# EDGAR Filing Document

**Accession Number:** 0000313180
**File Stem:** 0000313180-25-000005
**Filing Date:** 2025-10
**Character Count:** 149071
**Document Hash:** 26ae1e11f44c03cce865f91eb9fa3784
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000313180-25-000005.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000313180-25-000005

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

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEYCO FUND, INC.
- **CENTRAL INDEX KEY:** 0000313180

**ORGANIZATION NAME:**
- **EIN:** 381883782
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02957
- **FILM NUMBER:** 251428445

**BUSINESS ADDRESS:**
- **STREET 1:** 27777 FRANKLIN RD
- **STREET 2:** STE 1575
- **CITY:** SOUTHFIELD
- **STATE:** MI
- **ZIP:** 48034
- **BUSINESS PHONE:** 2483530790

**MAIL ADDRESS:**
- **STREET 1:** 27777 FRANKLIN ROAD
- **STREET 2:** SUITE 1575
- **CITY:** SOUTHFIELD
- **STATE:** MI
- **ZIP:** 48034

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KEYCO BOND FUND INC
- **DATE OF NAME CHANGE:** 19920703

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Financial Institution Bond | Financial Institution Bond |
|  |  |  |  |  | For Investment Companies | For Investment Companies |
| DECLARATIONS | DECLARATIONS | DECLARATIONS |  |  | FEDERAL INSURANCE COMPANY | FEDERAL INSURANCE COMPANY |
|  |  |  |  |  | Incorporated under the laws of Indiana, a stock | Incorporated under the laws of Indiana, a stock |
| Name of Assured: | Name of Assured: | Name of Assured: |  |  | insurance company, herein called the Company | insurance company, herein called the Company |
| KEYCO FUND INC | KEYCO FUND INC | KEYCO FUND INC |  |  | One American Square 202 N Illinois Street, | One American Square 202 N Illinois Street, |
| Address of Assured: | Address of Assured: | Address of Assured: |  |  | Suite 2600 |  |
| 27777 FRANKLIN ROAD SUITE 1575 | 27777 FRANKLIN ROAD SUITE 1575 | 27777 FRANKLIN ROAD SUITE 1575 | 27777 FRANKLIN ROAD SUITE 1575 |  | Indianapolis, IN 46282 |  |
| SOUTHFIELD, MI 48034 | SOUTHFIELD, MI 48034 | SOUTHFIELD, MI 48034 |  |  | Bond Number: J06054432 | Bond Number: J06054432 |
| Item 1. | Bond Period: | Bond Period: | From: | November 2, 2025 |  |  |
|  |  |  | To: | November 2, 2026 |  |  |
| At 12:01 A. M. local time at the Address of Assured. | At 12:01 A. M. local time at the Address of Assured. | At 12:01 A. M. local time at the Address of Assured. | At 12:01 A. M. local time at the Address of Assured. | At 12:01 A. M. local time at the Address of Assured. | At 12:01 A. M. local time at the Address of Assured. | At 12:01 A. M. local time at the Address of Assured. |
| Item 2. | Single Loss Limits Of Liability Deductible Amounts: | Single Loss Limits Of Liability Deductible Amounts: | Single Loss Limits Of Liability Deductible Amounts: | Single Loss Limits Of Liability Deductible Amounts: | Single Loss Limits Of Liability Deductible Amounts: |  |
|  |  | Insuring Clause | Insuring Clause | Insuring Clause | Single Loss Limit Of | Deductible Amount |
|  |  |  |  |  | Liability |  |
|  | 1. | Employee |  |  | $300000 | $0 |
|  | 2. | On Premises |  |  | $300000 | $10000 |
|  | 3. | In Transit |  |  | $300000 | $10000 |
|  | 4. | Forgery Or Alteration | Forgery Or Alteration |  | $300000 | $10000 |
|  | 5. | Extended Forgery | Extended Forgery |  | $300000 | $10000 |
|  | 6. | Counterfeit Money | Counterfeit Money |  | $300000 | $10000 |
|  | 7. | Computer System Fraud | Computer System Fraud |  | $300000 | $10000 |
|  | 8. | Claims Expense | Claims Expense |  | $25000 | $5000 |
|  | 9. | Audit Expense |  |  | $25000 | $5000 |
|  | 10. Uncollectible Items Of Deposit | 10. Uncollectible Items Of Deposit | 10. Uncollectible Items Of Deposit | 10. Uncollectible Items Of Deposit | $300000 | $10000 |
|  | 11. | Voice Initiated Funds Transfer | Voice Initiated Funds Transfer | Voice Initiated Funds Transfer | $300000 | $10000 |
|  |  | Instruction |  |  |  |  |

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PF-52903D (08/21)

Page 1 of 2

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| |
|:---|
| Financial Institution Bond |
| For Investment Companies |
| IN WITNESS WHEREOF, the Company has caused this Bond to be signed by its Authorized Officers, but it shall |
| not be valid unless also signed by a duly authorized representative of the Company. |
| FEDERAL INSURANCE COMPANY |

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![](j06054432_2025x3x1.jpg) <br>

PF-52903D (08/21)

Page 2 of 2

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| |
|:---|
| Important Notice |
| The SEC Requires Proof of Your Fidelity Insurance Policy |
| Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb s ICAP Bond |
| policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, |
| 2006. |
| Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as |
| instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this |
| information from your agent/broker shortly. |
| The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and |
| conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy |
| mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement |
| between your company and Chubb. |
| If you have any questions, please contact your agent or broker. |

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14-02-12160 (08/19)

Page 1 of 1

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| | |
|:---|:---|
| Notice of Loss Control Services | Notice of Loss Control Services |
| Insuring Company: Federal Insurance Company | Insuring Company: Federal Insurance Company |
| As a Chubb policyholder, you have loss prevention information and/or services available to you, as | As a Chubb policyholder, you have loss prevention information and/or services available to you, as |
| listed in this Notice. You may order any brochure by email to formsordering@chubb. com and to view | listed in this Notice. You may order any brochure by email to formsordering@chubb. com and to view |
| our full suite of loss prevention brochures/services go to www. chubb. com/us/fl-lossprevention | our full suite of loss prevention brochures/services go to www. chubb. com/us/fl-lossprevention |
| Directors and Officers (D&O) Liability Loss Prevention Services | Directors and Officers (D&O) Liability Loss Prevention Services |
| " | Directors and Officers Liability Loss Prevention Manuals: |
|  | Directors and Officers Liability Loss Preventions #14-01-0035 |
|  | Directors and Officers Securities Litigation Loss Preventions #14-01-0448 |
|  | Director Liability Loss Prevention in Mergers and Acquisitions #14-01-1099 |
|  | Directors and Officers Liability Loss Prevention for Not-for-Profit- -#14-01-0036 |
|  | Cyber Loss Mitigation for Directors -#14-01-1199 |
| Employment Practices Liability (EPL) Loss Prevention Services | Employment Practices Liability (EPL) Loss Prevention Services |
| " | Toll-free Hot Line |
|  | Have a question on how to handle an employment situation? Simply call 1.888.249.8425 to access |
|  | the nationally known employment law firm of Jackson Lewis P. C. We offer customers an unlimited |
|  | number of calls to the hot line at no additional charge. |
| " | ChubbWorks. com |
|  | ChubbWorks. com is a web-based platform that offers multiple services including overviews of |
|  | employment laws, sample employment policies and procedures, and on-line training. To gain |
|  | immediate access to ChubbWorks go to www. chubbworks. com and register using your policy |
|  | number. |
| " | Employment Practices Loss Prevention Guidelines Manual |
|  | Employment Practices Loss Prevention Guidelines - #14-01-0061 |
| " | Loss Prevention Consultant Services |
|  | Chubb has developed a network of more than 120 law firms, human resources consulting firms, and |
|  | labor economist/statistical firms that offer specialized services for employment issues. |
| " | Public Company EPL Customers |
|  | Employment Practices Loss Prevention Guidelines Written by Seyfarth Shaw exclusively for |
|  | Chubb this manual provides an overview of key employment issues faced by for-profit companies |
|  | and offers proactive idea for avoiding employment lawsuits. |
| " | Private Company EPL Customers |
|  | Employment Practices Loss Prevention Guidelines Written by Seyfarth Shaw exclusively for |
|  | Chubb this manual provides an overview of key employment issues for profit companies and offers |
|  | proactive idea for avoiding employment lawsuits. |

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14-02-23030 (05/2018)

Page 1 of 2

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| | |
|:---|:---|
| Fiduciary Liability Loss Prevention Services | Fiduciary Liability Loss Prevention Services |
| " | Fiduciary Liability Loss Prevention Manual |
|  | Who May Sue You and Why: How to Reduce Your ERISA Risks and the Role of Fiduciary |
|  | Liability Insurance #14-01-1019 |
| Crime Loss Prevention Services | Crime Loss Prevention Services |
| " | Crime/Kidnap, Ransom & Extortion Loss Prevention Manual |
|  | Preventing Fraud: How Anonymous Hotlines Can Help #14-01-1090 |
| Cyber Security Loss Prevention Services | Cyber Security Loss Prevention Services |
|  | Visit: https://www2. chubb. com/us-en/business-insurance/cyber-security. aspx to learn more |
|  | about Chubb s Cyber Services for our policyholders. |
|  | Health Care Directors and Officers (D&O) Liability Loss Prevention Services |
| " | Readings in Health Care Governance Manual |
|  | Readings in Health Care Governance -#14-01-0788 |
| " | ChubbWorks. com |
|  | ChubbWorks. com for Health Care Organizations The Health Care Zone is a free online |
|  | resource containing health care specific loss prevention information for employment practices |
|  | liability, directors and officers (D&O) liability, and fiduciary liability exposures. To gain |
|  | immediate access to ChubbWorks go to www. chubbworks. com and register using your policy |
|  | number. |
| " | Health Care D&O Loss Prevention Consultant Services |
|  | Health Care D& O Loss Prevention Consultant Services- #14-01-1164 |
| -------------------- | -------------------- |
| The services provided are advisory in nature. While this program is offered as a resource in | The services provided are advisory in nature. While this program is offered as a resource in |
| developing or maintaining a loss prevention program, you should consult competent legal counsel | developing or maintaining a loss prevention program, you should consult competent legal counsel |
| to design and implement your own program. No liability is assumed by reason of the services, | to design and implement your own program. No liability is assumed by reason of the services, |
| access or information provided. All services are subject to change without notice. | access or information provided. All services are subject to change without notice. |

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14-02-23030 (05/2018)

Page 2 of 2

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| |
|:---|
| Chubb Producer Compensation |
| Practices & Policies |
| Chubb believes that policyholders should have access to information about Chubb's practices and policies related |
| to the payment of compensation to brokers and independent agents. You can obtain that information by accessing |
| our website at http://www. chubbproducercompensation. com or by calling the following toll-free telephone |
| number: |
| 1-866-512-2862. |

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ALL-20887a (09/19) <br>

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| |
|:---|
| Trade or Economic |
| Sanctions Notice |
| TRADE OR ECONOMIC SANCTIONS NOTICE |
| This insurance does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit |
| us from providing insurance, including, but not limited to, the payment of claims. All other terms and conditions |
| of the policy remain unchanged. |

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ALL-21101 (09/19)

Page 1 of 1

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| | |
|:---|:---|
|  | IMPORTANT NOTICE TO |
|  | POLICYHOLDERS |
| Social Engineering Tips | Social Engineering Tips |
| Please read! | Please read! |
|  | HAVE YOU BEEN TRICKED INTO WIRE FRAUD? TAKE IMMEDIATE ACTION! |
| If you believe you have transferred funds to a criminal posing as a legitimate business associate, you should act | If you believe you have transferred funds to a criminal posing as a legitimate business associate, you should act |
| quickly: | quickly: |
| 1. | Immediately contact the originating bank and request a recall of the wire transfer and confirm that |
|  | recall in writing. |
| 2. | Immediately file a complaint with the FBI at www. ic3. gov. This reporting triggers the FBI s Recovery Asset |
|  | Team and the FBI s assistance seeking return of the wire transfer. |
| 3. | Preserve records of the incident, including emails sent and received in their original electronic state. |
|  | Correspondence and forensic information contained in these electronic files help investigators shed light on |
|  | the perpetrator(s), and parties responsible for the incident. |
| 4. | Once the above steps are complete, contact Chubb per the instructions in your policy. |
| While neither recalling the wire transfer nor reporting to the FBI guarantees the return of your funds, these steps | While neither recalling the wire transfer nor reporting to the FBI guarantees the return of your funds, these steps |
| maximize the opportunity to mitigate your loss, assist the FBI in tracing the funds and help establish any | maximize the opportunity to mitigate your loss, assist the FBI in tracing the funds and help establish any |
| insurance claim. | insurance claim. |
| Simple Steps to Prevent Fraudulently Induced Wire Transfers | Simple Steps to Prevent Fraudulently Induced Wire Transfers |
| Email communication is efficient, but it is not a secure method of communication. Regardless of your familiarity | Email communication is efficient, but it is not a secure method of communication. Regardless of your familiarity |
| with a contact, that contact s email may be intercepted, altered and fabricated. You may reduce the | with a contact, that contact s email may be intercepted, altered and fabricated. You may reduce the |
| chances of fraud by following these best practices: | chances of fraud by following these best practices: |
| 1. | Verify Email Requests by Telephone: Require those responsible for paying invoices or changing bank |
|  | routing information to verify payment details over the phone, rather than by email or documents sent |
|  | electronically. Making a phone call to a known, pre-existing telephone number remains the single best |
|  | protection against fraud. |
| 2. | Segregate Wire Transfer Responsibilities: Establish a standing policy that requires at least three people |
|  | to review and approve wire transfer requests, pay an invoice or change a business partner s bank account |
|  | information. Such requests should be entered by the initiator of the wire and verified by two independent |
|  | signatories. |
| 3. | Turn on MFA for Cloud Email: Multifactor Authentication is available from all major email providers. It |
|  | provides a layer of security to email accounts beyond a user s account name and password, making it harder |
|  | for criminals to impersonate you, your executives and your employees. |
| This document is for information only. It is offered as a resource to be used together with your professional | This document is for information only. It is offered as a resource to be used together with your professional |
| insurance advisers in maintaining a loss prevention program. No liability is assumed by reason of the | insurance advisers in maintaining a loss prevention program. No liability is assumed by reason of the |
| information this document contains. | information this document contains. |

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ALL-317454 (03/21)

Page 1 of 1

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| |
|:---|
| U. S. Treasury Department s Office |
| Of Foreign Assets Control (OFAC) |
| Advisory Notice to Policyholders |
| This Policyholder Notice shall not be construed as part of your policy and no coverage is provided by this |
| Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your |
| policy and review your Declarations page for complete information on the coverages you are provided. |
| This Notice provides information concerning possible impact on your insurance coverage due to directives |
| issued by OFAC. Please read this Notice carefully. |
| The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on |
| Presidential declarations of "national emergency". OFAC has identified and listed numerous: |
| l Foreign agents; |
| l Front organizations; |
| l Terrorists; |
| l Terrorist organizations; and |
| l Narcotics traffickers; |
| as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States |
| Treasury's web site http//www. treas. gov/ofac. |
| In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or |
| entity claiming the benefits of this insurance has violated U. S. sanctions law or is a Specially Designated |
| National and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen |
| contract and all provisions of this insurance are immediately subject to OFAC. When an insurance policy |
| is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made |
| without authorization from OFAC. Other limitations on the premiums and payments also apply. |

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PF-17914a (04/16) Reprinted, in part, with permission of Page 1 of 1 <br> ISO Properties, Inc.

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| |
|:---|
| Notice to Policyholders |
| QUESTIONS ABOUT YOUR INSURANCE? |
| Answers to questions about your insurance, coverage information, or assistance in resolving |
| complaints can be obtained by contacting: |
| CHUBB |
| Customer Support Service Department |
| 436 Walnut Street |
| PO Box 1000 |
| Philadelphia, PA 19106-3703 |
| 1-800-352-4462 |

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PF-17993a (04/20)

Page 1 of 1

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Financial Institution Bond |
|  |  |  | For Investment Companies |
| The Company, in consideration of the premium paid, and in reliance on the Application and all other statements | The Company, in consideration of the premium paid, and in reliance on the Application and all other statements | The Company, in consideration of the premium paid, and in reliance on the Application and all other statements | The Company, in consideration of the premium paid, and in reliance on the Application and all other statements |
| made and information furnished to the Company by the Assured, and subject to the Declarations made part of this | made and information furnished to the Company by the Assured, and subject to the Declarations made part of this | made and information furnished to the Company by the Assured, and subject to the Declarations made part of this | made and information furnished to the Company by the Assured, and subject to the Declarations made part of this |
| Bond and to all other terms, conditions, and limitations of this Bond, agrees to pay the Assured for: | Bond and to all other terms, conditions, and limitations of this Bond, agrees to pay the Assured for: | Bond and to all other terms, conditions, and limitations of this Bond, agrees to pay the Assured for: | Bond and to all other terms, conditions, and limitations of this Bond, agrees to pay the Assured for: |
| I. | INSURING CLAUSES | INSURING CLAUSES | INSURING CLAUSES |
| 1. | Employee | Employee | Employee |
|  | Loss resulting directly from Larceny or Embezzlement committed by any Employee acting alone or | Loss resulting directly from Larceny or Embezzlement committed by any Employee acting alone or | Loss resulting directly from Larceny or Embezzlement committed by any Employee acting alone or |
|  | in collusion with others. | in collusion with others. | in collusion with others. |
| 2. | On Premises | On Premises | On Premises |
|  | Loss of Property resulting directly from: | Loss of Property resulting directly from: | Loss of Property resulting directly from: |
|  | a. | robbery, burglary, misplacement, mysterious unexplainable disappearance, damage or destruction; or | robbery, burglary, misplacement, mysterious unexplainable disappearance, damage or destruction; or |
|  | b. | false pretenses, or common law or statutory larceny, committed by a natural person while on the | false pretenses, or common law or statutory larceny, committed by a natural person while on the |
|  |  | premises of the Assured, | premises of the Assured, |
|  | while the Property is lodged or deposited at premises located anywhere. | while the Property is lodged or deposited at premises located anywhere. | while the Property is lodged or deposited at premises located anywhere. |
|  | For the purpose of coverage under this Insuring Clause 2, the premises of securities depositories shall be | For the purpose of coverage under this Insuring Clause 2, the premises of securities depositories shall be | For the purpose of coverage under this Insuring Clause 2, the premises of securities depositories shall be |
|  | deemed to be premises of the Assured, but only with respect to the loss of Certificated Securities. | deemed to be premises of the Assured, but only with respect to the loss of Certificated Securities. | deemed to be premises of the Assured, but only with respect to the loss of Certificated Securities. |
|  | Certificated Securities held by such depositories shall be deemed to be Property, but only to the extent | Certificated Securities held by such depositories shall be deemed to be Property, but only to the extent | Certificated Securities held by such depositories shall be deemed to be Property, but only to the extent |
|  | of the Assured s interest therein as detailed in the books and records of such depositories. | of the Assured s interest therein as detailed in the books and records of such depositories. | of the Assured s interest therein as detailed in the books and records of such depositories. |
| 3. | In Transit | In Transit | In Transit |
|  | Loss of Property resulting directly from common law or statutory larceny, misplacement, mysterious | Loss of Property resulting directly from common law or statutory larceny, misplacement, mysterious | Loss of Property resulting directly from common law or statutory larceny, misplacement, mysterious |
|  | unexplainable disappearance, damage or destruction, while the Property is in transit anywhere in: | unexplainable disappearance, damage or destruction, while the Property is in transit anywhere in: | unexplainable disappearance, damage or destruction, while the Property is in transit anywhere in: |
|  | a. | an armored motor vehicle, including loading and unloading thereof; | an armored motor vehicle, including loading and unloading thereof; |
|  | b. | the custody of a natural person acting as a messenger of the Assured; or | the custody of a natural person acting as a messenger of the Assured; or |
|  | c. | the custody of a Transportation Company and being transported in a conveyance other than an | the custody of a Transportation Company and being transported in a conveyance other than an |
|  |  | armored motor vehicle, provided that covered Property transported in such manner is limited to the | armored motor vehicle, provided that covered Property transported in such manner is limited to the |
|  |  | following: | following: |
|  |  | (1) | Written records; |
|  |  | (2) | Certificated Securities issued in registered form, which are not endorsed or are restrictively |
|  |  |  | endorsed; or |
|  |  | (3) | Negotiable Instruments not payable to bearer, which are not endorsed or are restrictively |
|  |  |  | endorsed. |
|  | Coverage under this Insuring Clause 3 begins immediately on the receipt of such Property by the armored | Coverage under this Insuring Clause 3 begins immediately on the receipt of such Property by the armored | Coverage under this Insuring Clause 3 begins immediately on the receipt of such Property by the armored |
|  | motor vehicle, natural person messenger, or Transportation Company and ends immediately on | motor vehicle, natural person messenger, or Transportation Company and ends immediately on | motor vehicle, natural person messenger, or Transportation Company and ends immediately on |
|  | delivery to the premises of the addressee or to any representative of the addressee located anywhere. | delivery to the premises of the addressee or to any representative of the addressee located anywhere. | delivery to the premises of the addressee or to any representative of the addressee located anywhere. |
| 4. | Forgery Or Alteration | Forgery Or Alteration | Forgery Or Alteration |
|  | Loss resulting directly from the Assured having, in good faith: | Loss resulting directly from the Assured having, in good faith: | Loss resulting directly from the Assured having, in good faith: |
|  | a. | transferred, paid, or delivered any Property; or | transferred, paid, or delivered any Property; or |
|  | b. | established any credit or given any value, | established any credit or given any value, |
|  | in reliance on any Written and Original: | in reliance on any Written and Original: | in reliance on any Written and Original: |

---

PF -52903 (08/21)

Page 1 of 17

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Financial Institution Bond |
|  |  |  |  | For Investment Companies |
|  |  | (1) | Negotiable Instrument (other than an Evidence of Debt); | Negotiable Instrument (other than an Evidence of Debt); |
|  |  | (2) | Acceptance; | Acceptance; |
|  |  | (3) | Withdrawal Order or receipt for the withdrawal of Property; | Withdrawal Order or receipt for the withdrawal of Property; |
|  |  | (4) | Certificate of Deposit; | Certificate of Deposit; |
|  |  | (5) | Letter of Credit; or | Letter of Credit; or |
|  |  | (6) | instruction or advice directed to the Assured and purportedly signed by any Customer, any | instruction or advice directed to the Assured and purportedly signed by any Customer, any |
|  |  |  | financial institution, or any Employee, | financial institution, or any Employee, |
|  |  | which | which |  |
|  |  |  | i. | bears a Forgery; or |
|  |  |  | ii. | is fraudulently materially altered. |
|  | For the purpose of this Insuring Clause 4, a reproduction of a handwritten signature is treated the same as | For the purpose of this Insuring Clause 4, a reproduction of a handwritten signature is treated the same as | For the purpose of this Insuring Clause 4, a reproduction of a handwritten signature is treated the same as | For the purpose of this Insuring Clause 4, a reproduction of a handwritten signature is treated the same as |
|  | the handwritten signature. An electronic or digital signature is not treated as a reproduction of a | the handwritten signature. An electronic or digital signature is not treated as a reproduction of a | the handwritten signature. An electronic or digital signature is not treated as a reproduction of a | the handwritten signature. An electronic or digital signature is not treated as a reproduction of a |
|  | handwritten signature. | handwritten signature. | handwritten signature. | handwritten signature. |
| 5. | Extended Forgery | Extended Forgery | Extended Forgery | Extended Forgery |
|  | Loss resulting directly from the Assured having, in good faith, for its own account or the account of others: | Loss resulting directly from the Assured having, in good faith, for its own account or the account of others: | Loss resulting directly from the Assured having, in good faith, for its own account or the account of others: | Loss resulting directly from the Assured having, in good faith, for its own account or the account of others: |
|  | a. | acquired, sold or delivered, given value, extended credit or assumed liability in reliance on any Written | acquired, sold or delivered, given value, extended credit or assumed liability in reliance on any Written | acquired, sold or delivered, given value, extended credit or assumed liability in reliance on any Written |
|  |  | and Original: | and Original: | and Original: |
|  |  | (1) | Certificated Security; | Certificated Security; |
|  |  | (2) | deed, mortgage or other instrument conveying title to, or creating or discharging a lien on, real | deed, mortgage or other instrument conveying title to, or creating or discharging a lien on, real |
|  |  |  | property; | property; |
|  |  | (3) | Evidence of Debt; or | Evidence of Debt; or |
|  |  | (4) | Instruction, | Instruction, |
|  |  | which | which |  |
|  |  |  | i. | bears a Forgery, but only to the extent the Forgery directly causes the loss; |
|  |  |  | ii. | is fraudulently materially altered, but only to the extent the alteration directly causes the loss; |
|  |  |  |  | or |
|  |  |  | iii. | is lost or stolen; |
|  | b. | guaranteed in writing or witnessed any signature on any: | guaranteed in writing or witnessed any signature on any: | guaranteed in writing or witnessed any signature on any: |
|  |  | (1) | transfer; | transfer; |
|  |  | (2) | assignment; | assignment; |
|  |  | (3) | bill of sale; | bill of sale; |
|  |  | (4) | power of attorney; or | power of attorney; or |
|  |  | (5) | endorsement upon any item listed in a. (1) through a. (4) above, | endorsement upon any item listed in a. (1) through a. (4) above, |
|  |  | but only to the extent that such guarantee or signature directly causes the loss; or | but only to the extent that such guarantee or signature directly causes the loss; or | but only to the extent that such guarantee or signature directly causes the loss; or |
|  | c. | acquired, sold or delivered, or given value, extended credit or assumed liability in reliance on any item | acquired, sold or delivered, or given value, extended credit or assumed liability in reliance on any item | acquired, sold or delivered, or given value, extended credit or assumed liability in reliance on any item |
|  |  | listed in a. (1) or a. (2) above which is a Counterfeit Original, but only to the extent the Counterfeit | listed in a. (1) or a. (2) above which is a Counterfeit Original, but only to the extent the Counterfeit | listed in a. (1) or a. (2) above which is a Counterfeit Original, but only to the extent the Counterfeit |
|  |  | Original directly causes the loss. | Original directly causes the loss. | Original directly causes the loss. |

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| | | |
|:---|:---|:---|
|  |  | Financial Institution Bond |
|  |  | For Investment Companies |
|  | Actual physical possession, and continued actual physical possession if taken as collateral, of the items | Actual physical possession, and continued actual physical possession if taken as collateral, of the items |
|  | listed in a. (1) through a. (4) above by an Employee, Custodian, or a federal or state chartered deposit | listed in a. (1) through a. (4) above by an Employee, Custodian, or a federal or state chartered deposit |
|  | institution of the Assured is a condition precedent to the Assured having relied on such items. Release | institution of the Assured is a condition precedent to the Assured having relied on such items. Release |
|  | or return of such collateral is an acknowledgment by the Assured that it no longer relies on such collateral. | or return of such collateral is an acknowledgment by the Assured that it no longer relies on such collateral. |
|  | For the purpose of this Insuring Clause 5, a reproduction of a handwritten signature is treated the same as | For the purpose of this Insuring Clause 5, a reproduction of a handwritten signature is treated the same as |
|  | the handwritten signature. An electronic or digital signature is not treated as a reproduction of a | the handwritten signature. An electronic or digital signature is not treated as a reproduction of a |
|  | handwritten signature. | handwritten signature. |
| 6. | Counterfeit Money | Counterfeit Money |
|  | Loss resulting directly from the receipt by the Assured in good faith of counterfeit Money. | Loss resulting directly from the receipt by the Assured in good faith of counterfeit Money. |
| 7. | Computer System Fraud | Computer System Fraud |
|  | Loss resulting directly from the: | Loss resulting directly from the: |
|  | a. | withdrawal, transfer, payment, or delivery of Property; or |
|  | b. | creation, deletion, debiting, or crediting of an account of the Assured or Customer, |
|  | which results directly from a Network Intrusion. | which results directly from a Network Intrusion. |
| 8. | Claims Expense | Claims Expense |
|  | Claims Expenses incurred by the Assured in determining the amount of covered loss under this Bond | Claims Expenses incurred by the Assured in determining the amount of covered loss under this Bond |
|  | in excess of the applicable Deductible Amount. | in excess of the applicable Deductible Amount. |
| 9. | Audit Expense | Audit Expense |
|  | Audit Expenses incurred by the Assured by reason of the discovery of loss covered under Insuring | Audit Expenses incurred by the Assured by reason of the discovery of loss covered under Insuring |
|  | Clause 1. | Clause 1. |
| 10. | Uncollectible Items Of Deposit | Uncollectible Items Of Deposit |
|  | Loss resulting directly from the Assured having credited an account of a customer, shareholder, or | Loss resulting directly from the Assured having credited an account of a customer, shareholder, or |
|  | subscriber on the faith of any Items of Deposit which prove to be uncollectible, provided that the crediting | subscriber on the faith of any Items of Deposit which prove to be uncollectible, provided that the crediting |
|  | of such account causes: | of such account causes: |
|  | a. | redemptions or withdrawals to be permitted; |
|  | b. | shares to be issued; or |
|  | c. | dividends to be paid, |
|  | from an account of an Assured. | from an account of an Assured. |
|  | As a condition precedent to coverage under this Insuring Clause 10, the Assured must hold Items of | As a condition precedent to coverage under this Insuring Clause 10, the Assured must hold Items of |
|  | Deposit for the minimum number of days stated in the Application before permitting any redemptions or | Deposit for the minimum number of days stated in the Application before permitting any redemptions or |
|  | withdrawals, issuing any shares, or paying any dividends with respect to such Items of Deposit. | withdrawals, issuing any shares, or paying any dividends with respect to such Items of Deposit. |
|  | Items of Deposit shall not be deemed uncollectible until the Assured s standard collection procedures | Items of Deposit shall not be deemed uncollectible until the Assured s standard collection procedures |
|  | have failed. | have failed. |
| 11. | Voice Initiated Funds Transfer Instruction | Voice Initiated Funds Transfer Instruction |
|  | Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or | Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or |
|  | Securities in reliance upon any Voice Initiated Funds Transfer Instruction that purports, and | Securities in reliance upon any Voice Initiated Funds Transfer Instruction that purports, and |
|  | reasonably appears, to have originated from: | reasonably appears, to have originated from: |
|  | a. | the Customer; |
|  | b. | an Employee acting on instructions of such Customer; or |

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Financial Institution Bond |
|  |  |  | For Investment Companies |
|  |  | c. | a financial institution acting on behalf of such Customer with authority to make such instructions, |
|  |  | but which Voice Initiated Funds Transfer Instruction was, in fact, fraudulently issued without the | but which Voice Initiated Funds Transfer Instruction was, in fact, fraudulently issued without the |
|  |  | knowledge of the Assured, Employee, or Customer. | knowledge of the Assured, Employee, or Customer. |
|  |  | As a condition precedent to coverage under this Insuring Clause 11, the Voice Initiated Funds Transfer | As a condition precedent to coverage under this Insuring Clause 11, the Voice Initiated Funds Transfer |
|  |  | Instruction must be received and processed in accordance with the Designated Procedures as outlined in | Instruction must be received and processed in accordance with the Designated Procedures as outlined in |
|  |  | the Application furnished to the Company. | the Application furnished to the Company. |
| II. |  | GENERAL AGREEMENTS | GENERAL AGREEMENTS |
|  | 1. | Automatic Increase Limit Of Liability | Automatic Increase Limit Of Liability |
|  |  | If, during the Bond Period, an increase in the minimum amount of the Single Loss Limit Of Liability | If, during the Bond Period, an increase in the minimum amount of the Single Loss Limit Of Liability |
|  |  | applicable to Insuring Clause 1 is required pursuant to Rule 17g-1 of the Investment Company Act of 1940, | applicable to Insuring Clause 1 is required pursuant to Rule 17g-1 of the Investment Company Act of 1940, |
|  |  | as a result of: | as a result of: |
|  |  | a. | the creation of a new Investment Company; or |
|  |  | b. | an increase in the gross assets of Investment Companies covered under the Bond, |
|  |  | then the minimum required increase in the amount of the Single Loss Limit Of Liability applicable to | then the minimum required increase in the amount of the Single Loss Limit Of Liability applicable to |
|  |  | Insuring Clause 1 shall take place automatically for the remainder of the Bond Period without payment of | Insuring Clause 1 shall take place automatically for the remainder of the Bond Period without payment of |
|  |  | an additional premium. | an additional premium. |
|  | 2. | Joint Assured | Joint Assured |
|  |  | The first named Assured shall be deemed to be the sole agent of the other Assureds for all purposes | The first named Assured shall be deemed to be the sole agent of the other Assureds for all purposes |
|  |  | under this Bond, including but not limited to the giving or receiving of any notice or proof required to be | under this Bond, including but not limited to the giving or receiving of any notice or proof required to be |
|  |  | given and for the purpose of effecting or accepting any amendments to or termination of this Bond. | given and for the purpose of effecting or accepting any amendments to or termination of this Bond. |
|  |  | If the first named Assured ceases for any reason to be covered under this Bond, then the Assured next | If the first named Assured ceases for any reason to be covered under this Bond, then the Assured next |
|  |  | named on the Application shall thereafter be considered as the first named Assured for the purposes of | named on the Application shall thereafter be considered as the first named Assured for the purposes of |
|  |  | this Bond. | this Bond. |
|  |  | The Company shall furnish each Assured with a copy of the Bond and with any amendment thereto, | The Company shall furnish each Assured with a copy of the Bond and with any amendment thereto, |
|  |  | together with a copy of each formal filing of claim by any other Assured and notification of the terms of | together with a copy of each formal filing of claim by any other Assured and notification of the terms of |
|  |  | the settlement of each such claim prior to the execution of such settlement. | the settlement of each such claim prior to the execution of such settlement. |
|  |  | Knowledge possessed or discovery made by any Assured shall constitute knowledge possessed or discovery | Knowledge possessed or discovery made by any Assured shall constitute knowledge possessed or discovery |
|  |  | made by all of the Assureds for the purposes of this Bond. | made by all of the Assureds for the purposes of this Bond. |
|  |  | All loss and other payments, if any, payable by the Company, shall be payable to the first named Assured | All loss and other payments, if any, payable by the Company, shall be payable to the first named Assured |
|  |  | without regard to such Assured s obligations to others, and the Company shall not be responsible for the | without regard to such Assured s obligations to others, and the Company shall not be responsible for the |
|  |  | application by the first named Assured of any payment made by the Company. If the Company agrees to | application by the first named Assured of any payment made by the Company. If the Company agrees to |
|  |  | and makes payment to any Assured other than the first named Assured, such payment shall be treated | and makes payment to any Assured other than the first named Assured, such payment shall be treated |
|  |  | as though made to the first named Assured. | as though made to the first named Assured. |
|  |  | The Company shall not be liable for loss sustained by one Assured to the advantage of any other Assured. | The Company shall not be liable for loss sustained by one Assured to the advantage of any other Assured. |
|  | 3. | Notice To Company Of Legal Proceedings Against Assured Election To Defend | Notice To Company Of Legal Proceedings Against Assured Election To Defend |
|  |  | The Assured shall promptly give notice to the Company of any legal proceeding brought to determine the | The Assured shall promptly give notice to the Company of any legal proceeding brought to determine the |
|  |  | Assured s liability for any loss, claim or damage which, if established, would constitute a collectible loss | Assured s liability for any loss, claim or damage which, if established, would constitute a collectible loss |
|  |  | under this Bond. Concurrent with such notice, and as requested thereafter, the Assured shall furnish | under this Bond. Concurrent with such notice, and as requested thereafter, the Assured shall furnish |
|  |  | copies of all pleadings and pertinent papers to the Company. | copies of all pleadings and pertinent papers to the Company. |
|  |  | The Company may, at its sole option, elect to conduct the defense of all or part of such legal proceeding. | The Company may, at its sole option, elect to conduct the defense of all or part of such legal proceeding. |
|  |  | The defense by the Company shall be in the name of the Assured through attorneys selected by the | The defense by the Company shall be in the name of the Assured through attorneys selected by the |
|  |  | Company. The Assured shall provide all reasonable information and assistance as required by the | Company. The Assured shall provide all reasonable information and assistance as required by the |
|  |  | Company for such defense. | Company for such defense. |

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| | | |
|:---|:---|:---|
|  |  | Financial Institution Bond |
|  |  | For Investment Companies |
|  | If the Company elects to defend all or part of any legal proceeding, the court costs and attorneys fees | If the Company elects to defend all or part of any legal proceeding, the court costs and attorneys fees |
|  | incurred by the Company and any settlement or judgment on that part defended by the Company shall be | incurred by the Company and any settlement or judgment on that part defended by the Company shall be |
|  | a loss under the applicable Insuring Clause of this Bond. In addition, if the amount demanded in the legal | a loss under the applicable Insuring Clause of this Bond. In addition, if the amount demanded in the legal |
|  | proceeding is greater than the amount recoverable under this Bond, or if a Deductible Amount is applicable, | proceeding is greater than the amount recoverable under this Bond, or if a Deductible Amount is applicable, |
|  | or both, the Company s liability for court costs and attorneys fees incurred in defending all or part of such | or both, the Company s liability for court costs and attorneys fees incurred in defending all or part of such |
|  | legal proceeding is limited to the proportion of such court costs and attorneys fees incurred that the amount | legal proceeding is limited to the proportion of such court costs and attorneys fees incurred that the amount |
|  | recoverable under this Bond bears to the total of the amount demanded in such legal proceeding. | recoverable under this Bond bears to the total of the amount demanded in such legal proceeding. |
|  | If the Company declines to defend the Assured, no settlement without the prior written consent of the | If the Company declines to defend the Assured, no settlement without the prior written consent of the |
|  | Company or judgment against the Assured shall determine the existence, extent or amount of coverage | Company or judgment against the Assured shall determine the existence, extent or amount of coverage |
|  | under this Bond, and the Company shall not be liable for any costs, fees and expenses incurred by the | under this Bond, and the Company shall not be liable for any costs, fees and expenses incurred by the |
|  | Assured. | Assured. |
| 4. | Representations Made By Assured | Representations Made By Assured |
|  | The Assured represents that all information it has furnished in the Application for this Bond or otherwise | The Assured represents that all information it has furnished in the Application for this Bond or otherwise |
|  | is complete, true and correct. Such Application and other information constitute part of this Bond. Any | is complete, true and correct. Such Application and other information constitute part of this Bond. Any |
|  | intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the | intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the |
|  | Application or otherwise, shall be grounds for rescission of this Bond. | Application or otherwise, shall be grounds for rescission of this Bond. |
| III. | DEFINITIONS | DEFINITIONS |
|  | As used in this Bond: | As used in this Bond: |
|  | Acceptance means a draft which the drawee has, by signature written on it, engaged to honor as presented. | Acceptance means a draft which the drawee has, by signature written on it, engaged to honor as presented. |
|  | Assured means: | Assured means: |
|  | (1) | the Investment Company listed under Name of Assured in the Declarations (the first named |
|  |  | Assured); or |
|  | (2) | any other Investment Company listed in the Application. |
|  | Assured does not include any entity or organization that is not an Investment Company. | Assured does not include any entity or organization that is not an Investment Company. |
|  | Assured s Network means: | Assured s Network means: |
|  | (1) | the Assured s Computer System; or |
|  | (2) | an Electronic Communication System. |
|  | Audit Expenses means reasonable expenses incurred by the Assured with the Company s prior written | Audit Expenses means reasonable expenses incurred by the Assured with the Company s prior written |
|  | consent, which shall not be unreasonably withheld, for audits or examinations required by any | consent, which shall not be unreasonably withheld, for audits or examinations required by any |
|  | governmental regulatory authority or self-regulatory organization to be conducted by such authority, | governmental regulatory authority or self-regulatory organization to be conducted by such authority, |
|  | organization, or their appointee. Audit Expense shall not include the Assured s internal corporate costs | organization, or their appointee. Audit Expense shall not include the Assured s internal corporate costs |
|  | (such as salaries), attorneys fees, or expenses incurred by any customer. | (such as salaries), attorneys fees, or expenses incurred by any customer. |
|  | Certificate of Deposit means an acknowledgment in writing by a financial institution of receipt of | Certificate of Deposit means an acknowledgment in writing by a financial institution of receipt of |
|  | Money with an engagement to repay it. | Money with an engagement to repay it. |
|  | Certificated Security means a share, participation or other interest in property of the issuer, or an | Certificated Security means a share, participation or other interest in property of the issuer, or an |
|  | enterprise of the issuer, or an obligation of the issuer, which is: | enterprise of the issuer, or an obligation of the issuer, which is: |
|  | (1) | represented by an instrument issued in bearer or registered form; |
|  | (2) | of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in |
|  |  | which it is issued or dealt in as a medium for investment; and |
|  | (3) | either one of a class or series or by its terms divisible into a class or series of shares, participations, |
|  |  | interests or obligations. |

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| | |
|:---|:---|
|  | Financial Institution Bond |
|  | For Investment Companies |
| Claims Expenses means reasonable expenses incurred by the Assured with the Company s prior written | Claims Expenses means reasonable expenses incurred by the Assured with the Company s prior written |
| consent, which shall not be unreasonably withheld, solely for independent firms or individuals retained to | consent, which shall not be unreasonably withheld, solely for independent firms or individuals retained to |
| determine the amount of a covered loss. Claims Expenses shall not include the Assured s internal | determine the amount of a covered loss. Claims Expenses shall not include the Assured s internal |
| corporate costs (such as salaries), attorneys fees, or expenses incurred by any customer. | corporate costs (such as salaries), attorneys fees, or expenses incurred by any customer. |
| Computer System means a device or group of devices and all input, output, processing, storage, off-line | Computer System means a device or group of devices and all input, output, processing, storage, off-line |
| media libraries (including third-party hosted computing services accessed across the internet, including | media libraries (including third-party hosted computing services accessed across the internet, including |
| infrastructure, platform, and software services), and communication facilities, including related | infrastructure, platform, and software services), and communication facilities, including related |
| communications networks, which are connected directly or indirectly to such device or group of devices. | communications networks, which are connected directly or indirectly to such device or group of devices. |
| Counterfeit Original means an imitation of an actual valid Original which is intended to deceive and | Counterfeit Original means an imitation of an actual valid Original which is intended to deceive and |
| be taken as the Original. | be taken as the Original. |
| Cryptocurrency means a digital or electronic medium of exchange, operating independently of a central | Cryptocurrency means a digital or electronic medium of exchange, operating independently of a central |
| bank, in which encryption techniques are used to regulate the generation of units and to verify the transfer | bank, in which encryption techniques are used to regulate the generation of units and to verify the transfer |
| of such units. | of such units. |
| Custodian means the institution designated by an Assured to maintain possession and control of its | Custodian means the institution designated by an Assured to maintain possession and control of its |
| assets. | assets. |
| Customer means any shareholder of an Assured which has a written agreement with the Assured to | Customer means any shareholder of an Assured which has a written agreement with the Assured to |
| transfer such shareholder s Money or Securities through a Voice Initiated Funds Transfer | transfer such shareholder s Money or Securities through a Voice Initiated Funds Transfer |
| Instruction. | Instruction. |
| Customer Communication System means an: | Customer Communication System means an: |
| (1) | online portal or mobile application provided by the Assured for purposes of accessing a Customer s |
|  | account; or |
| (2) | electronic mailing system hosted by the Assured or by a third party cloud service provider. |
| Director means any natural person duly elected or appointed: | Director means any natural person duly elected or appointed: |
| (1) | as an officer of the Assured; |
| (2) | to the Assured s board of directors; or |
| (3) | as a trustee of the Assured. |
| Electronic Communication System means: | Electronic Communication System means: |
| (1) | Fedwire, Clearing House Interbank Payment System (CHIPS), Society for Worldwide Interbank |
|  | Financial Telecommunication (SWIFT), and similar automated interbank communication systems in |
|  | which the Assured participates; |
| (2) | Customer Communication System; or |
| (3) | any communication system similar to those set forth in (1) and (2) of this definition in which the |
|  | Assured participates, |
| allowing for the input, output, examination, or transfer of electronic instructions into or from the | allowing for the input, output, examination, or transfer of electronic instructions into or from the |
| Assured s Computer System. | Assured s Computer System. |
| Employee means any natural person: | Employee means any natural person: |
| (1) | while in the regular service of an Assured in the ordinary course of such Assured s business, whom |
|  | such Assured compensates directly by salary or wage and has the right to control and direct in the |
|  | performance of such service; |
| (2) | Director while in the regular service of an Assured in the ordinary course of such Assured s |
|  | business, or while acting as a member of any committee duly elected or appointed to examine or audit |
|  | or have custody of or access to Property of the Assured; |
| (3) | intern while in the regular service of an Assured in the ordinary course of such Assured s business; |

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| | | |
|:---|:---|:---|
|  |  | Financial Institution Bond |
|  |  | For Investment Companies |
| (4) | provided by an employment contractor while in the regular service of an Assured in the ordinary | provided by an employment contractor while in the regular service of an Assured in the ordinary |
|  | course of such Assured s business under the Assured s supervision at any of the Assured s | course of such Assured s business under the Assured s supervision at any of the Assured s |
|  | premises; | premises; |
| (5) | employee of the Assured s contracted: | employee of the Assured s contracted: |
|  | a. | investment advisor; |
|  | b. | underwriter (distributor); |
|  | c. | transfer agent; |
|  | d. | shareholder accounting record-keeper; or |
|  | e. | fund administrator, |
|  | while performing acts for the Assured in the capacity of an Employee; | while performing acts for the Assured in the capacity of an Employee; |
| (6) | attorney of a law firm retained by the Assured while performing legal services for the Assured; or | attorney of a law firm retained by the Assured while performing legal services for the Assured; or |
| (7) | Processor, but only while such Processor is performing services and not: | Processor, but only while such Processor is performing services and not: |
|  | a. | creating, preparing, modifying, or maintaining the Assured s computer applications or software |
|  |  | programs; or |
|  | b. | acting as a transfer agent or in any other agency capacity in issuing checks, drafts, or securities for |
|  |  | the Assured. |
| Each employer of persons as set forth in (6) and (7) of this definition and the partners, officers, and other | Each employer of persons as set forth in (6) and (7) of this definition and the partners, officers, and other | Each employer of persons as set forth in (6) and (7) of this definition and the partners, officers, and other |
| employees of such employers shall collectively be deemed to be one person for the purpose of the definition | employees of such employers shall collectively be deemed to be one person for the purpose of the definition | employees of such employers shall collectively be deemed to be one person for the purpose of the definition |
| of Single Loss and in the event of payment under this Bond, the Company shall be subrogated to the | of Single Loss and in the event of payment under this Bond, the Company shall be subrogated to the | of Single Loss and in the event of payment under this Bond, the Company shall be subrogated to the |
| Assured s rights of recovery, as stated in Section 12. , Subrogation Assignment Recovery, of the | Assured s rights of recovery, as stated in Section 12. , Subrogation Assignment Recovery, of the | Assured s rights of recovery, as stated in Section 12. , Subrogation Assignment Recovery, of the |
| Conditions and Limitations, against any such employer. | Conditions and Limitations, against any such employer. | Conditions and Limitations, against any such employer. |
| Employee does not include: | Employee does not include: | Employee does not include: |
| (1) | any employee of a fund administrator for any employee benefit plan; or | any employee of a fund administrator for any employee benefit plan; or |
| (2) | any employee of a transfer agent, shareholder accounting record-keeper, or fund administrator which | any employee of a transfer agent, shareholder accounting record-keeper, or fund administrator which |
|  | is: |  |
|  | a. | not an affiliated person (as defined in Section 2(a) of the Investment Company Act of 1940) of an |
|  |  | Assured or of the investment advisor or underwriter (distributor) of such Assured; or |
|  | b. | a bank (as defined in Section 2(a) of the Investment Company Act of 1940) . |
| Evidence of Debt means an instrument, including a Negotiable Instrument, executed by a Customer | Evidence of Debt means an instrument, including a Negotiable Instrument, executed by a Customer | Evidence of Debt means an instrument, including a Negotiable Instrument, executed by a Customer |
| and held by the Assured, which in the regular course of business is treated as evidencing the Customer s | and held by the Assured, which in the regular course of business is treated as evidencing the Customer s | and held by the Assured, which in the regular course of business is treated as evidencing the Customer s |
| debt to the Assured. | debt to the Assured. | debt to the Assured. |
| Forgery means: | Forgery means: | Forgery means: |
| (1) | affixing the handwritten signature, or a reproduction of the handwritten signature, of another natural | affixing the handwritten signature, or a reproduction of the handwritten signature, of another natural |
|  | person without authorization and with the intent to deceive; or | person without authorization and with the intent to deceive; or |
| (2) | affixing the name of an organization as an endorsement to a check without authority and with the intent | affixing the name of an organization as an endorsement to a check without authority and with the intent |
|  | to deceive, | to deceive, |
| provided that a signature which consists in whole or in part of one s own name signed with or without | provided that a signature which consists in whole or in part of one s own name signed with or without | provided that a signature which consists in whole or in part of one s own name signed with or without |
| authority, in any capacity, for any purpose is not a Forgery. | authority, in any capacity, for any purpose is not a Forgery. | authority, in any capacity, for any purpose is not a Forgery. |
| Initial Transaction Statement means the first written statement signed by or on behalf of the issuer of | Initial Transaction Statement means the first written statement signed by or on behalf of the issuer of | Initial Transaction Statement means the first written statement signed by or on behalf of the issuer of |
| an Uncertificated Security sent to the registered owner or registered pledgee containing: | an Uncertificated Security sent to the registered owner or registered pledgee containing: | an Uncertificated Security sent to the registered owner or registered pledgee containing: |

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| | |
|:---|:---|
|  | Financial Institution Bond |
|  | For Investment Companies |
| (1) | a description of the issue of which the Uncertificated Security is a part; |
| (2) | the number of shares or units transferred to the registered owner, pledged by the registered owner to |
|  | the registered pledgee, or released from pledge by the registered pledgee; |
| (3) | the name, address and taxpayer identification number, if any, of the registered owner and registered |
|  | pledgee; and |
| (4) | the date the transfer, pledge or release was registered. |
| Instruction means a written order to the issuer of an Uncertificated Security requesting that the | Instruction means a written order to the issuer of an Uncertificated Security requesting that the |
| transfer, pledge or release from pledge of the specified Uncertificated Security be registered. | transfer, pledge or release from pledge of the specified Uncertificated Security be registered. |
| Investment Company means any entity registered under the Investment Company Act of 1940. | Investment Company means any entity registered under the Investment Company Act of 1940. |
| Items of Deposit means one or more checks or drafts drawn upon a financial institution in the United | Items of Deposit means one or more checks or drafts drawn upon a financial institution in the United |
| States of America. | States of America. |
| Larceny or Embezzlement means larceny and embezzlement as defined under Section 37 of the | Larceny or Embezzlement means larceny and embezzlement as defined under Section 37 of the |
| Investment Company Act of 1940. | Investment Company Act of 1940. |
| Letter of Credit means an engagement in writing by a bank or other person made at the request of a | Letter of Credit means an engagement in writing by a bank or other person made at the request of a |
| customer that the bank or other person will honor drafts or other demands for payment in compliance with | customer that the bank or other person will honor drafts or other demands for payment in compliance with |
| the conditions specified in the engagement. | the conditions specified in the engagement. |
| Money means a medium of exchange in current use authorized or adopted by a domestic or foreign | Money means a medium of exchange in current use authorized or adopted by a domestic or foreign |
| government as part of its currency. | government as part of its currency. |
| Negotiable Instrument means any writing: | Negotiable Instrument means any writing: |
| (1) | signed by the maker or drawer; |
| (2) | containing an unconditional promise or order to pay a sum certain in Money and no other promise, |
|  | order, obligation or power given by the maker or drawer; |
| (3) | payable on demand or at a definite time; and |
| (4) | payable to order or bearer. |
| Negotiable Instrument includes a substitute check as defined in the Check Clearing for the 21 st Century | Negotiable Instrument includes a substitute check as defined in the Check Clearing for the 21 st Century |
| Act, and shall be treated the same as the Original it replaced. | Act, and shall be treated the same as the Original it replaced. |
| Network Intrusion means the: | Network Intrusion means the: |
| (1) | unauthorized access; or |
| (2) | entry of an unauthorized application or software program, |
| into the Assured s Network, by any entity or natural person, except an Employee or any authorized | into the Assured s Network, by any entity or natural person, except an Employee or any authorized |
| representative of the Assured. | representative of the Assured. |
| Original means the first rendering or archetype and does not include photocopies or electronic | Original means the first rendering or archetype and does not include photocopies or electronic |
| transmissions even if received and printed. | transmissions even if received and printed. |
| Processor means an employee of any entity authorized by the Assured to perform data processing of the | Processor means an employee of any entity authorized by the Assured to perform data processing of the |
| Assured s checks and accounting records related to such checks. Processor does not include any | Assured s checks and accounting records related to such checks. Processor does not include any |
| employee of a Federal Reserve Bank or clearing house. | employee of a Federal Reserve Bank or clearing house. |
| Property means Money; Securities; Initial Transaction Statement; Negotiable Instrument; | Property means Money; Securities; Initial Transaction Statement; Negotiable Instrument; |
| Certificate of Deposit; Acceptance; Evidence of Debt; Withdrawal Order; Letter of Credit; | Certificate of Deposit; Acceptance; Evidence of Debt; Withdrawal Order; Letter of Credit; |
| insurance policy; abstract of title, deed and mortgage on real estate; revenue and other stamps; precious | insurance policy; abstract of title, deed and mortgage on real estate; revenue and other stamps; precious |
| metals in any form; and books of accounts and other Written records, but not electronic data processing | metals in any form; and books of accounts and other Written records, but not electronic data processing |
| records or media. | records or media. |
| Property does not include electronic data or Cryptocurrency. | Property does not include electronic data or Cryptocurrency. |

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| | | |
|:---|:---|:---|
|  |  | Financial Institution Bond |
|  |  | For Investment Companies |
|  | Securities means either Certificated Securities or Uncertificated Securities. | Securities means either Certificated Securities or Uncertificated Securities. |
|  | Single Loss means all covered loss, court costs, and attorneys fees resulting from: | Single Loss means all covered loss, court costs, and attorneys fees resulting from: |
|  | (1) | any one act of burglary, robbery or attempt at either, in which no Employee is implicated; |
|  | (2) | any one act or series of related acts on the part of any natural person resulting in the damage, |
|  |  | destruction, or misplacement of Property; |
|  | (3) | all acts other than those specified in (1) and (2) of this definition, caused by any natural person or in |
|  |  | which such natural person is implicated; or |
|  | (4) | any one event not specified in (1), (2) or (3) of this definition. |
|  | Transportation Company means any organization which provides its own or its leased vehicles for | Transportation Company means any organization which provides its own or its leased vehicles for |
|  | transportation or which provides freight forwarding or air express services. | transportation or which provides freight forwarding or air express services. |
|  | Uncertificated Security means a share, participation or other interest in property of the issuer, or an | Uncertificated Security means a share, participation or other interest in property of the issuer, or an |
|  | enterprise of the issuer, or an obligation of the issuer, which is: | enterprise of the issuer, or an obligation of the issuer, which is: |
|  | (1) | not represented by an instrument and the transfer of which is registered on books maintained for that |
|  |  | purpose by or on behalf of the issuer; |
|  | (2) | of a type commonly dealt in on securities exchanges or markets; and |
|  | (3) | either one of a class or series or by its terms divisible into a class or series of shares, participations, |
|  |  | interests or obligations. |
|  | Voice Initiated Funds Transfer Instruction means those oral instructions which authorize the | Voice Initiated Funds Transfer Instruction means those oral instructions which authorize the |
|  | transfer of Money in a Customer s account, or of a Customer s Securities, and which are: | transfer of Money in a Customer s account, or of a Customer s Securities, and which are: |
|  | (1) | made over a telecommunications device; and |
|  | (2) | directed to those natural persons specifically authorized to receive such instructions by such |
|  |  | telecommunications device. |
|  | Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a | Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a |
|  | Customer authorizing the Assured to debit the Customer s account in the amount of funds stated | Customer authorizing the Assured to debit the Customer s account in the amount of funds stated |
|  | therein. | therein. |
|  | Written means expressed through letters or marks placed upon paper and visible to the eye. | Written means expressed through letters or marks placed upon paper and visible to the eye. |
|  | For the purposes of these definitions, the singular includes the plural and the plural includes the singular, | For the purposes of these definitions, the singular includes the plural and the plural includes the singular, |
|  | unless otherwise indicated. | unless otherwise indicated. |
| IV. | EXCLUSIONS | EXCLUSIONS |
| 1. | General Exclusions Applicable To All Insuring Clauses | General Exclusions Applicable To All Insuring Clauses |
|  | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: |
|  | a. | riot or civil commotion outside the United States of America and Canada, or any loss due to military, |
|  |  | naval or usurped power, war or insurrection. This Exclusion 1. a. , however, shall not apply to loss which |
|  |  | occurs in transit in the circumstances recited in Insuring Clause 3, provided that when such transit was |
|  |  | initiated there was no knowledge on the part of any person acting for the Assured of such riot, civil |
|  |  | commotion, military, naval or usurped power, war or insurrection; |
|  | b. | the effects of nuclear fission or fusion, radioactivity, or chemical or biological contamination; |
|  | c. | the loss of potential income. This Exclusion 1. c. , however, shall not apply to interest and dividends |
|  |  | accrued to the benefit of the Assured or any Customer prior to the discovery of a covered loss, |
|  |  | whether or not such accrued interest or dividends have been paid into the account of such Assured or |
|  |  | Customer as of the discovery of such covered loss; |

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Financial Institution Bond |
|  |  |  | For Investment Companies |
| d. | damages of any type for which the Assured is legally liable, except compensatory damages, but not | damages of any type for which the Assured is legally liable, except compensatory damages, but not | damages of any type for which the Assured is legally liable, except compensatory damages, but not |
|  | multiples thereof, arising from a loss covered under this Bond; | multiples thereof, arising from a loss covered under this Bond; | multiples thereof, arising from a loss covered under this Bond; |
| e. | all costs, fees and expenses incurred by the Assured: | all costs, fees and expenses incurred by the Assured: | all costs, fees and expenses incurred by the Assured: |
|  | (1) | in establishing the existence of or amount of loss covered under this Bond, except for loss covered | in establishing the existence of or amount of loss covered under this Bond, except for loss covered |
|  |  | under Insuring Clause 8 or 9; or | under Insuring Clause 8 or 9; or |
|  | (2) | as a party to any legal proceeding, even if such legal proceeding results in a loss covered by this | as a party to any legal proceeding, even if such legal proceeding results in a loss covered by this |
|  |  | Bond; | Bond; |
| f. | indirect or consequential loss of any nature, except for loss covered under Insuring Clause 8 or 9. This | indirect or consequential loss of any nature, except for loss covered under Insuring Clause 8 or 9. This | indirect or consequential loss of any nature, except for loss covered under Insuring Clause 8 or 9. This |
|  | Exclusion 1. f. , however, shall not apply to interest and dividends accrued to the benefit of the Assured | Exclusion 1. f. , however, shall not apply to interest and dividends accrued to the benefit of the Assured | Exclusion 1. f. , however, shall not apply to interest and dividends accrued to the benefit of the Assured |
|  | or any Customer prior to the discovery of a covered loss, whether or not such accrued interest or | or any Customer prior to the discovery of a covered loss, whether or not such accrued interest or | or any Customer prior to the discovery of a covered loss, whether or not such accrued interest or |
|  | dividends have been paid into the account of such Assured or Customer as of the discovery of such | dividends have been paid into the account of such Assured or Customer as of the discovery of such | dividends have been paid into the account of such Assured or Customer as of the discovery of such |
|  | covered loss; | covered loss; | covered loss; |
| g. | any violation by the Assured or by any Employee: | any violation by the Assured or by any Employee: | any violation by the Assured or by any Employee: |
|  | (1) | of any law regulating: | of any law regulating: |
|  |  | i. | the issuance, purchase or sale of securities; |
|  |  | ii. | securities transactions on security or commodity exchanges or the over the counter market; |
|  |  | iii. | investment companies; or |
|  |  | iv. | investment advisors; or |
|  | (2) | of any rule or regulation made pursuant to any such law; | of any rule or regulation made pursuant to any such law; |
| h. | the loss or disclosure of confidential information, material or data, while in the care, custody or control | the loss or disclosure of confidential information, material or data, while in the care, custody or control | the loss or disclosure of confidential information, material or data, while in the care, custody or control |
|  | of the Assured, including but not limited to patents, trade secrets, processing methods, customer lists, | of the Assured, including but not limited to patents, trade secrets, processing methods, customer lists, | of the Assured, including but not limited to patents, trade secrets, processing methods, customer lists, |
|  | financial information, credit card information, health information, retirement or health savings | financial information, credit card information, health information, retirement or health savings | financial information, credit card information, health information, retirement or health savings |
|  | account information, or any similar type of non-public information. This Exclusion 1. h. , however, shall | account information, or any similar type of non-public information. This Exclusion 1. h. , however, shall | account information, or any similar type of non-public information. This Exclusion 1. h. , however, shall |
|  | not apply when such information, material or data is used to support or facilitate the commission of | not apply when such information, material or data is used to support or facilitate the commission of | not apply when such information, material or data is used to support or facilitate the commission of |
|  | any act otherwise covered under this Bond; | any act otherwise covered under this Bond; | any act otherwise covered under this Bond; |
| i. | fees, costs, fines, penalties or any other expenses incurred by an Assured which result, directly or | fees, costs, fines, penalties or any other expenses incurred by an Assured which result, directly or | fees, costs, fines, penalties or any other expenses incurred by an Assured which result, directly or |
|  | indirectly, from the access to or disclosure of an Assured s or another entity s or person s confidential | indirectly, from the access to or disclosure of an Assured s or another entity s or person s confidential | indirectly, from the access to or disclosure of an Assured s or another entity s or person s confidential |
|  | or personal information, including but not limited to patents, trade secrets, processing methods, | or personal information, including but not limited to patents, trade secrets, processing methods, | or personal information, including but not limited to patents, trade secrets, processing methods, |
|  | customer lists, financial information, credit card information, health information, retirement or health | customer lists, financial information, credit card information, health information, retirement or health | customer lists, financial information, credit card information, health information, retirement or health |
|  | savings account information, or any similar type of non-public information; | savings account information, or any similar type of non-public information; | savings account information, or any similar type of non-public information; |
| j. | liability resulting from disclosure of or acting on material nonpublic information; | liability resulting from disclosure of or acting on material nonpublic information; | liability resulting from disclosure of or acting on material nonpublic information; |
| k. | liability assumed by the Assured by agreement under any contract, unless loss under this Bond would | liability assumed by the Assured by agreement under any contract, unless loss under this Bond would | liability assumed by the Assured by agreement under any contract, unless loss under this Bond would |
|  | be covered in the absence of such agreement; | be covered in the absence of such agreement; | be covered in the absence of such agreement; |
| l. | the dishonest acts of any Director who is not an Employee, acting alone or in collusion with others; | the dishonest acts of any Director who is not an Employee, acting alone or in collusion with others; | the dishonest acts of any Director who is not an Employee, acting alone or in collusion with others; |
| m. | any modification, damage, destruction, deletion, or corruption of any application or software program | any modification, damage, destruction, deletion, or corruption of any application or software program | any modification, damage, destruction, deletion, or corruption of any application or software program |
|  | within the Assured s Network, except for loss covered under Insuring Clause 7; | within the Assured s Network, except for loss covered under Insuring Clause 7; | within the Assured s Network, except for loss covered under Insuring Clause 7; |
| n. | a threat or series of threats to: | a threat or series of threats to: | a threat or series of threats to: |
|  | (1) | gain access to the Assured s Computer System and sell or disclose confidential information | gain access to the Assured s Computer System and sell or disclose confidential information |
|  |  | stored within the Assured s Computer System; or | stored within the Assured s Computer System; or |
|  | (2) | modify, damage, destroy, delete, or corrupt any application or software program within the | modify, damage, destroy, delete, or corrupt any application or software program within the |
|  |  | Assured s Computer System; | Assured s Computer System; |
| o. | costs or expenses of any independent forensic analysts or network security consultants engaged to | costs or expenses of any independent forensic analysts or network security consultants engaged to | costs or expenses of any independent forensic analysts or network security consultants engaged to |
|  | investigate or assess any actual or alleged threat; | investigate or assess any actual or alleged threat; | investigate or assess any actual or alleged threat; |

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Financial Institution Bond |
|  |  |  | For Investment Companies |
|  | p. | costs or expenses incurred to identify or remediate application or software program errors or | costs or expenses incurred to identify or remediate application or software program errors or |
|  |  | vulnerabilities, or costs to update, replace, restore, upgrade, maintain, or improve a Computer | vulnerabilities, or costs to update, replace, restore, upgrade, maintain, or improve a Computer |
|  |  | System; | System; |
|  | q. | costs or expenses incurred to replace, restore, recreate, collect, or recover any application or software | costs or expenses incurred to replace, restore, recreate, collect, or recover any application or software |
|  |  | program; or | program; or |
|  | r. | Cryptocurrency. | Cryptocurrency. |
| 2. | Specific Exclusions Applicable To All Insuring Clauses Except Insuring Clause 1 | Specific Exclusions Applicable To All Insuring Clauses Except Insuring Clause 1 | Specific Exclusions Applicable To All Insuring Clauses Except Insuring Clause 1 |
|  | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: |
|  | a. | the acts of an Employee, except for loss covered under: | the acts of an Employee, except for loss covered under: |
|  |  | (1) | Insuring Clause 2 or 3 which results directly from misplacement, mysterious unexplainable |
|  |  |  | disappearance, or damage or destruction of Property; or |
|  |  | (2) | Insuring Clause 11; |
|  | b. | the surrender of a ransom or extortion payment away from the Assured s premises as a result of a | the surrender of a ransom or extortion payment away from the Assured s premises as a result of a |
|  |  | threat to do bodily harm to any person, or to do damage to the premises or Property of the Assured, | threat to do bodily harm to any person, or to do damage to the premises or Property of the Assured, |
|  |  | except for loss covered under Insuring Clause 3. b. ; | except for loss covered under Insuring Clause 3. b. ; |
|  | c. | payments made or withdrawals from any account involving erroneous credits to such account, unless | payments made or withdrawals from any account involving erroneous credits to such account, unless |
|  |  | such payments or withdrawals are physically received by such depositor or representative of such | such payments or withdrawals are physically received by such depositor or representative of such |
|  |  | depositor who is within the premises of the Assured at the time of such payment or withdrawal; | depositor who is within the premises of the Assured at the time of such payment or withdrawal; |
|  | d. | any Uncertificated Security, except for loss covered under Insuring Clause 7; | any Uncertificated Security, except for loss covered under Insuring Clause 7; |
|  | e. | the loss of Property while: | the loss of Property while: |
|  |  | (1) | in the mail; |
|  |  | (2) | in the custody of a Transportation Company, except for loss covered under Insuring Clause 3; |
|  |  |  | or |
|  |  | (3) | located on the premises of an armored motor vehicle operator; |
|  | f. | damages resulting from any civil, criminal or other legal proceeding in which the Assured is | damages resulting from any civil, criminal or other legal proceeding in which the Assured is |
|  |  | adjudicated to have engaged in Racketeering activity; | adjudicated to have engaged in Racketeering activity; |
|  | g. | the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay | the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay |
|  |  | or deliver funds or Property to the Assured, except for loss of Securities covered under Insuring | or deliver funds or Property to the Assured, except for loss of Securities covered under Insuring |
|  |  | Clause 2; | Clause 2; |
|  | h. | instructions issued by a Customer to the Assured when such instructions are made, sent, or | instructions issued by a Customer to the Assured when such instructions are made, sent, or |
|  |  | originated by a natural person authorized by the Customer to make, send, or originate any | originated by a natural person authorized by the Customer to make, send, or originate any |
|  |  | instructions; | instructions; |
|  | i. | the use of credit, debit, charge, access, convenience, identification, cash management, or other cards | the use of credit, debit, charge, access, convenience, identification, cash management, or other cards |
|  |  | whether such cards were issued, or purport to have been issued, by the Assured or by any entity other | whether such cards were issued, or purport to have been issued, by the Assured or by any entity other |
|  |  | than the Assured; | than the Assured; |
|  | j. | Items of Deposit which are not finally paid for any reason including, but not limited to, Forgery or | Items of Deposit which are not finally paid for any reason including, but not limited to, Forgery or |
|  |  | any other fraud, except for loss covered under Insuring Clause 10; | any other fraud, except for loss covered under Insuring Clause 10; |
|  | k. | the acts of any agent, broker, factor, commission merchant, independent contractor, intermediary, | the acts of any agent, broker, factor, commission merchant, independent contractor, intermediary, |
|  |  | finder, or other representative of the same general character of the Assured; or | finder, or other representative of the same general character of the Assured; or |
|  | l. | the acts of any employee, agent, broker, factor, commission merchant, independent contractor, | the acts of any employee, agent, broker, factor, commission merchant, independent contractor, |
|  |  | intermediary, finder, or other representative of the same general character of any third party, while | intermediary, finder, or other representative of the same general character of any third party, while |
|  |  | conducting business with the Assured on behalf of such third party. | conducting business with the Assured on behalf of such third party. |

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Financial Institution Bond |
|  |  |  | For Investment Companies |
| 3. | Specific Exclusions Applicable To All Insuring Clauses Except Insuring Clauses 1, 4, and 5 | Specific Exclusions Applicable To All Insuring Clauses Except Insuring Clauses 1, 4, and 5 | Specific Exclusions Applicable To All Insuring Clauses Except Insuring Clauses 1, 4, and 5 |
|  | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: |
|  | a. | the complete or partial non-payment of or default on any loan whether such loan was procured in good | the complete or partial non-payment of or default on any loan whether such loan was procured in good |
|  |  | faith or through trick, artifice, fraud, or false pretenses, except for loss covered under Insuring Clause | faith or through trick, artifice, fraud, or false pretenses, except for loss covered under Insuring Clause |
|  |  | 7; |  |
|  | b. | any Forgery or any alteration, except for loss covered under Insuring Clause 7; or | any Forgery or any alteration, except for loss covered under Insuring Clause 7; or |
|  | c. | any counterfeit, except for loss covered under Insuring Clause 6. | any counterfeit, except for loss covered under Insuring Clause 6. |
| 4. | Specific Exclusions Applicable To Insuring Clause 7 | Specific Exclusions Applicable To Insuring Clause 7 | Specific Exclusions Applicable To Insuring Clause 7 |
|  | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: |
|  | a. | any transfer, payment, or delivery of Money or Securities: | any transfer, payment, or delivery of Money or Securities: |
|  |  | (1) | authorized by an Employee; or |
|  |  | (2) | arising out of any misrepresentation received by any Employee, agent, broker, factor, commission |
|  |  |  | merchant, independent contractor, intermediary, finder, or other representative of the same |
|  |  |  | general character of the Assured, |
|  |  | whether such transfer, payment, or delivery was made in good faith or as a result of trick, artifice, fraud, | whether such transfer, payment, or delivery was made in good faith or as a result of trick, artifice, fraud, |
|  |  | or false pretenses; | or false pretenses; |
|  | b. | forged, altered or fraudulent Negotiable Instruments, Securities, documents or written | forged, altered or fraudulent Negotiable Instruments, Securities, documents or written |
|  |  | instruments used as source documentation for input into a Computer System; | instruments used as source documentation for input into a Computer System; |
|  | c. | any investment in Securities, or ownership in any corporation, partnership, real property, commodity | any investment in Securities, or ownership in any corporation, partnership, real property, commodity |
|  |  | or similar instrument, whether or not such investment is genuine or fraudulent; | or similar instrument, whether or not such investment is genuine or fraudulent; |
|  | d. | mechanical failure, faulty construction, error in design, latent defect, wear and tear, gradual | mechanical failure, faulty construction, error in design, latent defect, wear and tear, gradual |
|  |  | deterioration, electrical disturbance, the Assured s Network failure or breakdown, any malfunction | deterioration, electrical disturbance, the Assured s Network failure or breakdown, any malfunction |
|  |  | or error in programming, or error or omission in processing; | or error in programming, or error or omission in processing; |
|  | e. | entries or changes made by a natural person with authorized access to the Assured s Network who | entries or changes made by a natural person with authorized access to the Assured s Network who |
|  |  | acts in good faith on instructions, unless such instructions are given to that person by a software | acts in good faith on instructions, unless such instructions are given to that person by a software |
|  |  | contractor or its partner, officer, or employee authorized to design, develop, prepare, supply, service, | contractor or its partner, officer, or employee authorized to design, develop, prepare, supply, service, |
|  |  | write or implement programs for the Assured s Network; or | write or implement programs for the Assured s Network; or |
|  | f. | entries or changes made at an Electronic Funds Transfer System or a Customer | entries or changes made at an Electronic Funds Transfer System or a Customer |
|  |  | Communication System by a: | Communication System by a: |
|  |  | (1) | Customer; or |
|  |  | (2) | natural person with authorized access to the Customer s authentication credentials or |
|  |  |  | mechanism. |
| 5. | Specific Exclusions Applicable To Insuring Clause 11 | Specific Exclusions Applicable To Insuring Clause 11 | Specific Exclusions Applicable To Insuring Clause 11 |
|  | This Bond does not cover loss resulting directly or indirectly from any Voice Initiated Transfer | This Bond does not cover loss resulting directly or indirectly from any Voice Initiated Transfer | This Bond does not cover loss resulting directly or indirectly from any Voice Initiated Transfer |
|  | Instruction from a: | Instruction from a: | Instruction from a: |
|  |  | (1) | Customer; or |
|  |  | (2) | natural person with authorized access to the Customer s verification credentials or mechanism. |

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Financial Institution Bond |
|  |  |  | For Investment Companies |
| V. |  | CONDITIONS AND LIMITATIONS | CONDITIONS AND LIMITATIONS |
|  | 1. | Anti-Bundling | Anti-Bundling |
|  |  | If any Insuring Clause requires that an enumerated type of document be fraudulently materially altered or | If any Insuring Clause requires that an enumerated type of document be fraudulently materially altered or |
|  |  | a Counterfeit Original, or contain a signature which is a Forgery or obtained through trick, artifice, | a Counterfeit Original, or contain a signature which is a Forgery or obtained through trick, artifice, |
|  |  | fraud, or false pretenses, the material alteration or Counterfeit Original or fraudulent signature must be | fraud, or false pretenses, the material alteration or Counterfeit Original or fraudulent signature must be |
|  |  | on or of the enumerated document itself not on or of some other document submitted with, accompanying | on or of the enumerated document itself not on or of some other document submitted with, accompanying |
|  |  | or incorporated by reference into the enumerated document. | or incorporated by reference into the enumerated document. |
|  | 2. | Change Or Modification | Change Or Modification |
|  |  | No change in or modification of this Bond shall be effective except when made by written endorsement to | No change in or modification of this Bond shall be effective except when made by written endorsement to |
|  |  | this Bond signed by an authorized representative of the Company. | this Bond signed by an authorized representative of the Company. |
|  |  | If this Bond is for a sole Assured, no change or modification which would adversely affect the rights of the | If this Bond is for a sole Assured, no change or modification which would adversely affect the rights of the |
|  |  | Assured shall be effective prior to sixty (60) days after written notice has been furnished by the acting | Assured shall be effective prior to sixty (60) days after written notice has been furnished by the acting |
|  |  | party to the U. S. Securities and Exchange Commission. | party to the U. S. Securities and Exchange Commission. |
|  |  | If this Bond is for joint Assureds, no change or modification which would adversely affect the rights of any | If this Bond is for joint Assureds, no change or modification which would adversely affect the rights of any |
|  |  | Assured shall be effective prior to sixty (60) days after written notice has been furnished by the Company | Assured shall be effective prior to sixty (60) days after written notice has been furnished by the Company |
|  |  | to all Assureds and to the U. S. Securities and Exchange Commission. | to all Assureds and to the U. S. Securities and Exchange Commission. |
|  | 3. | Conformity | Conformity |
|  |  | If any time period limitation within this Bond is prohibited by any law controlling this Bond s construction, | If any time period limitation within this Bond is prohibited by any law controlling this Bond s construction, |
|  |  | such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided | such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided |
|  |  | by such law. | by such law. |
|  | 4. | Cooperation Of Assured | Cooperation Of Assured |
|  |  | At the Company s request and at reasonable times and places designated by the Company, the Assured | At the Company s request and at reasonable times and places designated by the Company, the Assured |
|  |  | shall: | shall: |
|  |  | a. | submit to examination by the Company and subscribe to the same under oath; |
|  |  | b. | produce for the Company s examination all pertinent records; and |
|  |  | c. | cooperate with the Company in all matters pertaining to the loss. |
|  |  | The Assured shall execute all papers and render all assistance to secure to the Company the rights and | The Assured shall execute all papers and render all assistance to secure to the Company the rights and |
|  |  | causes of action provided for under this Bond. The Assured shall do nothing after discovery of any loss to | causes of action provided for under this Bond. The Assured shall do nothing after discovery of any loss to |
|  |  | prejudice such rights or causes of action. | prejudice such rights or causes of action. |
|  | 5. | Covered Property | Covered Property |
|  |  | This Bond shall apply to loss of Property: | This Bond shall apply to loss of Property: |
|  |  | a. | owned by the Assured; |
|  |  | b. | held by the Assured in any capacity; or |
|  |  | c. | for which the Assured is legally liable. |
|  |  | This Bond shall be for the sole use and benefit of the Assured. | This Bond shall be for the sole use and benefit of the Assured. |
|  | 6. | Deductible Amount | Deductible Amount |
|  |  | The Company shall be liable under this Bond only for the amount by which any Single Loss is greater than | The Company shall be liable under this Bond only for the amount by which any Single Loss is greater than |
|  |  | the applicable Deductible Amount as stated in Item 2 of the Declarations. | the applicable Deductible Amount as stated in Item 2 of the Declarations. |
|  |  | There shall be no deductible applicable to any loss sustained by any Assured and covered under Insuring | There shall be no deductible applicable to any loss sustained by any Assured and covered under Insuring |
|  |  | Clause 1. | Clause 1. |

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Financial Institution Bond |
|  |  |  | For Investment Companies |
| 7. | Discovery | Discovery | Discovery |
|  | This Bond applies only to loss first discovered by a Director during the Bond Period. Discovery occurs at | This Bond applies only to loss first discovered by a Director during the Bond Period. Discovery occurs at | This Bond applies only to loss first discovered by a Director during the Bond Period. Discovery occurs at |
|  | the earlier of a Director learning of: | the earlier of a Director learning of: | the earlier of a Director learning of: |
|  | a. | facts which may subsequently result in a loss of a type covered by this Bond; or | facts which may subsequently result in a loss of a type covered by this Bond; or |
|  | b. | an actual or potential claim in which it is alleged that the Assured is liable to a third party, | an actual or potential claim in which it is alleged that the Assured is liable to a third party, |
|  | regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of | regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of | regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of |
|  | loss does not exceed the applicable Deductible Amount, or the exact amount or details of loss may not then | loss does not exceed the applicable Deductible Amount, or the exact amount or details of loss may not then | loss does not exceed the applicable Deductible Amount, or the exact amount or details of loss may not then |
|  | be known. | be known. | be known. |
| 8. | Limit Of Liability | Limit Of Liability | Limit Of Liability |
|  | The payment of any loss under this Bond shall not reduce the liability of the Company for other losses | The payment of any loss under this Bond shall not reduce the liability of the Company for other losses | The payment of any loss under this Bond shall not reduce the liability of the Company for other losses |
|  | whenever sustained, provided that: | whenever sustained, provided that: | whenever sustained, provided that: |
|  | a. | the Company s liability for each Single Loss shall not exceed the applicable Single Loss Limit Of | the Company s liability for each Single Loss shall not exceed the applicable Single Loss Limit Of |
|  |  | Liability as stated in Item 2 of the Declarations or as set forth under General Agreement 1, and shall not | Liability as stated in Item 2 of the Declarations or as set forth under General Agreement 1, and shall not |
|  |  | be cumulative in amounts from year to year or from Bond Period to Bond Period; | be cumulative in amounts from year to year or from Bond Period to Bond Period; |
|  | b. | if a Single Loss is covered under more than one Insuring Clause, the maximum payable shall not | if a Single Loss is covered under more than one Insuring Clause, the maximum payable shall not |
|  |  | exceed the largest applicable Single Loss Limit Of Liability; and | exceed the largest applicable Single Loss Limit Of Liability; and |
|  | c. | the Company s liability for loss or losses sustained by more than one Assureds, or all Assureds, shall | the Company s liability for loss or losses sustained by more than one Assureds, or all Assureds, shall |
|  |  | not exceed the total amount for which the Company would be liable under this Bond if such loss or | not exceed the total amount for which the Company would be liable under this Bond if such loss or |
|  |  | losses were sustained by any one Assured. | losses were sustained by any one Assured. |
| 9. | Notice To Company Proof Legal Proceedings Against Company | Notice To Company Proof Legal Proceedings Against Company | Notice To Company Proof Legal Proceedings Against Company |
|  | a. | The Assured shall give the Company notice at the earliest practicable moment, not to exceed sixty (60) | The Assured shall give the Company notice at the earliest practicable moment, not to exceed sixty (60) |
|  |  | days after discovery of a loss, in an amount that is in excess of 50% of the applicable Deductible Amount, | days after discovery of a loss, in an amount that is in excess of 50% of the applicable Deductible Amount, |
|  |  | as stated in Item 2 of the Declarations. | as stated in Item 2 of the Declarations. |
|  | b. | The Assured shall furnish to the Company proof of loss, duly sworn to, with full particulars, within six | The Assured shall furnish to the Company proof of loss, duly sworn to, with full particulars, within six |
|  |  | (6) months after such discovery. | (6) months after such discovery. |
|  | c. | Certificated Securities listed in a proof of loss shall be identified by certificate or bond numbers, if | Certificated Securities listed in a proof of loss shall be identified by certificate or bond numbers, if |
|  |  | issued with them. | issued with them. |
|  | d. | Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the | Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the |
|  |  | expiration of sixty (60) days after the proof of loss is filed with the Company or after the expiration of | expiration of sixty (60) days after the proof of loss is filed with the Company or after the expiration of |
|  |  | twenty-four (24) months from the discovery of such loss. | twenty-four (24) months from the discovery of such loss. |
|  | e. | This Bond affords coverage only in favor of the Assured. No claim, suit, action or legal proceeding | This Bond affords coverage only in favor of the Assured. No claim, suit, action or legal proceeding |
|  |  | shall be brought under the Bond by anyone other than the Assured. | shall be brought under the Bond by anyone other than the Assured. |
|  | f. | All such notices shall be given in writing to one of the following addresses: | All such notices shall be given in writing to one of the following addresses: |
|  |  | (1) | ChubbClaimsFirstNotice@chubb. com; or |
|  |  | (2) | Attn: Chubb Claims Department |
|  |  |  | Chubb |
|  |  |  | P. O. Box 5122 |
|  |  |  | Scranton, PA 18505 |
|  | g. | All other notices to the Company under this Bond shall be given in writing to the following address: | All other notices to the Company under this Bond shall be given in writing to the following address: |
|  |  | (1) | NA. FinancialLines@chubb. com; or |

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Financial Institution Bond |
|  |  |  | For Investment Companies |
|  |  | (2) | Attn: Chubb Underwriting Department |
|  |  |  | Chubb |
|  |  |  | 202B Hall s Mill Road |
|  |  |  | Whitehouse Station, NJ 08889 |
|  | All notices described above shall be effective on the date of receipt by the Company. | All notices described above shall be effective on the date of receipt by the Company. | All notices described above shall be effective on the date of receipt by the Company. |
| 10. | Other Insurance | Other Insurance | Other Insurance |
|  | a. | Coverage under this Bond shall apply only as excess over any other valid and collectible insurance, | Coverage under this Bond shall apply only as excess over any other valid and collectible insurance, |
|  |  | indemnity or suretyship obtained by or on behalf of: | indemnity or suretyship obtained by or on behalf of: |
|  |  | (1) | the Assured; |
|  |  | (2) | a Transportation Company; or |
|  |  | (3) | another entity on whose premises the loss occurred or which employed the person causing the loss |
|  |  |  | or engaged the messenger conveying the Property involved. |
|  | b. | Solely with respect to Insuring Clause 7, in the event of a loss covered under this Bond and also covered | Solely with respect to Insuring Clause 7, in the event of a loss covered under this Bond and also covered |
|  |  | under other valid and collectible insurance issued by the Company, or a parent, subsidiary or affiliate | under other valid and collectible insurance issued by the Company, or a parent, subsidiary or affiliate |
|  |  | of the Company to the Assured, the Single Loss Limit Of Liability under this Bond shall be reduced by | of the Company to the Assured, the Single Loss Limit Of Liability under this Bond shall be reduced by |
|  |  | any payment under any other such valid and collectible insurance and only the remainder, if any, shall | any payment under any other such valid and collectible insurance and only the remainder, if any, shall |
|  |  | be applicable to such loss covered hereunder. | be applicable to such loss covered hereunder. |
| 11. | Securities Settlement | Securities Settlement | Securities Settlement |
|  | In the event of a loss of Securities covered under this Bond, the Company may, at its sole discretion, | In the event of a loss of Securities covered under this Bond, the Company may, at its sole discretion, | In the event of a loss of Securities covered under this Bond, the Company may, at its sole discretion, |
|  | purchase replacement Securities, tender the value of the Securities in Money, or issue its indemnity to | purchase replacement Securities, tender the value of the Securities in Money, or issue its indemnity to | purchase replacement Securities, tender the value of the Securities in Money, or issue its indemnity to |
|  | effect replacement Securities. | effect replacement Securities. | effect replacement Securities. |
|  | The indemnity required from the Assured under the terms of this Section against all loss, cost or expense | The indemnity required from the Assured under the terms of this Section against all loss, cost or expense | The indemnity required from the Assured under the terms of this Section against all loss, cost or expense |
|  | arising from the replacement of Securities by the Company s indemnity shall be: | arising from the replacement of Securities by the Company s indemnity shall be: | arising from the replacement of Securities by the Company s indemnity shall be: |
|  | a. | for Securities having a value less than or equal to the applicable Deductible Amount one hundred | for Securities having a value less than or equal to the applicable Deductible Amount one hundred |
|  |  | (100%) percent; | (100%) percent; |
|  | b. | for Securities having a value in excess of the applicable Deductible Amount but within the Single Loss | for Securities having a value in excess of the applicable Deductible Amount but within the Single Loss |
|  |  | Limit Of Liability the percentage that the Deductible Amount bears to the value of the Securities; | Limit Of Liability the percentage that the Deductible Amount bears to the value of the Securities; |
|  |  | or |  |
|  | c. | for Securities having a value greater than the applicable Single Loss Limit Of Liability the percentage | for Securities having a value greater than the applicable Single Loss Limit Of Liability the percentage |
|  |  | that the Deductible Amount and portion in excess of the Single Loss Limit Of Liability bears to the value | that the Deductible Amount and portion in excess of the Single Loss Limit Of Liability bears to the value |
|  |  | of the Securities. | of the Securities. |
|  | The value referred to in Sections 11. a. , b. , and c. is the value in accordance with Section 14. , Valuation, | The value referred to in Sections 11. a. , b. , and c. is the value in accordance with Section 14. , Valuation, | The value referred to in Sections 11. a. , b. , and c. is the value in accordance with Section 14. , Valuation, |
|  | regardless of the value of such Securities at the time the loss under the Company s indemnity is sustained. | regardless of the value of such Securities at the time the loss under the Company s indemnity is sustained. | regardless of the value of such Securities at the time the loss under the Company s indemnity is sustained. |
|  | The Company is not required to issue its indemnity for any portion of a loss of Securities which is not | The Company is not required to issue its indemnity for any portion of a loss of Securities which is not | The Company is not required to issue its indemnity for any portion of a loss of Securities which is not |
|  | covered by this Bond, however, the Company may do so as a courtesy to the Assured in its sole discretion. | covered by this Bond, however, the Company may do so as a courtesy to the Assured in its sole discretion. | covered by this Bond, however, the Company may do so as a courtesy to the Assured in its sole discretion. |
|  | The Assured shall pay the proportion of the Company s premium charge for the Company s indemnity as | The Assured shall pay the proportion of the Company s premium charge for the Company s indemnity as | The Assured shall pay the proportion of the Company s premium charge for the Company s indemnity as |
|  | set forth in Sections 11. a. , b. , and c. No portion of the Single Loss Limit Of Liability shall be used as payment | set forth in Sections 11. a. , b. , and c. No portion of the Single Loss Limit Of Liability shall be used as payment | set forth in Sections 11. a. , b. , and c. No portion of the Single Loss Limit Of Liability shall be used as payment |
|  | of premium for any indemnity purchased by the Assured to obtain replacement Securities. | of premium for any indemnity purchased by the Assured to obtain replacement Securities. | of premium for any indemnity purchased by the Assured to obtain replacement Securities. |
| 12. | Subrogation Assignment Recovery | Subrogation Assignment Recovery | Subrogation Assignment Recovery |
|  | In the event of a payment under this Bond, the Company shall be subrogated to all of the Assured s rights | In the event of a payment under this Bond, the Company shall be subrogated to all of the Assured s rights | In the event of a payment under this Bond, the Company shall be subrogated to all of the Assured s rights |
|  | of recovery against any person or entity to the extent of such payment. On request, the Assured shall | of recovery against any person or entity to the extent of such payment. On request, the Assured shall | of recovery against any person or entity to the extent of such payment. On request, the Assured shall |
|  | deliver to the Company an assignment of the Assured s rights, title and interest and causes of action | deliver to the Company an assignment of the Assured s rights, title and interest and causes of action | deliver to the Company an assignment of the Assured s rights, title and interest and causes of action |
|  | against any person or entity to the extent of such payment. | against any person or entity to the extent of such payment. | against any person or entity to the extent of such payment. |

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Financial Institution Bond |
|  |  |  | For Investment Companies |
|  | Recoveries, whether effected by the Company or by the Assured, shall be applied net of the expense of | Recoveries, whether effected by the Company or by the Assured, shall be applied net of the expense of | Recoveries, whether effected by the Company or by the Assured, shall be applied net of the expense of |
|  | such recovery, in the following order: | such recovery, in the following order: | such recovery, in the following order: |
|  | a. | first, to the satisfaction of the Assured s covered loss which would otherwise have been paid but for | first, to the satisfaction of the Assured s covered loss which would otherwise have been paid but for |
|  |  | the fact that it is in excess of the Single Loss Limit Of Liability; | the fact that it is in excess of the Single Loss Limit Of Liability; |
|  | b. | second, to the Company in satisfaction of amounts paid in settlement of the Assured s claim; | second, to the Company in satisfaction of amounts paid in settlement of the Assured s claim; |
|  | c. | third, to the Assured in satisfaction of the applicable Deductible Amount; and | third, to the Assured in satisfaction of the applicable Deductible Amount; and |
|  | d. | fourth, to the Assured in satisfaction of any loss suffered by the Assured which was not covered under | fourth, to the Assured in satisfaction of any loss suffered by the Assured which was not covered under |
|  |  | this Bond. | this Bond. |
|  | Recovery from reinsurance or indemnity of the Company shall not be deemed a recovery under this Section. | Recovery from reinsurance or indemnity of the Company shall not be deemed a recovery under this Section. | Recovery from reinsurance or indemnity of the Company shall not be deemed a recovery under this Section. |
| 13. | Termination | Termination | Termination |
|  | a. | If the Bond is for a sole Assured, it shall not be terminated unless written notice shall have been given | If the Bond is for a sole Assured, it shall not be terminated unless written notice shall have been given |
|  |  | by the acting party to the affected party and to the U. S. Securities and Exchange Commission not less | by the acting party to the affected party and to the U. S. Securities and Exchange Commission not less |
|  |  | than sixty (60) days prior to the effective date of such termination. | than sixty (60) days prior to the effective date of such termination. |
|  | b. | If the Bond is for a joint Assured, it shall not be terminated unless written notice shall have been given | If the Bond is for a joint Assured, it shall not be terminated unless written notice shall have been given |
|  |  | by the acting party to the affected party, and by the Company to all Assureds and to the U. S. Securities | by the acting party to the affected party, and by the Company to all Assureds and to the U. S. Securities |
|  |  | and Exchange Commission, not less than sixty (60) days prior to the effective date of such termination. | and Exchange Commission, not less than sixty (60) days prior to the effective date of such termination. |
|  | c. | If any Director, not acting in collusion with an Employee, discovers any dishonest or fraudulent act | If any Director, not acting in collusion with an Employee, discovers any dishonest or fraudulent act |
|  |  | committed by such Employee, whether in the employment of the Assured or otherwise, and whether | committed by such Employee, whether in the employment of the Assured or otherwise, and whether |
|  |  | against the Assured or any other person or entity, the Assured: | against the Assured or any other person or entity, the Assured: |
|  |  | i. | shall immediately remove such Employee from a position that would enable such Employee to |
|  |  |  | cause the Assured to suffer a loss covered by this Bond; and |
|  |  | ii. | within forty-eight (48) hours of discovering an Employee has committed any dishonest or |
|  |  |  | fraudulent act, shall notify the Company of such action and provide full particulars of such |
|  |  |  | dishonest or fraudulent act. |
|  | d. | This Bond terminates as to any Employee sixty (60) days after receipt by each Assured and the U. S. | This Bond terminates as to any Employee sixty (60) days after receipt by each Assured and the U. S. |
|  |  | Securities and Exchange Commission of written notice from the Company of its decision to terminate | Securities and Exchange Commission of written notice from the Company of its decision to terminate |
|  |  | this Bond as to any Employee. | this Bond as to any Employee. |
| 14. | Valuation | Valuation | Valuation |
|  | a. | Books Of Account Or Other Records | Books Of Account Or Other Records |
|  |  | The value of any loss of Property consisting of books of account or other records used by the Assured | The value of any loss of Property consisting of books of account or other records used by the Assured |
|  |  | in the conduct of its business shall be the amount paid by the Assured for blank books, blank pages, | in the conduct of its business shall be the amount paid by the Assured for blank books, blank pages, |
|  |  | or other materials which replace the lost books of account or other records, plus the cost of labor paid | or other materials which replace the lost books of account or other records, plus the cost of labor paid |
|  |  | by the Assured for the actual transcription or copying of data to reproduce such books of account or | by the Assured for the actual transcription or copying of data to reproduce such books of account or |
|  |  | other records. | other records. |
|  | b. | Money | Money |
|  |  | Any loss of Money, or loss payable in Money, shall be paid in the Money of the United States of | Any loss of Money, or loss payable in Money, shall be paid in the Money of the United States of |
|  |  | America or the dollar equivalent of it, determined by the free market rate of exchange in effect at the | America or the dollar equivalent of it, determined by the free market rate of exchange in effect at the |
|  |  | time of discovery of such loss. | time of discovery of such loss. |
|  | c. | Other Property | Other Property |
|  |  | The value of any loss of Property, except as otherwise provided for in this Section 14. , shall be the | The value of any loss of Property, except as otherwise provided for in this Section 14. , shall be the |
|  |  | actual cash value or the cost of repairing or replacing such Property with Property of like quality and | actual cash value or the cost of repairing or replacing such Property with Property of like quality and |
|  |  | value, whichever is less. | value, whichever is less. |

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| | | |
|:---|:---|:---|
|  |  | Financial Institution Bond |
|  |  | For Investment Companies |
|  | d. | Securities |
|  |  | The value of any loss of Securities shall be the average market value of such Securities on the |
|  |  | business day immediately preceding discovery of such loss, provided that the value of any Securities |
|  |  | replaced by the Assured, with the consent of the Company and prior to the settlement of any claim for |
|  |  | them, shall be the actual market value at the time of replacement. In the case of a loss of interim |
|  |  | certificates, warrants, rights or other Securities, the production of which is necessary to the exercise |
|  |  | of subscription, conversion, redemption or deposit privileges, the value of them shall be the market |
|  |  | value of such privileges immediately preceding their expiration if the loss is not discovered until after |
|  |  | their expiration. If no market price is quoted for such Securities or for such privileges, the value shall |
|  |  | be fixed by agreement of the parties. |
| VI. | COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS | COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS |
|  | This Bond does not apply to the extent that trade or economic sanctions law or other similar laws or | This Bond does not apply to the extent that trade or economic sanctions law or other similar laws or |
|  | regulations prohibit the Company from providing insurance. | regulations prohibit the Company from providing insurance. |

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| | | | | |
|:---|:---|:---|:---|:---|
| FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT | FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT | FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT | FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT | FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT |
| Named Assured | Named Assured |  |  | Endorsement Number |
| KEYCO FUND INC | KEYCO FUND INC | KEYCO FUND INC |  | 1 |
| Bond Number | Bond Number |  | Bond Period | Effective Date of Endorsement |
| J06054432 | J06054432 |  | 11-02-2025 | November 2, 2025 |
| Issued By |  |  |  |  |
| Federal Insurance Company | Federal Insurance Company | Federal Insurance Company |  |  |
| THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. |
| This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: |
| FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES |
| In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this |
| Endorsement, this Bond is amended as follows: | Endorsement, this Bond is amended as follows: | Endorsement, this Bond is amended as follows: | Endorsement, this Bond is amended as follows: |  |
| (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the |
| following: | following: | following: |  |  |
| Insuring Clause | Insuring Clause | Insuring Clause | Single Loss Limit of Liability | Deductible Amount |
| Fraudulent Transfer Instruction | Fraudulent Transfer Instruction | Fraudulent Transfer Instruction | $300000 | $10000 |
| (2) The following Insuring Clause is added: | (2) The following Insuring Clause is added: | (2) The following Insuring Clause is added: | (2) The following Insuring Clause is added: |  |
| 14. Fraudulent Transfer Instruction | 14. Fraudulent Transfer Instruction | 14. Fraudulent Transfer Instruction | 14. Fraudulent Transfer Instruction |  |
| Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or | Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or | Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or | Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or | Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or |
| Securities in reliance upon a Transfer Instruction that purports, and reasonably appears, to have | Securities in reliance upon a Transfer Instruction that purports, and reasonably appears, to have | Securities in reliance upon a Transfer Instruction that purports, and reasonably appears, to have | Securities in reliance upon a Transfer Instruction that purports, and reasonably appears, to have | Securities in reliance upon a Transfer Instruction that purports, and reasonably appears, to have |
| originated from: | originated from: | originated from: |  |  |
| a. | the Customer; | the Customer; |  |  |
| b. | an Employee acting on instructions of such Customer; or | an Employee acting on instructions of such Customer; or | an Employee acting on instructions of such Customer; or |  |
| c. | a financial institution acting on behalf of such Customer with authority to make such instructions, | a financial institution acting on behalf of such Customer with authority to make such instructions, | a financial institution acting on behalf of such Customer with authority to make such instructions, | a financial institution acting on behalf of such Customer with authority to make such instructions, |
| but which Transfer Instruction was, in fact, fraudulently issued without the knowledge of the Assured, | but which Transfer Instruction was, in fact, fraudulently issued without the knowledge of the Assured, | but which Transfer Instruction was, in fact, fraudulently issued without the knowledge of the Assured, | but which Transfer Instruction was, in fact, fraudulently issued without the knowledge of the Assured, | but which Transfer Instruction was, in fact, fraudulently issued without the knowledge of the Assured, |
| Employee, or Customer. | Employee, or Customer. | Employee, or Customer. |  |  |
| As a condition precedent to coverage under this Insuring Clause 14, the: | As a condition precedent to coverage under this Insuring Clause 14, the: | As a condition precedent to coverage under this Insuring Clause 14, the: | As a condition precedent to coverage under this Insuring Clause 14, the: |  |
|  | i. | sender of the Transfer Instruction must have authenticated such Transfer Instruction with the | sender of the Transfer Instruction must have authenticated such Transfer Instruction with the | sender of the Transfer Instruction must have authenticated such Transfer Instruction with the |
|  |  | Customer s authentication credentials or mechanism; | Customer s authentication credentials or mechanism; |  |
|  | ii. | Employee acting on the Transfer Instruction must obtain Verification prior to any single | Employee acting on the Transfer Instruction must obtain Verification prior to any single | Employee acting on the Transfer Instruction must obtain Verification prior to any single |
|  |  | transfer, payment, or delivery of funds in excess of the Deductible Amount set forth in Paragraph (1) | transfer, payment, or delivery of funds in excess of the Deductible Amount set forth in Paragraph (1) | transfer, payment, or delivery of funds in excess of the Deductible Amount set forth in Paragraph (1) |
|  |  | of this Endorsement; and |  |  |
|  | iii. | Assured shall assert any available claims, offsets, or defenses against such Customer, any financial | Assured shall assert any available claims, offsets, or defenses against such Customer, any financial | Assured shall assert any available claims, offsets, or defenses against such Customer, any financial |
|  |  | institution, or any other party to the transaction. | institution, or any other party to the transaction. |  |
| (3) The Definition of Customer is deleted and replaced with the following: | (3) The Definition of Customer is deleted and replaced with the following: | (3) The Definition of Customer is deleted and replaced with the following: | (3) The Definition of Customer is deleted and replaced with the following: |  |
| Customer means any shareholder of an Assured which has a written agreement with the Assured to | Customer means any shareholder of an Assured which has a written agreement with the Assured to | Customer means any shareholder of an Assured which has a written agreement with the Assured to | Customer means any shareholder of an Assured which has a written agreement with the Assured to | Customer means any shareholder of an Assured which has a written agreement with the Assured to |
| transfer such shareholder s Money or Securities through a Voice Initiated Funds Transfer | transfer such shareholder s Money or Securities through a Voice Initiated Funds Transfer | transfer such shareholder s Money or Securities through a Voice Initiated Funds Transfer | transfer such shareholder s Money or Securities through a Voice Initiated Funds Transfer | transfer such shareholder s Money or Securities through a Voice Initiated Funds Transfer |
| Instruction or a Transfer Instruction. | Instruction or a Transfer Instruction. | Instruction or a Transfer Instruction. | Instruction or a Transfer Instruction. |  |

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PF-52913 (08/21)

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| | | |
|:---|:---|:---|
| (4) The following Definitions are added: | (4) The following Definitions are added: | (4) The following Definitions are added: |
| Telefacsimile means a system of transmitting a facsimile of a tangible document by electronic signals over | Telefacsimile means a system of transmitting a facsimile of a tangible document by electronic signals over | Telefacsimile means a system of transmitting a facsimile of a tangible document by electronic signals over |
| telephone lines to a piece of equipment maintained for the specific purpose of receiving such signals and | telephone lines to a piece of equipment maintained for the specific purpose of receiving such signals and | telephone lines to a piece of equipment maintained for the specific purpose of receiving such signals and |
| printing such facsimile on a tangible medium. | printing such facsimile on a tangible medium. | printing such facsimile on a tangible medium. |
| Transfer Instruction means those instructions, other than any Voice Initiated Funds Transfer | Transfer Instruction means those instructions, other than any Voice Initiated Funds Transfer | Transfer Instruction means those instructions, other than any Voice Initiated Funds Transfer |
| Instruction, which authorize the transfer of Money in a Customer s account, or of a Customer s | Instruction, which authorize the transfer of Money in a Customer s account, or of a Customer s | Instruction, which authorize the transfer of Money in a Customer s account, or of a Customer s |
| Securities, and which are: | Securities, and which are: | Securities, and which are: |
| a. | transmitted to the Assured via: | transmitted to the Assured via: |
|  | i. | any electronic instruction, including an e-mail, that is delivered through an Electronic |
|  |  | Communication System and that is capable of retention by the recipient at the time of receipt; |
|  | ii. | telex, or Telefacsimile instruction; or |
|  | iii. | automated telephone system; and |
| b. | received by an Employee specifically authorized by the Assured to receive and act upon such | received by an Employee specifically authorized by the Assured to receive and act upon such |
|  | instructions. | instructions. |
| Verification means an Employee: | Verification means an Employee: | Verification means an Employee: |
| a. | attempted to verify the authenticity of such Transfer Instruction by communicating with the | attempted to verify the authenticity of such Transfer Instruction by communicating with the |
|  | Customer, or natural person purporting to be the Customer via any communication method, other | Customer, or natural person purporting to be the Customer via any communication method, other |
|  | than e-mail, prior to any single transfer, payment, or delivery of funds, and contemporaneously | than e-mail, prior to any single transfer, payment, or delivery of funds, and contemporaneously |
|  | documented the communication method utilized and the result of such attempt in writing; and | documented the communication method utilized and the result of such attempt in writing; and |
| b. | contemporaneously documented the use of the Customer s authentication credentials or mechanism. | contemporaneously documented the use of the Customer s authentication credentials or mechanism. |
| (5) Exclusion 2. a. is deleted and replaced with the following: | (5) Exclusion 2. a. is deleted and replaced with the following: | (5) Exclusion 2. a. is deleted and replaced with the following: |
| a. | the acts of an Employee, except for loss covered under: | the acts of an Employee, except for loss covered under: |
|  | i. | Insuring Clause 2 or 3 which results directly from misplacement, mysterious unexplainable |
|  |  | disappearance, or damage or destruction of Property; or |
|  | ii. | Insuring Clause 11 or 14; |
| (6) The following Exclusion is added: | (6) The following Exclusion is added: | (6) The following Exclusion is added: |
| This Bond does not cover loss resulting directly or indirectly from any Transfer Instruction from a: | This Bond does not cover loss resulting directly or indirectly from any Transfer Instruction from a: | This Bond does not cover loss resulting directly or indirectly from any Transfer Instruction from a: |
| a. | Customer; or | Customer; or |
| b. | natural person with authorized access to the Customer s authentication credentials or mechanism. | natural person with authorized access to the Customer s authentication credentials or mechanism. |
| The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and |
| conditions of coverage. | conditions of coverage. | conditions of coverage. |
| All other terms, conditions and limitations of this Bond shall remain unchanged. | All other terms, conditions and limitations of this Bond shall remain unchanged. | All other terms, conditions and limitations of this Bond shall remain unchanged. |

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![](j06054432_2025x30x1.jpg)

PF-52913 (08/21)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT | STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT | STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT | STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT |
| Named Assured | Named Assured |  |  | Endorsement Number |
| KEYCO FUND INC | KEYCO FUND INC |  |  | 2 |
| Bond Number | Bond Number | Bond Period |  | Effective Date of Endorsement |
| J06054432 | J06054432 | 11-02-2025 | 11-02-2026 | November 2, 2025 |
| Issued By |  |  |  |  |
| Federal Insurance Company | Federal Insurance Company |  |  |  |
| THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. |
| This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: |
| FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES |
| In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this |
| Endorsement this Bond is amended as follows: | Endorsement this Bond is amended as follows: | Endorsement this Bond is amended as follows: |  |  |
| (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits Of Liability Deductible Amounts, of the Declarations is amended to include the |
| following: | following: |  |  |  |
| Insuring Clause | Insuring Clause | Single Loss Limit of Liability | Single Loss Limit of Liability | Deductible Amount |
| Stop Payment Order | Stop Payment Order | $300000 |  | $10000 |
| (2) The following Insuring Clause is added: | (2) The following Insuring Clause is added: | (2) The following Insuring Clause is added: |  |  |
| Stop Payment Order or Refusal to Pay Check | Stop Payment Order or Refusal to Pay Check | Stop Payment Order or Refusal to Pay Check |  |  |
| Loss resulting directly from the Assured being legally liable to pay compensatory damages for: | Loss resulting directly from the Assured being legally liable to pay compensatory damages for: | Loss resulting directly from the Assured being legally liable to pay compensatory damages for: | Loss resulting directly from the Assured being legally liable to pay compensatory damages for: | Loss resulting directly from the Assured being legally liable to pay compensatory damages for: |
| a. | complying or failing to comply with notice from any Customer or any authorized representative of any | complying or failing to comply with notice from any Customer or any authorized representative of any | complying or failing to comply with notice from any Customer or any authorized representative of any | complying or failing to comply with notice from any Customer or any authorized representative of any |
|  | Customer, to stop payment on any check or draft made or drawn upon or against the Assured by such | Customer, to stop payment on any check or draft made or drawn upon or against the Assured by such | Customer, to stop payment on any check or draft made or drawn upon or against the Assured by such | Customer, to stop payment on any check or draft made or drawn upon or against the Assured by such |
|  | Customer or by any authorized representative of such Customer; or | Customer or by any authorized representative of such Customer; or | Customer or by any authorized representative of such Customer; or |  |
| b. | refusing to pay any check or draft made or drawn upon or against the Assured by any Customer or by | refusing to pay any check or draft made or drawn upon or against the Assured by any Customer or by | refusing to pay any check or draft made or drawn upon or against the Assured by any Customer or by | refusing to pay any check or draft made or drawn upon or against the Assured by any Customer or by |
|  | any authorized representative of such Customer. | any authorized representative of such Customer. |  |  |
| (3) The following Exclusions shall apply: | (3) The following Exclusions shall apply: | (3) The following Exclusions shall apply: |  |  |
| This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: |  |
| a. | libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious | libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious | libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious | libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious |
|  | prosecution, assault, or battery; |  |  |  |
| b. | sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person; | sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person; | sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person; | sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person; |
|  | or |  |  |  |
| c. | discrimination. |  |  |  |
| The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and |
| conditions of coverage. | conditions of coverage. |  |  |  |
| All other terms, conditions and limitations of this Bond shall remain unchanged. | All other terms, conditions and limitations of this Bond shall remain unchanged. | All other terms, conditions and limitations of this Bond shall remain unchanged. | All other terms, conditions and limitations of this Bond shall remain unchanged. |  |

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![](j06054432_2025x30x1.jpg)

PF-52917 (08/21)

Page 1 of 1

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| | | | |
|:---|:---|:---|:---|
| UNAUTHORIZED SIGNATURE ENDORSEMENT | UNAUTHORIZED SIGNATURE ENDORSEMENT | UNAUTHORIZED SIGNATURE ENDORSEMENT | UNAUTHORIZED SIGNATURE ENDORSEMENT |
| Named Assured |  |  | Endorsement Number |
| KEYCO FUND INC |  |  | 3 |
| Bond Number | Bond Period |  | Effective Date of Endorsement |
| J06054432 | 11-02-2025 | 11-02-2026 | 11-02-2025 |
| Issued By |  |  |  |
| Federal Insurance Company |  |  |  |
| THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. | THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY. |
| This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: | This endorsement modifies insurance provided under the following: |
| FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES | FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES |
| In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this | In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this |
| Endorsement this Bond is amended as follows: | Endorsement this Bond is amended as follows: |  |  |
| (1) Item 2. , Single Loss Limits of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits of Liability Deductible Amounts, of the Declarations is amended to include the | (1) Item 2. , Single Loss Limits of Liability Deductible Amounts, of the Declarations is amended to include the |
| following: |  |  |  |
| Insuring Clause | Single Loss Limit of Liability | Single Loss Limit of Liability | Deductible Amount |
| Unauthorized Signature | $300000 |  | $10000 |
| (2) The following Insuring Clause is added: | (2) The following Insuring Clause is added: |  |  |
| Unauthorized Signature |  |  |  |
| Loss resulting directly from the Assured having accepted, paid, or cashed any check or Withdrawal Order | Loss resulting directly from the Assured having accepted, paid, or cashed any check or Withdrawal Order | Loss resulting directly from the Assured having accepted, paid, or cashed any check or Withdrawal Order | Loss resulting directly from the Assured having accepted, paid, or cashed any check or Withdrawal Order |
| made or drawn on or against the account of a Customer, which bears the signature or endorsement of one | made or drawn on or against the account of a Customer, which bears the signature or endorsement of one | made or drawn on or against the account of a Customer, which bears the signature or endorsement of one | made or drawn on or against the account of a Customer, which bears the signature or endorsement of one |
| other than a person whose name and signature is on file with the Assured as signatory on such account. | other than a person whose name and signature is on file with the Assured as signatory on such account. | other than a person whose name and signature is on file with the Assured as signatory on such account. | other than a person whose name and signature is on file with the Assured as signatory on such account. |
| As a condition precedent to coverage under this Insuring Clause, the Assured shall have on file signatures of | As a condition precedent to coverage under this Insuring Clause, the Assured shall have on file signatures of | As a condition precedent to coverage under this Insuring Clause, the Assured shall have on file signatures of | As a condition precedent to coverage under this Insuring Clause, the Assured shall have on file signatures of |
| all persons who are signatories on such account. | all persons who are signatories on such account. |  |  |
| The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and |
| conditions of coverage. |  |  |  |
| All other terms, conditions and limitations of this Bond shall remain unchanged. | All other terms, conditions and limitations of this Bond shall remain unchanged. | All other terms, conditions and limitations of this Bond shall remain unchanged. |  |

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![](j06054432_2025x30x1.jpg)

PF-52918 (08/21)

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