<SEC-DOCUMENT>0001140361-21-043292.txt : 20211229
<SEC-HEADER>0001140361-21-043292.hdr.sgml : 20211229
<ACCEPTANCE-DATETIME>20211229130929
ACCESSION NUMBER:		0001140361-21-043292
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20211229
DATE AS OF CHANGE:		20211229
EFFECTIVENESS DATE:		20211229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EAGLE CAPITAL GROWTH FUND, INC.
		CENTRAL INDEX KEY:			0000850027
		IRS NUMBER:				311274796
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		211527936

	BUSINESS ADDRESS:	
		STREET 1:		225 EAST MASON STREET
		STREET 2:		SUITE 802
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-765-1107

	MAIL ADDRESS:	
		STREET 1:		225 EAST MASON STREET
		STREET 2:		SUITE 802
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NAIC GROWTH FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BETTER INVESTING FUND INC
		DATE OF NAME CHANGE:	19890716
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>brhc10032339_4017g.htm
<DESCRIPTION>40-17G
<TEXT>
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    <div style="color: rgb(0, 0, 0);"><a name="bookmark0"></a>PO Box 2950</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold;">Hartford, CT 06104-2950</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold;"> <br>
    </div>
    <div style="color: rgb(0, 0, 0);">December 21, 2021</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="color: rgb(0, 0, 0);">EAGLE CAPITAL GROWTH FUND 225 E MASON ST STE 802</div>
    <div style="color: rgb(0, 0, 0);">MILWAUKEE, WI 53202-3657</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za53380a601ad4bf5bb9bb73f1a3ce71f" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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              <div style="text-align: left; color: rgb(0, 0, 0);">Re:</div>
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              <div style="text-align: left; color: rgb(0, 0, 0);">Important Information about <font style="font-weight: bold;"><u>Claims Information Line</u></font></div>
            </td>
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    <div style="text-align: justify; color: rgb(0, 0, 0);">Dear EAGLE CAPITAL GROWTH FUND</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">Travelers Bond &amp; Specialty Insurance is pleased to announce its <font style="font-weight: bold;">1-800-842-8496 </font>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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">Policyholders will be able to obtain assistance on the following topics from the Claims Information Line:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze0aec0131d5044bca19cd97049390102">

        <tr>
          <td style="width: 27pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">The information that needs to be included with the claim notice</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1751dd71e1914924b909b35d8655e128">

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          <td style="width: 27pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">The address, electronic mail address and/or facsimile number to which the policyholder can send claims related information</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72a3544a9f3d4927bac3c43136a89358">

        <tr>
          <td style="width: 27pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Get questions on the claim process answered</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">The Declarations Page of your policy sets forth where you should report claims and claims related information. You should also review the policy&#8217;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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">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.</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="color: rgb(0, 0, 0);">LTR-4035 Ed. 06-09</div>
    <div style="color: rgb(0, 0, 0);">&#169; 2009 The Travelers Indemnity Company. All rights reserved.</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="color: rgb(0, 0, 0);">Page 1 of 1</div>
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    <div style="color: rgb(0, 0, 0);"><a name="bookmark1"></a>P.O. Box 2950</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold;">Hartford, CT 06104-2950</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold;"> <br>
    </div>
    <div style="color: rgb(0, 0, 0);">12/15/2021</div>
    <div style="color: rgb(0, 0, 0);">EAGLE CAPITAL GROWTH FUND</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">225 E MASON ST STE 802</div>
    <div style="color: rgb(0, 0, 0);">MILWAUKEE, WI 53202-3657</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc490c51033a544f2a3d7216b39f06b92" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 18pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);"><font style="font-weight: bold;">RE:</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; color: rgb(0, 0, 0);"><font style="font-weight: bold;">Risk Management PLUS+ Online &#174; from Travelers Bond &amp; Specialty Insurance </font>(www.rmplusonline.com)</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">As a Travelers Bond &amp; Specialty Insured you receive risk management services, at no cost, to help protect you and your business.</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">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.</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">Highlights of Risk Management PLUS+ Online include:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z86aceb4cdc7a4a109e6ba6bd3fe0717e">

        <tr>
          <td style="width: 27pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Thousands of articles on a variety of risk management topics</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb86017cd20994b58bf82db8131487ea8">

        <tr>
          <td style="width: 27pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Topical webinars and podcasts on current issues</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50367ff8842c41969ac6d2999d69a4a5">

        <tr>
          <td style="width: 27pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Checklists to assist in managing risk</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8fd8cdcbd3d64fea92a5ab54c133c21c">

        <tr>
          <td style="width: 27pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Web based training</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb4ef1a5f2d5249e8a0d9f75d0df35bfe">

        <tr>
          <td style="width: 27pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Model Employee Handbook, including policies and forms for downloading or printing that reduce risks in the workplace.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">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&#8217;s that simple.</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">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.</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">Instructions for Registration &amp; Orientation to Risk Management PLUS+ Online&#174;</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); font-style: italic;">Registration for Site Administrators:</div>
    <div style="color: rgb(0, 0, 0);">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:</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5708b0c9f532424596b7fdaf8c39e76e">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Go to www.rmplusonline.com.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z120f1e0d948040f5a784ccc42bc7eb67">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">In the Sign-In box, click <font style="font-weight: bold;">Register</font><font style="font-style: italic;">.</font></div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8dee528674d84d0ebb3df2d5876e954d">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Enter the password/passcode: &lt;TRVP300100 for Insurance Companies&gt; &lt;TRVP300400 for Banks and Diversified&gt; &lt;TRVP300300 for Asset Management&gt;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z807ee021d72144569f6e74a76dce0fb6">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Fill in the Registration Information and click <font style="font-weight: bold;">Submit</font><font style="font-style: italic;">.</font></div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8749cc453d034a0292c78c470e5db627">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Your organization is registered, and you are registered as Site Administrator.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); font-style: italic;">Learning to Navigate the Site:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e594fd2857d414895c6b2877ddc6ac9">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Go to www.rmplusonline.com. On each page, you will see a box outlined in blue that contains the instructions for use of that page.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7092e9b9943a4fb9a12a58e799982caa">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">If you have any questions, just click on <font style="font-weight: bold;">Contact Us </font>on the front page<font style="font-style: italic;">. </font>Enter your question in the form provided, and the
              System Administrator will get back to you quickly with the answer.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za58b8fd8544446b49daedb6be32fb47c">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">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.</div>
          </td>
        </tr>

    </table>
    <br>
    <div style="color: rgb(0, 0, 0);">LTR-4107 Rev. 06-18</div>
    <div style="color: rgb(0, 0, 0);">&#169; 2018 The Travelers Indemnity Company. All rights reserved. Page 1 of 1</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 18pt;"><a name="bookmark2"></a>This notice provides no coverage, nor does it change any policy terms. To determine the scope of coverage and the insured&#8217;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.</div>
    <div><br>
    </div>
    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Independent Agent And Broker</div>
    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Compensation Notice<br>
    </div>
    <br>
    <div style="color: rgb(0, 0, 0); margin-left: 18pt;">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.</div>
    <div style="color: rgb(0, 0, 0); margin-left: 9pt;"> <br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Or write or call:</div>
    <div style="color: rgb(0, 0, 0); margin-left: 9pt;"> <br>
    </div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">Travelers, Agency Compensation</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">P.O. Box 2950</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">Hartford, Connecticut 06104-2950</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 18pt;"> <br>
    </div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">(866) 904.8348</div>
    <br>
    <div style="color: rgb(0, 0, 0); margin-left: 18pt;">NTC-19036 Rev. 01-19 Page 1 of 1</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 18pt;"><a name="bookmark3"></a>This notice provides no coverage, nor does it change any policy terms. To determine the scope of coverage and the insured&#8217;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.</div>
    <div><br>
    </div>
    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Wisconsin Insurer And Insurance Department</div>
    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Contact Information Notice</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 18pt;">For information about this policy, contact the insurance agent or broker listed in the policy. If additional information is needed, contact Travelers at the following address:</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">Travelers</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">P.O. Box 2950</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">Hartford, Connecticut 06104-2950 Or call Travelers at 800.328.2189</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 18pt;">If there is an issue or complaint that Travelers has not satisfactorily resolved, the Wisconsin Office of the Commissioner of Insurance can be contacted at the following address:</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">Wisconsin Office of the Insurance Commissioner PO Box 7873</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">Madison, Wisconsin 53707</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 18pt;"> <br>
    </div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 36pt;">Or call the insurance department at 800.236.8517, or 608.266.0103 Or visit their website at www.oci.wi.gov</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 18pt;">NTC-19065 Rev. 01-19 Page 1 of 1</div>
    <div style="color: rgb(0, 0, 0); margin-left: 18pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div style="text-align: right; color: rgb(0, 0, 0);"><a name="bookmark4"></a>Investment Company Bond</div>
    <div style="text-align: right;"><font style="font-weight: bold; font-style: italic;">Declarations</font><br>
    </div>
    <div style="text-align: right; color: rgb(0, 0, 0);"><font style="font-weight: bold;">BOND NO. </font>107554408</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Travelers Casualty and Surety Company of America Hartford, Connecticut</div>
    <div style="text-align: center; color: rgb(0, 0, 0);">(A Stock Insurance Company, herein called the Company)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4c43bf68d894da4bd96612908777bbe">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 1</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">INSURED:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">EAGLE CAPITAL GROWTH FUND</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">Principal Address:</div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">225 E MASON ST STE 802</div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">MILWAUKEE, WI 53202-3657</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">(hereinafter, &#8220;Insured&#8221;)</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 2</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">POLICY PERIOD:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">Inception Date: January 01, 2022 Expiration Date: January 01, 2023 12:01 A.M. local time as to both dates at the Principal Address stated in ITEM 1.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">ALL NOTICES OF CLAIM OR LOSS MUST BE SENT TO THE COMPANY BY EMAIL, FACSIMILE, OR MAIL AS SET FORTH BELOW:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
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            <td style="width: 63pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Email:</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; color: rgb(0, 0, 0);">BSIclaims@travelers.com Fax: 1-888-460-6622</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1df598b6fa4745b9a585d29c47bd00b4" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 63pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Mail:</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Travelers Bond &amp; Specialty Insurance Claim</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 90pt;">P.O. Box 2989</div>
    <div style="color: rgb(0, 0, 0); margin-left: 90pt;">Hartford, CT 06104-2989</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb7da376bbcb24b619cd54ca36c6612b0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 63pt;">&#160;</td>
            <td style="vertical-align: top; width: 72pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Overnight Mail:</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; color: rgb(0, 0, 0);">Travelers Bond &amp; Specialty Insurance Claim One Tower Square, S202A</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 135pt;">Hartford, CT 06183</div>
    <div style="color: rgb(0, 0, 0); margin-left: 135pt;"> <br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">For questions related to claim reporting or handling, please call 1-800-842-8496.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">If &#8220;<font style="font-style: italic;">Not Covered</font>&#8221; 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.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">INSURING AGREEMENT</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">SINGLE LOSS LIMIT OF</div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; margin-left: 72pt;">INSURANCE</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SINGLE LOSS DEDUCTIBLE AMOUNT</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9c0211d11396455bbd102fa08cb8f1ee" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 63pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">A.</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">FIDELITY</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-indent: 2pt; color: rgb(0, 0, 0); margin-left: 81pt;">Coverage A.1. Larceny or Embezzlement $350,000 $0 Coverage A.2. Restoration Expenses Not Covered</div>
    <div style="margin-left: 63pt;">
      <table cellspacing="0" cellpadding="0" border="0" id="z92556881746b4e7597179bfbd241b427" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">B.<br>
            </td>
            <td style="width: 33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">ON PREMISES</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: center;">$350,000</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0);">$10,000</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">&#160;</td>
            <td rowspan="1" style="width: 33%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">C.<br>
            </td>
            <td style="width: 33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">IN TRANSIT</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: center;">$350,000</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0);">$10,000</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">&#160;</td>
            <td rowspan="1" style="width: 33%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">D.<br>
            </td>
            <td style="width: 33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">FORGERY OR ALTERATION</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: center;">$350,000</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0);">$10,000</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">&#160;</td>
            <td rowspan="1" style="width: 33%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">E.</td>
            <td style="width: 33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">SECURITIES</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: center;">$350,000</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0);">$10,000</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">&#160;</td>
            <td rowspan="1" style="width: 33%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">F.<br>
            </td>
            <td style="width: 33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">COUNTERFEIT MONEY</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">AND COUNTERFEIT MONEY ORDERS</div>
            </td>
            <td style="width: 18%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); text-align: center;">$350,000</div>
            </td>
            <td style="width: 18%; vertical-align: top; text-align: right;">
              <div style="color: rgb(0, 0, 0); text-align: center;">$10,000</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">&#160;</td>
            <td rowspan="1" style="width: 33%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">G.<br>
            </td>
            <td style="width: 33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">CLAIM EXPENSE</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: center;">Not Covered</div>
            </td>
            <td style="width: 18%; vertical-align: middle; text-align: center;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">&#160;</td>
            <td rowspan="1" style="width: 33%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle; text-align: center;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">H.<br>
              <br>
            </td>
            <td colspan="1" style="width: 33%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">STOP PAYMENT ORDERS OR</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">WRONGFUL DISHONOR OF CHECKS</div>
            </td>
            <td colspan="1" style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: center;">Not Covered</div>
            </td>
            <td colspan="1" style="width: 18%; vertical-align: middle;"><br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top; font-weight: bold;">&#160;</td>
            <td rowspan="1" colspan="1" style="width: 33%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" colspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" colspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 63pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 60%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td colspan="1" style="width: 2.95%; vertical-align: middle; font-weight: bold;">
              <div>I.<br>
              </div>
            </td>
            <td style="width: 63.84%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">COMPUTER SYSTEMS</div>
            </td>
            <td style="width: 33.03%; vertical-align: middle;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 63pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

          <tr>
            <td style="width: 2%; vertical-align: middle;"><br>
            </td>
            <td style="width: 14%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Coverage I.1.</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Computer Fraud</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: center;">$350,000</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0);">$10,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: middle;"><br>
            </td>
            <td style="width: 14%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Coverage I.2.</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Fraudulent Instructions</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: center;">$350,000</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0);">$10,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: middle;"><br>
            </td>
            <td style="width: 14%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Coverage I.3.</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Restoration Expense</div>
            </td>
            <td style="width: 18%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0); text-align: center;">Not Covered</div>
            </td>
            <td style="width: 18%; vertical-align: middle; text-align: center;">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 2%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 14%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle;">&#160;</td>
            <td rowspan="1" style="width: 18%; vertical-align: middle; text-align: center;">&#160;</td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9acdd7f8724b4df899060f431f43032c" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 63pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: left; color: rgb(0, 0, 0);"><font style="font-weight: bold;">J.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; color: rgb(0, 0, 0);"><font style="font-weight: bold;">UNCOLLECTIBLE ITEMS OF DEPOSIT </font>Not Covered</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z404fbeb292164f7cb268010e554c3778">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 5</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">PREVIOUS BONDS OR POLICIES:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">The Insured, by acceptance of this bond, gives notice to the Company canceling or terminating prior bond or policy numbers:</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">Not Applicable</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">such cancellation or termination to be effective as of the time this bond becomes effective.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73928589ce234f0c86fcfe07bbce2dac">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 6</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">DISCOVERY PERIOD:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 1pt; color: rgb(0, 0, 0); margin-left: 63pt;">Additional Premium Percentage: 100% of the annualized premium Additional Months: 12 months</div>
    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">(If exercised in accordance with section VI. CONDITIONS, S. DISCOVERY PERIOD)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z634f7ad7002f461091d467b3d982183d">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 7</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">FORMS AND ENDORSEMENTS ATTACHED AT ISSUANCE:</div>
          </td>
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    <div style="color: rgb(0, 0, 0); margin-left: 63pt;">IVBB-16001-0116; IVBB-19044-0518; IVBB-19045-0319; IVBB-19046-0919; IVBB-17020-0116; IVBB-18035-0116</div>
    <div><br>
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    <div style="color: rgb(0, 0, 0); font-weight: bold;">PRODUCER INFORMATION:</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">ROBERTSON RYAN &amp; ASSOC 10335 N PORT WASHINGTON RD STE 100</div>
    <div style="color: rgb(0, 0, 0);">MEQUON, WI 53092</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">Countersigned By</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">IN WITNESS WHEREOF, the Company has caused this bond to be signed by its authorized officers.</div>
    <div><br>
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    <div>
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              <div style="color: rgb(0, 0, 0);">President Corporate Secretary</div>
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    <div style="text-align: right; color: rgb(0, 0, 0);"><a name="bookmark5"></a>Investment Company Bond</div>
    <div style="text-align: right; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Table of Contents</div>
    <div><br>
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      <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z8bf8016f029145f6a997a78a5968a145">

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            <td rowspan="1" style="vertical-align: top; width: 2%;">
              <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">I.</div>
            </td>
            <td style="width: 98%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="font-style: italic;">CONSIDERATION CLAUSE </font>3</div>
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            <td rowspan="1" style="vertical-align: top; width: 2%;">&#160;&#160;</td>
            <td rowspan="1" style="width: 98%; vertical-align: top;">&#160;</td>
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            <td rowspan="1" style="vertical-align: top; width: 2%;">
              <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">II.</div>
            </td>
            <td style="width: 98%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="font-style: italic;">INSURING AGREEMENTS </font>3</div>
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            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">A.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">FIDELITY 3</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 11%;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Coverage A.1. Larceny or Embezzlement 3</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 11%;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Coverage A.2. Restoration Expenses 3</div>
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            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">B.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">ON PREMISES 3</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">C.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">IN TRANSIT 4</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">D.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">FORGERY OR ALTERATION 4</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">E.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">SECURITIES 4</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">F.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS 5</div>
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            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">G.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">CLAIM EXPENSE 5</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">H.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS 5</div>
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            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">I.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">COMPUTER SYSTEMS 6</div>
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            <td colspan="1" style="vertical-align: top; width: 11%;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Coverage I.1. Computer Fraud 6</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 11%;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Coverage I.2. Fraudulent Instructions 6</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 11%;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Coverage I.3. Restoration Expenses 6</div>
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              <div style="color: rgb(0, 0, 0); font-weight: bold;">J.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">UNCOLLECTIBLE ITEMS OF DEPOSIT 6</div>
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            <td rowspan="1" style="vertical-align: top; font-weight: bold; font-style: italic; width: 2%;">&#160;</td>
            <td rowspan="1" style="width: 98%; vertical-align: top;">&#160;</td>
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            <td rowspan="1" style="vertical-align: top; font-weight: bold; font-style: italic; width: 2%;">III.</td>
            <td style="width: 98%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="font-style: italic;">GENERAL AGREEMENTS </font>6</div>
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            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">A.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">ORGANIC GROWTH 6</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-weight: bold;">B.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS 7</div>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">C.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">REPRESENTATION OF INSURED 7</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">D.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">JOINT INSURED 7</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
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              <div style="color: rgb(0, 0, 0); font-weight: bold;">E.</div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">COURT COSTS AND ATTORNEY&#8217;S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND 8</div>
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            <td rowspan="1" style="vertical-align: top; font-weight: bold; font-style: italic; width: 2%;">IV.<br>
            </td>
            <td rowspan="1" style="width: 98%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="font-style: italic;">DEFINITIONS </font>8</div>
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            <td rowspan="1" style="width: 98%; vertical-align: top;">&#160;</td>
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            <td rowspan="1" style="vertical-align: top; width: 2%;">
              <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">V.</div>
            </td>
            <td style="width: 98%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="font-style: italic;">EXCLUSIONS </font>16</div>
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            <td rowspan="1" style="width: 98%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 2%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">VI.</div>
            </td>
            <td style="width: 98%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;"><font style="font-style: italic;">CONDITIONS </font>19</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">A.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">ADDITIONAL COMPANIES INCLUDED AS INSURED 19</div>
            </td>
          </tr>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold; font-style: normal;">B.<br>
              </div>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">DISCOVERY 19</div>
            </td>
          </tr>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">C.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">BOND PERIOD 20</div>
            </td>
          </tr>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">D.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">SINGLE LOSS 20</div>
            </td>
          </tr>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">E.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">SINGLE LOSS LIMIT OF INSURANCE 20</div>
            </td>
          </tr>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">F.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">DEDUCTIBLE 20</div>
            </td>
          </tr>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">G.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">NON-ACCUMULATION OF LIMITS 20</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">H.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS 20</div>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">I.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">VALUATION 21</div>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">J.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">ASSIGNMENT 22</div>
            </td>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">K.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">SUBROGATION 22</div>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">L.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">RECOVERIES 22</div>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">M.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">COOPERATION 23</div>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">N.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">ANTI-BUNDLING 23</div>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">O.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE 23</div>
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            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">P.<br>
            </td>
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              <div style="color: rgb(0, 0, 0); font-weight: bold;">OTHER INSURANCE OR INDEMNITY 23</div>
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            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">Q.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">COVERED PROPERTY. 24</div>
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            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">R.<br>
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            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">CANCELATION, TERMINATION, CHANGE OR MODIFICATION 24</div>
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          <tr>
            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">S.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">DISCOVERY PERIOD 25</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="vertical-align: top; width: 6%;">&#160;</td>
            <td style="width: 1%; vertical-align: top; font-weight: bold; font-style: normal;">T.<br>
            </td>
            <td style="width: 93%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">HEADINGS 25</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-weight: bold; font-style: italic; text-align: right;">Investment Company Bond with Extended Coverages<br>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z72c750dabc6146faa00fccdd6676b888">

        <tr>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">I.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">CONSIDERATION CLAUSE</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 36pt;"><font style="font-weight: bold;">IN CONSIDERATION </font>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:</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">II.</td>
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            <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">INSURING AGREEMENTS</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: -36pt; margin-left: 36pt;"><br>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">A.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">FIDELITY</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Coverage A.1. Larceny or Embezzlement</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">Loss resulting directly from <font style="font-weight: bold;">Larceny or Embezzlement </font>committed by an <font style="font-weight: bold;">Employee </font>acting alone or
      in collusion with others.</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Coverage A.2. Restoration Expenses</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;"><font style="font-weight: bold;">Restoration Expenses </font>incurred by the Insured and resulting directly from a <font style="font-weight: bold;">Computer Violation</font>
      by an <font style="font-weight: bold;">Employee</font>. </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb3ee9d37ad8b4b3482e90e192f3e0e85">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">B.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">ON PREMISES</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb312226c4c244f2aa1bac617820b4551">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Loss of <font style="font-weight: bold;">Property </font>resulting directly from:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z119d5c1ddd8c458587a8d950421bc16a">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">robbery, burglary, mysterious unexplainable disappearance or misplacement and damage or destruction; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8393e19c273f42e0b80430d2dda84838">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Property



              </font>was surrendered,&#160;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;"> while the <font style="font-weight: bold;">Property </font>is lodged or deposited within offices or premises located anywhere. The premises of a <font style="font-weight: bold;">Depository </font>will be deemed premises of the Insured, but solely as respects loss of <font style="font-weight: bold;">Certificated Securities</font>. Coverage for <font style="font-weight: bold;">Certificated Securities </font>held
      by such <font style="font-weight: bold;">Depository </font>is limited to the extent of the Insured&#8217;s interest therein as effected by the making of appropriate entries on the books and records of such <font style="font-weight: bold;">Depository</font>.
      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 <font style="font-weight: bold;">Depository </font>unless the amount of
      such loss exceeds the amount recoverable or recovered under any bond or policy or participants&#8217; fund insuring the <font style="font-weight: bold;">Depository </font>against such loss.</div>
    <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; color: rgb(0, 0, 0);">This bond does not afford any coverage in favor of any <font style="font-weight: bold;">Depository </font>or exchange or any nominee in whose name is registered any security
      included within the <font style="font-weight: bold;">Depository&#8217;s </font>systems.</div>
    <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0);"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z820a9fc307514a138a96b241334e8575">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Direct loss, through any hazard specified in Insuring Agreement B.1. of any <font style="font-weight: bold;">Property </font>while such <font style="font-weight: bold;">Property </font>is within any of the
              Insured&#8217;s or an <font style="font-weight: bold;">Investment Adviser&#8217;s </font>offices and in the possession of any customer of the Insured, any representative of such customer or any <font style="font-weight: bold;">Employee </font>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&#8217;s proof of loss, but excluding, in any event, loss caused by such customer, any representative of such
              customer, or any <font style="font-weight: bold;">Employee</font>.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">C.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">IN TRANSIT</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">Loss of <font style="font-weight: bold;">Property </font>(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 <font style="font-weight: bold;">Property</font>, while the <font style="font-weight: bold;">Property </font>is in transit anywhere in the custody of any person or persons acting as <font style="font-weight: bold;">Messenger</font>, 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 <font style="font-weight: bold;">Property </font>by the transporting person
      or persons, and to end immediately upon delivery thereof at destination, but only while the <font style="font-weight: bold;">Property </font>is being conveyed.</div>
    <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0);"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1f8d5a76517b47c7b7ca8d7b9203bf5a" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div><font style="font-weight: bold; color: rgb(0, 0, 0);">D.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div><font style="font-weight: bold; color: rgb(0, 0, 0);">FORGERY OR ALTERATION</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Loss resulting directly from the Insured having, in good faith, paid or transferred any <font style="font-weight: bold;">Property </font>in reliance on any <font style="font-weight: bold;">Written, Original</font>:</div>
    <div><br>
    </div>
    <div>
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          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="font-weight: normal;"><font style="color: rgb(0, 0, 0);">1.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Negotiable Instrument </font>(except an <font style="font-weight: bold;">Evidence of Debt</font>);</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7ae0501528e04fba9e83487f1798144a" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 9pt; font-weight: normal;">
              <div><font style="color: rgb(0, 0, 0);">2.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Certificate of Deposit</font>;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8e2d99e70083431ba8d4ea3085d6fbe9" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 9pt; font-weight: normal;">
              <div><font style="color: rgb(0, 0, 0);">3.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Letter of Credit</font>;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zffc6293fe50b4448a20a8beb91c3e466" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 9pt; font-weight: normal;">
              <div><font style="color: rgb(0, 0, 0);">4.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Withdrawal Order</font>;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze2d1b73f597743b7927e257855c88126" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 9pt; font-weight: normal;">
              <div><font style="color: rgb(0, 0, 0);">5.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div><font style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Acceptance</font>;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zff96818be1ae4aacb2bf31fac49bd8dd" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div><font style="color: rgb(0, 0, 0);">6.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div><font style="color: rgb(0, 0, 0);">receipt for the withdrawal of <font style="font-weight: bold;">Property</font>; or</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3c22e95dfe814781a1cb7c764239fcb0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div><font style="color: rgb(0, 0, 0);">7.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div><font style="color: rgb(0, 0, 0);">instruction or advice directed to the Insured or an <font style="font-weight: bold;">Investment Adviser </font>and purportedly signed by a <font style="font-weight: bold;">Customer </font>of the
                  Insured or by a <font style="font-weight: bold;">Financial Institution</font>,</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">which (a) bears a handwritten signature which is a <font style="font-weight: bold;">Forgery</font>; or (b) is altered, but only to the extent the<font style="font-weight: bold;">
        Forgery </font>or alteration causes the loss. </div>
    <div><br>
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    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Actual physical possession of the items listed in 1. through 7. above by the Insured is a condition precedent to the Insured&#8217;s having relied on the items.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">E.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">SECURITIES</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Loss resulting directly from the Insured having, in good faith, for its own account or for the account of others:</div>
    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">acquired, sold, delivered, or given value, extended credit or assumed liability, on the faith of any<font style="font-weight: bold;"> Original Written </font>document that is a (an):</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal;">a.<br>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Certificated Security</font>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal;">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Document of Title</font>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z487d14722fc44d1e918187b420e775b9" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 108pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div><font style="color: rgb(0, 0, 0);">c.</font></div>
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            <td style="align: left; vertical-align: top; width: auto;">
              <div><font style="color: rgb(0, 0, 0);">deed, mortgage, or other instrument conveying title to, or creating or discharging a lien on, real property;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
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          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal;">d.</td>
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            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Certificate of Origin or Title</font>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd23c46fdf254e53a4f3ccdcdc93c5bd">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal;">e.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Certificate of Deposit</font>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z751f3652fa7a43e8a05cb9d6fa4795a1" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

            <tr style="vertical-align: top;">
              <td style="width: 108pt;">&#160;</td>
              <td style="align: right; vertical-align: top; width: 9pt;">
                <div style="color: rgb(0, 0, 0);">f.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Evidence of Debt</font>;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd82b3b14094d4f7c929cb3c366c6e215">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">g.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">corporate, partnership, or personal <font style="font-weight: bold;">Guarantee</font>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z61dbe8c53da74c5b839cf79fa3fdebb8">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal;">h.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Security Agreement</font>;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26dc3a058578429ea1c3d936de24d966">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal;">i.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Instruction</font>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb49bd26553de41cbb76289bc38dddb12">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal;">j.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Statement of Uncertificated Security</font>,</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 108pt;">that</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc9dcbf9df07545c8858150a94fc3b327">

        <tr>
          <td style="width: 144pt;">&#160;</td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(1)<br>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">bears a handwritten signature material to the validity or enforceability of the <font style="font-weight: bold;">Original Written </font>document that is a <font style="font-weight: bold;">Forgery</font>,
              but only to the extent the <font style="font-weight: bold;">Forgery </font>causes the loss;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ab281047366486cb8f9a60e84f46186">

        <tr>
          <td style="width: 144pt;">&#160;</td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(2)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">is altered, but only to the extent the alteration causes the loss; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05d1de71af7b4615a2a871d2f0573e32">

        <tr>
          <td style="width: 144pt;">&#160;</td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(3)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">is lost or stolen;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5385aa11ec804534ad49ef38a233fd94">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">guaranteed in writing or witnessed any handwritten signature upon any transfer, assignment, bill of sale, power of attorney, <font style="font-weight: bold;">Guarantee</font>, endorsement, or any items listed
              in items 1.a. through 1.i. above; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z47e6ff5ff2b94700a56b900aaf370798">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Counterfeit, </font>but
              only to the extent the <font style="font-weight: bold;">Counterfeit </font>causes the loss.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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 <font style="font-weight: bold;">Investment Adviser</font>, a <font style="font-weight: bold;">Custodian</font>, or a Federal or State chartered deposit institution of the Insured is a condition precedent to the Insured&#8217;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.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07dd55cfa52c4cfb909c9cf6f8c9ca35">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">F.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Loss resulting directly from the receipt by the Insured, in good faith, of any <font style="font-weight: bold;">Counterfeit Money </font>of the United States of America and its
      territories and possessions, Canada or any other country, or of <font style="font-weight: bold;">Counterfeit </font>money orders denominated in United States or Canadian currency.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ffcdb115ac74c3f877a08f72bda8f53">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">G.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">CLAIM EXPENSE</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Employees</font>) 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.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8aee1fb555264c8bb63213361c0e2f0c">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">H.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Damages that the Insured becomes legally liable to pay its customers resulting directly from the Insured or an <font style="font-weight: bold;">Investment Adviser </font>having:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54c8a7d7d6764421bf64adc336342478">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z73e74bed46a84bb08eb2cb7cc559862a">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">I.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">COMPUTER SYSTEMS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Coverage I.1. Computer Fraud</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">Loss resulting directly from <font style="font-weight: bold;">Computer Fraud</font>.</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Coverage I.2. Fraudulent Instructions</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">Loss resulting directly from the Insured or an <font style="font-weight: bold;">Investment Adviser </font>having, in good faith, caused a transfer of funds as a result of a <font style="font-weight: bold;">Fraudulent Instruction </font>when the Insured or an <font style="font-weight: bold;">Investment Adviser</font>, 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 <font style="font-weight: bold;">Customer</font>, the Insured, or an <font style="font-weight: bold;">Investment Adviser</font>:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15df6ff852f14a5f8bcb4bfb1394d7d1">

        <tr>
          <td style="width: 144pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">performed a <font style="font-weight: bold;">Callback Verification </font>with respect to such instruction; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z28f7c9d5473b46d0bb0a5e9f00b810cb">

        <tr>
          <td style="width: 144pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">followed commercially reasonable <font style="font-weight: bold;">Security Procedures </font>applicable to the transaction and instruction.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 108pt;">Such <font style="font-weight: bold;">Fraudulent Instruction </font>received and, if applicable, <font style="font-weight: bold;">Callback Verification </font>performed, must be either recorded,
      logged, or documented by the Insured or an <font style="font-weight: bold;">Investment Adviser</font>.</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 72pt;">Coverage I.3. Restoration Expenses</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 108pt;"><font style="font-weight: bold;">Restoration Expenses </font>incurred by the Insured or an <font style="font-weight: bold;">Investment Adviser </font>and resulting from a<font style="font-weight: bold;"> Computer Violation </font>by someone other than an <font style="font-weight: bold;">Employee</font>. </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc635efa6375a4cba982eb66863dbd2f3">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">J.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">UNCOLLECTIBLE ITEMS OF DEPOSIT</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Loss, including dividends and interest accrued not to exceed 15% of the value of each <font style="font-weight: bold;">Item of Deposit </font>that is deposited, resulting
      directly from the Insured or <font style="font-weight: bold;">Investment Adviser </font>having credited an account of a customer, shareholder or subscriber on the faith of any <font style="font-weight: bold;">Items of Deposit </font>that prove to
      be uncollectible, provided that the crediting of such account causes:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5df6c6522f284f849b567d98e6b957c0">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">redemptions or withdrawals to be permitted;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ee3e19f34f74e0b992ad3c809cebb1a">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">shares to be issued; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z239a52a475ac4b13b8b74cd14f8e9adb">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">dividends to be paid.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">It is a condition precedent to coverage under this Insuring Agreement that the Insured or <font style="font-weight: bold;">Investment Adviser </font>hold funds represented in <font style="font-weight: bold;">Items of Deposit </font>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 <font style="font-weight: bold;">Items of Deposit</font>.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><font style="font-weight: bold;">Items of Deposit </font>will not be deemed to be uncollectible until the Insured&#8217;s or <font style="font-weight: bold;">Investment Adviser&#8217;s</font> standard
      collection procedures have failed. </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">This Insuring Agreement applies to Insureds with exchange privileges if all funds in the exchange program are insured by the Company for <font style="font-weight: bold;">Uncollectible

        Items of Deposit</font>. 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.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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        <tr>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">III.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">GENERAL AGREEMENTS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">A.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">ORGANIC GROWTH</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">If an Insured or <font style="font-weight: bold;">Investment Adviser</font>, while this bond is in force, adds additional <font style="font-weight: bold;">Employees </font>other

      than by consolidation or merger with, or purchase or acquisition of the assets, assets under management or liabilities of, another institution, such <font style="font-weight: bold;">Employees </font>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. </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z764194d0d67c48b9812c1af74892dfae">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">B.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">If the Insured or an <font style="font-weight: bold;">Investment Adviser</font>, 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 &#8220;Transaction&#8221;), coverage under this bond for loss which:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3d27308a5c44471f887b51deb315f73a">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">has occurred or will occur in the offices or premises of such institution;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze23c3d01c68f4c039dc2e1655ca7b0dd">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">has been caused or will be caused by any employee or employees of such institution; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb911fec6f88645e6b6698dbbbae5f6cd">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">has arisen or will arise out of the assets, assets under management or liabilities acquired by the Insured as a result of such Transaction,</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">is provided as follows:</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Automatic Loss Sustained Coverage</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 144pt;">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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22bc0847de314c87bce3c717f4a5d1aa">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Automatic Discovery Coverage</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 144pt;">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.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9122f25ee95f44b5bb582051c0eade44">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">C.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">REPRESENTATION OF INSURED</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75263a2fdadb4a7aaba5cb4b7b4f2837">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">D.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">JOINT INSURED</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">This bond does not indemnify or hold harmless any Insured for loss sustained by an <font style="font-weight: bold;">Investment Adviser</font>, 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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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 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 <font style="font-weight: bold;">Investment Adviser </font>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. </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf58b1ead1e948298e0b0651ea52aa7e">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">E.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">COURT COSTS AND ATTORNEY&#8217;S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">The Company will indemnify the Insured against court costs and reasonable attorney&#8217;s fees incurred and paid by the Insured in defending any suit or legal proceeding brought
      against the Insured to enforce the Insured&#8217;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:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0e903075929746ce8bc7da9c04b50f05">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="vertical-align: top; color: rgb(0, 0, 0); width: 9pt;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">an <font style="font-weight: bold;">Employee </font>admits to being guilty of <font style="font-weight: bold;">Larceny or Embezzlement</font>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zac1b41a09dfd497f8d2c6c6fa04a384e">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">an <font style="font-weight: bold;">Employee </font>is adjudicated to be guilty of <font style="font-weight: bold;">Larceny or Embezzlement</font>; or</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za3161858bea74359a68edc265bd4300a">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">in the absence of 1. or 2. above, an arbitration panel agrees, after a review of an agreed statement of facts, that an <font style="font-weight: bold;">Employee </font>would be found guilty of <font style="font-weight: bold;">Larceny or Embezzlement </font>if such <font style="font-weight: bold;">Employee </font>were prosecuted.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Such indemnity is in addition to the Single Loss Limit of Insurance for the applicable Insuring Agreement or Coverage.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">The Insured or an <font style="font-weight: bold;">Investment Adviser </font>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&#8217;s election the Insured will permit the Company to conduct the defense of such suit or legal proceeding, in the Insured&#8217;s name, through
      attorneys of the Company&#8217;s selection. In such event, the Insured and <font style="font-weight: bold;">Investment Adviser </font>will give all reasonable information and assistance, other than pecuniary, that the Company deems necessary to the
      defense of such suit or legal proceeding.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">If the amount of the Insured&#8217;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&#8217;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&#8217;s liability or alleged liability. Any amount not recoverable by reason of the Insured&#8217;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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">If the Company pays court costs and attorney&#8217;s fees in excess of its proportionate share of such costs and fees, the Insured will promptly reimburse the Company for such excess.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaa739d4f3a1746afb1ec083aec552478">

        <tr>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">IV.<br>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">DEFINITIONS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 36pt;">As used in this bond:</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">A.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Acceptance </font>means a <font style="font-weight: bold;">Written </font>draft that the drawee has, by signature thereon, engaged to honor as presented.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">B.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Bond Period </font>has the meaning set forth in section VI. CONDITIONS, C. BOND PERIOD.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;"><font style="font-style: normal;">C</font>.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Callback Verification </font>means a verbal conversation with the purported <font style="font-weight: bold;">Customer</font>, using a <font style="font-weight: bold;">Pre- Determined Telephone Number</font>, to verify the identity of the <font style="font-weight: bold;">Customer </font>and the authenticity of a funds transfer request.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82dc148edd66403295b78429614227bb">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">D.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Certificate of Deposit </font>means a <font style="font-weight: bold;">Written </font>acknowledgment by an Insured or a <font style="font-weight: bold;">Financial


                Institution </font>of receipt of <font style="font-weight: bold;">Money </font>with an engagement to repay it.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">E.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Certificate of Origin or Title </font>means a <font style="font-weight: bold;">Written </font>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.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z030667d2130e41f3946c287bc3b968de">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: normal; font-weight: bold;">F.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Certificated Security </font>means a share, participation or other interest in property of, or an enterprise of, the issuer or an obligation of the issuer,
              that is:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">represented by a <font style="font-weight: bold;">Written </font>instrument issued in bearer or registered form;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50f17eb9ac87497c80e07ab215ae6e64">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">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</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d465509ee744c9caa71a5a16e5272ee">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z220f0288baf34b5c8a5ca091a2c8f5a2">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">G.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Computer Fraud </font>means an intentional, unauthorized, and fraudulent entry of data or computer instructions directly into, or change of data or computer
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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Property </font>to be transferred, paid, or delivered;</div>
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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">an account of the Insured, or of its customer, to be added, deleted, debited or credited; or</div>
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        </tr>

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    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2890e8a9c77748abb1faf8354bd7f89b">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">an unauthorized or fictitious account to be debited or credited.</div>
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        </tr>

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    <div><br>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="vertical-align: top; color: rgb(0, 0, 0); font-style: normal; font-weight: bold; text-align: right; width: 9pt;">H.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Computer System </font>means:</div>
          </td>
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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); text-align: right;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">any computer; and</div>
          </td>
        </tr>

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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">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,</div>
          </td>
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    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 72pt;">that is rented by, owned by, leased by, licensed to, or under the direct operational control of, the Insured or an <font style="font-weight: bold;">Investment Adviser</font>.</div>
    <div><br>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: normal; font-weight: bold;">I.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Computer Violation </font>means:</div>
          </td>
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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">the introduction of a <font style="font-weight: bold;">Computer Virus </font>into a <font style="font-weight: bold;">Computer System</font>; or</div>
          </td>
        </tr>

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    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za0971d1935d446af8074478c04b7c10f">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">damage to, or destruction of, computer programs, software or other electronic data stored within a <font style="font-weight: bold;">Computer System </font>by a natural person, who has:</div>
          </td>
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    <div><br>
    </div>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
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            <div style="color: rgb(0, 0, 0);">gained unauthorized access to such <font style="font-weight: bold;">Computer System</font>; or</div>
          </td>
        </tr>

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    <div><br>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">authorized access to such <font style="font-weight: bold;">Computer System </font>but uses such access to cause such damage or destruction.</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e665d8946074807bb125e22022e4aaf">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: normal; font-weight: bold;">J.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Computer Virus </font>means any malicious code that could destroy, alter, contaminate, or degrade the integrity, quality, or performance of:</div>
          </td>
        </tr>

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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">electronic data used, or stored, in any <font style="font-weight: bold;">Computer System </font>or network; or</div>
          </td>
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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">a computer network, any computer application software, or a computer operating system or related network.</div>
          </td>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">K.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Counterfeit </font>means a <font style="font-weight: bold;">Written </font>imitation of an actual, valid, or verifiable <font style="font-weight: bold;">Original


              </font>that is intended to deceive and to be taken as the <font style="font-weight: bold;">Original</font>.</div>
          </td>
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    <div> <br>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">L.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Custodian </font>means an institution designated by an Insured or an <font style="font-weight: bold;">Investment Adviser </font>to maintain possession and
              control of the Insured&#8217;s assets.</div>
          </td>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: normal; font-weight: bold;">M.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Customer </font>means, only with respect to Insuring Agreement I.2., an entity or natural person that has a <br>
              <div style="text-indent: -36pt; margin-left: 36pt; color: rgb(0, 0, 0);"><font style="font-weight: bold;">Funds Transfer Agreement </font>with the Insured or with an <font style="font-weight: bold;">Investment Adviser</font>.</div>
            </div>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;"><font style="font-style: normal;">N</font>.</td>
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            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Depository </font>means a clearing corporation that is:</div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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</div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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.</div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">O.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Document of Title </font>means a <font style="font-weight: bold;">Written </font>document that is a bill of lading, dock warrant, dock receipt, warehouse
              receipt or order for the delivery of goods, and also any other <font style="font-weight: bold;">Written </font>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&#8217;s possession that are either identified or are fungible
              portions of an identified mass.</div>
          </td>
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    <div> <br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5c4c7e4a487d4daa83c470c255e49ac2">

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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">P.</td>
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            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Electronic Data Processor </font>means a natural person, partnership or corporation authorized in writing by the Insured or an <font style="font-weight: bold;">Investment Adviser </font>to perform services as a data processor of checks presented to the Insured by a customer or <font style="font-weight: bold;">Financial Institution</font>, 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 <font style="font-weight: bold;">Electronic Data Processor</font>.</div>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: normal; font-weight: bold;">Q.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Electronic Record </font>means information that is created, generated, sent, communicated, received, or stored by electronic means, and is retrievable in
              perceivable form.</div>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: normal; font-weight: bold;">R.</td>
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            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Employee </font>means:</div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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&#8217;s termination of service, provided such termination is not due to employee fraud or dishonesty;</div>
          </td>
        </tr>

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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">a guest student or intern pursuing studies or duties in any of the Insured&#8217;s or an <font style="font-weight: bold;">Investment Adviser&#8217;s </font>offices or premises covered hereunder, while such person is
              performing services for the Insured;</div>
          </td>
        </tr>

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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">any attorney retained by the Insured or an <font style="font-weight: bold;">Investment Adviser</font>, and any employee of such attorney, but only while performing legal services for the Insured;</div>
          </td>
        </tr>

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    <div> <br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">any natural person assigned to perform the usual duties of an employee within the premises of the Insured or an <font style="font-weight: bold;">Investment Adviser </font>and under the Insured&#8217;s supervision,
              by contract, including such persons provided by any employment agency furnishing temporary personnel to the Insured or an <font style="font-weight: bold;">Investment Adviser </font>on a contingent or part-time basis, and including a natural
              person who is leased to the Insured or an <font style="font-weight: bold;">Investment Adviser </font>under a written agreement between the Insured and a labor leasing firm to perform duties related to the conduct of the Insured&#8217;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.);</div>
          </td>
        </tr>

    </table>
    <div> <br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
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            <div style="color: rgb(0, 0, 0);">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;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd9aa9ebf5f76414aaf883cf10360723d">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">each natural person, partnership, or corporation authorized by the Insured or an <font style="font-weight: bold;">Investment Adviser </font>to perform services as an <font style="font-weight: bold;">Electronic



                Data Processor </font>(each such <font style="font-weight: bold;">Electronic Data Processor</font>, and the partners, officers and employees of such <font style="font-weight: bold;">Electronic Data Processor </font>will collectively be
              deemed to be one <font style="font-weight: bold;">Employee </font>for all the purposes of this bond, except with respect to Condition R.2.);</div>
          </td>
        </tr>

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    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z908b54aa81c041a199b923eab4e6f863">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">7.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">any director or trustee of an Insured, <font style="font-weight: bold;">Investment Adviser</font>, underwriter (distributor), transfer agent, shareholder accounting record keeper, or administrator authorized
              by <font style="font-weight: bold;">Written </font>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 <font style="font-weight: bold;">Property </font>of the Insured;</div>
          </td>
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    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">8.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">any natural person who is a volunteer, while such person is subject to the Insured&#8217;s direction and control and is performing services for the Insured;</div>
          </td>
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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z01d37ab7fdda48ac89c05aabe114c387">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">9.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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&#8217;s direction and control and performing
              services for the Insured; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4a2ac2626254c47a3d1d5891854a108">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">10.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">any officer, partner, or employee of:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze9e40db699594dfab87ef40e2ad3a702">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">an <font style="font-weight: bold;">Investment Adviser</font>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44af4a2e92ca446780d495b68eadca01">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">an underwriter (distributor);</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">c.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">a transfer agent or shareholder accounting record-keeper; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2dd52a7862094606ad11ed8e83673020">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">d.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">an administrator authorized by written agreement to keep financial or other required records,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">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 <font style="font-weight: bold;">Property </font>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 <font style="font-weight: bold;">Investment Adviser</font>, underwriter or administrator of such
      Insured, and that is not a bank, will be included within the definition of Employee.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"><font style="font-weight: bold;">Employee </font>also means any natural person described above while such person is on medical, military, or other leave of absence. Coverage
      applies to any such <font style="font-weight: bold;">Employee </font>while on leave, regardless of whether such person remains subject to the Insured&#8217;s direction and control during the time of leave.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"><font style="font-weight: bold;">Employee </font>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.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">S.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Evidence of Debt </font>means a <font style="font-weight: bold;">Written </font>instrument, including a <font style="font-weight: bold;">Negotiable
                Instrument</font>, executed, or purportedly executed, by a customer of the Insured and held by the Insured or an <font style="font-weight: bold;">Investment Adviser </font>that in the regular course of business is treated as evidencing
              the customer&#8217;s debt to the Insured.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeffff28334ae4be6865f5d3783c5bab6">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: normal; font-weight: bold;">T.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Financial Institution </font>means:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd11ef3c9035a4523ad5a27afb04e5936">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">a bank, trust company, savings bank, credit union, savings and loan association, or similar thrift institution; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z270402d3378740edb180b5f5ed4bd306">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">a stock brokerage firm, mutual fund, liquid assets fund or similar investment institution; provided that <font style="font-weight: bold;">Financial Institution </font>does not include any such entity,
              institution or organization that is an Insured or an <font style="font-weight: bold;">Investment Adviser</font>.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt; color: rgb(0, 0, 0);"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z05ceb619581246dba340daeac2a5b020">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">U.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Forgery </font>means signing the name of another person or organization with a handwritten signature directly applied to a <font style="font-weight: bold;">Written


              </font>document without authority, and with the intent to deceive.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt; color: rgb(0, 0, 0);"><font style="font-weight: bold;">Forgery </font>does not mean a signature that consists in whole or in part of one&#8217;s own name signed with or without
      authority, in any capacity, for any purpose.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);"><font style="font-weight: bold;">V.</font><br>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Fraudulent Instruction </font>means an intentional, fraudulent and unauthorized instruction directed to the Insured or an <font style="font-weight: bold;">Investment


                Adviser</font>, that is:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd1fc83930c040139fa97bf9fbeec372">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">transmitted via telefacsimile, and:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ff57dd09dae490d82d0e2c7d0ed6503">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">purports and reasonably appears to be from a <font style="font-weight: bold;">Customer</font>, a <font style="font-weight: bold;">Financial Institution</font>, or another office of the Insured;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z531db20d2ccb461cb675ec49858559d8">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">was in fact transmitted by someone other than a <font style="font-weight: bold;">Customer</font>, a <font style="font-weight: bold;">Financial Institution</font>, or another office of the Insured; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z062b2e6385ed4487b1cc142117f97f00">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">c.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd2a85649e3ca4a04bfe69d4eb832f99d">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">transmitted verbally, via telephone, and purports to be from:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeeffbee3a89b4724bea8e7df128e6e72">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">an officer, director, partner or employee of a <font style="font-weight: bold;">Customer</font>, who is authorized by the<font style="font-weight: bold;"> Customer </font>to instruct the Insured or an <font style="font-weight: bold;">Investment Adviser </font>to make such a transfer;</div>
          </td>
        </tr>

    </table>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc355eed07c6c45f592a6d4ebdb6e20c2">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="vertical-align: top; color: rgb(0, 0, 0); width: 9pt;">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">a <font style="font-weight: bold;">Customer </font>who is a natural person; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21d0e1707bc54fecb437295188fd3905">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">c.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">an <font style="font-weight: bold;">Employee </font>in another office of the Insured who was authorized by the Insured to instruct other <font style="font-weight: bold;">Employees </font>to transfer funds
              on deposit in a <font style="font-weight: bold;">Customer&#8217;s </font>account; and was received by an <font style="font-weight: bold;">Employee </font>specifically designated to receive and act upon such instructions, but was in fact
              transmitted by someone other than a person described in paragraph V.2.; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26636e0146534a08b28d3039ee8c7938">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">transmitted via electronic mail and purports and reasonably appears to be from a <font style="font-weight: bold;">Customer </font>of the Insured, but was in fact transmitted by someone other than such <font style="font-weight: bold;">Customer</font>.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"><font style="font-weight: bold;">Fraudulent Instruction </font>does not include any instruction that purports to be from a <font style="font-weight: bold;">Customer </font>unless

      the instruction is transmitted by a method that is authorized in the <font style="font-weight: bold;">Funds Transfer Agreement </font>between the Insured and the <font style="font-weight: bold;">Customer</font>.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaca8252fb429482dbcaa27428f3b32fe">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);"><font style="font-weight: bold;">W.</font><br>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Funds Transfer Agreement </font>means an agreement, signed by the <font style="font-weight: bold;">Customer</font>, that:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf280b28ab1434cc4a851715ffadeaf62">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">authorizes the Insured or an <font style="font-weight: bold;">Investment Adviser </font>to rely on instructions transmitted by either voice, telefacsimile or electronic mail to make funds transfers; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7bb90733ebae4c5abf89654e0c1d0cd8">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">provides the Insured or an <font style="font-weight: bold;">Investment Adviser </font>with the names of persons authorized to initiate funds transfers.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
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          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Guarantee </font>means a <font style="font-weight: bold;">Written </font>undertaking obligating the signer to pay the debt of another to the Insured or
              its assignee or to a <font style="font-weight: bold;">Financial Institution </font>from which the Insured has purchased participation in the debt, if the debt is not paid in accordance with its terms.</div>
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    <div><br>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Y.<br>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Instruction </font>means a <font style="font-weight: bold;">Written </font>order to the issuer of an <font style="font-weight: bold;">Uncertificated
                Security </font>requesting that the transfer, pledge, or release from pledge of the <font style="font-weight: bold;">Uncertificated Security </font>specified be registered.</div>
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    <div><br>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: normal; font-weight: bold;">Z.<br>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Investment Adviser </font>means any entity defined in &#167;202(a)(11) of, and registered under, the Investment Advisers Act of 1940, as amended, but only while
              acting on behalf of the Insured.</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div>
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            <td style="align: right; vertical-align: top; width: 9pt;">
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            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Item of Deposit </font>means any checks or drafts deposited into the account of a customer, shareholder or subscriber.</div>
            </td>
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    <div><br>
    </div>
    <div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
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            </td>
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              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Larceny or Embezzlement </font>means larceny or embezzlement as defined in the Investment Company Act of 1940, &#167;37 as amended.</div>
            </td>
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    <div><br>
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    <div>
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            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">CC.</font></div>
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            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Letter of Credit </font>means an engagement in writing by a <font style="font-weight: bold;">Financial Institution </font>or other
                person made at the request of a customer that the <font style="font-weight: bold;">Financial Institution </font>or other person will honor drafts or other demands for payment upon compliance with the conditions specified in the <font style="font-weight: bold;">Letter of Credit</font>.</div>
            </td>
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    <div><br>
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            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
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            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Loan </font>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.</div>
            </td>
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    </div>
    <div><br>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">EE.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Messenger </font>means an <font style="font-weight: bold;">Employee </font>while in possession of the Insured&#8217;s <font style="font-weight: bold;">Property </font>away from the Insured&#8217;s or <font style="font-weight: bold;">Investment Adviser&#8217;s </font>premises and any other natural person acting as custodian of the <font style="font-weight: bold;">Property

                </font>during an emergency arising from the incapacity of the original <font style="font-weight: bold;">Employee</font>.</div>
            </td>
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            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">FF.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Money </font>means a medium of exchange in current use authorized or adopted by a domestic or foreign government as a part of its currency.</div>
            </td>
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    </div>
    <div><br>
    </div>
    <div>
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            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">GG.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Negotiable Instrument </font>means a <font style="font-weight: bold;">Written </font>document, that:</div>
            </td>
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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">is signed by the maker or drawer;</div>
          </td>
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    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">contains an unconditional promise or order to pay a sum certain in <font style="font-weight: bold;">Money </font>and no other promise, order, obligation or power given by the maker or drawer;</div>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
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            <div style="color: rgb(0, 0, 0);">is payable on demand or at a definite time; and</div>
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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
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            <div style="color: rgb(0, 0, 0);">is payable to order or bearer.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 72pt;"><font style="font-weight: bold;">Negotiable Instrument </font>also means a counterfeit check or <font style="font-weight: bold;">Substitute Check</font>.</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">HH.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Network </font>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 <font style="font-weight: bold;">Computer System</font>.</div>
            </td>
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    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">II.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Original </font>means the first rendering or archetype and does not include photocopies or electronic transmissions even if received and printed.</div>
          </td>
        </tr>

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    <div><br>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">JJ.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Pre-Determined Telephone Number </font>means a telephone number that:</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">was provided by the <font style="font-weight: bold;">Customer </font>when the <font style="font-weight: bold;">Customer </font>opened the account with the Insured or an <font style="font-weight: bold;">Investment

                Adviser</font>;</div>
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    </table>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
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            <div style="color: rgb(0, 0, 0);">was provided in person by the <font style="font-weight: bold;">Customer </font>after the <font style="font-weight: bold;">Customer </font>opened the account with the Insured or an <font style="font-weight: bold;">Investment Adviser</font>, while physically present on the Insured&#8217;s or <font style="font-weight: bold;">Investment Adviser&#8217;s </font>premises and while presenting a government-issued photo identification;</div>
          </td>
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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
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            <div style="color: rgb(0, 0, 0);">was provided in a <font style="font-weight: bold;">Funds Transfer Agreement</font>;</div>
          </td>
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    </table>
    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">replaced a telephone number previously provided for the <font style="font-weight: bold;">Customer&#8217;s </font>account, provided that confirmation of the legitimacy of the change was achieved through direct
              contact with the <font style="font-weight: bold;">Customer </font>at a telephone number described in paragraph JJ.1., JJ.2. or JJ.3. above; or</div>
          </td>
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    </table>
    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">replaced a telephone number previously provided for the <font style="font-weight: bold;">Customer&#8217;s </font>account and was received by the Insured or the <font style="font-weight: bold;">Investment Adviser </font>at



              least 30 days prior to the receipt of the <font style="font-weight: bold;">Fraudulent Instruction</font>.</div>
          </td>
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    <div> <br>
    </div>
    <div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">KK.</font></div>
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            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Property </font>means <font style="font-weight: bold;">Money, Certificated Securities, Uncertificated Securities, Negotiable
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                  of Debt</font>, <font style="font-weight: bold;">Security Agreements</font>, <font style="font-weight: bold;">Withdrawal Orders</font>, <font style="font-weight: bold;">Certificates of Origin or Title</font>, <font style="font-weight: bold;">Letters of Credit</font>, 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 <font style="font-weight: bold;">Written </font>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.</div>
            </td>
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      <div> <br>
      </div>
    </div>
    <div>
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            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">LL.</font></div>
            </td>
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              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Restoration Expenses </font>means reasonable costs incurred by the Insured or an <font style="font-weight: bold;">Investment Adviser</font>,
                with the Company&#8217;s prior written consent, to restore, replace or reproduce damaged or destroyed computer programs, software or other electronic data stored within a <font style="font-weight: bold;">Computer System</font>, or that the
                Insured owns, holds or is responsible for, to the condition that existed immediately preceding a <font style="font-weight: bold;">Computer Violation</font>; provided that if it is determined by the Insured or <font style="font-weight: bold;">Investment Adviser </font>that such computer programs, software or other electronic data cannot reasonably be restored, replaced or reproduced, then <font style="font-weight: bold;">Restoration Expenses </font>means only the
                reasonable costs incurred by the Insured or an <font style="font-weight: bold;">Investment Adviser</font>, with the Company&#8217;s prior written consent, to reach such determination.</div>
            </td>
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      </table>
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    <div style="color: rgb(0, 0, 0); margin-left: 36pt;"><font style="font-weight: bold;"> <br>
      </font></div>
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    <div style="color: rgb(0, 0, 0); margin-left: 36pt;"><font style="font-weight: bold;">Restoration Expenses </font>do not include:</div>
    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
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            <div style="color: rgb(0, 0, 0);">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
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        </tr>

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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
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            <div style="color: rgb(0, 0, 0);">expenses incurred to design, update, improve, or perfect the operation or performance of computer programs, software, or other electronic data; or</div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
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            <div style="color: rgb(0, 0, 0);">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.</div>
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    <div><br>
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    <div>
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            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">MM.</font></div>
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            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Security Agreement </font>means a <font style="font-weight: bold;">Written </font>agreement that creates an interest in personal
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    <div><br>
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    <div>
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            <td style="width: 36pt;">&#160;</td>
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            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Security Procedure </font>means the Insured&#8217;s or <font style="font-weight: bold;">Investment Adviser&#8217;s </font>established
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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
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            <div style="color: rgb(0, 0, 0);">a general statement that the Insured or <font style="font-weight: bold;">Investment Adviser </font>may establish security procedures;</div>
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        </tr>

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    <div><br>
    </div>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">a statement that the Insured or <font style="font-weight: bold;">Investment Adviser </font>may perform a callback or other security procedure; or</div>
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        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">a statement that the Insured or <font style="font-weight: bold;">Investment Adviser </font>will only accept requests from persons named on the account.</div>
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    </table>
    <div> <br>
    </div>
    <div>
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            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">OO.</font></div>
            </td>
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              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Single Loss </font>has the meaning set forth in section VI. CONDITIONS, D. SINGLE LOSS.</div>
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    </div>
    <div><br>
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    <div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">PP.</font></div>
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            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Statement of Uncertificated Security </font>means a <font style="font-weight: bold;">Written </font>statement of the issuer of an <font style="font-weight: bold;">Uncertificated Security </font>containing:</div>
            </td>
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      </table>
    </div>
    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4c9fa7c55974e1e82994f935ce8eecc">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">a description of the issue of which the <font style="font-weight: bold;">Uncertificated Security </font>is a part;</div>
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        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
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            <div style="color: rgb(0, 0, 0);">the number of shares or units:</div>
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        </tr>

    </table>
    <div><br>
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          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
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            <div style="color: rgb(0, 0, 0);">transferred to the registered owner;</div>
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        </tr>

    </table>
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          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">pledged by the registered owner to the registered pledgee;</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6866ed05f936427da8a30b320946063c">

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          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">c.</td>
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            <div style="color: rgb(0, 0, 0);">released from pledge by the registered pledgee;</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfdb3dad70414474e91b191e4ba88dd50">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">d.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">registered in the name of the registered owner on the date of the statement; or</div>
          </td>
        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">e.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">subject to pledge on the date of the statement;</div>
          </td>
        </tr>

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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">the name and address of the registered owner and registered pledgee;</div>
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        </tr>

    </table>
    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z676cd0872be5475fb2215e6b8ffa94ee">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">a notation of any liens and restrictions of the issuer and any adverse claims to which the <font style="font-weight: bold;">Uncertificated Security </font>is or may be subject to, or a statement that there
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
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            <div style="color: rgb(0, 0, 0);">the date:</div>
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        </tr>

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    <div><br>
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          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">the transfer of the shares or units to the new registered owner of the shares or units was registered;</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4da000aa612e4e38badec68f882541aa">

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          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">the pledge of the registered pledgee was registered; or</div>
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        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">c.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">of the statement, if it is a periodic or annual statement.</div>
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        </tr>

    </table>
    <div><br>
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    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zaa57f6660e924ef287a3f2cac7953182" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">QQ.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Substitute Check </font>means a paper reproduction of an <font style="font-weight: bold;">Original Written </font>check as defined in the Check Clearing
                for the 21st Century Act of 2003, as amended.</div>
            </td>
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            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">RR.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Transportation Company </font>means any organization that provides its own or leased vehicles for transportation or that provides freight forwarding or
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            </td>
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    <div><br>
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    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zceac8a42771943969c155c45f55bb55e" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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            <td style="width: 36pt;">&#160;</td>
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              <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Uncertificated Security </font>means a share, participation or other interest in property of, or an enterprise of, the issuer or an obligation of the
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            </td>
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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
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            <div style="color: rgb(0, 0, 0);">not represented by a <font style="font-weight: bold;">Written </font>instrument issued in bearer or registered form and the transfer of which is registered upon books maintained for that purpose by or on
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        </tr>

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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
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            <div style="color: rgb(0, 0, 0);">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</div>
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        </tr>

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    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8dea3a2da8844daa30945371d3670c1">

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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
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            <div style="color: rgb(0, 0, 0);">either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.</div>
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        </tr>

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    <div><br>
    </div>
    <div>
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            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">TT.</font></div>
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            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Withdrawal Order </font>means a non-negotiable <font style="font-weight: bold;">Written </font>instrument, other than an <font style="font-weight: bold;">Instruction</font>, signed by a customer of the Insured authorizing the Insured to debit the customer&#8217;s account in the amount of funds stated therein.</div>
            </td>
          </tr>

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    <div><br>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">UU.</font></div>
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              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold; font-style: italic;">Written </font>means expressed through letters or marks placed upon paper and visible to the eye. It does not include information
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            </td>
          </tr>

      </table>
      <div> <br>
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          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;"><font style="font-style: normal;">V</font>.</td>
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            <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">EXCLUSIONS</div>
          </td>
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          <td style="width: 36pt;">&#160;</td>
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          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">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.</div>
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    <div> <br>
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          <td style="width: 36pt;">&#160;</td>
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          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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.</div>
          </td>
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    <div> <br>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">C.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">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.</div>
          </td>
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    <div> <br>
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          <td style="width: 36pt;">&#160;</td>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Employee </font>of the Insured, except when performing acts coming within the scope of the usual duties of an <font style="font-weight: bold;">Employee</font>, or while acting as a member of any committee duly
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          </td>
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    <div> <br>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">E.<br>
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            <div style="color: rgb(0, 0, 0);">This bond does not cover loss resulting directly or indirectly from the complete or partial non-payment of, or default upon, any <font style="font-weight: bold;">Loan </font>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 <font style="font-weight: bold;">Evidences of Debt</font>, whether
              such <font style="font-weight: bold;">Loan</font>, 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.</div>
          </td>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">F.<br>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">This bond does not cover loss caused by an <font style="font-weight: bold;">Employee</font>, except:</div>
          </td>
        </tr>

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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
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            <div style="color: rgb(0, 0, 0);">when covered under Insuring Agreement A.; or</div>
          </td>
        </tr>

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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
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            <div style="color: rgb(0, 0, 0);">when covered under Insuring Agreement B. or C. and resulting directly from mysterious unexplainable disappearance or misplacement, or unintentional destruction of or damage to <font style="font-weight: bold;">Property</font>.</div>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">G.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">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:</div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
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            <div style="color: rgb(0, 0, 0);">in obtaining credit or funds;</div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
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            <div style="color: rgb(0, 0, 0);">in gaining access to any automated teller machine; or</div>
          </td>
        </tr>

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    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">in gaining access to any point of sale terminal, customer-bank communication terminal, or similar electronic terminal of any electronic funds transfer system,</div>
          </td>
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    <div><br>
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    <div style="text-indent: -36pt; margin-left: 108pt; color: rgb(0, 0, 0);">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.</div>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">H.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">This bond does not cover loss through the surrender of <font style="font-weight: bold;">Property </font>away from an office of the Insured or an <font style="font-weight: bold;">Investment Adviser </font>as
              a result of a threat:</div>
          </td>
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    <div style="color: rgb(0, 0, 0);"><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">to do bodily harm to any person, except loss of <font style="font-weight: bold;">Property </font>in transit in the custody of a <font style="font-weight: bold;">Messenger </font>provided that when such
              transit was initiated there was no knowledge by the Insured of any such threat; or</div>
          </td>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
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            <div style="color: rgb(0, 0, 0);">to do damage to the premises or property of the Insured, except when covered under Insuring Agreement A.</div>
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        </tr>

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    <br>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">I.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">This bond does not cover loss resulting directly or indirectly from payments made or withdrawals from a customer&#8217;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 <font style="font-weight: bold;">Investment Adviser </font>at the time of such payment or withdrawal, or except when
              covered under Insuring Agreement A.</div>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">J.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">This bond does not cover loss resulting directly or indirectly from payments made or withdrawals from a customer&#8217;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&#8217;s account.</div>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);"><font style="font-weight: bold;">K.</font><br>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">This bond does not cover loss resulting directly or indirectly from counterfeiting, except when covered under Insuring Agreement A, D, but only as respects <font style="font-weight: bold;">Negotiable
                Instruments </font>(except <font style="font-weight: bold;">Evidences of Debt </font>or <font style="font-weight: bold;">Substitute Checks</font>), E or F.</div>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">L.</td>
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            <div style="color: rgb(0, 0, 0);">This bond does not cover loss of <font style="font-weight: bold;">Property </font>while:</div>
          </td>
        </tr>

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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">in the mail;</div>
          </td>
        </tr>

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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">in the custody of any <font style="font-weight: bold;">Transportation Company</font>, unless covered under Insuring Agreement C provided however that non-negotiable instruments while in the possession and
              custody of any <font style="font-weight: bold;">Transportation Company </font>will be deemed to be covered under Insuring Agreement C; or</div>
          </td>
        </tr>

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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
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            <div style="color: rgb(0, 0, 0);">located on the premises of any <font style="font-weight: bold;">Transportation Company</font>, except when covered under Insuring Agreement A.</div>
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        </tr>

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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);"><font style="font-weight: bold;">M.</font><br>
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            <div style="color: rgb(0, 0, 0);">This bond does not cover potential income, including interest and dividends not realized by the Insured.</div>
          </td>
        </tr>

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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);"><font style="font-weight: bold;">N.</font><br>
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            <div style="color: rgb(0, 0, 0);">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.</div>
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        </tr>

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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);"><font style="font-weight: bold;">O.</font><br>
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            <div style="color: rgb(0, 0, 0);">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.</div>
          </td>
        </tr>

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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">P.</td>
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            <div style="color: rgb(0, 0, 0);">This bond does not cover indirect or consequential loss of any nature.</div>
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        </tr>

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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Q.</td>
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            <div style="color: rgb(0, 0, 0);">This bond does not cover loss resulting from any violation by the Insured or by any <font style="font-weight: bold;">Employee</font>:</div>
          </td>
        </tr>

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    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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</div>
          </td>
        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">of any rule or regulation made pursuant to any such law,</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">R.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Investment Adviser</font>, funds or <font style="font-weight: bold;">Property </font>of the Insured held by it in any capacity, except when covered under Insuring Agreement A or B.1.a.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd37afc3b04f04ceb995fc3001fe1025d">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">S.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">This bond does not cover loss involving any <font style="font-weight: bold;">Uncertificated Security </font>except an <font style="font-weight: bold;">Uncertificated Security </font>of any Federal Reserve
              Bank of the United States or when covered under Insuring Agreement A, E or I.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">T.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">This bond does not cover under Insuring Agreement I, in addition to all of the other exclusions, loss:</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za39217e0fab447e4b82ac7a57ae7bc55">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">resulting directly or indirectly from entries or changes made by an individual authorized to have access to a <font style="font-weight: bold;">Computer System</font>, 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 <font style="font-weight: bold;">Investment Adviser </font>to design, develop, prepare, supply, service, write, or implement programs for the <font style="font-weight: bold;">Computer System</font>, except when covered
              under Insuring Agreement I.2.;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc488aaa42bff455eaabb86ef4863f08a">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z771f780a05414275bca61f9526ecbb72">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">resulting directly or indirectly from entries or changes made by an <font style="font-weight: bold;">Employee </font>acting in good faith on any electronic communication, unless such instructions are
              purportedly sent by a customer, <font style="font-weight: bold;">Financial Institution</font>, or automated clearing house, except when covered under Insuring Agreement I.2.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za21ab268f56e41169d6bdc9532db3981">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">U.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">This bond does not cover loss resulting directly or indirectly from <font style="font-weight: bold;">Computer Fraud </font>or mechanical breakdown or failure to function properly of any <font style="font-weight: bold;">Computer System</font>, except when covered under Insuring Agreement A, B, or I.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">V.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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&#8217;s or an <font style="font-weight: bold;">Investment
                Adviser&#8217;s </font>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.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25baa9b52d784147bf70159df0f13b9b">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">W.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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&#8217;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 <font style="font-weight: bold;">Investment Adviser </font>or held by the Insured or <font style="font-weight: bold;">Investment Adviser </font>in any capacity including concurrently with another person.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z190b3d1046d446e49fbc2e4fde5d408f">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">X.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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&#8217;s personally identifiable customer, financial or medical information was stolen, accessed, downloaded, or misappropriated
              while in the Insured&#8217;s care, custody, or control.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z508510b14a7e4fc393ceb1d8c72037fb">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Y.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Property </font>by an <font style="font-weight: bold;">Employee</font>.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3cfa506133ec4f549531d464bc616d95">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Z.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">This bond does not cover loss, costs, or expenses the Insured or an <font style="font-weight: bold;">Investment Adviser </font>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.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z06c3a2a00b9144c8984789cf03aefb8e" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">AA.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">This bond does not cover loss resulting directly or indirectly from the dishonest or fraudulent acts of an <font style="font-weight: bold;">Employee </font>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 <font style="font-weight: bold;">Property </font>already in transit in the custody
                of such <font style="font-weight: bold;">Employee </font>at the time the bond terminated or to loss resulting directly from dishonest or fraudulent acts occurring prior to the time the bond terminated.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z80b9f8eafaa64990b2010e3859f647e8" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">BB.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">This bond does not cover loss resulting from the unauthorized online <font style="font-weight: bold;">Network</font>, <font style="font-weight: bold;">Computer System </font>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 <font style="font-weight: bold;">Computer System</font>, except when covered under Insuring Agreement I.2.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2ebff9264c26442ca8ff043141aaa325" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">CC.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">This bond does not cover damages resulting from any civil, criminal, or other legal proceeding in which the Insured or <font style="font-weight: bold;">Investment Adviser </font>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 <font style="font-weight: bold;">Employee </font>under circumstances that
                result directly in a loss to the Insured covered by Insuring Agreement A. For purposes of this exclusion, &#8220;racketeering activity&#8221; is defined in 18 U.S.C. 1961 et seq., as amended.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7fe9f54d5d71483e848b1f3f8db266eb" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">DD.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">This bond does not cover any loss resulting directly or indirectly from a <font style="font-weight: bold;">Fraudulent Instruction </font>except when covered under Insuring Agreement
                I.2.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd8d458fe04f340d2b5f387b518a1c9d4" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">EE.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Investment Adviser</font>, or any <font style="font-weight: bold;">Employee</font>, or as a result of any <font style="font-weight: bold;">Employee </font>acting upon such information, whether or not
                authorized.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze271cdb9de864d63a8736190b770cf66" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="align: right; vertical-align: top; width: 9pt;">
              <div style="text-align: justify; color: rgb(0, 0, 0);"><font style="font-weight: bold;">FF.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">This bond does not cover loss resulting directly or indirectly from the input of an <font style="font-weight: bold;">Electronic Record </font>into a <font style="font-weight: bold;">Computer

                  System</font>, 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&#8217;s authentication mechanism.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">VI.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">CONDITIONS</div>
          </td>
        </tr>

    </table>
    <div><br>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">A.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">ADDITIONAL COMPANIES INCLUDED AS INSURED</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">If more than one corporation, co-partnership, or person, or any combination of them are included as the Insured herein:</div>
    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="vertical-align: top; text-align: justify; width: auto;">
            <div style="color: rgb(0, 0, 0);">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;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z23bb619f01c9471db6c16356e5d58467">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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;</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z678035600c3b4f55ac9b5db7b7682d2a">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">the Company will not be responsible for the proper application of any payment made hereunder to the first named Insured; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">knowledge possessed or discovery made by any partner, officer or supervisory <font style="font-weight: bold;">Employee </font>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.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">B.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">DISCOVERY</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">This bond applies to loss discovered by the Insured during the <font style="font-weight: bold;">Bond Period</font>. Discovery occurs when an officer or director of the Insured
      or of an <font style="font-weight: bold;">Investment Adviser </font>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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Discovery also occurs when an officer or director of the Insured or an <font style="font-weight: bold;">Investment Adviser </font>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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd626e2ef21b4ff4a8f8726f2ece5952">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">C.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">BOND PERIOD</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"><font style="font-weight: bold;">Bond Period </font>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.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd17ef50d8cbf44c1907f7d64c6410211">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">D.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">SINGLE LOSS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"><font style="font-weight: bold;">Single Loss </font>means all covered loss, including court costs and attorney&#8217;s fees incurred by the Company under General Agreement E.,
      resulting from:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e67d5305c1f43e998b412fa086a2b98">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">any one act or series of related acts of burglary, robbery, or attempt thereat, in which no <font style="font-weight: bold;">Employee </font>is implicated;</div>
          </td>
        </tr>

    </table>
    <div style="color: rgb(0, 0, 0);"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21085aebfba74de68d07751d4b067fab">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">any one act or series of related unintentional or negligent acts or omissions on the part of any person (whether an <font style="font-weight: bold;">Employee </font>or not) resulting in damage to or
              destruction or misplacement of <font style="font-weight: bold;">Property</font>;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25bb6cd4009544f89775264f3fc18fd0">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">all acts or omissions other than those specified in 1. and 2. above, caused by any person (whether an <font style="font-weight: bold;">Employee </font>or not) or in which such person is implicated; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc8d1d1c443e1453c9e5318bc1f7faab8">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">any one casualty or event not specified in 1., 2., or 3. above.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8feb22f4046f42f5bbca04b9562800ab">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">E.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">SINGLE LOSS LIMIT OF INSURANCE</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">The Company&#8217;s liability for each <font style="font-weight: bold;">Single Loss </font>will not exceed the applicable Single Loss Limit of Insurance set forth in ITEM 4 of the
      Declarations. If a <font style="font-weight: bold;">Single Loss </font>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 <font style="font-weight: bold;">Single Loss </font>will not exceed the largest applicable Single Loss Limit of Insurance.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ac13cb0e9154b858d5ca5e7807cb05b">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">F.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">DEDUCTIBLE</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">The Company is liable hereunder only for the amount by which any <font style="font-weight: bold;">Single Loss </font>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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">If a <font style="font-weight: bold;">Single Loss </font>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 <font style="font-weight: bold;">Single Loss </font>covered under such Coverage, however the sum of such Single Loss Deductible Amounts for such <font style="font-weight: bold;">Single Loss </font>will not exceed the highest applicable Single Loss Deductible Amount for any such Coverage.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z47089c0632e84abe971a81173da9e51c">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">G.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">NON-ACCUMULATION OF LIMITS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">The Single Loss Limit of Insurance of the Company is not cumulative in amount from <font style="font-weight: bold;">Bond Period </font>to <font style="font-weight: bold;">Bond
        Period</font>, 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.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbdf7363871f84048b236be23ce2ab3c5">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">H.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z551692e802b14dfe9cad64e69000dcab">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">At the earliest practicable moment not to exceed 90 days after discovery of loss, the Insured or <font style="font-weight: bold;">Investment Adviser </font>must give the Company notice thereof.</div>
          </td>
        </tr>

    </table>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0a0a47f67ee44e7d846d8b5527302b19">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Within six months after such discovery, the Insured or <font style="font-weight: bold;">Investment Adviser </font>must furnish to the Company proof of loss, duly sworn to, with full particulars.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za785c860bb894be6a9c1426efff5cc85">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Lost <font style="font-weight: bold;">Certificated Securities </font>listed in a proof of loss will be identified by certificate or bond numbers if such securities were issued therewith.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb932835afbc44f1d98f9e9708db22950">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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&#8217;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.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf48cf7490e0540049657f71c87a66da9">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf8ffa6ac7f5c4373a46652c2641ea725">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">6.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">I.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">VALUATION</div>
          </td>
        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Money</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">Any loss of <font style="font-weight: bold;">Money</font>, or loss payable in <font style="font-weight: bold;">Money</font>, will be paid, at the option of the Insured, in the
      <font style="font-weight: bold;">Money </font>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.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88f2cf128932479fba24e485479b4602">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Securities</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1f2c41e794c14906aff520be215f6de6">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Books of Account and Other Records</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">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. </div>
    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3f67e983d45d41e9b720eff8255b4710">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Property other than Money, Securities, Books of Account or Other Records</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">In case of loss of, or damage to, any <font style="font-weight: bold;">Property </font>other than <font style="font-weight: bold;">Money</font>, 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 <font style="font-weight: bold;">Property</font>. The Company may, at its election, pay the
      actual cash value of, repair or replace such <font style="font-weight: bold;">Property</font>.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">With respect to damage of <font style="font-weight: bold;">Property </font>covered under Insuring Agreement B.2., the Company will be liable for the full cost of repair or
      replacement of such <font style="font-weight: bold;">Property</font>, without deduction for depreciation.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 108pt;">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.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">J.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">ASSIGNMENT</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">In the event of payment under this bond, the Insured or <font style="font-weight: bold;">Investment Adviser </font>will deliver, if so requested by the Company, an assignment
      of such of the Insured&#8217;s rights, title and interest and causes of action as it has against any person or entity to the extent of the loss payment.</div>
    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6a0c3a3fa1414fada99a4fd35dec4ed7">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">K.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">SUBROGATION</div>
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        </tr>

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    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">In the event of payment under this bond, the Company will be subrogated to all of the Insured&#8217;s rights of recovery therefor against any person or entity to the extent of such
      payment. If the rules of a <font style="font-weight: bold;">Depository </font>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.</div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">L.</td>
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        </tr>

    </table>
    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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:</div>
          </td>
        </tr>

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    <div> <br>
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          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
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            <div style="color: rgb(0, 0, 0);">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;</div>
          </td>
        </tr>

    </table>
    <div> <br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze6c55b929ff0477c9536abc3ce09a7cb">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">second, to the Company in satisfaction of amounts paid or to be paid to the Insured in settlement of the Insured&#8217;s claim;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z930663177434447eaff4d5c69436eb51">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">c.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">third, to the Insured in satisfaction of any Single Loss Deductible Amount; and</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b3cebc3806645d5a03b09d9db2c9d1b">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">d.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">fourth, to the Insured in satisfaction of any loss not covered under this bond.</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d233f66b0e7460f80af57479123e668">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">In determining the amount of any loss covered under this bond, all <font style="font-weight: bold;">Money </font>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. </div>
    <div><br>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">M.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">COOPERATION</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Upon the Company&#8217;s request, and at reasonable times and places designated by the Company, the Insured will:</div>
    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">submit to examination by the Company and subscribe to the same under oath;</div>
          </td>
        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">produce for the Company&#8217;s examination all pertinent records; and</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z29d210afdc264a2697d2d290a0f8a48f">

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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">cooperate with the Company in all matters pertaining to the loss.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">The Insured will execute all papers and render assistance to secure to the Company the rights and causes of action provided for herein.</div>
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    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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.</div>
    <div><br>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">N.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">ANTI-BUNDLING</div>
          </td>
        </tr>

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    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">If any Insuring Agreement requires that an enumerated type of document be altered or <font style="font-weight: bold;">Counterfeit</font>, or contain a signature that is a <font style="font-weight: bold;">Forgery</font>, or that it be obtained through trick, artifice, fraud or false pretenses, the alteration, <font style="font-weight: bold;">Counterfeit</font>, 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.</div>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">O.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE</div>
          </td>
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    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">With respect to any <font style="font-weight: bold;">Single Loss </font>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.</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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.</div>
    <div><br>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">P.</td>
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            <div style="color: rgb(0, 0, 0); font-weight: bold;">OTHER INSURANCE OR INDEMNITY</div>
          </td>
        </tr>

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    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Coverage afforded hereunder applies only as excess over any valid and collectible insurance or indemnity obtained by:</div>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">the Insured;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">anyone other than the Insured;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">a <font style="font-weight: bold;">Transportation Company</font>;</div>
          </td>
        </tr>

    </table>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">another entity on whose premises the loss occurred or that employed the person causing the loss; or</div>
          </td>
        </tr>

    </table>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">the messenger conveying the <font style="font-weight: bold;">Property </font>involved.</div>
          </td>
        </tr>

    </table>
    <div> <br>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Q.</td>
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            <div style="color: rgb(0, 0, 0); font-weight: bold;">COVERED PROPERTY</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div style="margin: 0px 0px 0px 72pt; color: #000000;">This bond applies to loss of <font style="font-weight: bold;">Property</font>:</div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
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            <div style="color: rgb(0, 0, 0);">that is owned by the Insured;</div>
          </td>
        </tr>

    </table>
    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">that is held by the Insured in any capacity; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
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            <div style="color: rgb(0, 0, 0);">for which the Insured is responsible,</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div style="text-indent: -36pt; margin-left: 108pt; color: rgb(0, 0, 0);">prior to or at the time of the occurrence of the loss. This bond is for the sole use and benefit of the Insured.</div>
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          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">R.</td>
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            <div style="color: rgb(0, 0, 0); font-weight: bold;">CANCELATION, TERMINATION, CHANGE, OR MODIFICATION</div>
          </td>
        </tr>

    </table>
    <div><br>
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          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Cancelation</div>
          </td>
        </tr>

    </table>
    <div><br>
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          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">This bond is canceled in its entirety immediately upon receipt by the Company of a <font style="font-weight: bold;">Written </font>notice from the Insured or an <font style="font-weight: bold;">Investment
                Adviser </font>of its desire to cancel this bond, provided the Insured or <font style="font-weight: bold;">Investment Adviser </font>has provided at least 60 days&#8217; advance <font style="font-weight: bold;">Written </font>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 <font style="font-weight: bold;">Investment Adviser</font>, however the cancelation
              will not be effective until 60 days after receipt of <font style="font-weight: bold;">Written </font>notice by all other Insureds.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0f13da93c23c4d5481689c1538233057">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">This bond is canceled in its entirety 60 days after the receipt by each Insured and the SEC, of a <font style="font-weight: bold;">Written </font>notice from the Company of its desire to cancel this bond.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z158ba476316d4fbfba1c3684ee725b1c">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">c.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Coverage is canceled as to any <font style="font-weight: bold;">Employee</font>, or as to any partner, officer, or employee of any <font style="font-weight: bold;">Electronic Data Processor </font>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.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc15e9a487f24f7b96f2e08683b49f7a">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Termination</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">This bond terminates in its entirety immediately upon the Expiration Date set forth in ITEM 2 of the Declarations.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc7f13f853666404584d3229f7c77eb19">

        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">b.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">This bond terminates as to any Insured:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7c4fababf5fb42b2ab80c7a195fe834b">

        <tr>
          <td style="width: 144pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">(1)<br>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">immediately upon the surrender of such Insured&#8217;s charter to any governmental authority; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze67b436608ea4a47a12ed4a61a9e9de7">

        <tr>
          <td style="width: 144pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">(2)<br>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">immediately upon the taking over of such Insured by a receiver or other liquidator or by any State or Federal official,</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); text-align: right;">whichever occurs first.</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); margin-left: 144pt;">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.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 108pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">c.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Coverage terminates as to any <font style="font-weight: bold;">Employee</font>, or as to any partner, officer, or employee of any <font style="font-weight: bold;">Electronic Data Processor</font>:</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d81c2ee986a448e8e46c5b216c6811a">

        <tr>
          <td style="width: 144pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">(1)<br>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Larceny or Embezzlement</font>;
              or</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6cdfef8aacbb42c291b037be4d99f04c">

        <tr>
          <td style="width: 144pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">(2)<br>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Larceny or
                Embezzlement</font>, that resulted in a loss of <font style="font-weight: bold;">Property </font>in excess of $25,000,</div>
          </td>
        </tr>

    </table>
    <br>
    <div style="text-align: justify; margin-left: 144pt; color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Property </font>then in transit in the custody of such person.</div>
    <div style="text-align: justify; margin-left: 144pt; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; margin-left: 144pt; color: rgb(0, 0, 0);">However, termination of coverage as to any <font style="font-weight: bold;">Employee </font>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.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z47cf2b7bb8894ab69842cc51648f4a59">

        <tr>
          <td style="width: 72pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Change or Modification</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Written </font>endorsement issued to form a part of this bond and including the signature of the Company&#8217;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 <font style="font-weight: bold;">Written </font>notification has been furnished to the SEC by the Insured, <font style="font-weight: bold;">Investment Adviser </font>or the
      Company. If more than one Insured is named under this bond, the Company will give <font style="font-weight: bold;">Written </font>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.</div>
    <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8434c0e343b349aaa127f9d6385bab96">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">S.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">DISCOVERY PERIOD</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">At any time prior to the cancelation or termination of this bond in its entirety, whether by the Insured, an <font style="font-weight: bold;">Investment Adviser</font>, or the
      Company, the Insured or an <font style="font-weight: bold;">Investment Adviser </font>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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">Upon receipt of such notice from the Insured or an <font style="font-weight: bold;">Investment Adviser</font>, the Company will give its written consent thereto; provided, that
      such additional period of time terminates immediately:</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">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</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd02ed8678c4496db43bab6a4084269b">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">upon any takeover of the Insured&#8217;s business by any state or federal official or agency, or by any receiver or liquidator acting or appointed for this purpose,</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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&#8217;s business for the operation or for the liquidation thereof or for any other purpose.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">The Company&#8217;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 <font style="font-weight: bold;">Bond Period </font>that terminates immediately preceding the effective date of such additional period.</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">T.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); font-weight: bold;">HEADINGS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <br>
    </div>
    <div style="color: rgb(0, 0, 0); text-align: center;"><a name="bookmark6"></a>AUTOMATIC INCREASE IN INSURING AGREEMENT A.1. SINGLE LOSS LIMIT OF INSURANCE ENDORSEMENT</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">This endorsement changes the following:</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); font-weight: bold;">Investment Company Bond</div>
    <br>
    <div style="color: rgb(0, 0, 0); font-weight: bold;">It is agreed that:</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">The following is added to section VI. CONDITIONS, E. SINGLE LOSS LIMIT OF INSURANCE:</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">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:</div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcbb31f0528174f5593e69a6bd13b71b2">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">an increase in assets under management by current Insureds under the bond, per the terms of section III. GENERAL AGREEMENTS, A. ORGANIC GROWTH; or</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z68522308bb8d4d1fb97f21bbe33053f2">

        <tr>
          <td style="width: 36pt;">&#160;</td>
          <td style="width: 9pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">an increase in assets under management due to the addition of new investment companies per the terms of section III. GENERAL AGREEMENTS, B. CONSOLIDATION &#8211; MERGER &#8211; PURCHASE OR ACQUISTION OF ASSETS,</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">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 <font style="font-weight: bold;">Bond Period</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">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.</div>
    <br>
    <div style="color: rgb(0, 0, 0);"> Issuing Company:<font style="font-weight: bold;"> Travelers Casualty and Surety Company of America<br>
      </font></div>
    <div style="color: rgb(0, 0, 0);">Bond Number: <font style="font-weight: bold;">107554408<br>
      </font></div>
    <div style="color: rgb(0, 0, 0);">IVBB-19044 Ed. 05-18</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">Page 1 of 1</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0);"><a name="bookmark7"></a>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">REPLACE GENERAL AGREEMENT A. ORGANIC GROWTH ENDORSEMENT</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">This endorsement changes the following:</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">Investment Company Bond</div>
    <br>
    <div style="color: rgb(0, 0, 0); font-weight: bold;">It is agreed that:</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">The following replaces section III. GENERAL AGREEMENTS, A. ORGANIC GROWTH:</div>
    <div style="color: rgb(0, 0, 0);"> <br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">If an Insured or <font style="font-weight: bold;">Investment Adviser</font>, while this bond is in force, adds additional <font style="font-weight: bold;">Employees </font>or experiences an
      increase in assets under management, other than by consolidation or merger with, or purchase or acquisition of the assets, assets under management or liabilities of, another institution, such <font style="font-weight: bold;">Employees </font>or
      increased assets under management 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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);">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.</div>
    <br>
    <div style="color: rgb(0, 0, 0);">Issuing Company: <font style="font-weight: bold;">Travelers Casualty and Surety Company of America</font></div>
    <div style="color: rgb(0, 0, 0);">Policy Number: <font style="font-weight: bold;">107554408</font></div>
    <div style="color: rgb(0, 0, 0);">IVBB-19045 Ed. 03-19</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">Page 1 of 1<br>
      <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div style="text-align: center; color: rgb(0, 0, 0);"><a name="bookmark8"></a>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">AMEND LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE ENDORSEMENT</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">This endorsement changes the following:</div>
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    <div style="color: rgb(0, 0, 0); font-weight: bold;">Investment Company Bond</div>
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    <div style="color: rgb(0, 0, 0); font-weight: bold;">It is agreed that:</div>
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    <div style="color: rgb(0, 0, 0);">The second paragraph of section VI. CONDITIONS, O., is deleted.</div>
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    <div style="text-align: justify; color: rgb(0, 0, 0);">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.
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    <div style="color: rgb(0, 0, 0);">Issuing Company: <font style="font-weight: bold;">Travelers Casualty and Surety Company of America</font></div>
    <div style="color: rgb(0, 0, 0);">Policy Number: <font style="font-weight: bold;">107554408</font></div>
    <div style="color: rgb(0, 0, 0);">IVBB-19046 Ed. 09-19</div>
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    <div style="color: rgb(0, 0, 0);">Page 1 of 1</div>
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    <div style="color: rgb(0, 0, 0);">This endorsement changes the following:</div>
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            <div style="color: rgb(0, 0, 0);">At the earliest practicable moment after discovery of loss, the Insured or <font style="font-weight: bold;">Investment Adviser </font>will give the Company notice thereof.</div>
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            <div style="color: rgb(0, 0, 0);">Within six months after such discovery, the Insured or <font style="font-weight: bold;">Investment Adviser </font>must furnish to the Company proof of loss, duly sworn to, with full particulars, however proof
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            <div style="color: rgb(0, 0, 0);">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:</div>
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            <div style="color: rgb(0, 0, 0);">first, to the Insured to reimburse the Insured for loss sustained which would have been paid under this bond but for the fact that such loss is in excess of either the Single Loss Limit of Insurance, provided
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            <div style="color: rgb(0, 0, 0);">third, to the Company in satisfaction of amounts paid or to be paid to the Insured in settlement of the Insured&#8217;s claim; and</div>
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            <div style="color: rgb(0, 0, 0);">fourth, to the Insured in satisfaction of any loss not covered under this bond.</div>
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    <div style="text-align: justify; color: rgb(0, 0, 0);">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.
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    <div style="color: rgb(0, 0, 0);"> Issuing Company: Travelers Casualty and Surety Company of America Policy Number: 107554408</div>
    <div style="color: rgb(0, 0, 0);">IVBB-17020 Ed. 01-16 Page 1 of 1</div>
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    <div style="text-align: center; color: rgb(0, 0, 0);"><a name="bookmark10"></a>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</div>
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    <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">WISCONSIN CANCELATION, TERMINATION, CHANGE, OR MODIFICATION ENDORSEMENT</div>
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    <div style="color: rgb(0, 0, 0);">This endorsement changes the following:</div>
    <div><br>
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    <div style="color: rgb(0, 0, 0); font-weight: bold;">Investment Company Bond</div>
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            <div style="color: rgb(0, 0, 0);">This bond is canceled in its entirety 60 days after the receipt by each Insured and the SEC of a <font style="font-weight: bold;">Written </font>notice from the Company of its desire to cancel this bond,
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            <div style="color: rgb(0, 0, 0);">substantial change in the risk assumed, except to the extent the Company should reasonably have foreseen the change or contemplated the risk in writing this bond; or</div>
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            <div style="color: rgb(0, 0, 0);">substantial breaches of contractual duties, conditions or warranties, including contract provisions relating to prompt notification to the Company after discovery of loss.</div>
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            <div style="color: rgb(0, 0, 0);">This bond terminates in its entirety immediately upon the Expiration Date set forth in ITEM 2 of the Declarations, provided notice has been given to each Insured and the SEC at least 60 days prior to such date.</div>
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    <div style="text-align: justify; color: rgb(0, 0, 0); margin-left: 72pt;">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
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    <div style="color: rgb(0, 0, 0);">Issuing Company: Travelers Casualty and Surety Company of America Policy Number: 107554408</div>
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    <div style="color: rgb(0, 0, 0);">IVBB-18035 Ed. 01-16 Page 1 of 1</div>
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        <div style="text-indent: 36pt; color: rgb(0, 0, 0);">The following is a true and correct recitation of that certain resolution duly adopted on December 6, 2021, by a majority of the Board of Directors of the Company who are not interested persons.
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              <div style="color: rgb(0, 0, 0);">/s/ David C. Sims</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
