# EDGAR Filing Document

**Accession Number:** 0001110502
**File Stem:** 0001580642-25-007453
**Filing Date:** 2025-11
**Character Count:** 80779
**Document Hash:** f53b5c9bffb63d6a08b3644f01cc78b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007453.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001580642-25-007453

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

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUSSMAN INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001110502

**ORGANIZATION NAME:**
- **EIN:** 522226627
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09911
- **FILM NUMBER:** 251529266

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3403

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

---

| | |
|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

---

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| | |
|:---|:---|
| **DECLARATIONS**<br>Name of **Assured**:<br> HUSSMAN INVESTMENT TRUST<br>Address of **Assured**:<br> 6021 UNIVERSITY BOULEVARD, SUITE 490<br> ELLICOTT CITY, MD 21043 | **FEDERAL INSURANCE COMPANY**<br>Incorporated under the laws of Indiana, a stock insurance company, herein called the Company<br>One American Square 202 N Illinois Street, Suite 2600<br> Indianapolis, IN 46282<br>Bond Number: J0604508A |

---

---

| | | | |
|:---|:---|:---|:---|
| Item 1. | Bond Period: | From: | October 18, 2025 |
|  |  | To: | October 18, 2026 |
|  |  | At 12:01 A.M. local time at the Address of **Assured**. | At 12:01 A.M. local time at the Address of **Assured**. |

---

### Item
 2. Single
 Loss Limits Of Liability – Deductible Amounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Insuring Clause** | **Single Loss Limit Of<br> Liability** | **Deductible Amount** |
| 1. | Employee | $900000 | $0 |
| 2. | On Premises | $900000 | $90000 |
| 3. | In Transit | $900000 | $90000 |
| 4. | Forgery Or Alteration | $900000 | $90000 |
| 5. | Extended Forgery | $900000 | $90000 |
| 6. | Counterfeit Money | $900000 | $90000 |
| 7. | Computer System Fraud | $900000 | $90000 |
| 8. | Claims Expense | $25000 | $5000 |
| 9. | Audit Expense | $25000 | $5000 |
| 10. | Uncollectible Items Of Deposit | $900000 | $90000 |
| 11. | Voice Initiated Funds Transfer Instruction | $900000 | $90000 |

---

PF-52903D (08/21) Page 1 of 2

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| | |
|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

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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**

---

| | |
|:---|:---|
| ![(SIGNATURE)](hu002_v1.jpg) | ![(SIGNATURE)](hu003_v1.jpg) |
| Secretary | President |
| November 24, 2025 | ![(SIGNATURE)](hu004_v1.jpg) |
| Date | Authorized Representative |

---

PF-52903D (08/21) Page 2 of 2

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| | |
|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **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

---

| | |
|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **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 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:

------

I. INSURING
 CLAUSES

&nbsp;&nbsp;&nbsp;&nbsp;1. Employee

Loss resulting directly from **Larceny or Embezzlement** committed by any **Employee** acting alone or in collusion with others.

&nbsp;&nbsp;&nbsp;&nbsp;2. On
 Premises

Loss of **Property** resulting directly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. robbery,
 burglary, misplacement, mysterious unexplainable disappearance, damage or destruction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. false
 pretenses, or common law or statutory larceny, committed by a natural person while on the
 premises of the **Assured**,

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 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 of the **Assured's** interest therein as detailed in the books and records of such depositories.

&nbsp;&nbsp;&nbsp;&nbsp;3. In
 Transit

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. an
 armored motor vehicle, including loading and unloading thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the
 custody of a natural person acting as a messenger of the **Assured**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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 following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Written** records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Certificated Securities** issued in registered form, which are not endorsed or are restrictively endorsed;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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.

&nbsp;&nbsp;&nbsp;&nbsp;4. Forgery
 Or Alteration

Loss resulting directly from the **Assured** having, in good faith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. transferred,
 paid, or delivered any **Property**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. established
any credit or given any value,

PF-52903 (08/21) Page 1 of 17

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| | |
|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

---

in reliance on any **Written** and **Original**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Negotiable Instrument** (other than an **Evidence of Debt**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Acceptance;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Withdrawal Order** or receipt for the withdrawal of **Property**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Certificate of Deposit;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Letter of Credit**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) instruction
 or advice directed to the **Assured** and purportedly signed by any **Customer**, any
 financial institution, or any **Employee**,

which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. bears
 a **Forgery**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. is
 fraudulently materially altered.

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 handwritten signature.

&nbsp;&nbsp;&nbsp;&nbsp;5. Extended
 Forgery

Loss resulting directly from the **Assured** having, in good faith, for its own account or the account of others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. acquired,
 sold or delivered, given value, extended credit or assumed liability in reliance on any **Written** and **Original:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Certificated Security;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deed,
 mortgage or other instrument conveying title to, or creating or discharging a lien on, real
 property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Evidence of Debt**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Instruction**,
 which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. bears
 a **Forgery**, but only to the extent the **Forgery** directly causes the loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. is
 fraudulently materially altered, but only to the extent the alteration directly causes the
 loss; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. is
 lost or stolen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. guaranteed
 in writing or witnessed any signature on any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) assignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) bill
 of sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) power
 of attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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 Original** directly causes the loss.

PF-52903 (08/21) Page 2 of 17

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|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

---

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 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.

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 handwritten signature.

&nbsp;&nbsp;&nbsp;&nbsp;6. Counterfeit
 Money

Loss resulting directly from the receipt by the **Assured** in good faith of counterfeit **Money**.

&nbsp;&nbsp;&nbsp;&nbsp;7. Computer
 System Fraud

Loss resulting directly from the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. withdrawal,
 transfer, payment, or delivery of **Property**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. creation,
 deletion, debiting, or crediting of an account of the **Assured** or **Customer**,
 which results directly from a **Network Intrusion**.

&nbsp;&nbsp;&nbsp;&nbsp;8. Claims
 Expense

**Claims Expenses** incurred by the **Assured** in determining the amount of covered loss under this Bond in excess of the applicable Deductible Amount.

&nbsp;&nbsp;&nbsp;&nbsp;9. Audit
 Expense

**Audit Expenses** incurred by the **Assured** by reason of the discovery of loss covered under Insuring Clause 1.

&nbsp;&nbsp;&nbsp;&nbsp;10. Uncollectible
 Items Of Deposit

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 of such account causes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. redemptions
 or withdrawals to be permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. shares
 to be issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. dividends
 to be paid,

from an account of an **Assured**.

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 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 have failed.

&nbsp;&nbsp;&nbsp;&nbsp;11. Voice
 Initiated Funds Transfer Instruction

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 reasonably appears, to have originated from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the **Customer**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. an **Employee** acting on instructions of such **Customer**; or

PF-52903 (08/21) Page 3 of 17

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|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 knowledge of the **Assured**, **Employee**, or **Customer**.

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 the Application furnished to the Company.

------

II. GENERAL
 AGREEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;1. Automatic
 Increase – 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, as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 creation of a new **Investment Company**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Insuring Clause 1 shall take place automatically for the remainder of the Bond Period without payment of an additional premium.

&nbsp;&nbsp;&nbsp;&nbsp;2. Joint
 Assured

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 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 named on the Application shall thereafter be considered as the first named **Assured** for the purposes of this Bond.

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 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 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** 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 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**.

The Company shall not be liable for loss sustained by one **Assured** to the advantage of any other **Assured**.

&nbsp;&nbsp;&nbsp;&nbsp;3. 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 **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 copies of all pleadings and pertinent papers to the Company.

The Company may, at its sole option, elect to conduct the defense of all or part of such legal proceeding. The defense by the Company shall be in the name of the **Assured** through attorneys selected by the Company. The **Assured** shall provide all reasonable information and assistance as required by the Company for such defense.

PF-52903 (08/21) Page 4 of 17

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|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **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 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 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 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.

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 under this Bond, and the Company shall not be liable for any costs, fees and expenses incurred by the **Assured**.

&nbsp;&nbsp;&nbsp;&nbsp;4. Representations
 Made By Assured

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 intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the Application or otherwise, shall be grounds for rescission of this Bond.

------

III. DEFINITIONS

As used in this Bond:

**Acceptance** means a draft which the drawee has, by signature written on it, engaged to honor as presented.

**Assured** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the **Investment Company** listed under Name of **Assured** in the Declarations (the "first
 named **Assured** "); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
 other **Investment Company** listed in the Application.

**Assured** does not include any entity or organization that is not an **Investment Company**.

**Assured's Network** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the **Assured's Computer System**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an Electronic
 Communication System .

**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 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 (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 **Money** with an engagement to repay it.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) represented
 by an instrument issued in bearer or registered form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

PF-52903 (08/21) Page 5 of 17

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| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

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**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 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.

**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 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.

**Counterfeit Original** means an imitation of an actual valid **Original** which is intended to deceive and be taken as the **Original**.

**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 of such units.

**Custodian** means the institution designated by an **Assured** to maintain possession and control of its assets.

**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 Instruction**.

**Customer Communication System** means an:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) online
 portal or mobile application provided by the **Assured** for purposes of accessing a **Customer's** account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as
 an officer of the **Assured**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to
 the **Assured's** board of directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) as
 a trustee of the **Assured**.

**Electronic Communication System means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Customer Communication System**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **Assured's Computer System**.

**Employee** means any natural person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 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** premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) employee
 of the **Assured's** contracted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. investment
 advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. underwriter
 (distributor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. transfer
 agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. shareholder
 accounting record-keeper; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. fund
 administrator,

while performing acts for the **Assured** in the capacity of an **Employee**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) attorney
 of a law firm retained by the **Assured** while performing legal services for the **Assured**;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **Processor**,
 but only while such **Processor** is performing services and not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. creating,
 preparing, modifying, or maintaining the **Assured's** computer applications or software
 programs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 **Assured's** rights of recovery, as stated in Section 12., Subrogation – Assignment – Recovery, of the Conditions and Limitations, against any such employer.

**Employee** does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any
 employee of a fund administrator for any employee benefit plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
 employee of a transfer agent, shareholder accounting record-keeper, or fund administrator
 which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** and held by the **Assured**, which in the regular course of business is treated as evidencing the **Customer's** debt to the **Assured**.

**Forgery** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) affixing
 the handwritten signature, or a reproduction of the handwritten signature, of another natural
 person without authorization and with the intent to deceive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) affixing
 the name of an organization as an endorsement to a check without authority and with the intent
 to deceive,

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**.

**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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a
 description of the issue of which the **Uncertificated Security** is a part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 name, address and taxpayer identification number, if any, of the registered owner and registered
 pledgee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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.

**Items of Deposit** means one or more checks or drafts drawn upon a financial institution in the United States of America.

**Larceny or Embezzlement** means larceny and embezzlement as defined under Section 37 of the 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 customer that the bank or other person will honor drafts or other demands for payment in compliance with the conditions specified in the engagement.

**Money** means a medium of exchange in current use authorized or adopted by a domestic or foreign government as part of its currency.

**Negotiable Instrument** means any writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) signed
 by the maker or drawer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) payable
 on demand or at a definite time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) payable
 to order or bearer.

**Negotiable Instrument** includes a substitute check as defined in the Check Clearing for the 21st Century Act, and shall be treated the same as the **Original** it replaced.

**Network Intrusion** means the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) unauthorized
 access; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 representative of the **Assured**.

**Original** means the first rendering or archetype and does not include photocopies or electronic transmissions even if received and printed.

**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 employee of a Federal Reserve Bank or clearing house.

**Property** means **Money**; **Securities**; **Initial Transaction Statement**; **Negotiable Instrument**; **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 metals in any form; and books of accounts and other **Written** records, but not electronic data processing records or media.

**Property** does not include electronic data or **Cryptocurrency**.

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**Securities** means either **Certificated Securities** or **Uncertificated Securities**.

**Single Loss** means all covered loss, court costs, and attorneys' fees resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any
 one act of burglary, robbery or attempt at either, in which no **Employee** is implicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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 enterprise of the issuer, or an obligation of the issuer, which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

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

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) made
 over a telecommunications device; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 **Customer** authorizing the **Assured** to debit the **Customer's** account in the amount of funds stated therein.

**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, unless otherwise indicated.

------

IV. EXCLUSIONS

&nbsp;&nbsp;&nbsp;&nbsp;1. General
 Exclusions – Applicable To All Insuring Clauses

This Bond does not cover loss resulting directly or indirectly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the
 effects of nuclear fission or fusion, radioactivity, or chemical or biological contamination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the
 loss of potential income. This Exclusion 1.c., however, shall not apply to interest and dividends
 accrued to the benefit of the **Assured** or any **Customer** prior to the discovery
 of a covered loss, whether or not such accrued interest or dividends have been paid into
 the account of such **Assured** or **Customer** as of the discovery of such covered
 loss;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. all
 costs, fees and expenses incurred by the **Assured**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in
 establishing the existence of or amount of loss covered under this Bond, except for loss
 covered under Insuring Clause 8 or 9; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as
 a party to any legal proceeding, even if such legal proceeding results in a loss covered
 by this Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. 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** 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. any
 violation by the **Assured** or by any **Employee**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) of
 any law regulating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 issuance, purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. securities
 transactions on security or commodity exchanges or the over the counter market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. investment
 companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. investment
 advisors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of
 any rule or regulation made pursuant to any such law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. 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, 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 not apply when such information, material or data is
 used to support or facilitate the commission of any act otherwise covered under this Bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 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 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 savings account information, or
 any similar type of non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. liability
 resulting from disclosure of or acting on material nonpublic information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. liability
 assumed by the **Assured** by agreement under any contract, unless loss under this Bond
 would be covered in the absence of such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. the
 dishonest acts of any **Director** who is not an **Employee**, acting alone or in collusion
 with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. a
 threat or series of threats to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) gain
 access to the **Assured's Computer System** and sell or disclose confidential information
 stored within the **Assured's Computer System**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) modify,
 damage, destroy, delete, or corrupt any application or software program within the **Assured's Computer System;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. costs
 or expenses of any independent forensic analysts or network security consultants engaged
 to investigate or assess any actual or alleged threat;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. 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 System**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. costs
 or expenses incurred to replace, restore, recreate, collect, or recover any application or
 software program; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. **Cryptocurrency.** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Specific
 Exclusions – Applicable To All Insuring Clauses Except Insuring Clause 1<br>
 This Bond does not cover loss resulting directly or indirectly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 acts of an **Employee**, except for loss covered under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Insuring
 Clause 2 or 3 which results directly from misplacement, mysterious unexplainable disappearance,
 or damage or destruction of **Property**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Insuring
 Clause 11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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**, except for loss covered under Insuring Clause 3.b.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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 depositor who is within the premises of the **Assured** at the time of such payment
 or withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. any **Uncertificated Security**, except for loss covered under Insuring Clause 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the
 loss of **Property** while:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in
 the mail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in
 the custody of a **Transportation Company**, except for loss covered under Insuring Clause
 3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) located
 on the premises of an armored motor vehicle operator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. damages
 resulting from any civil, criminal or other legal proceeding in which the **Assured** is
 adjudicated to have engaged in **Racketeering** activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. 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 Clause 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. 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 instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 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 than the **Assured**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. **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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. 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 conducting business with the **Assured** on behalf of such third party.

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&nbsp;&nbsp;&nbsp;&nbsp;3. Specific
 Exclusions – Applicable To All Insuring Clauses Except Insuring Clauses 1, 4, and 5<br>
 This Bond does not cover loss resulting directly or indirectly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 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 7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any **Forgery** or any alteration, except for loss covered under Insuring Clause 7; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any
 counterfeit, except for loss covered under Insuring Clause 6.

&nbsp;&nbsp;&nbsp;&nbsp;4. Specific
 Exclusions – Applicable To Insuring Clause 7

This Bond does not cover loss resulting directly or indirectly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any
 transfer, payment, or delivery of **Money or Securities**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) authorized
 by an **Employee**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, or false pretenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. forged,
 altered or fraudulent **Negotiable Instruments**, **Securities**, documents or written
 instruments used as source documentation for input into a **Computer System**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. 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
 or error in programming, or error or omission in processing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. 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 contractor or its partner, officer, or employee authorized to design, develop,
 prepare, supply, service, write or implement programs for the **Assured's Network**;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. entries
 or changes made at an **Electronic Funds Transfer System** or a **Customer Communication System** by a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Customer**;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) natural
 person with authorized access to the **Customer's** authentication credentials or
 mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;5. Specific
 Exclusions – Applicable To Insuring Clause 11

This Bond does not cover loss resulting directly or indirectly from any **Voice Initiated Transfer Instruction** from a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Customer**;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) natural
 person with authorized access to the **Customer's** verification credentials or mechanism.

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V. CONDITIONS
 AND LIMITATIONS

&nbsp;&nbsp;&nbsp;&nbsp;1. Anti-Bundling

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, 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 or incorporated by reference into the enumerated document.

&nbsp;&nbsp;&nbsp;&nbsp;2. Change
 Or Modification

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.

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 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 **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.

&nbsp;&nbsp;&nbsp;&nbsp;3. Conformity

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 by such law.

&nbsp;&nbsp;&nbsp;&nbsp;4. Cooperation
 Of Assured

At the Company's request and at reasonable times and places designated by the Company, the **Assured** shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. submit
 to examination by the Company and subscribe to the same under oath;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. produce
 for the Company's examination all pertinent records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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.

&nbsp;&nbsp;&nbsp;&nbsp;5. Covered
 Property

This Bond shall apply to loss of **Property**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. owned
 by the **Assured**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. held
 by the **Assured** in any capacity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. for
 which the **Assured** is legally liable.

This Bond shall be for the sole use and benefit of the **Assured**.

&nbsp;&nbsp;&nbsp;&nbsp;6. Deductible
 Amount

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.

There shall be no deductible applicable to any loss sustained by any **Assured** and covered under Insuring Clause 1.

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&nbsp;&nbsp;&nbsp;&nbsp;7. Discovery

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. facts
 which may subsequently result in a loss of a type covered by this Bond; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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 loss does not exceed the applicable Deductible Amount, or the exact amount or details of loss may not then be known.

&nbsp;&nbsp;&nbsp;&nbsp;8. Limit
 Of Liability

The payment of any loss under this Bond shall not reduce the liability of the Company for other losses whenever sustained, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 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 be cumulative in amounts from year to year or from Bond Period
 to Bond Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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 losses were sustained by any one **Assured**.

&nbsp;&nbsp;&nbsp;&nbsp;9. Notice
 To Company – Proof – Legal Proceedings Against Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 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, as stated in Item 2 of the Declarations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The **Assured** shall furnish to the Company proof of loss, duly sworn to, with full particulars,
 within six (6) months after such discovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Certificated Securities** listed in a proof of loss shall be identified by certificate or bond numbers,
 if issued with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Legal
 proceedings for the recovery of any loss under this Bond shall not be brought prior to the
 expiration of sixty (60) days after the proof of loss is filed with the Company or after
 the expiration of twenty-four (24) months from the discovery of such loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. 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**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. All
 such notices shall be given in writing to one of the following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>ChubbClaimsFirstNotice@chubb.com</u>;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Attn:
 Chubb Claims Department<br>
 Chubb<br>
 P.O. Box 5122<br>
 Scranton, PA 18505

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. All
 other notices to the Company under this Bond shall be given in writing to the following address:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>NA.FinancialLines@chubb.com</u>;
 or

PF-52903 (08/21) Page 14 of 17

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|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Attn:
 Chubb Underwriting Department <br>
 Chubb

202B Hall's Mill Road <br> Whitehouse Station, NJ 08889

All notices described above shall be effective on the date of receipt by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;10. Other
 Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the **Assured**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a **Transportation Company**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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 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 be applicable to such loss covered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;11. Securities
 Settlement

In the event of a loss of **Securities** covered under this Bond, the Company may, at its sole discretion, purchase replacement **Securities**, tender the value of the **Securities** in **Money**, or issue its indemnity to effect replacement **Securities**.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. for **Securities** having a value less than or equal to the applicable Deductible Amount –
 one hundred (100%) percent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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**; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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 of the **Securities**.

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.

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.

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 of premium for any indemnity purchased by the **Assured** to obtain replacement **Securities**.

&nbsp;&nbsp;&nbsp;&nbsp;12. Subrogation
 – Assignment – Recovery

In the event of a payment under this Bond, the Company shall be subrogated to all of the **Assured's** rights of recovery against any person or entity to the extent of such payment. On request, the **Assured** shall deliver to the Company an assignment of the **Assured's** rights, title and interest and causes of action against any person or entity to the extent of such payment.

PF-52903 (08/21) Page 15 of 17

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|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

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Recoveries, whether effected by the Company or by the **Assured**, shall be applied net of the expense of such recovery, in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. second,
 to the Company in satisfaction of amounts paid in settlement of the **Assured's** claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. third,
 to the **Assured** in satisfaction of the applicable Deductible Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. fourth,
 to the **Assured** in satisfaction of any loss suffered by the **Assured** which was
 not covered under this Bond.

Recovery from reinsurance or indemnity of the Company shall not be deemed a recovery under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;13. Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 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 than sixty (60) days prior to the effective date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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 and Exchange Commission, not less than sixty (60)
 days prior to the effective date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. 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 against the **Assured** or any other person or entity, the **Assured**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. 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 this Bond as to any **Employee**.

&nbsp;&nbsp;&nbsp;&nbsp;14. Valuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 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** in the conduct of its business shall be the amount paid by the **Assured** for blank books, blank pages, or other materials which replace the lost books of account or other records, plus the cost of labor paid by the **Assured** for the actual transcription or copying of data to reproduce such books of account or other records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Money

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 time of discovery of such loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Other
 Property

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 value, whichever is less.

PF-52903 (08/21) Page 16 of 17

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|:---|:---|
| ![(CHUBB)](hu001_v1.jpg) | **Financial Institution Bond <br> For Investment Companies** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Securities

The value of any loss of **Securities** shall be the average market value of such **Securities** on the business day immediately preceding discovery of such loss, provided that the value of any **Securities** replaced by the **Assured**, with the consent of the Company and prior to the settlement of any claim for them, shall be the actual market value at the time of replacement. In the case of a loss of interim certificates, warrants, rights or other **Securities**, the production of which is necessary to the exercise of subscription, conversion, redemption or deposit privileges, the value of them shall be the market value of such privileges immediately preceding their expiration if the loss is not discovered until after their expiration. If no market price is quoted for such **Securities** or for such privileges, the value shall be fixed by agreement of the parties.

------

VI. COMPLIANCE
 WITH APPLICABLE TRADE SANCTION LAWS

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.

PF-52903 (08/21) Page 17 of 17

![(LOGO)](hu001_v1.jpg)

**STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Named Assured<br>HUSSMAN INVESTMENT TRUST | &nbsp;&nbsp;Named Assured<br>HUSSMAN INVESTMENT TRUST | &nbsp;&nbsp;Endorsement Number<br>1<br>|
| &nbsp;&nbsp;Bond Number <br> J0604508A<br>| &nbsp;&nbsp;Bond Period <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10-18-2025 to 10-18-2026  | &nbsp;&nbsp;Effective Date of Endorsement <br> October 18, 2025  |
| &nbsp;&nbsp;Issued By<br>Federal Insurance Company | &nbsp;&nbsp;Issued By<br>Federal Insurance Company | &nbsp;&nbsp;Issued By<br>Federal Insurance Company |

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**THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.**

**This endorsement modifies insurance provided under the following:**

**FINANCIAL INSTITUTION BOND FOR INVESTMENT COMPANIES**

In consideration of the premium charged, it is agreed that solely with respect to coverage afforded under this Endorsement this Bond is amended as follows:

(1) Item
2., Single Loss Limits Of Liability – Deductible Amounts, of the Declarations is amended to include the following:

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| | | |
|:---|:---|:---|
| <u>Insuring Clause</u> | <u>Single Loss Limit of Liability</u> | <u>Deductible Amount</u> |
| Stop Payment Order | $900000 | $90000 |

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(2) The
following Insuring Clause is added:

Stop Payment Order or Refusal to Pay Check

Loss resulting directly from the **Assured** being legally liable to pay compensatory damages for:

&nbsp;&nbsp;&nbsp;&nbsp;a. complying
or failing to comply with notice from any **Customer** or any authorized representative of any **Customer**, to stop payment on
any check or draft made or drawn upon or against the **Assured** by such **Customer** or by any authorized representative of such **Customer**; or

&nbsp;&nbsp;&nbsp;&nbsp;b. refusing
to pay any check or draft made or drawn upon or against the **Assured** by any **Customer** or by any authorized representative
of such **Customer**.

(3) The
following Exclusions shall apply:

This Bond does not cover loss resulting directly or indirectly from:

&nbsp;&nbsp;&nbsp;&nbsp;a. libel,
slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious prosecution, assault, or battery;

&nbsp;&nbsp;&nbsp;&nbsp;b. sickness,
disease, physical bodily harm, mental or emotional distress or anguish, or death of any person; or

&nbsp;&nbsp;&nbsp;&nbsp;c. discrimination.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

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

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| |
|:---|
| ![(SIGNATURE)](hu004_v1.jpg) |
| Authorized Representative |

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PF-52917 (08/21) Page 1 of 1

CERTIFIED RESOLUTIONS

I, Betsy Santen, Assistant Secretary of Hussman Investment Trust (the "Trust"), hereby certify that the following resolutions were adopted by the Board of Trustees of the Trust, including a majority of the Trustees who are not "interested persons" of the Trust, as defined by the Investment Company Act of 1940 (the "1940 Act"), at a meeting of the Board held on September 25, 2025:

RESOLVED, that it is hereby determined that the fidelity bond issued by Federal Insurance Company (the "Bond"), providing coverage in the amount of $900,000 and providing the Trust protection in the event of larceny or embezzlement by, among others, officers and employees of the Trust, in accordance with the requirements of Rule 17g-1 (the "Rule") under 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 Trust 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 the Trust's assets and the nature of the securities in the portfolios of the Trust; and

FURTHER RESOLVED, that the renewal of the Bond for an additional annual term expiring October 18, 2026 be, and it hereby is, approved; and

FURTHER RESOLVED, that payment of the premium of $2,093 for the renewal term of the Bond, including a risk management fee payable to the Trust's insurance broker for services rendered in connection with the renewal of the Bond, be, and it hereby is, approved, and further that such premium shall be allocated among the Funds based on the relative minimum coverage requirements of the Rule applicable to each Fund as of the renewal date of the Bond; and

FURTHER RESOLVED, that any recoveries under the Bond shall be governed by the Fidelity Bond Allocation Agreement dated September 10, 2002, as last amended on November 1, 2024; and

FURTHER RESOLVED, that the Assistant Secretary of the Trust be, and she hereby is, designated as the person who shall make all filings and give all notices required by paragraph (g) of the Rule; and

FURTHER RESOLVED, that all actions taken and to be taken by the officers of the Trust to renew the Bond, for an additional annual term expiring October 18, 2026, be, and they hereby are, ratified and approved.

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| | |
|:---|:---|
| November 25, 2025 | /s/ Betsy Santen |
|  | Betsy Santen, Assistant Secretary |

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**<u>FIDELITY BOND ALLOCATION AGREEMENT</u>**

AGREEMENT made as of the 10<sup>th</sup> day of September, 2002, and last amended on the 1<sup>st</sup> day of November, 2024, by Hussman Investment Trust, an open-end investment company registered under the Investment Company Act of 1940, on behalf of Hussman Strategic Market Cycle Fund, Hussman Strategic Total Return Fund and Hussman Strategic Allocation Fund (collectively, with any additional future series of Hussman Investment Trust, the "Funds").

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

WHEREAS, the Funds have entered into a joint fidelity bond with Federal Insurance Company in accordance with Rule 17g-1 (such joint fidelity bond as it is currently constituted and as it may be amended from time to time being hereinafter referred to as the "Bond"); and

WHEREAS, Rule 17g-1 provides that the amount of insurance coverage under a joint fidelity bond shall be at least equal to the sum of the total amount of coverage which each party to such bond would have been required under Rule 17g-1 to provide and maintain individually; and

WHEREAS, the Funds desire to provide for: (1) the method by which the amount of coverage provided under the Bond will be determined from time to time and (2) an equitable and proportionate allocation of any proceeds received under the Bond in the event that two or more of the Funds suffer loss and consequently are entitled to recover under the Bond;

NOW THEREFORE, in consideration of the mutual covenants and agreements herein set forth, the Funds agree as follows:

I. <u>Definitions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Minimum Coverage Requirement – the minimum amount of insurance coverage required to be maintained on a current basis by each of the Funds, such amount being based upon their respective gross assets and being determined as of the close of the most recent fiscal quarter in accordance with the table set forth in paragraph (d) of Rule 17g-1 as it may from time to time be amended by the Securities and Exchange Commission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fidelity Coverage – the total amount of coverage provided under the Bond to protect against losses arising from larceny or embezzlement committed by any employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Actual Loss – the total amount of pecuniary loss suffered by a Fund under circumstances covered by the terms of the Bond without regard to whether the amount of Fidelity Coverage is sufficient to enable such Fund to recover the total amount of such pecuniary loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Excess Coverage – the amount by which the Fidelity Coverage exceeds the amount of the combined Minimum Coverage Requirements of the Funds suffering Actual Loss.

II. <u>The Amount of the Bond</u> 

It shall be the intent of the Funds that the amount of the Fidelity Coverage at all times shall be at least equal to the amount of the combined Minimum Coverage Requirements of the Funds.

III. <u>Allocation of Recovery Under the Bond</u> 

In the event Actual Loss is suffered by any two or more of the Funds, any recovery under the Bond will be allocated among such Funds in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If the Fidelity Coverage exceeds or is equal to the amount of the combined Actual Losses of the Funds suffering Actual Loss, then each such Fund shall be entitled to recover the amount of its Actual Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If the amount of Actual Loss of each Fund suffering Actual Loss exceeds its Minimum Coverage Requirement and the amount of the Funds' combined Actual Losses exceeds the

Fidelity Coverage, then each Fund shall be entitled to recover (i) its Minimum Coverage Requirement, and (ii) to the extent there exists Excess Coverage, the proportion of the Excess Coverage which its Minimum Coverage Requirement bears to the amount of the combined Minimum Coverage Requirements of the Funds suffering Actual Loss; <u>provided</u>, <u>however</u>, that if the Actual Loss of one of the Funds is less than the sum of its Minimum Coverage Requirement plus the Excess Coverage allocable to such Fund under (ii) of this section III.B., then the remaining Excess Coverage shall be allocable to the other Fund or Funds in proportion to their relative Minimum Coverage Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If (i) the amount of Actual Loss suffered by any Fund is less than or equal to its Minimum Coverage Requirement, (ii) the amount of Actual Loss of another Fund or other Funds exceeds its or their Minimum Coverage Requirement(s) and (iii) the amount of the combined Actual Losses of the Funds exceeds the Fidelity Coverage, then any Fund 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 Fund has suffered Actual Loss, it shall be entitled to recover the amount of the Fidelity Coverage remaining. If more than one other Fund has suffered Actual Loss in excess of the remaining coverage, they shall allocate such remaining coverage in accordance with section III.B. of this Agreement.

IN WITNESS WHEREOF, Hussman Investment Trust has executed this Agreement, on behalf of the Funds, on the date above mentioned.

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| | |
|:---|:---|
| HUSSMAN STRATEGIC MARKET CYCLE FUND | HUSSMAN STRATEGIC MARKET CYCLE FUND |
| By: | /s/ John Hussman |
| HUSSMAN STRATEGIC TOTAL RETURN FUND | HUSSMAN STRATEGIC TOTAL RETURN FUND |
| By: | /s/ John Hussman |
| HUSSMAN STRATEGIC ALLOCATION FUND | HUSSMAN STRATEGIC ALLOCATION FUND |
| By: | /s/ John Hussman |

---