# EDGAR Filing Document

**Accession Number:** 0000732697
**File Stem:** 0001753926-25-002007
**Filing Date:** 2025-12
**Character Count:** 135475
**Document Hash:** b1615f246e364ca932936d37fb654994
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-25-002007.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001753926-25-002007

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

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**EFFECTIVENESS DATE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MADISON FUNDS
- **CENTRAL INDEX KEY:** 0001040612

**ORGANIZATION NAME:**
- **EIN:** 391894316
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08261
- **FILM NUMBER:** 251616186

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEMBERS MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19970609
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Madison ETFs Trust
- **CENTRAL INDEX KEY:** 0001976877

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23875
- **FILM NUMBER:** 251616187

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 800-767-0300

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ULTRA SERIES FUND
- **CENTRAL INDEX KEY:** 0000732697

**ORGANIZATION NAME:**
- **EIN:** 392004659
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04815
- **FILM NUMBER:** 251616188

**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

---

| |
|:---|
| **Financial Institution Bond** |
| **For Investment Companies** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DECLARATIONS** | **DECLARATIONS** | **DECLARATIONS** | **FEDERAL INSURANCE COMPANY** | **FEDERAL INSURANCE COMPANY** |
|  |  |  | Incorporated under the laws of Indiana, a stock | Incorporated under the laws of Indiana, a stock |
| Name of **Assured**: | Name of **Assured**: | Name of **Assured**: | insurance company, herein called the Company | insurance company, herein called the Company |
| MADISON FUNDS TRUST | MADISON FUNDS TRUST | MADISON FUNDS TRUST | One American Square 202 N Illinois Street, | One American Square 202 N Illinois Street, |
| Address of **Assured**: | Address of **Assured**: | Address of **Assured**: | Suite 2600 |  |
| 550 SCIENCE DRIVE | 550 SCIENCE DRIVE | 550 SCIENCE DRIVE | Indianapolis, IN 46282 |  |
| MADISON, WI 53711 | MADISON, WI 53711 | MADISON, WI 53711 | Bond Number: J06102773 | Bond Number: J06102773 |
| Item 1. | Bond Period: | December 15, 2025 |  |  |
|  |  | December 15, 2026 |  |  |
| At 12:01 A.M. local time at the Address of **Assured**. | At 12:01 A.M. local time at the Address of **Assured**. | At 12:01 A.M. local time at the Address of **Assured**. | At 12:01 A.M. local time at the Address of **Assured**. | At 12:01 A.M. local time at the Address of **Assured**. |
| Item 2. | Single Loss Limits Of Liability – Deductible Amounts: | Single Loss Limits Of Liability – Deductible Amounts: | Single Loss Limits Of Liability – Deductible Amounts: |  |
|  |  | **Insuring Clause** | **Single Loss Limit Of** | **Deductible Amount** |
|  |  |  | **Liability** |  |
|  | &nbsp;&nbsp;&nbsp;1. | Employee | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;2. | On Premises | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
|  | &nbsp;&nbsp;&nbsp;3. | In Transit | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
|  | &nbsp;&nbsp;&nbsp;4. | Forgery Or Alteration | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
|  | &nbsp;&nbsp;&nbsp;5. | Extended Forgery | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
|  | &nbsp;&nbsp;&nbsp;6. | Counterfeit Money | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
|  | &nbsp;&nbsp;&nbsp;7. | Computer System Fraud | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
|  | &nbsp;&nbsp;&nbsp;8. | Claims Expense | Not Covered | Not Covered |
|  | &nbsp;&nbsp;&nbsp;9. | Audit Expense | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
|  | &nbsp;&nbsp;&nbsp;10. | Uncollectible Items Of Deposit | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
|  | &nbsp;&nbsp;&nbsp;11. | Voice Initiated Funds Transfer | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
|  |  | Instruction |  |  |

---

PF-52903D (08/21)

Page 1 of 2

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

---

![](img001_v2.jpg)

PF-52903D (08/21)

Page 2 of 2

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

---

14-02-12160 (08/19)

Page 1 of 1

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| | |
|:---|:---|
| **Notice of Loss Control Services** | **Notice of Loss Control Services** |
| Insuring Company: Federal Insurance Company | Insuring Company: Federal Insurance Company |
| As a Chubb policyholder, you have loss prevention information and/or services available to you, as 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 | 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 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

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| | |
|:---|:---|
| **Fiduciary Liability Loss Prevention Services** | **Fiduciary Liability Loss Prevention Services** |
| ● | **Fiduciary Liability Loss Prevention Manual** |
|  | Who May Sue You and Why: How to Reduce Your ERISA Risks and the Role of Fiduciary Liability Insurance #14-01-1019 |
| **Crime Loss Prevention Services** | **Crime Loss Prevention Services** |
| ● | **Crime/Kidnap, Ransom & Extortion Loss Prevention Manual** |
|  | Preventing Fraud: How Anonymous Hotlines Can Help #14-01-1090 |
| **Cyber Security Loss Prevention Services** | **Cyber Security Loss Prevention Services** |
|  | Visit: https://www2.chubb.com/us-en/business-insurance/cyber-security.aspx to learn more |
|  | about Chubb's Cyber Services for our policyholders. |
|  | **Health Care Directors and Officers (D&O) Liability Loss Prevention Services** |
| ● | **Readings in Health Care Governance Manual** |
|  | Readings in Health Care Governance -#14-01-0788 |
| ● | **ChubbWorks.com** |
|  | ChubbWorks.com for Health Care Organizations – The Health Care Zone is a free online resource containing health care specific loss prevention information for employment practices liability, directors and officers (D&O) liability, and fiduciary liability exposures. To gain immediate access to ChubbWorks go to **www.chubbworks.com** and register using your policy number. |
| ● | **Health Care D&O Loss Prevention Consultant Services** |
|  | Health Care D& O Loss Prevention Consultant Services- #14-01-1164 |
| ___________________________ | ___________________________ |
| The services provided are advisory in nature. While this program is offered as a resource in 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, access or information provided. All services are subject to change without notice. | 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 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. |

---

14-02-23030 (05/2018)

Page 2 of 2

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

---

ALL-20887a (09/19)

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

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| | |
|:---|:---|
| | **IMPORTANT NOTICE TO**<br>**POLICYHOLDERS** |
| **Social Engineering Tips** | **Social Engineering Tips** |
| **Please read!** | **Please read!** |
| **HAVE YOU BEEN TRICKED INTO WIRE FRAUD? TAKE IMMEDIATE ACTION!** | **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 quickly: | If you believe you have transferred funds to a criminal posing as a legitimate business associate, you should act 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 maximize the opportunity to mitigate your loss, assist the FBI in tracing the funds and help establish any insurance claim. | 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 insurance claim. |
| **Simple Steps to Prevent Fraudulently Induced Wire Transfers** | **Simple Steps to Prevent Fraudulently Induced Wire Transfers** |
| Email communication is efficient, but it is not a secure method of communication. Regardless of your familiarity 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: | 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 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 insurance advisers in maintaining a loss prevention program. No liability is assumed by reason of the information this document contains.* | *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 information this document contains.* |

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ALL-317454 (03/21)

Page 1 of 1

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |
| **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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&nbsp;608-266-0103 |

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

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**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;**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. |

---

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

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| | | | |
|:---|:---|:---|:---|
| | | | **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: | 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: | 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: | 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** | **INSURING CLAUSES** | **INSURING CLAUSES** |
| 1. | Employee | Employee | Employee |
|  | Loss resulting directly from **Larceny or Embezzlement** committed by any **Employee** acting alone or in collusion with others. | Loss resulting directly from **Larceny or Embezzlement** committed by any **Employee** acting alone or in collusion with others. | Loss resulting directly from **Larceny or Embezzlement** committed by any **Employee** acting alone or 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 premises of the **Assured**, | 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. | 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 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. | 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. | 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. |
| 3. | In Transit | In Transit | 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: | 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: | 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: |
|  | 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 armored motor vehicle, provided that covered **Property** transported in such manner is limited to the following: | 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: |
|  |  | (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 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. | 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. | 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. |
| 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**: |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **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 financial institution, or any **Employee**, | instruction or advice directed to the **Assured** and purportedly signed by any **Customer**, any 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 the handwritten signature. An electronic or digital signature is not treated as a reproduction of a handwritten signature. | 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. | 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. | 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. |
| 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** and **Original**: | acquired, sold or delivered, given value, extended credit or assumed liability in reliance on any **Written** and **Original**: | acquired, sold or delivered, given value, extended credit or assumed liability in reliance on any **Written** and **Original**: |
|  |  | (1) | **Certificated Security**; | **Certificated Security**; |
|  |  | (2) | deed, mortgage or other instrument conveying title to, or creating or discharging a lien on, real property; | deed, mortgage or other instrument conveying title to, or creating or discharging a lien on, real 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 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. | 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. | 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. |

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**Financial Institution Bond**<br> **For Investment Companies**

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| | | |
|:---|:---|:---|
|  | 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. | 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. |
| 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**. |
| 8. | Claims Expense | 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. | **Claims Expenses** incurred by the **Assured** in determining the amount of covered loss under this Bond 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 Clause 1. | **Audit Expenses** incurred by the **Assured** by reason of the discovery of loss covered under Insuring 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 subscriber on the faith of any **Items of Deposit** which prove to be uncollectible, provided that the crediting of such account causes: | 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: |
|  | 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 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. | 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. |
| 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 **Securities** in reliance upon any **Voice Initiated Funds Transfer Instruction** that purports, and reasonably appears, to have originated from: | 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: |
|  | a. | the **Customer**; |
|  | b. | an **Employee** acting on instructions of such **Customer**; or |

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| | | | |
|:---|:---|:---|:---|
| | | | **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 knowledge of the **Assured**, **Employee**, or **Customer**. | 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. | 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** | **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 applicable to Insuring Clause 1 is required pursuant to Rule 17g-1 of the Investment Company Act of 1940, as a result of: | 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: |
|  |  | 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 Insuring Clause 1 shall take place automatically for the remainder of the Bond Period without payment of an additional premium. | 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. |
|  | 2. | Joint Assured | 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. | 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. | 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. | 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. | 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**. | 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**. | 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 **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 **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. | 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. |

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| | | | |
|:---|:---|:---|:---|
| | | | **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**. | 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**. |
| | 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. | 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** | **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 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. | **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. | **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: | **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: |
|  |  | (1) | represented by an instrument issued in bearer or registered form; |
|  |  | (2) | of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment; and |
|  |  | (3) | either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations. |

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| | |
|:---|:---|
| | **Financial Institution Bond**<br>**For Investment Companies** |
| **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. | **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.  | **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**. | **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. | **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.  | **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** 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: | **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 **Assured's Computer System**. |
| **Employee** means any natural person: | **Employee** means any natural person: |
| (1) | while in the regular service of an **Assured** in the ordinary course of such **Assured's** business, whom such **Assured** compensates directly by salary or wage and has the right to control and direct in the performance of such service; |
| (2) | **Director** while in the regular service of an **Assured** in the ordinary course of such **Assured's** business, or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to **Property** of the **Assured**; |
| (3) | intern while in the regular service of an **Assured** in the ordinary course of such **Assured's** business; |

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| | | |
|:---|:---|:---|
| | | **Financial Institution Bond**<br>**For Investment Companies** |
| (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; | 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; |
| (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 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. | 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. | 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: | **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 is: | 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** and held by the **Assured**, which in the regular course of business is treated as evidencing the **Customer's** debt to the **Assured**. | **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**. | **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: | **Forgery** means: | **Forgery** means: |
| (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 | affixing the handwritten signature, or a reproduction of the handwritten signature, of another natural 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 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**. | 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: | **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: | **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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| | |
|:---|:---|
| | **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 transfer, pledge or release from pledge of the specified **Uncertificated Security** be 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. | **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. | **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. | **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. | **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. | **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: | **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 Act, and shall be treated the same as the **Original** it replaced. | **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. |
| **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 representative of the **Assured**. |
| **Original** means the first rendering or archetype and does not include photocopies or electronic transmissions even if received and printed. | **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. | **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** 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**. | **Property** does not include electronic data or **Cryptocurrency**. |

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**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 or which provides freight forwarding or air express services. | **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: | **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: |
|  | (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 transfer of **Money** in a **Customer's** account, or of a **Customer's Securities**, and which are: | **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: |
|  | (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 **Customer** authorizing the **Assured** to debit the **Customer's** account in the amount of funds stated therein. | **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. | **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. | For the purposes of these definitions, the singular includes the plural and the plural includes the singular, unless otherwise indicated. |
| **IV.** | **EXCLUSIONS** | **EXCLUSIONS** |
| 1. | General Exclusions – Applicable To All Insuring Clauses | General Exclusions – Applicable To All Insuring Clauses |
|  | This Bond does not cover loss resulting directly or indirectly from: | This Bond does not cover loss resulting directly or indirectly from: |
|  | a. | riot or civil commotion outside the United States of America and Canada, or any loss due to military, naval or usurped power, war or insurrection. This Exclusion 1.a., however, shall not apply to loss which occurs in transit in the circumstances recited in Insuring Clause 3, provided that when such transit was initiated there was no knowledge on the part of any person acting for the **Assured** of such riot, civil commotion, military, naval or usurped power, war or insurrection; |
|  | b. | the effects of nuclear fission or fusion, radioactivity, or chemical or biological contamination; |
|  | c. | the loss of potential income. This Exclusion 1.c., however, shall not apply to interest and dividends accrued to the benefit of the **Assured** or any **Customer** prior to the discovery of a covered loss, whether or not such accrued interest or dividends have been paid into the account of such **Assured** or **Customer** as of the discovery of such covered loss; |

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**Financial Institution Bond**<br> **For Investment Companies**

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;

e. 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 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 Bond;

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;

g. any
 violation by the **Assured** or by any **Employee**:

(1) 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;

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;

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;

j. 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 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;

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;

n. a
 threat or series of threats to:

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

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

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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**Financial Institution Bond**<br> **For Investment Companies**

---

| | | | |
|:---|:---|:---|:---|
|  | 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**; | 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**; |
|  | q. | costs or expenses incurred to replace, restore, recreate, collect, or recover any application or software program; or | costs or expenses incurred to replace, restore, recreate, collect, or recover any application or software 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 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.; | 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.; |
|  | 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; | 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; |
|  | 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 adjudicated to have engaged in **Racketeering** activity; | damages resulting from any civil, criminal or other legal proceeding in which the **Assured** is 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 or deliver funds or **Property** to the **Assured,** except for loss of **Securities** covered under Insuring Clause 2; | 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; |
|  | 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; | 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; |
|  | 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**; | 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**; |
|  | 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; | **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; |
|  | 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 | 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 |
|  | 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. | 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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**Financial Institution Bond**

**For Investment Companies**

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:

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;

b. 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.

4. Specific
 Exclusions – Applicable To Insuring Clause 7 <br> This Bond does not cover loss resulting directly or indirectly from:

a. 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, or false pretenses;

b. forged,
 altered or fraudulent **Negotiable Instruments**, **Securities**, documents or written 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 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 deterioration, electrical disturbance,
 the **Assured's Network** failure or breakdown, any malfunction 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 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

f. entries
 or changes made at an **Electronic Funds Transfer System** or a **Customer 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

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

(1) **Customer**;
 or

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

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**Financial Institution Bond**

**For Investment Companies**

**V.** **CONDITIONS AND LIMITATIONS** 

1. Anti-Bundling <br> 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.

2. Change
 Or Modification <br> 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.

3. Conformity <br> 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.

4. Cooperation
 Of Assured <br> At the Company's request and at reasonable times and places designated by the Company,
 the **Assured** 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 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.

5. Covered
 Property <br> 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**.

6. Deductible
 Amount <br> 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. <br> There shall be no deductible applicable to any loss sustained by any **Assured** and covered
 under Insuring Clause 1.

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**Financial Institution Bond**

**For Investment Companies**

7. Discovery <br> 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:

a. 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, 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.

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:

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;

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

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**.

9. 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) 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.

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

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

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.

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**.

f. 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 <br> 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:

(1) NA.FinancialLines@chubb.com;
 or

PF-52903 (08/21)

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---

| | | | |
|:---|:---|:---|:---|
| | | | **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, indemnity or suretyship obtained by or on behalf of: | 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: |
|  |  | (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 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. | 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. |
| 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, purchase replacement **Securities**, tender the value of the **Securities** in **Money**, or issue its indemnity to effect replacement **Securities**. | 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**. | 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: | 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: | 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: |
|  | a. | for **Securities** having a value less than or equal to the applicable Deductible Amount – one hundred (100%) percent; | for **Securities** having a value less than or equal to the applicable Deductible Amount – one hundred (100%) percent; |
|  | 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 | 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 |
|  | 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**. | 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 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 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 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 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**. | 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**. | 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**. |
| 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 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. | 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. | 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

---

| | | | |
|:---|:---|:---|:---|
| | | | **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 such recovery, in the following order: | Recoveries, whether effected by the Company or by the **Assured**, shall be applied net of the expense of such recovery, in the following order: | Recoveries, whether effected by the Company or by the **Assured**, shall be applied net of the expense of 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 the fact that it is in excess of the Single Loss Limit Of Liability; | 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; |
|  | 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 this Bond. | 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. | 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 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. | 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. |
|  | 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. | 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. |
|  | 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**: | 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**: |
|  |  | 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. Securities and Exchange Commission of written notice from the Company of its decision to terminate this Bond as to any **Employee**. | 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**. |
| 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** 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. | 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. |
|  | b. | Money | 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. | 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. |
|  | c. | Other Property | 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. | 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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| | | |
|:---|:---|:---|
| | | **Financial Institution Bond**<br>**For Investment Companies** |
| | d. | Securities<br>The value of any loss of **Securities** shall be the average market value of such **Securities** on the business day immediately preceding discovery of such loss, provided that the value of any **Securities** replaced by the **Assured**, with the consent of the Company and prior to the settlement of any claim for them, shall be the actual market value at the time of replacement. In the case of a loss of interim certificates, warrants, rights or other **Securities**, the production of which is necessary to the exercise of subscription, conversion, redemption or deposit privileges, the value of them shall be the market value of such privileges immediately preceding their expiration if the loss is not discovered until after their expiration. If no market price is quoted for such **Securities** or for such privileges, the value shall be fixed by agreement of the parties. |
| **VI.** | **COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS** | **COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS** |
|  | This Bond does not apply to the extent that trade or economic sanctions law or other similar laws or regulations prohibit the Company from providing insurance. | 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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WISCONSIN AMENDATORY ENDORSEMENT** | **WISCONSIN AMENDATORY ENDORSEMENT** | **WISCONSIN AMENDATORY ENDORSEMENT** | **WISCONSIN AMENDATORY ENDORSEMENT** | **WISCONSIN AMENDATORY ENDORSEMENT** |
| Named Assured |  |  |  | Endorsement Number |
| MADISON FUNDS TRUST |  |  |  | 1 |
| Bond Number | Bond Period |  |  | Effective Date of Endorsement |
| J06102773 | 12-15-2025 | to | 12-15-2026 | December 15, 2025 |
| Issued By |  |  |  |  |
| Federal Insurance Company |  |  |  |  |

---

---

| | |
|:---|:---|
| **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: |
| 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 the following: |
|  | 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: |
|  | The Company shall be entitled to a recovery only after the **Assured** has been fully compensated for loss under 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 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 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 accepted replacement coverage; (iii) the **Assured** has requested or agreed to nonrenewal of this Bond; or (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 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 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 Amendatory Endorsement. | This Bond will be deemed to have been amended to the extent necessary to effect the purposes and intent of this Amendatory Endorsement. |
| 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 contrary to the provisions of this Amendatory Endorsement, unless such Bond or endorsement provisions comply with the applicable insurance laws of the State of Wisconsin. | 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 contrary to the provisions of this Amendatory Endorsement, unless such Bond or endorsement provisions comply 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 conditions of coverage. | The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage. |

---

PF-51503 (02/19)

Page 1 of 2

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

![](img002_v2.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** | **SCHEDULE OF OTHER ASSUREDS ENDORSEMENT** |
| Named Assured |  |  |  | Endorsement Number |
| MADISON FUNDS TRUST | MADISON FUNDS TRUST |  |  | 2 |
| Bond Number | Bond Period |  |  | Effective Date of Endorsement |
| J06102773 | 12-15-2025 | to | 12-15-2026 | 12-15-2025 |
| Issued By |  |  |  |  |
| Federal Insurance Company | Federal Insurance Company |  |  |  |

---

---

| |
|:---|
| **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: |
| (1) In addition to the first named **Assured**, the **Investment Company(ies)** scheduled in Paragraph (2) of this Endorsement is/are the other **Assured(s)** under this Bond. |
| (2) Schedule of Other **Assureds**: |
| Madison Covered Call & Equity Strategy Fund |
| Madison Funds Trust: Madison Conservative Allocation Fund Madison Moderate Allocation Fund Madison Aggressive Allocation Fund Madison Tax-Free National Fund Madison High Quality Bond Fund Madison Core Bond Fund Madison Diversified Income Fund Madison Covered Call & Equity Income Fund Madison Dividend Income Fund Madison Large Cap Fund Madison Mid Cap Fund Madison Small Cap Fund |
| Madison ETFs Trust: Madison Short-Term Strategic Income ETF Madison Aggregate Bond ETF Madison Covered Call ETF Madison Dividend Value ETF |
| Ultra Series Fund Trust: Conservative Allocation Fund Moderate Allocation Fund Aggressive Allocation Fund Core Bond Fund Diversified Income Fund Large Cap Growth Fund Mid Cap Fund Madison Target Retirement 2020 Fund Madison Target Retirement 2030 Fund Madison Target Retirement 2040 Fund Madison Target Retirement 2050 Fund and Large Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. |

---

![](img002_v2.jpg)

PF-52916 (08/21)

Page 1 of 1

## Ex-99.Agmt

**AMENDED AND RESTATED ALLOCATION AGREEMENT**

**FIDELITY BOND**

THIS AMENDED AND RESTATED ALLOCATION AGREEMENT ("Agreement") is made as of November 20, 2025, by and among Madison Funds, Ultra Series Fund, and Madison ETFs Trust (together, the "Funds"), each of which is a management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act").

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

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 have entered into a Joint Insured Fidelity Bond (the "Bond"); and

WHEREAS, the Funds 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 Funds suffer loss and consequently are entitled to recover under the Bond.

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. <u>Amount of Coverage Maintained</u>. The amount of the fidelity coverage under the Bond shall at all times be at least equal to the total amount of coverage which the Funds would have been required to provide and maintain individually pursuant to the schedule set forth in Rule 17g-1(d) under the 1940 Act had the Funds not been named insureds under the Bond. The amount of fidelity coverage under the Bond shall be approved at least annually by the Board of Trustees of each Fund, including a majority of those trustees who are not "interested persons" of the applicable Fund as defined by Section 2(a)(19) of the 1940 Act (the "Independent Trustees").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Allocation of Recovery</u>. In the event an actual pecuniary loss is suffered by any two or more of the Funds under circumstances covered by the terms of the Bond, any recovery under the Bond shall be allocated among such Funds 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) 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 Funds suffering 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the amount of loss suffered by each Fund suffering loss exceeds its minimum coverage requirements as set forth in Section 1 hereof and the amount of such Funds' combined actual losses exceeds the total amount of coverage provided under the Bond, then each such Fund 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 Funds suffering actual loss; <u>provided, however</u>, that if the actual loss of any of such Funds is less than the sum of (i) and (ii) above, then such difference shall be recoverable by 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;&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 the other Funds exceeds its or their minimum coverage requirement or requirements, and (iii) the amount of the combined actual losses of the Funds exceeds the total amount of coverage provided under the Bond, 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 remainder of the amount of the coverage under the Bond. If more than one other Fund has suffered actual loss in excess of the remaining coverage, then the affected Funds shall allocate such remaining amount of coverage in accordance with paragraph (b) of this Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Allocation of Premium.</u> The Trusts entered into investment management/advisory and services agreements with Madison Asset Management, LLC ("Adviser") that encompasses all expenses, including payment of the Bond premium. In effect, the Adviser will pay 100% of the Bond premium that would otherwise have been allocated to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <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. <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 Rule 17g-1(g) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Limitation of Liability of Trustees, Officers and Shareholders</u>. The obligations of the Funds under this Agreement, each of which is organized as either a Delaware business trust or a Massachusetts business trust, are not binding upon any of the trustees, officers or holders of shares of beneficial interest of each such Fund individually, but bind only the respective assets and other property of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Miscellaneous</u>. The parties may execute this Agreement in two or more counterparts (not one of which need contain the signatures of all parties), each of which shall be deemed an original and all of which together shall constitute one and the same instrument. This Agreement may be executed in portable document format (.pdf) copy or by other electronic means with the same binding effect as the original.

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.

---

| | |
|:---|:---|
| **MADISON FUNDS** | **MADISON FUNDS** |
| By: | /s/ Greg Hoppe |
| Name: Greg Hoppe | Name: Greg Hoppe |
| Its: Chief Financial Officer & Treasurer | Its: Chief Financial Officer & Treasurer |
| **ULTRA SERIES FUND** | **ULTRA SERIES FUND** |
| By: | /s/ Greg Hoppe |
| Name: Greg Hoppe | Name: Greg Hoppe |
| Its: Chief Financial Officer & Treasurer | Its: Chief Financial Officer & Treasurer |
| **MADISON ETFs TRUST** | **MADISON ETFs TRUST** |
| By: | /s/ Greg Hoppe |
| Name: Greg Hoppe | Name: Greg Hoppe |
| Its: Chief Financial Officer, Vice President & Treasurer | Its: Chief Financial Officer, Vice President & Treasurer |

---

## Ex-99.Calc

**MADISON FUNDS (MF) and** 

**ULTRA SERIES FUND (USF)** 

**BOARDS OF TRUSTEES**

**RESOLUTIONS**

**LEGAL MATTERS**

**November 20, 2025**

**<u>Insurance Matters</u>**

**(i)**  **<u>Approve/Ratify Amount and Renewal of Fidelity Bond and Renewal of Allocation Agreement</u>** 

*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 1940 Act, in substantially the form presented to this meeting, 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

*RESOLVED*, because the premium to be paid under the Bond shall be paid in its entirety by the Adviser, the Boards of Trustees of the Funds make no judgment as to its appropriateness; and be it further

*RESOLVED*, that the Bond be and hereby is approved by a majority of the Boards of Trustees of the Funds (with all Trustees voting), and by a separate vote of a majority of the Independent Trustees; and be it further

*RESOLVED*, that the Amended and Restated Allocation Agreement for the Fidelity Bond, in substantially the form presented at this meeting with such additional changes that the officers of the Funds, with the advice of counsel, shall approve (the "Allocation Agreement"), is hereby approved and renewed for another year; and be it further

*RESOLVED*, that the officers of the Funds be, and they hereby are, authorized and directed to prepare, execute, and file such amendments and/or 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

*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.

**(i)**  **<u>Approve/Ratify Renewal of Joint Insureds Agreements related to D&O/E&O Policy and IDL Policy</u>** 

*RESOLVED,* that the Joint Insureds Agreement relating to the D&O/E&O Policy dated as of November 20, 2025, in substantially the form presented at this meeting with such additional changes that the officers of the Funds, with the advice of counsel, shall approve, is hereby approved and renewed for another year; and be it further

*RESOLVED,* that the Joint Insureds Agreement relating to the IDL Policy dated as of November 20, 2025, in substantially the form presented at this meeting with such additional changes that the officers of the Funds, with the advice of counsel, shall approve, is hereby approved and renewed for another year.

**MADISON ETFs TRUST**

**BOARD OF TRUSTEES RESOLUTIONS**

**November 20, 2025**

**APPROVE AMENDMENTS TO FIDELITY BOND AND FIDELITY BOND ALLOCATION AGREEMENT**

*RESOLVED,* that the Board of Trustees (the "Board" or the "Trustees") of Madison ETFs Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), as defined in section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act") finds that the joint fidelity bond (the "Bond") in the aggregate amount of $5,000,000 covering, among others, officers and employees of the Madison ETFs Trust (the "Trust"), in accordance with the requirements of Rule 17g-1 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 series of the Trust (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 and the nature of the securities in the portfolios; and it is further

*RESOLVED*, that the portion of the premium to be paid by the Trust or Madison Asset Management LLC for the Trust under the Bond be, and hereby is, approved by the Board, including a majority of the Independent Trustees, after taking into consideration all relevant factors including, but not limited to, the number of the other parties named as insured, the nature of the business activities of such other parties, the amount of the Bond, and the amount of the premium for the Bond, the ratable allocation of the premium among all parties named as insureds, and the extent to which the share of the premium allocated to the Trust is less than the premium the Trust would have had to pay if it had provided and maintained a single insured bond; and it is further

*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

*RESOLVED*, that the Secretary of the Trust shall file a copy of such documents with and give such notice to the Securities and Exchange Commission as is required under paragraph (g) of Rule 17g-1 under the 1940 Act; and it is further

*RESOLVED*, that the Board, including a majority of the Independent Trustees, hereby authorize and direct the proper officers of the Trust, subject to ratification by the Board of Trustees of the Trust, to increase the amount of such fidelity bond as may be necessary to satisfy the requirements of Rule 17g1(d) under the 1940 Act; and it is further

*RESOLVED*, that the Amended and Restated Allocation Agreement related to the Bond, among Madison Funds and Ultra Series Fund and the Trust, in the form submitted at this meeting (the "Allocation Agreement"), is hereby approved and renewed for a one-year period ending December 14, 2026; and it is further

*RESOLVED*, that the appropriate officers of the Trust 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.

## Ex-99.Legal

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Assets as of September 30, 2025** | &nbsp;&nbsp;**Minimum Bond Amount** |
| &nbsp;&nbsp;Madison Funds | &nbsp;&nbsp;$3683963456 | &nbsp;&nbsp;$2700000 |
| &nbsp;&nbsp;Ultra Series Fund | &nbsp;&nbsp;$986202044 | &nbsp;&nbsp;$1000000 |
| &nbsp;&nbsp;Madison ETFs | &nbsp;&nbsp;<u>$240326237</u> | &nbsp;&nbsp;<u>$600000</u> |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$4910491737** | &nbsp;&nbsp;$4300000 |
| &nbsp;&nbsp;**Total Amount of Joint Bond** |  | &nbsp;&nbsp;$5000000 |

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