# EDGAR Filing Document

**Accession Number:** 0001289868
**File Stem:** 0000732697-23-000004
**Filing Date:** 2023-3
**Character Count:** 172858
**Document Hash:** 4e3d5f7c03c6297fb687606e18e14e84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000732697-23-000004.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0000732697-23-000004

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

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**EFFECTIVENESS DATE**: 20230322

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ULTRA SERIES FUND
- **CENTRAL INDEX KEY:** 0000732697
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04815
- **FILM NUMBER:** 23752725

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 6082740300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Madison Covered Call & Equity Strategy Fund
- **CENTRAL INDEX KEY:** 0001289868
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21582
- **FILM NUMBER:** 23752726

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 608-274-0300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Madison/Claymore Covered Call & Equity Strategy Fund
- **DATE OF NAME CHANGE:** 20080515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Madison/Claymore Covered Call Fund
- **DATE OF NAME CHANGE:** 20041206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Madison Claymore Covered Call Fund
- **DATE OF NAME CHANGE:** 20040714

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Financial Institution Bond** | **Financial Institution Bond** |
| | | | | | | **For Investment Companies** | **For Investment Companies** |
| **DECLARATIONS** | **DECLARATIONS** | **DECLARATIONS** | **DECLARATIONS** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL INSURANCE COMPANY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FEDERAL INSURANCE COMPANY** |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporated under the laws of Indiana, a stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporated under the laws of Indiana, a stock |
| Name of **Assured**: | Name of **Assured**: | Name of **Assured**: | Name of **Assured**: |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; insurance company, herein called the Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; insurance company, herein called the Company |
| MADISON FUNDS TRUST | MADISON FUNDS TRUST | MADISON FUNDS TRUST | MADISON FUNDS TRUST |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One American Square 202 N Illinois Street, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One American Square 202 N Illinois Street, |
| Address of **Assured**: | Address of **Assured**: | Address of **Assured**: | Address of **Assured**: |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suite 2600 |  |
| 550 SCIENCE DRIVE | 550 SCIENCE DRIVE | 550 SCIENCE DRIVE | 550 SCIENCE DRIVE |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis, IN 46282 |  |
| MADISON, WI 53711 | MADISON, WI 53711 | MADISON, WI 53711 | MADISON, WI 53711 |  |  | Bond Number: J06102773 | Bond Number: J06102773 |
| Item 1. | Bond Period: | Bond Period: | Bond Period: | From: | December 15, 2022 |  |  |
|  |  |  |  | To: | December 15, 2023 |  |  |
| 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**. | 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: | Single Loss Limits Of Liability – Deductible Amounts: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insuring Clause** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insuring Clause** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insuring Clause** | **Single Loss Limit Of** | **Deductible Amount** |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Liability** |  |
|  | 1 | . | Employee |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  | 2 | . | On Premises |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | 3 | . | In Transit |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | 4 | . | Forgery Or Alteration | Forgery Or Alteration |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | 5 | . | Extended Forgery | Extended Forgery |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | 6 | . | Counterfeit Money | Counterfeit Money |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | 7 | . | Computer System Fraud | Computer System Fraud |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | 8 | . | Claims Expense | Claims Expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Covered | &nbsp;&nbsp; Not Covered |
|  | 9 | . | Audit Expense |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | 10. Uncollectible Items Of Deposit | 10. Uncollectible Items Of Deposit | 10. Uncollectible Items Of Deposit | 10. Uncollectible Items Of Deposit | 10. Uncollectible Items Of Deposit | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  | 11 | . | Voice Initiated Funds Transfer | Voice Initiated Funds Transfer | Voice Initiated Funds Transfer | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | $&nbsp;&nbsp;&nbsp;&nbsp; 75000 |
|  |  |  | Instruction |  |  |  |  |

---

PF-52903D (08/21)

Page 1 of 2

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Institution Bond**<br> **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** |

---

![](j06102773_2022x3x1.jpg) <br>

PF-52903D (08/21)

Page 2 of 2

------

---

| |
|:---|
| **POLICYHOLDER DISCLOSURE** |
| **NOTICE OF** |
| **TERRORISM INSURANCE COVERAGE (for** |
| **policies with no terrorism exclusion or sublimit)** |
| **Insuring Company: Federal Insurance** |
| **Company** |
| You are hereby notified that, under the Terrorism Risk Insurance Act (the "Act"), this policy makes available |
| to you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified |
| by the Secretary of the Treasury of the United States, to be an act of terrorism; to be a violent act or an act |
| that is dangerous to human life, property or infrastructure; to have resulted in damage within the |
| United States, or outside the United States in the case of an air carrier or vessel or the premises of a United |
| States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the |
| civilian population of the United States or to influence the policy or affect the conduct of the United States |
| Government by coercion. |
| You should know that the insurance provided by your policy for losses caused by acts of terrorism is |
| partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the |
| United States pays 85% of covered terrorism losses that exceed the statutorily established deductible to be |
| paid by the insurance company providing the coverage. Beginning in 2016, the Federal share will be |
| reduced by 1% per year until it reaches 80%, where it will remain. |
| However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 |
| billion in a calendar year, the Treasury shall not make any payment for any portion of the amount of such |
| losses that exceeds $100 billion. |

---

10-02-1281 (03/15)

Page 1 of 2

------

---

| | |
|:---|:---|
|  | If aggregate insured losses attributable to terrorist acts certified under the Act exceed |
|  | $100 billion in a calendar year and we have met our insurer deductible under the Act, we shall not be |
|  | liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such |
|  | case insured losses up to that amount are subject to pro rata allocation in accordance with procedures |
|  | established by the Secretary of the Treasury. |
|  | The portion of your policy's annual premium that is attributable to insurance for such acts of terrorism is: $|
| **-0-** | &nbsp;&nbsp;&nbsp;&nbsp; **.** |
|  | If you have any questions about this notice, please contact your agent or broker. |

---

10-02-1281 (03/15)

Page 2 of 2

------

---

| |
|:---|
| **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. |

---

14-02-12160 (08/19)

Page 1 of 1

------

---

| | |
|:---|:---|
| **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. |

---

14-02-23030 (05/2018)

Page 1 of 2

------

---

| | |
|:---|:---|
| **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. |

---

14-02-23030 (05/2018)

Page 2 of 2

------

---

| |
|:---|
| **Notice to Policyholders** |
| Insuring Company: Federal Insurance Company |
| Enclosed is your commercial insurance policy from Chubb. The bill that corresponds with this policy has been |
| mailed separately. When you receive the bill, please pay the amount due by the date indicated. Payment should |
| be made directly to Chubb. As always, prompt payment will keep your coverage in place. |
| If you have any questions about the attached policy or need assistance with additional insurance, contact your |
| agent or broker. For questions about billing, call our Premium Accounting Service Center at 1-800-372-4822. |
| Thank you for insuring through Chubb. |

---

99-10-0460B (08/19)

Page 1 of 1

------

---

| |
|:---|
| **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. |

---

ALL-20887a (09/19)

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Trade or Economic**<br> **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. |

---

ALL-21101 (09/19)

Page 1 of 1

------

---

| | | |
|:---|:---|:---|
| | | **IMPORTANT NOTICE TO**<br> **POLICYHOLDERS** |
| **Social Engineering Tips** | **Social Engineering Tips** | **Social Engineering Tips** |
| **Please read!** | **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 | If you believe you have transferred funds to a criminal posing as a legitimate business associate, you should act |
| quickly: | 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 | 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 | maximize the opportunity to mitigate your loss, assist the FBI in tracing the funds and help establish any |
| insurance claim. | insurance claim. | insurance claim. |
| **Simple Steps to Prevent Fraudulently Induced Wire Transfers** | **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 | 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 | 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: | 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* | *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* | *insurance advisers in maintaining a loss prevention program. No liability is assumed by reason of the* |
| *information this document contains.* | *information this document contains.* | *information this document contains.* |

---

ALL-317454 (03/21)

Page 1 of 1

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin Notice**<br> **To Policyholders** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEEP THIS NOTICE WITH YOUR INSURANCE PAPERS** |
| **PROBLEMS WITH YOUR INSURANCE?** -- If you are having problems with your insurance company or |
| agent, do not hesitate to contact the insurance company or agent to resolve your problem. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chubb** |
| **Customer Support Service Department** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **436 Walnut Street** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PO Box 1000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Philadelphia, PA 19106-3703** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1-800-352-4462** |
| You can also contact the **OFFICE OF THE COMMISSIONER OF INSURANCE**, a state agency which |
| enforces Wisconsin's insurance laws, and file a complaint. You can contact the **OFFICE OF THE** |
| **COMMISSIONER OF INSURANCE** by contacting: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office of the Commissioner of Insurance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Complaints Department |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P.O. Box 7873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison, WI 53707-7873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-800-236-8517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608-266-0103 |

---

ALL-5X51a (2/06) Printed in U.S.A.

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U. S. Treasury Department's Office** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Of Foreign Assets Control ("OFAC")** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●Foreign agents; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●Front organizations; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●Terrorists; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●Terrorist organizations; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●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. |

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Financial Institution Bond**<br> **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 | 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 | 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: | 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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | **Financial Institution Bond**<br> **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. |

---

PF-52903 (08/21)

Page 2 of 17

------

---

| | | | |
|:---|:---|:---|:---|
| | | | **Financial Institution Bond**<br> **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 |

---

PF-52903 (08/21)

Page 3 of 17

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Financial Institution Bond**<br> **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. |

---

PF-52903 (08/21)

Page 4 of 17

------

---

| | | | |
|:---|:---|:---|:---|
| | | | **Financial Institution Bond**<br> **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. |

---

PF-52903 (08/21)

Page 5 of 17

------

---

| | |
|:---|:---|
| | **Financial Institution Bond**<br> **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; |

---

PF-52903 (08/21)

Page 6 of 17

------

---

| | | |
|:---|:---|:---|
| | | **Financial Institution Bond**<br> **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: |

---

PF-52903 (08/21)

Page 7 of 17

------

---

| | |
|:---|:---|
| | **Financial Institution Bond**<br> **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<sup>st</sup> Century | **Negotiable Instrument** includes a substitute check as defined in the Check Clearing for the 21<sup>st</sup> 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**. |

---

PF-52903 (08/21)

Page 8 of 17

------

---

| | | | |
|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Institution Bond**<br> **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; |

---

PF-52903 (08/21)

Page 9 of 17

------

---

| | | | |
|:---|:---|:---|:---|
| | | | **Financial Institution Bond**<br> **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; |

---

PF-52903 (08/21)

Page 10 of 17

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Financial Institution Bond**<br> **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. |

---

PF-52903 (08/21)

Page 11 of 17

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Financial Institution Bond**<br> **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. |

---

PF-52903 (08/21)

Page 12 of 17

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Financial Institution Bond**<br> **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. |

---

PF-52903 (08/21)

Page 13 of 17

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Financial Institution Bond**<br> **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 |

---

PF-52903 (08/21)

Page 14 of 17

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Financial Institution Bond**<br> **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. |

---

PF-52903 (08/21)

Page 15 of 17

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Financial Institution Bond**<br> **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. |

---

PF-52903 (08/21)

Page 16 of 17

------

---

| | | |
|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Institution Bond**<br> **For Investment Companies** |
| | d.<br>| Securities<br>The value of any loss of **Securities** shall be the average market value of such **Securities** on the<br>business day immediately preceding discovery of such loss, provided that the value of any **Securities**<br>replaced by the **Assured**, with the consent of the Company and prior to the settlement of any claim for<br>them, shall be the actual market value at the time of replacement. In the case of a loss of interim<br>certificates, warrants, rights or other **Securities**, the production of which is necessary to the exercise<br>of subscription, conversion, redemption or deposit privileges, the value of them shall be the market<br>value of such privileges immediately preceding their expiration if the loss is not discovered until after<br>their expiration. If no market price is quoted for such **Securities** or for such privileges, the value shall<br>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. |

---

PF-52903 (08/21)

Page 17 of 17

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **WISCONSIN AMENDATORY ENDORSEMENT** | **WISCONSIN AMENDATORY ENDORSEMENT** | **WISCONSIN AMENDATORY ENDORSEMENT** | **WISCONSIN AMENDATORY ENDORSEMENT** | **WISCONSIN AMENDATORY ENDORSEMENT** | **WISCONSIN AMENDATORY ENDORSEMENT** |
| Named Assured | Named Assured | Named Assured |  |  | Endorsement Number |
| MADISON FUNDS TRUST | MADISON FUNDS TRUST | MADISON FUNDS TRUST |  |  | 1 |
| Bond Number | Bond Number | Bond Number | Bond Period |  | Effective Date of Endorsement |
| J06102773 | J06102773 | J06102773 | 12-15-2022 | 12-15-2023 | December 15, 2022 |
| Issued By | 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 CHANGES THE BOND. PLEASE READ IT CAREFULLY.** |
| In consideration of the premium charged, it is agreed that this Bond is amended as follows: | In consideration of the premium charged, it is agreed that this Bond is amended as follows: | In consideration of the premium charged, it is agreed that this Bond is amended as follows: | In consideration of the premium charged, it is agreed that this Bond is amended as follows: | In consideration of the premium charged, it is agreed that this Bond is amended as follows: | In consideration of the premium charged, it is agreed that this Bond is amended as follows: |
| 1 | Section V. CONDITIONS AND LIMITATIONS is amended as follows: | Section V. CONDITIONS AND LIMITATIONS is amended as follows: | Section V. CONDITIONS AND LIMITATIONS is amended as follows: | Section V. CONDITIONS AND LIMITATIONS is amended as follows: |  |
|  | 1 | Subsection 9. Notice To Company – Proof – Legal Proceedings Against Company is amended by adding | Subsection 9. Notice To Company – Proof – Legal Proceedings Against Company is amended by adding | Subsection 9. Notice To Company – Proof – Legal Proceedings Against Company is amended by adding | Subsection 9. Notice To Company – Proof – Legal Proceedings Against Company is amended by adding |
|  |  | the following: |  |  |  |
|  |  | Notice to the agent is the same as giving notice to the Company. | Notice to the agent is the same as giving notice to the Company. | Notice to the agent is the same as giving notice to the Company. |  |
|  | 2 | Subsection 12. Subrogation – Assignment – Recovery is amended by adding the following: | Subsection 12. Subrogation – Assignment – Recovery is amended by adding the following: | Subsection 12. Subrogation – Assignment – Recovery is amended by adding the following: | Subsection 12. Subrogation – Assignment – Recovery is amended by adding the following: |
|  |  | The Company shall be entitled to a recovery only after the **Assured** has been fully compensated for loss | The Company shall be entitled to a recovery only after the **Assured** has been fully compensated for loss | The Company shall be entitled to a recovery only after the **Assured** has been fully compensated for loss | The Company shall be entitled to a recovery only after the **Assured** has been fully compensated for loss |
|  |  | under this Bond. |  |  |  |
| 2 | The following Section is added to this Bond: | The following Section is added to this Bond: | The following Section is added to this Bond: |  |  |
|  |  | NONRENEWAL |  |  |  |
|  |  | If the Company elects not to renew this Bond, the Company will mail or deliver written notice of | If the Company elects not to renew this Bond, the Company will mail or deliver written notice of | If the Company elects not to renew this Bond, the Company will mail or deliver written notice of | If the Company elects not to renew this Bond, the Company will mail or deliver written notice of |
|  |  | nonrenewal to the named **Assured's** last known address. The Company may elect not to renew for any | nonrenewal to the named **Assured's** last known address. The Company may elect not to renew for any | nonrenewal to the named **Assured's** last known address. The Company may elect not to renew for any | nonrenewal to the named **Assured's** last known address. The Company may elect not to renew for any |
|  |  | reason. The notice of nonrenewal will be mailed or delivered at least sixty (60) days before the expiration | reason. The notice of nonrenewal will be mailed or delivered at least sixty (60) days before the expiration | reason. The notice of nonrenewal will be mailed or delivered at least sixty (60) days before the expiration | reason. The notice of nonrenewal will be mailed or delivered at least sixty (60) days before the expiration |
|  |  | date of this Bond and will state the reason for nonrenewal. | date of this Bond and will state the reason for nonrenewal. | date of this Bond and will state the reason for nonrenewal. |  |
|  |  | Notice of nonrenewal is not required if (i) the **Assured** has assured elsewhere; (ii) the **Assured** has | Notice of nonrenewal is not required if (i) the **Assured** has assured elsewhere; (ii) the **Assured** has | Notice of nonrenewal is not required if (i) the **Assured** has assured elsewhere; (ii) the **Assured** has | Notice of nonrenewal is not required if (i) the **Assured** has assured elsewhere; (ii) the **Assured** has |
|  |  | accepted replacement coverage; (iii) the **Assured** has requested or agreed to nonrenewal of this Bond; or | accepted replacement coverage; (iii) the **Assured** has requested or agreed to nonrenewal of this Bond; or | accepted replacement coverage; (iii) the **Assured** has requested or agreed to nonrenewal of this Bond; or | accepted replacement coverage; (iii) the **Assured** has requested or agreed to nonrenewal of this Bond; or |
|  |  | (iv) this Bond is expressly designated as nonrenewable. | (iv) this Bond is expressly designated as nonrenewable. |  |  |
|  |  | Failure to pay the renewal or continuation premium by the premium date will result in nonrenewal of this | Failure to pay the renewal or continuation premium by the premium date will result in nonrenewal of this | Failure to pay the renewal or continuation premium by the premium date will result in nonrenewal of this | Failure to pay the renewal or continuation premium by the premium date will result in nonrenewal of this |
|  |  | Bond on the expiration or anniversary date if the Company has provided written notice of the renewal or | Bond on the expiration or anniversary date if the Company has provided written notice of the renewal or | Bond on the expiration or anniversary date if the Company has provided written notice of the renewal or | Bond on the expiration or anniversary date if the Company has provided written notice of the renewal or |
|  |  | continuation premium not more than seventy-five (75) days nor less than ten (10) days prior to the due | continuation premium not more than seventy-five (75) days nor less than ten (10) days prior to the due | continuation premium not more than seventy-five (75) days nor less than ten (10) days prior to the due | continuation premium not more than seventy-five (75) days nor less than ten (10) days prior to the due |
|  |  | date of the premium and has stated clearly in the notice the effect of nonpayment of premium by the due | date of the premium and has stated clearly in the notice the effect of nonpayment of premium by the due | date of the premium and has stated clearly in the notice the effect of nonpayment of premium by the due | date of the premium and has stated clearly in the notice the effect of nonpayment of premium by the due |
|  |  | date. |  |  |  |
| This Bond will be deemed to have been amended to the extent necessary to effect the purposes and intent of this | This Bond will be deemed to have been amended to the extent necessary to effect the purposes and intent of this | This Bond will be deemed to have been amended to the extent necessary to effect the purposes and intent of this | This Bond will be deemed to have been amended to the extent necessary to effect the purposes and intent of this | This Bond will be deemed to have been amended to the extent necessary to effect the purposes and intent of this | This Bond will be deemed to have been amended to the extent necessary to effect the purposes and intent of this |
| &nbsp;&nbsp; Amendatory Endorsement. | &nbsp;&nbsp; Amendatory Endorsement. | &nbsp;&nbsp; Amendatory Endorsement. |  |  |  |
| The regulatory requirements set forth in this Amendatory Endorsement shall supersede and take precedence over | The regulatory requirements set forth in this Amendatory Endorsement shall supersede and take precedence over | The regulatory requirements set forth in this Amendatory Endorsement shall supersede and take precedence over | The regulatory requirements set forth in this Amendatory Endorsement shall supersede and take precedence over | The regulatory requirements set forth in this Amendatory Endorsement shall supersede and take precedence over | The regulatory requirements set forth in this Amendatory Endorsement shall supersede and take precedence over |
| any provisions of this Bond or any endorsement to this Bond, whenever added, that are inconsistent with or | any provisions of this Bond or any endorsement to this Bond, whenever added, that are inconsistent with or | any provisions of this Bond or any endorsement to this Bond, whenever added, that are inconsistent with or | any provisions of this Bond or any endorsement to this Bond, whenever added, that are inconsistent with or | any provisions of this Bond or any endorsement to this Bond, whenever added, that are inconsistent with or | any provisions of this Bond or any endorsement to this Bond, whenever added, that are inconsistent with or |
| contrary to the provisions of this Amendatory Endorsement, unless such Bond or endorsement provisions comply | contrary to the provisions of this Amendatory Endorsement, unless such Bond or endorsement provisions comply | contrary to the provisions of this Amendatory Endorsement, unless such Bond or endorsement provisions comply | contrary to the provisions of this Amendatory Endorsement, unless such Bond or endorsement provisions comply | contrary to the provisions of this Amendatory Endorsement, unless such Bond or endorsement provisions comply | contrary to the provisions of this Amendatory Endorsement, unless such Bond or endorsement provisions comply |
| &nbsp;&nbsp; with the applicable insurance laws of the State of Wisconsin. | &nbsp;&nbsp; with the applicable insurance laws of the State of Wisconsin. | &nbsp;&nbsp; with the applicable insurance laws of the State of Wisconsin. | &nbsp;&nbsp; with the applicable insurance laws of the State of Wisconsin. |  |  |
| 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 | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and |
| &nbsp;&nbsp; conditions of coverage. | &nbsp;&nbsp; conditions of coverage. | &nbsp;&nbsp; conditions of coverage. |  |  |  |

---

PF-51503 (02/19)

Page 1 of 2

------

All other terms, conditions and limitations of this Bond shall remain unchanged.

![](j06102773_2022x33x1.jpg)

PF-51503 (02/19)

Page 2 of 2

------

---

| | | | |
|:---|:---|:---|:---|
| **SCHEDULE OF OTHER ASSUREDS ENDORSEMENT** | **SCHEDULE OF OTHER ASSUREDS ENDORSEMENT** | **SCHEDULE OF OTHER ASSUREDS ENDORSEMENT** | **SCHEDULE OF OTHER ASSUREDS ENDORSEMENT** |
| Named Assured |  |  | Endorsement Number |
| MADISON FUNDS TRUST |  |  | 2 |
| Bond Number | Bond Period |  | Effective Date of Endorsement |
| J06102773 | &nbsp;&nbsp;&nbsp;&nbsp;12-15-2022 | 12-15-2023 | 12-15-2022 |
| 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** |
| &nbsp;&nbsp;In consideration of the premium charged, it is agreed that: | &nbsp;&nbsp;In consideration of the premium charged, it is agreed that: |  |  |
| (1) In addition to the first named **Assured**, the **Investment Company(ies)** scheduled in Paragraph (2) of this | (1) In addition to the first named **Assured**, the **Investment Company(ies)** scheduled in Paragraph (2) of this | (1) In addition to the first named **Assured**, the **Investment Company(ies)** scheduled in Paragraph (2) of this | (1) In addition to the first named **Assured**, the **Investment Company(ies)** scheduled in Paragraph (2) of this |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endorsement is/are the other **Assured(s)** under this Bond. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endorsement is/are the other **Assured(s)** under this Bond. |  |  |
| &nbsp;&nbsp;(2) Schedule of Other **Assureds**: |  |  |  |
| Madison Funds Trust: Madison Covered Call & Equity Strategy Fund Madison Conservative Allocation Fund | Madison Funds Trust: Madison Covered Call & Equity Strategy Fund Madison Conservative Allocation Fund | Madison Funds Trust: Madison Covered Call & Equity Strategy Fund Madison Conservative Allocation Fund | Madison Funds Trust: Madison Covered Call & Equity Strategy Fund Madison Conservative Allocation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Moderate Allocation Fund Madison Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Moderate Allocation Fund Madison Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Moderate Allocation Fund Madison Aggressive Allocation Fund | Madison Government Money |
| Market Fund Madison Tax-Free Virginia Fund Madison Tax-Free National Fund Madison High Quality | Market Fund Madison Tax-Free Virginia Fund Madison Tax-Free National Fund Madison High Quality | Market Fund Madison Tax-Free Virginia Fund Madison Tax-Free National Fund Madison High Quality | Market Fund Madison Tax-Free Virginia Fund Madison Tax-Free National Fund Madison High Quality |
| Bond Fund Madison Core Bond Fund Madison Corporate Bond Fund Madison High Income Fund Madison | Bond Fund Madison Core Bond Fund Madison Corporate Bond Fund Madison High Income Fund Madison | Bond Fund Madison Core Bond Fund Madison Corporate Bond Fund Madison High Income Fund Madison | Bond Fund Madison Core Bond Fund Madison Corporate Bond Fund Madison High Income Fund Madison |
| Diversified Income Fund Madison Covered Call & Equity Income Fund Madison Dividend Income Fund | Diversified Income Fund Madison Covered Call & Equity Income Fund Madison Dividend Income Fund | Diversified Income Fund Madison Covered Call & Equity Income Fund Madison Dividend Income Fund | Diversified Income Fund Madison Covered Call & Equity Income Fund Madison Dividend Income Fund |
| Madison Large Cap Value Fund Madison Investors Fund Madison Mid Cap Fund Madison Small Cap Fund | Madison Large Cap Value Fund Madison Investors Fund Madison Mid Cap Fund Madison Small Cap Fund | Madison Large Cap Value Fund Madison Investors Fund Madison Mid Cap Fund Madison Small Cap Fund | Madison Large Cap Value Fund Madison Investors Fund Madison Mid Cap Fund Madison Small Cap Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison International Stock Fund | Ultra Series Fund Trust: Conservative Allocation Fund Moderate | Ultra Series Fund Trust: Conservative Allocation Fund Moderate | Ultra Series Fund Trust: Conservative Allocation Fund Moderate |
| Allocation Fund Aggressive Allocation Fund Core Bond Fund High Income Fund Diversified Income Fund | Allocation Fund Aggressive Allocation Fund Core Bond Fund High Income Fund Diversified Income Fund | Allocation Fund Aggressive Allocation Fund Core Bond Fund High Income Fund Diversified Income Fund | Allocation Fund Aggressive Allocation Fund Core Bond Fund High Income Fund Diversified Income Fund |
| Large Cap Value Fund Large Cap Growth Fund Mid Cap Fund International Stock Fund Madison Target | Large Cap Value Fund Large Cap Growth Fund Mid Cap Fund International Stock Fund Madison Target | Large Cap Value Fund Large Cap Growth Fund Mid Cap Fund International Stock Fund Madison Target | Large Cap Value Fund Large Cap Growth Fund Mid Cap Fund International Stock Fund Madison Target |
| Retirement 2020 Fund Madison Target Retirement 2030 Fund Madison Target Retirement 2040 Fund | Retirement 2020 Fund Madison Target Retirement 2030 Fund Madison Target Retirement 2040 Fund | Retirement 2020 Fund Madison Target Retirement 2030 Fund Madison Target Retirement 2040 Fund | Retirement 2020 Fund Madison Target Retirement 2030 Fund Madison Target Retirement 2040 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Target Retirement 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Target Retirement 2050 Fund |  |  |
| 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 |
| &nbsp;&nbsp;conditions of coverage. |  |  |  |
| &nbsp;&nbsp;All other terms, conditions and limitations of this Bond shall remain unchanged. | &nbsp;&nbsp;All other terms, conditions and limitations of this Bond shall remain unchanged. | &nbsp;&nbsp;All other terms, conditions and limitations of this Bond shall remain unchanged. |  |

---

![](j06102773_2022x33x1.jpg)

PF-52916 (08/21)

Page 1 of 1

## Ex-99.Agmt

**MADISON FUNDS (MF),** 

**ULTRA SERIES FUND (USF) &** 

**MADISON COVERED CALL & EQUITY STRATEGY FUND (MCN)** 

**BOARDS OF TRUSTEES**

**RESOLUTIONS**

**APPROVE/RATIFY AMENDMENTS TO FIDELITY BOND**

**November 10, 2022**

*&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,* that the fidelity bond (the "Bond") in the aggregate amount of $5,000,000 covering, among others, officers and employees of the Funds, in accordance with the requirements of Rule 17g-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), is reasonable in form and amount, after having given due consideration to, among other things, the value of the aggregate assets of the Funds to which any person covered under the Bond may have access, the type and terms of the arrangements made for the custody and safekeeping of assets of the Funds' portfolios, the nature of the securities in the portfolios, the number of other parties named as insured parties under the Bond and the nature of the business activities of the other parties; and be it further

*&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED*, because the premium to be paid under the Bond shall be paid in its entirety by the Funds' investment adviser, the Boards of Trustees of MF, USF and MCN make no judgment as to its appropriateness; and be it further

*&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED*, that the Bond be and hereby is approved by vote of a majority of the Trustees (all Trustees voting) and separately by a majority of the Independent Trustees; and be it further

*&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED*, that the Amended and Restated Allocation Agreement, in the form submitted at this meeting (the "Allocation Agreement"), is hereby approved and renewed for another year; and be it further

*&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED*, that the appropriate officers of the Funds be, and they hereby are, authorized and directed to prepare, execute, and file such amendments and supplements to the aforesaid Allocation Agreement, and to take such other action as may be necessary or appropriate in order to conform to the provisions of the 1940 Act; and be it further

*&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED*, that the Secretary of the Funds shall file a copy of such documents with and give such notice to the SEC as is required under paragraph (g) of Rule 17g-1 under the 1940 Act.

------

**AMENDED AND RESTATED ALLOCATION AGREEMENT**

AGREEMENT dated November 10, 2022, by and between (i) Madison Funds, Ultra Series Fund and the Madison Covered Call & Equity Strategy Fund (together, the "Funds"), management investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and (ii) Madison Investment Holdings, Inc., Madison Investment Advisors, LLC, Madison Asset Management, LLC, and MFD Distributor, LLC (together, the "Adviser") (collectively with the Funds, the "Insureds").

W I T N E S S E T H:

WHEREAS, pursuant to the requirements of Rule 17g-1 under the 1940 Act, the Funds are required to maintain a fidelity bond against larceny and embezzlement covering certain of its officers and employees; and

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Rule 17g-1 provides that when two or more investment companies are managed and/or distributed by the same person or persons, such investment companies may obtain a joint insured bond covering themselves and such person or persons and their affiliates; and

WHEREAS, the Funds are managed by Madison Asset Management, LLC, a subsidiary of Madison Investment Holdings, Inc.; and

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Insureds have entered into a Joint Insured Bond (the "Bond"); and

WHEREAS, the Insureds desire to provide for: (i) the method by which the amount of coverage provided under the Bond will be determined from time to time, and (ii) an equitable and proportionate allocation of any proceeds received under the Bond in the event that two or more of the Insureds suffer loss and consequently are entitled to recover under the Bond.

&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, it is hereby agreed among the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amount of Coverage Maintained.</u> The amount of the fidelity coverage under the Bond shall at all times be at least equal in the amount to the sum of (i) the total amount of coverage which the Funds would have been required to provide and maintain individually pursuant to the schedule set forth in paragraph (d) of Rule 17g-1 under the 1940 Act had the Funds not been a named Insured under the Bond, and (ii) the amount of each bond which each Insured other than the Funds would have been required to provide and maintain pursuant to federal statutes or regulations had it not been a named insured under the Bond. The amount of fidelity coverage under the Bond shall be approved at least annually by the Boards of Trustees of the Funds, including a majority of those Trustees who are not "interested persons" of the Funds as defined by Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Allocation of Recovery.</u> In the event an actual pecuniary loss is suffered by any two or more of the Insureds under circumstances covered by the terms of the Bond, any recovery under the Bond shall be allocated among such Insureds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; If the total amount of coverage provided under the Bond exceeds or is equal to the amount of the combined total amount of loss suffered by the Insureds suffering loss, then each such Insured shall be entitled to recover the amount of its actual loss.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the amount of loss suffered by each Insured suffering loss exceeds its minimum coverage requirements as set forth in Section 1 hereof and the amount of such Insureds' combined actual losses exceeds the total amount of coverage provided under the Bond, then each such Insured shall be entitled to recover (i) its minimum coverage requirement, and (ii) to the extent there exists any excess coverage, the proportion of such excess coverage which its minimum coverage requirement bears to the amount of the combined minimum coverage requirements of the Insureds suffering actual loss; <u>provided, however</u>, that if the actual loss of any of such Insureds is less than the sum of (i) and (ii) above, then such difference shall be recoverable by the other Insured or Insureds in proportion to their relative minimum coverage requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If (i) the amount of actual loss suffered by any Insured is less than or equal to its minimum coverage requirement, (ii) the amount of actual loss of another Insured or the other Insureds exceeds its or their minimum coverage requirement or requirements, and (iii) the amount of the combined actual losses of the Insureds exceeds the total amount of coverage provided under the Bond, then any Insured which has suffered an amount of actual loss less than or equal to its minimum coverage requirement shall be entitled to recover its actual loss. If only one other Insured has suffered actual loss, it shall be entitled to recover the remainder of the amount of the coverage under the Bond. If more than one other Insured has suffered actual loss in excess of the remaining coverage, then they shall allocate such remaining amount of coverage in accordance with paragraph (b) of this Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Allocation of Premium.</u> No premium shall be paid under the Bond unless the Boards of Trustees of the Funds, including a majority of those Trustees who are not "interested persons" of the Funds as defined by Section 2(a)(19) of the 1940 Act, shall approve the portion of the premium to be paid by the Funds. The premium payable on the Bond shall be allocated between the Funds and the other Insured as determined by the Boards of Trustees of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment.</u> This Agreement may not be amended or modified in any manner except by a written agreement executed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Filing with the Commission.</u> A copy of this Agreement and any amendment thereto shall be filed with the U.S. Securities and Exchange Commission within 10 days after the execution thereof to the extent required by Regulation 270.17g-1(g) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicable Law.</u> This Agreement shall be construed, and the provisions thereof interpreted under and in accordance with the laws of the State of Wisconsin.

&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Liability of Trustees and Shareholders.</u> A copy of the organizational documents each of the Funds is on file with the Secretary of State of the state of such Funds' organization, and it is hereby agreed that this Agreement is executed on behalf of the Trustees of the Funds as Trustees and not individually and that the obligations of this Agreement are not binding upon any of the Trustees, officers and shareholders of the Funds individually but are binding only upon the assets and property of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, each of the parties has caused this Agreement, as amended and restated, to be executed in its name and behalf by its duly authorized representatives effective as of the date set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, each of the parties has caused this Agreement, as amended and restated, to be executed in its name and behalf by its duly authorized representatives effective as of the date set forth above.

**THE FUNDS**

------

By: __<u>_/s/ Holly Baggot_________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________</u>______________________

Holly Baggot, &nbsp;&nbsp;&nbsp;&nbsp;Its Secretary

**THE ADVISER**

By: ___<u>_/s/ Steve Fredricks&nbsp;&nbsp;&nbsp;&nbsp;___________________</u>____________

Steve Fredricks, Its Chief Compliance Officer

## Ex-99.Calc

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets as of September 30, 2022** | **Minimum Bond Amount** |
| Madison Funds | $2110879548 | $1700000 |
| Ultra Series Fund | 1178037161 | $1250000 |
| Madison Covered Call & Equity Strategy Fund | 134177425 | <u>$525000</u> |
| **Total** |  | $3475000 |
| **Total Amount of Joint Bond** |  | $5000000 |

---

<br>