouse will not be construed to be an <B>Electronic Data Processor</B>.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Q.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Electronic Record </I></B>means information that is created, generated, sent,
communicated, received, or stored by electronic means, and is retrievable in perceivable form.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>R.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Employee </I></B>means:</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an officer, partner or other employee of the Insured, while such person is employed
by and performing services for the Insured, and whom the Insured directly compensates by wages, salaries or commissions; or for 60 days after such individual&rsquo;s termination of service, provided such termination is not due to employee fraud or
dishonesty;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a guest student or intern pursuing studies or duties in any of the Insured&rsquo;s or
an <B>Investment Adviser&rsquo;s </B>offices or premises covered hereunder, while such person is performing services for the Insured;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any attorney retained by the Insured or an <B>Investment Adviser</B>, and any
employee of such attorney, but only while performing legal services for the Insured;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any natural person assigned to perform the usual duties of an employee within the premises of the
Insured or an <B>Investment Adviser</B> and under the Insured&rsquo;s supervision, by contract, including such persons provided by any employment agency furnishing temporary personnel to the Insured or an <B>Investment Adviser</B> on a contingent or
part-time basis, and including a natural person who is leased to the Insured or an <B>Investment Adviser</B> under a written agreement between the Insured and a labor leasing firm to perform duties related to the conduct of the Insured&rsquo;s
business; (all such natural persons provided by a single employment agency or labor leasing firm will collectively be deemed to be one person for all the purposes of this bond, excepting, however, the last paragraph of Condition
R.2.);</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an employee of an institution merged or consolidated with the Insured prior to the effective date of
this bond, or, subject to General Agreement B., after the effective date of this bond, but only with respect to acts while an employee of such institution and which acts caused said institution to sustain a loss that was not known to the Insured or
to the institution at the time of the merger or consolidation;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 117pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 10 of 25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each natural person, partnership, or corporation authorized by the Insured or an
<B>Investment Adviser </B>to perform services as an <B>Electronic Data Processor </B>(each such <B>Electronic Data Processor</B>, and the partners, officers and employees of such <B>Electronic Data Processor </B>will collectively be deemed to be one
<B>Employee</B> for all the purposes of this bond, except with respect to Condition R.2.);</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any director or trustee of an Insured, <B>Investment Adviser</B>, underwriter
(distributor), transfer agent, shareholder accounting record keeper, or administrator authorized by <B>Written</B> agreement with the Insured to keep financial or other required records, but only while performing acts coming within the scope of the
usual duties of an officer or employee or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the <B>Property </B>of the Insured;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any natural person who is a volunteer, while such person is subject to the Insured&rsquo;s direction and
control and is performing services for the Insured;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any natural person who is a former employee retained as a consultant, pursuant to a
written agreement with the Insured, while that person is subject to the Insured&rsquo;s direction and control and performing services for the Insured; and</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any officer, partner, or employee of:</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an <B>Investment Adviser</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an underwriter (distributor);</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a transfer agent or shareholder accounting record-keeper; or</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an administrator authorized by written agreement to keep financial or other required records,</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for an Insured but only while performing acts coming within the
scope of the usual duties of an officer or employee of the Insured, or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the <B>Property</B> of any such Insured, provided that
only employees or partners of a transfer agent, shareholder accounting record-keeper or administrator that is an affiliated person, as defined in the Investment Company Act of 1940, of an Insured or is an affiliated person of the <B>Investment
Adviser</B>, underwriter or administrator of such Insured, and that is not a bank, will be included within the definition of Employee.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Employee </B>also means any natural person described above while such person is on medical, military, or other leave of absence. Coverage applies to any such <B>Employee</B> while
on leave, regardless of whether such person remains subject to the Insured&rsquo;s direction and control during the time of leave.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Employee </B>does not mean any agent, broker, factor, commission merchant, consignee, independent contractor or representative or other person of the same general character not
specified above.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>S.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Evidence of Debt </I></B>means a <B>Written</B> instrument, including a <B>Negotiable
Instrument</B>, executed, or purportedly executed, by a customer of the Insured and held by the Insured or an <B>Investment Adviser</B> that in the regular course of business is treated as evidencing the customer&rsquo;s debt to the
Insured.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>T.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Financial Institution </I></B>means:</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a bank, trust company, savings bank, credit union, savings and loan association, or similar thrift
institution; or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a stock brokerage firm, mutual fund, liquid assets fund or similar investment institution; provided
that <B>Financial Institution</B> does not include any such entity, institution or organization that is an Insured or an <B>Investment Adviser</B>.</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 117pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 11 of 25</FONT></TD></TR>
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<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
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<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>U.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Forgery </I></B>means signing the name of another person or organization with a
handwritten signature directly applied to a <B>Written</B> document without authority, and with the intent to deceive.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A signature written on an electronic pad that captures the signature for purposes of creating an electronic digitized image of a handwritten signature, or a reproduction of a
handwritten signature, is treated the same as a handwritten signature. Any other form of electronic signature or digital signature is not treated the same as a handwritten signature.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Forgery </B>does not mean a signature that consists in whole or in
part of one&rsquo;s own name signed with or without authority, in any capacity, for any purpose.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>V.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Fraudulent Instruction </I></B>means an intentional, fraudulent and
unauthorized instruction directed to the Insured or an <B>Investment Adviser</B>, that is:</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transmitted via telefacsimile, and:</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.95pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purports and reasonably appears to be from a <B>Customer</B>, a <B>Financial
Institution</B>, or another office of the Insured;</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.95pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was in fact transmitted by someone other than a <B>Customer</B>, a <B>Financial
Institution</B>, or another office of the Insured; and</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.95pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purports and reasonably appears to contain the handwritten signature of a person
authorized to initiate such transfer that proves to have been used by an unauthorized person; or</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transmitted verbally, via telephone, and purports to be
from:</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.9pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an officer, director, partner or employee of a <B>Customer</B>, who is authorized by
the <B>Customer </B>to instruct the Insured or an <B>Investment Adviser </B>to make such a transfer;</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a <B>Customer</B> who is a natural person; or</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.9pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an <B>Employee</B> in another office of the Insured who was authorized by the Insured
to instruct other <B>Employees</B> to transfer funds on deposit in a <B>Customer&rsquo;s </B>account; and was received by an <B>Employee</B> specifically designated to receive and act upon such instructions,</FONT></TD></TR></TABLE>
<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">but was in fact transmitted by someone other than a person
described in paragraph V.2.; or</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transmitted via electronic mail and purports and reasonably appears to be from a
<B>Customer</B> of the Insured, but was in fact transmitted by someone other than such <B>Customer</B>.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fraudulent Instruction </B>does not include any instruction that purports to be from a <B>Customer </B>unless the instruction is transmitted by a method that is authorized in the
<B>Funds Transfer Agreement</B> between the Insured and the <B>Customer</B>.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>W.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Funds Transfer Agreement </I></B>means an agreement, signed by the
<B>Customer</B>, that:</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorizes the Insured or an <B>Investment Adviser</B> to rely on instructions
transmitted by either voice, telefacsimile or electronic mail to make funds transfers; and</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provides the Insured or an <B>Investment Adviser</B> with the names of persons
authorized to initiate funds transfers.</FONT></TD></TR></TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 117pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 12 of 25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.35pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 35.65pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>X.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Guarantee </I></B>means a <B>Written</B> undertaking obligating the signer to pay the debt of
another to the Insured or its assignee or to a <B>Financial Institution</B> from which the Insured has purchased participation in the debt, if the debt is not paid in accordance with its terms.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Y.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Instruction </I></B>means a <B>Written</B> order to the issuer of an <B>Uncertificated
Security</B> requesting that the transfer, pledge, or release from pledge of the <B>Uncertificated Security</B> specified be registered.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Z.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Investment Adviser </I></B>means any entity defined in &sect;202(a)(11) of, and registered under,
the Investment Advisers Act of 1940, as amended, but only while acting on behalf of the Insured.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.15pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AA.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Item of Deposit </I></B>means any checks or drafts deposited into the account of a customer,
shareholder or subscriber.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BB.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Larceny or Embezzlement </I></B>means larceny or embezzlement as defined in the Investment
Company Act of 1940, &sect;37 as amended.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CC.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Letter of Credit </I></B>means an engagement in writing by a <B>Financial Institution</B> or
other person made at the request of a customer that the <B>Financial Institution</B> or other person will honor drafts or other demands for payment upon compliance with the conditions specified in the <B>Letter of
Credit</B>.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DD.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Loan </I></B>means all extensions of credit by the Insured and all transactions creating a
creditor relationship in favor of the Insured and all transactions by which the Insured assumes an existing creditor relationship.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EE.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Messenger </I></B>means an <B>Employee</B> while in possession of the Insured&rsquo;s <B>Property
</B>away from the Insured&rsquo;s or <B>Investment Adviser&rsquo;s</B> premises and any other natural person acting as custodian of the <B>Property</B> during an emergency arising from the incapacity of the original
<B>Employee</B>.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FF.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Money </I></B>means a medium of exchange in current use authorized or adopted by a domestic or
foreign government as a part of its currency.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GG.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Negotiable Instrument </I></B>means a <B>Written</B> document, that:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is signed by the maker or drawer;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contains an unconditional promise or order to pay a sum certain in <B>Money</B> and no other promise,
order, obligation or power given by the maker or drawer;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is payable on demand or at a definite time; and</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is payable to order or bearer.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Negotiable Instrument </B>also means a counterfeit check or <B>Substitute
Check</B>.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>HH.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Network </I></B>means any and all services provided by or through the facilities of any
electronic or computer communication system, including Fedwire, Clearing House Interbank Payment System (CHIPS), Society for Worldwide Interbank Financial Telecommunication (SWIFT), National Automated Clearing House Association (NACHA) and similar
interbank payment or settlement systems, including any shared networks, internet access facilities, or other similar facilities for such systems in which the Insured participates, allowing the input, output, examination, or transfer of data or
programs from one computer to a <B>Computer System</B>.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>II.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Original </I></B>means the first rendering or archetype and does not include photocopies or
electronic transmissions even if received and printed.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>JJ.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Pre-Determined Telephone Number </I></B>means a telephone number that:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was provided by the <B>Customer</B> when the <B>Customer</B> opened the account with the Insured or an
<B>Investment Adviser</B>;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 13 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was provided in person by the <B>Customer</B> after the <B>Customer</B> opened the account with the
Insured or an <B>Investment Adviser</B>, while physically present on the Insured&rsquo;s or <B>Investment Adviser&rsquo;s </B>premises and while presenting a government-issued photo identification;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">was provided in a <B>Funds Transfer Agreement</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">replaced a telephone number previously provided for the <B>Customer&rsquo;s</B> account, provided that
confirmation of the legitimacy of the change was achieved through direct contact with the <B>Customer </B>at a telephone number described in paragraph JJ.1., JJ.2. or JJ.3. above; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">replaced a telephone number previously provided for the <B>Customer&rsquo;s</B> account and was
received by the Insured or the <B>Investment Adviser</B> at least 30 days prior to the receipt of the <B>Fraudulent Instruction</B>.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.15pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>KK.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Property </I></B>means <B>Money, Certificated Securities, Uncertificated Securities, Negotiable
Instruments</B>, <B>Certificates of Deposit</B>, <B>Documents of Title</B>, <B>Acceptances</B>, <B>Evidences of Debt</B>, <B>Security Agreements</B>, <B>Withdrawal Orders</B>, <B>Certificates of Origin or Title</B>, <B>Letters of Credit</B>,
insurance policies, abstracts of title, deeds and mortgages on real estate, revenue and other stamps, tokens, unsold state lottery tickets, books of account and other records whether <B>Written</B> or recorded electronically, gems, jewelry, precious
metals of all kinds and in any form, and tangible items of personal property that are not hereinbefore enumerated.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LL.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Restoration Expenses </I></B>means reasonable costs incurred by the Insured or an <B>Investment
Adviser</B>, with the Company&rsquo;s prior written consent, to restore, replace or reproduce damaged or destroyed computer programs, software or other electronic data stored within a <B>Computer System</B>, or that the Insured owns, holds or is
responsible for, to the condition that existed immediately preceding a <B>Computer Violation</B>; provided that if it is determined by the Insured or <B>Investment Adviser</B> that such computer programs, software or other electronic data cannot
reasonably be restored, replaced or reproduced, then <B>Restoration Expenses </B>means only the reasonable costs incurred by the Insured or an <B>Investment Adviser</B>, with the Company&rsquo;s prior written consent, to reach such
determination.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Restoration Expenses </B>do not include:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expenses incurred as a result of the reconstruction of computer programs, software, or other electronic
data that the Insured did not have a license to use;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expenses incurred to restore, replace, or reproduce damaged or destroyed computer programs, software or
other electronic data if such damage or destruction was caused by computer programs, software, or other electronic data that the Insured did not have a license to use;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expenses incurred to design, update, improve, or perfect the operation or performance of computer
programs, software, or other electronic data; or</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expenses incurred to redo the work product, research, or analysis that was the basis of, or resulted
in, any computer programs, software, or other electronic data stored.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>MM.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Security Agreement </I></B>means a <B>Written</B> agreement that creates an interest in personal
property or fixtures and that secures payment or performance of an obligation.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NN.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Security Procedure </I></B>means the Insured&rsquo;s or <B>Investment Adviser&rsquo;s</B>
established authentication process, other than voice recognition, that requires the use of algorithms or other codes, identifying words or numbers, encryption, or similar security devices or procedures. The following are not considered a <B>Security
Procedure</B>:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a general statement that the Insured or <B>Investment Adviser</B> may establish security
procedures;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a statement that the Insured or <B>Investment Adviser</B> may perform a callback or other security
procedure; or</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a statement that the Insured or <B>Investment Adviser</B> will only accept requests from persons named
on the account.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 14 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OO.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Single Loss </I></B>has the meaning set forth in section VI. CONDITIONS, D. SINGLE
LOSS.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PP.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Statement of Uncertificated Security </I></B>means a <B>Written</B> statement of the issuer of an
<B>Uncertificated Security </B>containing:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a description of the issue of which the <B>Uncertificated Security</B> is a
part;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the number of shares or units:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transferred to the registered owner;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">pledged by the registered owner to the registered pledgee;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">released from pledge by the registered pledgee;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registered in the name of the registered owner on the date of the statement;
or</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">e.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to pledge on the date of the statement;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the name and address of the registered owner and registered pledgee;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73.15pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a notation of any liens and restrictions of the issuer and any adverse claims to which the
<B>Uncertificated Security </B>is or may be subject to, or a statement that there are none of those liens, restrictions or adverse claims; and</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the date:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the transfer of the shares or units to the new registered owner of the shares or units was
registered;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the pledge of the registered pledgee was registered; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the statement, if it is a periodic or annual statement.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QQ.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Substitute Check </I></B>means a paper reproduction of an <B>Original Written</B> check as
defined in the Check Clearing for the 21<SUP>st</SUP> Century Act of 2003, as amended.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RR.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Transportation Company </I></B>means any organization that provides its own or leased vehicles
for transportation or that provides freight forwarding or air express services.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SS.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Uncertificated Security </I></B>means a share, participation or other interest in property of, or
an enterprise of, the issuer or an obligation of the issuer, that is:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not represented by a <B>Written</B> instrument issued in bearer or registered form and the transfer of
which is registered upon books maintained for that purpose by or on behalf of the issuer;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of a type commonly dealt in on securities exchanges or markets, or commonly recognized in any area in
which it is issued or dealt in as a medium for investment; and</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">either one of a class or series or by its terms divisible into a class or series of shares,
participations, interests or obligations.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TT.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Withdrawal Order </I></B>means a non-negotiable <B>Written</B> instrument, other than an
<B>Instruction</B>, signed by a customer of the Insured authorizing the Insured to debit the customer&rsquo;s account in the amount of funds stated therein.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>UU.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Written </I></B>means expressed through letters or marks placed upon paper and visible to the
eye. It does not include information contained in an <B>Electronic Record</B>, or only with respect to Insuring Agreement D, information communicated via telefacsimile.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 15 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>V.</I></B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A NAME="a025"></A>EXCLUSIONS</I></B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from forgery or alteration, except when
covered under Insuring Agreement A, D, E, F or G.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>B.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss due to war, invasion, acts of foreign enemies, hostilities (whether war
is declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, confiscation, nationalization, requisition, or destruction of, or damage to, property by or under the order of any government, public or local authority,
unless such loss occurs in transit in the circumstances recited in Insuring Agreement C and unless, when such transit was initiated, there was no knowledge of such act or condition related to any of the foregoing on the part of any person acting for
the Insured in initiating such transit.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>C.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from nuclear reaction, nuclear
radiation, radioactive contamination, biological, or chemical contamination or to any related act or incident.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.15pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>D.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from any acts of any director or trustee
of the Insured other than one employed as a salaried, pensioned, or elected official or an <B>Employee</B> of the Insured, except when performing acts coming within the scope of the usual duties of an <B>Employee</B>, or while acting as a member of
any committee duly elected or appointed by resolution of the board of directors or trustees of the Insured to perform specific, as distinguished from general, directorial acts on behalf of the Insured.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>E.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from the complete or partial non-payment
of, or default upon, any <B>Loan</B> or transaction involving the Insured as a lender or borrower, or extension of credit, including the purchase, discounting or other acquisition of false or genuine accounts, invoices, notes, agreements or
<B>Evidences of Debt</B>, whether such <B>Loan</B>, transaction or extension was procured in good faith or through trick, artifice, fraud, or false pretenses, except when covered under Insuring Agreement A or E.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss caused by an <B>Employee</B>, except:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when covered under Insuring Agreement A.; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when covered under Insuring Agreement B. or C. and resulting directly from mysterious unexplainable
disappearance or misplacement, or unintentional destruction of or damage to <B>Property</B>.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>G.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from the use or purported use of credit,
debit, charge, access, convenience, identification cash management or other cards:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in obtaining credit or funds;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in gaining access to any automated teller machine; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in gaining access to any point of sale terminal, customer-bank communication terminal, or similar
electronic terminal of any electronic funds transfer system,</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whether such cards were issued, or purport to have been issued, by the Insured or by anyone other than the Insured, except when covered under Insuring Agreement A.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>H.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss through the surrender of <B>Property</B> away from an office of the
Insured or an <B>Investment Adviser </B>as a result of a threat:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to do bodily harm to any person, except loss of <B>Property</B> in transit in the custody of a
<B>Messenger</B> provided that when such transit was initiated there was no knowledge by the Insured of any such threat; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to do damage to the premises or property of the Insured, except when covered under Insuring Agreement
A.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 16 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.15pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 35.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>I.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from payments made or withdrawals from a
customer&rsquo;s account involving erroneous credits to such account, unless such payments or withdrawals are physically received by such depositor or representative of such depositor who is within the office of the Insured or an <B>Investment
Adviser</B> at the time of such payment or withdrawal, or except when covered under Insuring Agreement A.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>J.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from payments made or withdrawals from a
customer&rsquo;s account involving items of deposit that are not finally paid for any reason, including forgery or any other fraud, except when covered under Insuring Agreement A or J, however, this exclusion does not apply to United States
Government checks or drafts that are returned to the Insured by the United States Government for any reason after the funds for said checks or drafts have been remitted to the Insured or credited to the Insured&rsquo;s
account.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>K.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from counterfeiting, except when covered
under Insuring Agreement A, D, but only as respects <B>Negotiable Instruments </B>(except <B>Evidences of Debt </B>or <B>Substitute Checks</B>), E or F.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>L.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss of <B>Property</B> while:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the mail;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the custody of any <B>Transportation Company</B>, unless covered under Insuring Agreement C provided
however that non-negotiable instruments while in the possession and custody of any <B>Transportation Company </B>will be deemed to be covered under Insuring Agreement C; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">located on the premises of any <B>Transportation Company</B>,</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">except when covered under Insuring Agreement A.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>M.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover potential income, including interest and dividends not realized by the
Insured.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>N.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover damages of any type for which the Insured is legally liable, except direct compensatory damages,
but not multiples thereof, arising directly from a loss covered under this bond.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>O.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover any fees, costs, or other expenses incurred by the Insured in establishing the
existence of or amount of loss covered under this bond except when covered under Insuring Agreement G.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>P.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover indirect or consequential loss of any nature.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Q.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting from any violation by the Insured or by any
<B>Employee</B>:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of law regulating: (i) the issuance, purchase or sale of securities; (ii) securities transactions upon
security exchanges or over the counter market; (iii) investment companies; or (iv) investment advisers; or</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any rule or regulation made pursuant to any such law,</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unless it is established by the Insured that the act or acts that caused said
loss involved fraudulent or dishonest conduct that would have caused a covered loss to the Insured in a similar amount in the absence of such laws, rules or regulations.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>R.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from the failure of a financial or
depository institution, or its receiver or liquidator, to pay or deliver, on demand of the Insured or an <B>Investment Adviser</B>, funds or <B>Property </B>of the Insured held by it in any capacity, except when covered under Insuring Agreement A or
B.1.a.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>S.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss involving any <B>Uncertificated Security</B> except an <B>Uncertificated Security</B> of any
Federal Reserve Bank of the United States or when covered under Insuring Agreement A, E or I.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 17 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>T.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover under Insuring Agreement I, in addition to all of the other exclusions,
loss:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resulting directly or indirectly from entries or changes made by an individual authorized to have
access to a <B>Computer System</B>, who acts in good faith on instructions or advices received by telegraph, teletype, human voice over a telephone, or by any other means, unless such instructions or advices are given to that individual by a
software contractor (or by a partner, officer or employee thereof) authorized by the Insured or an <B>Investment Adviser</B> to design, develop, prepare, supply, service, write, or implement programs for the <B>Computer System</B>, except when
covered under Insuring Agreement I.2.;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73.05pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">caused by an employee or director of an automated clearing house (including a Federal Reserve Bank),
service bureau, electronic communications systems (including Fedwire, CHIPS and SWIFT) or merchants who have contracted with the Insured to perform electronic funds transfer services; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resulting directly or indirectly from entries or changes made by an <B>Employee</B> acting in good
faith on any electronic communication, unless such instructions are purportedly sent by a customer, <B>Financial Institution</B>, or automated clearing house, except when covered under Insuring Agreement I.2.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>U.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from <B>Computer Fraud</B> or mechanical
breakdown or failure to function properly of any <B>Computer System</B>, except when covered under Insuring Agreement A, B, or I.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.05pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>V.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover under Insuring Agreement I.2., in addition to all of the other exclusions,
loss resulting directly or indirectly from the Insured&rsquo;s or an <B>Investment Adviser&rsquo;s </B>assumption of liability by contract unless the liability arises from a loss covered by Insuring Agreement I.2. and would be imposed on the Insured
regardless of the existence of the contract.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.05pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>W.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from theft, disappearance, destruction,
or disclosure of intangible property or confidential information, including trade secrets, customer lists, customer&rsquo;s intellectual property, confidential processing methods, formulas, patents, computer programs, negatives, drawings,
manuscripts, prints and other records of a similar nature, whether such confidential information is owned by the Insured or an <B>Investment Adviser</B> or held by the Insured or <B>Investment Adviser </B>in any capacity including concurrently with
another person.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>X.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover expenses arising from a data security breach or incident, including forensic
audit expenses, fines, penalties, expenses to comply with federal and state laws, payment card industry data security standards (if applicable), or expenses related to notifying affected individuals when the affected individual&rsquo;s personally
identifiable customer, financial or medical information was stolen, accessed, downloaded, or misappropriated while in the Insured&rsquo;s care, custody, or control.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Y.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover under Insuring Agreement A.1., in addition to all of the other exclusions, loss resulting directly
or indirectly from the alleged or actual destruction of <B>Property </B>by an <B>Employee</B>.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Z.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss, costs, or expenses the Insured or an <B>Investment Adviser </B>agrees to
incur, or incurs on behalf of another person or entity, when the Insured is not legally obligated to incur such loss, costs, or expenses under the Uniform Commercial Code or any other common, case, or tort law, statute, rule, or code anywhere in the
world, including any rule or code of any clearing or similar organization; except when covered under Insuring Agreement I.2.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AA.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from the dishonest or fraudulent acts of
an <B>Employee </B>as to whom the bond has terminated pursuant to Condition R. Cancelation, Termination, Change or Modification, provided, however, that this exclusion does not apply to loss of any <B>Property</B> already in transit in the custody
of such <B>Employee</B> at the time the bond terminated or to loss resulting directly from dishonest or fraudulent acts occurring prior to the time the bond terminated.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BB.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting from the unauthorized online <B>Network</B>, <B>Computer
System</B> or internet access to a customer account maintained by the Insured, through the use of fraudulently obtained customer login, identification, password, or authentication information, except where such information has been obtained directly
from unauthorized fraudulent access to a secure file containing such information on a <B>Computer System</B>, except when covered under Insuring Agreement I.2.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 18 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CC.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover damages resulting from any civil, criminal, or other legal proceeding in which
the Insured or <B>Investment Adviser</B> is adjudicated to have engaged in racketeering activity, except when the Insured establishes that the act or acts giving rise to such damages were committed by an <B>Employee</B> under circumstances that
result directly in a loss to the Insured covered by Insuring Agreement A. For purposes of this exclusion, &ldquo;racketeering activity&rdquo; is defined in 18 U.S.C. 1961 et seq., as amended.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DD.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover any loss resulting directly or indirectly from a <B>Fraudulent Instruction </B>except when covered
under Insuring Agreement I.2.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EE.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss or expenses due to liability imposed upon the Insured as a result of the
unlawful disclosure of non-public information by the Insured, an <B>Investment Adviser</B>, or any <B>Employee</B>, or as a result of any <B>Employee</B> acting upon such information, whether or not authorized.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FF.</B></FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover loss resulting directly or indirectly from the input of an <B>Electronic
Record</B> into a <B>Computer System</B>, either on the premises of a customer of the Insured or under the control of such a customer, by a customer or other person who had authorized access to the customer&rsquo;s authentication
mechanism.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in; border-bottom: Black 1pt solid"></TD>
<TD STYLE="width: 0.5in; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>VI.</I></B></FONT></TD>
<TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><A NAME="a026"></A>CONDITIONS</I></B></FONT></TD> </TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a027"></A>ADDITIONAL COMPANIES INCLUDED AS INSURED</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If more than one corporation, co-partnership, or person, or any combination of them are included as
the Insured herein:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the total liability of the Company for loss or losses sustained by any one or more or all of them will
not exceed the limit for which the Company would be liable hereunder if all such loss were sustained by any one of them;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73.15pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 35.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Insured first named will be deemed authorized to make, adjust and receive and enforce payment of
all claims under the bond and will be deemed to be the agent of the others for such purposes and for the giving or receiving of any notice required or permitted to be given by the terms of this bond, provided however that the Company will furnish
each named Insured with a copy of the bond and with any amendment to the bond, together with a copy of each formal filing of claim by any Insured and notification of the terms of any settlement of a claim prior to the execution of such
settlement;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Company will not be responsible for the proper application of any payment made hereunder to the first named Insured;
and</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">knowledge possessed or discovery made by any partner, officer or supervisory <B>Employee</B> of any
Insured will for the purposes of Condition B., Condition H. or Condition R. of this bond constitute knowledge or discovery by all the Insureds.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>B.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a028"></A>DISCOVERY</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond applies to loss discovered by the Insured during the <B>Bond
Period</B>. Discovery occurs when an officer or director of the Insured or of an <B>Investment Adviser</B> first becomes aware of facts that would cause a reasonable person to assume that a loss of a type covered by this bond has been or will be
incurred, regardless of when the act or acts causing or contributing to such loss occurred, even though the exact amount or details of loss may not then be known.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery also occurs when an officer or director of the Insured or an
<B>Investment Adviser</B> receives notice of an actual or potential claim in which it is alleged that the Insured is liable to a third party under circumstances that, if true, would constitute a loss under this bond.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 19 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>C.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a029"></A>BOND PERIOD</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Bond Period </B>means the period of one year following the inception date of
this bond or any annual anniversary thereof, or if the time between the inception or annual anniversary date and the expiration date of this bond is less than one year, then such lesser period.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>D.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a030"></A>SINGLE LOSS</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Single Loss </B>means all covered loss, including court costs and
attorney&rsquo;s fees incurred by the Company under General Agreement E., resulting from:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any one act or series of related acts of burglary, robbery, or attempt thereat, in which no <B>Employee
</B>is implicated;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any one act or series of related unintentional or negligent acts or omissions on the part of any person
(whether an <B>Employee</B> or not) resulting in damage to or destruction or misplacement of <B>Property</B>;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all acts or omissions other than those specified in 1. and 2. above, caused by any person (whether an
<B>Employee</B> or not) or in which such person is implicated; or</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any one casualty or event not specified in 1., 2., or 3. above.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>E.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a031"></A>SINGLE LOSS LIMIT OF INSURANCE</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company&rsquo;s liability for each <B>Single Loss</B> will not exceed the
applicable Single Loss Limit of Insurance set forth in ITEM 4 of the Declarations. If a <B>Single Loss</B> is covered under more than one Insuring Agreement or Coverage, the Single Loss Limit of Insurance for each applicable Insuring Agreement or
Coverage will apply separately to that part of the loss covered under such Insuring Agreement or Coverage, provided that the maximum payable for such <B>Single Loss</B> will not exceed the largest applicable Single Loss Limit of
Insurance.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a032"></A>DEDUCTIBLE</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company is liable hereunder only for the amount by which any <B>Single
Loss</B> exceeds the Single Loss Deductible Amount for the Insuring Agreement or Coverage applicable to such loss, subject to the applicable Single Loss Limit of Insurance.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a <B>Single Loss</B> is covered under more than one Coverage within an
Insuring Agreement, the Single Loss Deductible Amount set forth in ITEM 4 of the Declarations for each applicable Coverage will apply separately to the part of such <B>Single Loss</B> covered under such Coverage, however the sum of such Single Loss
Deductible Amounts for such <B>Single Loss</B> will not exceed the highest applicable Single Loss Deductible Amount for any such Coverage.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0.05pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Insured will, in the time and in the manner prescribed in this bond, give the Company notice of any loss of the kind covered by the terms of this bond that exceeds 25% of the
Single Loss Deductible Amount applicable to such loss, whether or not the Company is liable therefor, and upon the request of the Company will file with it a brief statement giving the particulars concerning such loss.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>G.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a033"></A>NON-ACCUMULATION OF LIMITS</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Single Loss Limit of Insurance of the Company is not
cumulative in amount from <B>Bond Period</B> to <B>Bond Period</B>, regardless of the number of years this bond is in force, the number of times this bond may be renewed or replaced, or the number of premiums that are payable or paid.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>H.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a034"></A>NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At the earliest practicable moment not to exceed 90 days after discovery of loss, the Insured or
<B>Investment Adviser </B>must give the Company notice thereof.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 20 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Within six months after such discovery, the Insured or <B>Investment Adviser</B> must furnish to the
Company proof of loss, duly sworn to, with full particulars.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lost <B>Certificated Securities</B> listed in a proof of loss will be identified by certificate or bond
numbers if such securities were issued therewith.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73.15pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal proceedings for the recovery of any loss hereunder will not be brought prior to the expiration of
60 days after the original proof of loss is filed with the Company or after the expiration of 24 months from the discovery of such loss, except that any action or proceeding to recover hereunder on account of any judgment against the Insured in any
suit mentioned in General Agreement E., or to recover attorney&rsquo;s fees paid in any such suit, will be brought within 24 months from the date upon which the judgment and such suit will become final.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any limitation embodied in this bond is prohibited by any law controlling the construction hereof,
such limitation will be deemed to be amended so as to equal the minimum period of limitation provided by such law.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond is for the use and benefit only of the Insured, and the Company will not be liable hereunder
for loss sustained by anyone other than the Insured. No suit, action or legal proceedings will be brought hereunder by anyone other than the Insured.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>I.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a035"></A>VALUATION</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any loss of <B>Money</B>, or loss payable in <B>Money</B>, will be paid, at the
option of the Insured, in the <B>Money </B>of the country in which the loss was sustained or in the U.S. dollar equivalent thereof determined at the rate of exchange at the time of payment of such loss.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company will settle in kind its liability under this bond on account of a
loss of any securities or, at the option of the Insured, will pay to the Insured the cost of replacing such securities, determined by their highest quoted market value at any time between the business day next preceding the discovery of the loss and
the day that the loss is settled. In case of a loss of subscription, conversion or redemption privileges through the misplacement or loss of securities, the amount of such loss will be the value of such privileges immediately preceding the
expiration thereof. If such securities cannot be replaced or have no quoted market value, or if such privileges have no quoted market value, their value will be determined by agreement or, at the option of the Insured, arbitration.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the applicable coverage of this bond is subject to a
Single Loss Deductible Amount or is not sufficient in amount to indemnify the Insured in full for the loss of securities for which claim is made hereunder, the liability of the Company under this bond is limited to the payment for, or the
duplication of, so much of such securities as has a value equal to the amount of such applicable coverage.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0.05pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0.05pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, at the instance of the Company, the Insured or any customer of the Insured becomes principal upon any bonds, or gives any undertakings, required as a prerequisite to the
reissuing or duplicating of any securities for the loss of which the Company is liable under this bond, the Company will become surety upon such bonds or undertakings without premium charge and will indemnify the Insured or such customer against any
loss that the Insured or such customer may sustain by reason of having become principal upon any such bonds or having given any such undertakings. The amount of indemnity under this paragraph will not exceed the amount stated in ITEM 4 of the
Declarations for the applicable Insuring Agreement.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0.05pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Books of Account and Other Records</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In case of loss of, or damage to, any books of account or
other records used by the Insured in its business, the Company will be liable under this bond only if such books or records are actually reproduced and then for not more than the cost of the blank books, blank pages or other materials plus the cost
of labor for the actual transcription or copying of data that have been furnished by the Insured in order to reproduce such books and other records.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 21 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property other than Money, Securities, Books of Account or Other Records</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In case of loss of, or damage to, any <B>Property</B> other than <B>Money</B>,
securities, books of account or other records, except damage covered under Insuring Agreement B.2. or B.3., the Company will not be liable for more than the actual cash value of such <B>Property</B>. The Company may, at its election, pay the actual
cash value of, repair or replace such <B>Property</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With respect to damage of <B>Property</B> covered under Insuring Agreement
B.2., the Company will be liable for the full cost of repair or replacement of such <B>Property</B>, without deduction for depreciation.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disagreement between the Company and the Insured as to the cash value, replacement value or as to the adequacy of repair or replacement will be resolved by agreement or, at the
option of the Insured, arbitration.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>J.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a036"></A>ASSIGNMENT</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of payment under this bond, the Insured or <B>Investment
Adviser</B> will deliver, if so requested by the Company, an assignment of such of the Insured&rsquo;s rights, title and interest and causes of action as it has against any person or entity to the extent of the loss payment.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>K.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a037"></A>SUBROGATION</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of payment under this bond, the Company will be subrogated to all
of the Insured&rsquo;s rights of recovery therefor against any person or entity to the extent of such payment. If the rules of a <B>Depository</B> provide that the Insured will be assessed for a portion of any judgment (or agreed settlement) taken
by the Company based upon the assignment set forth in Condition J. above and the Insured actually pays such assessment, the Company will reimburse the Insured for the amount of the assessment. However, such reimbursement will not exceed the amount
of the loss payment by the Company.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>L.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a038"></A>RECOVERIES</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All recoveries, whether effected by the Company or by the Insured will be applied, after first
deducting the costs and expenses incurred in obtaining such recovery, in the following order of priority:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">first, to the Insured to reimburse the Insured for loss sustained that would have been paid under this
bond but for the fact that such loss is in excess of the Single Loss Limit of Insurance, provided however, such loss does not include claim expense payments made by the Insured in excess of the Single Loss Limit of Insurance of Insuring Agreement G
and such payments will not be deemed excess for purposes of establishing order of priority;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109.3pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.8pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">second, to the Company in satisfaction of amounts paid or to be paid to the Insured in settlement of
the Insured&rsquo;s claim;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">third, to the Insured in satisfaction of any Single Loss Deductible Amount;
and</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">d.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fourth, to the Insured in satisfaction of any loss not covered under this
bond.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recovery on account of loss of securities as set forth in Condition I.2., or recovery from reinsurance
or indemnity of the Company, will not be deemed a recovery as used herein.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In determining the amount of any loss covered under this bond, all <B>Money</B> received by the Insured from any source whatsoever in connection with any matter from which a loss has
arisen, including payments and receipts of principal, interest, dividends, commission, and the like, received prior to a loss settlement under this bond, will be deducted from the amount actually paid out, advanced, withdrawn, taken or otherwise
lost or stolen. The value of all property received by the Insured from any source whatever and whenever received, in connection with any matter from which a loss has arisen, will be valued as of the date received and will likewise be deducted from
the claimed loss.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 22 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>M.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a039"></A>COOPERATION</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upon the Company&rsquo;s request, and at reasonable times and places designated by the Company, the
Insured will:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">submit to examination by the Company and subscribe to the same under oath;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">produce for the Company&rsquo;s examination all pertinent records; and</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">cooperate with the Company in all matters pertaining to the loss.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Insured will execute all papers and render assistance to secure to the Company the rights and
causes of action provided for herein.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Insured will do nothing after discovery of loss to prejudice such rights or causes of action and
must do everything reasonably necessary to secure those rights and causes of action.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>N.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a040"></A>ANTI-BUNDLING</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any Insuring Agreement requires that an enumerated type of document be
altered or <B>Counterfeit</B>, or contain a signature that is a <B>Forgery</B>, or that it be obtained through trick, artifice, fraud or false pretenses, the alteration, <B>Counterfeit</B>, or signature must be on or of the enumerated document
itself, not on or of some other document submitted with, accompanying, or incorporated by reference into, the enumerated document.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>O.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a041"></A>LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With respect to any <B>Single Loss</B> that is recoverable or recovered in whole
or in part under any other bonds or policies issued by the Company to the Insured or to any predecessor in interest of the Insured and canceled or terminated or allowed to expire and in which the period for discovery has not expired at the time any
such loss thereunder is discovered, the total liability of the Company under this bond and under such other bonds or policies will not exceed, in the aggregate, the amount carried hereunder on such loss or the amount available to the Insured under
such other bonds or policies, as limited by the terms and conditions thereof, for any such loss if the latter amount be the larger.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the coverage of this bond supersedes in whole or in part the coverage of any other bond or policy of insurance issued by an insurer other than the Company and canceled, terminated
or allowed to expire, the Company, with respect to any loss sustained prior to such cancelation, termination or expiration and discovered within the period permitted under such other bond or policy for the discovery of loss thereunder, will be
liable under this bond only for that part of such loss covered by this bond as is in excess of the amount recoverable or recovered on account of such loss under such other bond or policy, anything to the contrary in such other bond or policy
notwithstanding.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>P.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a042"></A>OTHER INSURANCE OR INDEMNITY</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage afforded hereunder applies only as excess over any valid and collectible insurance or
indemnity obtained by:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Insured;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">anyone other than the Insured;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a <B>Transportation Company</B>;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">another entity on whose premises the loss occurred or that employed the person causing the loss; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the messenger conveying the <B>Property</B> involved.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 23 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Q.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a043"></A>COVERED PROPERTY</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond applies to loss of <B>Property</B>:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that is owned by the Insured;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that is held by the Insured in any capacity; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for which the Insured is responsible,</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to or at the time of the occurrence of the loss. This bond is for the sole use and benefit of
the Insured.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>R.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a044"></A>CANCELATION, TERMINATION, CHANGE, OR MODIFICATION</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 73pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cancelation</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 109.15pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 35.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond is canceled in its entirety immediately upon receipt by the Company of a <B>Written
</B>notice from the Insured or an <B>Investment Adviser </B>of its desire to cancel this bond, provided the Insured or <B>Investment Adviser</B> has provided at least 60 days&rsquo; advance <B>Written</B> notice to the U.S. Securities and Exchange
Commission (SEC). The Company will notify all other Insureds of the receipt of such a cancelation request from the Insured or <B>Investment Adviser</B>, however the cancelation will not be effective until 60 days after receipt of <B>Written</B>
notice by all other Insureds.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond is canceled in its entirety 60 days after the receipt by each Insured and the SEC, of a
<B>Written</B> notice from the Company of its desire to cancel this bond.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage is canceled as to any <B>Employee</B>, or as to any partner, officer, or employee of any
<B>Electronic Data Processor</B> 60 days after the receipt by the Insured and the SEC, of a written notice from the Company of its desire to cancel coverage under this bond as to such person.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Termination</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond terminates in its entirety immediately upon the Expiration Date set forth in ITEM 2 of the
Declarations.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond terminates as to any Insured:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 144.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">immediately upon the surrender of such Insured&rsquo;s charter to any governmental authority;
or</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 144.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">immediately upon the taking over of such Insured by a receiver or other liquidator or by any State or
Federal official,</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 145pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whichever occurs first.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 145pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 145pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Termination of the bond as to any Insured terminates liability for any loss
sustained by such Insured that is discovered after the effective date of such termination.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 145pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 108.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage terminates as to any <B>Employee</B>, or as to any partner, officer, or employee of any
<B>Electronic Data Processor</B>:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 145.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as any Director or Officer or Insured not in collusion with such person, learns of any
dishonest or fraudulent employment related act, including <B>Larceny or Embezzlement</B>; or</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 144.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60 days after any director or officer of the Insured not in collusion with such person, learns of any
dishonest or fraudulent non-employment related act, including <B>Larceny or Embezzlement</B>, that resulted in a loss of <B>Property</B> in excess of $25,000,</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 24 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 181pt"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 181pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 145pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">either of which were committed by such person at any time,
whether in the employment of the Insured or otherwise, whether or not of the type covered under Insuring Agreement A, against the Insured or any other person or entity, without prejudice to the loss of any <B>Property </B>then in transit in the
custody of such person.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 145pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 145pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">However, termination of coverage as to any <B>Employee</B> as set forth in
c.(1) and c.(2) of the preceding paragraph, will not apply to any such person provided the Insured has received and retains an original letter signed by a prior insurer reinstating coverage for such individual for whom the Insured discovered had
committed a dishonest or fraudulent act prior to the effective date of this bond.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 145pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.85pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.15pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change or Modification</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond or any instrument amending or affecting this bond may not be changed
or modified orally. No changes in or modification of this bond will be effective unless made by <B>Written</B> endorsement issued to form a part of this bond and including the signature of the Company&rsquo;s Authorized Representative. When a bond
covers only one Insured no change or modification that would adversely affect the rights of the Insured will be effective prior to 60 days after <B>Written</B> notification has been furnished to the SEC by the Insured, <B>Investment Adviser</B> or
the Company. If more than one Insured is named under this bond, the Company will give <B>Written</B> notice to each Insured and to the SEC not less than 60 days prior to the effective date of any change or modification that would adversely affect
the rights of such Insured.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 109pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>S.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a045"></A>DISCOVERY PERIOD</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At any time prior to the cancelation or termination of this bond in its
entirety, whether by the Insured, an <B>Investment Adviser</B>, or the Company, the Insured or an <B>Investment Adviser </B>may give to the Company written notice that it desires under this bond an additional period of 12 months within which to
discover loss sustained by the Insured prior to the effective date of such cancelation or termination and will pay an additional premium therefor.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upon receipt of such notice from the Insured or an <B>Investment Adviser</B>,
the Company will give its written consent thereto; provided, that such additional period of time terminates immediately:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the effective date of any other insurance obtained by the Insured, its successor in business or any
other party, replacing in whole or in part the insurance afforded by this bond, whether or not such other insurance provides coverage for loss sustained prior to its effective date; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 72.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon any takeover of the Insured&rsquo;s business by any state or federal official or agency, or by any
receiver or liquidator acting or appointed for this purpose,</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whichever occurs first, and without the necessity of the Company giving notice of such termination. In the event that such additional period of time is terminated, as provided above,
the Company will refund on a pro-rata basis, any unearned premium.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The right to purchase such additional period for the discovery of loss may not
be exercised by any state or federal official or agency, or by any receiver or liquidator, acting or appointed to take over the Insured&rsquo;s business for the operation or for the liquidation thereof or for any other purpose.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company&rsquo;s total liability for any loss discovered
during such additional period of time is part of, and not in addition to, the Single Loss Limit of Insurance of the <B>Bond Period</B> that terminates immediately preceding the effective date of such additional period.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>T.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a046"></A>HEADINGS</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The titles of the various paragraphs of this bond and its endorsements are
inserted solely for convenience or reference and are not to be deemed in any way to limit, expand or affect the provision to which they relate.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 68%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-16001 Ed. 01-16</FONT></TD>
<TD STYLE="width: 32%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 25 of 25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>NOTIFICATION ENDORSEMENT</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Company Bond</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin: 0pt 0; text-align: justify"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; margin: 0pt 0; width: 100%; text-align: justify">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed that:</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR
MODIFICATION:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event this bond is canceled, terminated, reduced, non-renewed or restrictively
modified by the Company, the Company will endeavor to give 90 days&rsquo; advance notice to the party listed below, but failure to do so will not impair or delay the effectiveness of any such cancelation, termination, reduction, nonrenewal, or
restrictive modification, nor will the Company be held liable in any way for such failure.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Asset Fund<BR> One Corporate Center<BR> Rye, NY 10580-1422</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 320pt">&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 2pt; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 2pt; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: Travelers Casualty and Surety Company of
America</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy Number: 106839603&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19021 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-top: 2pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of
1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>NAMED INSURED ENDORSEMENT</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 181pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Company
Bond</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; margin: 0; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed that:</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are added to ITEM 1 of the Declarations as Insureds:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bancroft Fund
Ltd.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comstock Capital Value Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ellsworth Growth and Income Fund Ltd.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli Capital
Asset Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli Enterprise Mergers and Acquisitions Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli Equity Trust</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli ESG Fund, Inc.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GAMCO Global Gold, Natural Resources &amp; Income Trust</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GAMCO Natural
Resources, Gold &amp; Income Trust</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TETON Westwood Balanced Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TETON Westwood Equity Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TETON Westwood
Intermediate Bond Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TETON Westwood Mighty Mites Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TETON Westwood Small Cap Equity Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli ABC
Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Asset Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Convertible and Income Securities Fund Inc.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli
Dividend and Income Trust</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Dividend Growth Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Equity Income Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli
Focus Five Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Global Content &amp; Connectivity Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Global Rising Income and Dividend Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli
Global Small and Mid Cap Value Trust</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Global Utility &amp; Income Trust&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 6pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: Travelers Casualty and Surety Company of America&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 6pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy Number: 106839603</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19004 Ed.
01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt; text-align: right; padding-right: 0; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights
reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Go Anywhere Trust</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Gold
Fund, Inc.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Healthcare &amp; Wellness RX Trust</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli International Small Cap Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli
Multimedia Trust Inc.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Small Cap Growth Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli U.S. Treasury Money Market Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli
Utilities Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Utility Trust</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Value 25 Fund Inc.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The GDL
Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli Media Mogul Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli Global Mini Mites Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli Pet
Parents&rsquo; Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keeley Funds, Inc. - Keeley Mid Cap Dividend Value Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keeley Funds, Inc. - Small Cap Dividend Value Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keeley Funds,
Inc. - Small-Mid Cap Value Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Global Growth Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Gabelli Growth Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli ETFs Trust - Love Our Planet and People ETF</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TETON
Convertible Securities Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli International Growth Fund, Inc.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli Global Financial Services Fund</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli Focused
Growth and Income Fund fka Gabelli Focus Five Fund (eff. 1/21/2021)</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 100pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19004 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 2 of 2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>CO-SURETY ENDORSEMENT</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Company
Bond</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV ALIGN="LEFT" STYLE="margin: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; margin: 0; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed that:</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to
section VI. CONDITIONS:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CO-SURETY</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 34.85pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The term Company as set forth on the Declarations and as used throughout this bond is construed to mean
all the Companies executing the Co-Surety Schedule below, unless otherwise specified in this endorsement.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35.6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each such Company will be liable only for such proportion of any <B>Single Loss</B>
in Item 4 of the Declarations under this bond as the amount underwritten by such Company as specified in the Co-Surety Schedule bears to the Single Loss Limit of Insurance of Insuring Agreement A.1, but in no event will any such Company be liable
for an amount greater than the amount underwritten by it.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35.25pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the absence of a request from any Company to pay premiums directly to it, premiums for this bond may be
paid to the Controlling Company designated in the Co-Surety Schedule below for the account of all Companies.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35.25pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the absence of a request from any Company that notice of claim and proof of loss
be given to or filed directly with it, the giving of such notice to and the filing of such proof with the Controlling Company will be deemed to be in compliance with the conditions of this bond for the giving of notice of loss and the filing of
proof of loss, if given and filed in accordance with said conditions.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35.65pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Controlling Company may give notice in accordance with the terms of this bond,
canceling or terminating this bond in its entirety or as to any <B>Employee</B>, and any notice so given will cancel or terminate the liability of all Companies in their entirety or as to such <B>Employee</B>, as the case may
be.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35.25pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any Company other than the Controlling Company may give notice in accordance with the terms of the
attached bond, canceling or terminating the entire liability of such other Company under this bond or as to any <B>Employee</B>.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 34.6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the absence of a request from any Company that notice of cancelation or
termination by the Insured of this bond in its entirety be given to or filed directly with such Company, the giving of such notice in accordance with the terms of this bond to the Controlling Company will cancel or terminate the liability of all
Companies in their entirety. The Insured may cancel or terminate the entire liability of any Company, other than the Controlling Company, under this bond by giving notice of such cancelation or termination to such other Company, and will send a copy
of such notice to the Controlling Company.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35.2pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the cancelation or termination of this bond in its entirety, no
Company will be liable to the Insured for a greater proportion of any return premium due the Insured than the amount underwritten by such Company bears to the Limit of Insurance for this bond.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35.35pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the cancelation or termination of this bond as to any Company, such
Company alone will be liable to the Insured for any return premium due the Insured on account of such cancelation or termination. The cancelation or termination of this bond as to any Company other than the Controlling Company will not cancel,
terminate, or otherwise affect the liability of the other Companies under this bond.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 6pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: Travelers Casualty and Surety Company of America</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy Number: 106839603</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19007 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Co-Surety Schedule</U></B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Controlling Company:</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underwritten for the sum of:</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$20,000,000 part of $29,475,000</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Except as follows:</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement G.: $33,927 part of $50,000</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 25%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 58%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreements H. and J.: $16,964 part of $25,000</FONT></TD>
<TD STYLE="width: 15%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Travelers Casualty and Surety Company of America</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling Company</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signature:</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 3pt"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Company (or Companies) other than Controlling Company:</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underwritten for the sum of:</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$9,475,000 part of $29,475,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Except as follows:</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement G.: $16,073 part of $50,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 58%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreements H. and J.: $8,036 part of $25,000</FONT></TD>
<TD STYLE="width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Great American Insurance Company</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signature:</FONT></TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;
<IMG SRC="g141631img010.jpg" ALT=""></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 120pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly
stated herein. This endorsement is part of such policy and incorporated therein.</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19007 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 2 of 2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>UNAUTHORIZED SIGNATURE ENDORSEMENT</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 149pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Company
Bond</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; margin: 0; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>It is agreed that:</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to section II. INSURING AGREEMENTS, D. FORGERY OR ALTERATION<B>:</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss resulting from the Insured accepting, paying, or
cashing any <B>Negotiable Instrument</B> or <B>Withdrawal Order</B> made or drawn on a customer&rsquo;s account, which bears an unauthorized signature or an unauthorized endorsement, provided that the Insured has on file the signatures of all
persons authorized to sign or endorse such <B>Negotiable Instrument</B> or <B>Withdrawal Order</B>.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: 0.05pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following replaces section VI. CONDITIONS, N. ANTI-BUNDLING:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 36.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>N.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ANTI-BUNDLING</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 73pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any Insuring Agreement requires that an enumerated type of document be
altered or <B>Counterfeit</B>, or contain a signature or endorsement which is a <B>Forgery</B> or which is unauthorized, or that it be obtained through trick, artifice, fraud, or false pretenses, such alteration, <B>Counterfeit</B>, signature, or
endorsement must be on or of the enumerated document itself, not on or of some other document submitted with, accompanying, or incorporated by reference into, the enumerated document.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 2pt; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: Travelers Casualty and Surety Company of America&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy Number: 106839603&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19010 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>AMEND DISCOVERY AND CANCELATION OR TERMINATION CONDITIONS &ndash;
SCHEDULED POSITIONS ENDORSEMENT</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Company Bond</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV ALIGN="LEFT" STYLE="margin: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; margin: 0; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed that:</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35.6pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following replaces section VI. CONDITIONS, B. DISCOVERY:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond applies to loss discovered by the Insured during the <B>Bond
Period</B>. Discovery occurs when any individual holding the title or position set forth in the Schedule below, or employed in a department or division described in the Schedule below, first becomes aware of facts which would cause a reasonable
person to assume that a loss of a type covered by this bond has been or will be incurred, regardless of when the act or acts causing or contributing to such loss occurred, even though the exact amount or details of loss may not then be
known.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery also occurs when any individual holding the title or position set
forth in the Schedule below, or employed in a department or division described in the Schedule below, receives notice of an actual or potential claim in which it is alleged that the Insured is liable to a third party under circumstances which, if
true, would constitute a loss under this bond.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 39pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 33.75pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following replaces section VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE OR MODIFICATION,
2.c.:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 40.85pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 34.85pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage terminates as to any <B>Employee</B>; or as to any partner, officer, or employee of any <B>Electronic Data
Processor</B>:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 76.05pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 35.25pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as any individual holding the title or position set forth in the Schedule below, or employed in
a department or division described in the Schedule below, not in collusion with such person learns of any dishonest or fraudulent employment related act; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 75.4pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 35.6pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60 days after any individual holding the title or position set forth in the Schedule below, or employed in a department or
division described in the Schedule below, not in collusion with such person learns of any dishonest or fraudulent non-employment related act which resulted in a loss of <B>Property</B> in excess of $25,000,</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 75pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">either of which were committed by such person at any time, whether in the
employment of the Insured or otherwise, whether or not of the type covered under Insuring Agreement A, against the Insured or any other person or entity, without prejudice to the loss of any <B>Property</B> then in transit in the custody of such
person.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 75pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 75pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">However, termination of coverage as to any <B>Employee</B> as set forth in (1)
and (2) of the preceding paragraph will not apply to any such person provided the Insured has received and retains an original letter signed by a prior insurer reinstating coverage for such individual for whom the Insured discovered had committed a
dishonest or fraudulent act prior to the effective date of this bond.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Schedule</U></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Risk Manager, Head of Internal Audit, General Counsel of Gabelli Funds, LLC</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: Travelers Casualty and Surety Company of America&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 6pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy Number: 106839603&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19016 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19016 Ed. 01-16</FONT></TD>
<TD STYLE="width: 31%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 2 of 2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>AMEND DEFINITION OF EMPLOYEE ENDORSEMENT</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 134pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Company
Bond</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed
that:</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to section IV. DEFINITIONS, R. Employee:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Employee </B>also means any natural person named or holding any title or position
described in the Schedule below, but only while such person is operating under <B>Written</B> contract with the Insured and is under the direct supervision or control of the Insured.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Schedule:</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sub-Advisor,
Shareholder Services Agent, Custodian, or Sub-Custodian</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly
stated herein. This endorsement is part of such policy and incorporated therein.&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 17%; padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company:</FONT></TD>
<TD STYLE="width: 63%; padding-left: 7pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Travelers Casualty and Surety Company of America</FONT></TD>
<TD STYLE="width: 20%; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy Number:</FONT></TD>
<TD STYLE="padding-left: 7pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106839603</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 4pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="padding: 2pt 0 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19024 Ed. 01-16</FONT></TD>
<TD STYLE="padding: 2pt 0 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NEWLY CREATED INVESTMENT FUNDS OR PORTFOLIOS ENDORSEMENT</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed that:</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following replaces section <B>III. GENERAL AGREEMENTS</B>, <B>A.</B>:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A.</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ORGANIC GROWTH</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond will include coverage for any <B>Newly Created
Investment Fund or Portfolio</B>, provided the Insured or the <B>Investment Adviser</B> submits to the Company, following the end of each <B>Bond Period</B>, a list of all <B>Newly Created Investment Fund or Portfolios </B>created and offered during
such <B>Bond Period</B>, including the estimated assets of each <B>Newly Created Investment Fund or Portfolio</B> and copies of any prospectuses and statements of additional information relating to such <B>Newly Created Investment Funds or
Portfolio</B>, unless such prospectuses and statements of additional information have been previously submitted to the Company.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37pt; text-indent: 0.05pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following the end of each <B>Policy Period</B>, any
<B>Newly Created Investment Fund or Portfolio</B> created during such <B>Policy Period </B>will continue to be insured only if:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37pt; text-indent: 0.05pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Company is notified as set forth in this General Agreement;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the information required by this General Agreement has been provided to the Company; and</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37.05pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Company acknowledges the addition of such <B>Newly Created Investment Fund or Portfolio </B>by <B>Written</B>
endorsement issued to and forming a part of this bond.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to section <B>IV. DEFINITIONS</B>:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Newly Created Investment Fund or Portfolio </I></B>means any new fund or portfolio created and
offered by an Insured or <B>Investment Adviser </B>and for which registration with the SEC has been declared.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-indent: -0.05pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Newly Created Investment Fund or Portfolio </B>does not include any fund or portfolio that was part of any consolidation, merger, purchase, or acquisition as described in section
III. GENERAL AGREEMENTS, B.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, exclusions, or limitations of the above-mentioned bond, except as expressly stated herein. This endorsement is part of such bond and incorporated therein.</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 2pt; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: <B>Travelers Casualty and Surety Company of America</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number: <B>106839603</B></FONT></P>
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<TD STYLE="width: 67%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-10004 Ed.
09-16</FONT></TD>
<TD STYLE="width: 33%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt; padding-right: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of
1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights
reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>AUTOMATED PHONE SYSTEMS ENDORSEMENT</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 143pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Company Bond</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed that:</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to ITEM 4. of the Declarations</FONT></TD> </TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="text-align: center; vertical-align: bottom">
<TD STYLE="width: 45%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 25%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SINGLE LOSS</B></FONT></TD>
<TD STYLE="width: 25%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SINGLE LOSS</B></FONT></TD></TR>
<TR STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURING AGREEMENT</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LIMIT OF</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DEDUCTIBLE</B></FONT></TD></TR>
<TR STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURANCE</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AMOUNT</B></FONT></TD></TR>
<TR STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTOMATED PHONE SYSTEMS</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$29,475,000</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$10,000</B></FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to section <B>II. INSURING AGREEMENTS</B>:</FONT></TD> </TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTOMATED PHONE SYSTEMS (&ldquo;APS&rdquo;)</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loss caused directly by an <B>APS Transaction</B>, where the request for such
<B>APS Transaction</B> is unauthorized or fraudulent and is made with the manifest intent to deceive the Insured; provided that the entity that receives such request generally maintains and follows during the <B>Bond Period</B> all <B>APS Designated
Procedures</B> with respect to <B>APS Transactions</B>. The isolated failure of such entity to maintain and follow a particular <B>APS Designated Procedure </B>in a particular instance will not preclude coverage under this Insuring
Agreement.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are added to section <B>IV. DEFINITIONS</B>:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>APS </I></B>or <B><I>Automated Phone System </I></B>means an automated
system that receives and converts to executable instructions (1) transmissions by voice over the telephone, or (2) transmissions over the telephone through use of a touch-tone keypad or other tone system; but does not include transmissions from a
<B>Computer System</B> or part thereof.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>APS Designated Procedures </I></B>means the following procedures:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Logging: All <B>APS Transaction</B> requests must be logged or otherwise recorded so as to preserve all
of the information necessary to effect the requested <B>APS Transaction</B> transmitted in the course of such a request, and the records must be retained for at least six months. Information contained in the records must be capable of being
retrieved and produced within a reasonable time after retrieval of specific information is requested, at a success rate of no less than 85 percent.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Identity Test: The identity of the caller in any request for an <B>APS Transaction</B> must be tested
before executing that <B>APS Transaction</B> by requiring the entry by the caller of an identification number consisting of at least four digits or characters.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Contemporaneous Confirmation: All information in each request for an <B>APS Transaction</B> that is
necessary to effect such <B>APS Transaction</B> must be contemporaneously repeated to the caller, and no such <B>APS Transaction</B> will be executed unless the caller has confirmed the accuracy of such information.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Written Confirmation: A written confirmation of each <B>APS Transaction</B> must be sent to the
shareholders to whose account such <B>APS Transaction</B> relates, at the record address, by the end of the Insured&rsquo;s next regular processing cycle, but no later than five business days following such <B>APS
Transaction</B>.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 19pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Access to <B>APS Equipment</B>: Physical access to <B>APS Equipment</B> must be limited to duly authorized
personnel.</FONT></TD></TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt 1pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: <B>Travelers Casualty and Surety Company of America&nbsp;</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 3pt 1pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number: <B>106839603</B></FONT></P>
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<TD STYLE="width: 67%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-10010 Ed. 11-16</FONT></TD>
<TD STYLE="width: 33%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 2</FONT></TD></TR>
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<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>APS Election </I></B>means any election concerning dividend options available to the
<B>Insured&rsquo;s</B> shareholders that is requested through an <B>Automated Phone System</B>.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>APS Exchange </I></B>means any exchange of shares in a registered account of one <B>Insured</B> into shares in an identically registered account of another <B>Insured</B> in
the same complex pursuant to exchange privileges of the two <B>Insureds</B>, which exchange is requested through an <B>Automated Phone System</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>APS Purchase </I></B>means any purchase of shares issued by an
<B>Investment Advisor</B> that is requested through an <B>Automated Phone System</B>.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>APS Redemption </I></B>means any redemption of shares issued by an <B>Investment Advisor</B> that is requested through an <B>Automated Phone System</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>APS Transaction </I></B>means any <B>APS Redemption</B>, <B>APS
Election</B>, <B>APS Exchange</B>, or <B>APS Purchase</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Officially Designated </I></B>means designated in writing signed by a
shareholder of record of an <B>Insured</B>, either in such shareholder&rsquo;s initial application for the purchase of an <B>Insured&rsquo;s</B> shares, with or without a Signature Guarantee, or in another document with a Signature
Guarantee.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Signature Guarantee </I></B>means a <B>Written</B>
guarantee of a signature that is made by a <B>Financial Institution</B> whose deposits are insured by the Federal Deposit Insurance Corporation, or by a broker that is a member of any national securities exchange registered under the Securities
Exchange Act of 1934.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Solely with respect to the Automated Phone Systems Insuring Agreement, the following are added to
section <B>V.</B></FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EXCLUSIONS</B>:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This bond does not cover:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 19pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any loss covered under any other Insuring Agreement of this bond:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 19pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any loss resulting directly or indirectly from:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any <B>APS Redemption</B>, where the proceeds of such redemption were requested to be paid or made
payable to other than (a) the shareholder of record, or (b) a person <B>Officially Designated</B> to receive redemption proceeds, or (c) a bank account <B>Officially Designated </B>to receive redemption proceeds;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any <B>APS Redemption</B> of an <B>Insured&rsquo;s</B> shares that had been improperly credited to a
shareholder&rsquo;s account, where such shareholder (a) did not cause, directly or indirectly, such shares to be credited to such account, and (b) directly or indirectly received any proceeds or other benefit from such
redemption;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any <B>APS Redemption</B> from any account, where the proceeds of such redemption were requested to be
sent (a) to any address other than the record address for such account, or (b) to a record address for such account that was either (i) designated over the telephone fewer than 30 days prior to such redemption, or (ii) designated in writing less
than one day prior to such redemption;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The failure to pay for shares attempted to be purchased, or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The intentional failure to adhere to one or more <B>APS Designated Procedures</B>.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of
the terms, conditions, exclusions, or limitations of the above-mentioned bond, except as expressly stated herein. This endorsement is part of such bond and incorporated therein.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 67%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-10010 Ed. 11-16</FONT></TD>
<TD STYLE="width: 33%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: right; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 2 of 2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2016 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; padding-top: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>AUTOMATIC INCREASE IN INSURING AGREEMENT A.1. SINGLE LOSS LIMIT OF INSURANCE
ENDORSEMENT</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 43pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Company
Bond</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; margin: 0; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed that:</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to section VI. CONDITIONS, E. SINGLE LOSS LIMIT OF INSURANCE:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding the previous paragraph, if the Insured, while this bond is in force, requires
an increase in the limit of Insuring Agreement A.1. in order to comply with SEC Regulation 17g-1, as a result of:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 18.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an increase in assets under management by current Insureds under the bond, per the terms of section
III. GENERAL AGREEMENTS, A. ORGANIC GROWTH; or</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18.9pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD>
<TD STYLE="width: 18.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an increase in assets under management due to the addition of new investment companies per the terms of
section III. GENERAL AGREEMENTS, B. CONSOLIDATION &ndash; MERGER &ndash; PURCHASE OR ACQUISTION OF ASSETS,</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
Single Loss Limit of Insurance for Insuring Agreement A.1. will automatically be increased to comply with Regulation 17g-1 without the payment of additional premium, for the remainder of the <B>Bond Period</B>.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 120pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 70pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 120pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, exclusions, or limitations of the above-mentioned bond, except as expressly stated herein. This endorsement is part of such bond and incorporated therein.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: <B>Travelers Casualty and Surety Company of America&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number: <B>106839603&nbsp;</B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 67%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-19044 Ed. 05-18</FONT></TD>
<TD STYLE="width: 33%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2018 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>NEW YORK CANCELATION, TERMINATION, CHANGE, OR MODIFICATION ENDORSEMENT</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 34pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement
changes the following:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Company Bond</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed that:</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following replaces VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR
MODIFICATION, 1.b.:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 19pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">b.</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the bond has been in effect for 90 days or less, it may be canceled by the Company
for any reason. Such cancelation will be effective 90 days after the Company mails a notice of cancelation to the first named Insured at the mailing address set forth in ITEM 1 of the Declarations, the SEC, and every other
Insured.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the bond has been in effect for more than 90 days or is a renewal, then
cancelation may only be for one or more of the following reasons and will be effective 90 days after the notice of cancelation is mailed or delivered to the first named Insured at the mailing address set forth in ITEM 1 of the Declarations, the SEC,
and to every other Insured:</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 37pt; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">nonpayment of premium or installment that is overdue, as well as any unpaid fees
charged for installments, late payment or reinstatement;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conviction of the Insured of a crime arising out of acts increasing the hazard
insured against;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">discovery of fraud or material misrepresentation in the obtaining of this bond or in
the presentation of a claim hereunder;</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">discovery after the inception date set forth in ITEM 2 of the Declarations of an act
or omission, or a violation of any bond condition that substantially and materially increases the hazard insured against;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">material change in the nature or extent of the risk, occurring after the Inception
Date set forth in ITEM 2 of the Declarations, which causes the risk of loss to be substantially and materially increased beyond that contemplated at the time the bond was issued or last renewed;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a determination by the superintendent that continuation of the present premium volume
of the Company would jeopardize the Company&rsquo;s solvency or be hazardous to the interests of the Company&rsquo;s stockholders or creditors, or to the public;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 37pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a determination by the superintendent that continuation of the bond would violate, or
would place the Company in violation of, any provision of the New York State Insurance Law; or</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 36.95pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">where the Company has reason to believe, in good faith and with sufficient cause,
that there is a possible risk or danger that the insured property will be destroyed by the Insured for the purpose of collecting the insurance proceeds, provided that:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 55.05pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a notice of cancelation on this ground informs the Insured in plain language that the
Insured must act within 10 days if review by the Department of Financial Services of the State of New York of the ground for cancelation is desired; and</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 54.95pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 18.05pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">notice of cancelation on this ground is provided simultaneously by the Company to the
Department of Financial Services of the State of New York.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-right: 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1.05pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"></TD>
<TD STYLE="width: 17.95pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are added to VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR
MODIFICATION:</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonrenewal</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company will not be required to renew this bond upon
its expiration. If the Company elects not to renew, the Company will provide the Insured set forth in ITEM 1 of the Declarations, the SEC, and every other Insured <B>Written</B> notice to that effect at least 60 days, but no more than 120 days,
before the Expiration Date set forth in ITEM 2 of the Declarations. If such notice is given late, the bond will continue in effect for 60 days after such notice is received by the Insured.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: <B>Travelers Casualty and Surety Company of America</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy Number: <B>106839603</B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 67%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-18023 Rev. 12-17</FONT></TD>
<TD STYLE="width: 33%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2017 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewal with Altered Terms:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Should this bond be renewed or replaced, but with a reduction of limits, reduced
coverage, increased deductible, additional exclusions, or upon increased premiums in excess of 10% (exclusive of any premium increase as a result of experience rating), the Company must mail <B>Written</B> notice to the Insured shown in ITEM 1 of
the Declarations at least 60 days but not more than 120 days before renewal or replacement. If such notice is given late, the renewal or replacement bond will be in effect with the same terms, conditions and rates as the terminated bond for 60 days
after such notice is received by the Insured.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company may elect to simply notify the Insured that the bond will either not
be renewed, or will be renewed with different terms, conditions or rates. In such event, the Company will inform each Insured and the SEC that a second notice will be sent at a later date specifying the Company&rsquo;s exact intention. The notice
will inform the parties that, in the meantime, coverage will continue at the same terms, conditions and rates as the expiring bond until the expiration date of the bond or 60 days after the second notice is received by the Insured, whichever is
later.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 80pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 80pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font: 80pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 80pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 67%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVBB-18023 Rev. 12-17</FONT></TD>
<TD STYLE="width: 33%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 139pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Page 2 of 2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&copy; 2017 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR> </TABLE>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt; border: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B></FONT></TD>
</TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>NEW YORK INSURANCE MANDATORY REGULATION 209
ENDORSEMENT</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 76pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This endorsement changes the following:</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Company Bond</B></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT
STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>It is agreed that:</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to section <B>V. EXCLUSIONS</B>, <B>AA.</B>:</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">However, this exclusion will not apply to loss caused by an <B>Employee</B> of
an Insured located in New York who was convicted of a fraudulent or dishonest act prior to becoming employed by the Insured if the Insured made a determination to hire or retain such <B>Employee </B>utilizing the factors set out in Correction Law
Article 23-A. Nevertheless, this exclusion will apply to an <B>Employee</B>, or loss caused by such <B>Employee</B>, for whom there is a bar to employment established by law and the Insured has hired or retained the <B>Employee</B> despite the
bar.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
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<TD STYLE="width: 1.15pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 17.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following is added to section <B>VI. CONDITIONS</B>,
<B>R. CANCELATION OR TERMINATION</B>, 2. Termination, c.:</FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="margin-top: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Termination of coverage as to any <B>Employee</B> as set forth in c.(1) and c.(2) above will not apply to any such person provided
the Insured has received and retains an original letter signed by a prior insurer reinstating coverage for such individual whom the Insured discovered had committed a dishonest or fraudulent act prior to the effective date of this
bond.</FONT></P></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With respect to any <B>Employee</B>, upon the detection by any Insured that such
<B>Employee</B> (hereafter &ldquo;detected <B>Employee</B>&rdquo;) has committed any dishonest or fraudulent acts or theft, the Insured must immediately remove the detected <B>Employee</B> from a position that may enable the detected <B>Employee</B>
to cause the Insured to suffer a loss by any subsequent dishonest or fraudulent acts or theft. The Insured, within 48 hours of such detection, must notify the Company with full and complete particulars of the detected dishonest or fraudulent acts or
theft.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For purposes of this section, detection occurs when any partner, officer, or
supervisory <B>Employee</B> of any Insured, who is not in collusion with the detected <B>Employee</B>, becomes aware that the detected <B>Employee</B> has committed any dishonest or fraudulent acts or theft.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coverage under this bond with respect to such <B>Employee</B> will terminate
upon written notice to each Insured and to the Securities and Exchange Commission from the Company of not less than 60 days prior to the effective date of termination specified in such notice.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Termination of coverage as to any <B>Employee</B> of an Insured located in New
York as set forth in c.(1) and c.(2) above will also not apply to any such <B>Employee</B> if: (a) the dishonest act was committed by that <B>Employee</B> prior to becoming employed by the Insured, (b) the dishonest act resulted in a conviction of
that <B>Employee</B>; and (c) the Insured made a determination to hire or retain the <B>Employee</B> utilizing the factors set out in Correction Law Article 23-A. However, such termination of coverage will apply to an <B>Employee</B>, or loss caused
by such <B>Employee</B>, for whom there is a bar to employment established by law and the Insured has hired or retained the <B>Employee</B> despite the bar.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of
the terms, conditions, exclusions, or limitations of the above-mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issuing Company: <B>Travelers Casualty and Surety Company of America&nbsp;</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Policy Number: <B>106839603&nbsp;</B></FONT></P>
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<TD STYLE="width: 67%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVBB-17022 Rev. 10-19</FONT></TD>
<TD STYLE="width: 33%; border-top: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 2pt 0 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Page 1 of 1</FONT></TD></TR>
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<TD STYLE="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&copy; 2019 The Travelers Indemnity Company. All rights reserved.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
 <P STYLE="margin: 0"></P> <P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">AMENDED AND RESTATED</FONT></P>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>JOINT INSURED AGREEMENT</B></FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">AGREEMENT dated December 1, 1999, as most recently amended as of
November 19, 2013, July 11, 2014, April 23, 2015, November 18, 2015, November 16, 2016, November 15, 2018, November 14, 2019, and November 12, 2020 among the registered investment companies advised by Gabelli Funds, LLC, Teton Advisors, Inc., and
Keeley-Teton Advisors, LLC (together, the &ldquo;Advisers&rdquo;) which are listed on Schedule A attached hereto (collectively, the &ldquo;Funds&rdquo;).</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">WHEREAS, each of the Funds is named as an insured in an investment
company blanket bond (the &ldquo;Fidelity Bond&rdquo;) which is intended to be in full compliance with Rule 17g-1 under the Investment Company Act of 1940, as amended; and</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">WHEREAS, the Funds desire to enter into an agreement in order to
meet the requirements of Rule 17g-1 and to assure that premiums payable with respect to the Fidelity Bond and payments by the Insurer with respect to the Fidelity Bond are allocated in a fair and equitable manner;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Now, THEREFORE, the Funds do hereby agree as follows:</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund shall
maintain a minimum amount of fidelity insurance one level higher than that specified for its asset size by the table contained in Rule 17g-1(d) (the &ldquo;Minimum Insurance&rdquo;). Each Fund shall aggregate the assets of all of its series to
calculate the amount of coverage required by Rule 17g-1(d). Notwithstanding the foregoing, no Fund shall be required to increase the amount of its fidelity insurance unless and until the aggregate amount of fidelity insurance maintained by the Funds
exceeds the aggregate amount of fidelity insurance the Funds are required to maintain pursuant to the table contained in Rule&nbsp;17g-1(d) by $2 million or less.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The allocation of the
premium to each Fund shall be based on the proportionate share of the sum of the premiums that would have been paid if fidelity insurance was purchased separately by the Funds, and will be based upon the relative Minimum Insurance percentages of the
Funds as of the quarter ending prior to the beginning of the first month in the period for which the coverage is obtained, subject to paragraph&nbsp;4 below.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is guaranteed
a minimum coverage amount with access to the remainder of the total coverage of the Fidelity Bond. In the event that any recovery is received under the Fidelity Bond as a result of the loss sustained by two or more Funds, each 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 maintained a single insured bond with minimum coverage.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may, at any
time, increase its allocation described in paragraph&nbsp;2 upon payment of the premium required for such additional insurance provided that the face amount of the Fidelity Bond can increase accordingly or be supplemented by a policy of excess
insurance.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other registered investment company or additional series of such an investment company for which the Advisers or their affiliates
serves as investment adviser (&ldquo;Additional Fund&rdquo;) may become a party to this Agreement by executing a copy of this Agreement (a copy of which will be furnished to each of the Funds) and by paying the premium for any required increase in
the amount of the Fidelity Bond if the underwriter of the Fidelity Bond is willing to add such Additional Fund as an additional insured and increase the amount of total coverage by the amount of the Minimum Insurance required for such Additional
Fund by the provisions hereof.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agreement shall
remain in effect for as long as two or more of the Funds (including any Additional Fund) are insured under the terms of the Fidelity Bond. Any Fund shall, however, have the right to terminate, at any time, its participation in the Fidelity Bond and
in this Agreement provided that losses incurred prior to such termination shall be governed by the provision of this Agreement and the amount of any return premium to which such Fund shall be entitled will be limited to the amount actually obtained
from the underwriter in respect of such termination.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="text-align: justify; width: 7%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Signed: </FONT></TD>
<TD STYLE="text-align: justify; width: 33%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">/s/ John C. Ball </FONT></TD>
<TD STYLE="width: 60%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">John C. Ball</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer,
The Gabelli Asset Fund</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Gabelli Capital Series Funds, Inc.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Comstock Funds, Inc.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Convertible and Income Securities Fund Inc.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Dividend Growth Fund</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Dividend &amp; Income Trust</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Gabelli Equity Series Funds, Inc.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The
Gabelli Equity Trust Inc.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The GDL Fund</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, GAMCO Global Gold, Natural Resources &amp; Income Trust</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The
Gabelli Multimedia Trust Inc.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, GAMCO Global Series Funds, Inc.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Global Utility &amp; Income Trust</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer,
Gabelli Gold Fund, Inc.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Growth Fund</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Gabelli International Growth Fund, Inc.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Gabelli Investor Funds, Inc.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Money Market Funds</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, GAMCO Natural Resources, Gold &amp; Income Trust</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Gabelli ESG Fund, Inc.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Utilities Fund</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Utility Trust</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Value 25 Fund Inc.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The TETON Westwood Funds</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Gabelli 787 Fund, Inc.</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, the DIVIDEND Fund inc. by Gabelli </FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Global Small and Mid Cap Value Trust</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Healthcare &amp; Wellness<SUP>(Rx)</SUP> Trust</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, The Gabelli Go Anywhere Trust</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Bancroft Fund Ltd.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Ellsworth Growth and Income Fund Ltd.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Gabelli Innovations Trust</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Treasurer, Keeley Funds, Inc.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">President, Gabelli ETFs Trust</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="text-align: justify; width: 7%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Signed: </FONT></TD>
<TD STYLE="text-align: justify; width: 33%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">/s/ John C. Ball </FONT></TD>
<TD STYLE="width: 60%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">John C. Ball</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B><U>Schedule A</U></B></FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="width: 25%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><U>List of Registered Investment Companies</U></FONT></TD>
<TD STYLE="width: 25%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Asset Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Convertible and Income Securities Fund Inc.</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Dividend Growth Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Dividend &amp; Income Trust</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Equity Trust Inc.</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The GDL Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">GAMCO Global Gold, Natural Resources &amp; Income Trust</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Multimedia Trust Inc.</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Global Utility &amp; Income Trust</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Gabelli Gold Fund, Inc.</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Growth Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Healthcare &amp; Wellness<SUP>(Rx)</SUP> Trust</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Gabelli International Growth Fund, Inc.</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">GAMCO Natural Resources, Gold &amp; Income Trust</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Gabelli ESG Fund, Inc.</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Utilities Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Utility Trust</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Value 25 Fund Inc.</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">the DIVIDEND Fund inc. by Gabelli</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Global Small and Mid Cap Value Trust</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Go Anywhere Trust</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Bancroft Fund Ltd.</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Ellsworth Growth and Income Fund Ltd</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Gabelli Capital Series Funds, Inc.:</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Capital Asset Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Comstock Funds, Inc.</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Comstock Capital Value Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Gabelli Equity Series Funds, Inc.:</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Equity Income Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Small Cap Growth Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Focus Five Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Global Financial Services Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>GAMCO Global Series Funds, Inc.:</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Global Content &amp; Connectivity Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Global Growth Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli Global Rising Income and Dividend Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli International Small Cap Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Gabelli Global Mini Mites<SUP>&trade;</SUP>&nbsp;Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Gabelli Investor Funds, Inc.:</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli ABC Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>The Gabelli Money Market Funds:</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">The Gabelli U.S. Treasury Money Market Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1.75in"></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="width: 25%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>The TETON Westwood Funds:</B></FONT></TD>
<TD STYLE="width: 25%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">TETON Westwood Equity Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">TETON Westwood Balanced Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">TETON Westwood SmallCap Equity Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">TETON Convertible Securities Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">TETON Westwood Mighty Mites Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Gabelli 787 Fund, Inc.</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Gabelli Enterprise Mergers and Acquisitions Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Gabelli Innovations Trust</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Gabelli Media Mogul Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Gabelli Pet Parents&rsquo;<SUP>&trade;</SUP> Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Keeley Funds, Inc.</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">KEELEY Small Cap Dividend Value Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">KEELEY Small-Mid Cap Value Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">KEELEY Mid Cap Dividend Value Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Gabelli ETFs Trust</B></FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Gabelli Love Our Planet &amp; People Fund</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">November 12, 2020</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR> </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"></P> <P STYLE="margin: 0; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="margin: 0; font: 12pt Times New Roman, Times, Serif"></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="margin: 0; font: 12pt Times New Roman, Times, Serif">&nbsp;</P> <P STYLE="margin: 0"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECRETARY&rsquo;S CERTIFICATE</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The undersigned hereby certifies that the following resolutions have been adopted first
by those Board Members who are not considered to be &ldquo;interested persons,&rdquo; as defined in the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) (&ldquo;Independent Board Members&rdquo;) voting separately, and then by
the entire Board of each Fund, at the respective meetings duly called and held on November 11 and 12, 2020:</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD>
<TD STYLE="width: 106.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>RESOLVED,</B></FONT></TD>
<TD STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">That the Board hereby approves the renewal of the Fidelity Bond coverage with
Travelers-St. Paul Fire and Marine Insurance Company and Great American Insurance Company, in the form submitted to the Board Members, effective December 7, 2020 for the ensuing year, which coverage is maintained jointly on behalf of the Fund and
other parties named as insureds therein and which will provide coverage in the aggregate amount of $29,400,000; and further</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD>
<TD STYLE="width: 106.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>RESOLVED,</B></FONT></TD>
<TD STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">That the portion of the premium for the aforementioned joint fidelity bond to
be paid by the Fund is hereby approved, taking into consideration, among other things, the number of parties named as insureds; the nature of the business activities of such other parties; the amount of coverage under said fidelity bond; the amount
of the premium for such bond; the ratable allocation of the premium among all parties named as insureds; and the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had
provided and maintained a single insured bond; and further</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD>
<TD STYLE="width: 106.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>RESOLVED,</B></FONT></TD>
<TD STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">That the continuance of the Amended and Restated Joint Insured Agreement among
Gabelli 787 Fund, Inc., The Gabelli Asset Fund, Bancroft Fund Ltd., Gabelli Capital Series Funds, Inc., Comstock Funds, Inc., The Gabelli Convertible and Income Securities Fund Inc., the DIVIDEND FUND inc. by Gabelli, The Gabelli Dividend Growth
Fund, The Gabelli Dividend &amp; Income Trust, Ellsworth Growth and Income Fund Ltd., Gabelli Equity Series Funds, Inc., The Gabelli Equity Trust Inc., The GDL Fund, The Gabelli Global Small and Mid Cap Value Trust, GAMCO Global Gold, Natural
Resources &amp; Income Trust, GAMCO Global Series Funds, Inc., The Gabelli Global Utility &amp; Income Trust, The Gabelli Go Anywhere Trust, The Gabelli Gold Fund, Inc.,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR> </TABLE> <P STYLE="margin: 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="margin: 0"></P>
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
 <P STYLE="margin: 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35.45pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 106.3pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
<TD STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">The Gabelli Growth Fund, The Gabelli Healthcare &amp; WellnessRx Trust, Gabelli Innovations Trust, Gabelli International
Growth Fund, Inc., Gabelli Investor Funds, Inc., The Gabelli Money Market Funds, The Gabelli Multimedia Trust Inc., GAMCO Natural Resources, Gold &amp; Income Trust, Gabelli ESG Fund, Inc., The Gabelli Utilities Fund, The Gabelli Utility Trust, The
Gabelli Value 25 Fund Inc., The TETON Westwood Funds, the Gabelli ETFs Trust, and the Keeley Funds (&ldquo;Amended and Restated Joint Insured Agreement&rdquo;) as presented at this Meeting, is hereby approved; and further</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD>
<TD STYLE="width: 106.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>RESOLVED,</B></FONT></TD>
<TD STYLE="text-align: justify; padding-right: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">That the Assistant Secretary of the Fund is hereby authorized and directed to
prepare, execute and file such Joint Fidelity Bond and any supplements thereto, and to take such action as may be necessary or appropriate in order to conform the terms of the Joint Fidelity Bond coverage to the provisions of the 1940 Act, and the
rules and regulations promulgated thereunder.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 15<SUP>th</SUP> day
of March, 2021.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Peter Goldstein </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0; text-align: justify"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 2in; text-align: justify; text-indent: -2in"><FONT
STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Peter Goldstein </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 2in; text-align: justify; text-indent: -2in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 2in; text-align: justify; text-indent: -2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 2in; text-align: justify; text-indent: -2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42%; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gabelli 787 Fund, Inc.</FONT></TD>
<TD STYLE="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Convertible and Income Securities
Fund Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Asset Fund</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Dividend Growth Fund </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gabelli Capital Series Funds, Inc.</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Dividend &amp; Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Comstock Funds, Inc. </FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Equity Trust Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gabelli Equity Series Funds, Inc.</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The GDL Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GAMCO Global Series Funds, Inc.</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GAMCO Global Gold, Natural Resources &amp; Income Trust
</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gabelli Gold Fund, Inc. </FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Multimedia Trust Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Growth Fund</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gabelli Investor Funds, Inc. </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Healthcare &amp; Wellness<SUP>Rx</SUP> Trust</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Utilities Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gabelli International Growth Fund, Inc.</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Utility Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Global Utility &amp; Income Trust</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The TETON Westwood Funds</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Money Market Funds</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GAMCO Natural Resources, Gold &amp; Income
Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gabelli ESG Fund, Inc. </FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Global Small and Mid Cap Value
Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Value 25 Fund Inc. </FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gabelli Go Anywhere Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The DIVIDEND Fund inc. by Gabelli</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Bancroft Fund Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gabelli Innovations Trust</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ellsworth Growth and Income Fund Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gabelli ETFs Trust</FONT></TD>
<TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Keeley Funds, Inc.</FONT></TD></TR> </TABLE>
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P> <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
