Fidelity Bond Filing Form 40 17G

Great American Insurance Company

061219

SDM- 683 (Ed. 08/14)

Great American Insurance Company

061219

SDM-705 (Ed. 11/08)

Great American Insurance Company

061219

FS E896367 02 00

Item 1.

Name of Insured (herein called Insured):

Bitwise Funds Trust

Principal Address:

250 Montgomery Street, Suite 200

San Francisco, CA 94104

Item 2.

Bond Period: from 12:01 a.m. on 09/19/2024 to 12:01 a.m. on 09/19/2025

(month, day, year)  (month, day, year)

Item 3.

The Aggregate Limit of Liability of the Underwriter during the Bond Period shall be

$2,000,000

Item 4.

Subject to Sections 4 and 12 hereof,

the Single Loss Limit of Liability applicable to each of Insuring Agreements (A), (B), (C) and (F) is

$1,000,000

and the single Loss Deductible applicable to each of Insuring Agreements (A), (B), (C) and (F) is

$25,000

If coverage is provided under the following Insuring Agreements or Coverages, the applicable Single Loss

Limit of Liability and Single Loss Deductible shall be inserted below:

Insuring Agreement (D) -
Forgery or Alteration

Insuring Agreement (E) -
Securities

Coverage on Partners
or Members

Optional Insuring Agreements and Coverages:

Audit Expense

Computer Systems Fraud

Destruction of Data or Programs by Hacker

Destruction of Data or Programs by Virus

Facsimile Signatures

Fraudulent Transfer Instructions

Investigative Claims Expense

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Item 5.

Item 6.

The amount of anticipated loss which the Insured must report to the Underwriter pursuant to Section 12 is:

$5,000

Item 7.

For the purposes of Insuring Agreement B, Property lodged or deposited in the following offices and premises is not covered:

N/A

Item 8.

Loss resulting directly from dishonest or fraudulent acts committed by an employee acting alone or in collusion with others. Such dishonest or fraudulent acts must be committed by the Employee with the manifest intent:

to cause the Insured to sustain such loss; and

to obtain an improper financial benefit for the Employee or another person entity. However, if some or all of the Insured's loss results directly or indirectly from:

loans, that portion of the loss involving any loan is not covered unless the Employee also was in collusion with one or more parties to the Loan transactions and has received, in connection therewith, an improper financial benefit with a value of at least $2500;

trading, that portion of the loss is not covered unless the Employee also has received, in connection therewith, an improper financial benefit.

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(1) Loss of items enumerated in the definition of Property resulting directly from:

robbery, burglary, misplacement, mysterious unexplainable disappearance and damage thereto or destruction thereof, or

theft, false pretenses, common-law or statutory larceny, committed by a person physically present in an office or on the premises of the Insured at the time the enumerated items of Property are surrendered,

Loss of or damage to

the Insured is the owner of such furnishings, fixtures, supplies, equipment, or office or is liable for such loss or damage, and

the loss is not caused by fire.

Loss of Property resulting directly from robbery, common-law or statutory larceny, theft, misplacement, mysterious unexplainable disappearance, and damage thereto or destruction thereof, while the Property is in transit anywhere in the custody of:

Messenger, or

a Transportation Company and being transported in an armored motor vehicle, or

a Transportation Company and being physically (not electronically) transported in other than an armored motor vehicle provided that covered Property transported in such manner is limited to the following:

Books of account and other records stored on tangible media, including magnetic tapes, disks and computer drives as well as paper, but not including any of the other items listed in the definition of Property, however stored, and

Certified Securities issued in registered form and not endorsed, or with restrictive endorsements, and

Negotiable Instruments not payable to bearer, and either not endorsed or with restrictive endorsements.

Loss resulting directly from the Insured having, in good faith, paid or transferred any Property in reliance on any Written, Original:

Negotiable Instrument (except an Evidence of Debt),

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Certificate of Deposit,

Letter of Credit,

Withdrawal Order,

Receipt for the withdrawal of Property, or

Instruction or advice directed to the Insured and purportedly signed by a customer of the Insured or by a banking institution,

bears a handwritten signature which is a Forgery;or

is altered, but only to the extent the Forgery or alteration causes the loss.

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

acquired, sold or delivered, or given value, extended credit or assumed liability, on the faith of, any Written, Original:

Certificated Security,

Deed, mortgage or other instrument conveying title to, or creating or discharging a lien upon, real property,

Certificate of Deposit; or

Evidence of Debt,

bears a handwritten signature which is material to the validity or enforceability of the security and which is a Forgery, or

is altered, but only to the extent the Forgery or alteration causes the loss, or

is lost or stolen;

guaranteed in writing or witnessed any signature upon any transfer, assignment, bill of sale, power of attorney, guarantee, or any items listed in (a) through (d) above; or

acquired, sold or delivered, or given value, extended credit or assumed liability, in reliance on any item listed in (a) through (c) above which is a Counterfeit, but only to the extend the Counterfeit causes the loss.

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Loss resulting directly from the receipt by the Insured, in good faith, of any Counterfeit Money of the United States of America, Canada or of any other country in which the Insured maintains a branch office.

This bond does not indemnify any Insured for loss sustained by a proprietorship, partnership, corporation or any other entity which is owned, controlled or operated by an insured and not named as an insured hereunder unless:

such loss is sustained by a nominee organized by an insured for the purpose of handling certain of its business transactions and composed exclusively of its employees; and

such insured is not a holding company.

If the Insured shall, while this bond is in force, establish any additional offices, other than by consolidation or merger with, or purchase or acquisition of assets or liabilities of, another institution, such offices shall be automatically covered hereunder from the date of such establishment without the requirement of notice to the Underwriter or the payment of additional premium for the remainder of the premium period.

Has occurred or will occur in offices or premises,

Has been caused or will be caused by an employee or employees of such institution , or

Has arisen or will arise out of the assets or liabilities

Give the Underwriter Written notice of the proposed consolidation, merger or purchase or acquisition of assets or liabilities prior to the proposed effective date of such action and

Obtain the Written consent of the Underwriter to extend the coverage provided by this bond to such additional offices or premises, employees and other exposures, and

Upon obtaining such consent, pay to the Underwriter an additional premium.

When the Insured learns of a change in ownership by a single stockholder, partner or member, or by a group of affiliated stockholders, partners, or members, of more than 10% of its voting stock or total ownership interest, or of the voting stock or total ownership interest of a holding company or parent corporation which itself owns or controls the Insured, it shall give written notice to the Underwriter, as soon as practicable but not later than within 30 days.

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The Insured represents that the information furnished in the application for this bond is complete, true and correct. Such application constitutes part of this bond.

Only the first Named Insured can submit a claim under this bond, and shall act for all insureds. Payment by the Underwriter to the first Named Insured of loss sustained by any insured shall fully release the Underwriter on account of such loss. If the first Named Insured ceases to be covered under this bond, the Insured next named shall thereafter be considered as the first Named Insured. Knowledge possessed or discovery made by any insured shall constitute knowledge or discovery by all insureds for all purposes of this bond. The liability of the Underwriter for loss or losses sustained by all insureds shall not exceed the amount for which the Underwriter would have been liable had all such loss or losses been sustained by one insured.

The Insured shall notify the Underwriter at the earliest practicable moment, not to exceed 30 days after notice thereof, of any legal proceeding brought to determine the Insured's liability for any loss, claim or damage, which, if established, would constitute a collectible loss under this bond. Concurrently, the Insured shall furnish copies of all pleadings and pertinent papers to the Underwriter.

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If any employee or director of the Insured is required to provide a bond to a health, welfare or pension plan subject to the Employee Retirement Income Security Act of 1974 (ERISA) (hereinafter the Plan), the majority of whose beneficiaries are employees or former employees of the Insured, the Plan shall be deemed an insured under this bond for the purposes of Insuring Agreement (A) only and, in addition to all other terms and conditions of this bond, subject to the following:

the deductible required by Section 12 of the Conditions and Limitations of this bond shall be applicable to a loss suffered by the Plan only after the Plan has received from the Underwriter:

the lesser of $500,000 or 10% of the assets of the Plan at the beginning of the fiscal year of the Plan in which the loss is discovered, if the Plan does not hold "employer securities" within the meaning of section 407(d)(1) of ERISA; or

the lesser of $1,000,000 or 10% of the assets of the Plan at the beginning of the fiscal year of the Plan in which the loss is discovered, if the Plan holds "employer securities" within the meaning of section 407(d)(1) of ERISA;

notwithstanding Section 3 of the Conditions and Limitations of this bond, loss suffered by the Plan is covered if discovered during the term of this bond or within one year thereafter, but if discovered during said one year period, the loss payable under this bond shall be reduced by the amount recoverable from any other bond or insurance protecting the assets of the Plan against loss through fraud or dishonesty; and

if more than one Plan subject to ERISA is an insured pursuant to this General Agreement, the Insured shall purchase limits sufficient to provide the minimum amount of coverage required by ERISA for each Plan and shall distribute any payment made under this bond to said Plans so that each Plan receives the amount it would have received if insured separately for the minimum coverage which ERISA required it to have.

Certificate of Deposit means Written acknowledgment by a financial institution of receipt of Money with anengagement to repay it.

Certificated Security means a a share, participation or other interest in property of or an enterprise of the issuer oran obligation of the issuer, which is:

represented by Written instrument issued in bearer or registered form;

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

either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.

Change in Control means a change in ownership of more than 50% of the voting stock or ownership interest of theInsured, or of a parent corporation or holding company which controls the Insured.

Counterfeit means Written imitation of an actual valid original which is intended to deceive and to be taken as theOriginal.

Electronic Data Processor means a natural person, partnership, corporation or any other business organization withthe Insured's Written authorization to perform services as data processor of checks drawn by a customer on an account at the Insured. A Federal Reserve Bank or clearinghouse shall not be an Electronic Data Processor.

Employee means

a natural person while in the service of the Insured whom the Insured has the right to direct and control in the performance of his or her duties and

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whom the Insured directly compensates by wages, salaries or commissions, or

who is compensated by an employment agency which is paid by the Insured for providing such person's services for work at or in the Insured's offices or premises covered hereunder;

a member of the Board of Directors of the Insured, or a member of an equivalent body, when performing acts coming within the scope of the usual duties of a person described in paragraph (f)(1) above or while acting as a member of any committee duly elected or appointed by resolution of the board of directors or equivalent body to perform specific, as distinguished from general, directorial acts on behalf of the Insured;

an employee of an institution merged or consolidated with the Insured prior to the effective date of this bond, but only as to acts while an employee of such institution which caused said institution to sustain a loss which was not known to the Insured or to the said institution at the time of the merger or consolidation;

an Electronic Data Processor, provided, however that each such Electronic Data Processor, and the partners, officers and employees of such Electronic Data Processor shall, collectively, be deemed to be one employee for all the purposes of this bond, excepting, however, the employee termination provisions of Section 13, and

a Partner or Member of the Insured, unless not covered as indicated in item 4 of the Declarations.

Evidence of Debt means a Written instrument, including a Negotiable Instrument, executed, or purportedly executed, by a customer of the Insured and held by the Insured which in the regular course of business is treated as evidencing the customer's debt to the Insured.

Financial Interest in the Insured of the Insured's general partner(s), or limited partner(s), or Members committing dishonest or fraudulent acts covered by this bond or concerned or implicated therein means:

as respects general partner(s) the value of all right, title and interest of such general partner(s), determined as of the close of business on the date of discovery of loss covered by this bond, in the aggregate of:

the "net worth" of the Insured, which for the purposes of this bond, shall be deemed to be the excess of its total assets over its total liabilities, without adjustment to give effect to loss covered by this bond, (except that credit balances and equities in proprietary accounts of the Insured, which shall include capital accounts of partners, investment and trading accounts of the Insured, participations of the Insured in joint accounts, and accounts of partners which are covered by agreements providing for the inclusion of equities therein as partnership property, shall not be considered as liabilities) with securities, spot commodities, commodity future contracts in such proprietary accounts and all other assets marked to market or fair value and with adjustment for profits and losses at the market of contractual commitments for such proprietary accounts of the Insured; and

the value of all other Money, securities and property belonging to such general partner(s), or in which such general partner(s) have a pecuniary interest, held by or in the custody of and legally available to the Insured as set-off against loss covered by this bond;

as respects limited partners or Members the value of such limited partners' or Members' investment in the Insured.

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Forgery means:

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

affixing the name of an organization as an endorsement to a check without authority and with the intent to deceive.

Guarantee means a Written undertaking obligating the signer to pay the debt of another to the Insured or its assigneeor to a financial institution from which the Insured has purchased participation in the debt, if the debt is not paid in accordance with its terms.

Letter of Credit means Written engagement by a bank made at the request of a customer that the bank will honordrafts or other demands for payment upon compliance with the conditions specified in the engagement.

Loan means all extensions of credit by the Insured and all transactions creating a creditor relationship in favor of theInsured and all transactions by the which the Insured assumes an existing creditor relationship.

Member means a natural person who has an ownership interest in a limited liability company.

Messenger means an employee while in possession of the Insured's Property away from the Insured's premises, andany other natural person acting as custodian of the Property during an emergency arising from the incapacity of the original employee.

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

Negotiable Instrument means any writing:

signed by the maker or drawer;

containing any 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;

payable on demand or at a definite time; and

payable to order or bearer.

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

Partner means a natural person who:

is a general partner of the Insured, or

is a limited partner and an employee (as defined in section 1(f)(1) of the bond) of the Insured.

Property means Money, Certificated Securities, Negotiable Instruments, Certificates of Deposit, documents of title,Acceptances, Evidences of Debt, security agreements, Withdrawal Orders, certificates of origin or title, Letters of Credit, insurance policies, abstracts of title, deeds and mortgages on real estate, revenue and other stamps, tokens, unsold state lottery tickets, books of account and other records whether recorded in Written form or stored on any tangible media, gems, jewelry, precious metals of all kinds and in any form, (which are collectively the enumerated items of property) and tangible items of personal property which are not hereinbefore enumerated.

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Security Agreement means a Written agreement which creates an interest in personal property or fixtures and whichsecures payment or performance of an obligation.

Transportation Company means any organization which regularly provides its own or leased vehicles fortransportation of its customers' property or which provides freight forwarding or air express services.

Withdrawal Order means a Written non-negotiable instrument, signed by a customer of the Insured authorizing theInsured 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.

loss resulting directly or indirectly from Forgery or alteration, except when covered under Insuring Agreements (A),(D) or (E);

loss due to riot or civil commotion outside the United States of America and Canada; or loss due to military, naval or usurped power, war or insurrection unless such loss occurs in transit in the circumstances recited in InsuringAgreement (C), and unless, when such transit was initiated, there was no knowledge of such riot, civil commotion,military, naval or usurped power, war or insurrection on the part of any person acting for the Insured in initiating such transit;

loss resulting directly or indirectly from the effects of nuclear fission or fusion or radioactivity or chemical or biological contamination;

loss resulting directly or indirectly from any act or acts of any person who is a member of the Board of Directors of the Insured or a member of any equivalent body by whatsoever name known, except when covered under Insuring Agreement (A);

loss resulting directly or indirectly from the complete or partial nonpayment of, or default upon, any loan or transaction involving the Insured as a lender or borrower, or extension of credit, including but not limited to the purchase, discounting or other acquisition of false or genuine accounts, invoices, notes, agreements or Evidences of Debt, whether such loan, transaction or extension was procured in good faith or through trick, artifice, fraud or false pretenses; except when covered under Insuring Agreements (A), or (E);

loss resulting from any violation by the Insured or by any employee

of any law regulating: (i) the issuance, purchase or sale of securities,(ii) securities transactions upon any securityexchanges or over the counter market, (iii) investment companies, or (iv) investment advisers, or

of any rule or regulation made pursuant to any such law,

loss resulting directly or indirectly from the failure of a financial or depository institution, or its receiver or liquidator, to pay or deliver, on demand of the Insured, funds or Property of the Insured held by it in any capacity, except when covered under Insuring Agreements (A) or (B)(1)(a);

loss caused by an employee, except when covered under Insuring Agreement (A) or when covered under Insuring Agreement (B) or (C) and resulting directly from unintentional acts of the employee causing misplacement, mysterious unexplainable disappearance or destruction of or damage to Property;

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loss resulting directly or indirectly from transactions in a customer's account, whether authorized or unauthorized, except the unlawful withdrawal and conversion of Money, securities or precious metals, directly from a customer's account by an employee provided such unlawful withdrawal and conversion is covered under Insuring Agreement (A).

damages resulting from any civil, criminal or other legal proceeding in which the Insured is alleged to have engaged in racketeering activity except when the Insured establishes that the act or acts giving rise to such damages were committed by an employee under circumstances which result directly in a loss to the Insured covered by InsuringAgreement (A). For the purposes of this exclusion, "racketeering activity" is defined in 18 United States Code 1961 etseq., as amended.

loss resulting directly or indirectly from the use, or purported use, of credit, debit, charge, access, convenience, identification, cash management or other cards:

in obtaining credit or funds,

in gaining access to automated mechanical devices which, on behalf of the Insured, disburse Money, accept deposits, cash checks, drafts or similar Written instruments or make credit card loans, or

in gaining access to point of sale terminals, customer-bank communication terminals, or similar electronic terminals of electronic funds transfer systems,

loss involving automated mechanical devices which, on behalf of the Insured, disburse Money, accept deposits, cash checks, drafts or similar Written instruments or make credit card loans, except when covered under Insuring Agreement (A);

loss resulting directly or indirectly from surrender of property away from an office of the Insured as a result of:

kidnapping,

payment of ransom,

threats of bodily harm to any person, except the custodian of the property, or of damage to the premises or property of the Insured, or

actual disappearance, damage, destruction, confiscation or theft of property intended as a ransom or extortion payment while held or conveyed by a person duly authorized by the Insured to have custody of such property,

loss resulting directly or indirectly from payments made or withdrawals from a depositor's or customer's account involving erroneous credits to such account, except when covered under Insuring Agreement (A);

loss resulting directly or indirectly from payments made or withdrawals from a depositor's or customer's account involving items of deposit which are not finally paid for any reason, including but not limited to Forgery or any other fraud, except when covered under Insuring Agreement (A);

loss resulting directly or indirectly from counterfeiting, except when covered under Insuring Agreements (A), (D), (E) or (F);

loss of any tangible item of personal property which is not specifically enumerated in the paragraph defining Property if such property is specifically insured by other insurance of any kind and in any amount obtained by the Insured, and in any event, loss of such property occurring more than 60 days after the Insured shall have become aware that it owns, holds or is responsible for such property, except when covered under Insuring Agreements (A) or (B)(2);

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loss of Property while

in the mail,

in the custody of any Transportation Company, unless covered under Insuring Agreement (C), or

while located on the premises of any Messenger or Transportation Company,

potential income, including but not limited to interest and dividends, not realized by the Insured or by any customer of the Insured;

damages of any type for which the Insured is legally liable, unless the Insured establishes that the act or acts which gave rise to the damages involved conduct which would have caused a covered loss to the Insured in a similar amount in the absence of such damages;

all fees, costs and expenses incurred by the Insured:

in establishing the existence of or amount of loss covered under this bond, or

as a party to any legal proceeding whether or not such legal proceeding exposes the Insured to loss covered by this bond;

indirect or consequential loss of any nature including, but not limited to, fines, penalties, multiple or punitive damages;

loss resulting directly or indirectly from the Insured's accepting checks payable to an organization for deposit into an account of a natural person;

loss resulting directly or indirectly from any dishonest or fraudulent act or acts committed by any non-employee who is a securities, commodities, money, mortgage, real estate, loan, insurance, property management, investment banking broker, agent or other representative of the same general character;

loss caused directly or indirectly by a Partner or Member of the Insured unless the amount of such loss exceeds the Financial Interest in the Insured of such Partner or Member and the applicable Deductible amount, and then for the excess only;

loss resulting directly or indirectly from any actual or alleged representation, advice, warranty or guarantee as to the performance of any investments;

loss due to liability imposed upon the Insured as a result of the unlawful disclosure of non-public material informationby the Insured or any employee, or as a result of any Employee acting upon such information, whether authorized or unauthorized.

loss resulting directly or indirectly from the theft, disappearance, destruction or disclosure of confidential informationincluding, but not limited to, trade secrets, customer lists and intellectual property;

loss resulting directly or indirectly from the dishonest or fraudulent acts of an Employee if any Insured, or any directoror officer of an insured who is not in collusion with such Employee, knows, or knew at anytime, of any dishonest or fraudulent act committed by such Employee at any time, whether in the employment of the Insured or otherwise, whether or not of the type covered under Insuring Agreement (A), against the Insured or any other person or entity and without regard to whether knowledge was obtained before or after the commencement of this bond. Provided, however, that this exclusion does not apply to loss of any Property already in transit in the custody of such Employee at the time such knowledge was obtained or to loss resulting directly from dishonest or fraudulent acts occurring prior to the time such knowledge was obtained.

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the Underwriter shall have no further liability for loss or losses regardless of when discovered and whether or not previously reported to the Underwriter, and

the Underwriter shall have no obligation under General Agreement F to continue the defense of the Insured, and upon notice by the Underwriter to the Insured that the Aggregate Limit of Liability has been exhausted, the Insured shall assume all responsibility for its defense at its own cost.

any one act or series of related acts of burglary, robbery or attempt thereat, in which no employee is implicated,

any one act or series of related unintentional or negligent acts or omissions on the part of any person (whether an employee or not) resulting in damage to or destruction or misplacement of Property,

all acts or omissions other than those specified in (a) and (b) preceding, caused by any person (whether an employee or not) or in which such person is implicated, or

any one casualty or event not specified in (a), (b) or (c) preceding.

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At the earliest practicable moment, not to exceed 30 days, after discovery of loss, the Insured shall give the Underwriter notice thereof.

Within 6 months after such discovery, the Insured shall furnish to the Underwriter proof of loss, duly sworn to, with full particulars.

Lost Certificated Securities listed in a proof of loss shall be identified by certificate or bond numbers if such securities were issued therewith.

Legal proceedings for the recovery of any loss hereunder shall not be brought prior to the expiration of 60 days after the original proof of loss is filed with the Underwriter or after the expiration of 24 months from the discovery of such loss.

If any limitation period embodied in this bond is prohibited by any law controlling the construction hereof, such limitation period shall be deemed to be amended so as to equal the minimum limitation period allowed by such law.

This bond affords coverage only in favor of the Insured. No suit, action or legal proceedings shall be brought hereunder by any one other than the first Named Insured.

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In the event of payment under this bond, the Insured shall deliver, if so requested by the Underwriter, an assignment of such of the Insured's rights, title and interest and causes of action as it has against any person or entity to the extent of the loss payment.

In the event of payment under this bond, the Underwriter shall be subrogated to all of the Insured's rights of recovery therefor against any person or entity to the extent of such payment.

Recoveries, whether effected by the Underwriter or by the Insured, shall be applied net of the expense of such recovery first to the satisfaction of the Insured's loss which would otherwise have been paid but for the fact that it is in excess of either the Single or Aggregate Limit of Liability, secondly, to the Underwriter as reimbursement of amounts paid in settlement of the Insured's claim, and thirdly, to the Insured in satisfaction of any Deductible Amount, and fourthly, to the Insured for any loss not covered by this bond. Recovery on account of loss of securities as set forth in the third paragraph of section 6 or recovery from reinsurance and/or indemnity of the Underwriter shall not be deemed a recovery as used herein.

The Insured shall execute all papers and render assistance to secure to the Underwriter the rights and causes of action provided for herein. The Insured shall do nothing after discovery of loss to prejudice such rights or causes of action.

submit to examination by the Underwriter and subscribe to the same under oath;

produce for the Underwriter's examination all pertinent records; and

cooperate with the Underwriter in all matters pertaining to any claim or loss.

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60 days after the receipt by the Insured of a written notice from the Underwriter of its desire to cancel this bond;

immediately upon the receipt by the Underwriter of a written notice from the Insured of its desire to cancel this bond;

immediately upon the taking over of the Insured by a receiver or other liquidator or by State or Federal officials;

immediately upon the taking over of the Insured by another institution;

immediately upon exhaustion of the Aggregate Limit of Liability; or

immediately upon expiration of the Bond Period as set forth in Item 2 of the Declarations.

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Form Description

TSB5062c

05-11

Financial Institution Bond No. 14

SR5862

08-68

California Premium Rider

SR6188a

05-11

Retroactive Date Rider/Endorsement

SR6196

12-93

Computer Systems Fraud Insuring Agreement

SR6271b

05-11

Fraudulent Transfer Instructions Rider

FI7344

08-15

General Rider - Parent Company Exclusion

FI7344

08-15

General Rider - Exclude All Non - Fungible Tokens

FI7319

08-15

Investigative Claims Expense

FI7325

08-15

Facsimile Signatures

FI7330

08-16

Amended Definition Of Employee

FI7333

08-15

Revision To Termination Or Cancelation - By Us

FI7343

08-15

Joint Insured List

FI7357

08-16

Computer Hacker Rider

FI7358

08-16

Computer Virus Rider

FI7604

08-15

Revision To Section 2. Exclusion (J) RICO

FI7606

08-15

Audit Expense Rider

FI7345

08-15

Confidential Information And Data Breach Clarifying Rider

FI7339

06-14

Virtual Or On-Line Peer To Peer Mediums Of Exchange

Exclusion

IL7324

07-21

Global Sanction Endorsement

FI7340

08-15

Economic And Trade Sanctions Clause

FI7341

04-17

In-Witness Clause

If not at inception

FI 88 01 10 11

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In compliance with the ruling of the Commissioner of Insurance of the State of California and the Opinion of the Attorney-General of that State requiring that the premium for all bonds or policies be endorsed thereon, the basic premium charged for the attached bond for the period

from

09/19/2024

to

09/19/2025

is

Six Thousand Dollars

$6,000.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

Revised to August, 1968.

SR 58 62 08 68

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RETROACTIVE DATE -

09/18/2022

month/day/year

SR 61 88a 05 11

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The attached bond is amended by adding an Insuring Agreement as follows:

entry of Electronic Data or Computer Program into, or

change of Electronic Data or Computer Program within

Property to be transferred, paid or delivered,

an account of the Insured, or of its customer, to be added, deleted, debited or credited, or

an unauthorized account or a fictitious account to be debited or credited

In addition to the Conditions and Limitations in the bond, the following, applicable to the Computer Systems Fraud Insuring Agreement, are added:

Computer Program means a set of related electronic instructions which direct the operations and functions of a computer or devices connected to it which enable the computer or devices to receive, process, store or send Electronic Data;

Computer System means

computers with related peripheral components, including storage components wherever located,

systems and applications software,

terminal devices, and

Adopted December, 1993

SR 61 96 12 93

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061219

related communication networks

Electronic Data means facts or information converted to a form usable in a Computer System by Computer Programs, and which is stored on magnetic tapes or disks, or optical storage disks or other bulk media.

loss resulting directly or indirectly from the assumption of liability by the Insured by contract unless the liability arises from a loss covered by the Computer Systems Fraud Insuring Agreement and would be imposed on the Insured regardless of the existence of the contract;

loss resulting directly or indirectly from negotiable instruments, securities, documents or other written instruments which bear a forged signature, or are counterfeit, altered or otherwise fraudulent and which are used as source documentation in the preparation of Electronic Data or manually keyed into a data terminal;

loss resulting directly or indirectly from

mechanical failure, faulty construction, error in design, latent defect, fire, wear or tear, gradual deterioration, electrical disturbance or electrical surge which affects a Computer System, or

failure or breakdown or electronic data processing media, or

error or omission in programming or processing;

loss resulting directly or indirectly from the input of Electronic Data into a Computer System terminal device either on the premises of a customer of the Insured or under the control of such a customer by a person who has authorized access to the customer's authentication mechanism;

loss resulting directly or indirectly from the theft of confidential information.

The exclusion below, as found in the attached bond, does not apply to the Computer System Fraud Insuring Agreement.

This rider shall become effective as of 12:01 a.m. on 09/19/2024.

SR 61 96 12 93

Great American Insurance Company

061219

It is agreed that the following Insuring Agreement is added to the above Bond:

The fraudulent instruction purports, and reasonably appears, to have originated from:

such Customer;

an Employee acting on instructions of such Customer; or

another financial institution acting on behalf of such Customer with authority to make such instructions; and

the sender of the fraudulent instruction verified the instruction with the password, PIN, or other security code of such Customer; and

the sender was not, in fact, such Customer, was not authorized to act on behalf of such Customer, and was not an Employee of the Insured; and

the instruction was received by an Employee of the Insured specifically authorized by the Insured to receive and act upon such instructions; and

for any transfer exceeding the amount set forth in item 8 of this Rider, the Insured verified the instruction via a call back to a predetermined telephone number set forth in the Insured's Written agreement with such Customer or other verification procedure approved in writing by the Underwriter; and

the Insured preserved a contemporaneous record of the call back, if any, and of the instruction which verifies use of the authorized password, PIN or other security code of the Customer.

As used in the Rider, Customer means a natural person or entity which has a Written agreement with the Insured authorizing the Insured to transfer Money on deposit in an account or Certificated Securities in reliance upon instructions transmitted to the Insured via the means utilized to transmit the fraudulent instruction.

It shall be a condition precedent to coverage under this Insuring Agreement that the Insured assert any available claims, offsets or defenses against such Customer, any financial institution or any other party to the transaction.

The following additional Exclusions are added to the Bond applicable only to this to Insuring Agreement:

SR 62 71b 05 11

Great American Insurance Company

061219

loss resulting directly or indirectly from a fraudulent instruction if the sender, or anyone acting in collusion with the sender, ever had authorized access to such Customer's password, PIN or other security code; and

loss resulting directly or indirectly from the fraudulent alteration of an instruction to initiate an automated clearing house (ACH) entry, or group of ACH entries, transmitted as an electronic message, or as an attachment to an electronic message, sent via the Internet, unless:

each ACH entry was individually verified via the call back procedure without regard to the amount of the entry; or

the instruction was formatted, encoded or encrypted so that any alteration in the ACH entry or group of ACH entries would be apparent to the Insured.

Liability of the Underwriter under this Insuring Agreement shall be a part of, not in addition to, the Aggregate Limit of Liability of this Bond.

For purposes of this Insuring Agreement, all loss or losses involving one natural person or entity, or one group of natural persons or entities acting together, shall be a Single Loss without regard to the number of transfers or the number of instructions involved. A series of losses involving unidentified natural persons or entities but arising from the same method of operation shall be deemed to involve the same natural person or entity and shall be treated as Single Loss.

The Single Loss Limit of Liability and Single Loss Deductible applicable to loss under this Insuring Agreement are set forth in the Declarations.

The amount of any single transfer for which verification via a call back will be required is: $ 25,000

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 .

SR 62 71b 05 11

Great American Insurance Company

061219

The Underwriter adds to Section 2, Exclusions of the attached Bond the following:

If the Insured shall sustain a loss caused by an Employee of the Insured and said Employee was acting in collusion with any employee of the Parent or any affiliate or subsidiary of the parent, or any financial institution in a correspondent relationship with the Insured, not included as Insureds hereunder, the Underwriter shall only liable for that amount of the loss sustained by the Insured subject to the limits, deductibles, terms and conditions of Policy # E896367

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the above mentioned Bond other than as stated herein.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 44 08 15

Great American Insurance Company

061219

It is agreed that this bond does not afford coverage under any of the Insuring Agreements for any loss, damage, claim, occurrence, or suit that arises out of, is in any way related to, or involves, in whole or in part, any Non-FungibleToken. All coverage forNon-Fungible Tokens is excluded from all Insuring Agreements.

Section 1. Definition is amended to include:

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the above mentioned Bond other than as stated herein.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 44 08 15

Great American Insurance Company

061219

The attached bond is hereby amended by adding to it an additional Insuring Agreement as follows:

Conditions and Limitations - Section 2. Exclusions, is amended as follows:Exclusion (u) is deleted in its entirety and replaced with the following:

all fees, costs and expenses incurred by the Insured:

in establishing the existence of or amount of loss covered under this bond unless specifically covered under this Insuring Agreement, or

as a party to any legal proceeding whether or not such legal proceeding exposes the Insured to loss covered by this bond;

The limit of the Underwriter's liability against such coverage shall be stated herein, subject to all the terms or this Rider having reference thereto:

Limit of Liability:

$

25,000

Deductible:

$

0

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 19 08 15

Great American Insurance Company

061219

The attached bond is hereby amended by adding to it an additional Insuring Agreement as follows:

Loss resulting directly from the fact that an Issuer of securities, transfer agent, bank, banker or trust company received from the Insured or the New York Stock Exchange specimen copies of the Insured's mechanically reproduced facsimile signature and acted in reliance upon any false, fraudulent or unauthorized reproduction of such facsimile signature, whether such facsimile signature is the facsimile signature duly adopted by the Insured or is one resembling or purporting to be such facsimile signature, regardless of by whom or by what means the same may have been imprinted, and whether or not such loss is sustained by reason of the Insured's having entered into an agreement to be legally liable when such facsimile signature or one resembling or purporting to be such facsimile signature is used, provided, however, that

such facsimile signature is used on a document

as the signature to an assignment or other instrument authorizing or effecting the transfer of shares of stock, or other registered securities, which may now or at any time hereafter be registered in the name of the Insured on the books of the association, company or corporation issuing the same; or

as the signature to a power of substitution, designating a substitute or substitutes to make the actual transfer on the books of the issuer of shares of stock, or other registered securities, in respect of which the Insured may now or at any time hereafter be named as attorney to effect said transfer, whether said power of substitution is embodied in an endorsement on the certificate for said shares of stock or other registered security or in a separate instrument; and

the New York Stock Exchange has not interposed any objections to the use by the Insured of such facsimile signature and such agreement, if any, was required by the said Exchange as a condition to its failing to interpose any such objection; and

this Insuring Agreement shall not apply to any Certificated Securities which are counterfeit.

Conditions and Limitations - Section 2. Exclusions, the following Exclusions as found in the attached bond shallnot apply to this Insuring Agreement.

FI 73 25 08 15

Great American Insurance Company

061219

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 25 08 15

Great American Insurance Company

061219

Conditions and Limitations - Section 1. Definitions, is amended by adding the following to the definition ofEmployee:

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 30 08 16

Great American Insurance Company

061219

Conditions and Limitations, the section entitled "Termination or Cancelation", paragraph (a) is deleted in itsentirety and replaced by the following:

60 days after the receipt by the Insured of a Written notice from the Underwriter of its desire to cancel this bond;

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 33 08 15

Great American Insurance Company

061219

At the request of the Insured, the Underwriter adds to the list of Insured under the attached bond the following:

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 43 08 15

Great American Insurance Company

061219

The attached bond is hereby amended by adding to it an additional Insuring Agreement as follows:

Definition:

Electronic Data means facts or information converted to a form usable in a Computer System by ComputerPrograms and which is stored on magnetic tapes or disks or optical storage disks or other bulk media.

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements, or limitations of the attached bond other than as above stated.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 57 08 16

Great American Insurance Company

061219

The attached bond is hereby amended by adding to it an additional Insuring Agreement as follows:

Definition:

Electronic Data means facts or information converted to a form usable in a Computer System by ComputerPrograms and which is stored on magnetic tapes or disks or optical storage disks or other bulk media.

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements, or limitations of the attached bond other than as above stated.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 58 08 16

Great American Insurance Company

061219

Conditions and Limitations - Section 2. Exclusions, Exclusion (j) is deleted in its entirety and replaced with thefollowing:

damages resulting from any civil, criminal or other legal proceeding in which the Insured is adjudicated to have engaged in racketeering activity except when the Insured establishes that the act or acts giving rise to such damages were committed by an employee under circumstances which result directly in a loss to the Insured covered by Insuring Agreement (A). For the purposes of this exclusion, "racketeering activity" is defined in 18 United States Code 1961 et seq., as amended;

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 76 04 08 15

Great American Insurance Company

061219

Insuring Agreement (A) Fidelity is amended by adding an additional paragraph as follows:

Conditions and Limitations - Section 2. Exclusions, is amended as follows:

loss resulting directly or indirectly from any acts of any director or trustee of the Insured other than one employed as a salaried, pensioned or elected official or an Employee of the Insured, except when performing acts coming within the scope of the usual duties of any Employee, or while acting as a member of any committee duly elected or appointed by resolution of the board of directors or trustees of the Insured to perform specific, as distinguished from general, directorial acts on behalf of the Insured;

all fees, costs and expenses incurred by the Insured:

in establishing the existence of or amount of loss covered under this bond, except to the extent covered under the portion of Insuring Agreement (A) Fidelity entitled Audit Expense, or

as a party to any legal proceeding whether or not such legal proceeding exposes the Insured to loss covered by this bond;

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

FI 76 06 08 15

Great American Insurance Company

061219

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 76 06 08 15

Great American Insurance Company

061219

CONDITIONS AND LIMITATIONS, Section 2. Exclusions is amended to include:

Theft, disappearance, destruction or disclosure of the confidential or personal information of the Insured or another person or entity for which the Insured is legally liable including, but not limited to patents, trade secrets, personal information, processing methods, customer lists, financial information, credit card information, intellectual property, health information, or any other type of non-public information.

The use of another person's or entity's confidential or personal information including but not limited to, financial information, credit card information, health information or any other type of non-public information.

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions and limitations, or provisions of the attached bond other than as above stated.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 45 08 15

Great American Insurance Company

061219

Loss of virtual or on-line peer to peer mediums of exchange.

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of the above mentioned bond other than as stated herein.

This Rider shall become effective as of 12:01 a.m. on 09/19/2024 standard time.

FI 73 39 06 14

Great American Insurance Company

061219

IL 73 24 (Ed. 07/21)

Great American Insurance Company

061219

FI 73 40 (Ed. 08/15)

Great American Insurance Company

061219

Copyright Great American Insurance Co., 2009

FI 73 41 04 17

A copy of the Investment Company Financial Institution Bond, a fidelity bond, in the amount of $1,000,000 (the "Bond"); and

A copy of the resolutions adopted by the Board of Trustees on September 12, 2024, where a majority of the Trustees, who are not "interested persons" of the Trust as defined by Section 2(a)(19) of the 1940 Act, approved the amount, type, form and coverage of the Bond and the premium payable by the Trust (attached as Exhibit B) for the period September 19, 2024, through September 19, 2025.

/s/ Paul Fusaro

Paul Fusaro

President of the Trust

cc: Richard J. Coyle, Esq.