Form 40-17G WILLIAM BLAIR FUNDS

Named Assured

WBC HOLDINGS, LP.

Endorsement Number

1

Bond Number

J06103492

Bond Period

11-15-2025 to 11-15-2026

Effective Date of Endorsement

11-15-2025

Issued By

Federal Insurance Company

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.

Schedule of Other Assureds:

Directors and Officers Liability Loss Prevention Manuals:

Toll-free Hot Line

ChubbWorks.com

Employment Practices Loss Prevention Guidelines Manual

Loss Prevention Consultant Services

Public Company EPL Customers

Private Company EPL Customers

Fiduciary Liability Loss Prevention Manual

Crime/Kidnap, Ransom & Extortion Loss Prevention Manual

Readings in Health Care Governance Manual

ChubbWorks.com

Health Care D&O Loss Prevention Consultant Services

On-line at

By fax: (217) 558-2083

By TTD: 866-323-5321

By mail: 115 S. LaSalle St, 13th Floor Chicago, Illinois 60603 or

Illinois Policy Information Notice

Form 17-10-0160 (01/2025)

U.S. Treasury Department’s Office

Of Foreign Assets Control (“OFAC”)

Advisory Notice to Policyholders

Foreign agents;

Front organizations;

Terrorists;

Terrorist organizations; and

Narcotics traffickers;

Reprinted, in part, with permission of

ISO Properties, Inc.

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

A stock insurance company, incorporated under the laws

of Indiana, herein called the Company

Capital Center, 251 North Illinois, Suite 1100

Indianapolis, IN 46204-1927

150 N RIVERSIDE PLZ

CHICAGO, IL 60606

Policy Period:

Inception Date:

November 15, 2025

Expiration Date:

November 15, 2026

at 12:01 a.m. both dates at the Address in ITEM 1.

Limits of Liability and Retentions:

Maximum Aggregate Limit of Liability for all Loss under the Policy

$10,000,000

(B)   Aggregate Limits of Liability and Retentions for each Coverage Part selected below:

Retention for each Insured Person each Loss under any       $0

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Optional Additional Limit of Liability for

Independent Directors:

☐  Investment Company Coverage Part

☐  Private Fund Coverage Part

Coinsurance Percentage:

Extended Reporting Period:

Additional Period:

Additional Premium:

Newly Created and Acquired Fund Thresholds:

Investment Company:

Private Fund:

Notice to the Company:

Section VI. REPORTING Notices:

Attn: Claims Department

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

All other:

Attn: CSI Underwriting Department

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

TERMS AND CONDITIONS

GENERAL DEFINITIONS

Application means all signed applications, and any attachments, information, warranty, or other materials submitted therewith or incorporated therein, submitted by the Insured to the Company for this Policy or for any policy of which this Policy is a direct or indirect renewal or replacement. Application shall also include all public documents filed with any federal, state, local or foreign regulatory agency by any Insured Entity during the twelve (12) months preceding the inception of this Policy whether or not submitted with or attached to the signed applications. The Application is deemed attached to, incorporated into and made a part of this Policy.

Biological Agents means:

bacteria; mildew, mold, or other fungi; other microorganisms; or any mycotoxins, spores, or other by-products of any of the foregoing;

viruses or other pathogens (whether or not a microorganism); or

any colony or group of any of the foregoing.

Biological Event means:

any actual, alleged, or threatened discharge, release, escape, dispersal or disposal of any Biological Agents into or on real or personal property, buildings, water, land or atmosphere; or

any regulation, order, direction or request to test for, monitor, clean up, remove, contain, treat, detoxify or neutralize any Biological Agents, or any action taken in contemplation or anticipation of any such regulation, order, direction or request.

Claim shall have the meaning set forth in the applicable Coverage Part.

Defense Costs shall have the meaning set forth in the applicable Coverage Part.

Domestic Partner means any natural person qualifying as a domestic partner under the provisions of any applicable federal, state, local, or foreign law or under the provisions of any formal program established by an Insured Entity.

Employee means any natural person who was, now is or shall become a full-time, part-time, temporary, leased or seasonal employee or volunteer. Employee does not include an independent contractor.

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

ERISA means the Employee Retirement Income Security Act of 1974, the Pension Protection Act of 2006, both as amended, and any similar common or statutory law anywhere in the world, and any rules or regulations promulgated under any such Acts or laws.

Executive means any natural person who was, now is or shall become:

an in-house general counsel, in-house chief compliance officer, Manager or a duly elected or appointed director, officer, trustee, governor, general partner, managing general partner, venture partner, administrative general partner, or principal; or

a holder of a position equivalent to any position described in (1) above in any entity that is chartered in any jurisdiction other than the United States of America.

Financial Impairment means the status of an entity resulting from the appointment by any state or federal official, agency or court of any receiver, conservator, liquidator, trustee, rehabilitator or similar official to take control of, supervise, manage or liquidate such entity.

Insured shall have the meaning set forth in the applicable Coverage Part.

Insured Entity means any Insured under this Policy that is not a natural person.

Insured Person shall have the meaning set forth in the applicable Coverage Part.

Loss shall have the meaning set forth in the applicable Coverage Part.

Manager means, solely with respect to a Limited Liability Company, such entity’s manager, managing member, management committee member or member of the Board of Managers.

Organization means the Named Organization and any Subsidiary, including any such entity in its capacity as a debtor in possession under the United States bankruptcy law or in an equivalent capacity under the law of any other country.

Named Organization means the entity that is named in ITEM 1. of the Declarations.

Non-indemnifiable Loss means Loss under any Coverage Part other than the Fiduciary Liability Coverage Part, if purchased, which an Insured Person becomes legally obligated to pay on account of any Claim, for which an Insured Entity fails to indemnify such Insured Person and:

such Insured Entity’s failure to indemnify is a result of such Insured Entity’s insolvency; or

the Insured Entity is not permitted to indemnify such Insured Person pursuant to statutory or common law.

Pending or Prior Litigation means any demand, arbitration, suit, administrative, regulatory, criminal or other proceeding pending against, or order, decree or judgment entered for or against any Insured, on or prior to the corresponding Pending or Prior Date for the applicable Coverage Part set forth in ITEM 3.(B) of the Declarations, or any of the same or substantially the same facts, circumstances, situations, transactions, events or Wrongful Acts underlying or alleged therein.

Plan shall have the meaning set forth in the Fiduciary Liability Coverage Part, if purchased.

Policy Period means the period of time specified in ITEM 2. of the Declarations, subject to prior termination in accordance with Section XIII. TERMINATION OF THE POLICY.

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

Pollutant means:

any substance located anywhere in the world exhibiting any hazardous characteristics as defined by, or identified on a list of hazardous substances issued by the United States Environmental Protection Agency or any state, county, municipality, locality, or foreign counterpart thereof, including, without limitation, solids, liquids, gaseous or thermal irritants, contaminants or smoke, vapor, soot, fumes, acids, alkalis, chemicals or waste materials; or

any other air emission, odor, waste water, oil or oil products, infectious or medical waste, asbestos or asbestos products or any noise.

Pollution means:

any actual, alleged, or threatened exposure to, or generation, storage, transportation, discharge, emission, release, dispersal, escape, treatment, removal or disposal of any Pollutant; or

any regulation, order, direction or request to test for, monitor, clean up, remove, contain, treat, detoxify or neutralize any Pollutant, or any action taken in contemplation or anticipation of any such regulation, order, direction or request.

Potential Claim means a complaint or allegation of a Wrongful Act by or on behalf of a potential claimant if such complaint or allegation:

does not constitute a Claim but may subsequently give rise to a Claim; and

is lodged with the Organization’s human resources department or other comparable department.

Prior Notice means any fact, circumstance, situation, transaction, event or Wrongful Act that, before the Inception Date set forth in ITEM 2.(A) of the Declarations, was the subject of any notice given under any policy, section or coverage part of a policy of which this Policy or any Coverage Part hereof is a direct or indirect renewal or replacement.

Related Claims means all Claims based upon, arising from, directly or indirectly resulting from, in consequence of, or in any way involving the same or related facts, circumstances, situations, transactions or events or the same or related series of facts, circumstances, situations, transactions or events.

Settlement Program Notice shall have the meaning set forth in Fiduciary Liability Coverage Part, if purchased.

Subsidiary means any entity in which more than fifty percent (50%) of the outstanding securities or voting rights representing the present right to vote for, elect, appoint or designate such entity’s directors, general partners, managing general partners, or Managers, or the equivalent of any of the foregoing, are owned or controlled, directly or indirectly, in any combination, by one or more Organizations at or prior to the Inception Date of this Policy.

Wrongful Act shall have the meaning set forth in the applicable Coverage Part.

SPOUSES, DOMESTIC PARTNERS, ESTATES AND LEGAL REPRESENTATIVES

Subject otherwise to the limitations, conditions, provisions and other terms of this Policy, coverage shall extend to Claims for the Wrongful Acts of an Insured Person made against:

the estate, heirs, legal representatives or assigns of such Insured Person if such Insured Person is deceased or the legal representatives or assigns of such Insured Person if such Insured Person is incompetent, insolvent or bankrupt; or

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

the lawful spouse or Domestic Partner of such Insured Person solely by reason of such spouse’s or Domestic Partner’s status as a spouse or Domestic Partner, or such spouse’s or Domestic Partner’s ownership interest in property which the claimant seeks as recovery for an alleged Wrongful Act of such Insured Person.

All terms and conditions of this Policy, including without limitation the Retention(s) applicable to Loss incurred by the Insured Person, shall also apply to Loss incurred by the estate, heirs, legal representatives, assigns, and spouse or Domestic Partner of such Insured Person. The coverage provided by this Section III. shall not apply with respect to any loss arising from an act or omission by an Insured Person’s estate, heirs, legal representatives, assigns, spouse or Domestic Partner.

EXTENDED REPORTING PERIOD

If this Policy is terminated or does not renew, other than termination for nonpayment of premium, then the Named Organization shall have the right, upon payment of the Additional Premium set forth in ITEM 5.(B) of the Declarations, to purchase an extension of the coverage granted by this Policy for Claims that are:

first made during the period set forth in ITEM 5.(A) of the Declarations (the “Extended Reporting Period”) following the effective date of termination or nonrenewal; and

reported to the Company in writing within the time provided for such Claims in paragraph (A) of Section VI. REPORTING,

The right to purchase an extension of coverage as described in this Section IV. shall lapse unless written notice of election to purchase the extension, together with payment of the additional premium due, is received by the Company within thirty (30) days after the effective date of termination or nonrenewal or, with respect to an Extended Reporting Period purchased after an event described in Subsection XI.(C) ACQUISITION BY ANOTHER ENTITY OR FINANCIAL IMPAIRMENT, within thirty (30) days after the effective date of such merger, consolidation, acquisition, or Financial Impairment.

Any Claim made during the Extended Reporting Period shall be deemed to have been made during the immediately preceding Policy Period. The entire additional premium for the Extended Reporting Period shall be deemed fully earned at the inception of such Extended Reporting Period.

LIMITS OF LIABILITY, RETENTION AND COINSURANCE

The amount stated in ITEM 3.(A) of the Declarations shall be the maximum aggregate limit of liability of the Company for all Loss, excess of the applicable Retention(s), from all Claims made under this Policy during the Policy Period. The amount stated in ITEM 3.(B) of the Declarations as the Aggregate Limit of Liability with respect to each Coverage Part, shall be the aggregate limit of liability of the Company under such Coverage Part for all Loss, excess of the applicable Retention(s), from all Claims made under such Coverage Part during the Policy Period, subject to the Maximum Aggregate Limit of Liability amount stated in ITEM 3.(A) of the Declarations.

In the event a Claim is covered by more than one Coverage Part, the Limit of Liability available for all Loss on account of such Claim shall not exceed the single largest Aggregate Limit of Liability of the applicable Coverage Parts. All such Loss shall be part of, and not in addition to, the amount stated in ITEM 3.(A) of the Declarations as the Maximum Aggregate Limit of Liability for all Loss, excess of the applicable Retention(s),

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

from all Claims for which this Policy provides coverage. In the event a Claim is covered by more than one Coverage Part, then the Company shall allocate any resulting Loss to each such applicable Coverage Part based on the relative legal and financial exposures.

Defense Costs are part of, and not in addition to, the Limits of Liability set forth in ITEMS 3.(A) and 3.(B) of the Declarations, and the payment by the Company of Defense Costs shall reduce and may exhaust such Limits of Liability. Defense Costs shall be applied against the applicable Retention(s) set forth in ITEM 3.(B) of the Declarations.

The Limit of Liability available for any Coverage Part during the Extended Reporting Period, if exercised, shall be the remaining portion, if any, of the Aggregate Limit of Liability provided in the immediately preceding Policy Period for such Coverage Part, subject to the remaining portion, if any, of the Maximum Aggregate Limit of Liability provided in the immediately preceding Policy Period for all Loss from all Claims under this Policy.

The Company’s liability under each Coverage Part shall apply only to that part of each Loss, which is excess of the applicable Retention(s) for such Coverage Part set forth in ITEM 3.(B) of the Declarations, and such Retention(s) shall be borne by the Insured uninsured and at the Insured’s own risk.

In the event a Claim is covered by more than one Coverage Part, then the applicable Retention(s) will be applied separately to each part of such Claim, and the sum of such Retention(s) will not exceed the single largest Retention under the applicable Coverage Parts set forth in ITEM 3.(B) of the Declarations.

The Insureds shall bear uninsured and at their own risk that percentage of all Loss (excess of the applicable Retention(s)) specified as the Coinsurance Percentage in ITEM 4. of the Declarations, and the Company’s liability shall apply only to the remaining percentage of such Loss.

All Related Claims shall be treated as a single Claim first made on the date the earliest of such Related Claims was first made, or on the date the earliest of such Related Claims is treated as having been made in accordance with paragraphs (B) or (C) of Section VI. REPORTING, regardless of whether such date is before or during the Policy Period.

REPORTING

The Insured shall, as a condition precedent to exercising any right to coverage under this Policy, give to the Company written notice of any Claim as soon as practicable, but in no event later than:

sixty (60) days after the effective date of the expiration or termination of this Policy, if no Extended Reporting Period is elected; or

the expiration date of the Extended Reporting Period, if elected,

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

With respect to any Coverage Part other than the Employment Practices Liability Coverage Part, if during the Policy Period an Insured:

becomes aware of circumstances which could give rise to a Claim and gives written notice of such circumstances to the Company during the Policy Period;

receives a written request to toll or waive a statute of limitations applicable to a Wrongful Act and gives written notice of such request and of such Wrongful Act to the Company during the Policy Period; or

with respect to the Fiduciary Liability Coverage Part, if purchased, gives written notice to the Company of a Settlement Program Notice,

With respect to the Employment Practices Liability Coverage Part, if purchased, if during the Policy Period any Insured becomes aware of a Potential Claim, and the Insured during the Policy Period:

gives the Company written notice of such Potential Claim; and

requests coverage under the Employment Practices Liability Coverage Part for any Claim subsequently resulting from such Potential Claim,

The Insured shall, as a condition precedent to exercising any right to coverage under this Policy, give to the Company such information, assistance and cooperation as the Company may reasonably require, and shall include in any notice under paragraphs (A), (B) or (C) of this Section VI. a description of the Claim, circumstances, request, Settlement Program Notice or Potential Claim, the nature of any alleged Wrongful Act or circumstances, the nature of the alleged or potential damage that may result from such Claim, circumstances, request, Settlement Program Notice, or Potential Claim, the names of all actual or potential claimants, the names of all actual or potential defendants, the manner in which such Insured first became aware of the Claim, circumstances, request, Settlement Program Notice, or Potential Claim, and with respect to notices of Potential Claims under paragraph (C) above, the consequences which have resulted or may result from such Potential Claim.

DEFENSE AND SETTLEMENT

It shall be the duty of the Insured and not the duty of the Company to defend Claims made against the Insured. The Insured shall have the sole obligation under this Policy to retain defense counsel, which shall be subject to the approval of the Company, which shall not be unreasonably withheld.

The Insured agrees not to settle or offer to settle any Claim, incur any Defense Costs or otherwise assume any contractual obligation or admit any liability with respect to any Claim without the Company’s prior written consent, which shall not be unreasonably withheld. The Company shall not be liable for any settlement, any Defense Costs, any element of Loss incurred, any obligation assumed, or any admission made, by any

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

The Company may make any investigation it deems necessary and the Insured agrees to provide the Company with all information, assistance and cooperation which the Company reasonably requests with respect to any Claim. The Insured further agrees that, in the event of a Claim, the Insured shall do nothing that may prejudice the Company’s position or its potential or actual rights of recovery.

With respect to any Claim that appears reasonably likely to be covered in whole or in part under this Policy, the Company shall have the right and shall be given the opportunity to associate effectively with the Insured regarding the investigation, defense and settlement of such Claim.

As a condition of advancement of Defense Costs, the Company may, at its sole option, require a written undertaking on terms and conditions satisfactory to the Company guaranteeing the repayment of any amounts paid to or on behalf of any Insured if it is determined that any such amounts incurred by such Insured were not covered.

ALLOCATION

If in any Claim, both Loss covered by this Policy and loss not covered by this Policy are incurred, either because such Claim against an Insured includes both covered and noncovered matters or because such Claim is made against both an Insured and others, then the Insured and the Company shall allocate such amount between covered Loss and noncovered loss based upon the relative legal and financial exposures of the parties to covered and noncovered matters and, in the event of a settlement in such Claim, also based upon the relative benefits to the parties from such settlement. There shall be no coverage under this Policy for the portion of such amount allocated to noncovered loss.

If the Insured and the Company agree on an allocation of Defense Costs, then the Company shall advance on a current basis Defense Costs allocated to covered Loss. If the Insured and the Company cannot agree on an allocation:

no presumption as to allocation shall exist in any arbitration, suit or other proceeding;

the Company shall advance on a current basis Defense Costs which the Company believes to be covered under this Policy until a different allocation is negotiated, arbitrated or judicially determined; and

the Company, if requested by the Insured, shall submit the dispute to binding arbitration. The rules of the American Arbitration Association shall apply except with respect to the selection of the arbitration panel, which shall consist of one arbitrator selected by the Insured, one arbitrator selected by the Company, and a third independent arbitrator selected by the first two arbitrators.

Any negotiated, arbitrated or judicially determined allocation of Defense Costs on account of a Claim shall be applied retroactively to all Defense Costs on account of such Claim, notwithstanding any prior advancement to the contrary. Any allocation or advancement of Defense Costs on account of a Claim shall not apply to or create any presumption with respect to the allocation of other Loss on account of such Claim.

PRIORITY OF PAYMENTS

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

first pay any Non-indemnifiable Loss and any Loss for which coverage is due to a Plan under the Fiduciary Liability Coverage Part, if purchased; and

then to the extent of any remaining amount of the Limit of Liability available after payment under (A) above, pay such other Loss for which coverage is provided under any other Insuring Clause in the Policy.

OTHER INSURANCE

With respect to any Coverage Part other than the Employment Practices Liability Coverage Part, if any Loss under this Policy is insured under any other valid and collectible insurance, then this Policy shall cover such Loss, subject to its limitations, conditions, provisions and other terms, only to the extent that the amount of such Loss is in excess of the applicable retention (or deductible) and limit of liability under such other insurance, whether such other insurance is stated to be primary, contributory, excess, contingent or otherwise, unless such other insurance is written only as specific excess insurance over the Limits of Liability provided in this Policy.

With respect to the Employment Practices Liability Coverage Part, if purchased, the coverage afforded for any Loss under the Employment Practices Liability Coverage Part, if purchased, shall be primary; provided that with respect to that portion of a Claim made against any leased or temporary employee, Loss, including Defense Costs, payable on behalf of such leased or temporary employee under the Employment Practices Liability Coverage Part will be specifically excess of and will not contribute with any other valid and collectible insurance, including but not limited to any other insurance under which there is a duty to defend, whether such other insurance is stated to be primary, contributory, excess, contingent or otherwise, unless such other insurance is written only as specific excess insurance over the Limit of Liability applicable to the Employment Practices Liability Coverage Part.

CHANGES IN EXPOSURE

CREATION, ACQUISITION OF, OR MERGER WITH ANOTHER ENTITY

If, during the Policy Period, any Organization:

creates another entity, so that as a result of such creation, such other entity becomes a Subsidiary;

acquires securities or voting rights in another entity, which as a result of such acquisition, such other entity becomes a Subsidiary; or

merges or consolidates with another entity such that the Organization is the surviving entity,

If either the total assets under management or gross annual revenues of any created or acquired Subsidiary or merged or consolidated entity described in XI.(A)(1) above exceed twenty-five percent (25%) of the assets under management or gross annual revenues of the Organization as of the effective date of such creation, acquisition, merger or consolidation, then the Named Organization shall give written notice of such creation, acquisition, merger or consolidation to the Company as soon as practicable, but in no event later than thirty (30) days after the effective date of such creation,

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

acquisition, merger or consolidation, together with such other information as the Company may require, and shall pay any reasonable additional premium required by the Company. Coverage for any created or acquired Subsidiary or merged or consolidated entity described in XI.(A)(1) above, and for the Insured Persons of such Subsidiary or entity, shall be subject to such additional or different terms, conditions and limitations of coverage as the Company in its sole and absolute discretion may require. If the Insured fails to give such notice within the time specified in this paragraph XI.(A)(2), or fails to pay the additional premium required by the Company, then coverage for such created or acquired Subsidiary or merged or consolidated entity and any Insured Persons thereof shall terminate with respect to Claims first made more than thirty (30) days after the effective date of such creation, acquisition, merger or consolidation.

CESSATION OF SUBSIDIARY

ACQUISITION BY ANOTHER ENTITY OR FINANCIAL IMPAIRMENT

the Named Organization merges into or consolidates with another entity and the Named Organization is not the surviving entity;

another entity, person or group of entities and/or persons acting in concert acquires securities or voting rights which result in ownership or voting control by such other entity, persons or group, of more than fifty percent (50%) of the outstanding securities or voting rights of the Named Organization; or

Financial Impairment of the Named Organization occurs,

REPRESENTATIONS AND SEVERABILITY

The Insureds acknowledge and agree that, in issuing this Policy, the Company has relied on all statements, representations and information contained in the Application as the basis for this Policy and that such statements, representations and information:

are true and accurate;

were made or provided in order to induce the Company to issue this Policy; and

are material to the Company’s acceptance of the risk to which this Policy applies.

In the event that the Application contains any misrepresentations, untruthful information or inaccurate statements made with the actual intent to deceive or which materially affect the acceptance of the risk or the hazard assumed by the Company, and there is a Claim made based upon, arising from, or attributable to, any such misrepresentations, untruths or inaccuracies, no coverage shall be afforded under this Policy for such Claim as to any Insured Person who knew of such misrepresentations, untruths or inaccuracies, or to any Insured Entity to which such statements are imputed.

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

For purposes of Subsection XII.(B) above:

the knowledge of any Insured Person who is a past, present or future chief executive officer, chief financial officer, president, managing partner, managing member, in-house general counsel, chief compliance officer, or chief operating officer of an Insured Entity shall be imputed to such Insured Entity and any of its Subsidiaries;

the knowledge of the persons who signed the Application shall be imputed to all Insured Entities; and

the knowledge of any Insured Person shall not impute to any other Insured Person.

The Company shall not be entitled under any circumstances to rescind this Policy.

TERMINATION OF POLICY

The Company may not cancel this Policy except for non-payment of premium as set forth in XIII.(B)(3) below.

This Policy shall terminate at the earliest of the following times:

upon receipt by the Company of written notice of termination from the Named Organization; provided that this Policy may not be terminated by the Named Organization after the effective date of any event described in Subsection XI.(C) ACQUISITION BY ANOTHER ENTITY OR FINANCIAL IMPAIRMENT;

upon expiration of the Policy Period as set forth in ITEM 2.(B) of the Declarations; or

twenty (20) days after receipt by the Named Organization of a written notice of termination from the Company for non-payment of premium, unless the premium is paid within such twenty (20) day period.

The Company shall refund the unearned premium computed at customary short rates if this Policy is terminated by the Named Organization. Under any other circumstances the refund shall be computed pro rata. Payment or tender of any unearned premium by the Company shall not be a condition precedent to the effectiveness of such termination, but such payment shall be made as soon as practicable.

TERRITORY

NOTICE

VALUATION AND FOREIGN CURRENCY

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

SUBROGATION

ACTION AGAINST THE COMPANY

ALTERATION AND ASSIGNMENT

BANKRUPTCY

NAMED ORGANIZATION RIGHTS AND OBLIGATIONS

COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS

HEADINGS

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

General Terms and Conditions

INSURING CLAUSES

The Company shall pay, on behalf of an Investment Adviser, Loss which such Investment Adviser becomes legally obligated to pay on account of any Claim first made against such Investment Adviser during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act by such Investment Adviser or by any entity or natural person for whose acts the Investment Adviser becomes legally liable, in the performance of or failure to perform Investment Adviser Services for or on behalf of any client other than a pooled investment vehicle (except in the capacity as a sub-adviser) before or during the Policy Period.

The Company shall pay, on behalf of an Investment Adviser, Loss which such Investment Adviser becomes legally obligated to pay on account of any Claim first made against such Investment Adviser during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act by such Investment Adviser or by any entity or natural person for whose acts the Investment Adviser becomes legally liable, in the performance of or failure to perform Investment Adviser Services for or on behalf of an Investment Fund, before or during the Policy Period.

The Company shall pay, on behalf of a Fund Service Provider, Loss which such Fund Service Provider becomes legally obligated to pay on account of any Claim first made against such Fund Service Provider during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act by such Fund Service Provider, in the performance of or failure to perform Fund Services for or on behalf of an Investment Fund, before or during the Policy Period.

DEFINITIONS

Administrator means any Organization that has a contract with an Investment Fund to provide administrative functions to such Investment Fund.

Claim means:

a written demand for monetary damages or non-monetary relief;

a civil proceeding commenced by the service of a complaint or similar pleading;

an arbitration proceeding commenced by receipt of a written demand for arbitration or similar document;

a criminal proceeding commenced by the return of an indictment, information, or similar document; or

a formal administrative or formal regulatory proceeding commenced by the filing of a notice of charges, entry of a formal order of investigation, or similar document, against an Insured for a Wrongful Act, including any appeal therefrom.

Chubb Group of Insurance Companies

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

Asset Management Protector^SM by Chubb

Professional Liability Coverage Part

Defense Costs means that part of Loss consisting of reasonable costs, charges, fees (including but not limited to attorneys’ fees and experts’ fees) and expenses (other than regular or overtime wages, salaries, fees or benefits of any Insured Person) incurred in defending any Claim and the premium for appeal, attachment or similar bonds.

Distributor means any Organization that has a contract with an Investment Fund to serve as the principal underwriter to an Investment Fund, whether acting as principal or agent of the Investment Fund or as an intermediary in connection with the distribution or sale of shares of the Investment Fund.

Fund Service Provider means:

any Organization that is the Administrator, Distributor, or Transfer Agent of an Investment Fund; or

any Insured Person of any Organization identified in (E)(1) above, but solely in his or her capacity as an Executive or Employee of such Organization.

Fund Services means those services performed or required to be performed by a Fund Service Provider solely in its capacity as an Administrator, Distributor, or Transfer Agent for or on behalf of an Investment Fund pursuant to a written contract with such Investment Fund.

Insured means any Investment Adviser and any Fund Service Provider.

Insured Person means any Executive of an Investment Adviser or Fund Service Provider or any Employee of an Investment Adviser or Fund Service Provider, solely in his or her capacity as such.

Investment Adviser means:

any Organization that is registered as an adviser under the Investment Advisers Act of 1940, solely in its capacity as such; and

any Insured Person of any Organization identified in (I)(1) above, but solely in his or her capacity as an Executive or Employee of such Organization.

Investment Adviser Services means:

financial, economic, or investment advice regarding investments in securities;

investment management, administrative services, portfolio management and asset allocation services performed;

the selection and oversight of investment advisers or outside service providers; and

any of the activities or services identified in (J)(1), (J)(2), or (J)(3) above, while performed in the capacity of a fiduciary pursuant to ERISA,

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the publication of written material, whether in tangible or electronic format, in connection with any of the activities or services identified in (J)(1), (J)(2), (J)(3) or (J)(4) above.

Investment Fund means:

any investment company registered under the Investment Company Act of 1940; or

any pooled investment vehicle that is listed in the Schedule of Investment Funds Endorsement attached to this Policy.

Loss means the amount that an Insured becomes legally obligated to pay on account of any Claim, including but not limited to damages (including punitive, exemplary, or multiplied damages, if and to the extent that such punitive, exemplary, or multiplied damages are insurable under the law of the jurisdiction most favorable to the insurability of such damages; provided such jurisdiction has a substantial relationship to the relevant Insured, to the Company, or to the Claim giving rise to the damages), judgments, settlements, pre-judgment and post-judgment interest and Defense Costs.

any costs incurred by an Insured to comply with any order for injunctive or other non-monetary relief, any agreement to provide such relief, or any regulatory or administrative directive;

taxes imposed on an Insured, fines or penalties, except as provided above with respect to punitive, exemplary or multiplied damages;

any amount not insurable under the law pursuant to which this Policy is construed, except as provided above with respect to punitive, exemplary or multiplied damages;

regular or overtime wages, salaries, or fees of Insured Persons; or

that portion of Loss that represents the return of fees, charges, commissions or other compensation paid to an Insured.

Transfer Agent means any Organization that records the original issuance, redemption, or transfer of interests in the capital of an Investment Fund.

Wrongful Act means:

for purposes of Insuring Clauses (A) and (B):

any error, misstatement, misleading statement, act, omission, neglect, or breach of duty committed, attempted, or allegedly committed or attempted by an Investment Adviser or by any entity or natural person for whose acts the Investment Adviser becomes legally liable; or

any actual or alleged violation of the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, ERISA, or any foreign equivalent of any of the preceding statutes, by an Investment Adviser or by any entity or natural person for whose acts the Investment Adviser becomes legally liable,

but only in connection with the Investment Adviser’s performing or failure to perform Investment Adviser Services; and

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Professional Liability Coverage Part

for purposes of Insuring Clause (C):

any error, misstatement, misleading statement, act, omission, neglect, or breach of duty committed, attempted, or allegedly committed or attempted by a Fund Service Provider; or

any actual or alleged violation of the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, ERISA, or any foreign equivalent of any of the preceding statutes, by a Fund Service Provider,

EXCLUSIONS

based upon, arising from, or in consequence of Prior Notice;

based upon, arising from, or in consequence of Pending or Prior Litigation;

brought or maintained by or on behalf of any Insured in any capacity, or by any entity that owns more than 50% of the outstanding securities of the Named Organization; provided this Exclusion III.(C) shall not apply to Loss on account of any Claim brought or maintained:

by an Insured Person where such person was provided with or entitled to be provided with Investment Adviser Services and is bringing such Claim solely in his or her capacity as a client of the Investment Adviser and without the solicitation, assistance or participation of any other Insured;

by an Insured Person for contribution or indemnity, if such Claim directly results from another Claim covered under this Coverage Part;

by a bankruptcy or insolvency trustee, examiner, receiver, any assignee of such trustee, examiner or receiver, or any creditors’ committee appointed to take control of, supervise, manage or liquidate the Named Organization; or

by an Insured Person if such Insured Person has not served in the capacity of an Insured Person within any of the three (3) years immediately preceding the date the Claim was made, and such Claim is brought and maintained without the solicitation, assistance, participation, or intervention of any other Insured;

based upon, arising from, or in consequence of Pollution or a Biological Event; provided this Exclusion III.(D) shall not apply to Loss on account of any Claim brought by a client of an Investment Adviser in connection with Investment Adviser Services, if such Loss is allegedly as a result of Pollution or a Biological Event;

for bodily injury, emotional distress, mental anguish, sickness, disease or death of any person; provided this Exclusion III.(E) shall not apply to Loss on account of any Claim for emotional distress or mental anguish arising solely from an Insured’s performing or failure to perform Investment Adviser Services or Fund Services;

for damage to or destruction of any data or tangible property, including loss of use thereof; provided this Exclusion III.(F) shall not apply to Loss on account of any Claim arising from damage to, destruction of, loss of, or loss of use of, client records in an Insured’s possession;

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Professional Liability Coverage Part

for any actual or alleged violation of the responsibilities, obligations or duties imposed on fiduciaries by ERISA as respects any pension, profit sharing, health and welfare or other employee benefit plan or trust established or maintained for the purpose of providing benefits to any Insured;

for libel, slander, disparagement, wrongful termination of employment, sexual harassment, violation of rights of privacy, wrongful entry, eviction, false arrest, false imprisonment, malicious prosecution, assault or battery; provided this Exclusion III.(H) shall not apply to Loss on account of any Claim brought by a client for libel, slander, or disparagement arising solely from an Insured’s performing or failure to perform Investment Adviser Services or Fund Services;

for an Insured’s liability under any contract or agreement, regardless of whether such liability is direct or assumed; provided this Exclusion III.(I) shall not apply to:

Loss on account of any Claim brought by or on behalf of a client of the Insured in the client’s capacity as such; or

liability that would attach to an Insured even in the absence of a contract or agreement;

for the inability of any bank or banking firm, custodian, or securities or commodities broker or dealer, to make any payment, or the inability of any such entity or person to settle or effect any transaction of any kind; provided this Exclusion III.(J) shall not apply to Defense Costs;

based upon, arising from, or in consequence of performing or the failure to perform of any investment banking services, including but not limited to any advice in connection with corporate mergers, acquisitions, restructurings, divestitures, issuance of securities, syndication or similar activities; provided this Exclusion III.(K) shall not apply to Loss on account of any Claim brought by a client, arising from the performance of Investment Adviser Services or Fund Services by an Insured for such client, as long as neither the Insured nor the client is a party to or participant in the investment banking transaction;

based upon, arising from, or in consequence of an Insured’s performing or failure to perform property management services, real estate appraisal services, or real estate development services;

based upon, arising from or in consequence of any Insured acting as a securities or commodities broker or dealer, or securities underwriter; provided this Exclusion III.(M) shall not apply to Loss on account of any Claim against a Fund Service Provider acting in its capacity as a Distributor, other than with respect to such Distributor’s distributions or sales to the general public;

for any Wrongful Act of an Insured Person in his or her capacity as a director, officer, manager, managing partner, trustee, regent, governor, partner, general partner, managing general partner, or employee of any entity other than an Organization that is an Investment Adviser or Fund Service Provider;

for any Wrongful Act committed, attempted, or allegedly committed or attempted by a Subsidiary or any Insured Person of a Subsidiary during any time when such entity was not a Subsidiary;

based upon, arising from, or in consequence of:

any criminal or deliberately fraudulent act or omission or any willful violation of any statute or regulation by an Insured, if a judgment or final adjudication in any proceeding establishes such criminal or deliberately fraudulent act or omission or willful violation; or

an Insured having gained any profit, remuneration or advantage to which such Insured was not legally entitled, if a judgment or final adjudication in any proceeding establishes the gaining of such profit, remuneration or advantage.

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Professional Liability Coverage Part

If:

an Insured pleads guilty in a criminal proceeding, the elements of each of the offenses to which such plea relates shall, as of the date of such plea, be deemed to have been established by a final adjudication; or

by written agreement or consent order with any federal or state prosecutorial authority or regulatory agency, an Insured admits or otherwise agrees to facts, charges or allegations of conduct set forth in Exclusions III.(P)(1) or III.(P)(2) above, then the facts, charges or allegations to which such Insured has admitted or otherwise agreed in such written agreement or consent order shall, as of the date of the agreement or order, be deemed to have been established by a final adjudication.

No criminal or deliberately fraudulent act or omission or any willful violation of any statute or regulation by an Insured shall be imputed to any Insured Person, and only criminal or deliberately fraudulent acts or omissions or willful violations of any statute or regulation by an Executive of an Organization shall be imputed to such Organization.

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Investment Company Coverage Part

INSURING CLAUSES

The Company shall pay, on behalf of each of the Insured Persons, Loss for which the Insured Person is not indemnified by an Investment Company and which the Insured Person becomes legally obligated to pay on account of any Claim first made against the Insured Person, during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act by such Insured Person before or during the Policy Period.

The Company shall pay, on behalf of an Investment Company, Loss for which such Investment Company grants indemnification to an Insured Person, and which the Insured Person becomes legally obligated to pay on account of any Claim first made against the Insured Person, during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act by such Insured Person before or during the Policy Period.

The Company shall pay, on behalf of an Investment Company, Loss which such Investment Company becomes legally obligated to pay on account of any Claim first made against the Investment Company during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act by such Investment Company or by any natural person or entity for whose acts the Investment Company becomes legally liable, before or during the Policy Period.

DEFINITIONS

Claim means:

a written demand for monetary damages or non-monetary relief;

a civil proceeding commenced by the service of a complaint or similar pleading;

an arbitration proceeding commenced by receipt of a written demand for arbitration or similar document;

a criminal proceeding commenced by the return of an indictment, information or similar document; or

a formal administrative or formal regulatory proceeding commenced by the filing of a notice of charges, order of investigation, or similar document,

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202B Hall’s Mill Road

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Asset Management Protector^SM by Chubb

Investment Company Coverage Part

Defense Costs means that part of Loss consisting of reasonable costs, charges, fees (including but not limited to attorneys’ fees and experts’ fees) and expenses (other than regular or overtime wages, salaries, fees or benefits of the directors, officers or employees of an Insured Entity) incurred in defending any Claim and the premium for appeal, attachment or similar bonds.

Independent Director means any Insured Person who is not an “Interested Person” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.

Insured means any Investment Company and any Insured Person.

Insured Person means any Executive of an Investment Company solely in his or her capacity as such.

Investment Company means:

any investment company registered under the Investment Company Act of 1940 and that is listed in the Schedule of Investment Companies endorsed to this Coverage Part;

any series or portfolio(s) of any entity in (F)(1) above, existing as of the Inception Date of this Policy;

any newly created investment company or newly created series or portfolio(s) of any entity in (F)(1) above, but solely pursuant to the terms set forth below in Subsection IV.(A), NEWLY CREATED INVESTMENT COMPANIES, SERIES AND PORTFOLIOS; or

any investment company registered under the Investment Company Act of 1940 and that is listed in the Schedule of Terminated Investment Companies endorsed to this Coverage Part, but only for Wrongful Acts occurring before the corresponding Effective Date of Termination for each such Terminated Investment Company as shown in the Schedule of Terminated Investment Companies Endorsement.

Loss means the amount that an Insured becomes legally obligated to pay on account of any Claim, including but not limited to damages (including punitive, exemplary, or multiplied damages, if and to the extent that such punitive, exemplary, or multiplied damages are insurable under the law of the jurisdiction most favorable to the insurability of such damages; provided such jurisdiction has a substantial relationship to the relevant Insured, to the Company, or to the Claim giving rise to the damages), judgments, settlements, pre-judgment and post-judgment interest and Defense Costs.

any costs incurred by an Insured to comply with any order for injunctive or other non-monetary relief, any agreement to provide such relief or any regulatory or administrative directive;

taxes imposed on an Insured, fines or penalties, except as provided above with respect to punitive, exemplary, or multiplied damages;

any amount not insurable under the law pursuant to which this Policy is construed, except as provided above with respect to punitive, exemplary or multiplied damages;

regular or overtime wages, salaries, commissions, or fees of Insured Persons; or

that portion of Loss that represents the return of fees, charges, commissions or other compensation paid to an Insured.

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202B Hall’s Mill Road

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Asset Management Protector^SM by Chubb

Investment Company Coverage Part

Wrongful Act means:

for purposes of Insuring Clauses (A) and (B):

any error, misstatement, misleading statement, act, omission, neglect, or breach of duty committed, attempted, or allegedly committed or attempted by an Insured Person in his or her capacity as such; or

any other matter claimed against an Insured Person solely by reason of serving in his or her capacity as such; and

for purposes of Insuring Clause (C): any error, misstatement, misleading statement, act, omission, neglect, or breach of duty committed, attempted, or allegedly committed or attempted by any Investment Company or by any natural person or entity for whose acts such Investment Company becomes legally liable, including any actual or alleged violation of the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, ERISA, or any foreign equivalent of any of the preceding statutes.

EXCLUSIONS

based upon, arising from, or in consequence of Prior Notice;

based upon, arising from, or in consequence of Pending or Prior Litigation;

brought or maintained by or on behalf of any Insured in any capacity; provided this Exclusion III.(C) shall not apply to Loss on account of any Claim:

brought or maintained derivatively on behalf of an Investment Company by one or more securityholders of such Investment Company; provided such Claim is brought and maintained without any assistance or participation of, or solicitation by any Insured Person, other than assistance, participation or solicitation for which 18 U.S.C. 1514A(a) (the Sarbanes-Oxley Act of 2002), or any similar “whistleblower” protection provision of any applicable federal, state, local or foreign securities law, affords protection to such Insured Person;

brought or maintained by an Insured Person for contribution or indemnity, if such Claim directly results from another Claim covered under this Coverage Part;

brought or maintained by a bankruptcy trustee, receiver, liquidator, conservator, rehabilitator or similar official or assignee of such official who has been appointed to take control of, supervise, manage or liquidate an Investment Company in the context of a bankruptcy proceeding by or against such Investment Company pursuant to Chapter 7 or Chapter 11 of the United States Bankruptcy Code, as amended, or pursuant to the Investment Company Act of 1940;

brought or maintained by an Insured Person if such Insured Person has not served in the capacity of an Insured Person within any of the three (3) years immediately preceding the date the Claim was made, and such Claim is brought and maintained without the solicitation, assistance, participation, or intervention of any other Insured;

by an Insured where the failure to make such Claim would result in legal liability of such Insured; or

brought or maintained by an Insured against:

an Independent Director; or

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Investment Company Coverage Part

an Investment Company and an Independent Director, so long as at least one Independent Director is and remains a codefendant in the Claim;

provided such Claim is a bonafide claim and is brought without the solicitation, assistance or participation of any other Insured;

based upon, arising from, or in consequence of Pollution or a Biological Event; provided this Exclusion III.(D) shall not apply to Loss on account of any Claim brought by or on behalf of a securityholder of an Investment Company based upon, arising from or in consequence of the diminution in value of any securities owned by such Investment Company if such diminution in value is allegedly as a result of Pollution or a Biological Event;

for bodily injury, emotional distress, mental anguish, sickness, disease or death of any person; provided this Exclusion III.(E) shall not apply to Loss on account of any Claim for emotional distress or mental anguish brought by a securityholder of an Investment Company;

for damage to or destruction of any data or tangible property including loss of use thereof; provided this Exclusion III.(F) shall not apply to Loss on account of any Claim arising from damage to, destruction of, loss of, or loss of use of shareholder records;

for an actual or alleged violation of the responsibilities, obligations or duties imposed on fiduciaries by ERISA as respects any pension, profit sharing, health and welfare or other employee benefit plan or trust established or maintained for the purpose of providing benefits to any Insured;

for libel, slander, disparagement, wrongful termination of employment, sexual harassment, violation of rights of privacy, wrongful entry, eviction, false arrest, false imprisonment, malicious prosecution, assault or battery; provided this Exclusion III.(H) shall not apply to Loss on account of any Claim for libel, slander or disparagement brought by a securityholder or a service provider of an Investment Company;

for an Insured’s liability under any contract or agreement, whether direct or assumed; provided this Exclusion III.(I) shall not apply to:

Loss on account of any Claim brought by or on behalf of a securityholder or service provider of an Investment Company, in their respective capacities as such; or

to liability that would attach to an Insured even in the absence of a contract or agreement;

for the inability of any bank or banking firm, custodian, or broker or dealer in securities or commodities, to make any payment, or the inability of any such entity or natural person to settle or effect any transaction of any kind; provided this Exclusion III.(J) shall not apply to Defense Costs;

for any Wrongful Act of an Insured Person in his or her capacity as a director, officer, manager, trustee, regent, governor, partner, or employee of any entity other than an Investment Company;

based upon, arising from, or in consequence of:

any criminal or deliberately fraudulent act or omission or any willful violation of any statute or regulation by an Insured, if a judgment or final adjudication in any proceeding establishes such criminal or deliberately fraudulent act or omission or willful violation; or

an Insured having gained any profit, remuneration or advantage to which such Insured was not legally entitled, if a judgment or final adjudication in any proceeding establishes the gaining of such profit, remuneration or advantage.

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202B Hall’s Mill Road

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Asset Management Protector^SM by Chubb

Investment Company Coverage Part

If:

an Insured pleads guilty in a criminal proceeding, the elements of each of the offenses to which such plea relates shall, as of the date of such plea, be deemed to have been established by a final adjudication; or

by written agreement or consent order with any federal or state prosecutorial authority or regulatory agency, an Insured admits or otherwise agrees to facts, charges or allegations of conduct set forth in Exclusions III.(L)(1) and III.(L)(2) above, then the facts, charges or allegations to which such Insured has admitted or otherwise agreed in such written agreement or consent order shall, as of the date of the agreement or order, be deemed to have been established by a final adjudication.

No criminal or deliberately fraudulent act or omission or any willful violation of any statute or regulation by an Insured shall be imputed to any Insured Person, and only criminal or deliberately fraudulent acts or omissions or willful violations of any statute or regulation by an Executive of an Investment Company, other than an Independent Director, shall be imputed to such Investment Company.

CHANGES IN EXPOSURE

NEWLY CREATED INVESTMENT COMPANIES, SERIES AND PORTFOLIOS

files a notification of registration under the Investment Company Act of 1940, for a newly created investment company; or

amends a registration statement to add a newly created series or portfolio(s) of an Investment Company,

MERGER WITH ANOTHER INVESTMENT COMPANY

if the total assets of all investment companies being merged as part of the same Merger transaction, deal or event are equal to or less than the amount shown in ITEM 6.(A) of the Declarations, as of the month-end immediately preceding the effective date of the Merger(s), then coverage for each Investment Company participating in the Merger(s) and its Insured Persons shall continue for the remainder of the Policy Period; or

if the total assets of all investment companies being merged as part of the same Merger transaction, deal or event are greater than the amount shown in ITEM 6.(A) of the Declarations, as of the month-end immediately preceding the effective date of the Merger(s), then the Named Organization shall give

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Investment Company Coverage Part

ACQUISITION OF ANOTHER INVESTMENT COMPANY

if the total assets of all investment companies being acquired as part of the same Acquisition transaction, deal or event are equal to or less than the amount shown in ITEM 6(A) of the Declarations, as of the month-end immediately preceding the effective date of the Acquisition, then each such acquired investment company shall become an Investment Company as of the effective date of the Acquisition, but only for Wrongful Acts occurring after such effective date; or

if the total assets of all investment companies being acquired as part of the same transaction, deal or event are greater than the amount shown in ITEM 6.(A). of the Declarations, as computed based upon the month-end net asset balances of all such investment companies as of the month-end immediately preceding the effective date of the Acquisition, then the Named Organization shall give written notice to the Company as soon as practicable, but in no event later than thirty (30) days after shareholder approval of the Acquisition, together with such information as the Company may require, and shall pay any reasonable additional premium required by the Company. Coverage for such Investment Company participating in an Acquisition shall be subject to such additional or different terms, conditions and limitations of coverage as the Company in its sole and absolute discretion may require. If the Named Organization fails to give such notice within the time specified above in this paragraph (2), or fails to pay the additional premium required by the Company, then coverage for such Investment Company and its Insured Persons shall terminate with respect to Claims first made more than thirty (30) days after the effective date of the Acquisition.

CESSATION OF INVESTMENT COMPANIES

an Investment Company merges into, consolidates with, or transfers all its assets to a recipient that is not an Investment Company such that the Investment Company is not the survivor, successor or resulting entity;

an investment adviser that is not an Organization becomes the investment adviser (other than a sub-adviser) to an Investment Company, or

an Investment Company deregisters under the Investment Company Act of 1940,

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Investment Company Coverage Part

NAME CHANGE OF AN INVESTMENT COMPANY

ADDITIONAL LIMIT OF LIABILITY FOR INDEPENDENT DIRECTORS (OPTIONAL)

If the Additional Limit of Liability for Independent Directors is purchased for this Coverage Part, as indicated in ITEM 3.(D) of the Declarations, then solely with respect to Loss resulting from any Claims made against Independent Directors, the Company shall provide an additional Limit of Liability in the amount indicated in ITEM 3.(D) of the Declarations, which limit is in addition to and not part of the Aggregate Limit of Liability for this Coverage Part and the Maximum Aggregate Limit of Liability for the Policy as set forth in the Declarations. Such Additional Limit of Liability for Independent Directors shall be excess of the Aggregate Limit of Liability for this Coverage Part.

The Additional Limit of Liability for Independent Directors as indicated in ITEM 3.(D) of the Declarations shall be the maximum Additional Limit of Liability of the Company for Loss resulting from all Claims made against all Independent Directors under either or both this Coverage Part and the Private Fund Coverage Part, if elected.

The Additional Limit of Liability for Independent Directors shall be excess of the applicable Retention, Coinsurance Percentage, and the Aggregate Limit of Liability for this Coverage Part.

In addition to and not in limitation of Section X. OTHER INSURANCE, of the General Terms and Conditions, the Additional Limit of Liability for Independent Directors shall be excess of any insurance available that is specifically excess to this Coverage Part and such excess insurance must be completely exhausted by payment of loss, damages or defense costs thereunder before the Company shall have any obligation to make any payment on account of the Additional Limit of Liability for Independent Directors.

To be attached to and form part of

Policy No. 6803-7124

To be attached to and form part of

Policy No. 6803-7124

this endorsement/rider: November 15, 2025

The first sentence of subparagraph (A) of Section IV. EXTENDED REPORTING PERIOD is amended by deleting the phrase “other than termination for nonpayment of premium”.

Subparagraph (A)(1) of Section IV. EXTENDED REPORTING PERIOD is deleted and replaced with the following:

first made during the period set forth in ITEM 5(A) of the Declarations (the “Extended Reporting Period”), which period shall be one (1) year or such other time period as agreed upon by the Company and the Named Organization, following the effective date of termination or non-renewal; and

Section IV. EXTENDED REPORTING PERIOD is amended further to add the following at the end of such Section:

Paragraph (A) of Section X. OTHER INSURANCE is deleted and replaced with the following:

Notice of non-renewal by the Company will include the reason(s) for such non-renewal and will be mailed or delivered to the Named Organization at its last known address, with a copy to the agent or broker of record, if any, and any mortgagee or lien holder, if known.

The Company may condition renewal of this Policy upon an increase in premium of 30% or more, or a change in deductible or coverage, by mailing to the Named Organization at the last mailing address known to the Company, with a copy to the agent or broker of record, if any, at least sixty (60) days advance written notice of such renewal change(s). If the Company provides such notice between thirty-one and sixty (60) days before the expiration of the Policy Period, the Company will offer the Named Organization a sixty (60)-day extension at a pro-rated premium based upon the expiring policy premium. If the Company provides less than thirty-one (31) days’ notice of such conditional renewal, the Company will offer the Named Organization a one (1)-year extension of coverage at a premium not to exceed 29.9% of the premium for the expiring policy.

this endorsement/rider: November 15, 2025

1. Named Organization:

this endorsement/rider: November 15, 2025

this endorsement/rider: November 15, 2025

this endorsement/rider: November 15, 2025

If aggregate insured losses attributable to terrorist acts certified under the federal Terrorism Risk Insurance Act exceed $100 billion in a calendar year and we have met our insurer deductible under the Terrorism Risk Insurance Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.

The act resulted in insured losses in excess of $5 million in the aggregate, attributable to all types of insurance subject to the Terrorism Risk Insurance Act; and

The act is a violent act or an act that is dangerous to human life, property or infrastructure and is committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

The terms and limitations of any terrorism exclusion, or the inapplicability or omission of a terrorism exclusion, do not serve to create coverage for any “loss” that is otherwise excluded under this Policy.

this endorsement/rider: November 15, 2025

no fact pertaining to or knowledge possessed by any Insured Person shall be imputed to any other Insured Person; and

all facts pertaining to and knowledge possessed by any past, present or future chief financial officer, in-house general counsel, president, or chief executive officer, chairperson, of any entity Insured shall be imputed to any entity Insured,

this endorsement/rider: November 15, 2025

AMEND DEFINITIONS

Amend Definition of Application

all signed applications and any attachments, information, representation, or other materials submitted therewith or incorporated therein, submitted by the Insured to the Company for this Policy;

all public documents filed with any federal, state, local or regulatory agency by any Insured Entity during the twelve (12) months preceding this Policy’s inception date whether or not submitted with or attached to the signed applications; and

if applicable, any representation provided to the Company within the past three (3) years in connection with any policy, section or coverage part of a policy of which this Policy or any Coverage Part hereof is a direct or indirect renewal or replacement.

Amend Definition of Executive

Amend Definition of Pending or Prior Litigation

Amend Definition of Prior Notice

Amend Definition of Subsidiary

Add Investment Holding Company

Add Private Fund

Add Portfolio Company

AMEND LIMITS OF LIABILITY, RETENTION AND COINSURANCE

The Company’s liability under each Coverage Part shall apply only to that part of each Loss, which is excess of the applicable Retention(s) for such Coverage Part set forth in ITEM 3.(B) of the Declarations, and such Retention(s) shall be borne by the Insured uninsured and at the Insured’s own risk.

AMEND REPORTING

The Insured shall, as a condition precedent to exercising any right to coverage under this Policy, give to the Company written notice of any Claim no later than:

if this Policy expires and is renewed with the Company, one hundred and eighty (180) days after such expiration;

if this Policy expires (or is otherwise terminated) without being renewed with the Company and if no Extended Reporting Period is elected, sixty (60) days after the effective date of such expiration or termination; or

the expiration date of the Extended Reporting Period, if elected;

With respect to any Coverage Part other than the Employment Practices Liability Coverage Part, if during the Policy Period an Insured:

becomes aware of circumstances which could give rise to a Claim and gives written notice of such circumstances to the Company during the Policy Period;

receives a written request to toll or waive a statute of limitations applicable to a Wrongful Act and gives written notice of such request and of such Wrongful Act to the Company during the Policy Period; or

with respect to the Fiduciary Liability Coverage Part, if purchased, gives written notice to the Company of a Settlement Program Notice,

With respect to the Employment Practices Liability Coverage Part, if purchased, if during the Policy Period any Insured becomes aware of a Potential Claim, and the Insured during the Policy Period:

gives the Company written notice of such Potential Claim; and

requests coverage under the Employment Practices Liability Coverage Part for any Claim subsequently resulting from such Potential Claim,

AMEND DEFENSE AND SETTLEMENT

Settlement Within the Retention Without Prior Consent

Advancement of Defense Costs

AMEND REPRESENTATIONS AND SEVERABILITY

the knowledge of any Insured Person who is a past, present or future Chief Executive Officer, Chief Financial Officer, or General Counsel of an Insured Entity shall be imputed to such Insured Entity and any of its Subsidiaries;

CANCELLATION/EXTENDED REPORTING TIME PERIOD LIBERALIZATION

AMEND ADDRESS FOR NOTICE

Section VI. REPORTING Notices shall be given in writing to one of the following addresses:

[email protected]; or

Attn: Claims Department

Chubb

202B Hall’s Mill Road

Whitehouse Station, NJ 08889

AMEND XI. CHANGES IN EXPOSURE, (A) CREATION, ACQUISITION OF, OR MERGER WITH ANOTHER ENTITY

If either the total assets under management or gross annual revenues of any created or acquired Subsidiary or merged or consolidated entity described in XI.(A)(1) above exceed fifty percent (50%) of the assets under management or gross annual revenues of the Organization as of the effective date of such creation, acquisition, merger or consolidation, then the Named Organization shall give written notice of such creation, acquisition, merger or consolidation to the Company as soon as practicable, but in no event later than thirty (30) days after the effective date of such creation, acquisition, merger or consolidation, together with such other information as the Company may require, and shall pay any reasonable additional premium required by the Company. Coverage for any created or acquired Subsidiary or merged or consolidated entity described in XI.(A)(1) above, and for the Insured Persons of such Subsidiary or entity, shall be subject to such additional or different terms, conditions and limitations of coverage as the Company may require. If the Insured fails to give such notice within the time specified in this paragraph XI.(A)(2), or fails to pay the additional premium required by the Company, then coverage for such created or acquired Subsidiary or merged or consolidated entity and any Insured Persons thereof shall terminate with respect to Claims first made more than thirty (30) days after the effective date of such creation, acquisition, merger or consolidation.

ADD LOSS MITIGATION SERVICES

this endorsement/rider: November 15, 2025

this endorsement/rider: November 15, 2025

more than fifty percent (50%) of the outstanding securities or voting rights representing the present right to vote for, elect, appoint or designate such entity’s directors, general partners, managing general partners, or Managers, or the equivalent of any of the foregoing, are owned or controlled, directly or indirectly, in any combination, by one or more Organizations at or prior to the Inception Date of this Policy;

fifty percent (50%) or less of the outstanding securities or voting rights representing the present right to vote for, elect, appoint or designate such entity’s directors, general partners, managing general partners, or Managers, or the equivalent of any of the foregoing, are owned or controlled, directly or indirectly, in any combination, by one or more Organizations at or prior to the Inception Date of this Policy, but only if such Organization(s) controls the management of such entity pursuant to a written contract or agreement between such Organization(s) and the other owners of such entity; or

management is controlled, directly or indirectly, by one or more Organizations at or prior to the Inception Date of this Policy, pursuant to a written contract or agreement between such Organization(s) and the other owners of such entity.

Effective date of

this endorsement/rider: November 15, 2025

To be attached to and

form a part of Policy No. 6803-7124

Solely with respect to Insuring Clause (A), Separate Account and Sub-Advisory Liability Coverage, and Insuring Clause (B), Fund Adviser Liability Coverage, the Company shall reimburse the Investment Adviser for amounts the Investment Adviser incurs to mitigate or correct direct monetary damage to a customer or client of the Investment Adviser arising out of any actual Wrongful Act committed during the Policy Period, provided that:

the Company shall not be liable under this Endorsement unless, prior to the mitigation or correction of the situation arising from such Wrongful Act:

such Wrongful Act is first reported in writing to the Company in accordance with Section VI., Reporting, of the General Terms and Conditions; and

the Company consents in writing to the correction, which consent shall not be unreasonably withheld;

the Company shall only be liable under this Endorsement in the event that, if not mitigated or corrected, such Wrongful Act would result in direct monetary damage to a customer or client, and result in a Claim against the Investment Adviser by such client for Loss that would be covered by this Policy. Subject to the limit of liability set forth in paragraph 1.c. below, in no event shall the Company’s liability under this Endorsement exceed the amount of such Loss after application of all the terms, exclusions, Retention(s), limitations and conditions of the Policy;

the Company’s maximum limit of liability for the coverage provided under this Endorsement shall be $10,000,000 (“Cost of Correction Limit of Liability”). Such Cost of Correction Limit of Liability shall be part of, and not in addition to, the applicable Aggregate Limit of Liability set forth in ITEM 3(B). of the Declarations. In the event that Cost of Correction coverage is also provided under any other Coverage Part(s) of this Policy, the Company’s maximum limit of liability for Cost of Correction coverage under all such Coverage Parts shall be $10,000,000 and such amount shall be part of, and not in addition to the applicable Aggregate Limit of Liability set forth in ITEM 3(B) of the Declarations;

with respect to the coverage provided under this endorsement, the Retention shall be $1,000,000 (“Cost of Correction Retention”) for each Wrongful Act; and

with respect to all Loss (excess of the Cost of Correction Retention) originating in any one Policy Period, the Insured shall bear uninsured and at its own risk 0% of all such Loss, and the Company’s liability hereunder shall apply only to the remaining percent of all such Loss.

Coverage provided under this Endorsement shall not extend to any:

act committed within the scope of the Insured’s discretionary authority for which the Insured would not be held legally liable;

diminution in value or damages resulting from the diminution in value of money, securities, property or any other item of value, unless caused directly by the neglect or breach of duty of the Insured acting in its, his or her insured capacity and the diminution would not have occurred but for such neglect or breach of duty of the Insured;

loss of the actual money, securities or other property in the custody or control of the Insured;

circumstance or situation based upon, arising from or in consequence of any Wrongful Act or the same or related Wrongful Acts where all or any part of such acts were committed, attempted or allegedly committed or attempted prior to November 19, 2012 for $5MM; December 19, 2018 for $5MM xs $5MM, or any circumstance or act which any Insured had knowledge as of November 19, 2012 for $5MM; December 19, 2018 for $5MM xs $5MM; or

any amount that constitutes an ex-gratia payment.

Coverage, as provided under this Endorsement, shall not be precluded if the following three conditions are met:

the Insured sought fully to comply with the provisions of paragraph 1.a. above as soon as reasonably possible;

the Insured promptly provided to the Company all information reasonably requested by the Company in order to determine whether consent should be given; and

the failure to correct before fully complying with the provisions of paragraph 1.a. above would have resulted in greater liability of the Insured than if full compliance had occurred.

Effective date of

this endorsement/rider: November 15, 2025

To be attached to and

form a part of Policy No. 6803-7124

The definition of Defense Costs set forth in paragraph (C) of Section II. DEFINITIONS is amended to add the following at the end of the second parenthetical in such definition:

The parenthetical phrase in the definition of Loss set forth in paragraph (L) of Section II. DEFINITIONS is deleted and replaced with the following:

The phrase “pre-judgment and post-judgment” as used in the definition of Loss set forth in paragraph (L) of Section II. DEFINITIONS is deleted.

Paragraph (D) of Section III. EXCLUSIONS amended to add the following at the end thereof:

Effective date of

this endorsement/rider: November 15, 2025

To be attached to and

form a part of Policy No. 6803-7124