<SEC-DOCUMENT>0001391609-12-000157.txt : 20120420
<SEC-HEADER>0001391609-12-000157.hdr.sgml : 20120420
<ACCEPTANCE-DATETIME>20120420162324
ACCESSION NUMBER:		0001391609-12-000157
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20120420
DATE AS OF CHANGE:		20120420
EFFECTIVENESS DATE:		20120420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS TOTAL RETURN, INC.
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0604

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		12771078

	BUSINESS ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		EIGHT GREENWAY PLAZA
		STREET 2:		SUITE 930
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77046

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUUS II INC
		DATE OF NAME CHANGE:	19970422
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>f40_17gequus.htm
<DESCRIPTION>FORM 40-17G EQUUS TOTAL RETURN, INC.
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<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>EQUUS TOTAL RETURN, INC.</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">April 20, 2012</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, DC 20549</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 94%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 12pt; text-indent: -12pt">Re:</TD>
    <TD STYLE="vertical-align: bottom; font: 7.5pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Equus Total Return, Inc. (the &ldquo;Fund&rdquo;)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">File No.&nbsp;814-00098</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Fidelity Bond</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">The following document is attached and statements are made
concerning the fidelity bond coverage for the Fund:</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif">1.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">A copy of the Fund&rsquo;s fidelity bond issued by Chubb Group of Insurance Companies in the amount of $400,000;</TD></TR>
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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif">2.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">On March&nbsp;8, 2012, the Fund&rsquo;s Board of Directors, including all of the Directors who are not &ldquo;interested persons&rdquo; of the Fund, unanimously approved the fidelity bond in accordance with their obligations under Rule 17g-1(d) under the Investment Company Act of 1940 as follows:</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">RESOLVED, that the Board of
Directors of the Fund hereby determines that a fidelity bond issued by Chubb Group of Insurance Companies covering officers and
employers of the Fund in accordance with the requirements of Rule 17g-1 under the 1940 Act, in the amount of $400,000, is reasonable
in form and amount, after having given due consideration to the value of the aggregate assets of the Fund to which any such covered
person may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, and the nature
of the securities in the Fund&rsquo;s portfolio; and be it further</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 24.45pt; text-indent: 24.5pt">RESOLVED, that the officers
of the Fund are authorized to file the following documents with the SEC (and any actions previously taken in this regard are ratified):</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 8%; font: 7.5pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; vertical-align: top; font: 10pt Times New Roman, Times, Serif">a.</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">A copy of the Fidelity Bond;</TD></TR>
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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 8%; font: 7.5pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; vertical-align: top; font: 10pt Times New Roman, Times, Serif">b.</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">A copy of the Board resolution approving the Fidelity Bond; and</TD></TR>
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<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 8%; font: 7.5pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; vertical-align: top; font: 10pt Times New Roman, Times, Serif">c.</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">Any other documents required by Rule 17g-1 under the Investment Company Act of 1940; and be it further</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0 24.45pt; text-indent: 24.5pt">RESOLVED, that the officers of
the Fund be, and they hereby are, authorized, on behalf of the Fund, to take other actions as they deem necessary or appropriate
to give effect to the foregoing resolutions.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif">3.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The fidelity bond has been paid for a term of one year beginning March&nbsp;28, 2013.</TD></TR>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Equus Total Return, Inc.</P></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ L&rsquo;Sheryl D. Hudson</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">L&rsquo;Sheryl D. Hudson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Vice President and Chief Financial Officer</P></TD></TR>
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    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt">
        <IMG SRC="image_002.gif" ALT=""><P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 2.1pt 0 67.5pt"><B>Chubb
                                        Group of Insurance Companies</B></P>
        <P STYLE="font: 8pt/8.6pt Arial, Helvetica, Sans-Serif; margin: 2.6pt 95pt 0 0"><B>CHUBB</B></P>
        <P STYLE="font: 7pt/8.6pt Arial, Helvetica, Sans-Serif; margin: 2.6pt 6pt 0 67.5pt">15 Mountain View Road, Warren, New Jersey 01059</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 29.25pt 0 4.1pt">&nbsp;</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 29.25pt 0 4.1pt">&nbsp;</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 29.25pt 0 4.1pt">NAME OF ASSURED (including its Subsidiaries):</P>
        <P STYLE="font: 9pt/0 Arial, Helvetica, Sans-Serif; margin: 9.8pt 95pt 0 3.85pt">EQUUS TOTAL RETURN, INC.</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 9.8pt 95pt 0 3.85pt">8 GREENWAY PLAZA,
        SUITE 930 HOUSTON, TX 77046</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 29.25pt 0 0">&nbsp;</P></TD>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 9pt/12.2pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.45pt"><B>DECLARATIONS</B></P>
        <P STYLE="font: 9pt/13.4pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>FINANCIAL INSTITUTION INVESTMENT
        COMPANY ASSET PROTECTION BOND</B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 18.7pt 23.9pt 0 0.25pt">Bond Number: 82050480</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 23.25pt 23.9pt 0 0"><B>FEDERAL INSURANCE COMPANY</B></P>
        <P STYLE="font: 8pt/8.15pt Arial, Helvetica, Sans-Serif; margin: 19.9pt 23.9pt 0 0">Incorporated under the laws of Indiana</P>
        <P STYLE="font: 8pt/10.8pt Arial, Helvetica, Sans-Serif; margin: 0 23.9pt 0 0">a stock insurance company herein called the COMPANY</P>
        <P STYLE="font: 8pt/8.85pt Arial, Helvetica, Sans-Serif; margin: 6.2pt 64.9pt 0 0">Capital Center, 251 North Illinois, Suite 1100
        Indianapolis, IN 46204-1927</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 29.25pt 0 0">&nbsp;</P></TD></TR>
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<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 2.1pt 0 67.5pt"></P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.7pt 0 0 44pt; text-indent: -40pt"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-right: 0; padding-left: 0.25; text-autospace: none"><B>ITEM 1.</B></TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">BOND PERIOD:</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">from:</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">12:01 a.m. on March 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">to:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">12:01 a.m. on March 28, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-autospace: none"><B>ITEM 2.</B>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">LIMITS
OF LIABILITY &ndash; DEDUCTIBLE AMOUNTS:&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.7pt 0 0 44pt; text-indent: -40pt"></P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.7pt 0 0 44pt; text-indent: -44pt"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in">If &quot;Not Covered&quot; is inserted below opposite
any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted. <B>There shall be no
deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><U>INSURING CLAUSE</U></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">LIMIT OF LIABILITY</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">DEDUCTIBLE AMOUNT</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">Employee</FONT></TD><TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">400,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">On Premises</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">In Transit</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">Forgery or Alteration</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">Extended Forgery</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">6.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">Counterfeit Money</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">7.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">Threats to Person</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp; Not Covered</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">8.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">Computer System</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">9.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">Voice Initiated Funds Transfer Instruction</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">10.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">Uncollectible Items of Deposit</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.25in; padding-left: 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">11.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: black">Audit Expense</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.7pt 0 0 44pt; text-indent: -40pt">&nbsp;</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.7pt 0 0 44pt; text-indent: -40pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none"><B>ITEM
    3</B>.</TD>
    <TD STYLE="width: 91%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.7pt 0 0; text-indent: 0.25pt">THE LIABILITY OF THE COMPANY
        IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:</P>
        <P STYLE="font: 9pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0">1 - 4</P></TD></TR>
</TABLE>


<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.7pt 0 0 44pt; text-indent: -40pt"></P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.7pt 0 0 44pt; text-indent: -40pt">&nbsp;</P>

<P STYLE="font: 9pt/4.3pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.7pt 0 0 0.25pt"><B>IN WITNESS WHEREOF, THE COMPANY</B> has
caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative
of the Company.</P>

<P STYLE="font: 9pt/0.05pt Arial, Helvetica, Sans-Serif; margin: 4.8pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/0.05pt Arial, Helvetica, Sans-Serif; margin: 4.8pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%">
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH><IMG SRC="image_003.gif" ALT="">&nbsp;</TH>
    <TH>&nbsp;</TH>
    <TH>&nbsp;<IMG SRC="image_004.gif" ALT=""></TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 39%; text-align: center; vertical-align: bottom">Secretary</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center; vertical-align: bottom">President&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;Countersigned by <U>March 21, 2012</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;<IMG SRC="image_005.gif" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;Authorized Representative</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Arial; margin: 0; color: Red"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 9pt/8.15pt Arial, Helvetica, Sans-Serif; margin: 9.1pt 0 0 4.5pt"></P>

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

<P STYLE="font: 9pt/8.15pt Arial, Helvetica, Sans-Serif; margin: 9.1pt 0 0 15.1pt">&nbsp;</P>

<P STYLE="font: 9pt/8.15pt Arial, Helvetica, Sans-Serif; margin: 0"><IMG SRC="image_002.gif" ALT="">&nbsp;</P>

<P STYLE="font: 9pt/8.15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CHUBB</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 4.3pt 0 117pt; text-align: justify">The COMPANY, in consideration
of payment of the required premium, and in reliance on the APPLICATION and all other statements made and information furnished
to the COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this Bond and to all other terms and conditions of
this Bond, agrees to pay the ASSURED for:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 4.3pt 0 117pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 4.3pt 0 117pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Insuring Clauses</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Employee</I></P></TD>
    <TD STYLE="width: 77%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 17.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 17.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 18.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from <B>Larceny or Embezzlement </B>committed
        by any <B>Employee, </B>alone or in collusion with others.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 17.1pt; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">On Premises</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss of <B>Property </B>resulting directly from robbery, burglary,
        false pretenses, common law or statutory larceny, misplacement, mysterious unexplainable disappearance, damage, destruction or
        removal, from the possession, custody or control of the ASSURED, while such <B>Property </B>is lodged or deposited at premises
        located anywhere.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 17.1pt; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">In Transit</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss of <B>Property </B>resulting directly from common law or statutory
larceny, misplacement, mysterious unexplainable disappearance, damage or destruction, while the <B>Property </B>is in transit
anywhere: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 3.1pt 0 17.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">in an armored motor vehicle, including loading and unloading thereof,
        </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 0.55in; text-align: justify; text-indent: -18.9pt">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.55pt 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">in the custody of a natural person acting as a messenger of the ASSURED,
        or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 3.1pt 0 0.55in; text-align: justify; text-indent: -18.9pt">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">in the custody of a <B>Transportation Company </B>and being transported
        in a conveyance other than an armored motor vehicle provided, however, that covered <B>Property </B>transported in such manner
        is limited to the following: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.15pt 0 50.6pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">written records,</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">securities issued in registered form, which are not endorsed or are
        restrictively endorsed, or </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">negotiable instruments not payable to bearer, which are not endorsed
        or are restrictively endorsed. </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 27.05pt; text-align: justify">Coverage under this INSURING
        CLAUSE begins immediately on the receipt of such <B>Property </B>by the natural person or <B>Transportation Company </B>and ends
        immediately on delivery to the premises of the addressee or to any representative of the addressee located anywhere.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
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    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Insuring Clauses</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P></TD>
    <TD STYLE="width: 77%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 26.1pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Forgery Or Alteration</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from: </FONT></P>
        <P STYLE="font: 10pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 24.7pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Forgery</B> on, or fraudulent material alteration of,
        any bills of exchange, checks, drafts, acceptances, certificates of deposits, promissory notes, due bills, money orders,
        orders upon public treasuries, letters of credit, other written promises, orders or directions to pay sums certain in
        money, or receipts for the withdrawal of <B>Property</B>, or </FONT></P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.4pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">transferring, paying or delivering any funds or other <B>Property</B>,
        or establishing any credit or giving any value in reliance on any written instructions, advices or applications directed
        to the ASSURED authorizing or acknowledging the transfer, payment, delivery or receipt of funds or other <B>Property</B>,
        which instructions, advices or applications fraudulently purport to bear the handwritten signature of any customer of
        the ASSURED, or shareholder or subscriber to shares of an <B>Investment Company</B>, or of any financial institution or
        <B>Employee </B>but which instructions, advices or applications either bear a <B>Forgery</B> or have been fraudulently
        materially altered without the knowledge and consent of such customer, shareholder, subscriber, financial institution
        or <B>Employee</B>; </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 27.05pt; text-align: justify">excluding, however, under this
        INSURING CLAUSE any loss covered under INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING CLAUSE 5. is provided
        for in the DECLARATIONS of this Bond.</P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 27.05pt; text-align: justify">For the purpose of this INSURING
        CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Extended Forgery</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from the ASSURED having, in good faith, and
        in the ordinary course of business, for its own account or the account of others in any capacity: </FONT></P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 1.15pt 0 25.65pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">acquired, accepted or received, accepted or received, sold
        or delivered, or given value, extended credit or assumed liability, in reliance on any original <B>Securities, documents
        or other written instruments</B> which prove to: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.4pt 0 49.9pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">bear a <B>Forgery</B> or a fraudulently material alteration,
        </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">have been lost or stolen, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">be <B>Counterfeit</B>, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">guaranteed in writing or witnessed any signatures on any
        transfer, assignment, bill of sale, power of attorney, guarantee, endorsement or other obligation upon or in connection
        with any <B>Securities, documents or other written instruments</B>. </FONT></P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.4pt 0 49.9pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 27.05pt; text-align: justify">Actual physical possession,
        and continued actual physical possession if taken as collateral, of such <B>Securities, documents or other written instruments
        </B>by an <B>Employee, Custodian</B>, or a Federal or State chartered deposit institution of the ASSURED is a condition
        precedent to the ASSURED having relied on such items. Release or return of such collateral is an acknowledgment by the
        ASSURED that it no longer relies on such collateral.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.05in 0 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Insuring Clauses</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P></TD>
    <TD STYLE="width: 77%; font: 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Extended Forgery</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the purpose of this INSURING CLAUSE,
        a mechanically reproduced facsimile signature is treated the same as a handwritten signature.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0 0.05in 0 0"><I>Counterfeit Money</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from the receipt by the ASSURED in
        good faith of any <B>Counterfeit</B> money. </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 0 2.35pt 0 0"><I>Threats To Person</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from surrender of <B>Property</B>
        away from an office of the ASSURED as a result of a threat communicated to the ASSURED to do bodily harm to an <B>Employee
        </B>as defined in Section 1.e. (1), (2) and (5), a <B>Relative</B> or invitee of such <B>Employee</B>, or a resident of
        the household of such Employee, who is, or allegedly is, being held captive provided, however, that prior to the surrender
        of such <B>Property</B>: </FONT></P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 2.35pt 0 25.15pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt/11.25pt Times New Roman, Times, Serif; margin: 0 2.85pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the <B>Employee</B> who receives the threat has made a reasonable
        effort to notify an officer of the ASSURED who is not involved in such threat, and </FONT></P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.65pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the ASSURED has made a reasonable effort to notify the Federal Bureau
        of Investigation and local law enforcement authorities concerning such threat. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.65pt 0 49.85pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 27.05pt; text-align: justify">It is agreed that for
        purposes of this INSURING CLAUSE, any <B>Employee</B> of the ASSURED, as set forth in the preceding paragraph, shall be
        deemed to be an ASSURED hereunder, but only with respect to the surrender of money, securities and other tangible personal
        property in which such <B>Employee</B> has a legal or equitable interest.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.65pt 0 0; text-align: justify"><I>Computer System</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from fraudulent: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 25.65pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.65pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">entries of data into, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 9.05pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">changes of data elements or programs within, a <B>Computer
        System</B>, provided the fraudulent entry or change causes: </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 54.4pt 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">funds or other property to be transferred, paid or delivered, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 54.4pt 0 66.6pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.85pt 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">an account of the ASSURED or of its customer to be added, deleted,
        debited or credited, or </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.85pt 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">an unauthorized account or a fictitious account to be debited or credited.
        </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0"><B><I>Insuring Clauses</I></B><I> (continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="width: 77%; font: 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Voice Initiated Funds Transfer Instruction</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from <B>Voice Initiated Funds Transfer
        Instruction</B> directed to the ASSURED authorizing the transfer of dividends or redemption proceeds of <B>Investment
        Company</B> shares from a Customer's account, provided such <B>Voice Initiated Funds Transfer Instruction</B> was: </FONT></P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 1.15pt 0 25.4pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.65pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">received at the ASSURED'S offices by those <B>Employees</B>
        of the ASSURED specifically authorized to receive the <B>Voice Initiated Funds Transfer Instruction</B>, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.65pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.95pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">made by a person purporting to be a <B>Customer</B>, and
        </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.95pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.65pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">made by said person for the purpose of causing the ASSURED
        or <B>Customer</B> to sustain a loss or making an improper personal financial gain for such person or any other person.
        </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.65pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 27.05pt; text-align: justify">In order for coverage
        to apply under this INSURING CLAUSE, all <B>Voice Initiated Funds Transfer Instructions</B> must be received and processed
        in accordance with the Designated Procedures outlined in the APPLICATION furnished to the COMPANY.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.15pt 0 0; text-align: left"><I>Uncollectible Items</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.15pt 0 0; text-align: justify"><I>of Deposit</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Loss resulting directly from the ASSURED having credited
        an account of a customer, shareholder or subscriber on the faith of any <B>Items of Deposit</B> which prove to be uncollectible,
        provided that the crediting of such account causes: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 25.6pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.45pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">redemptions or withdrawals to be permitted, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.45pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.45pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">shares to be issued, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.45pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.45pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">dividends to be paid, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.45pt 0 49.4pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 27.05pt; text-align: justify">from an account of
        an <B>Investment Company</B>.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.45pt 0 25.15pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 27.05pt; text-align: justify">In order for coverage
        to apply under this INSURING CLAUSE, the ASSURED must hold <B>Items of Deposit</B> for the minimum number of days stated
        in the APPLICATION before permitting any redemptions or withdrawals, issuing any shares or paying any dividends with respect
        to such <B>Items of Deposit</B>.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.2pt 0 27.05pt; text-align: justify"><B>Items of Deposit
        </B>shall not be deemed uncollectible until the ASSURED'S standard collection procedures have failed.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0"><I>Audit Expense</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Expense incurred by the ASSURED for that part of the cost of audits
        or examinations required by any governmental regulatory authority or self-regulatory organization to be conducted by such authority,
        organization or their appointee by reason of the discovery of loss sustained by the ASSURED and covered by this Bond. </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>General Agreements</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 77%; font: 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.2pt 0 0"><I>Additional Companies Included As Assured</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.2pt 0 25.6pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">A.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">If more than one corporation, or <B>Investment Company</B>,
        or any combination of them is included as the ASSURED herein: </FONT></P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 24.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The total liability of the COMPANY under this Bond for loss or losses
sustained by anyone or more or all of them shall not exceed the limit for which the COMPANY would be liable under this Bond if
all such loss were sustained by anyone of them. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Only the first named ASSURED shall be deemed to be the sole agent
        of the others for all purposes under this Bond, including but not limited to the giving or receiving of any notice or proof required
        to be given and for the purpose of effecting or accepting any amendments to or termination of this </FONT><FONT STYLE="font-size: 9.5pt">Bond.
        The COMPANY shall furnish each Investment Company with a copy of the Bond and with any amendment thereto, together with a copy
        of each formal filing of claim by any other named ASSURED and notification of the terms of the settlement of each such claim prior
        to the execution of such settlement.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The COMPANY shall not be responsible for the proper application of
        any payment made hereunder to the first named ASSURED. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Knowledge possessed or discovery made by any partner, director, trustee,
officer or supervisory employee of any ASSURED shall constitute knowledge or discovery by all the ASSUREDS for the purposes of
this Bond. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">(5) &nbsp;If
        the         first named ASSURED ceases for any reason to be covered under this Bond, then the ASSURED next named on the
        APPLICATION shall thereafter         be considered as the first named ASSURED for the purposes of this Bond.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.45pt 0 0; text-align: left"><I>Representation Made By Assured</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">B.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The ASSURED represents that all information it has furnished in the
        APPLICATION for this Bond or otherwise is complete, true and correct. Such APPLICATION and other information constitute part of
        this Bond. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.7pt 0 0.3in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 16.75pt; text-align: justify">The ASSURED must promptly notify
        the COMPANY of any change in any fact or circumstance which materially affects the risk assumed by the COMPANY under this Bond.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 16.75pt; text-align: justify">Any intentional misrepresentation,
        omission, concealment or incorrect statement of a material fact, in the APPLICATION or otherwise, shall be grounds for recision
        of this Bond.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>General Agreements</I></B><I> (continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 77%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Additional Offices Or Employees &ndash; Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities &ndash; Notice To Company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.7pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">C.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">If the ASSURED, other than an <B>Investment Company</B>,
        while this Bond is in force, merges or consolidates with, or purchases or acquires assets or liabilities of another institution,
        the ASSURED shall not have the coverage afforded under this Bond for loss which has:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 24.95pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">occurred or will occur on premises, or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">been caused or will be caused by an employee, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 113.95pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">arisen or will arise out of the assets or liabilities, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 113.95pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 17.55pt; text-align: justify">of such institution, unless the
        ASSURED:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.2pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">gives the COMPANY written notice of the proposed consolidation, merger
        or purchase or acquisition of assets or liabilities prior to the proposed effective date of such action, and </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">obtains the written consent of the COMPANY to extend some or all of
        the coverage provided by this Bond to such additional exposure, and </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">on obtaining such consent, pays to the COMPANY an additional premium.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 1.55pt 0 0"><I>Change Of Control Notice To Company</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/11.25pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">D.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">When the ASSURED learns of a change in control (other than
        in an <B>Investment Company</B>), as set forth in Section 2(a) (9) of the Investment Company Act of 1940, the ASSURED
        shall within sixty (60) days give written notice to the COMPANY setting forth: </FONT></P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 1.55pt 0 24.95pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the names of the transferors and transferees (or the names of the
        beneficial owners if the voting securities are registered in another name), </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.05pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.55pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the total number of outstanding voting securities. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 17.55pt; text-align: justify">Failure to give the required
        notice shall result in termination of coverage for any loss involving a transferee, to be effective on the date of such change
        in control.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0"><I>Court Costs And Attorneys&rsquo; Fees</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">E.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The COMPANY will indemnify the ASSURED for court costs and reasonable
        attorneys' fees incurred and paid by the ASSURED in defense, whether or not successful, whether or not fully litigated on the merits
        and whether or not settled, of any claim, suit or legal proceeding with respect to which the ASSURED would be entitled to recovery
        under this Bond. However, with respect to INSURING CLAUSE 1., this Section shall only apply in the event that: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.85pt 0 25.65pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">an <B>Employee</B> admits to being guilty of <B>Larceny or
        Embezzlement</B>, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">an <B>Employee</B> is adjudicated to be guilty of <B>Larceny
        or Embezzlement</B>, or </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>General Agreements</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 77%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0.15pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Court Costs And Attorneys&rsquo; Fees (continued)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 39.75pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">in the absence of 1 or 2 above, an arbitration panel agrees,
        after a review of an agreed statement of facts between the COMPANY and the ASSURED, that an <B>Employee</B> would be found
        guilty of <B>Larceny or Embezzlement </B>if such <B>Employee </B>were prosecuted. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.15pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">The ASSURED shall promptly
        give notice to the COMPANY of any such suit or legal proceeding and at the request of the COMPANY shall furnish copies of all pleadings
        and pertinent papers to the COMPANY. The COMPANY may, at its sole option, elect to conduct the defense of all or part of such legal
        proceeding. The defense by the COMPANY shall be in the name of the ASSURED through attorneys selected by the COMPANY. The ASSURED
        shall provide all reasonable information and assistance as required by the COMPANY for such defense.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">If the COMPANY declines
        to defend the ASSURED, no settlement without the prior written consent of the COMPANY nor judgment against the ASSURED shall determine
        the existence, extent or amount of coverage under this Bond.</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">If the amount demanded in
        any such suit or legal proceeding is within the DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court costs
        and attorney's fees incurred in defending all or part of such suit or legal proceeding.</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">If the amount demanded in
        any such suit or legal proceeding is in excess of the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
        INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees incurred in defending all or part of such suit or
        legal proceedings is limited to the proportion of such court costs and attorney's fees incurred that the LIMIT OF LIABILITY stated
        in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE bears to the total of the amount demanded in such suit or legal
        proceeding.</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">If the amount demanded is
        any such suit or legal proceeding is in excess of the DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
        2. of the DECLARATIONS for the applicable INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees incurred
        in defending all or part of such suit or legal proceedings shall be limited to the proportion of such court costs or attorney's
        fees that the amount demanded that would be payable under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
        amount demanded.</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.7pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Amounts paid by the COMPANY for court
        costs and attorneys' fees shall be in addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.15pt 0 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 77%; font: 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.15pt 0 0"><I>Definitions</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">As used in this Bond: </FONT></P>
        <P STYLE="font: 10pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 23pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.85pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Computer
System </B>means a computer and all input, output, processing, storage, off-line media libraries, and communication facilities
which are connected to the computer and which are under the control and supervision of the operating system(s) or application(s)
software used by the ASSURED. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.35pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Counterfeit </B>means an imitation of an actual valid original
        which is intended to deceive and be taken as the original. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.35pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.35pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Custodian </B>means the institution designated by an <B>Investment
Company </B>to maintain possession and control of its assets. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.35pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.35pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Customer
</B>means an individual, corporate, partnership, trust customer, shareholder or subscriber of an <B>Investment Company </B>which
has a written agreement with the ASSURED for <B>Voice Initiated Funds Transfer Instruction. </B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 0.55in; text-align: justify; text-indent: -19.95pt"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">e.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Employee </B>means: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">an officer of the ASSURED, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a natural person while in the regular service of the ASSURED at any
        of the ASSURED'S premises and compensated directly by the ASSURED through its payroll system and subject to the United States Internal
        Revenue Service Form W-2 or equivalent income reporting plans of other countries, and whom the ASSURED has the right to control
        and direct both as to the result to be accomplished and details and means by which such result is accomplished in the performance
        of such service, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a guest student pursuing studies or performing duties in any of the
ASSURED'S premises, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">(4) &nbsp;an
        attorney         retained by the ASSURED and an employee of such attorney while either is performing legal services for the
        ASSURED,</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.15pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">(5) a
        natural         person provided by an employment contractor to perform employee duties for the ASSURED under the ASSURED'S
        supervision at any of         the ASSURED'S premises,</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">(6) &nbsp;an
        employee         of an institution merged or consolidated with the ASSURED prior to the effective date of this Bond,</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">(7) &nbsp;a
        director         or trustee of the ASSURED, but only while performing acts within the scope of the customary and usual duties
        of any officer or         other employee of the ASSURED or while acting as a member of any committee duly elected or
        appointed to examine or audit or have         custody of or access to <B>Property </B>of the ASSURED, or</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="width: 77%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.3in; text-autospace: none; text-align: justify; text-indent: -22.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Definitions</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">(8)&#9;each
        natural person, partnership or corporation authorized by written agreement with the ASSURED to perform services as electronic data
        processor of checks or other accounting records related to such checks but only while such person, partnership or corporation is
        actually performing such services and not:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 44.1pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.85pt 0 1.05in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">creating, preparing, modifying or maintaining the ASSURED'S computer
        software or programs, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 1.05in; text-align: justify; text-indent: -0.25in"><I>&nbsp;</I></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.85pt 0 1.05in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">acting as transfer agent or in any other agency capacity in issuing
        checks, drafts or securities for the ASSURED, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 49.2pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">(9)&#9;any
        partner, officer or employee of an investment advisor, an underwriter (distributor), a transfer agent or shareholder accounting
        recordkeeper, or an administrator, for an <B>Investment Company</B> while performing acts coming within the scope of the
        customary and usual duties of an officer or employee of an <B>Investment Company</B> or acting as a member of any committee
        duly elected or appointed to examine, audit or have custody of or access to <B>Property of an</B> <B>Investment Company</B>.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 26.4pt; text-align: justify; text-indent: -26.4pt">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0.8in; text-align: justify">The term <B>Employee
        </B>shall not include any partner, officer or employee of a transfer agent, shareholder accounting recordkeeper or administrator:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 24.95pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 1.05in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">which is not an &quot;affiliated person&quot; (as defined
        in Section 2(a) of the Investment Company Act of 1940) of an <B>Investment Company</B> or of the investment advisor or
        underwriter (distributor) of such <B>Investment Company</B>, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.15pt 0 1.05in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.2pt 0 1.05in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">which is a &quot;bank&quot; (as defined in Section 2(a) of
        the Investment Company Act of 1940). This Bond does not afford coverage in favor of the employers of persons as set forth
        in e. (4), (5) and (8) above, and upon payment to the ASSURED by the COMPANY resulting directly from <B>Larceny</B> or
        <B>Embezzlement</B> committed by any of the partners, officers or employees of such employers, whether acting alone or
        in collusion with others, an assignment of such of the ASSURED'S rights and causes of action as it may have against such
        employers by reason of such acts so committed shall, to the extent of such payment, be given by the ASSURED to the COMPANY,
        and the ASSURED shall execute all papers necessary to secure to the COMPANY the rights provided for herein. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.2pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0.8in; text-align: justify">Each employer of persons as set
        forth in <I>e.(4), </I>(5) and (8) above and the partners, officers and other employees of such employers shall collectively be
        deemed to be one person for all the purposes of this Bond; excepting, however, the fifth paragraph of Section 13.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.4pt 0 26.6pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0.8in; text-align: justify">Independent contractors
        not specified in <I>e.(4), </I>(5) or (8) above, intermediaries, agents, brokers or other representatives of the same
        general character shall not be considered <B>Employees</B>.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="width: 77%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 1.1pt; padding-left: 26.1pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Definitions</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">f.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Forgery</B> means the signing of the name of another natural
        person         with the intent to deceive but does not mean a signature which consists in whole or in part of one's own name,
        with or without         authority, in any capacity for any purpose. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.1pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">g.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Investment Company</B> means any investment company registered
        under the Investment Company Act of 1940 and listed under the NAME OF ASSURED on the DECLARATIONS. </FONT></P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.35pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt/11.25pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">h.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Items of Deposit</B> means one or more checks or drafts drawn upon
        a financial institution in the United States of America. </FONT></P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 1.1pt 0 0.55in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt/11.25pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">i.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Larceny or Embezzlement</B> means larceny or embezzlement as defined
        in Section 37 of the Investment Company Act of 1940. </FONT></P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 1.1pt 0 0.55in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">j.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Property</B> means money, revenue and other stamps; securities;
        including any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of deposit, certificate of interest
        or participation in any profit-sharing agreement, collateral trust certificate, preorganization certificate or subscription, transferable
        share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil,
        gas, or other mineral rights, any interest or instruments commonly known as a security under the Investment Company Act of 1940,
        any other certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant
        or right to subscribe to or purchase any of the foregoing; bills of exchange; acceptances; checks; withdrawal orders; money orders;
        travelers' letters of credit; bills of lading; abstracts of title; insurance policies, deeds, mortgages on real estate and/or upon
        chattels and interests therein; assignments of such policies, deeds or mortgages; other valuable papers, including books of accounts
        and other records used by the ASSURED in the conduct of its business (but excluding all electronic data processing records); and,
        all other instruments similar to or in the nature of the foregoing in which the ASSURED acquired an interest at the time of the
        ASSURED'S consolidation or merger with, or purchase of the principal assets of, a predecessor or which are held by the ASSURED
        for any purpose or in any capacity and whether so held gratuitously or not and whether or not the ASSURED is liable therefor. </FONT></P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0 0.35pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">k.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Relative</B> means the spouse of an <B>Employee</B> or
        partner of the ASSURED and any unmarried child supported wholly by, or living in the home of, such Employee or partner
        and being related to them by blood, marriage or legal guardianship.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">l.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Securities, documents or other written instruments</B> means original
        (including original counterparts) negotiable or non-negotiable instruments, or assignments thereof, which in and of themselves
        represent an equitable interest, ownership, or debt and which are in the ordinary course of business transferable by delivery of
        such instruments with any necessary endorsements or assignments. </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="width: 77%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.3pt; padding-left: 26.1pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Definitions</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">m.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Subsidiary</B> means any organization that, at the inception date
        of this Bond, is named in the APPLICATION or is created during the BOND PERIOD and of which more than fifty percent (50%) of the
        outstanding securities or voting rights representing the present right to vote for election of directors is owned or controlled
        by the ASSURED either directly or through one or more of its subsidiaries. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 3.3pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Transportation Company</B> means any organization which provides
        its own or its leased vehicles for transportation or which provides freight forwarding or air express services. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">o.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Voice Initiated Election</B> means any election concerning
        dividend options available to <B>Investment Company</B> shareholders or subscribers which is requested by voice over the
        telephone. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">p.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Voice Initiated Redemption</B> means any redemption of
        shares issued by an <B>Investment Company</B> which is requested by voice over the telephone. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.4pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">q.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Voice Initiated Funds Transfer Instruction</B> means any
        <B>Voice Initiated Redemption or Voice Initiated Election</B>. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.35pt 0 1.4pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 17.55pt; text-align: justify">For the purposes of these definitions,
        the singular includes the plural and the plural includes the singular, unless otherwise indicated.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><I>General Exclusions </I>&ndash; <I>Applicable to AI/Insuring Clauses</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>This bond does not directly or indirectly cover</B>: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.85pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss not reported to the COMPANY in writing within sixty (60) days
        after termination of this Bond as an entirety; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss due to riot or civil commotion outside the United States of America
        and Canada, or any loss due to military, naval or usurped power, war or insurrection. This Section 2.b., however, shall not apply
        to loss which occurs in transit in the circumstances recited in INSURING CLAUSE 3., provided that when such transit was initiated
        there was no knowledge on the part of any person acting for the ASSURED of such riot, civil commotion, military, naval or usurped
        power, war or insurrection; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.15pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from the effects of nuclear fission or fusion or radioactivity;
        </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss of potential income including, but not limited to, interest and
        dividends not realized by the ASSURED or by any customer of the ASSURED; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">e.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">damages of any type for which the ASSURED is legally liable, except
compensatory damages, but not multiples thereof, arising from a loss covered under this Bond; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.15pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">f.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;      </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> costs, fees and expenses incurred by the ASSURED in
        establishing the         existence of or amount of loss under this Bond, except to the extent covered under INSURING CLAUSE
        11.; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.15pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">g.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from indirect or consequential loss of any nature;
        </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 77%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 1.8pt; padding-left: 26.1pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>General Exclusions </I>&ndash; <I>Applicable to AI/Insuring
        Clauses</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">h.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from dishonest acts by any member of the Board
        of Directors or Board of Trustees of the ASSURED who is not an <B>Employee</B>, acting alone or in collusion with others;
        </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.8pt 0 0.55in; text-align: justify; text-indent: -0.3in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">i.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss, or that part of any loss, resulting solely from any
        violation by the ASSURED or by any <B>Employee</B>: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.6pt 0 76.5pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">of any law regulating: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 43.4pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.05in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">the issuance, purchase or sale of securities, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.05in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.05in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">securities transactions on security or commodity exchanges or the
        over the counter market, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.1pt 0 1.05in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.05in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">investment companies, </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.05in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.05in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">investment advisors, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">of any rule or regulation made pursuant to any such law; or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 43.4pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">j.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss of confidential information, material or data;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.6pt 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">k.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from voice requests or instructions received over the
        telephone, provided however, this Section 2.k. shall not apply to INSURING CLAUSE 7. or 9. </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.35pt 0 1.4pt"><I>Specific Exclusions &ndash; Applicable To Al/Insuring
        Clauses Except Insuring Clause 1.</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>This Bond does not directly or indirectly cover</B>: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.95pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss caused by an <B>Employee</B>, provided, however, this
        Section 3.a. shall not apply to loss covered under INSURING CLAUSE 2. or 3. which results directly from misplacement,
        mysterious unexplainable disappearance, or damage or destruction of <B>Property</B>; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.6pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss through the surrender of property away from premises of the ASSURED
        as a result of a threat: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.6pt 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">to do bodily harm to any natural person, except loss of <B>Property
        </B>in transit in the custody of any person acting as messenger of the ASSURED, provided that when such transit was initiated
        there was no knowledge by the ASSURED of any such threat, and provided further that this Section 3.b. shall not apply
        to INSURING CLAUSE 7., or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">to do damage to the premises or <B>Property</B> of the ASSURED;
        </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from payments made or withdrawals from any account
        involving erroneous credits to such account; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.6pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss involving <B>Items of Deposit</B> which are not finally
        paid for any reason provided however, that this Section 3.d. shall not apply to INSURING CLAUSE 10.; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48.6pt; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="width: 77%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 48.6pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.35pt 0 1.4pt"><I>Specific Exclusions &ndash; Applicable To Al/Insuring
        Clauses Except Insuring Clause 1. </I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.35pt 0 1.4pt">(continued)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">e.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss of property while in the mail; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">f.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> depository institution, its receiver or other liquidator
        to payor deliver funds or other <B>Property</B> to the ASSURED provided further that this Section 3.f. shall not apply
        to loss of <B>Property</B> resulting directly from robbery, burglary, misplacement, mysterious unexplainable disappearance,
        damage, destruction or removal from the possession, custody or control of the ASSURED. </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt/10.8pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">g.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss of <B>Property</B> while in the custody of a <B>Transportation
        Company</B>, provided however, that this Section 3.g. shall not apply to INSURING CLAUSE 3.; </FONT></P>
        <P STYLE="font: 10pt/10.8pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">h.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from entries or changes made by a natural
        person with authorized access to a <B>Computer System</B> who acts in good faith on instructions, unless such instructions
        are given to that person by a software contractor or its partner, officer, or employee authorized by the ASSURED to design,
        develop, prepare, supply, service, write or implement programs for the ASSURED's <B>Computer System</B>; or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.65pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">i.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting directly or indirectly from the input of data
        into a <B>Computer System</B> terminal, either on the premises of the customer of the ASSURED or under the control of
        such a customer, by a customer or other person who had authorized access to the customer's authentication mechanism. </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0"><I>Specific Exclusions &ndash; Applicable To All Insuring
        Clauses Except Insuring Clauses 1., 4., And 5.</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>This bond does not directly or indirectly cover</B>: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from the complete or partial non-payment of or default
        on any loan whether such loan was procured in good faith or through trick, artifice, fraud or false pretenses; provided, however,
        this Section 4.a. shall not apply to INSURING CLAUSE 8.; </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.6pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss resulting from forgery or any alteration; </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">loss involving a counterfeit provided, however, this Section 4.c.
        shall not apply to INSURING CLAUSE 5. or 6.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0"><I>Limit <FONT STYLE="font-weight: normal; color: black">Of
        </FONT></I><I>Liability/Non- Reduction And Non - Accumulation <FONT STYLE="font-weight: normal">Of </FONT>Liability</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 1.65pt 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">At all times prior to termination of this Bond, this Bond shall continue
        in force for the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS, notwithstanding any previous loss for
        which the COMPANY may have paid or be liable to pay under this Bond provided, however, that the liability of the COMPANY under
        this Bond with respect to all loss resulting from: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 24pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">anyone act of burglary, robbery or hold-up, or attempt thereat,
        in which no <B>Employee</B> is concerned or implicated, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">anyone unintentional or negligent act on the part of anyone
        person resulting in damage to or destruction or misplacement of <B>Property</B>, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">all acts, other than those specified in a. above, of anyone person,
        or </FONT></P></TD></TR>
</TABLE>
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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="width: 77%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 2.3pt; padding-left: 0.3in; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0"><I>Limit <FONT STYLE="font-weight: normal; color: black">Of
        </FONT></I><I>Liability/Non- Reduction And Non - Accumulation <FONT STYLE="font-weight: normal">Of </FONT>Liability</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.35pt 0 0"><I>(continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; vertical-align: bottom">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">anyone casualty or event other than those specified in a., b., or
        c. above,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">shall
be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS of this
Bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from
period to period.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.3pt 0 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 22.3pt; text-align: justify">All acts, as specified in c.
        above, of anyone person which</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 22.3pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">i.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">directly or indirectly aid in any way wrongful acts of any other person
        or persons, or </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.85pt 0 0.55in; text-indent: -0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify">ii.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>permit the continuation of wrongful acts of any other person or persons</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt; text-align: justify">whether such acts are committed with or without
the knowledge of the wrongful acts of the person so aided, and whether such acts are committed with or without the intent to aid
such other person, shall be deemed to be one loss with the wrongful acts of all persons so aided.&nbsp;<BR> </P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Discovery</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">This Bond applies only to loss first discovered by an officer of the
        ASSURED during the BOND PERIOD. Discovery occurs at the earlier of an officer of the ASSURED being aware of: </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0.9pt 0 24.45pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">facts which may subsequently result in a loss of a type covered by
        this Bond, or </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.4pt 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">an actual or potential claim in which it is alleged that the ASSURED
        is liable to a third party, </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">regardless of when the act or acts
        causing or contributing to such loss occurred, even though the amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT,
        or the exact amount or details of loss may not then be known.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Notice To Company-Proof </I>- <I>Legal Proceedings Against Company</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; vertical-align: bottom">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-indent: 0in; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.55in; text-align: justify">7.
<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The ASSURED shall give the COMPANY notice thereof at the earliest
practicable moment, not to exceed sixty (60) days after discovery of loss, in an amount that is in excess of 50% of the applicable
DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The ASSURED shall furnish to the COMPANY proof of loss, duly sworn
        to, with full particulars within six (6) months after such discovery.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Securities listed in a proof of loss shall be identified by certificate
        or bond numbers, if issued with them.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Legal proceedings for the recovery of any loss under this Bond shall
        not be brought prior to the expiration of sixty (60) days after the proof of loss is filed with the COMPANY or after the expiration
        of twenty-four (24) months from the discovery of such loss.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-indent: -0.25in; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">e.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This Bond affords coverage only in favor of the ASSURED. No claim,
        suit, action or legal proceedings shall be brought under this Bond by anyone other than the ASSURED.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="width: 77%; font: 9pt/115% Arial, Helvetica, Sans-Serif; padding-left: 17.1pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>Notice To Company-Proof </I>- <I>Legal Proceedings Against Company</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">f</FONT><FONT STYLE="font-size: 9pt">.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                                          </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Proof of
                                                          loss involving <B>Voice Initiated Funds Transfer Instruction</B> shall
                                                          include electronic recordings of such instructions.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Deductible Amount</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">8.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The COMPANY shall not be liable under any INSURING CLAUSES of this
        Bond on account of loss unless the amount of such loss, after deducting the net amount of all reimbursement and/or recovery obtained
        or made by the ASSURED, other than from any Bond or policy of insurance issued by an insurance company and covering such loss,
        or by the COMPANY on account thereof prior to payment by the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth
        in ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event for more than the applicable LIMITS OF LIABILITY
        stated in ITEM 2. of the DECLARATIONS.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">There shall be no deductible
        applicable to any loss under INSURING CLAUSE 1. sustained by any <B>Investment Company</B>.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Valuation</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">9.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>BOOKS OF ACCOUNT OR OTHER RECORDS</B></FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">The value of any loss
        of <B>Property</B> consisting of books of account or other records used by the ASSURED in the conduct of its business
        shall be the amount paid by the ASSURED for blank books, blank pages, or other materials which replace the lost books
        of account or other records, plus the cost of labor paid by the ASSURED for the actual transcription or copying of data
        to reproduce such books of account or other records.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 17.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">The value of any loss
        of <B>Property</B> other than books of account or other records used by the ASSURED in the conduct of its business, for
        which a claim is made shall be determined by the average market value of such <B>Property</B> on the business day immediately
        preceding discovery of such loss provided, however, that the value of any <B>Property</B> replaced by the ASSURED with
        the consent of the COMPANY and prior to the settlement of any claim for such <B>Property</B> shall be the actual market
        value at the time of replacement.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">In the case of a loss
        of interim certificates, warrants, rights or other securities, the production of which is necessary to the exercise of
        subscription, conversion, redemption or deposit privileges, the value of them shall be the market value of such privileges
        immediately preceding their expiration if said loss is not discovered until after their expiration. If no market price
        is quoted for such <B>Property</B> or for such privileges, the value shall be fixed by agreement between the parties.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify"><B>OTHER PROPERTY</B></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">The value of any loss
        of <B>Property</B>, other than as stated above, shall be the actual cash value or the cost of repairing or replacing such
        <B>Property</B> with <B>Property</B> of like quality and value, whichever is less.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P></TD>
    <TD STYLE="width: 77%; font: 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Securities Settlement</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">10.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">In the event of a loss of securities covered under this Bond, the COMPANY
        may, at its sole discretion, purchase replacement securities, tender the value of the securities in money, or issue its indemnity
        to effect replacement securities.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>
        <P STYLE="font: normal 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; font-variant: normal; font-variant: normal; font-variant: normal; font-variant: normal; text-align: justify">The indemnity required
        from the ASSURED under the terms of this Section against all loss, cost or expense arising from the replacement of securities by
        the COMPANY'S indemnity shall be:</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT> <FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">for securities having a value less than or equal to the
        applicable         DEDUCTIBLE AMOUNT - one hundred (100%) percent;</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> for securities having a value in excess of the DEDUCTIBLE AMOUNT
        but         within the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT bears to the value of the
        securities;</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> for securities having a value greater than the applicable LIMIT
        OF         LIABILITY -  the percentage that the DEDUCTIBLE AMOUNT and portion in excess of the applicable LIMIT OF LIABILITY
        bears to the value         of the securities.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">The value referred to in Section
        10.a., b., and c. is the value in accordance with Section 9, VALUATION, regardless of the value of such securities at the time
        the loss under the COMPANY'S indemnity is sustained.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">The COMPANY is not required
        to issue its indemnity for any portion of a loss of securities which is not covered by this Bond; however, the COMPANY may do so
        as a courtesy to the ASSURED and at its sole discretion.</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">The ASSURED shall pay the proportion
        of the Company's premium charge for the Company's indemnity as set forth in Section 10.a., b., and c. No portion of the LIMIT OF
        LIABILITY shall be used as payment of premium for any indemnity purchased by the ASSURED to obtain replacement securities.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Subrogation &ndash; Assignment - Recovery</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">11.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">In the event of a payment under this Bond, the COMPANY shall be subrogated
        to all of the ASSURED'S rights of recovery against any person or entity to the extent of such payment. On request, the ASSURED
        shall deliver to the COMPANY an assignment of the ASSURED'S rights, title and interest and causes of action against any person
        or entity to the extent of such payment.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">Recoveries, whether effected
        by the COMPANY or by the ASSURED, shall be applied net of the expense of such recovery in the following order:</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> first, to the satisfaction of the ASSURED'S loss which would
        otherwise         have been paid but for the fact that it is in excess of the applicable LIMIT OF LIABILITY,</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">second, to the COMPANY in satisfaction of amounts paid in settlement
        of the ASSURED'S claim,</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE
        AMOUNT, and</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="width: 77%; font: 9pt/115% Arial, Helvetica, Sans-Serif; padding-left: 44.1pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Subrogation &ndash; Assignment &ndash; Recovery</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">d.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT> <FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">fourth, to the ASSURED in satisfaction of any loss suffered by
        the         ASSURED which was not covered under this Bond.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">Recovery from reinsurance or
        indemnity of the COMPANY shall not be deemed a recovery under this section.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Cooperation Of Assured</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">12.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">At the COMPANY'S request and at reasonable times and places designated
        by the COMPANY, the ASSURED shall:</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">submit to examination by the COMPANY and subscribe to the same under
        oath,</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">produce for the COMPANY'S examination all pertinent records, and</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">cooperate with the COMPANY in all matters pertaining to the loss.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">The ASSURED shall execute all
        papers and render assistance to secure to the COMPANY the rights and causes of action provided for under this Bond. The ASSURED
        shall do nothing after loss to prejudice such rights or causes of action.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Termination</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">13.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">If the Bond is for a sole ASSURED, it shall not be terminated unless
        written notice shall have been given by the acting party to the affected party and to the Securities and Exchange Commission, Washington,
        D.C., not less than sixty <FONT STYLE="color: black">(60) days prior to the effective date of such termination.</FONT></FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">If the Bond is for a joint ASSURED,
        it shall not be terminated unless written notice shall have been given by the acting party to the affected party, and by the COMPANY
        to all ASSURED <FONT STYLE="color: black"><B>Investment Companies </B>and to the Securities and Exchange Commission, Washington,
        D.C., not less than sixty (60) days prior to the effective date of such termination.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">This Bond will terminate
        as to anyone ASSURED, other than an <FONT STYLE="color: black"><B>Investment Company</B>:</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT> <FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">immediately on the taking over of such ASSURED by a receiver or
        other         liquidator or by State or Federal officials, or</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT> <FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">immediately on the filing of a petition under any State or
        Federal         statute relative to bankruptcy or reorganization of the ASSURED, or assignment for the benefit of creditors
        of the ASSURED, or</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT> <FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">immediately upon such ASSURED ceasing to exist, whether through
        merger         into another entity, disposition of all of its assets or otherwise.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">The COMPANY shall refund the
        unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the ASSURED
        or pro rata if terminated for any other reason.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P></TD>
    <TD STYLE="width: 77%; font: 9pt/115% Arial, Helvetica, Sans-Serif; padding-left: 0.3in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Termination</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>(continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">If any partner, director,
        trustee, or officer or supervisory employee of an ASSURED not acting in collusion with an <B>Employee</B> learns of any
        dishonest act committed by such <B>Employee</B> at any time, whether in the employment of the ASSURED or otherwise, whether
        or not such act is of the type covered under this Bond, and whether against the ASSURED or any other person or entity,
        the ASSURED:</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">shall immediately remove such <B>Employee</B> from a position
        that would enable such <B>Employee</B> to cause the ASSURED to suffer a loss covered by this Bond; and</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">within forty-eight (48) hours of learning that an <B>Employee
        </B>has committed any dishonest act, shall notify the COMPANY, of such action and provide full particulars of such dishonest
        act.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">The COMPANY may terminate
        coverage as respects any <B>Employee</B> sixty (60) days after written notice is received by each ASSURED <B>Investment
        Company</B> and the Securities and Exchange Commission, Washington, D.C. of its desire to terminate this Bond as to such
        <B>Employee</B>.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Other Insurance</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">14.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Coverage under this Bond shall apply only as excess over any valid
        and collectible insurance, indemnity or suretyship obtained by or on behalf of:</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">a.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">the ASSURED,</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">b.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">a <B>Transportation Company</B>, or</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.55in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">c.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">another entity on whose premises the loss occurred or which
        employed the person causing the loss or engaged the messenger conveying the <B>Property</B> involved.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Conformity</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">15.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">If any limitation within this Bond is prohibited by any law controlling
        this Bond's construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided
        by such law.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Change or Modification</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20.15pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">16.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This Bond or any instrument amending or affecting this Bond may not
        be changed or modified orally. No change in or modification of this Bond shall be effective except when made by written endorsement
        to this Bond signed by an authorized representative of the COMPANY.</FONT></P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify">If this Bond is for a sole ASSURED,
        no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after
        written notice has been furnished to the Securities and Exchange Commission, Washington, D.C., by the acting party.</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Conditions And Limitations</I></B></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 77%; font: 10pt/115% Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>Change or Modification (continued)</I></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3in; text-align: justify"><FONT STYLE="font-size: 8pt"><B>If
        </B></FONT><FONT STYLE="font-size: 9pt">this Bond is for a joint ASSURED, no charge or modification which would adversely affect
        the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured <B>Investment
        Companies </B>and to the Securities and Exchange Commission, Washington, D.C., by the COMPANY.</FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 4.3pt 0 117pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 4.3pt 0 117pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 4.3pt 0 117pt; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"></P>



<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 8pt/8.85pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 0"><B>CHUBB </B></P>



<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 9pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 35.5pt 0.2pt 0 373.15pt"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>ENDORSEMENT/RIDER</B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">Effective date of</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">this endorsement/rider: March 28, 2012</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 11.5pt 0 0 0.25pt"><B>FEDERAL INSURANCE COMPANY </B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 28%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">Endorsement/Rider No.</TD>
    <TD STYLE="width: 13%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">To be attached to and</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">form a part of Bond No.</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">82050480</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">Issued to: &nbsp;&nbsp;&nbsp;&nbsp;EQUUS TOTAL RETURN, INC.</TD>
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 9pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 35.5pt 0.2pt 0 373.15pt"></P>

<P STYLE="font: 9pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 0 1in 0 100pt"><B>COMPLIANCE WITH APPLICABLE TRADE SANCTION
LAWS </B></P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 12.2pt 0 0 27.1pt">It is agreed that this insurance does not
apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this
insurance.</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 87.1pt 13.9pt 0 27.1pt">The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 9.8pt 1in 0 27.1pt">All other terms, conditions and limitations
of this Bond shall remain unchanged.</P>

<P STYLE="font: 9pt/0.05pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial; margin: 0 0 0 306.95pt; color: Red; text-indent: 22pt"><IMG SRC="image_005.gif" ALT=""></P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 30pt 0 333.8pt">Authorized Representative</P>

<!-- Field: Page; Sequence: 22 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 8pt/8.85pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 0"><B>CHUBB </B></P>



<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 9pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 35pt 0 0 371.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>ENDORSEMENT/RIDER</B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">Effective date of</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">this endorsement/rider: March 28, 2012</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 11.5pt 0 0 0.25pt"><B>FEDERAL INSURANCE COMPANY </B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 28%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">Endorsement/Rider No.</TD>
    <TD STYLE="width: 13%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">To be attached to and</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">form a part of Bond No.</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">82050480</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">Issued to: &nbsp;&nbsp;&nbsp;&nbsp;EQUUS TOTAL RETURN, INC.</TD>
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 9pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 35pt 0 0 371.5pt">&nbsp;</P>

<P STYLE="font: 9pt/11.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center">DELETING VALUATION-OTHER
PROPERTY AND AMENDING CHANGE OR MODIFICATION ENDORSEMENT</P>

<P STYLE="font: 9pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 12.2pt 16.05pt 0 26.15pt">In consideration of the premium charged,
it is agreed that this Bond is amended as follows:</P>

<P STYLE="font: 9pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 12.2pt 16.05pt 0 26.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/17.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 39pt; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 9pt">1.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The paragraph titled Other Property
in Section 9, Valuation, is deleted in its entirety.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12.2pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 39pt; text-align: right; vertical-align: top"><FONT STYLE="font-size: 9pt">2.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The third paragraph in Section
16, Change or Modification, is deleted in its entirety and replaced with the following:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt/0pt Arial, Helvetica, Sans-Serif; margin: 4.8pt 17.95pt 0 45pt">&nbsp;</P>

<P STYLE="font: 9pt/11.75pt Arial, Helvetica, Sans-Serif; margin: 4.8pt 17.95pt 0 45pt">If this Bond is for a joint ASSURED, no
change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after
written notice has been furnished to all insured <B>Investment Companies </B>and the Securities and Exchange Commission, Washington,
D.C., by the COMPANY.</P>

<P STYLE="font: 9pt/12.2pt Arial, Helvetica, Sans-Serif; margin: 37.65pt 12.65pt 0 26.6pt">The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.</P>

<P STYLE="font: 9pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 10.05pt 16.5pt 0 26.4pt">All other terms, conditions and limitations
of this Bond shall remain unchanged.</P>

<P STYLE="font: 9pt/0.05pt Arial, Helvetica, Sans-Serif; margin: 35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial; margin: 0 0 0 307.9pt; color: Red"><IMG SRC="image_005.gif" ALT=""></P>

<P STYLE="font: 9pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0 28.25pt 0 333.6pt">Authorized Representative</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><IMG SRC="image_004.jpg" ALT=""></P>

<P STYLE="font: 8pt/8.85pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 0"><B>CHUBB </B></P>



<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 34.8pt 55.4pt 0 270.2pt"><B>FEDERAL INSURANCE COMPANY </B></P>

<P STYLE="font: 12pt/11.75pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0.95pt 0 0 270.25pt">Endorsement No: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</P>

<P STYLE="font: 9pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 11.75pt 1.1pt 0 270.25pt">Bond Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82050480</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 12.2pt 1.1pt 0 27.4pt">NAME OF ASSURED: EQUUS TOTAL RETURN, INC.</P>

<P STYLE="font: 10pt/12.95pt Arial, Helvetica, Sans-Serif; margin-top: 31.9pt; text-align: center; margin-bottom: 0"><B>TEXAS
AMENDATORY ENDORSEMENT </B></P>

<P STYLE="font: 10pt/12.95pt Arial, Helvetica, Sans-Serif; margin-top: 31.9pt; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/11.75pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.55pt; text-indent: 0pt">It is agreed that this Bond is amended by adding an additional
paragraph to Section 13.,Termination, as follows:</P>

<P STYLE="font: 10pt/11.75pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.55pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 9pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 4.55pt; text-align: left; margin-bottom: 0; margin-left: 45pt">&quot;The COMPANY may not terminate or refuse
to renew this Bond solely because the ASSURED is an elected official.&quot;</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 97.65pt 71.7pt 0 28.55pt; text-align: left">This Endorsement applies to loss discovered
after 12:01 a.m. on March 28, 2012.</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.45in 71.7pt 0 28.3pt; text-align: left">ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED.</P>

<P STYLE="font: 12pt/32.6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 27pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:
March 21,
2012&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By &nbsp;<IMG SRC="image_005.gif" ALT=""></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4in">Authorized Representative</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 24 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><IMG SRC="image_005.jpg" ALT=""></P>

<P STYLE="font: 8pt/8.85pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 0"><B>CHUBB </B></P>



<P STYLE="font: 9pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 9pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 36.95pt 0 0 5.4in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 95%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>ENDORSEMENT/RIDER</B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">Effective date of</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">this endorsement/rider: March 28, 2012</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.3pt Arial, Helvetica, Sans-Serif; margin: 11.5pt 0 0 0.25pt"><B>FEDERAL INSURANCE COMPANY </B></P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 28%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">Endorsement/Rider No.</TD>
    <TD STYLE="width: 13%; padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">To be attached to and</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">form a part of Bond No.</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">82050480</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">Issued to: &nbsp;&nbsp;&nbsp;&nbsp;EQUUS TOTAL RETURN, INC.</TD>
    <TD STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -0.05pt; padding-left: 5.4pt; text-autospace: none">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 12pt/12.45pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/12.45pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 142.8pt">AUTOMATIC INCREASE IN LIMITS ENDORSEMENT</P>

<P STYLE="font: 9pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 12.45pt 11pt 0 25.65pt; text-align: justify">In consideration
of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional Offices Or Employees-Consolidation, Merger
Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To Company, is amended by adding the following subsection:</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0.15in 1.9pt 0 24.95pt">Automatic Increase in Limits for Investment
Companies</P>

<P STYLE="font: 9pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 6pt 23pt 0 25.4pt">If an increase in bonding limits is required
pursuant to rule 17g-1 of the Investment Company Act of 1940 (&quot;the Act&quot;), due to:</P>

<P STYLE="font: 9pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 6pt 23pt 0 25.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/17.25pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 39pt; text-align: right">(i)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">the creation of
                                                                               a new <B>Investment Company</B>, other than by
                                                                               consolidation or merger with, or purchase or acquisition of assets or liabilities of, another
institution; or</TD>
</TR></TABLE>

<P STYLE="font: 9pt/11.75pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 49.65pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/17.25pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 39pt; text-align: right">(ii)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">an increase in
                                                                                asset size of current <B>Investment Companies
                                                                                </B>covered under this Bond,</TD>
</TR></TABLE>

<P STYLE="font: 9pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 6pt 23pt 0 25.4pt">then the minimum required increase in limits
shall take place automatically without payment of additional premium for the remainder of the BOND PERIOD.</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 33.35pt 0.45pt 0 0.35in">The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.</P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 13.9pt 1.9pt 0 24.95pt">All other terms, conditions and limitations
of this Bond shall remain unchanged.</P>

<P STYLE="font: 9pt/0.05pt Arial, Helvetica, Sans-Serif; margin: 34.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial; margin: 0 0 0 307.2pt; color: Red"><IMG SRC="image_005.gif" ALT=""></P>

<P STYLE="font: 9pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 5.75pt 72.7pt 0 306.5pt">Authorized Representative</P>

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<P STYLE="font: 7pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 9pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><IMG SRC="image_006.jpg" ALT=""></P>

<P STYLE="font: 8pt/8.85pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 0"><B>CHUBB </B></P>



<P STYLE="font: 7pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 55.65pt 11.95pt 0 209pt"><B><I>Important Notice: </I></B></P>

<P STYLE="font: 10pt/11.5pt Arial, Helvetica, Sans-Serif; margin: 35.25pt 11.95pt 0 27.6pt"><B>The SEC Requires Proof of Your Fidelity
Insurance Policy </B></P>

<P STYLE="font: 10pt/12.2pt Arial, Helvetica, Sans-Serif; margin: 10.3pt 11.7pt 0 27.8pt">Your company is now required to file
an electronic copy of your fidelity insurance coverage (Chubb's ICAP Bond policy) to the Securities and Exchange Commission (SEC),
according to rules adopted by the SEC on June 12, 2006.</P>

<P STYLE="font: 10pt/12.2pt Arial, Helvetica, Sans-Serif; margin: 9.6pt 0 0 27.8pt">Chubb is in the process of providing your agent/broker
with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage
to the SEC. You can expect to receive this information from your agent/broker shortly.</P>

<P STYLE="font: 10pt/12.2pt Arial, Helvetica, Sans-Serif; margin: 9.6pt 5pt 0 28pt">The electronic copy of your policy is provided
by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you
receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic
copy, constitute the entire agreement between your company and Chubb.</P>

<P STYLE="font: 10pt/12.2pt Arial, Helvetica, Sans-Serif; margin: 10.05pt 11.95pt 0 28pt">If you have any questions, please contact
your agent or broker.</P>

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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 7pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><IMG SRC="image_007.jpg" ALT=""></P>

<P STYLE="font: 8pt/8.85pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 0"><B>CHUBB </B></P>



<P STYLE="font: 9pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="color: black"></FONT></P>

<P STYLE="font: 14.5pt/17.75pt Arial, Helvetica, Sans-Serif; margin: 55.2pt 90.9pt 0 107.45pt; text-align: center"><B>POLICYHOLDER
</B></P>

<P STYLE="font: 14.5pt/17.75pt Arial, Helvetica, Sans-Serif; margin: 0 90.9pt 0 107.45pt; text-align: center"><B>DISCLOSURE NOTICE
OF TERRORISM INSURANCE OVERAGE</B></P>

<P STYLE="font: 11pt/14.15pt Arial, Helvetica, Sans-Serif; margin: 0 7.4pt 0 105.55pt"><B>(for policies with no terrorism exclusion
or sublimit) </B></P>

<P STYLE="font: 11pt/19.9pt Arial, Helvetica, Sans-Serif; margin: 9.35pt 0 0 18.45pt; text-align: justify">You are hereby notified
that, under the Terrorism Risk Insurance Act (the &quot;Act&quot;), effective December 26, 2007, this policy makes available to
you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of
the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism;
to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the
United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission;
and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United
States or to influence the policy or affect the conduct of the United States Government by coercion.</P>

<P STYLE="font: 11pt/20.15pt Arial, Helvetica, Sans-Serif; margin: 20.85pt 7.4pt 0 20.1pt">You should know that the insurance provided
by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth
in the Act. Under this formula, the United States pays 85% of covered terrorism losses that exceed the statutorily established
deductible to be paid by the insurance company providing the coverage.</P>

<P STYLE="font: 11pt/20.15pt Arial, Helvetica, Sans-Serif; margin: 0.3in 11.7pt 0 21.3pt">However, if aggregate insured losses
attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31), the
Treasury shall not make any payment for any portion of the amount of such losses that exceeds $100 billion.</P>

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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/19.65pt Arial, Helvetica, Sans-Serif; margin: 0 2.35pt 0 0.95pt">If aggregate insured losses attributable
to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31) and we have met
our insurer deductible under the Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds
$100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures
established by the Secretary of the Treasury.</P>

<P STYLE="font: 12pt/19.65pt Arial, Helvetica, Sans-Serif; margin: 30.95pt 0 0 0.7pt"><FONT STYLE="font-size: 11pt">The portion
of your policy's annual premium that is attributable to insurance for such acts of terrorism is: </FONT>$ <FONT STYLE="font-size: 11pt">-0-.
</FONT></P>

<P STYLE="font: 11pt/12.2pt Arial, Helvetica, Sans-Serif; margin: 26.4pt 2.6pt 0 1.4pt">If you have any questions about this notice,
please contact your agent or broker.</P>

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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_008.jpg" ALT=""></P>

<P STYLE="font: 8pt/8.85pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 0"><B>CHUBB </B></P>



<P STYLE="font: 9pt/0.05pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 13pt/14.15pt Arial, Helvetica, Sans-Serif; margin: 33.1pt 0.2pt 0 149.25pt"><B>Policyholder Information Notice</B></P>

<P STYLE="font: 13pt/14.15pt Arial, Helvetica, Sans-Serif; margin: 33.1pt 0.2pt 0 149.25pt"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 32.8pt 0 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0 32.8pt 0 0; text-align: center">IMPORTANT NOTICE</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/9.6pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0.15pt 0 0; text-align: center"><I>AVISO IMPORTANTE</I></P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 23pt 0 0">To obtain information or make a complaint:</P>
        <P STYLE="font: 10pt/9.6pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0.15pt 0 61.45pt"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 23pt 0 0">Para obtener informacion o  para someter una
        queja:</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">You may call Chubb's toll-free telephone
        number for a complaint at</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Usted puede IIamar al nurnero de telefono
        gratis de Chubbs para informacion  o para someter una queja al</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0; text-align: center"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0; text-align: center"><I>1-800-36-CHUBB</I></P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 0 0; text-align: center"><I>1-800-36-CHUBB</I></P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">You may contact the Texas Department
        of Insurance to obtain the information on companies, coverage, rights or complaints at</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Puede comunicarse con el Departamento de Seguros de Texas
        para obtener informacion ace rca de compariias coberturas, derechos  o quejas al</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: center"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: center"><I>1-800-252-3439</I></P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: center"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: center"><I>1-800-252-3439</I></P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">You may write the Texas Department of Insurance</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/10.05pt Arial, Helvetica, Sans-Serif; margin: 0">Puede escribir al Departamento de Seguros de Texas</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 104.75pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 104.75pt 0 0">P.O. Box 149104</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 104.75pt 0 0">Austin, TX 78714-9104</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 104.75pt 0 0">Fax# (512) 475-1771</P>
        <P STYLE="font: 10pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 0.3in 56.55pt 0 0"><I>PREMIUM OR CLAIM DISPUTES </I></P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 11.5pt 0 0; text-align: justify">Should you have a dispute concerning
        your premium or about a claim you should contact the agent first. If the dispute is not resolved, you may contact the Texas Department
        of Insurance.</P>
        <P STYLE="font: 10pt/9.8pt Arial, Helvetica, Sans-Serif; margin: 23pt 11.4pt 0 0"><I>ATTACH THIS NOTICE TO YOUR POLICY: </I></P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 104.75pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 104.75pt 0 0">P.O. Box 149104</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 104.75pt 0 0">Austin, TX 78714-9104</P>
        <P STYLE="font: 10pt/11pt Arial, Helvetica, Sans-Serif; margin: 0.2pt 104.75pt 0 0">Fax# (512) 475-1771</P>
        <P STYLE="font: 10pt/10.8pt Arial, Helvetica, Sans-Serif; margin: 0 28.65pt 0 0"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt/10.8pt Arial, Helvetica, Sans-Serif; margin: 0 28.65pt 0 0"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt/10.8pt Arial, Helvetica, Sans-Serif; margin: 0 28.65pt 0 0"><I>DISPUTAS SOBRE PRIMAS </I> O <I>RECLAMOS: </I></P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 11.25pt 0 0 0.25pt; text-align: justify">Si tiene una
        disputa         concerniente a su prima o  a un reclamo, debe comunicarse con el agente primero. Si no se resueve la disputa,
        puede entonces comunicarse         con el departamento (TDI).</P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><I>UNA ESTE AVISO A SU POLlZA:</I></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt/11.25pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This notice is for information only
        and does not become a part or condition of the attached document.</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">Este aviso es solo para proposito de informacion y no se convierte
        en parte o   condicion del.documento adjunto.</P></TD></TR>
</TABLE>


<P STYLE="font: 13pt/14.15pt Arial, Helvetica, Sans-Serif; margin: 33.1pt 0.2pt 0 149.25pt"></P>

<P STYLE="font: 12pt/0pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<FILENAME>image_003.jpg
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<FILENAME>image_004.jpg
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<DOCUMENT>
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<FILENAME>image_006.jpg
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<DOCUMENT>
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<FILENAME>image_007.jpg
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<TEXT>
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