<SEC-DOCUMENT>0001580642-22-003259.txt : 20220628
<SEC-HEADER>0001580642-22-003259.hdr.sgml : 20220628
<ACCEPTANCE-DATETIME>20220628141607
ACCESSION NUMBER:		0001580642-22-003259
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220628
DATE AS OF CHANGE:		20220628
EFFECTIVENESS DATE:		20220628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERZFELD CARIBBEAN BASIN FUND INC
		CENTRAL INDEX KEY:			0000880406
		IRS NUMBER:				650396889
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06445
		FILM NUMBER:		221049034

	BUSINESS ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139
		BUSINESS PHONE:		305-777-1660

	MAIL ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CUBA FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>herzfeld4017g.htm
<DESCRIPTION>40-17G
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>ICI MUTUAL INSURANCE
COMPANY,<BR>
</B></FONT><B><FONT STYLE="font-size: 16pt">a Risk Retention Group</FONT></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, DC 20005</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">INVESTMENT COMPANY BLANKET BOND</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, DC 20005</P>

<P STYLE="font: 8pt Courier New, Courier, Monospace; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DECLARATIONS</B></P>

<P STYLE="font: 8pt Courier New, Courier, Monospace; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: 0.5pt solid black">This policy is issued by your risk retention group.
Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty
funds are not available for your risk retention group.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD WIDTH="10%"><B>Item 1.</B></TD>
    <TD>Name of Insured (the &ldquo;Insured&rdquo;)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">Bond Number</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 9%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-weight: bold; text-align: right">93338122</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">B</TD>
    </TR>
  </TABLE>


<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 41%; text-align: left">Principal Office:</TD><TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left">Mailing Address:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.25in">119 Washington Avenue, Suite 504</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.25in">119 Washington Avenue, Suite 504</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Miami Beach, FL 33139</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Miami Beach, FL 33139</TD></TR>
  </TABLE>


<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD WIDTH="10%" STYLE="padding-right: -5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Item 2.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Bond Period: from 12:01 a.m. on <U>May 20, 2022</U>, to 12:01 a.m.
    on <U>May 20, 2023</U>, or the earlier effective date of the termination of this Bond, standard time at the Principal Office as to
    each of said dates.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD WIDTH="10%" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10.5pt"><B>Item 3.</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Limit of Liability&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">Subject to Sections 9, 10 and 12 hereof:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">LIMIT OF</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">LIABILITY</P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DEDUCTIBLE</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMOUNT</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement A-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">FIDELITY</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$350,000</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement B-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">AUDIT EXPENSE</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 13.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$50,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement C-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">ON PREMISES</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$350,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement D-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">IN TRANSIT</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$350,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement E-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">FORGERY OR ALTERATION</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$350,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement F-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$350,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement G-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">COUNTERFEIT CURRENCY</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$350,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement H-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 13.5pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$25,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.35pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement I-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">PHONE/ELECTRONIC TRANSACTIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Not Covered</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">If &ldquo;Not Covered&rdquo; is inserted opposite any Insuring Agreement above, such Insuring Agreement and any reference thereto shall be deemed to be deleted from this Bond.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement J-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">COMPUTER SECURITY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Not Covered</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Insuring Agreement M-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SOCIAL ENGINEERING FRAUD</FONT></TD>
    <TD STYLE="padding-right: 13.5pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="font-size: 10pt">$350,000</FONT></TD>
    <TD STYLE="padding-right: 13.35pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="font-size: 10pt">$10,000</FONT></TD></TR>
  </TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><B>Item 4.</B></TD><TD STYLE="text-align: justify">Offices or Premises Covered--All the Insured&rsquo;s offices or other premises in existence at the time
this Bond becomes effective are covered under this Bond, except the offices or other premises excluded by Rider. Offices or other premises
acquired or established after the effective date of this Bond are covered subject to the terms of General Agreement A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; border-top: Black 0.5pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><B>Item 5.</B></TD><TD STYLE="text-align: justify">The liability of ICI Mutual Insurance Company, a Risk Retention Group (the &ldquo;Underwriter&rdquo;)
is subject to the terms of the following Riders attached hereto:</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Riders:&#9;1-2-3-4-5-6-7</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in; border-bottom: Black 2.25pt double">and
of all Riders applicable to this Bond issued during the Bond Period.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; text-align: left; padding-bottom: 1pt">By: ___/S/ Swenitha Nalli______</TD><TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: left; padding-bottom: 1pt">By: ___/S/ Catherine Dalton_________</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0.5in">Authorized Representative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Authorized Representative</TD></TR>
  </TABLE>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTICE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This policy is issued by your risk retention group.
Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty
funds are not available for your risk retention group.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ICI Mutual Insurance Company, a Risk Retention Group
(the &ldquo;Underwriter&rdquo;), in consideration of an agreed premium, and in reliance upon the Application and all other information
furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General Agreements, Provisions, Conditions
and Limitations and other terms of this bond (including all riders hereto) (&ldquo;Bond&rdquo;), to the extent of the Limit of Liability
and subject to the Deductible Amount, agrees to indemnify the Insured for the loss, as described in the Insuring Agreements, sustained
by the Insured at any time but discovered during the Bond Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">INSURING AGREEMENTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIDELITY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Loss resulting directly from any Dishonest
or Fraudulent Act committed by an Employee, committed anywhere and whether committed alone or in collusion with other persons (whether
or not Employees), during the time such Employee has the status of an Employee as defined herein, and even if such loss is not discovered
until after he or she ceases to be an Employee; and EXCLUDING loss covered under Insuring Agreement B.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUDIT EXPENSE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Expense incurred by the Insured for that
part of the costs of audits or examinations required by any governmental regulatory authority or Self-Regulatory Organization to be conducted
by such authority or Organization or by an independent accountant or other person, by reason of the discovery of loss sustained by the
Insured and covered by this Bond.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON PREMISES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Loss of Property resulting directly from
any Mysterious Disappearance, or any Dishonest or Fraudulent Act committed by a person physically present in an office or on the premises
of the Insured at the time the Property is surrendered, while the Property is (or reasonably supposed or believed by the Insured to be)
lodged or deposited within the Insured&rsquo;s offices or premises located anywhere, except those offices excluded by Rider; and EXCLUDING
loss covered under Insuring Agreement A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN TRANSIT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Loss of Property resulting directly from
any Mysterious Disappearance or Dishonest or Fraudulent Act while the Property is physically (not electronically) in transit anywhere
in the custody of any person authorized by an Insured to act as a messenger, except while in the mail or with a carrier for hire (other
than a Security Company); and EXCLUDING loss covered under Insuring Agreement A. Property is &ldquo;in transit&rdquo; beginning immediately
upon receipt of such Property by the transporting person and ending immediately upon delivery to the designated recipient or its agent,
but only while the Property is being conveyed.<BR STYLE="clear: both">
</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">E.</TD><TD>FORGERY OR ALTERATION</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Loss resulting directly from the Insured
having, in good faith, paid or transferred any Property in reliance upon any Written, Original:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">bills of exchange, checks, drafts, or other written orders or directions to pay sums certain in money,
acceptances, certificates of deposit, due bills, money orders, warrants, orders upon public treasuries, or letters of credit; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">instructions, requests or applications directed to the Insured, authorizing or acknowledging the transfer,
payment, redemption, delivery or receipt of money or Property, or giving notice of any bank account (provided such instructions or requests
or applications purport to have been signed or endorsed by (a) any customer of the Insured, or (b) any shareholder of or subscriber to
shares issued by any Investment Company, or (c) any financial or banking institution or stockbroker, and further provided such instructions,
requests, or applications either bear the forged signature or endorsement or have been altered without the knowledge and consent of such
customer, such shareholder or subscriber to shares issued by an Investment Company, or such financial or banking institution or stockbroker);
or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">withdrawal orders or receipts for the withdrawal of Property, or receipts or certificates of deposit for
Property and bearing the name of the Insured as issuer or of another Investment Company for which the Insured acts as agent;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">which bear (a) a Forgery, or (b) an Alteration,
but only to the extent that the Forgery or Alteration directly causes the loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Actual physical possession by the Insured
or its authorized representative of the items listed in (1)&nbsp;through (3) above is a condition precedent to the Insured having relied
upon the items.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement E does not cover
loss caused by Forgery or Alteration of Securities or loss covered under Insuring Agreement A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">F.</TD><TD>SECURITIES</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Loss resulting directly from the Insured,
in good faith, in the ordinary course of business, and in any capacity whatsoever, whether for its own account or for the account of others,
having acquired, accepted or received, or sold or delivered, or given any value, extended any credit or assumed any liability in reliance
on any Written, Original Securities, where such loss results from the fact that such Securities prove to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">be Counterfeit, but only to the extent that the Counterfeit directly causes the loss, or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">be lost or stolen, or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">contain a Forgery or Alteration, but only to the extent the Forgery or Alteration directly causes the
loss,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">and notwithstanding whether or not the act
of the Insured causing such loss violated the constitution, by-laws, rules, or regulations of any Self-Regulatory Organization, whether
or not the Insured was a member thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement F does not cover
loss covered under Insuring Agreement A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Actual physical possession by the Insured
or its authorized representative of the Securities is a condition precedent to the Insured having relied upon the Securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COUNTERFEIT
CURRENCY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Loss resulting directly from the receipt
by the Insured, in good faith of any Counterfeit Currency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement G does not cover
loss covered under Insuring Agreement A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNCOLLECTIBLE ITEMS OF
DEPOSIT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Loss resulting directly from the payment
of dividends, issuance of Fund shares or redemptions or exchanges permitted from an account with the Fund as a consequence of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">uncollectible Items of Deposit of a Fund&rsquo;s customer, shareholder or subscriber credited by the Insured
or its agent to such person&rsquo;s Fund account, or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">any Item of Deposit processed through an automated clearing house which is reversed by a Fund&rsquo;s
customer, shareholder or subscriber and is deemed uncollectible by the Insured;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">PROVIDED, that (a) Items of Deposit shall
not be deemed uncollectible until the Insured&rsquo;s collection procedures have failed, (b) exchanges of shares between Funds with exchange
privileges shall be covered hereunder only if all such Funds are insured by the Underwriter for uncollectible Items of Deposit, and (c)
the Insured Fund shall have implemented and maintained a policy to hold Items of Deposit for the minimum number of days stated in its
Application (as amended from time to time) before paying any dividend or permitting any withdrawal with respect to such Items of Deposit
(other than exchanges between Funds). Regardless of the number of transactions between Funds in an exchange program, the minimum number
of days an Item of Deposit must be held shall begin from the date the Item of Deposit was first credited to any Insured Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement H does not cover
loss covered under Insuring Agreement A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">I.</TD><TD>PHONE/ELECTRONIC TRANSACTIONS</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Loss resulting directly from a Phone/Electronic
Transaction, where the request for such Phone/Electronic Transaction:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">is transmitted to the Insured or its agents by voice over the telephone or by Electronic Transmission;
and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">is made by an individual purporting to be a Fund shareholder or subscriber or an authorized agent of a
Fund shareholder or subscriber; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">is unauthorized or fraudulent and is made with the manifest intent to deceive;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">PROVIDED, that the entity receiving such
request generally maintains and follows during the Bond Period all Phone/Electronic Transaction Security Procedures with respect to all
Phone/Electronic Transactions; and<BR STYLE="clear: both">
</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">EXCLUDING loss resulting from:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">the failure to pay for shares attempted to be purchased; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">any redemption of Investment Company shares which had been improperly credited to a shareholder&rsquo;s
account where such shareholder (a) did not cause, directly or indirectly, such shares to be credited to such account, and (b) directly
or indirectly received any proceeds or other benefit from such redemption; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">any redemption of shares issued by an Investment Company where the proceeds of such redemption were requested
(i) to be paid or made payable to other than an Authorized Recipient or an Authorized Bank Account or (ii) to be sent to other than an
Authorized Address;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(4)</TD><TD STYLE="text-align: justify">the intentional failure to adhere to one or more Phone/Electronic Transaction Security Procedures; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(5)</TD><TD STYLE="text-align: justify">a Phone/Electronic Transaction request transmitted by electronic mail or transmitted by any method not
subject to the Phone/Electronic Transaction Security Procedures; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(6)</TD><TD STYLE="text-align: justify">the failure or circumvention of any physical or electronic protection device, including any firewall,
that imposes restrictions on the flow of electronic traffic in or out of any Computer System.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement I does not cover
loss covered under Insuring Agreement A, &ldquo;Fidelity&rdquo; or Insuring Agreement J, &ldquo;Computer Security&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">GENERAL AGREEMENTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">A.</TD><TD>ADDITIONAL OFFICES OR EMPLOYEES&mdash;CONSOLIDATION OR MERGER&mdash;NOTICE</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">Except as provided in paragraph 2 below, this Bond shall apply to any additional office(s) established
by the Insured during the Bond Period and to all Employees during the Bond Period, without the need to give notice thereof or pay additional
premiums to the Underwriter for the Bond Period.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">If during the Bond Period an Insured Investment Company shall merge or consolidate with an institution
in which such Insured is the surviving entity, or purchase substantially all the assets or capital stock of another institution, or acquire
or create a separate investment portfolio, and shall within sixty (60) days notify the Underwriter thereof, then this Bond shall automatically
apply to the Property and Employees resulting from such merger, consolidation, acquisition or creation from the date thereof; provided,
that the Underwriter may make such coverage contingent upon the payment of an additional premium.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WARRANTY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">No statement made by or on behalf of the
Insured, whether contained in the Application or otherwise, shall be deemed to be an absolute warranty, but only a warranty that such
statement is true to the best of the knowledge of the person responsible for such statement.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COURT COSTS AND ATTORNEYS&rsquo;
FEES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Underwriter will indemnify the Insured
against court costs and reasonable attorneys&rsquo; fees incurred and paid by the Insured in defense of any legal proceeding brought against
the Insured seeking recovery for any loss which, if established against the Insured, would constitute a loss covered under the terms of
this Bond; provided, however, that with respect to Insuring Agreement A this indemnity shall apply only in the event that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">an Employee admits to having committed or is adjudicated to have committed a Dishonest or Fraudulent Act
which caused the loss; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">in the absence of such an admission or adjudication, an arbitrator or arbitrators acceptable to the Insured
and the Underwriter concludes, after a review of an agreed statement of facts, that an Employee has committed a Dishonest or Fraudulent
Act which caused the loss.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Insured shall promptly give notice to
the Underwriter of any such legal proceeding and upon request shall furnish the Underwriter with copies of all pleadings and other papers
therein. At the Underwriter&rsquo;s election the Insured shall permit the Underwriter to conduct the defense of such legal proceeding
in the Insured&rsquo;s name, through attorneys of the Underwriter&rsquo;s selection. In such event, the Insured shall give all reasonable
information and assistance which the Underwriter shall deem necessary to the proper defense of such legal proceeding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">If the amount of the Insured&rsquo;s liability
or alleged liability in any such legal proceeding is greater than the amount which the Insured would be entitled to recover under this
Bond (other than pursuant to this General Agreement C), or if a Deductible Amount is applicable, or both, the indemnity liability of the
Underwriter under this General Agreement C is limited to the proportion of court costs and attorneys&rsquo; fees incurred and paid by
the Insured or by the Underwriter that the amount which the Insured would be entitled to recover under this Bond (other than pursuant
to this General Agreement C) bears to the sum of such amount plus the amount which the Insured is not entitled to recover. Such indemnity
shall be in addition to the Limit of Liability for the applicable Insuring Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERPRETATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify">This Bond shall be interpreted with due
regard to the purpose of fidelity bonding under Rule 17g-1 under the Investment Company Act of 1940 (i.e., to protect innocent third parties
from harm) and to the structure of the investment management industry (in which a loss of Property resulting from a cause described in
any Insuring Agreement ordinarily gives rise to a potential legal liability on the part of the Insured), such that the term &ldquo;loss&rdquo;
as used herein shall include an Insured&rsquo;s legal liability for direct compensatory damages resulting directly from a misappropriation,
or measurable diminution in value, of Property.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify"><B>&nbsp;</B></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS<BR>
AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING<BR>
PROVISIONS, CONDITIONS AND LIMITATIONS:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>SECTION 1. DEFINITIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">The following terms
used in this Bond shall have the meanings stated in this Section:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Alteration&rdquo;</B> means the marking, changing or altering
in a material way of the terms, meaning or legal effect of a document with the intent to deceive.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Application&rdquo;</B> means the Insured&rsquo;s application (and
any attachments and materials submitted in connection therewith) furnished to the Underwriter for this Bond.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>C.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Authorized Address&rdquo;</B> means (1) any Officially Designated
address to which redemption proceeds may be sent, (2) any address designated in writing (not to include Electronic Transmission) by the
Shareholder of Record and received by the Insured at least one (1) day prior to the effective date of such designation, or (3) any address
designated by voice over the telephone or by Electronic Transmission by the Shareholder of Record at least 15 days prior to the effective
date of such designation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>D.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Authorized Bank Account&rdquo;</B> means any Officially Designated
bank account to which redemption proceeds may be sent.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>E.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Authorized Recipient&rdquo;</B> means (1) the Shareholder of Record,
or (2) any other Officially Designated person to whom redemption proceeds may be sent.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>F.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Computer System&rdquo;</B> means (1) computers with related peripheral
components, including storage components, (2) systems and applications software, (3) terminal devices, (4) related communications networks
or customer communication systems, and (5) related electronic funds transfer systems; by which data or monies are electronically collected,
transmitted, processed, stored or retrieved.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>G.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Counterfeit&rdquo;</B> means a Written imitation of an actual
valid Original which is intended to deceive and to be taken as the Original.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>H.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Cryptocurrency&rdquo;</B> means a digital or electronic medium
of exchange, operating independently of a central bank, in which encryption techniques are used to regulate generation of units and to
verify transfer of units from one person to another.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Currency&rdquo;</B> means a medium of exchange in current use
authorized or adopted by a domestic or foreign government as part of its official currency. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>J.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Deductible Amount&rdquo;</B> means, with respect to any Insuring
Agreement, the amount set forth under the heading &ldquo;Deductible Amount&rdquo; in Item 3 of the Declarations or in any Rider for such
Insuring Agreement, applicable to each Single Loss covered by such Insuring Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>K.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Depository&rdquo;</B> means any &ldquo;securities depository&rdquo;
(other than any foreign securities depository) in which an Investment Company may deposit its Securities in accordance with Rule 17f-4
under the Investment Company Act of 1940.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>L.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Dishonest or Fraudulent Act&rdquo;</B> means any dishonest or
fraudulent act, including &ldquo;larceny and embezzlement&rdquo; as defined in Section 37 of the Investment Company Act of 1940, committed
with the conscious manifest intent (1) to cause the Insured to sustain a loss and (2) to obtain an improper financial benefit for the
perpetrator or any other person or entity. A Dishonest or Fraudulent Act does not mean or include a reckless act, a negligent act, or
a grossly negligent act. As used in this definition, &ldquo;improper financial benefit&rdquo; does not include any employee benefits received
in the course of employment, including salaries, commissions, fees, bonuses, promotions, awards, profit sharing or pensions. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>M.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Electronic Transmission&rdquo;</B> means any transmission effected
by electronic means, including but not limited to a transmission effected by telephone tones, Telefacsimile, wireless device, or over
the Internet.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>N.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Employee&rdquo;</B> means:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">each officer, director, trustee, partner or employee of the Insured, and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">each officer, director, trustee, partner or employee of any predecessor of the Insured whose principal
assets are acquired by the Insured by consolidation or merger with, or purchase of assets or capital stock of, such predecessor, and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">each attorney performing legal services for the Insured and each employee of such attorney or of the law
firm of such attorney while performing services for the Insured, and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(4)</TD><TD STYLE="text-align: justify">each student who is an authorized intern of the Insured, while in any of the Insured&rsquo;s offices,
and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(5)</TD><TD STYLE="text-align: justify">each officer, director, trustee, partner or employee of</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">an investment adviser,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">an underwriter (distributor),</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">a transfer agent or shareholder accounting recordkeeper, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD STYLE="text-align: justify">an administrator authorized by written agreement to keep financial and/or other required records,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">for an Investment Company named as an Insured,
BUT ONLY while (i) such officer, partner or employee is performing acts coming within the scope of the usual duties of an officer or employee
of an Insured, or (ii) such officer, director, trustee, partner or employee is acting as a member of any committee duly elected or appointed
to examine or audit or have custody of or access to the Property of the Insured, or (iii) such director or trustee (or anyone acting in
a similar capacity) is acting outside the scope of the usual duties of a director or trustee; PROVIDED, that the term &ldquo;Employee&rdquo;
shall not include any officer, director, trustee, partner or employee of a transfer agent, shareholder accounting recordkeeper or administrator
(x) which is not an &ldquo;affiliated person&rdquo; (as defined in Section 2(a) of the Investment Company Act of 1940) of an Investment
Company named as an Insured or of the adviser or underwriter of such Investment Company, or (y) which is a &ldquo;Bank&rdquo; (as defined
in Section 2(a) of the Investment Company Act of 1940), and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(6)</TD><TD STYLE="text-align: justify">each individual assigned, by contract or by any agency furnishing temporary personnel, in either case
on a contingent or part-time basis, to perform the usual duties of an employee in any office of the Insured, and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(7)</TD><TD STYLE="text-align: justify">each individual assigned to perform the usual duties of an employee or officer of any entity authorized
by written agreement with the Insured to perform services as electronic data processor of checks or other accounting records of the Insured,
but excluding a processor which acts as transfer agent or in any other agency capacity for the Insured in issuing checks, drafts or securities,
unless included under subsection (5) hereof, and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(8)</TD><TD>each officer, partner or employee of</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 22.5pt">(a)</TD><TD>any Depository or Exchange,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 22.5pt">(b)</TD><TD STYLE="text-align: justify">any nominee in whose name is registered any Security included in the systems for the central handling
of securities established and maintained by any Depository, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 22.5pt">(c)</TD><TD STYLE="text-align: justify">any recognized service company which provides clerks or other personnel to any Depository or Exchange
on a contract basis,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 63.35pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt">while such officer, partner or employee is performing services
for any Depository in the operation of systems for the central handling of securities, and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(9)</TD><TD STYLE="text-align: justify">in the case of an Insured which is an &ldquo;employee benefit plan&rdquo; (as defined in Section 3 of
the Employee Retirement Income Security Act of 1974 (&ldquo;ERISA&rdquo;)) for officers, directors or employees of another Insured (&ldquo;In-House
Plan&rdquo;), any &ldquo;fiduciary&rdquo; or other &ldquo;plan official&rdquo; (within the meaning of Section 412 of ERISA) of such In-House
Plan, provided that such fiduciary or other plan official is a director, partner, officer, trustee or employee of an Insured (other than
an In-House Plan).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Each employer of temporary personnel and
each entity referred to in subsections (6) and (7) and their respective partners, officers and employees shall collectively be deemed
to be one person for all the purposes of this Bond.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Brokers, agents, independent contractors,
or representatives of the same general character shall not be considered Employees, except as provided in subsections (3), (6), and (7).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>O.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Exchange&rdquo;</B> means any national securities exchange registered
under the Securities Exchange Act of 1934.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>P.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Forgery&rdquo;</B> means the physical signing on a document of
the name of another person with the intent to deceive. A Forgery may be by means of mechanically reproduced facsimile signatures as well
as handwritten signatures. Forgery does not include the signing of an individual&rsquo;s own name, regardless of such individual&rsquo;s
authority, capacity or purpose.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>Q.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Items of Deposit&rdquo;</B> means one or more checks or drafts.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>R.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Investment Company&rdquo;</B> or <B>&ldquo;Fund&rdquo;</B> means
an investment company registered under the Investment Company Act of 1940. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>S.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Limit of Liability&rdquo;</B> means, with respect to any Insuring
Agreement, the limit of liability of the Underwriter for any Single Loss covered by such Insuring Agreement as set forth under the heading
&ldquo;Limit of Liability&rdquo; in Item 3 of the Declarations or in any Rider for such Insuring Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>T.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Mysterious Disappearance&rdquo;</B> means any disappearance of
Property which, after a reasonable investigation has been conducted, cannot be explained.</FONT></TD></TR></TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>U.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Non-Fund&rdquo;</B> means any corporation, business trust, partnership,
trust or other entity which is not an Investment Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Officially Designated&rdquo;</B> means designated by the Shareholder
of Record: </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(1)</TD><TD STYLE="text-align: justify">in the initial account application,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(2)</TD><TD STYLE="text-align: justify">in writing accompanied by a signature guarantee, or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(3)</TD><TD STYLE="text-align: justify">in writing or by Electronic Transmission, where such designation is verified via a callback to the Shareholder
of Record by the Insured at a predetermined telephone number provided by the Shareholder of Record to the Insured in writing at least
30 days prior to such callback.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45.35pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>W.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Original&rdquo;</B> means the first rendering or archetype and
does not include photocopies or electronic transmissions even if received and printed. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>X.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Phone/Electronic Transaction&rdquo;</B> means any (1) redemption
of shares issued by an Investment Company, (2) election concerning dividend options available to Fund shareholders, (3) exchange of shares
in a registered account of one Fund into shares in an identically registered account of another Fund in the same complex pursuant to exchange
privileges of the two Funds, or (4) purchase of shares issued by an Investment Company, which redemption, election, exchange or purchase
is requested by voice over the telephone or through an Electronic Transmission.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>Y.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Phone/Electronic Transaction Security Procedures&rdquo;</B> means
security procedures for Phone/<BR>
Electronic Transactions as set forth in the Application and/or as otherwise provided in writing to the Underwriter.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>Z.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Property&rdquo;</B> means the following tangible items: money,
postage and revenue stamps, precious metals, Securities, bills of exchange, acceptances, checks, drafts, or other written orders or directions
to pay sums certain in money, certificates of deposit, due bills, money orders, letters of credit, financial futures contracts, conditional
sales contracts, abstracts of title, insurance policies, deeds, mortgages, and assignments of any of the foregoing, and other valuable
papers, including books of account and other records used by the Insured in the conduct of its business, and all other instruments similar
to or in the nature of the foregoing (but excluding all data processing records), (1) in which the Insured has a legally cognizable interest,
(2) in which the Insured acquired or should have acquired such an interest by reason of a predecessor&rsquo;s declared financial condition
at the time of the Insured&rsquo;s consolidation or merger with, or purchase of the principal assets of, such predecessor or (3) which
are held by the Insured for any purpose or in any capacity.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>AA.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Securities&rdquo;</B> means original negotiable or non-negotiable
agreements or instruments which represent an equitable or legal interest, ownership or debt (including stock certificates, bonds, promissory
notes, and assignments thereof), which are in the ordinary course of business transferable by physical delivery with appropriate endorsement
or assignment. &ldquo;Securities&rdquo; does not include bills of exchange, acceptances, certificates of deposit, checks, drafts, or other
written orders or directions to pay sums certain in money, due bills, money orders, or letters of credit.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>BB.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Security Company&rdquo;</B> means an entity which provides or
purports to provide the transport of Property by secure means, including, without limitation, by use of armored vehicles or guards.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>CC.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Self-Regulatory Organization&rdquo;</B> means any association
of investment advisers or securities dealers registered under the federal securities laws, or any Exchange.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>DD.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Shareholder of Record&rdquo;</B> means the record owner of shares
issued by an Investment Company or, in the case of joint ownership of such shares, all record owners, as designated (1) in the initial
account application, or (2) in writing accompanied by a signature guarantee, or (3) pursuant to procedures as set forth in the Application
and/or as otherwise provided in writing to the Underwriter.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>EE.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Single Loss&rdquo;</B> means:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(1)</TD><TD STYLE="text-align: justify">all loss caused by any one act (other than a Dishonest or Fraudulent Act) committed by one person, or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(2)</TD><TD STYLE="text-align: justify">all loss caused by Dishonest or Fraudulent Acts committed by one person, or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(3)</TD><TD STYLE="text-align: justify">all expenses incurred with respect to any one audit or examination, or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(4)</TD><TD STYLE="text-align: justify">all loss caused by any one occurrence or event other than those specified in subsections (1)&nbsp;through
(3) above.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">All acts or omissions of one or more persons
which directly or indirectly aid or, by failure to report or otherwise, permit the continuation of an act referred to in subsections (1)
and (2) above of any other person shall be deemed to be the acts of such other person for purposes of this subsection.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">All acts or occurrences or events which have
as a common nexus any fact, circumstance, situation, transaction or series of facts, circumstances, situations, or transactions shall
be deemed to be one act, one occurrence, or one event.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>FF.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Telefacsimile&rdquo;</B> means a system of transmitting and reproducing
fixed graphic material (as, for example, printing) by means of signals transmitted over telephone lines or over the Internet.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt"><B>GG.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>&ldquo;Written&rdquo;</B> means expressed through letters or marks placed
upon paper and visible to the eye. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>SECTION 2. EXCLUSIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">THIS BOND DOES NOT COVER:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">A.</TD><TD STYLE="text-align: justify">Loss resulting from (1) riot or civil commotion outside the United States of America and Canada, or (2)
war, revolution, insurrection, action by armed forces, or usurped power, wherever occurring; except if such loss occurs while the Property
is in transit, is otherwise covered under Insuring Agreement D, and when such transit was initiated, the Insured or any person initiating
such transit on the Insured&rsquo;s behalf had no knowledge of such riot, civil commotion, war, revolution, insurrection, action by armed
forces, or usurped power.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss in time of peace or war resulting from nuclear fission or fusion or
radioactivity, or biological or chemical agents or hazards, or fire, smoke, or explosion, or the effects of any of the foregoing.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from any Dishonest or Fraudulent Act committed by any person
while acting in the capacity of a member of the Board of Directors or any equivalent body of the Insured or of any other entity.</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">D.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from any nonpayment or other default of any loan or similar
transaction made by the Insured or any of its partners, directors, officers or employees, whether or not authorized and whether procured
in good faith or through a Dishonest or Fraudulent Act, unless such loss is otherwise covered under Insuring Agreement A, E, or F.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">E.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from any violation by the Insured or by any Employee of any
law, or any rule or regulation pursuant thereto or adopted by a Self-Regulatory Organization, regulating the issuance, purchase or sale
of securities, securities transactions upon security exchanges or over the counter markets, Investment Companies, or investment advisers,
unless such loss, in the absence of such law, rule or regulation, would be covered under Insuring Agreement A, E, or F.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">F.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from Property that is the object of a Dishonest or Fraudulent
Act or Mysterious Disappearance while in the custody of any Security Company, unless such loss is covered under this Bond and is in excess
of the amount recovered or received by the Insured under (1) the Insured&rsquo;s contract with such Security Company, and (2) insurance
or indemnity of any kind carried by such Security Company for the benefit of, or otherwise available to, users of its service, in which
case this Bond shall cover only such excess, subject to the applicable Limit of Liability and Deductible Amount.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">G.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Potential income, including but not limited to interest and dividends, not
realized by the Insured because of a loss covered under this Bond, except when covered under Insuring Agreement H.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">H.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss in the form of (1) damages of any type for which the Insured is legally
liable, except direct compensatory damages, or (2) taxes, fines, or penalties, including without limitation two-thirds of treble damage
awards pursuant to judgments under any statute or regulation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">I.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from the surrender of Property away from an office of the
Insured as a result of kidnap, ransom, or extortion, or a threat</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">to do bodily harm to any person, except where the Property is in transit in the custody of any person
acting as messenger as a result of a threat to do bodily harm to such person, if the Insured had no knowledge of such threat at the time
such transit was initiated, or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">to do damage to the premises or Property of the Insured,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -9pt">unless such loss is otherwise
covered under Insuring Agreement A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">J.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">All costs, fees, and other expenses incurred by the Insured in establishing
the existence of or amount of loss covered under this Bond, except to the extent certain audit expenses are covered under Insuring Agreement
B.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">K.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from payments made to or withdrawals from any account, involving
funds erroneously credited to such account, unless such loss is otherwise covered under Insuring Agreement A.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">L.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from uncollectible Items of Deposit which are drawn upon
a financial institution outside the United States of America, its territories and possessions, or Canada. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">M.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from the Dishonest or Fraudulent Acts or other acts or omissions
of an Employee primarily engaged in the sale of shares issued by an Investment Company to persons other than (1) a person registered as
a broker under the Securities Exchange Act of 1934 or (2) an &ldquo;accredited investor&rdquo; as defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, which is not an individual.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">N.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from the use of credit, debit, charge, access, convenience,
identification, cash management or other cards, whether such cards were issued or purport to have been issued by the Insured or by anyone
else, unless such loss is otherwise covered under Insuring Agreement A.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">O.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from any purchase, redemption or exchange of securities issued
by an Investment Company or other Insured, or any other instruction, request, acknowledgement, notice or transaction involving securities
issued by an Investment Company or other Insured or the dividends in respect thereof, when any of the foregoing is requested, authorized
or directed or purported to be requested, authorized or directed by voice over the telephone or by Electronic Transmission, unless such
loss is otherwise covered under Insuring Agreement A or Insuring Agreement I.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">P.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from any Dishonest or Fraudulent Act or committed by an Employee
as defined in Section 1.N(2), unless such loss (1) could not have been reasonably discovered by the due diligence of the Insured at or
prior to the time of acquisition by the Insured of the assets acquired from a predecessor, and (2) arose out of a lawsuit or valid claim
brought against the Insured by a person unaffiliated with the Insured or with any person affiliated with the Insured.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">Q.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from the unauthorized entry of data into, or the deletion
or destruction of data in, or the change of data elements or programs within, any Computer System, unless such loss is otherwise covered
under Insuring Agreement A.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">R.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from the theft, disappearance, destruction, disclosure, or
unauthorized use of confidential or personal information (including, but not limited to, trade secrets, personal shareholder or client
information, shareholder or client lists, personally identifiable financial or medical information, intellectual property, or any other
type of non-public information), whether such information is owned by the Insured or held by the Insured in any capacity (including concurrently
with another person); provided, however, this exclusion shall not apply to loss arising out of the use of such information to support
or facilitate the commission of an act otherwise covered by this Bond.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">S.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">All costs, fees, and other expenses arising from a data security breach
or incident, including, but not limited to, forensic audit expenses, fines, penalties, expenses to comply with federal and state laws
and expenses related to notifying affected individuals.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">T.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from vandalism or malicious mischief.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 11pt">U.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Loss resulting from the theft, disappearance, or destruction of Cryptocurrency
or from the change in value of Cryptocurrency, unless such loss (1) is sustained by any investment company registered under the Investment
Company Act of 1940 that is named as an Insured and (2) is otherwise covered under Insuring Agreement A.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>SECTION 3. ASSIGNMENT OF RIGHTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Upon payment to the Insured hereunder for
any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured&rsquo;s rights and claims in connection
with such loss; provided, however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured under this
Bond may have against another named Insured under this Bond. At the request of the Underwriter, the Insured shall execute all assignments
or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect such rights and claims,
including the execution of documents necessary to enable the Underwriter to bring suit in the name of the Insured.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Assignment of any rights or claims under
this Bond shall not bind the Underwriter without the Underwriter&rsquo;s written consent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>SECTION 4. LOSS</B></FONT>&mdash;<FONT STYLE="font-size: 11pt"><B>NOTICE</B></FONT>&mdash;<FONT STYLE="font-size: 11pt"><B>PROOF</B></FONT>&mdash;<FONT STYLE="font-size: 11pt"><B>LEGAL
PROCEEDINGS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Bond is for the use and benefit only
of the Insured and the Underwriter shall not be liable hereunder to anyone other than the Insured. As soon as practicable and not more
than sixty (60) days after discovery of any loss covered hereunder, the Insured shall give the Underwriter written notice thereof and,
as soon as practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative proof of loss with
full particulars. The Underwriter may extend the sixty-day notice period or the one-year proof of loss period if the Insured requests
an extension and shows good cause therefor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Insured shall provide the Underwriter
with such information, assistance, and cooperation as the Underwriter may reasonably request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">See also General Agreement C (Court Costs
and Attorneys&rsquo; Fees).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Underwriter shall not be liable hereunder
for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number or by such identification
means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of a proper affirmative proof of loss
within which to investigate the claim, but where the Property is Securities and the loss is clear and undisputed, settlement shall be
made within forty-eight (48) hours even if the loss involves Securities of which duplicates may be obtained.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Insured shall not bring legal proceedings
against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or subsequent to twenty-four
(24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account of any judgment against
the Insured in or settlement of any suit mentioned in General Agreement C or to recover court costs or attorneys&rsquo; fees paid in any
such suit, twenty-four (24) months after the date of the final judgment in or settlement of such suit. If any limitation in this Bond
is prohibited by any applicable law, such limitation shall be deemed to be amended to be equal to the minimum period of limitation permitted
by such law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-align: justify">Notice hereunder shall be given to Manager,
Professional Liability Claims, ICI Mutual Insurance Company, RRG, 1401 H St. NW, Washington, DC 20005, with an electronic copy to LegalSupport@icimutual.com.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 5. DISCOVERY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">For all purposes under this Bond, a loss
is discovered, and discovery of a loss occurs, when the Insured</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">becomes aware of facts, or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">receives notice of an actual or potential claim by a third party which alleges that the Insured is liable
under circumstances,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">which would cause a reasonable person to
assume that a loss of a type covered by this Bond has been or is likely to be incurred, regardless of when the act or acts causing or
contributing to such loss occurred, even though the exact amount or details of the loss may not be known.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 6. VALUATION OF PROPERTY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">For the purpose of determining the amount
of any loss hereunder, the value of any Property shall be the market value of such Property at the close of business on the first business
day before the discovery of such loss; except that</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">the value of any Property replaced by the Insured prior to the payment of a claim therefor shall be the
actual market value of such Property at the time of replacement, but not in excess of the market value of such Property on the first business
day before the discovery of the loss of such Property;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">the value of Securities which must be produced to exercise subscription, conversion, redemption or deposit
privileges shall be the market value of such privileges immediately preceding the expiration thereof if the loss of such Securities is
not discovered until after such expiration, but if there is no quoted or other ascertainable market price for such Property or privileges
referred to in clauses (1) and (2), their value shall be fixed by agreement between the parties or by arbitration before an arbitrator
or arbitrators acceptable to the parties; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">the value of books of accounts or other records used by the Insured in the conduct of its business shall
be limited to the actual cost of blank books, blank pages or other materials if the books or records are reproduced plus the cost of labor
for the transcription or copying of data furnished by the Insured for reproduction.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 7. LOST SECURITIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The maximum liability of the Underwriter
hereunder for lost Securities shall be the payment for, or replacement of, such Securities having an aggregate value not to exceed the
applicable Limit of Liability. If the Underwriter shall make payment to the Insured for any loss of Securities, the Insured shall assign
to the Underwriter all of the Insured&rsquo;s right, title and interest in and to such Securities. In lieu of such payment, the Underwriter
may, at its option, replace such lost Securities, and in such case the Insured shall cooperate to effect such replacement. To effect the
replacement of lost Securities, the Underwriter may issue or arrange for the issuance of a lost instrument bond. If the value of such
Securities does not exceed the applicable Deductible Amount (at the time of the discovery of the loss), the Insured will pay the usual
premium charged for the lost instrument bond and will indemnify the issuer of such bond against all loss and expense that it may sustain
because of the issuance of such bond.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">If the value of such Securities exceeds the
applicable Deductible Amount (at the time of discovery of the loss), the Insured will pay a proportion of the usual premium charged for
the lost instrument bond, equal to the percentage that the applicable Deductible Amount bears to the value of such Securities upon discovery
of the loss, and will indemnify the issuer of such bond against all loss and expense that is not recovered from the Underwriter under
the terms and conditions of this Bond, subject to the applicable Limit of Liability.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 8. SALVAGE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">If any recovery is made, whether by the Insured
or the Underwriter, on account of any loss within the applicable Limit of Liability hereunder, the Underwriter shall be entitled to the
full amount of such recovery to reimburse the Underwriter for all amounts paid hereunder with respect to such loss. If any recovery is
made, whether by the Insured or the Underwriter, on account of any loss in excess of the applicable Limit of Liability hereunder plus
the Deductible Amount applicable to such loss from any source other than suretyship, insurance, reinsurance, security or indemnity taken
by or for the benefit of the Underwriter, the amount of such recovery, net of the actual costs and expenses of recovery, shall</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">be applied to reimburse the Insured in full
for the portion of such loss in excess of such Limit of Liability, and the remainder, if any, shall be paid first to reimburse the Underwriter
for all amounts paid hereunder with respect to such loss and then to the Insured to the extent of the portion of such loss within the
Deductible Amount. The Insured shall execute all documents which the Underwriter deems necessary or desirable to secure to the Underwriter
the rights provided for herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>SECTION 9.&#9;NON-REDUCTION AND NON-ACCUMULATION
OF LIABILITY AND TOTAL LIABILITY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Prior to its termination, this Bond shall
continue in force up to the Limit of Liability for each Insuring Agreement for each Single Loss, notwithstanding any previous loss (other
than such Single Loss) for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that regardless of the
number of years this Bond shall continue in force and the number of premiums which shall be payable or paid, the liability of the Underwriter
under this Bond with respect to any Single Loss shall be limited to the applicable Limit of Liability irrespective of the total amount
of such Single Loss and shall not be cumulative in amounts from year to year or from period to period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>SECTION 10. &#9;MAXIMUM LIABILITY OF
UNDERWRITER; OTHER BONDS OR POLICIES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The maximum liability of the Underwriter
for any Single Loss covered by any Insuring Agreement under this Bond shall be the Limit of Liability applicable to such Insuring Agreement,
subject to the applicable Deductible Amount and the other provisions of this Bond. Recovery for any Single Loss may not be made under
more than one Insuring Agreement. If any Single Loss covered under this Bond is recoverable or recovered in whole or in part because of
an unexpired discovery period under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest
of the Insured, the maximum liability of the Underwriter shall be the greater of either (1) the applicable Limit of Liability under this
Bond, or (2) the maximum liability of the Underwriter under such other bonds or policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>SECTION 11.&#9;OTHER INSURANCE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Notwithstanding anything to the contrary
herein, if any loss covered by this Bond shall also be covered by other insurance or suretyship for the benefit of the Insured, the Underwriter
shall be liable hereunder only for the portion of such loss in excess of the amount recoverable under such other insurance or suretyship,
but not exceeding the applicable Limit of Liability of this Bond.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 12.&#9;DEDUCTIBLE AMOUNT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Underwriter shall not be liable under
any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all reimbursement and/or recovery
received by the Insured with respect to such loss (other than from any other bond, suretyship or insurance policy or as an advance by
the Underwriter hereunder) shall exceed the applicable Deductible Amount; in such case the Underwriter shall be liable only for such excess,
subject to the applicable Limit of Liability and the other terms of this Bond.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">No Deductible Amount shall apply to any loss
covered under Insuring Agreement A sustained by any Investment Company named as an Insured.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 13.&#9;TERMINATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Underwriter may terminate this Bond as
to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this Bond is terminated as to any Investment
Company, to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C., in all cases
not less than sixty (60) days prior to the effective date of termination specified in such notice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Insured may terminate this Bond only
by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination specified in such notice.
Notwithstanding the foregoing, when the Insured terminates this Bond as to any Investment Company, the effective date of termination shall
be not less than sixty (60) days from the date the Underwriter provides written notice of the termination to each such Investment Company
terminated thereby and to the Securities and Exchange Commission, Washington, D.C.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Bond will terminate as to any Insured
that is a Non-Fund immediately and without notice upon (1)&nbsp;the takeover of such Insured&rsquo;s business by any State or Federal
official or agency, or by any receiver or liquidator, or (2) the filing of a petition under any State or Federal statute relative to bankruptcy
or reorganization of the Insured, or assignment for the benefit of creditors of the Insured.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Premiums are earned until the effective date
of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with the Underwriter&rsquo;s standard
short rate cancellation tables if this Bond is terminated by the Insured or pro rata if this Bond is terminated by the Underwriter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Upon the detection by any Insured that an
Employee has committed any Dishonest or Fraudulent Act(s), the Insured shall immediately remove such Employee from a position that may
enable such Employee to cause the Insured to suffer a loss by any subsequent Dishonest or Fraudulent Act(s). The Insured, within two (2)
business days of such detection, shall notify the Underwriter with full and complete particulars of the detected Dishonest or Fraudulent
Act(s).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">For purposes of this section, detection occurs
when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such Employee, becomes aware that the
Employee has committed any Dishonest or Fraudulent Act(s).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Bond shall terminate as to any Employee
by written notice from the Underwriter to each Insured and, if such Employee is an Employee of an Insured Investment Company, to the Securities
and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 14.&#9;RIGHTS AFTER TERMINATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">At any time prior to the effective date of
termination of this Bond as to any Insured, such Insured may, by written notice to the Underwriter, elect to purchase the right under
this Bond to an additional period of twelve (12) months within which to discover loss sustained by such Insured prior to the effective
date of such termination and shall pay an additional premium therefor as the Underwriter may require.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Such additional discovery period shall terminate
immediately and without notice upon the takeover of such Insured&rsquo;s business by any State or Federal official or agency, or by any
receiver or liquidator. Promptly after such termination the Underwriter shall refund to the Insured any unearned premium.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The right to purchase such additional discovery
period may not be exercised by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed to take
over the Insured&rsquo;s business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 15.&#9;CENTRAL HANDLING OF SECURITIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Underwriter shall not be liable for loss
in connection with the central handling of securities within the systems established and maintained by any Depository (&ldquo;Systems&rdquo;),
unless the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or participants&rsquo; fund insuring
the Depository against such loss (the &ldquo;Depository&rsquo;s Recovery&rdquo;); in such case the Underwriter shall be liable hereunder
only for the Insured&rsquo;s share of such excess loss, subject to the applicable Limit of Liability, the Deductible Amount and the other
terms of this Bond.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">For determining the Insured&rsquo;s share
of such excess loss, (1) the Insured shall be deemed to have an interest in any certificate representing any security included within
the Systems equivalent to the interest the Insured then has in all certificates representing the same security included within the Systems;
(2) the Depository shall have reasonably and fairly apportioned the Depository&rsquo;s Recovery among all those having an interest as
recorded by appropriate entries in the books and records of the Depository in Property involved in such loss, so that each such interest
shall share in the Depository&rsquo;s Recovery in the ratio that the value of each such interest bears to the total value of all such
interests; and (3) the Insured&rsquo;s share of such excess loss shall be the amount of the Insured&rsquo;s interest in such Property
in excess of the amount(s) so apportioned to the Insured by the Depository.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Bond does not afford coverage in favor
of any Depository or Exchange or any nominee in whose name is registered any security included within the Systems.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 16.&#9;ADDITIONAL COMPANIES INCLUDED
AS INSURED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">If more than one entity is named as the Insured:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">A.</TD><TD STYLE="text-align: justify">the total liability of the Underwriter hereunder for each Single Loss shall not exceed the Limit of Liability
which would be applicable if there were only one named Insured, regardless of the number of Insured entities which sustain loss as a result
of such Single Loss,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">the Insured first named in Item 1 of the Declarations shall be deemed authorized to make, adjust, and
settle, and receive and enforce payment of, all claims hereunder as the agent of each other Insured for such purposes and for the giving
or receiving of any notice required or permitted to be given hereunder; provided, that the Underwriter shall promptly furnish each named
Insured Investment Company with (1) a copy of this Bond and any amendments thereto, (2) a copy of each formal filing of a claim hereunder
by any other Insured, and (3) notification of the terms of the settlement of each such claim prior to the execution of such settlement,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">C.</TD><TD STYLE="text-align: justify">the Underwriter shall not be responsible or have any liability for the proper application by the Insured
first named in Item 1 of the Declarations of any payment made hereunder to the first named Insured,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">D.</TD><TD STYLE="text-align: justify">for the purposes of Sections 4 and 13, knowledge possessed or discovery made by any partner, officer or
supervisory Employee of any Insured shall constitute knowledge or discovery by every named Insured,</TD></TR></TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">E.</TD><TD STYLE="text-align: justify">if the first named Insured ceases for any reason to be covered under this Bond, then the Insured next
named shall thereafter be considered as the first named Insured for the purposes of this Bond, and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">F.</TD><TD STYLE="text-align: justify">each named Insured shall constitute &ldquo;the Insured&rdquo; for all purposes of this Bond.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 17.&#9;NOTICE AND CHANGE OF CONTROL</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Within thirty (30) days after learning that
there has been a change in control of an Insured by transfer of its outstanding voting securities the Insured shall give written notice
to the Underwriter of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">A.</TD><TD STYLE="text-align: justify">the names of the transferors and transferees (or the names of the beneficial owners if the voting securities
are registered in another name), and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">the total number of voting securities owned by the transferors and the transferees (or the beneficial
owners), both immediately before and after the transfer, and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">C.</TD><TD STYLE="text-align: justify">the total number of outstanding voting securities.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">As used in this Section, &ldquo;control&rdquo;
means the power to exercise a controlling influence over the management or policies of the Insured.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 18.&#9;CHANGE OR MODIFICATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Bond may only be modified by written
Rider forming a part hereof over the signature of the Underwriter&rsquo;s authorized representative. Any Rider which modifies the coverage
provided by Insuring Agreement A, Fidelity, in a manner which adversely affects the rights of an Insured Investment Company shall not
become effective until at least sixty (60) days after the Underwriter has given written notice thereof to the Securities and Exchange
Commission, Washington, D.C., and to each Insured Investment Company affected thereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 19.&#9;COMPLIANCE WITH APPLICABLE
TRADE AND ECONOMIC SANCTIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">This Bond shall not be deemed to provide
any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent that the provision
of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation of any applicable trade
or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations administered and enforced
by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt"><B>SECTION 20.&#9;ANTI-BUNDLING </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">If any Insuring Agreement requires that an
enumerated type of document be Counterfeit, or contain a Forgery or Alteration, the Counterfeit, Forgery, or Alteration 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the Underwriter has caused this
Bond to be executed on the Declarations Page.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 20 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 43%">INSURED</TD>
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right">BOND NUMBER</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 70%; font-weight: bold; text-align: left; padding-bottom: 1pt">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: right">93338122B</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; font-weight: bold; text-align: left">EFFECTIVE DATE</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: center">BOND PERIOD</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: right">AUTHORIZED REPRESENTATIVE</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; width: 38%; font-weight: bold; text-align: center">May 20, 2022</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 30%; font-weight: bold; text-align: center">May 20, 2022 to May 20, 2023</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">/S/ Swenitha Nalli</TD></TR>
  </TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the premium charged for this Bond,
it is hereby understood and agreed that Item 1 of the Declarations, Name of Insured, shall include the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Thomas J. Herzfeld Advisors, Inc. also doing
business as Herzfeld/Cuba</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Thomas J. Herzfeld &amp; Co., Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except
as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Options: NewSection -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 43%">INSURED</TD>
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right">BOND NUMBER</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 70%; font-weight: bold; text-align: left; padding-bottom: 1pt">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: right">93338122B</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; font-weight: bold; text-align: left">EFFECTIVE DATE</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: center">BOND PERIOD</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: right">AUTHORIZED REPRESENTATIVE</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; width: 38%; font-weight: bold; text-align: center">May 20, 2022</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 30%; font-weight: bold; text-align: center">May 20, 2022 to May 20, 2023</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">/S/ Swenitha Nalli</TD></TR>
  </TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the premium charged for this Bond,
it is hereby understood and agreed that this Bond (other than Insuring Agreements C and D) does not cover loss resulting from or in connection
with any business, activities, acts or omissions of (including services rendered by) any Insured which is <U>not</U> an Insured Fund (&ldquo;Non-Fund
Insured&rdquo;) or any Employee of a Non-Fund Insured, <U>except</U> loss, otherwise covered by the terms of this Bond, resulting from
or in connection with</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">services rendered by a Non-Fund Insured to an Insured Fund, or to shareholders
of such Fund in connection with the issuance, transfer, or redemption of their Fund shares; or</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">Investment Advisory Services rendered by Thomas J. Herzfeld Advisors, Inc. also
doing business as Herzfeld/Cuba (&ldquo;Entity&rdquo;) to any investment advisory client of the Entity; or</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">in the case of a Non-Fund Insured substantially all of whose business is rendering
the services described in (1) or (2) above, the general business, activities or operations of such Non-Fund Insured, <U>excluding</U>
(a) the rendering of services (other than those described in (1) or (2) above) to any person, or (b) the sale of goods or property of
any kind.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is further understood and agreed that with respect
to any Non-Fund Insured, Insuring Agreements C and D only cover loss of Property which a Non-Fund Insured uses or holds, or in which a
Non-Fund Insured has an interest, in each case wholly or partially in connection with the rendering of services described in (1) or (2)
above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As used herein, &ldquo;Investment Advisory Services&rdquo;
means (a) advice with respect to the desirability of investing in, purchasing or selling securities or other property, including the power
to determine what securities or other property shall be purchased or sold, but <U>not</U> including furnishing <U>only</U> statistical
and other factual information (such as economic factors and trends); and (b) the provision of financial, economic or investment management
services, but only if ancillary and related to the advice referred to in clause (a) above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this Rider, Investment Advisory Services
shall not include Personal Financial Planning Services.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is further understood and agreed that as used herein,
&ldquo;Personal Financial Planning Services&rdquo; means the provision of financial plans to individuals for compensation and the provision
of services related thereto, and may include specific recommendations for the implementation of such plans and advice with respect to
tax planning, retirement planning, estate planning, insurance planning, budgeting and cash management, or similar types of financial advice,
but not including solely Investment Advisory Services.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except
as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%"><P STYLE="text-align: right; margin: 0; font: 9pt Times New Roman, Times, Serif">RN0003.2-03 (07/20)</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 3</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 43%">INSURED</TD>
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right">BOND NUMBER</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 70%; font-weight: bold; text-align: left; padding-bottom: 1pt">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: right">93338122B</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; font-weight: bold; text-align: left">EFFECTIVE DATE</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: center">BOND PERIOD</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: right">AUTHORIZED REPRESENTATIVE</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; width: 38%; font-weight: bold; text-align: center">May 20, 2022</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 30%; font-weight: bold; text-align: center">May 20, 2022 to May 20, 2023</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">/S/ Swenitha Nalli</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the premium charged for this Bond,
it is hereby understood and agreed that notwithstanding anything to the contrary in this Bond, this Bond shall not cover loss resulting
from or in connection with the discretionary voting by any Insured of securities owned or held by any client of such Insured, where such
securities are issued by (1) such Insured, or (2) any entity controlling, controlled by, or under common control with such Insured, (&ldquo;Affiliated
Entity&rdquo;), or (3) any Fund to which such Insured or any Affiliated Entity provides any services.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except
as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 33%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">RN0012.0-01 (01/02)</P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 4</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 43%">INSURED</TD>
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right">BOND NUMBER</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 70%; font-weight: bold; text-align: left; padding-bottom: 1pt">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: right">93338122B</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; font-weight: bold; text-align: left">EFFECTIVE DATE</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: center">BOND PERIOD</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: right">AUTHORIZED REPRESENTATIVE</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; width: 38%; font-weight: bold; text-align: center">May 20, 2022</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 30%; font-weight: bold; text-align: center">May 20, 2022 to May 20, 2023</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">/S/ Swenitha Nalli</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the premium charged for this Bond,
it is hereby understood and agreed that this Bond does not cover any loss resulting from or in connection with the acceptance of any Third
Party Check, unless</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">such Third Party Check is used to open or increase an account which is registered
in the name of one or more of the payees on such Third Party Check, and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">reasonable efforts are made by the Insured, or by the entity receiving Third Party
Checks on behalf of the Insured, to verify all endorsements on all Third Party Checks made payable in amounts greater than $100,000 (provided,
however, that the isolated failure to make such efforts in a particular instance will not preclude coverage, subject to the exclusions
herein and in the Bond),</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">and then only to the extent
such loss is otherwise covered under this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of this Rider, &ldquo;Third Party Check&rdquo;
means a check made payable to one or more parties and offered as payment to one or more other parties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is further understood and agreed that notwithstanding
anything to the contrary above or elsewhere in the Bond, this Bond does not cover any loss resulting from or in connection with the acceptance
of a Third Party Check where:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">any payee on such Third Party Check reasonably appears to be a corporation or other
entity; or</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">such Third Party Check is made payable in an amount greater than $100,000 and does
not include the purported endorsements of all payees on such Third Party Check.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is further understood and agreed that this Rider
shall not apply with respect to any coverage that may be available under Insuring Agreement A, &ldquo;Fidelity.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall be held
to alter, waive or extend any of the terms of this Bond.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><BR STYLE="clear: both">
ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 5</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 43%">INSURED</TD>
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right">BOND NUMBER</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 70%; font-weight: bold; text-align: left; padding-bottom: 1pt">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: right">93338122B</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; font-weight: bold; text-align: left">EFFECTIVE DATE</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: center">BOND PERIOD</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: right">AUTHORIZED REPRESENTATIVE</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; width: 38%; font-weight: bold; text-align: center">May 20, 2022</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 30%; font-weight: bold; text-align: center">May 20, 2022 to May 20, 2023</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">/S/ Swenitha Nalli</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Most property and casualty insurers, including ICI
Mutual Insurance Company, a Risk Retention Group (&ldquo;ICI Mutual&rdquo;), are subject to the requirements of the Terrorism Risk Insurance
Act of 2002, as amended (the &ldquo;Act&rdquo;). The Act establishes a federal insurance backstop under which ICI Mutual and these other
insurers may be partially reimbursed by the United States Government for future <B>&ldquo;insured losses&rdquo;</B> resulting from certified
<B>&ldquo;acts of terrorism.&rdquo;</B> (Each of these <B>bolded terms </B>is defined by the Act.) The Act also places certain disclosure
and other obligations on ICI Mutual and these other insurers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Act, any future losses to ICI Mutual
caused by certified <B>&ldquo;acts of terrorism&rdquo;</B> may be partially reimbursed by the United Sates government under a formula
established by the Act. Under this formula, the United States government would generally reimburse ICI Mutual for the Federal Share of
Compensation of ICI Mutual&rsquo;s <B>&ldquo;insured losses&rdquo;</B> in excess of ICI Mutual&rsquo;s <B>&ldquo;insurer deductible&rdquo;</B>
until total <B>&ldquo;insured losses&rdquo;</B> of all participating insurers reach $100 billion (the &ldquo;Cap on Annual Liability&rdquo;).
If total <B>&ldquo;insured losses&rdquo; </B>of all property and casualty insurers reach the Cap on Annual Liability in any one calendar
year, the Act limits U.S. Government reimbursement and provides that the insurers will not be liable under their policies for their portions
of such losses that exceed such amount. Amounts otherwise payable under this Bond may be reduced as a result.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Bond has no express exclusion for <B>&ldquo;acts
of terrorism.&rdquo;</B> However, coverage under this Bond remains subject to all applicable terms, conditions, and limitations of the
Bond (including exclusions) that are permissible under the Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The portion of the premium that is attributable to
any coverage potentially available under the Bond for <B>&ldquo;acts of terrorism&rdquo;</B> is one percent (1%) and does not include
any charges for the portion of loss that may be covered by the U.S. Government under the Act</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As used herein, &ldquo;Federal Share of Compensation&rdquo;
shall mean 80% beginning on January 1, 2020.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 6</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 43%">INSURED</TD>
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right">BOND NUMBER</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 70%; font-weight: bold; text-align: left; padding-bottom: 1pt">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: right">93338122B</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; font-weight: bold; text-align: left">EFFECTIVE DATE</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: center">BOND PERIOD</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: right">AUTHORIZED REPRESENTATIVE</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; width: 38%; font-weight: bold; text-align: center">May 20, 2022</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 30%; font-weight: bold; text-align: center">May 20, 2022 to May 20, 2023</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">/S/ Swenitha Nalli</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the premium charged for this Bond,
it is hereby understood and agreed that notwithstanding the limit of liability specified on the Declarations Page under Insuring Agreement
A, if an increase in bonding limits under Insuring Agreement A is required pursuant to Rule 17g-1 of the Investment Company Act of 1940
(&ldquo;Act&rdquo;) due to an increase in assets of the Insured Fund during the Bond Period, the minimum required increase in limits under
Insuring Agreement A shall take place automatically without payment of additional premium for the remainder of the Bond Period, provided
that the total limit of liability under Insuring Agreement A does not exceed $2,500,000. If the Act requires bonding limits under Insuring
Agreement A in excess of $2,500,000 then the increase in limits shall not occur <U>unless</U> the Underwriter accepts the increase by
a Rider to this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="margin: 0">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of the Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>a Risk Retention Group</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RIDER NO. 7</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 43%">INSURED</TD>
    <TD STYLE="border-top: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right">BOND NUMBER</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 70%; font-weight: bold; text-align: left; padding-bottom: 1pt">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: right">93338122B</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; font-weight: bold; text-align: left">EFFECTIVE DATE</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: center">BOND PERIOD</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: right">AUTHORIZED REPRESENTATIVE</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.5pt double; width: 38%; font-weight: bold; text-align: center">May 20, 2022</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 30%; font-weight: bold; text-align: center">May 20, 2022 to May 20, 2023</TD>
    <TD STYLE="width: 32%; font-weight: bold; text-align: center; padding-bottom: 2.5pt; border-bottom: Black 2.5pt double">/S/ Swenitha Nalli</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SOCIAL ENGINEERING FRAUD</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In consideration of the premium charged for this Bond,
it is hereby understood and agreed that this Bond is amended by adding an additional Insuring Agreement M, as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">M.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social
Engineering Fraud</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loss resulting directly from the Insured, in good
faith, transferring, paying, or delivering money from its own account as a direct result of a Social Engineering Fraud;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PROVIDED, that the entity receiving such request generally
maintains and follows during the Bond Period all Social Engineering Security Procedures.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Limit of Liability for a Single Loss under this
Insuring Agreement M shall be the lesser of (a)&nbsp;50% of the amount by which such Single Loss exceeds the Deductible Amount or (b)&nbsp;$350,000
(Three Hundred Fifty Thousand Dollars), and the Insured shall bear the remainder of any such Single Loss. The Deductible Amount for this
Insuring Agreement M is $10,000 (Ten Thousand Dollars).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding any other provision of this Bond,
the aggregate Limit of Liability under this Bond with respect to any and all loss or losses under this Insuring Agreement M shall be $350,000
(Three Hundred Fifty Thousand Dollars) for the Bond Period, irrespective of the total amount of such loss or losses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Insuring Agreement M does not cover loss covered
under any other Insuring Agreement of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is further understood and agreed that for purposes
of this rider:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">&ldquo;Communication&rdquo; means an instruction that (a) directs an Employee to transfer, pay, or deliver
money from the Insured&rsquo;s own account, (b) contains a material misrepresentation of fact, and (c) is relied upon by the Employee,
believing it to be true.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">&ldquo;Social Engineering Fraud&rdquo; means the intentional misleading of an Employee through the use
of a Communication, where such Communication:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">is transmitted to the Employee in writing, by voice over the telephone, or by Electronic Transmission;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">is made by an individual who purports to be (i) an Employee who is duly authorized by the Insured to instruct
another Employee to transfer, pay, or deliver money, or (ii)&nbsp;an officer or employee of a Vendor who is duly authorized by the Insured
to instruct an Employee to transfer, pay, or deliver money; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">is unauthorized, dishonest or fraudulent and is made with the manifest intent to deceive.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">&ldquo;Social Engineering Security Procedures&rdquo; means security procedures intended to prevent Social
Engineering Fraud as set forth in the Application and/or as otherwise provided in writing to the Underwriter.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">&ldquo;Vendor&rdquo; means any entity or individual that provides goods or services to the Insured under
a pre-existing, written agreement.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Except
as above stated, nothing herein shall be held to alter, waive, or extend any of the terms of this Bond.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">FIDELITY BOND
RECOVERY SHARING AGREEMENT</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">THIS AGREEMENT is made as of May 20, 2022, by
and among the Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Fund&#8221;) and Thomas J. Herzfeld Advisors, Inc. (the &#8220;Adviser&#8221;).</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">WHEREAS, the Fund and the Adviser are named
as &#8220;Insureds&#8221; under a joint insured fidelity bond (the &#8220;Bond&#8221;);</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">WHEREAS, the Fund is required by Rule 17g-1
of the Investment Company Act of 1940, as amended (the &#8220;Act&#8221;) to provide and maintain a fidelity insurance bond which may
be in the form of the Bond, and is required to enter into an agreement to establish the criteria by which recoveries under the Bond shall
be allocated among the parties;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">WHEREAS, the Bond and any subsequent bond will
be replaced on its termination by a successor bond (the Bond and any successor bond hereinafter referred to as the &#8220;Bond&#8221;);
and</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">WHEREAS, the parties desire to establish the
criteria by which recoveries under the Bond shall be allocated among the Insureds;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">NOW, THEREFORE, it is agreed as follows:</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font-size: 12pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the claims of loss of two or more Insureds under the Bond is so related that the Insurer is entitled to assert
that the claims must be aggregated, the following rule shall determine, as among claimants, the priority of satisfaction of the claims
under the Bond:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in 12pt">Proceeds in respect of a claim under the Bond shall be applied
to the unsatisfied claim (or portion thereof) of each Insured by calculating the proportion which the unsatisfied claim (or portion thereof)
of the Fund or the Adviser bears to the total unsatisfied claims (or portions thereof) of all Insureds and applying said portion to the
remaining amount of insurance paid; provided, however, that the Fund shall receive proceeds in an amount at least equal to the amount
which it would have received had it provided and maintained a single insured bond with the minimum coverage required by Rule 17g-1(d)
under the Act for the calendar year in which the claims arose.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font-size: 12pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall become effective as of the date first above written, and shall remain in full force and effect as to the Bond
during the bond period as specified in such Bond. Any of the parties may withdraw from this Agreement and the Bond upon sixty (60) days&#8217;
written notice to each of the other parties and the Securities and Exchange Commission.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="font-size: 12pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party to this Agreement is hereby expressly put on notice of the limited liability of stockholders of the Fund and acknowledges
that the obligations assumed by each pursuant to this Agreement shall be limited in all cases to its assets, and each other party to this
Agreement shall not seek satisfaction of any such obligation from the stockholders of the Fund. In addition, each party to this Agreement
shall not seek satisfaction of any such obligations from the Directors of the Fund.</P>


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<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 71.25pt">IN WITNESS WHEREOF the parties have caused
this Agreement to be executed by their officers hereunto duly authorized all as of the day and year first above written.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 59%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11.5pt">THE HERZFELD CARIBBEAN BASIN FUND, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ Erik M. Herzfeld</U></P>
    <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">President</P>
    <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11.5pt">THOMAS J. HERZFELD ADVISORS, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ Erik M. Herzfeld</U></P>
    <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">President</P>
    <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: center"><B>CERTIFIED RESOLUTIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">The
undersigned hereby certifies that she is the duly elected Secretary of </FONT>The Herzfeld Caribbean Basin Fund, Inc. <FONT STYLE="font-size: 11pt">(the
&ldquo;Fund&rdquo;) and that the Board of Directors (including those who are not interested persons of the Fund as defined in the Investment
Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) adopted the following resolutions at a meeting of the Board held on May
12, 2022. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Approval of Insurance Coverage</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times-Roman; margin: 0 0.5in; text-align: justify"><B>RESOLVED</B>, that the Board of Directors of The Herzfeld Caribbean
Basin Fund, Inc. (the &ldquo;Fund&rdquo;) authorizes the officers of the Fund to secure Directors&rsquo; and Officers&rsquo; liability
and errors and omission liability coverage as issued by ICI Mutual Insurance Company in the form and amounts presented at this meeting;
and</P>

<P STYLE="font: 12pt Times-Roman; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times-Roman; margin: 0 0.5in; text-align: justify"><B>FURTHER RESOLVED</B>, that the Board of Directors of the Fund
authorizes the following allocation of premium:</P>

<P STYLE="font: 12pt Times-Roman; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times-Roman; margin: 0 0.5in; text-align: justify">The Herzfeld Caribbean Basin Fund 50%</P>

<P STYLE="font: 12pt Times-Roman; margin: 0 0.5in; text-align: justify">Thomas J. Herzfeld Advisors, Inc. 50%</P>

<P STYLE="font: 12pt Times-Roman; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">I have executed this certificate as of the 27 day of
June 2022.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: 0.5in"><U>/s/Alice Tham</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.5in">Alice Tham</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: 0.5in">Secretary</P>







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