# EDGAR Filing Document

**Accession Number:** 0001758583
**File Stem:** 0001580642-25-007959
**Filing Date:** 2025-12
**Character Count:** 104270
**Document Hash:** bf8550298ff48872850ae91386a6e630
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007959.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0001580642-25-007959

**CONFORMED SUBMISSION TYPE**: 40-17G

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arca U.S. Treasury Fund
- **CENTRAL INDEX KEY:** 0001758583

**ORGANIZATION NAME:**
- **EIN:** 832441527
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23392
- **FILM NUMBER:** 251592051

**BUSINESS ADDRESS:**
- **STREET 1:** 4151 REDWOOD AVENUE
- **STREET 2:** SUITE 206
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90066
- **BUSINESS PHONE:** 4242898066

**MAIL ADDRESS:**
- **STREET 1:** 4151 REDWOOD AVENUE
- **STREET 2:** SUITE 206
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90066

**POLICYHOLDER NOTICE**

**Thank you for purchasing insurance from a member company of American International Group, Inc. (AIG). The AIG member companies generally pay compensation to brokers and independent agents, and may have paid compensation in connection with your policy. You can review and obtain information about the nature and range of compensation paid by AIG member companies to brokers and independent agents in the United States by visiting our website at <u>www.aig.com/producercompensation</u> or by calling 1-800-706-3102.**

**91222 (4/13)**

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| |
|:---|
| **INVESTMENT COMPANY BLANKET BOND** |
| **NATIONAL UNION FIRE INSURANCE COMPANY** |
| **OF PITTSBURGH, PA** |
| (A stock Insurance Company, herein Called the Underwriter) |

---

**DECLARATIONS** 

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| | | | |
|:---|:---|:---|:---|
| **Item 1.** | Name of Insured | Arca U.S. Treasury Fund | **BOND NUMBER** |
|  |  |  | 27708312 |
|  | Principal Address: | 4551 Glencoe Ave, Ste 350 |  |
|  |  | Marina Del Rey, CA 90292 |  |
|  |  | (Herein called the Insured) |  |

---

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| | |
|:---|:---|
| **Item 2.** | Bond Period from 12:01 a.m on 12/18/2025 to 12:01 a.m. on 12/18/2026. |
| | The effective date of the termination or cancellation of this bond, standard time at the Principal Address as to each of the said dates. |

---

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| | | | |
|:---|:---|:---|:---|
| **Item 3.** | Limit of Liability – |  |  |
|  | Subject to Section 9, 10, and 12 hereof: |  |  |
|  |  | Limit of Liability | Deductible Amount |
|  | Insuring Agreement A – FIDELITY | $750000 | $0 |
|  | Insuring Agreement B – AUDIT EXPENSE | $750000 | $5000 |
|  | Insuring Agreement C – ON PREMISES | $750000 | $25000 |
|  | Insuring Agreement D – IN TRANSIT | $750000 | $25000 |
|  | Insuring Agreement E – FORGERY OR ALTERATION | $750000 | $25000 |
|  | Insuring Agreement F – SECURITIES | $750000 | $25000 |
|  | Insuring Agreement G – COUNTERFEIT CURRENCY | $750000 | $25000 |
|  | Insuring Agreement H – STOP PAYMENT | $750000 | $25000 |
|  | Insuring Agreement I – UNCOLLECTIBLE ITEMS OF DEPOSIT | $750000 | $25000 |
| OPTIONAL COVERAGES ADDED BY RIDER: | OPTIONAL COVERAGES ADDED BY RIDER: |  |  |
|  | Insuring Agreement J – COMPUTER SYSTEMS |  |  |
|  | Insuring Agreement K - UNAUTHORIZED SIGNATURES | $250000 | $10000 |
|  | Insuring Agreement L – AUTOMATED PHONE SYSTEMS |  |  |
|  | Insuring Agreement M – TELEFACSIMILE |  |  |

---

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| | |
|:---|:---|
|  | If "Not Covered" is inserted above opposite any specified Insuring Agreement or Coverage, such Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be deleted there from. |
| **Item 4.** | Office or Premises Covered – Offices acquired or established subsequent to the effective date of this bond are covered according to the terms of General Agreement A. All other Insured's offices or premises in existence at the time this bond becomes effective are covered under this bond except the offices or premises located as follows: |
|  | **No Exceptions** |
| **Item 5.** | The Liability of the Underwriter is subject to the terms of the following riders attached hereto: |
|  | 103012 (10/09), 89644 (7/05), 103004 (10/09), |
|  | 140342 (03/21), 113022 (10/12), 115903 (10/13)<br>91222 (12/09), SR5538, 41206 (9/84), 141636 (5/21) |
| **Item 6.** | The Insured by the acceptance of this bond gives notice to the Underwriter terminating or cancelling prior bond(s) or policy(ies) No.(s) N/A such termination or cancellation to be effective as of the time this bond becomes effective. |
| **Item 7.** | Premium Amount: $3,768.00 |
|  | FHFC – Florida Hurricane Fund: <br> Total Premium: $3,768.00 |

---

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| | | |
|:---|:---|:---|
| Issue Date: 12/16/2025 | By: | &nbsp;&nbsp;&nbsp;![(SIGNATURE)](ar001_v1.jpg) |
|  |  | Authorized Representative |

---

**NATIONAL UNION FIRE INSURANCE COMPANY**

**OF PITTSBURGH, PA**

**RIDER No. 1**

To be attached to and form part of Bond No 27708312.

in favor of Arca U.S. Treasury Fund.

effective as of 12/18/2025.

In consideration of the premium charged for the attached bond, it is hereby agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From and after the time this rider becomes effective the Insured under the attached bond are:

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arca U.S. Treasury Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arca Investment Management, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arca Capital Management, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arca Labs, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Praesidium Partners, Inc |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Praesidium Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DASN, LLC |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The first named Insured shall act for itself and for each and all of the Insured for all the purposes of the attached bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Knowledge possessed or discovery made by the Corporate Risk Management Department, Internal Audit Department, or General Counsel Department, of any Insured or by any partner or officer thereof shall for all the purposes of the attached bond constitute knowledge or discovery by all the Insured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If, prior to the termination of the attached bond in its entirety, the attached bond is terminated as to any Insured, there shall be no liability for any loss sustained by such Insured unless discovered before the time such termination as to such Insured becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The liability of the Underwriter for loss or losses sustained by any or all of the Insured shall not exceed the amount for which the Underwriter would be liable had all such loss or losses been sustained by any one of the Insured. Payment by the Underwriter to the first named Insured of loss sustained by any Insured shall fully release the Underwriter on account of such loss.

SR 5538

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If the first named Insured ceases for any reason to be covered under the attached bond, then the Insured next named shall thereafter be considered as the first named Insured for all the purposes of the attached bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The attached bond shall be subject to all its agreements, limitations and conditions except as herein expressly modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This rider shall become effective as 12:01 a.m. on 12/18/2025.

Signed, Sealed and dated

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| | |
|:---|:---|
| By: | ![(SIGNATURE)](ar001_v1.jpg) |
|  | Authorized Representative |

---

SR 5538

This endorsement, effective at 12:01 a.m. 12/18/2025 forms a part of

Policy Number: 27708312

Issued to: Arca U.S. Treasury Fund

By: National Union Fire Ins Co of Pgh, PA

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY<br> COVERAGE TERRITORY ENDORSEMENT**

Payment of loss under this policy shall only be made in full compliance with all United States of America economic or trade sanctions laws of regulations, including, but not limited to, sanctions, laws and regulations administered and enforced by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC)

**ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.**

**© American International Group, Inc. All rights reserved.**

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| | |
|:---|:---|
| By: | ![(SIGNATURE)](ar001_v1.jpg) |
|  | Authorized Representative |

---

89644 (7/05)

**NATIONAL UNION FIRE INSURANCE COMPANY**

**OF PITTSBURGH, PA**

**INSURING AGREEMENT K**

To be attached to and form a part of Investment Company Blanket Bond No. 27708312.

in favor of Arca U.S. Treasury Fund.

It is agreed that:

(1) The
 attached bond is amended by adding an additional Insuring Agreement as follows:

**UNAUTHORIZED SIGNATURES**

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| | |
|:---|:---|
|  | Loss resulting directly from the insured having accepted, paid or cashed any check or withdrawal order, draft, made or drawn on a customer's account which bears the signature or endorsement of one other than a person whose name and signature is on the application on file with the Insured as a signatory on such account. |
| (2) | It shall be a condition precedent to the Insured's right of recovery under this rider that the Insured shall have on file signatures of all persons who are authorized signatories on such account. |
| (3) | The Single Loss Limit of Liability for the coverage provided by this rider shall be $250,000, it being understood, however, that such liability shall be part of, and not in addition to, the Aggregate Limit of Liability stated in item 3. of the Declarations of the attached bond. |
| (4) | The Underwriter shall not be liable under the Unauthorized Signatures Rider for any loss on account of any instrument unless the amount of such instrument shall be excess of $10,000, (herein called Deductible Amount), and unless such loss on account of such instrument, after deducting all recoveries on account of such instrument made prior to the payment of such loss by the Underwriter, shall be in excess of such Deductible Amount and then for such excess only, but in no event more than the amount of the attached bond, or the amount of coverage under the Unauthorized Signatures Rider, if the amount of such coverage is less than the amount of the attached bond. |
| (5) | Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, limitations, conditions, or provisions of the attached bond other than as above stated. |
| (6) | The rider is effective as of 12:01 a.m. standard time on 12/18/2025 as specified in the bond. |

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| | |
|:---|:---|
| By: | ![(SIGNATURE)](ar001_v1.jpg) |
|  | Authorized Representative |

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103004 (10/09)

**NATIONAL UNION FIRE INSURANCE COMPANY**

**OF PITTSBURGH, PA**

**AMENDMENT TO TERMINATION**

To be attached to and form part of Investment Company Blanket Bond No. 27708312. in favor of Arca U.S. Treasury Fund.

It is agreed that:

1. The
 attached bond is hereby amended by deleting Section 13. TERMINATION in its entirety and replacing it with the following:

SECTION 13. TERMINATION

The Underwriter may terminate this bond as an entirety by furnishing written notice specifying the termination date which cannot be prior to 90 days after the receipt of such written notice by each Investment Company named as Insured and the Securities and Exchange Commission, Washington, D.C. The Insured may terminate this bond as an entirety by furnishing written notice to the Underwriter. When the Insured cancels, the Insured shall furnish written notice to the Securities and Exchange Commission, Washington, D.C. prior to 90 days before the effective date of the termination. The Underwriter shall notify all other Investment Companies named as Insured of the receipt of such termination notice and the termination cannot be effective prior to 90 days after receipt of written notice by all other Investment Companies. Premiums are earned until the termination date as set forth herein.

This Bond will terminate as to any one Insured (other than a registered management investment company) immediately upon taking over of such Insured by a receiver or other liquidator or by State or Federal officials, or immediately upon the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for he benefit of creditors of the Insured, or immediately upon such Insured ceasing to exist, whether through merger into another entity, or by disposition of all of its assets.

This Bond will terminate as to any registered management investment company upon the expiration of 90 days after written notice has been given to the Securities and Exchange Commission, Washington, D.C.

The Underwriter shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the Insured or pro rata terminated for any other reason.

This bond shall terminate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. as
 to any Employee as soon as any partner, officer or supervisory Employee of the Insured, who is not in collusion with such Employee,
 shall learn of any dishonest or fraudulent act(s), including Larceny or Embezzlement on the part of such Employee without prejudice
 to the loss of any Property then in transit in the custody of such Employee and upon the expiration of ninety (90) days after written
 notice has been given to the Securities and Exchange Commission, Washington, D.C. (See Section 16(d)) and to the Insured Investment
 Company, or

103012 (10/09)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. as
 to any Employee 90 days after receipt by each Insured and by the Securities and Exchange Commission of a written notice from the
 Underwriter of its desire to terminate this bond as to such Employee, or

c. as
 to any person, who is a partner, officer or employee of any Electronic Data Processor covered under this bond, from and after the
 time that the Insured or any partner or officer thereof not in collusion with such person shall have knowledge or information that
 such person has committed any dishonest or fraudulent act(s), including Larceny or Embezzlement in the service of the Insured or
 otherwise, whether such act be committed before or after the time this bond is effective and upon the expiration of ninety (90) days
 after written notice has been given by the Underwriter to the Securities and Exchange Commission, Washington DC and to the insured
 Investment Company.

2. Nothing
 herein contained shall be held to vary, alter, waive, or extend any of the terms, limitations, conditions, or provisions of the attached
 bond other than as above stated.

3. This
 rider is effective as of 12:01 a.m. on 12/18/2025.

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| | |
|:---|:---|
| By: | ![(SIGNATURE)](ar001_v1.jpg) |
|  | Authorized Representative |

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103012 (10/09)

**INVESTMENT COMPANY BLANKET BOND**

The Underwriter, in consideration of an agreed premium, and subject to the Declarations made a part hereof, the General Agreements, Conditions and Limitations and other terms of this bond, agrees with the Insured, in accordance with the Insuring Agreements hereof to which an amount of insurance is applicable as set forth in Item 3 of the Declarations and with respect to loss sustained by the Insured at any time but discovered during the Bond Period, to indemnify and hold harmless the Insured for:

**INSURING AGREEMENTS**

(A) FIDELITY

Loss resulting from any dishonest or fraudulent act(s), including Larceny or Embezzlement committed by an Employee, committed anywhere and whether committed alone or in collusion with others, including loss of Property resulting from such acts of an Employee, which Property is held by the Insured for any purpose or in any capacity and whether so held gratuitously or not and whether or not the Insured is liable therefor.

Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest or fraudulent act(s) committed by such Employee with the manifest intent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
cause the Insured to sustain such loss; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
obtain financial benefit for the Employee, or for any other person or organization intended by the Employee to receive such benefit,
other than salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in the
normal course of employment.

(B) AUDIT
EXPENSE

Expense incurred by the Insured for that part of the costs of audits or examinations required by any governmental regulatory authority to be conducted either by such authority or by an independent accountant by reason of the discovery of loss sustained by the Insured through any dishonest or fraudulent act(s), including Larceny or Embezzlement of any of the Employees. The total liability of the Underwriter for such expense by reason of such acts of any Employee or in which such Employee is

concerned or implicated or with respect to any one audit or examination is limited to the amount stated opposite Audit Expense in Item 3 of the Declarations; it being understood, however, that such expense shall be deemed to be a loss sustained by the Insured through any dishonest or fraudulent act(s), including Larceny or Embezzlement of one or more of the Employees and the liability under this paragraph shall be in addition to the Limit of liability stated in Insuring Agreement (A) in Item 3 of the Declarations.

(C) ON
PREMISES

Loss of Property (occurring with or without negligence or violence) through robbery, burglary, Larceny, theft, holdup, or other fraudulent means, misplacement, mysterious unexplainable disappearance, damage thereto or destruction thereof, abstraction or removal from the possession, custody or control of the Insured, and loss of subscription, conversion, redemption or deposit privileges through the misplacement or loss of Property, while the Property is (or is supposed or believed by the Insured to be) lodged or deposited within any offices or premises located anywhere, except in an office listed in Item 4 of the Declarations or amendment thereof or in the mail or with a carrier for hire other than an armored motor vehicle company, for the purpose of transportation.

Offices and Equipment

&nbsp;&nbsp;&nbsp;&nbsp;(1) Loss
 of or damage to, furnishings, fixtures, stationery, supplies or equipment, within any of
 the Insured's offices covered under this bond caused by Larceny or theft in, or by
 burglary, robbery or holdup of such office, or attempt thereat, or by vandalism or malicious
 mischief; or

41206 (9/84)

&nbsp;&nbsp;&nbsp;&nbsp;(2) loss
 through damage to any such office by Larceny or theft in, or by burglary, robbery or holdup
 of such office or attempt thereat, or to the interior of any such office by vandalism or
 malicious mischief provided, in any event, that the Insured is the owner of such offices,
 furnishings, fixtures, stationery, supplies or equipment or is legally liable for such loss
 or damage, always excepting, however, all loss or damage through fire.

(D) IN
TRANSIT

Loss of Property (occurring with or without negligence or violence) through robbery, Larceny, theft, holdup, misplacement, mysterious unexplainable disappearance, being lost or otherwise made away with, damage thereto or destruction thereof, and loss of subscription, conversion, redemption or deposit privileges through the misplacement or loss of Property, while the Property is in transit anywhere in the custody of any person or persons acting as messenger, except while in the mail or with a carrier for hire, other than an armored motor vehicle company, for the purpose of transportation, such transit to begin immediately upon receipt of such Property by the transporting person or persons, and to end immediately upon delivery thereof at destination.

(E) FORGERY
OR ALTERATION

Loss through FORGERY or ALTERATION of, on or in any bills of exchange, checks, drafts, acceptances, certificates of deposit, promissory notes, or other written promises, orders or directions to pay sums certain in money, due bills, money orders, warrants, orders upon public treasuries, letters of credit, written instructions, advices or applications directed to the Insured, authorizing or acknowledging the transfer, payment, delivery or receipt of funds or Property, which instructions or advices or applications purport to have been signed or endorsed by any customer of the Insured, shareholder or subscriber to shares, whether certificated or uncertificated, of any Investment Company or by any financial or banking institution or stockbroker but which instructions, advices or applications either bear the forged signature or endorsement or have been altered without the knowledge and consent of such customer,

shareholder or subscriber to shares, whether certificated or uncertificated, of an Investment Company, financial or banking institution or stockbroker, withdrawal orders or receipts for the withdrawal of funds or Property, or receipts or certificates of deposit for Property and bearing the name of the Insured as issuer, or of another Investment Company for which the Insured acts as agent, excluding, however, any loss covered under Insuring Agreement (F) hereof whether or not coverage for Insuring Agreement (F) is provided for in the Declarations of this bond.

Any check or draft (a) made payable to a fictitious payee and endorsed in the name of such fictitious payee or (b) procured in a transaction with the maker or drawer thereof or with one acting as an agent of such maker or drawer or anyone impersonating another and made or drawn payable to the one so impersonated and endorsed by anyone other than the one impersonated, shall be deemed to be forged as to such endorsement.

Mechanically reproduced facsimile signatures are treated the same as handwritten signatures.

(F) SECURITIES

Loss sustained by the Insured, including loss sustained by reason of a violation of the constitution, by-laws, rules or regulations of any Self Regulatory Organization of which the Insured is a member or which would have been imposed upon the Insured by the constitution, by-laws, rules or regulations of any Self Regulatory Organization if the Insured had been a member thereof,

&nbsp;&nbsp;&nbsp;&nbsp;(1) through
the Insured's having, in good faith and in the course of business, whether for its own account or for the account of others, in
any representative, fiduciary, agency or any other capacity, either gratuitously or otherwise, purchased or otherwise acquired, accepted
or received, or sold or delivered, or given any value, extended any credit or assumed any liability, on the faith of, or otherwise acted
upon, any securities, documents or other written instruments which prove to have been

41206 (9/84)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) counterfeited,
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) forged
as to the signature of any maker, drawer, issuer, endorser, assignor, lessee, transfer agent or registrar, acceptor, surety or guarantor
or as to the signature of any person signing in any other capacity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) raised
or otherwise altered, or lost, or stolen, or

&nbsp;&nbsp;&nbsp;&nbsp;(2) through
the Insured's having, in good faith and in the course of business, guaranteed in writing or witnessed any signatures whether for
valuable consideration or not and whether or not such guaranteeing or witnessing is ultra vires the Insured, upon any transfers, assignments,
bills of sale, powers of attorney, guarantees, endorsements or other obligations upon or in connection with any securities, documents
or other written instruments and which pass or purport to pass title to such securities, documents or other written instruments; EXCLUDING,
losses caused by FORGERY or ALTERATION of, on or in those instruments covered under Insuring Agreement (E) hereof.

Securities, documents or other written instruments shall be deemed to mean original (including original counterparts) negotiable or non-negotiable agreements which in and of themselves represent an equitable interest, ownership, or debt, including an assignment thereof which instruments are in the ordinary course of business, transferable by delivery of such agreements with any necessary endorsement or assignment.

The word "counterfeited" as used in this Insuring Agreement shall be deemed to mean any security, document or other written instrument which is intended to deceive and to be taken for an original.

Mechanically produced facsimile signatures are treated the same as handwritten signatures.

(G) COUNTERFEIT
CURRENCY

Loss through the receipt by the Insured, in good faith, of any counterfeited money orders or altered paper currencies or coin of the United States of America or Canada issued or purporting to have been issued by the United States of America or Canada or issued pursuant to a United States of America or Canadian statute for use as currency.

(H) STOP
PAYMENT

Loss against any and all sums which the Insured shall become obligated to pay by reason of the Liability imposed upon the Insured by law for damages:

For having either complied with or failed to comply with any written notice of any customer, shareholder or subscriber of the Insured or any Authorized Representative of such customer, shareholder or subscriber to stop payment of any check or draft made or drawn by such customer, shareholder or subscriber or any Authorized Representative of such customer, shareholder or subscriber, or

For having refused to pay any check or draft made or drawn by any customer, shareholder or subscriber of the Insured or any Authorized Representative of such customer, shareholder or subscriber.

(I) UNCOLLECTIBLE
ITEMS OF DEPOSIT

Loss resulting from payments of dividends or fund shares, or withdrawals permitted from any customer's, shareholder's or subscriber's account based upon Uncollectible Items of Deposit of a customer, shareholder or subscriber credited by the Insured or the Insured's agent to such customer's, shareholder's or subscriber's Mutual Fund Account; or

loss resulting from any Item of Deposit processed through an Automated Clearing House which is reversed by the customer, shareholder or subscriber and deemed uncollectible by the Insured.

41206 (9/84)

Loss includes dividends and interest accrued not to exceed 15% of the Uncollectible Items which are deposited.

This Insuring Agreement applies to all Mutual Funds with "exchange privileges" if all Fund(s) in the exchange program are insured by a National Union

Fire Insurance Company of Pittsburgh, PA for Uncollectible Items of Deposit. Regardless of the number of transactions between Fund(s), the minimum number of days of deposit within the Fund(s) before withdrawal as declared in the Fund(s) prospectus shall begin from the date a deposit was first credited to any Insured Fund(s).

**GENERAL AGREEMENTS**

A. ADDITIONAL
OFFICES OR EMPLOYEES-CONSOLIDATION OR MERGER-NOTICE

&nbsp;&nbsp;&nbsp;&nbsp;1. If
the Insured shall, while this bond is in force, establish any additional office or offices, such office or offices shall be automatically
covered hereunder from the dates of their establishment, respectively. No notice to the Underwriter of an increase during any premium
period in the number of offices or in the number of Employees at any of the offices covered hereunder need be given and no additional
premium need be paid for the remainder of such premium period.

&nbsp;&nbsp;&nbsp;&nbsp;2. If
an Investment Company, named as Insured herein, shall, while this bond is in force, merge or consolidate with, or purchase the assets
of another institution, coverage for such acquisition shall apply automatically from the date of acquisition. The Insured shall notify
the Underwriter of such acquisition within 60 days of said date, and an additional premium shall be computed only if such acquisition
involves additional offices or employees.

B. WARRANTY

No statement made by or on behalf of the Insured, whether contained in the application or otherwise, shall be deemed to be a warranty of anything except that it is true to the best of the knowledge and belief of the person making the statement.

C. COURT
COSTS AND ATTORNEYS' FEES (Applicable to all Insuring Agreements or Coverages now or hereafter forming part of this bond)

The Underwriter will indemnify the Insured against court costs and reasonable attorneys' fees incurred and paid by the Insured in defense, whether or not successful, whether or not fully litigated on the merits and whether or not settled of any suit or legal proceeding brought against the Insured to enforce the Insured's liability or alleged liability on account of any loss, claim or damage which, if established against the Insured, would constitute a loss sustained by the Insured covered under the terms of this bond provided, however, that with respect to Insuring Agreement (A) this indemnity shall apply only in the event that

&nbsp;&nbsp;&nbsp;&nbsp;(1) an
Employee admits to being guilty of any dishonest or fraudulent act(s), including Larceny or Embezzlement; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) an
Employee is adjudicated to be guilty of any dishonest or fraudulent act(s), including Larceny or Embezzlement;

&nbsp;&nbsp;&nbsp;&nbsp;(3) in
the absence of (1) or (2) above an arbitration panel agrees, after a review of an agreed statement of facts, that an Employee would be
found guilty of dishonesty if such Employee were prosecuted.

The Insured shall promptly give notice to the Underwriter of any such suit or legal proceeding and at the request of the Underwriter shall furnish it with copies of all pleadings and other papers therein. At the Underwriter's election the Insured shall permit the Underwriter to conduct the defense of such suit or legal proceeding, in the Insured's name, through attorneys of the Underwriter's selection. In such event, the Insured shall give all reasonable information and assistance which the Underwriter shall deem necessary to the proper defense of such suit or legal proceeding.

If the amount of the Insured's liability or alleged

41206 (9/84)

liability is greater than the amount recoverable under this bond, or if a Deductible Amount is applicable, or both, the liability of the Underwriter under this General Agreement is limited to the proportion of court costs and attorneys' fees incurred and paid by the Insured or by the Underwriter that the amount recoverable under this bond bears to the total of such amount plus the amount which is not so recoverable. Such indemnity shall be in addition to the Limit of Liability for the applicable Insuring Agreement or Coverage.

D. FORMER
EMPLOYEE

Acts of an Employee, as defined in this bond, are covered under Insuring Agreement (A) only while the Employee is in the Insured's employ. Should loss involving a former Employee of the Insured be discovered subsequent to the termination of employment, coverage would still apply under Insuring Agreement (A) if the direct proximate cause of the loss occurred while the former Employee performed duties within the scope of his/her employment.

**THE FOREGOING INSURING AGREEMENTS AND<br> GENERAL AGREEMENTS ARE SUBJECT TO<br> THE FOLLOWING CONDITIONS<br> AND LIMITATIONS:**

SECTION 1. DEFINITIONS

The following terms, as used in this bond, shall have the respective meanings stated in this Section:

&nbsp;&nbsp;&nbsp;&nbsp;(a) "Employee"
means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any
of the Insured's officers, partners, or employees, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
of the officers or employees of any predecessor of the Insured whose principal assets are acquired by the Insured by consolidation
or merger with, or purchase of assets or capital stock of such predecessor, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) attorneys
retained by the Insured to perform legal services for the Insured and the employees of such attorneys while such attorneys or the employees
of such attorneys are performing such services for the Insured, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) guest
students pursuing their studies or duties in any of the Insured's offices, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) directors
or trustees of the Insured, the investment advisor, underwriter (distributor), transfer agent, or shareholder accounting record keeper,
or administrator authorized by written agreement to keep financial and/or other required records, but only while

performing acts coming within the scope of the usual duties of an officer or employee or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the Property of the Insured, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any
individual or individuals assigned to perform the usual duties of an employee within the premises of the Insured, by contract, or by
any agency furnishing temporary personnel on a contingent or part-time basis, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) each
natural person, partnership or corporation authorized by written agreement with the Insured to perform services as electronic data processor
of checks or other accounting records of the Insured, but excluding any such processor who acts as transfer agent or in any other agency
capacity in issuing checks, drafts or securities for the Insured, unless included under Sub-section (9) hereof, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) those
persons so designated in Section 15, Central Handling of Securities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) any
officer, partner or Employee of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) an
investment advisor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) an
underwriter (distributor),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a
transfer agent or shareholder accounting record-keeper, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) an
administrator authorized by written agreement to keep financial and/or other required records,

for an Investment Company named as Insured while performing acts coming within the scope of the usual duties of an officer or Employee of any Investment Company named as Insured herein, or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the Property of any such Investment Company, provided that only Employees or partners of a transfer agent, shareholder accounting record-keeper or administrator which is an affiliated person as defined in the Investment Company Act of 1940, of an Investment Company named as Insured or is an affiliated person of the adviser, underwriter or administrator of such Investment Company, and which is not a bank, shall be included within the definition of Employee.

Each employer of temporary personnel or processors as set forth in Sub-Sections (6) and of Section 1(a) and their partners, officers and employees shall collectively be deemed to be one person for all the purposes of this bond, excepting, however, the last paragraph of Section 13.

Brokers, or other agents under contract or representatives of the same general character shall not be considered Employees.

(b) "Property"
means money (i.e., currency, coin, bank notes, Federal Reserve notes), postage and revenue stamps, U.S. Savings Stamps, bullion, precious
metals of all kinds and in any form and articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semi-precious
stones, bonds, securities, evidences of

debts, debentures, scrip, certificates, interim receipts, warrants, rights, puts, calls, straddles, spreads, transfers, coupons, drafts, bills of exchange, acceptances, notes, checks, withdrawal orders, money orders, warehouse receipts, bills of lading, conditional sales contracts, abstracts of title, insurance policies, deeds, mortgages under real estate and/or chattels and upon interests therein, and assignments of such policies, mortgages and instruments, and other valuable papers, including books of account and other records used by the Insured in the conduct of its business, and all other instruments similar to or in the nature of the foregoing including Electronic Representations of such instruments enumerated above (but excluding all data processing records) in which the Insured has an interest or in which the Insured acquired or should have acquired an interest by reason of a predecessor's declared financial condition at the time of the Insured's consolidation or merger with, or purchase of the principal assets of, such predecessor or which are held by the Insured for any purpose or in any capacity and whether so held by the Insured for any purpose or in any capacity and whether so held gratuitously or not and whether or not the Insured is liable therefor.

&nbsp;&nbsp;&nbsp;&nbsp;(c) "Forgery"
means the signing of the name of another with intent to deceive; it does not include the signing of one's own name with or without
authority, in any capacity, for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;(d) "Larceny
and Embezzlement" as it applies to any named Insured means those acts as set forth in Section 37 of the Investment Company Act
of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;(e) "Items
of Deposit" means any one or more checks and drafts. Items of Deposit shall not be deemed uncollectible until the Insured's
collection procedures have failed.

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SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

&nbsp;&nbsp;&nbsp;&nbsp;(a) loss
effected directly or indirectly by means of forgery or alteration of, on or in any instrument, except when covered by Insuring Agreement
(A), (E), (F) or (G).

&nbsp;&nbsp;&nbsp;&nbsp;(b) loss
due to riot or civil commotion outside the United States of America and Canada; or loss due to military, naval or usurped power, war
or insurrection unless such loss occurs in transit in the circumstances recited in Insuring Agreement (D), and unless, when such transit
was initiated, there was no knowledge of such riot, civil commotion, military, naval or usurped power, war or insurrection on the part
of any person acting for the Insured in initiating such transit.

&nbsp;&nbsp;&nbsp;&nbsp;(c) loss,
in time of peace or war, directly or indirectly caused by or resulting from the effects of nuclear fission or fusion or radioactivity;
provided, however, that this paragraph shall not apply to loss resulting from industrial uses of nuclear energy.

&nbsp;&nbsp;&nbsp;&nbsp;(d) loss
resulting from any wrongful act or acts of any person who is a member of the Board of Directors of the Insured or a member of any equivalent
body by whatsoever name known unless such person is also an Employee or an elected official, partial owner or partner of the Insured
in some other capacity, nor, in any event, loss resulting from the act or acts of any person while acting in the capacity of a member
of such Board or equivalent body.

&nbsp;&nbsp;&nbsp;&nbsp;(e) loss
resulting from the complete or partial non-payment of, or default upon, any loan or transaction in the nature of, or amounting to, a
loan made by or obtained from the Insured or any of its partners, directors or Employees, whether authorized or unauthorized and whether
procured in good faith or through trick, artifice, fraud or false pretenses, unless such loss is covered under Insuring Agreement (A),
(E) or (F).

&nbsp;&nbsp;&nbsp;&nbsp;(f) loss
resulting from any violation by the Insured or by any Employee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) of
law regulating (a) the issuance, purchase or sale of securities, (b)

securities transactions upon Security Exchanges or over the counter market, (c) Investment Companies, or (d) Investment Advisors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of
any rule or regulation made pursuant to any such law, unless such loss, in the absence of such laws, rules or regulations, would be covered
under Insuring Agreements (A) or (E).

&nbsp;&nbsp;&nbsp;&nbsp;(g) loss
of Property or loss of privileges through the misplacement or loss of Property as set forth in Insuring Agreement (C) or (D) while the
Property is in the custody of any armored motor vehicle company, unless such loss shall be in excess of the amount recovered or received
by the Insured under (a) the Insured's contract with said armored motor vehicle company, (b) insurance carried by said armored
motor vehicle company for the benefit of users of its service, and (c) all other insurance and indemnity in force in whatsoever form
carried by or for the benefit of users of said armored motor vehicle company's service, and then this bond shall cover only such
excess.

&nbsp;&nbsp;&nbsp;&nbsp;(h) potential
income, including but not limited to interest and dividends, not realized by the Insured because of a loss covered under this bond, except
as included under Insuring Agreement (I).

&nbsp;&nbsp;&nbsp;&nbsp;(i) all
damages of any type for which the Insured is legally liable, except direct compensatory damages arising from a loss covered under this
bond.

&nbsp;&nbsp;&nbsp;&nbsp;(j) loss
through the surrender of Property away from an office of the Insured as a result of a threat

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to
do bodily harm to any person, except loss of Property in transit in the custody of any person acting as messenger provided that when
such transit was initiated there was no knowledge by the Insured of any such threat, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to
do damage to the premises or Property of the Insured, except when covered under Insuring Agreement (A).

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&nbsp;&nbsp;&nbsp;&nbsp;(k) all
costs, fees and other expenses incurred by the Insured in establishing the existence of or amount of loss covered under this bond unless
such indemnity is provided for under Insuring Agreement (B).

&nbsp;&nbsp;&nbsp;&nbsp;(l) loss
resulting from payments made or withdrawals from the account of a customer of the Insured, shareholder or subscriber to shares involving
funds erroneously credited to such account, unless such payments are made to or withdrawn by such depositor or representative of such
person, who is within the premises of the drawee bank of the Insured or within the office of the Insured at the time of such payment
or withdrawal or unless such payment is covered under Insuring Agreement (A).

&nbsp;&nbsp;&nbsp;&nbsp;(m) any
loss resulting from Uncollectible Items of Deposit which are drawn from a financial institution outside the fifty states of the United
States of America, District of Columbia, and territories and possessions of the United States of America, and Canada.

SECTION 3. ASSIGNMENT OF RIGHTS

This bond does not afford coverage in favor of any Employers of temporary personnel or of processors as set forth in sub-sections (6) and (7) of Section 1(a) of this bond, as aforesaid, and upon payment to the Insured by the Underwriter on account of any loss through dishonest or fraudulent act(s) including Larceny or Embezzlement 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 Insured'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 Insured to the Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the rights herein provided for.

SECTION 4. LOSS - NOTICE - PROOF - LEGAL PROCEEDINGS

This bond is for the use and benefit only of the Insured named in the Declarations and the Underwriter shall not be liable hereunder for loss sustained by anyone other than the Insured unless the Insured, in its sole discretion and at its option, shall include such loss in the Insured's proof of loss. At the earliest practicable moment after discovery of any loss hereunder the Insured shall give the Underwriter written notice thereof and shall also within six months after such discovery furnish to the Underwriter affirmative proof of loss with full particulars. If claim is made under this bond for loss of securities or shares, the Underwriter shall not be liable unless each of such securities or shares is identified in such proof of loss by a certificate or bond number or, where such securities or shares are uncertificated, by such identification means as agreed to by the Underwriter. The Underwriter shall have thirty days after notice and proof of loss within which to investigate the claim, but where the loss is clear and undisputed, settlement shall be made within forty-eight hours; and this shall apply notwithstanding the loss is made up wholly or in part of securities of which duplicates may be obtained. Legal proceedings for recovery of any loss hereunder shall not be brought prior to the expiration of sixty days after such proof of loss is filed with the Underwriter nor after the expiration of twenty-four months from the discovery of such loss, except that any action or proceeding to recover hereunder on account of any judgment against the Insured in any suit mentioned in General Agreement C or to recover attorneys' fees paid in any such suit, shall be begun within twenty-four months from the date upon which the judgment in such suit shall become final. If any limitation embodied in this bond is prohibited by any law controlling the construction hereof, such limitation shall be deemed to be amended so as to be equal to the minimum period of limitation permitted by such law.

Discovery occurs when the Insured

&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes
aware of facts, or

&nbsp;&nbsp;&nbsp;&nbsp;(b) receives
written notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstance

which would cause a reasonable person to assume that a loss covered by the bond has been or will be

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incurred even though the exact amount or details of loss may not be then known.

SECTION 5. VALUATION OF PROPERTY

The value of any Property, except books of accounts or other records used by the Insured in the conduct of its business, for the loss of which a claim shall be made hereunder, shall be determined by the average market value of such Property on the business day next preceding the discovery of such loss; provided, however, that the value of any Property replaced by the Insured prior to the payment of claim therefor shall be the actual market value at the time of replacement; and further provided that in case of a loss or misplacement of interim certificates, warrants, rights, or other securities, the production which is necessary to the exercise of subscription, conversion, redemption or deposit privileges, the value thereof shall be the market value of such privileges immediately preceding the expiration thereof if said loss or misplacement is not discovered until after their expiration. If no market price is quoted for such Property or for such privileges, the value shall be fixed by agreement between the parties or by arbitration.

In case of any loss or damage to Property consisting of books of accounts or other records used by the Insured in the conduct of its business, the Underwriter shall be liable under this bond only if such books or records are actually reproduced and then for not more than the cost of blank books, blank pages or other materials plus the cost of labor for the actual transcription or copying of data which shall have been furnished by the Insured in order to reproduce such books and other records.

SECTION 6. VALUATION OF PREMISES AND FURNISHINGS

In case of damage to any office of the Insured, or loss of or damage to the furnishings, fixtures, stationery, supplies, equipment, safes or vaults therein, the Underwriter shall not be liable for more than the actual cash value thereof, or for more than the actual cost of their replacement or repair. The Underwriter may, at its election, pay such actual cash value or make such replacement or repair. If the Underwriter

and the Insured cannot agree upon such cash value or such cost of replacement or repair, such shall be determined by arbitration.

SECTION 7. LOST SECURITIES

If the Insured shall sustain a loss of securities the total value of which is in excess of the limit stated in Item 3 of the Declarations of this bond, the liability of the Underwriter shall be limited to payment for, or duplication of, securities having value equal to the limit stated in Item 3 of the Declarations of this bond.

If the Underwriter shall make payment to the Insured for any loss of securities, the Insured shall thereupon assign to the Underwriter all of the Insured's rights, title and interests in and to said securities.

With respect to securities the value of which do not exceed the Deductible Amount (at the time of the discovery of the loss) and for which the Underwriter may at its sole discretion and option and at the request of the Insured issue a Lost Instrument Bond or Bonds to effect replacement thereof, the Insured will pay the usual premium charged therefor and will indemnify the Underwriter against all loss or expense that the Underwriter may sustain because of the issuance of such Lost Instrument Bond or Bonds.

With respect to securities the value of which exceeds the Deductible Amount (at the time of discovery of the loss) and for which the Underwriter may issue or arrange for the issuance of a Lost Instrument Bond or Bonds to effect replacement thereof, the Insured agrees that it will pay as premium therefor a proportion of the usual premium charged therefor, said proportion being equal to the percentage that the Deductible Amount bears to the value of the securities upon discovery of the loss, and that it will indemnify the issuer of said Lost Instrument Bond or Bonds against all loss and expense that is not recoverable from the Underwriter under the terms and conditions of this INVESTMENT COMPANY BLANKET BOND subject to the Limit of Liability hereunder.

SECTION 8. SALVAGE

In case of recovery, whether made by the Insured or by the Underwriter, on account of any loss in excess of the Limit of Liability hereunder plus the Deductible Amount applicable to such loss from any

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source other than suretyship, insurance, reinsurance, security or indemnity taken by or for the benefit of the Underwriter, the net amount of such recovery, less the actual costs and expenses of making same, shall be applied to reimburse the Insured in full for the excess portion of such loss, and the remainder, if any, shall be paid first in reimbursement of the Underwriter and thereafter in reimbursement of the Insured for that part of such loss within the Deductible Amount. The Insured shall execute all necessary papers to secure to the Underwriter the rights provided for herein.

SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

At all times prior to termination hereof this bond shall continue in force for the limit stated in the applicable sections of Item 3 of the Declarations of this bond notwithstanding any previous loss for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that regardless of the number of years this bond shall continue in force and the number of premiums which shall be payable or paid, the liability of the Underwriter under this bond with respect to all loss resulting from

&nbsp;&nbsp;&nbsp;&nbsp;(a) any
one act of burglary, robbery or holdup, or attempt thereat, in which no Partner or Employee is concerned or implicated shall be deemed
to be one loss, or

&nbsp;&nbsp;&nbsp;&nbsp;(b) any
one unintentional or negligent act on the part of any one person resulting in damage to or destruction or misplacement of Property, shall
be deemed to be one loss, or

&nbsp;&nbsp;&nbsp;&nbsp;(c) all
wrongful acts, other than those specified in (a) above, of any one person shall be deemed to be one loss, or

&nbsp;&nbsp;&nbsp;&nbsp;(d) all
wrongful acts, other than those specified in (a) above, of one or more persons (which dishonest act(s) or act(s) of Larceny or Embezzlement
include, but are not limited to, the failure of an Employee to report such acts of others) whose dishonest act or acts intentionally
or unintentionally, knowingly or unknowingly, directly or indirectly, aid or aids in any way, or permits the continuation of, the dishonest
act or acts

of any other person or persons shall be deemed to be one loss with the act or acts of the persons aided, or

&nbsp;&nbsp;&nbsp;&nbsp;(e) any
one casualty or event other than those specified in (a), (b), (c) or (d) preceding, shall be deemed to be one loss, and

shall be limited to the applicable Limit of Liability stated in Item 3 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.

Sub-section (c) is not applicable to any situation to which the language of sub-section (d) applies.

SECTION 10. LIMIT OF LIABILITY

With respect to any loss set forth in the PROVIDED clause of Section 9 of this bond which is recoverable or recovered in whole or in part under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest of the Insured and terminated or cancelled or allowed to expire and in which the period for discovery has not expired at the time any such loss thereunder is discovered, the total liability of the Underwriter under this bond and under other bonds or policies shall not exceed, in the aggregate, the amount carried hereunder on such loss or the amount available to the Insured under such other bonds or policies, as limited by the terms and conditions thereof, for any such loss if the latter amount be the larger.

SECTION 11. OTHER INSURANCE

If the Insured shall hold, as indemnity against any loss covered hereunder, any valid and enforceable insurance or suretyship, the Underwriter shall be liable hereunder only for such amount of such loss which is in excess of the amount of such other insurance or suretyship, not exceeding, however, the Limit of Liability of this bond applicable to such loss.

SECTION 12. DEDUCTIBLE

The Underwriter shall not be liable under any of the Insuring Agreements of this bond on account of loss as specified, respectively, in sub-sections (a), (b), (c), (d) and (e) of Section 9, NON-REDUCTION AND NON- ACCUMULATION OF LIABILITY AND

41206 (9/84)

TOTAL LIABILITY, unless the amount of such loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the Insured, other than from any bond or policy of insurance issued by an insurance company and covering such loss, or by the Underwriter on account thereof prior to payment by the Underwriter of such loss, shall exceed the Deductible Amount set forth in Item 3 of the Declarations hereof (herein called Deductible Amount) and then for such excess only, but in no event for more than the applicable Limit of Liability stated in Item 3 of the Declarations.

The Insured will bear, in addition to the Deductible Amount, premiums on Lost Instrument Bonds as set forth in Section 7.

There shall be no deductible applicable to any loss under Insuring Agreement A sustained by any Investment Company named as Insured herein.

SECTION 13. TERMINATION

The Underwriter may terminate this bond as an entirety by furnishing written notice specifying the termination date which cannot be prior to 60 days after the receipt of such written notice by each Investment Company named as Insured and the Securities and Exchange Commission, Washington, D.C. The Insured may terminate this bond as an entirety by furnishing written notice to the Underwriter. When the Insured cancels, the Insured shall furnish written notice to the Securities and Exchange Commission, Washington. D.C. prior to 60 days before the effective date of the termination. The Underwriter shall notify all other Investment Companies named as Insured of the receipt of such termination notice and the termination cannot be effective prior to 60 days after receipt of written notice by all other Investment Companies. Premiums are earned until the termination date as set forth herein.

This Bond will terminate as to any one Insured immediately upon taking over of such Insured by a receiver or other liquidator or by State or Federal officials, or immediately upon the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or

assignment for the benefit of creditors of the Insured, or immediately upon such Insured ceasing to exist, whether through merger into another entity, or by disposition of all of its assets.

The Underwriter shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the Insured or pro rata if terminated for any other reason.

This Bond shall terminate

&nbsp;&nbsp;&nbsp;&nbsp;(a) as
to any Employee as soon as any partner, officer or supervisory Employee of the Insured, who is not in collusion with such Employee, shall
learn of any dishonest or fraudulent act(s), including Larceny or Embezzlement on the part of such Employee without prejudice to the
loss of any Property then in transit in the custody of such Employee (See Section 16[d]), or

&nbsp;&nbsp;&nbsp;&nbsp;(b) as
to any Employee 60 days after receipt by each Insured and by the Securities and Exchange Commission of a written notice from the Underwriter
of its desire to terminate this bond as to such Employee, or

&nbsp;&nbsp;&nbsp;&nbsp;(c) as
to any person, who is a partner, officer or employee of any Electronic Data Processor covered under this bond, from and after the time
that the Insured or any partner or officer thereof not in collusion with such person shall have knowledge or information that such person
has committed any dishonest or fraudulent act(s), including Larceny or Embezzlement in the service of the Insured or otherwise, whether
such act be committed before or after the time this bond is effective.

SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION

At any time prior to the termination or cancellation of this bond as an entirety, whether by the Insured or the Underwriter, the Insured may give to the Underwriter notice that it desires under this bond an additional period of 12 months within which to discover loss sustained by the Insured prior to the

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effective date of such termination or cancellation and shall pay an additional premium therefor.

Upon receipt of such notice from the Insured, the Underwriter shall give its written consent thereto; provided, however, that such additional period of time shall terminate immediately;

&nbsp;&nbsp;&nbsp;&nbsp;(a) on
the effective date of any other insurance obtained by the Insured, its successor in business or any other party, replacing in whole or
in part the insurance afforded by this bond, whether or not such other insurance provides coverage for loss sustained prior to its effective
date, or

&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
takeover of the Insured's business by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed
for this purpose

without the necessity of the Underwriter giving notice of such termination. In the event that such additional period of time is terminated, as provided above, the Underwriter shall refund any unearned premium.

The right to purchase such additional period for the discovery of loss may not be exercised by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed to take over the Insured's business for the operation or for the liquidation thereof or for any other purpose.

SECTION 15. CENTRAL HANDLING OF SECURITIES

Securities included in the systems for the central handling of securities established and maintained by Depository Trust Company, Midwest Depository Trust Company, Pacific Securities Depository Trust Company, and Philadelphia Depository Trust Company, hereinafter called Corporations, to the extent of the Insured's interest therein as effective by the making of appropriate entries on the books and records of such Corporations shall be deemed to be Property.

The words "Employee" and "Employees" shall be deemed to include the officers, partners, clerks and other employees of the New York Stock Exchange, Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock Ex- change and Philadelphia Stock Exchange, hereinafter called Exchanges, and of the above named Corporations, and of any nominee in whose name is registered any security included within

the systems for the central handling of securities established and maintained by such Corporations, and any employee of any recognized service company, while such officers, partners, clerks and other employees and employees of service companies perform services for such Corporations in the operation of such systems. For the purpose of the above definition a recognized service company shall be any company providing clerks or other personnel to said Exchanges or Corporation on a contract basis.

The Underwriter shall not be liable on account of any loss(es) in connection with the central handling of securities within the systems established and maintained by such Corporations, unless such loss(es) shall be in excess of the amount(s) recoverable or recovered under any bond or policy of insurance indemnifying such Corporations, against such loss(es), and then the Underwriter shall be liable hereunder only for the Insured's share of such excess loss(es), but in no event for more than the Limit of Liability applicable hereunder.

For the purpose of determining the Insured's share of excess loss(es) it shall be deemed that the Insured has an interest in any certificate representing any security included within such systems equivalent to the interest the Insured then has in all certificates representing the same security included within such systems and that such Corporations shall use their best judgement in apportioning the amount(s) recoverable or recovered under any bond or policy of insurance indemnifying such Corporations against such loss(es) in connection with the central handling of securities within such systems among all those having an interest as recorded by appropriate entries in the books and records of such Corporations in Property involved in such loss(es) on the basis that each such interest shall share in the amount(s) so recoverable or recovered in the ratio that the value of each such interest bears to the total value of all such interests and that the Insured's share of such excess loss(es) shall be the amount of the Insured's interest in such Property in excess of the amount(s) so apportioned to the Insured by such Corporations.

This bond does not afford coverage in favor of such Corporations or Exchanges or any nominee in whose name is registered any security included within the systems for the central handling of securities established and maintained by such Corporations, and upon payment to the Insured by the Underwriter on account of any loss(es) within the systems, an

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assignment of such of the Insured's rights and causes of action as it may have against such Corporations or Exchanges shall to the extent of such payment, be given by the Insured to the Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the rights provided for herein.

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one corporation, co-partnership or person or any combination of them be included as the Insured herein:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
total liability of the Underwriter hereunder for loss or losses sustained by any one or more or all of them shall not exceed the limit
for which the Underwriter would be liable hereunder if all such loss were sustained by any one of them,

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
one first named herein shall be deemed authorized to make, adjust and receive and enforce payment of all claims hereunder and shall be
deemed to be the agent of the others for such purposes and for the giving or receiving of any notice required or permitted to be given
by the terms hereof, provided that the Underwriter shall furnish each named Investment Company with a copy of the bond and with any amendment
thereto, together with a copy of each formal filing of the settlement of each such claim prior to the execution of such settlement,

&nbsp;&nbsp;&nbsp;&nbsp;(c) the
Underwriter shall not be responsible for the proper application of any payment made hereunder to said first named Insured,

&nbsp;&nbsp;&nbsp;&nbsp;(d) knowledge
possessed or discovery made by any partner, officer or supervisory Employee of any Insured shall for the purposes of Section 4 and Section
13 of this bond constitute knowledge or discovery by all the Insured, and

&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 the first named Insured ceases for any reason to be covered under this bond, then the Insured
 next named shall thereafter be considered as the first

named Insured for the purposes of this bond.

SECTION 17. NOTICE AND CHANGE OF CONTROL

Upon the Insured's obtaining knowledge of a transfer of its outstanding voting securities which results in a change in control (as set forth in Section 2(a) (9) of the Investment Company Act of 1940) of the Insured, the Insured shall within thirty (30) days of such knowledge give written notice to the Underwriter setting forth:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
names of the transferors and transferees (or the names of the beneficial owners if the voting securities are requested in another name),
and

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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

&nbsp;&nbsp;&nbsp;&nbsp;(c) the
total number of outstanding voting securities.

As used in this section, control means the power to exercise a controlling influence over the management or policies of the Insured.

Failure to give the required notice shall result in termination of coverage of this bond, effective upon the date of stock transfer for any loss in which any transferee is concerned or implicated.

Such notice is not required to be given in the case of an Insured which is an Investment Company.

SECTION 18. CHANGE OR MODIFICATION

This bond or any instrument amending or effecting same may not be changed or modified orally. No changes in or modification thereof shall be effective unless made by written endorsement issued to form a part hereof over the signature of the Underwriter's Authorized Representative. When a bond covers only one Investment Company no change or modification which would adversely affect the rights of the Investment Company shall be effective prior to 60 days after written notification has been furnished to the Securities and Exchange Commission, Washington, D.C. by the Insured or by the

41206 (9/84)

Underwriter. If more than one Investment Company is named as the Insured herein, the Underwriter shall give written notice to each Investment Company and to the Securities and Exchange Commission, Washington, D.C. not less than 60 days prior to the effective date of any change or modification which would adversely affect the rights of such Investment Company.

IN WITNESS WHEREOF, the Underwriter has caused this bond to be executed on the Declarations Page.

41206 (9/84)

**<u>Notification</u>**

**<u>CHANGE TO INSURER'S ADDRESS</u>**

Please be advised that all references to the address 175 Water Street, New York, NY 10038 contained in the Policy, Policy Declarations, riders, endorsements, and Policy notices are hereby deleted in their entirety and replaced with the following: 1271 Ave of the Americas FL 37, New York, NY 10020-1304

All other terms and conditions of the Policy remain the same.

141636 (5/21)

This rider, effective at 12:01 AM 12/18/2025 forms a part of

Policy number: 27708312

\|ssued to: Arca U.S Treasury Fund

By: National Union Fire Insurance Company of Pittsburgh, PA

Product Name: ICBB

**COMPUTER CRIME COVERAGE RIDER<br> (ICBB VERSION)**

In consideration of the premium charged, it is hereby understood and agreed that bond is hereby amended as follows:

1. All
 the terms and conditions of the Investment Company Blanket Bond, Form No. 41206 (09/84), shall apply to coverage as is afforded by
 this endorsement unless specifically stated otherwise herein or in any endorsement attached hereto.

2. Item
 3 of the Declarations is hereby amended by adding the following under  ***Optional Insuring Agreements and Coverages*** section:

---

| | | |
|:---|:---|:---|
|  | <u>Limit of Liability</u> | <u>Deductible</u> |
| (CC-l) Computer Systems Fraud | $750000 | $10000 |
| (CC-2) Data Processing Service Operations | $750000 | $10000 |
| (CC-3) Voice Initiated Transfer Fraud | $750000 | $10000 |
| (CC-4) Telefacsimile Transfer Fraud | $750000 | $10000 |
| (CC-5) Destruction of Data or Programs by Hacker | $750000 | $10000 |
| (CC-6) Destruction of Data or Programs by Virus | $750000 | $10000 |
| (CC-7) Voice Computer Systems Fraud | $750000 | $10000 |

---

3. The
 Declarations page is hereby amended by adding the following after **Item 6** thereof:

**Item 7.**

**Voice Initiated Transfer Fraud**

Under the terms of the Voice Initiated Transfer Fraud Insuring Agreement, the Insured must place verification call-back for each transfer in excess of $10,000.

**Telefacsimile Transfer Fraud**

Under the terms of the Telefacsimile Transfer Fraud Insuring Agreement, the Insured must place a Verification call-back for each transfer in excess of $10,000.

140342 (3/21)

Page 1 of 10

4. The
 Insuring Agreements are hereby amended by adding the following Insuring Agreements to the
 Bond:

**COMPUTER SYSTEMS FRAUD**

(CC-1) Loss resulting directly from a fraudulent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) entry
 of Electronic Data or Computer Program into, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) change
 of Electronic Data or Computer Program within

any Computer System operated by the Insured, whether owned or leased; or any Computer System identified in the application for this bond; or a Computer System first used by the Insured during the bond period; as provided by General Agreement B; provided the entry or change causes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Property
 to be transferred, paid or delivered,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 account of the Insured, or of its customer, to be added, deleted, debited or credited, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 unauthorized account or a fictitious account to be debited or credited.

In this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting in good faith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 an instruction from a software contractor who has a written agreement with the Insured to
 design, implement or service programs for a Computer System covered by this Insuring Agreement,
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 an instruction transmitted by Tested telex or similar means of Tested communication identified
 in the application for this bond purportedly sent by a customer, financial institution or
 automated clearing house.

**DATA PROCESSING SERVICE OPERATIONS**

(CC-2) Loss sustained by a Client of the Insured resulting directly from a fraudulent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) entry
 of Electronic Data or a Computer Program into, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) change
 of Electronic Data or a Computer Program within a Computer System covered under the terms
 of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) entry
 or change of Electronic Data during electronic transmission or physical transit from the
 Insured to its Client, provided that the entry or change causes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Property
 to be transferred, paid or delivered,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 account of the Client, or a customer of the Client, to be added, deleted, debited or credited,
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an
 unauthorized account or a fictitious account to be debited or credited,

140342 (3/21)

Page 2 of 10

and for which loss the Insured is legally liable to the Client as a provider of data processing services for such Client.

In this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting in good faith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 an instruction from a software contractor who has a written agreement with the Insured to
 design, implement or service programs for a Computer System covered by this Insuring Agreement,
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 an instruction transmitted by Tested telex or similar means of Tested communication identified
 in the application for this bond purportedly sent by a customer, financial institution or
 automated clearing house.

In this Insuring Agreement, Client means an entity for which the Insured serves as data processor under the terms of a written agreement.

**VOICE INITIATED TRANSFER FRAUD**

---

| | |
|:---|:---|
| (CC-3) | Loss resulting directly from the Insured having, in good faith, transferred Funds from a Customer's account through a Computer System covered under the terms of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement in reliance upon a fraudulent voice instruction transmitted by telephone which was purported to be from: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an
 officer, director, partner or employee of a Customer of the Insured who was authorized by
 the Customer to instruct the Insured to make such transfer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an
 individual person who is a Customer of the Insured, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an
 Employee of the Insured in another office of the Insured who was authorized by the Insured
 to instruct other Employees of the Insured to transfer Funds,

and was received by an Employee of the Insured specifically designated to receive and act upon such instructions, but the voice instruction was not from a person described in (1), (2) or (3) above, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such
 voice instruction was electronically recorded by the Insured and required password(s) or
 code word(s) given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the transfer was in excess of the amount shown on the Declarations Page as the verification
 call-back amount for this Insuring Agreement, the voice instruction was verified by a call-back
 according to a prearranged procedure.

As used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on voice instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.

**TELEFACSIMILE TRANSFER FRAUD**

---

| | |
|:---|:---|
| (CC-4) | Loss resulting directly from the Insured having, in good faith, transferred or delivered Funds, Certificated Securities or Uncertificated Securities through a Computer System covered under the terms of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement in |

---

140342 (3/21)

Page 3 of 10

reliance upon a fraudulent instruction received through a Telefacsimile Device, and which instruction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) purports
 and reasonably appears to have originated from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Customer of the Insured,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) another
 financial institution, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) another
 office of the Insured

but, in fact, was not originated by the Customer or entity whose identification it bears, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) contains
 a valid test code which proves to have been used by a person who was not authorized to make
 use of it, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) contains
 the name of a person authorized to initiate such transfer;

provided that, if the transfer was in excess of the amount shown on the Declarations as the verification call-back amount for this Insuring Agreement, the instructions was verified by a call-back according to a prearranged procedure.

As used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on Telefacsimile Device instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.

**DESTRUCTION OF DATA OR PROGRAMS BY HACKER**

---

| | |
|:---|:---|
| (CC-5) | Loss that is Restoration Costs resulting directly from the malicious destruction of, or damage to, Electronic Data or Computer Programs owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under the terms of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement. |

---

**Special Condition:** Under this Insuring Agreement, a single "Loss" shall comprise of all covered costs incurred by the Insured between the time destruction or damage is discovered and the time the affected Computer Program(s) or Electronic Data is/are restored or repaired (or a determination has been made that such restoration or repair is impossible). Recurrence of destruction or damage after the Computer Program(s) or Electronic Data is/are restored or repaired shall constitute a separate single "Loss."

**DESTRUCTION OF DATA OR PROGRAMS BY VIRUS**

---

| | |
|:---|:---|
| (CC-6) | Loss that is Restoration Costs resulting directly from the malicious destruction of, or damage to, Electronic Data or Computer Programs owned by the Insured or for which the Insured is legally liable while stored within a Computer System covered under the terms of the **COMPUTER SYSTEMS FRAUD** Insuring Agreement if such destruction or damage was caused by a computer program or similar instruction which was written or altered to incorporate a hidden instruction designed to destroy or damage Electronic Data or Computer Programs in the Computer System in which the computer program or instruction so written or so altered is used. |

---

140342 (3/21)

Page 4 of 10

**Special Condition:** Under this Insuring Agreement, a single "Loss" shall comprise of all covered costs incurred by the Insured between the time destruction or damage is discovered and the time the affected Computer Program(s) or Electronic Data is/are restored or repaired (or a determination has been made that such restoration or repair is impossible). Recurrence of destruction or damage after the Computer Program(s) or Electronic Data is/are restored or repaired shall constitute a separate single "Loss."

**VOICE COMPUTER SYSTEM FRAUD**

---

| | |
|:---|:---|
| (CC-7) | Loss resulting directly from charges for voice telephone long-distance toll calls which were incurred due to the fraudulent use or fraudulent manipulation of an Account Code or System Password required to obtain access to a Voice Computer System owned or leased by the Insured, installed on the Insured's premises, whose System Administration is performed and controlled by the Insured; provided, however, that the unauthorized access was not made possible by: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure
 to incorporate a System Password feature or failure to change the System Password at least
 once every 30 days thereafter, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) failure
 to have a call-disconnect feature in operation to automatically terminate a caller's
 access to the Voice Computer System after not more than three unsuccessful attempts to input
 an Account Code.

**Special Condition:** Under this Insuring Agreement, a single "Loss" consists of loss resulting from toll call charges made only on telephone lines directly controlled by one Voice Computer System and only toll call charges occurring for a period of not more than 30 days inclusive of the date on which the first such toll call charge was made.

5. GENERAL
 AGREEMENT A. ADDITIONAL OFFICES OR EMPLOYEES–CONSOLIDATION, MERGER–NOTICE is
 hereby deleted in its entirety and is replaced with the following:

ADDITIONAL OFFICES OR EMPLOYEES OR COMPUTER SYSTEMS –<br> CONSOLIDATION, MERGER OR PURCHASE OF ASSETS OR COMPUTER SYSTEMS

&nbsp;&nbsp;&nbsp;&nbsp;A. If
 the Insured shall, while this bond is in force, establish any additional offices, other than
 by consolidation or merger with, or purchase or acquisition of assets or liabilities or computer
 systems of, another institution, such offices and computer systems shall be automatically
 covered hereunder from the date of such establishment without the requirement of notice to
 the Underwriter or the payment of additional premium for the remainder of the premium period.

If the Insured shall, while this bond is in force, consolidate or merge with, or purchase or acquire assets or liabilities or computer systems of, another institution, the Insured shall not have such coverage as is afforded under this bond for loss which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 occurred or will occur in offices or premises or computer systems, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has
 been caused or will be caused by an employee or employees of such institution, or

140342 (3/21)

Page 5 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has
 arisen or will arise out of the assets or liabilities or computer systems acquired by the
 Insured as a result of such consolidation, merger or purchase of assets or liabilities or
 computer systems,

unless the Insured shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) give
 the Underwriter written notice within 60 days of the proposed consolidation, merger or purchase
 of assets or liabilities or computer systems prior to the proposed effective date of such
 action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtain
 the written consent of the Underwriter to extend the coverage provided by this bond to such
 additional offices or premises or computer systems, Employees and other exposures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon
 obtaining such consent, pay to the Underwriter an additional premium.

6. Solely
 for the coverage provided by this rider, in Section 1. DEFINITIONS of the CONDITIONS AND
 LIMITATIONS of this bond, definition (b) "Property" is hereby amended to include
 Electronic Data and Computer Programs.

7. Solely
 for the coverage provided by this rider, Section 1. DEFINITIONS of the CONDITIONS AND LIMITATIONS
 of this bond is hereby amended by adding the following definitions to the end thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Account
 Code" means a confidential and protected string of characters which identifies or authenticates
 a person and permits that person to gain access to a Voice Computer System for the purpose
 of making toll calls or utilizing voice mail box messaging capabilities or other similar
 functional features of the System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Computer
 Program" means a set of related electronic instructions which direct the operations
 and functions of a computer or devices connected to it which enable the computer or devices
 to receive, process, store or send Electronic Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Computer
 System" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) computers
 with related peripheral components, including storage components wherever located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) systems
 and applications software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) terminal
 devices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) related
 communication networks, including the internet

by which Electronic Data are electronically collected, transmitted, processed, stored and retrieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Electronic
 Data" means facts or information converted to a form usable in a Computer System by
 Computer Programs and which is stored on magnetic tapes or disks, or optical storage disks
 or other bulk media.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Funds"
 means Money on deposit in an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Restoration
 Costs" means reasonable and necessary costs or expenses incurred by the Insured with
 the Insurer's prior written consent to restore or repair damaged or destroyed Electronic
 Data or Computer Programs within a Computer System; provided that if it is

140342 (3/21)

Page 6 of 10

determined that such Electronic Data or Computer Programs cannot be restored or repaired, then Restoration Costs means solely those reasonable costs or expenses incurred by the Insured, with the Insurer's prior written consent, to reach such determination.

Notwithstanding the foregoing, Restoration Costs shall not include, and in no event shall any Insuring Agreement of this bond cover:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any
costs related directly or indirectly to the damage or destruction of Electronic Data or Computer Programs that the Insured did not have
a license to use; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
costs or expenses incurred to redo the work product, research or analysis that was the basis of any damaged or destroyed Electronic Data
or Computer Programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "System
 Administration" means the performance of security functions including but not limited
 to defining authorized persons to access a Voice Computer System and adding, changing and
 deleting Account Codes or passwords in connection therewith; and invoking or revoking a System
 option which directs telephone call routing or which adds, moves or drops telephone lines
 or which performs any other similar activity allowed by a hardware or software-based System
 option that has been incorporated by a manufacturer or vendor into a System or any component
 thereof provided said System option is not intended for the sole use of such manufacturer
 or vendor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "System
 Maintenance" means the performance of hardware and software installation, diagnostics
 and corrections and similar activities that are performed in the usual custom and practice
 by a manufacturer or vendor to establish or maintain the basic operational functionality
 of a Voice Computer System or any component thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "System
 Password" means a confidential and protected string of characters which identifies or
 authenticates a person and permits that person to gain access to a Voice Computer System
 or any portion thereof for the purpose of performing System Administration or System Maintenance
 activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "Telefacsimile
 Device" means a machine capable of sending or receiving a duplicate image of a document
 by means of electronic impulses transmitted through a telephone line and which reproduces
 the duplicate image on paper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "Tested"
 means a method of authenticating the contents of a communication by placing a valid test
 key on it which has been agreed upon by the Insured and a customer, automated clearing house,
 or another financial institution for the purpose of protecting the integrity of the communication
 in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) "Uncertificated
 Security" means a share, participation or other interest in property of, or an enterprise
 of, the issuer or an obligation of the issuer, which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) not
 represented by an instrument and the transfer of which is registered upon books maintained
 for that purpose by or on behalf of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of
 a type commonly dealt in securities, exchanges or markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) either
 one of a class or series or by its terms divisible into a class or series of shares, participations,
 interests or obligations.

140342 (3/21)

Page 7 of 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) "Voice
 Computer System" means a Computer System installed in one location which functions as
 a private branch exchange (PBX), voice mail processor, automated call attendant or provides
 a similar capability used for the direction or routing of telephone calls in a voice communications
 network.

8. Solely
 for the coverage provided by this rider, Section 2. EXCLUSIONS of the CONDITIONS AND LIMITATIONS
 of the bond is hereby amended by adding the following exclusions to the end thereof:

THIS BOND DOES NOT COVER:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
loss of the type or kind covered by any other Insuring Agreement provided in this financial institution bond, regardless of any deductible
amount or limit of liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) loss
 caused by a director or Employee of the Insured or by a person in collusion with any director
 or Employee of the Insured; (Collusion shall include the willful withholding of knowledge
 from the Insured by any director or Employee that a fraudulent act by a person not an Employee
 has been or will be perpetrated against the Insured.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) loss
 resulting directly or indirectly from entry or change of Electronic Data or Computer Programs
 in a Computer System, unless covered under the **COMPUTER SYSTEMS FRAUD** or **DATA PROCESSING SERVICE OPERATIONS** Insuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) loss
 resulting directly or indirectly from the Insured having transferred Funds in reliance on
 the validity of a voice instruction, unless covered under the **COMPUTER SYSTEMS FRAUD** or **VOICE INITIATED TRANSFER FRAUD** Insuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) loss
 resulting directly or indirectly by the Insured having transferred or delivered Funds, Certificated
 Securities or Uncertificated Securities in reliance on an instruction received through a
 Telefacsimile Device, unless covered under the **TELEFACSIMILE TRANSFER FRAUD** Insuring
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) loss
 resulting directly or indirectly from theft of confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) loss
 resulting directly or indirectly from the assumption of liability by the Insured by contract
 unless the liability arises from a loss covered by this rider and would be imposed on the
 Insured regardless of the existence of the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the
 cost of duplication of Electronic Data or Computer Programs, unless covered under the **DESTRUCTION OF DATA OR PROGRAMS BY HACKER** or **DESTRUCTION OF DATA OR PROGRAMS BY VIRUS** Insuring
 Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) loss
 involving a Voice Computer System, unless covered under the **VOICE COMPUTER SYSTEM FRAUD** Insuring Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) loss
 resulting directly or indirectly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) written
instructions or advices, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) telegraphic
or cable instructions or advices;

140342 (3/21)

Page 8 of 10

unless the instructions or advices are Tested and the loss is covered under the **COMPUTER SYSTEMS FRAUD** or **DATA PROCESSING SERVICE OPERATIONS** Insuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;(xi) loss
 resulting directly or indirectly from negotiable instruments, securities, documents or other
 written instruments which bear a forged signature, or are counterfeit, altered or otherwise
 fraudulent and which are used as source documentation in the preparation of Electronic Data
 or manually keyed into a data terminal;

&nbsp;&nbsp;&nbsp;&nbsp;(xii) loss
 resulting directly or indirectly from the fraudulent preparation, or fraudulent modification
 of Computer Programs unless covered under the **COMPUTER SYSTEMS FRAUD** or **DATA PROCESSING SERVICE OPERATIONS** Insuring Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;(xiii) loss
 resulting directly or indirectly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mechanical
 failure, faulty construction, error in design, latent defect, fire, wear or tear, gradual
 deterioration, electrical disturbance or electrical surge which affects a Computer System;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure
 or breakdown of electronic data processing media; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) error
 or omission in programming or processing;

&nbsp;&nbsp;&nbsp;&nbsp;(xiv) loss
 as a result of a threat to Computer System operations;

&nbsp;&nbsp;&nbsp;&nbsp;(xv) loss
 resulting directly or indirectly from the use of a telephone credit, debit, charge, identification
 or similar card to gain access to the Insured's Voice Computer System;

&nbsp;&nbsp;&nbsp;&nbsp;(xvi) loss
 resulting directly or indirectly from the input of Electronic Data into a Computer System
 terminal device either on the premises of a customer of the Insured or under the control
 of such customer by a person who had authorized access to the customer's authentication
 mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;(xvii) loss
 resulting directly or indirectly from payments made or withdrawals from a depositor's
 account involving items of deposit which are not finally paid for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;(xviii) loss
 of potential income, including but not limited to interest and dividends;

&nbsp;&nbsp;&nbsp;&nbsp;(xix) loss
 of any type for which the Insured is legally liable, except compensatory damages, but not
 multiples thereof, arising directly from a loss covered under this policy;

&nbsp;&nbsp;&nbsp;&nbsp;(xx) any
 fees, costs and expenses incurred by the Insured;

&nbsp;&nbsp;&nbsp;&nbsp;(xxi) indirect
 or consequential loss of any nature;

&nbsp;&nbsp;&nbsp;&nbsp;(xxii) loss
 involving automated mechanical devices which on behalf of the Insured, disburse money, accept
 deposits, cash checks, drafts or similar written instruments, or make credit card loans;

140342 (3/21)

Page 9 of 10

&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) loss
 due to riot or civil commotion or loss due to military, naval or usurped power, war or insurrection;

&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) loss
 resulting directly or indirectly from the effects of nuclear fission or fusion or radioactivity;
 provided, however, that this exclusion shall not apply to loss resulting from industrial
 uses of nuclear energy;

&nbsp;&nbsp;&nbsp;&nbsp;(xxv) loss
 as a result of a threat:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to
 do bodily harm to any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to
 do damage to the premises or property of the Insured; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to
 Computer Systems operations.

9. Solely
 for the coverage provided by this rider, Section 4. LOSS – NOTICE – PROOF – LEGAL PROCEEDINGS
 of the CONDITIONS AND LIMITATIONS of the bond is hereby amended by adding the following to
 the end thereof:

It is further understood and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Proof
 of loss for claim under the Voice Initiated Transfer Fraud Insuring Agreement must include
 electronic recordings of such voice instructions and the verification call-back, if such
 call-back was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Proof
 of loss for claim under the Telefacsimile Transfer Fraud Insuring Agreement must include
 a copy of the document reproduced by the Telefacsimile Device.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.<br>© American International Group, Inc. All rights reserved.

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| ![(SIGNATURE)](ar001_v1.jpg) |
| **AUTHORIZED REPRESENTATIVE** |

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140342 (3/21)

Page 10 of 10

This rider, effective at 12:01 AM 12/18/2025 forms a part of

Policy number: 27708312

Issued to: Arca U.S Treasury Fund

By: National Union Fire Ins of Pittsburgh PA

Product Name: ICBB

**PROTECTED INFORMATION EXCLUSION<br> (CARVEBACK)**

This endorsement modifies insurance provided under the following:

INVESTMENT COMPANY BLANKET BOND

In consideration of the premium charged, it is hereby understood and agreed that this policy does not cover loss resulting directly or indirectly from the: (i) "theft," disappearance or destruction of; (ii) unauthorized use or disclosure of; (iii) unauthorized access to; or (iv) failure to protect any:

&nbsp;&nbsp;&nbsp;&nbsp;(1) confidential
 or non-public; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) personal
 or personally identifiable;

information that any person or entity has a duty to protect under any law, rule or regulation, any agreement or any industry guideline or standard.

This exclusion shall not apply to loss of any money, securities or tangible property:

&nbsp;&nbsp;&nbsp;&nbsp;(a) owned
 by the Insured;

&nbsp;&nbsp;&nbsp;&nbsp;(b) held
 by the Insured in any capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) owned
 and held by someone else under circumstances which make the Insured responsible for the Property
 prior to the occurrence of the loss;

that was the subject of a theft, disappearance, damage or destruction resulting directly from the unauthorized use or disclosure of such information.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.© American International Group, Inc. All rights reserved.

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|:---|
| ![(SIGNATURE)](ar001_v1.jpg) |
| **AUTHORIZED REPRESENTATIVE** |

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115903 (10/13)

Page 1 of 1

This rider, effective at 12:01 AM 12/18/2025 forms a part of

Policy number: 27708312

Issued to: Arca U.S. Treasury Fund

By: National Union Fire Ins of Pittsburgh PA

Product Name: ICBB

**INDIRECT OR CONSEQUENTIAL LOSS EXCLUSION**

This rider modifies insurance provided under the following:

BROKER-DEALER GUARD BOND

It is agreed that:

1. This
 bond shall not cover any indirect or any consequential loss of any nature including, but
 not limited to fines, penalties, multiple or punitive damages.

2. Nothing
 contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
 conditions, or agreements of the attached bond other than as above stated.© American International Group, Inc. All rights reserved.

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|:---|
| ![(SIGNATURE)](ar001_v1.jpg) |
| **AUTHORIZED REPRESENTATIVE** |

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113022 (10/12)

Page 1 of 1

***Approval of Fidelity Bond***

**RESOLVED,** that the Board, including a majority of the Independent Trustees, hereby approves on behalf of the Fund a new Fidelity Bond Policy in the amount of $750,000 underwritten by National Union Fire Insurance of Pittsburgh and with the premium of $3,768; and it was further

**RESOLVED,** that the appropriate officers of the Fund are authorized to make any and all payments and to do any and all other acts, in the name of the Fund and the Fund's Trustees and officers, as any of them may determine to be necessary or appropriate in connection with obtaining such Fidelity Bond Policy and in accordance with the requirements of Rule 17g-1 under the 1940 Act, and are also authorized to file a copy of the Fidelity Bond Policy with the SEC in accordance with the requirements of Rule 17g-1 under the 1940 Act; and it was further

**RESOLVED,** that the appropriate officers of the Fund be, and each of them hereby is, authorized and empowered to take all actions as they or any of them in his or her discretion, with the advice of counsel, may deem necessary or appropriate to carry out the intents and purposes of the foregoing resolutions.