Fidelity Bond Filing Form 40 17G

j06009372_2023.htm - Generated by SEC Publisher for SEC Filing

SEWARD & KISSEL LLP

901 K Street, N.W.

Suite 800

Washington, D.C. 20001

Telephone: (202) 737-8833

Facsimile: (202) 737-5184

www.sewkis.com

July 24, 2024

VIA EDGAR

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re:	Sequoia Fund, Inc. File No. 811-01976

Dear Sir or Madam:

Enclosed, on behalf of Sequoia Fund, Inc. (the "Corporation") and in accordance with Rule 17g-1 under the Investment Company Act of 1940, as amended, are the following:

1. A copy of the Corporation's fidelity bond for the 2024-2025 period (the "Bond") (attached as Exhibit A); and

2. A copy of the resolution adopted by the Board of Directors of the Corporation, including a majority of the Directors who are not interested persons of the Corporation (attached as Exhibit B).

The premium for the Bond has been paid through June 30, 2025.

	Sincerely,
	/s/	Paul M. Miller
		Paul M. Miller

Exhibit A

Financial Institution Bond For Investment Companies

DECLARATIONS		FEDERAL INSURANCE COMPANY
Name of Assured: SEQUOIA FUND, INC Address of Assured: 9 WEST 57TH STREET, SUITE 5000 NEW YORK, NY 10019		Incorporated under the laws of Indiana, a stock insurance company, herein called the Company One American Square 202 N Illinois Street, Suite 2600 Indianapolis, IN 46282 Bond Number: J06009372

Item 1.	Bond Period:	From:	June 30, 2024
				To:	June 30, 2025
				At 12:01 A.M. local time at the Address of Assured.
Item 2.	Single Loss Limits Of Liability - Deductible Amounts:

	Insuring Clause	Single Loss Limit Of Liability	Deductible Amount
	1.	Employee	$	15,000,000	$	150,000
	2.	On Premises	$	15,000,000	$	150,000
	3.	In Transit	$	15,000,000	$	150,000
	4.	Forgery Or Alteration	$	15,000,000	$	150,000
	5.	Extended Forgery	$	15,000,000	$	150,000
	6.	Counterfeit Money	$	15,000,000	$	150,000
	7.	Computer System Fraud	$	15,000,000	$	150,000
	8.	Claims Expense		Not Covered		Not Covered
	9.	Audit Expense	$	50,000	$	0
	10.	Uncollectible Items Of Deposit		Not Covered		Not Covered
	11.	Voice Initiated Funds Transfer Instruction	$	5,000,000	$	150,000

PF-52903D (08/21)

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Financial Institution Bond For Investment Companies

IN WITNESS WHEREOF, the Company has caused this Bond to be signed by its Authorized Officers, but it shall not be valid unless also signed by a duly authorized representative of the Company.

FEDERAL INSURANCE COMPANY

PF-52903D (08/21)

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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)

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Notice of Loss Control Services

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 [email protected] 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 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

•	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)

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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/Kidnap, Ransom & Extortion Loss Prevention Manual

Preventing Fraud: How Anonymous Hotlines Can Help #14-01-1090

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.

14-02-23030 (05/2018)

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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)

Trade or Economic Sanctions Notice

TRADE OR ECONOMIC SANCTIONS NOTICE

This insurance does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit us from providing insurance, including, but not limited to, the payment of claims. All other terms and conditions of the policy remain unchanged.

ALL-21101 (09/19)

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IMPORTANT NOTICE TO POLICYHOLDERS

Social Engineering Tips Please read!

HAVE YOU BEEN TRICKED INTO WIRE FRAUD? TAKE IMMEDIATE ACTION!

If you believe you have transferred funds to a criminal posing as a legitimate business associate, you should act 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.

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:

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.

ALL-317454 (03/21)

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U. S. Treasury Department's Office Of Foreign Assets Control ("OFAC") Advisory Notice to Policyholders

This Policyholder Notice shall not be construed as part of your policy and no coverage is provided by this Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your policy and review your Declarations page for complete information on the coverages you are provided.

This Notice provides information concerning possible impact on your insurance coverage due to directives issued by OFAC. Please read this Notice carefully.

The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on Presidential declarations of "national emergency". OFAC has identified and listed numerous:

·	Foreign agents;

·	Front organizations;

·	Terrorists;

·	Terrorist organizations; and

·	Narcotics traffickers;

as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States Treasury's web site - http//www. treas. gov/ofac.

In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or entity claiming the benefits of this insurance has violated U. S. sanctions law or is a Specially Designated National and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen contract and all provisions of this insurance are immediately subject to OFAC. When an insurance policy is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made without authorization from OFAC. Other limitations on the premiums and payments also apply.

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

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Notice to Policyholders

QUESTIONS ABOUT YOUR INSURANCE?

Answers to questions about your insurance, coverage information, or assistance in resolving complaints can be obtained by contacting:

CHUBB

Customer Support Service Department

436 Walnut Street

PO Box 1000

Philadelphia, PA 19106-3703

1-800-352-4462

PF-17993a (04/20)

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	Financial Institution Bond For Investment Companies
The Company, in consideration of the premium paid, and in reliance on the Application and all other statements 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
	1.	Employee
		Loss resulting directly from Larceny or Embezzlement committed by any Employee acting alone or
		in collusion with others.
	2.	On Premises
		Loss of Property resulting directly from:
		a.	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, 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.
	3.	In Transit
		Loss of Property resulting directly from common law or statutory larceny, misplacement, mysterious
		unexplainable disappearance, damage or destruction, while the Property is in transit anywhere in:
		a.	an armored motor vehicle, including loading and unloading thereof;
		b.	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:
			(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.
	4.	Forgery Or Alteration
		Loss resulting directly from the Assured having, in good faith:
		a.	transferred, paid, or delivered any Property; or
		b.	established any credit or given any value, in reliance on any Written and Original:

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Financial Institution Bond For Investment Companies

			(1)	Negotiable Instrument (other than an Evidence of Debt);
			(2)	Acceptance;
			(3)	Withdrawal Order or receipt for the withdrawal of Property;
			(4)	Certificate of Deposit;
			(5)	Letter of Credit; or
			(6)	instruction or advice directed to the Assured and purportedly signed by any Customer, any
				financial institution, or any Employee, 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.
	5.	Extended Forgery
		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:
			(1)	Certificated Security;
			(2)	deed, mortgage or other instrument conveying title to, or creating or discharging a lien on, real
				property;
			(3)	Evidence of Debt; or
			(4)	Instruction, 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:
			(1)	transfer;
			(2)	assignment;
			(3)	bill of sale;
			(4)	power of attorney; or
			(5)	endorsement upon any item listed in a.(1) through a.(4) above,
			but only to the extent that such guarantee or signature directly causes the loss; or
		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.

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Financial Institution Bond For Investment Companies

		Actual physical possession, and continued actual physical possession if taken as collateral, of the items
		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
		Loss resulting directly from the receipt by the Assured in good faith of counterfeit Money.
	7.	Computer System Fraud
		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 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 Expenses incurred by the Assured by reason of the discovery of loss covered under Insuring
		Clause 1.
	10.	Uncollectible Items Of Deposit
		Loss resulting directly from the Assured having credited an account of a customer, shareholder, or
		subscriber on the faith of any Items of Deposit which prove to be uncollectible, provided that the crediting
		of such account causes:
		a.	redemptions or withdrawals to be permitted;
		b.	shares to be issued; or
		c.	dividends to be paid, from an account of an Assured.
		As a condition precedent to coverage under this Insuring Clause 10, the Assured must hold Items of
		Deposit for the minimum number of days stated in the Application before permitting any redemptions or
		withdrawals, issuing any shares, or paying any dividends with respect to such Items of Deposit.
		Items of Deposit shall not be deemed uncollectible until the Assured's standard collection procedures
		have failed.
	11.	Voice Initiated Funds Transfer Instruction
		Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or
		Securities in reliance upon any Voice Initiated Funds Transfer Instruction that purports, and
		reasonably appears, to have originated from:
		a.	the Customer;
		b.	an Employee acting on instructions of such Customer; or

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Financial Institution Bond For Investment Companies

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

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Financial Institution Bond For Investment Companies

		If the Company elects to defend all or part of any legal proceeding, the court costs and attorneys' fees
		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.
III.	DEFINITIONS
	As used in this Bond:
	Acceptance means a draft which the drawee has, by signature written on it, engaged to honor as presented.
	Assured means:
		(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'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.
	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:
		(1)	represented by an instrument issued in bearer or registered form;
		(2)	of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in
			which it is issued or dealt in as a medium for investment; and
		(3)	either one of a class or series or by its terms divisible into a class or series of shares, participations,
			interests or obligations.

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Financial Institution Bond For Investment Companies

	Claims Expenses means reasonable expenses incurred by the Assured with the Company's prior written
	consent, which shall not be unreasonably withheld, solely for independent firms or individuals retained to
	determine the amount of a covered loss. Claims Expenses shall not include the Assured's internal
	corporate costs (such as salaries), attorneys' fees, or expenses incurred by any customer.
	Computer System means a device or group of devices and all input, output, processing, storage, off-line
	media libraries (including third-party hosted computing services accessed across the internet, including
	infrastructure, platform, and software services), and communication facilities, including related
	communications networks, which are connected directly or indirectly to such device or group of devices.
	Counterfeit Original means an imitation of an actual valid Original which is intended to deceive and
	be taken as the Original.
	Cryptocurrency means a digital or electronic medium of exchange, operating independently of a central
	bank, in which encryption techniques are used to regulate the generation of units and to verify the transfer
	of such units.
	Custodian means the institution designated by an Assured to maintain possession and control of its
	assets.
	Customer means any shareholder of an Assured which has a written agreement with the Assured to
	transfer such shareholder's Money or Securities through a Voice Initiated Funds Transfer
	Instruction.
	Customer Communication System means an:
		(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:
		(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:
		(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'sComputer System.
	Employee means any natural person:
		(1)	while in the regular service of an Assured in the ordinary course of such Assured's business, whom
			such Assured compensates directly by salary or wage and has the right to control and direct in the
			performance of such service;
		(2)	Director while in the regular service of an Assured in the ordinary course of such Assured's
			business, or while acting as a member of any committee duly elected or appointed to examine or audit
			or have custody of or access to Property of the Assured;
		(3)	intern while in the regular service of an Assured in the ordinary course of such Assured's business;

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Financial Institution Bond For Investment Companies

		(4)	provided by an employment contractor while in the regular service of an Assured in the ordinary
			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:
			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;
		(6)	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:
			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.
	Employee does not include:
		(1)	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:
			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.
	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
		(2)	affixing the name of an organization as an endorsement to a check without authority and with the intent
			to deceive, provided that a signature which consists in whole or in part of one's own name signed with or without authority, in any capacity, for any purpose is not a Forgery.
	Initial Transaction Statement means the first written statement signed by or on behalf of the issuer of
	an Uncertificated Security sent to the registered owner or registered pledgee containing:

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		(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.
	Investment Company means any entity registered under the Investment Company Act of 1940.
	Items of Deposit means one or more checks or drafts drawn upon a financial institution in the United
	States of America.
	Larceny or Embezzlement means larceny and embezzlement as defined under Section 37 of the
	Investment Company Act of 1940.
	Letter of Credit means an engagement in writing by a bank or other person made at the request of a
	customer that the bank or other person will honor drafts or other demands for payment in compliance with
	the conditions specified in the engagement.
	Money means a medium of exchange in current use authorized or adopted by a domestic or foreign
	government as part of its currency.
	Negotiable Instrument means any writing:
		(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 21st Century
	Act, and shall be treated the same as the Original it replaced.
	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.
	Processor means an employee of any entity authorized by the Assured to perform data processing of the
	Assured's checks and accounting records related to such checks. Processor does not include any
	employee of a Federal Reserve Bank or clearing house.
	Property means Money; Securities; Initial Transaction Statement; Negotiable Instrument;
	Certificate of Deposit; Acceptance; Evidence of Debt; Withdrawal Order; Letter of Credit;
	insurance policy; abstract of title, deed and mortgage on real estate; revenue and other stamps; precious
	metals in any form; and books of accounts and other Written records, but not electronic data processing
	records or media.
	Property does not include electronic data or Cryptocurrency.

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	Securities means either Certificated Securities or Uncertificated Securities.
	Single Loss means all covered loss, court costs, and attorneys' fees resulting from:
		(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.
	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:
		(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.
	Written means expressed through letters or marks placed upon paper and visible to the eye.
	For the purposes of these definitions, the singular includes the plural and the plural includes the singular,
	unless otherwise indicated.
IV.	EXCLUSIONS
	1.	General Exclusions - Applicable To All Insuring Clauses
		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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		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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		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;
		q.	costs or expenses incurred to replace, restore, recreate, collect, or recover any application or software
			program; or
		r.	Cryptocurrency.
	2.	Specific Exclusions - Applicable To All Insuring Clauses Except Insuring Clause 1
		This Bond does not cover loss resulting directly or indirectly from:
		a.	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.;
		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;
		d.	any Uncertificated Security, except for loss covered under Insuring Clause 7;
		e.	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;
		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;
		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;
		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;
		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;
		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
		l.	the acts of any employee, agent, broker, factor, commission merchant, independent contractor,
			intermediary, finder, or other representative of the same general character of any third party, while
			conducting business with the Assured on behalf of such third party.

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	3.	Specific Exclusions - Applicable To All Insuring Clauses Except Insuring Clauses 1, 4, and 5
		This Bond does not cover loss resulting directly or indirectly from:
		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
		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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V.	CONDITIONS AND LIMITATIONS
	1.	Anti-Bundling
		If any Insuring Clause requires that an enumerated type of document be fraudulently materially altered or
		a Counterfeit Original, or contain a signature which is a Forgery or obtained through trick, artifice,
		fraud, or false pretenses, the material alteration or Counterfeit Original or fraudulent signature must be
		on or of the enumerated document itself not on or of some other document submitted with, accompanying
		or incorporated by reference into the enumerated document.
	2.	Change Or Modification
		No change in or modification of this Bond shall be effective except when made by written endorsement to
		this Bond signed by an authorized representative of the Company.
		If this Bond is for a sole Assured, no change or modification which would adversely affect the rights of the
		Assured shall be effective prior to sixty (60) days after written notice has been furnished by the acting
		party to the U.S. Securities and Exchange Commission.
		If this Bond is for joint Assureds, no change or modification which would adversely affect the rights of any
		Assured shall be effective prior to sixty (60) days after written notice has been furnished by the Company
		to all Assureds and to the U.S. Securities and Exchange Commission.
	3.	Conformity
		If any time period limitation within this Bond is prohibited by any law controlling this Bond's construction,
		such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided
		by such law.
	4.	Cooperation Of Assured
		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
		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
		The Company shall be liable under this Bond only for the amount by which any Single Loss is greater than
		the applicable Deductible Amount as stated in Item 2 of the Declarations.
		There shall be no deductible applicable to any loss sustained by any Assured and covered under Insuring
		Clause 1.

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	7.	Discovery
		This Bond applies only to loss first discovered by a Director during the Bond Period. Discovery occurs at
		the earlier of a Director learning of:
		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)	[email protected]; or
			(2)	Attn: Chubb Claims Department
				Chubb
				P.O. Box 5122
				Scranton, PA 18505
		g.	All other notices to the Company under this Bond shall be given in writing to the following address:
			(1)	[email protected]; or

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			(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.
	10.	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:
			(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.
	11.	Securities Settlement
		In the event of a loss of Securities covered under this Bond, the Company may, at its sole discretion,
		purchase replacement Securities, tender the value of the Securities in Money, or issue its indemnity to
		effect replacement Securities.
		The indemnity required from the Assured under the terms of this Section against all loss, cost or expense
		arising from the replacement of Securities by the Company's indemnity shall be:
		a.	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
		c.	for Securities having a value greater than the applicable Single Loss Limit Of Liability - the percentage
			that the Deductible Amount and portion in excess of the Single Loss Limit Of Liability bears to the value
			of the Securities.
		The value referred to in Sections 11.a., b., and c. is the value in accordance with Section 14., Valuation,
		regardless of the value of such Securities at the time the loss under the Company's indemnity is sustained.
		The Company is not required to issue its indemnity for any portion of a loss of Securities which is not
		covered by this Bond, however, the Company may do so as a courtesy to the Assured in its sole discretion.
		The Assured shall pay the proportion of the Company's premium charge for the Company's indemnity as
		set forth in Sections 11.a., b., and c. No portion of the Single Loss Limit Of Liability shall be used as payment
		of premium for any indemnity purchased by the Assured to obtain replacement Securities.
	12.	Subrogation - Assignment - Recovery
		In the event of a payment under this Bond, the Company shall be subrogated to all of the Assured's rights
		of recovery against any person or entity to the extent of such payment. On request, the Assured shall
		deliver to the Company an assignment of the Assured's rights, title and interest and causes of action
		against any person or entity to the extent of such payment.

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		Recoveries, whether effected by the Company or by the Assured, shall be applied net of the expense of
		such recovery, in the following order:
		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;
		b.	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
		d.	fourth, to the Assured in satisfaction of any loss suffered by the Assured which was not covered under
			this Bond.
		Recovery from reinsurance or indemnity of the Company shall not be deemed a recovery under this Section.
	13.	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.
		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.
		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:
			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.
	14.	Valuation
		a.	Books Of Account Or Other Records
			The value of any loss of Property consisting of books of account or other records used by the Assured
			in the conduct of its business shall be the amount paid by the Assured for blank books, blank pages,
			or other materials which replace the lost books of account or other records, plus the cost of labor paid
			by the Assured for the actual transcription or copying of data to reproduce such books of account or
			other records.
		b.	Money
			Any loss of Money, or loss payable in Money, shall be paid in the Money of the United States of
			America or the dollar equivalent of it, determined by the free market rate of exchange in effect at the
			time of discovery of such loss.
		c.	Other Property
			The value of any loss of Property, except as otherwise provided for in this Section 14., shall be the
			actual cash value or the cost of repairing or replacing such Property with Property of like quality and
			value, whichever is less.

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

PF-52903 (08/21)

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NEW YORK AMENDATORY ENDORSEMENT

Named Assured				Endorsement Number
SEQUOIA FUND, INC			1
Bond Number	Bond Period			Effective Date of Endorsement
J06009372	06-30-2024	to	06-30-2025	June 30, 2024
Issued By
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.	Section V. CONDITIONS AND LIMITATIONS of this Bond is amended as follows:
	A.	Paragraph a of Subsection 9. Notice To Company - Proof- Legal Proceedings Against Company is
		deleted and replaced with the following:
		a. The Assured shall give the Company notice at the earliest practicable moment, not to exceed
		sixty (60) days after discovery of a loss, as long as such notification does not impede the
		Company's investigation of any claim, in an amount that is in excess of 50% of the applicable
		Deductible Amount, as stated in Item 3 of the Declarations.
	B.	Subsection 13. Termination is amended by adding the following:
		The Company shall refund the unearned premium computed at customary short rates if this Bond is
		terminated by the Assured. 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.
		The Company shall mail or deliver a copy of any notice of termination of this Bond to the agent or
		broker of record, if any, at its last address known to the Company. Any notice of termination by the
		Company shall state the specific reason(s) for, and the effective date of such termination.
2.	The following section is added to this Bond:
	NONRENEWAL AND CONDITIONAL RENEWAL
	(A)	If the Company (a) nonrenews this Bond, or (b) conditions its renewal upon a change in limits,
		change in the type of coverage, reduction of coverage, increased deductible or addition of exclusions,
		or upon increased premiums in excess of ten percent (10%) of the expiring rate (exclusive of
		premiums attributable to increased exposure subsequent to issuance of this Bond or at the request of
		the Assured or as a result of experience rating or retrospective rating), the Company shall provide
		notice to the Assured as follows:
		(1)	The Company will mail or deliver to the Assured between sixty (60) days and one hundred
			twenty (120) days advance written notice containing the specific reason or reasons for
			nonrenewal or conditional renewal, the amount of any premium increase, the nature of any other
			proposed changes and the Assured's rights, if any, to coverage and the duration of such
			coverage. Such notice will not be provided in the event that the Assured or its agent or broker of
			record has mailed or delivered written notice that this Bond has been replaced or is no longer
			desired. Additionally, if the Company provides notice of nonrenewal and subsequently extends
			the Bond Period for ninety (90) days or less, no additional notice of nonrenewal will be given.
		(2)	If before the expiration date in Item 1 of the Declarations the Company provides an incomplete or
			late conditional renewal notice, coverage hereunder will remain in effect on the same terms and
			conditions and at the lower of the current rates or the rates for the prior Bond Period until sixty
			(60) days after proper notice is mailed, unless the Assured elects to cancel sooner, If however,

PF-56008 (08/21)

Page 1 of 2

			the Assured elects to accept the terms, conditions and rates of the conditional renewal notice
			and renews this Bond on that basis, then such terms, conditions and rates will govern upon (a)
			the expirations of such sixty (60) day period, if notice of conditional renewal was provided to the
			Assured less than thirty (3) days before this Bond expiration date; or (b) this Bond's expiration
			date, if notice of conditional renewal was provided to the Assured at least thirty (30) days before
			this Bond's expiration date.
		(3)	If the Bond Period is extended due to late notice of nonrenewal or conditional renewal, then the
			Limits of Liability will be increased in proportion to the period for which the Bond Period is
			extended, provided that if the Assured accepts the terms, conditions and rates of a conditional
			renewal notice, such increase will be inapplicable and, instead, new Limits of Liability applicable
			to the renewal period shall become effective as of the inception date of the renewal Bond.
		(4)	If the Company does not provide notice of nonrenewal or conditional renewal before the Bond
			expiration date set forth in Item 1 of the Declarations, then the Assured may purchase coverage
			on the same terms and conditions as the Bond for another Bond Period or for the immediately
			preceding Bond Period.
	(B)	The Company shall mail or deliver a copy of any notice of nonrenewal of this Bond by the Company to
		the agent or broker of record, if any, at its last address known to the Company. Any notice of
		nonrenewal by the Company shall state the specific reason(s) for, and the effective date of, such
		nonrenewal.
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 New York.
The title and any headings in this endorsement/rider are solely for convenience and form not part of the terms
and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.

PF-56008 (08/21)

Page 2 of 2

DELETING VALUATION - OTHER PROPERTY ENDORSEMENT

Named Assured				Endorsement Number
SEQUOIA FUND, INC			2
Bond Number	Bond Period			Effective Date of Endorsement
J06009372	06-30-2024	to	06-30-2025	June 30, 2024
Issued By
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 this Bond is amended as follows Section V, CONDITIONS AND LIMITATIONS, Paragraph 14, Valuation, Paragraph c, Other Property, is deleted in its entirety.

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.

MS-367764 (07/23)

Page 1 of 1

RENEWAL BOND ENDORSEMENT

Named Assured				Endorsement Number
SEQUOIA FUND, INC				3
Bond Number	Bond Period			Effective Date of Endorsement
J06009372	06-30-2024	to	06-30-2025	June 30, 2024
Issued By
Federal Insurance Company

THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.

In consideration of the premium charged, it is agreed that:

(1) This Bond together with all endorsements attached herein (the "Renewal Bond"), has been issued as a renewal of 81458675. issued to Sequoia Fund, Inc. by, Federal Insurance Company (the "Expiring Bond"). The terms and conditions of either the Renewal Bond or the Expiring Bond, whichever in its entirety is more favorable to the Assured, shall govern with respect to any loss, provided that in all events, any applicable Deductible and Single Loss Limit Of Liability of the Renewal Bond shall apply to any such loss.

(2) In the event of any subsequent renewal of this Bond, this endorsement shall not be included in such subsequent renewal and all obligations of the Company under this endorsement shall terminate as of 06-30-2025 and be of no further force and effect.

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

PF-51469 (02/19)

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FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT

Named Assured				Endorsement Number
SEQUOIA FUND, INC				4
Bond Number	Bond Period			Effective Date of Endorsement
J06009372	06-30-2024	to	06-30-2025	June 30, 2024
Issued By
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 solely with respect to coverage afforded under this Endorsement, this Bond is amended as follows:

(1)	Item 2., Single Loss Limits Of Liability - Deductible Amounts, of the Declarations is amended to include the following:
	Insuring Clause		Single Loss Limit of Liability		Deductible Amount
	Fraudulent Transfer Instruction	$	5,000,000		$	150,000

(2)	The following Insuring Clause is added:
	14. Fraudulent Transfer Instruction
	Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or
	Securities in reliance upon a Transfer Instruction that purports, and reasonably appears, to have
	originated from:
	a.	the Customer;
	b.	an Employee acting on instructions of such Customer; or
	c.	a financial institution acting on behalf of such Customer with authority to make such instructions,
	but which 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 14, the:
		i.	sender of the Transfer Instruction must have authenticated such Transfer Instruction with the
			Customer's authentication credentials or mechanism;
		ii.	Employee acting on the Transfer Instruction must obtain Verification prior to any single
			transfer, payment, or delivery of funds in excess of the Deductible Amount set forth in Paragraph (1)
			of this Endorsement; and
		iii.	Assured shall assert any available claims, offsets, or defenses against such Customer, any financial
			institution, or any other party to the transaction.
(3)	The Definition of Customer is deleted and replaced with the following:
	Customer means any shareholder of an Assured which has a written agreement with the Assured to
	transfer such shareholder's Money or Securities through a Voice Initiated Funds Transfer
	Instruction or a Transfer Instruction.

PF-52913 (08/21)

Page 1 of 2

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

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

PF-52913 (08/21)

Page 2 of 2

Exhibit B

BOARD RESOLUTION APPROVING FIDELITY BOND:

The Board of Directors of the Corporation unanimously adopted the following resolution:

RESOLVED, that it is the determination of the Board of Directors, including a majority of the Independent Directors, that the fidelity bond covering officers and employees of the Corporation in accordance with the requirements of Rule 17g-1 promulgated by the Securities and Exchange Commission under Section 17(g) of the Investment Company Act of 1940, as amended, in the amount of $15 million is reasonable in form and amount, after having given due consideration to the value of the aggregate assets of the Corporation to which any such covered persons may have access, the type and term of the arrangements made for the custody and safe-keeping of such assets, the nature of the securities in the Corporation's portfolio and all other relevant factors; and the Corporation's payment of the premium of $34,375 for the period beginning June 30, 2024 and ending June 30, 2025 for said bond be, and hereby is, approved.

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