Form 40-17G - Fidelity Bond [Rule 17G-1(g)]

August 25, 2023

VIA EDGAR

Attention: Filing Desk

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

RE: abrdn National Municipal Income Fund (the “Fund”) (File Number 811-07410)

Ladies and Gentlemen:

Pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (“1940 Act”), enclosed for filing on behalf of the Fund please find: (i) a copy of the Joint Financial Institutions Bond, Policy Number J06363271 applicable to the Fund and other named insureds (the “Bond”); (ii) a copy of the resolutions approved by the Board of Directors of the Fund on July 7, 2023, which authorize the purchase of the Bond in a form and in an amount which is consistent with Rule 17g-1(d) under the 1940 Act; and (iii) a copy of the agreement between the Fund and all of the other named insureds under the Bond entered into pursuant to paragraph (f) of Rule 17g-1.

Premiums have been paid for the period from May 14, 2023 to May 14, 2024. Had the Fund not been named as an insured under the Bond, it would have had to maintain a single insured bond in the amount of $600,000.

Sincerely,

/s/ Megan Kennedy
Megan Kennedy, Vice President and Secretary
abrdn National Municipal Income Fund

Enclosures

1900 Market Street, Suite 200

Philadelphia, PA 19103

Resolutions adopted by the members of the Board of Trustees of the Fund (including a majority of those who are not “interested persons” of the Fund as defined in the 1940 Act) on July 7, 2023

WHEREAS, the Board, including the Independent Trustees, has determined that the Fund should obtain fidelity bond coverage in an amount sufficient to cover the minimum legal requirements pertinent to the Fund as required by the 1940 Act; and

WHEREAS, the Board, in making such determination, has considered various factors including, but not limited to, the nature of the entity writing the fidelity bond coverage, the amount of the bond and premium; and

WHEREAS, the Board has authorized the officers of the Fund to procure a fidelity bond on substantially the same terms as the existing joint fidelity bond for the Fund;

NOW, THEREFORE, BE IT

RESOLVED, that the Board, including the Independent Trustees, has determined that the Joint Fidelity Bond with the other funds in the abrdn Fund complex covering, among others, officers and employees of the Fund, in accordance with the requirements of Rule 17g-1 promulgated by the U.S. Securities and Exchange Commission (“SEC”) under Section 17(g) of the 1940 Act, in the amount of $9.5 million, plus such additional amounts as required for any new investment companies (or portfolios thereof) added to the Joint Fidelity Bond or as otherwise required by the 1940 Act, is reasonable in form and amount after having given due consideration to, among other things, the value of the aggregate assets of the Fund to which any person covered under the Joint Fidelity Bond may have access, the type and terms of the arrangements made for the custody and safekeeping of the Fund’s assets, the nature of the securities in the Fund’s portfolio, the number of other parties named as insured parties under the Joint Fidelity Bond, and the nature of the business activities of the other parties; and it is further

RESOLVED, that the estimated premium to be paid by the Fund under the Joint Fidelity Bond be, and hereby is, approved by vote of a majority of the Trustees and by a majority of the Independent Trustees, after having given due consideration to, among other things, the number of other parties insured under the Joint Fidelity Bond, the nature of business activities of those other parties, the amount of the Joint Fidelity Bond, the amount of the premium for the Joint Fidelity Bond, the ratable allocation of the premium among all parties named as insureds, and the extent to which the share of the premium allocated to the Fund under the Joint Fidelity Bond is less than the premium that the Fund would have had to pay had it maintained a single insured bond; and it is further

RESOLVED, that the Joint Fidelity Bond be, and hereby is, approved by vote of a majority of the Trustees and by a majority of the Independent Trustees; and it is further

RESOLVED, that the officers of the Fund be, and each hereby is, authorized and directed to enter into an agreement, as required by paragraph (f) of Rule 17g-1 under the 1940 Act, with the Fund providing that in the event any recovery is received under the Joint Fidelity Bond as a result of a loss sustained by the Fund and also by any other insureds, the Fund shall receive an equitable and proportionate share of the recovery, but in no event less than the amount that they would have received had it provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1; and it is further

RESOLVED, that the officers of the Fund be, and they hereby are, authorized and directed to prepare, execute, and file such amendments and supplements to the aforesaid agreement, and to take such other action as may be necessary or appropriate in order to conform to the provisions of the 1940 Act, and the rules and regulations thereunder; and it is further

RESOLVED, that the Secretary of the Fund shall file the Joint Fidelity Bond and any other information with the SEC, as required under paragraph (g) of Rule 17g-1.

1900 Market Street, Suite 200

Philadelphia, PA 19103


							Financial Institution Bond
							For Investment Companies

DECLARATIONS							FEDERAL INSURANCE COMPANY
							Incorporated under the laws of Indiana, a stock
Name of Assured:							insurance company, herein called the Company
ABRDN FUNDS							One American Square 202 N Illinois Street,
Address of Assured:							Suite 2600
1900 MARKET STREET, SUITE 200							Indianapolis, IN 46282
PHILADELPHIA, PA 19103							Bond Number: J06363271

THIS IS NONPARTICIPATING WITH REGARD TO PAYING DIVIDENDS TO BONDHOLDERS.
Item 1.	Bond Period:			From:	May 14, 2023
				To:	May 14, 2024
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		Deductible Amount
							Liability
	1	.	Employee			$	10,500,000	$	0
	2	.	On Premises			$	10,500,000	$	50,000
	3	.	In Transit			$	10,500,000	$	50,000
	4	.	Forgery Or Alteration			$	10,500,000	$	50,000
	5	.	Extended Forgery			$	10,500,000	$	50,000
	6	.	Counterfeit Money			$	10,500,000	$	50,000
	7	.	Computer System Fraud			$	10,500,000	$	50,000
	8	.	Claims Expense			$	10,000	$	0
	9	.	Audit Expense			$	10,000	$	0
	10. Uncollectible Items Of Deposit					$	10,500,000	$	50,000
	11	.	Voice Initiated Funds Transfer			$	10,500,000	$	50,000
			Instruction

PF-52903D_PA (08/21)

Page 1 of 2

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


Secretary		President

August 9, 2023
Date		Authorized Representative

PF-52903D_PA (08/21)

Page 2 of 2

Important Notice

The SEC Requires Proof of Your Fidelity Insurance Policy

Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb’s ICAP Bond

policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12,

2006.

Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as

instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this

information from your agent/broker shortly.

The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and

conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy

mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement

between your company and Chubb.

If you have any questions, please contact your agent or broker.

14-02-12160 (08/19)

Page 1 of 1


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 formsordering@chubb.com and to view
our full suite of loss prevention brochures/services go to www.chubb.com/us/fl-lossprevention

Directors and Officers (D&O) Liability Loss Prevention Services

•	Directors and Officers 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)

Page 1 of 2


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)

Page 2 of 2

Notice to Policyholders

Insuring Company: Federal Insurance Company

Enclosed is your commercial insurance policy from Chubb. The bill that corresponds with this policy has been

mailed separately. When you receive the bill, please pay the amount due by the date indicated. Payment should

be made directly to Chubb. As always, prompt payment will keep your coverage in place.

If you have any questions about the attached policy or need assistance with additional insurance, contact your

agent or broker. For questions about billing, call our Premium Accounting Service Center at 1-800-372-4822.

Thank you for insuring through Chubb.

99-10-0460B (08/19)

Page 1 of 1

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)

Page 1 of 1


		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)

Page 1 of 1

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:

l Foreign agents;

l Front organizations;

l Terrorists;

l Terrorist organizations; and

l 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	Page 1 of 1
	ISO Properties, Inc.

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)

Page 1 of 1


				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:

PF-52903 (08/21)

Page 1 of 17


						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.

PF-52903 (08/21)

Page 2 of 17


			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

PF-52903 (08/21)

Page 3 of 17


				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.

PF-52903 (08/21)

Page 4 of 17


				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.

PF-52903 (08/21)

Page 5 of 17


		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’s Computer 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;

PF-52903 (08/21)

Page 6 of 17


			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:

PF-52903 (08/21)

Page 7 of 17


		Financial Institution Bond
		For Investment Companies


(1	)	a description of the issue of which the Uncertificated Security is a part;
(2	)	the number of shares or units transferred to the registered owner, pledged by the registered owner to
		the registered pledgee, or released from pledge by the registered pledgee;
(3	)	the name, address and taxpayer identification number, if any, of the registered owner and registered
		pledgee; and
(4	)	the date the transfer, pledge or release was registered.
Instruction means a written order to the issuer of an Uncertificated Security requesting that the
transfer, pledge or release from pledge of the specified Uncertificated Security be registered.
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 21^stCentury
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.

PF-52903 (08/21)

Page 8 of 17


				Financial Institution Bond
				For Investment Companies


		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;

PF-52903 (08/21)

Page 9 of 17


				Financial Institution Bond
				For Investment Companies


d.	damages of any type for which the Assured is legally liable, except compensatory damages, but not
	multiples thereof, arising from a loss covered under this Bond;
e.	all costs, fees and expenses incurred by the Assured:
	(1	)	in establishing the existence of or amount of loss covered under this Bond, except for loss covered
			under Insuring Clause 8 or 9; or
	(2	)	as a party to any legal proceeding, even if such legal proceeding results in a loss covered by this
			Bond;
f.	indirect or consequential loss of any nature, except for loss covered under Insuring Clause 8 or 9. This
	Exclusion 1.f., however, shall not apply to interest and dividends accrued to the benefit of the Assured
	or any Customer prior to the discovery of a covered loss, whether or not such accrued interest or
	dividends have been paid into the account of such Assured or Customer as of the discovery of such
	covered loss;
g.	any violation by the Assured or by any Employee:
	(1	)	of any law regulating:
			i.	the issuance, purchase or sale of securities;
			ii.	securities transactions on security or commodity exchanges or the over the counter market;
			iii.	investment companies; or
			iv.	investment advisors; or
	(2	)	of any rule or regulation made pursuant to any such law;
h.	the loss or disclosure of confidential information, material or data, while in the care, custody or control
	of the Assured, including but not limited to patents, trade secrets, processing methods, customer lists,
	financial information, credit card information, health information, retirement or health savings
	account information, or any similar type of non-public information. This Exclusion 1.h., however, shall
	not apply when such information, material or data is used to support or facilitate the commission of
	any act otherwise covered under this Bond;
i.	fees, costs, fines, penalties or any other expenses incurred by an Assured which result, directly or
	indirectly, from the access to or disclosure of an Assured’s or another entity’s or person’s confidential
	or personal information, including but not limited to patents, trade secrets, processing methods,
	customer lists, financial information, credit card information, health information, retirement or health
	savings account information, or any similar type of non-public information;
j.	liability resulting from disclosure of or acting on material nonpublic information;
k.	liability assumed by the Assured by agreement under any contract, unless loss under this Bond would
	be covered in the absence of such agreement;
l.	the dishonest acts of any Director who is not an Employee, acting alone or in collusion with others;
m.	any modification, damage, destruction, deletion, or corruption of any application or software program
	within the Assured’s Network, except for loss covered under Insuring Clause 7;
n.	a threat or series of threats to:
	(1	)	gain access to the Assured’s Computer System and sell or disclose confidential information
			stored within the Assured’s Computer System; or
	(2	)	modify, damage, destroy, delete, or corrupt any application or software program within the
			Assured’s Computer System;
o.	costs or expenses of any independent forensic analysts or network security consultants engaged to
	investigate or assess any actual or alleged threat;

PF-52903 (08/21)

Page 10 of 17


					Financial Institution Bond
					For Investment Companies


		p.	costs or expenses incurred to identify or remediate application or software program errors or
			vulnerabilities, or costs to update, replace, restore, upgrade, maintain, or improve a Computer
			System;
		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.

PF-52903 (08/21)

Page 11 of 17


					Financial Institution Bond
					For Investment Companies


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.

PF-52903 (08/21)

Page 12 of 17


				Financial Institution Bond
				For Investment Companies


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.

PF-52903 (08/21)

Page 13 of 17


					Financial Institution Bond
					For Investment Companies


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	)	ChubbClaimsFirstNotice@chubb.com; 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	)	NA.FinancialLines@chubb.com; or

PF-52903 (08/21)

Page 14 of 17


					Financial Institution Bond
					For Investment Companies



			(2	)	Attn: Chubb Underwriting Department
					Chubb
					202B Hall’s Mill Road
					Whitehouse Station, NJ 08889

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

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.

PF-52903 (08/21)

Page 15 of 17


				Financial Institution Bond
				For Investment Companies



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

PF-52903 (08/21)

Page 16 of 17


		Financial Institution Bond
		For Investment Companies



	d.	Securities

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


VI.	COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS

	This Bond does not apply to the extent that trade or economic sanctions law or other similar laws or
	regulations prohibit the Company from providing insurance.

PF-52903 (08/21)

Page 17 of 17


	ASSURED’S FUNDS TRANSFER AND SOCIAL ENGINEERING FRAUD
ENDORSEMENT

Named Assured						Endorsement Number
ABRDN FUNDS						1
Bond Number		Bond Period				Effective Date of Endorsement
J06363271		05-14-2023	to	05-14-2024		May 14, 2023

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
Assured’s Funds Transfer and		$1,000,000 Single/Aggregate			$	50,000
Social Engineering Fraud
(2) The following Insuring Clause is added:
12. Assured’s Funds Transfer and Social Engineering Fraud
Loss resulting directly from the transfer, payment, or delivery of an Assured’s Property on the faith of a
Command purportedly issued by:
a.	an employee of a Vendor instructing an Employee to transfer Property or change bank account
	information of such Vendor;
b.	a Director or other Employee who is authorized by the Assured to instruct another Employee to
	transfer Property; or
c.	the Assured to a financial institution directing such financial institution to transfer, pay, or deliver
	Property from an account maintained by such Assured at such financial institution,
but which Command was, in fact, fraudulently issued or fraudulently modified without the knowledge of the
Assured or any natural person set forth in (a) and (b) above.
As a condition precedent to coverage under 12.(a) and
12							.(b), the Employee acting on the Command must obtain Official Authorization prior to any single
transfer, payment, or delivery of funds in excess of the Deductible Amount set forth in Paragraph 1 of this
Endorsement.
(3) The following Definitions are added:
Command means any:
a.	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; or
b.	telex, or Telefacsimile instruction.

MS-368193 (07/23)

Page 1 of 2


Official Authorization means a valid handwritten signature of at least two Employees, or an electronic
record of entry and approval into a wire transfer system, accounting system, or similar system which is
capable of maintaining and reproducing an audit trail which demonstrates that at least two Employees
approved a transaction within their authority, provided that:
a.	a Forgery shall not be deemed an Official Authorization; and
b.	an Official Authorization shall not include a typed name in any form (including but not limited to e-
	mail, letterhead or pre-printed material), but shall include electronic reproductions of handwritten
	signatures in any form.
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.
Vendor means any entity or natural person that has provided specialized investment advice or other goods
and services to the Assured pursuant to a written agreement. Vendor does not include any Customer,
custodian, broker/dealer, administrator, property manager, counter-party, financial institution, or any similar
entity.
(4) Exclusion 2.a. is deleted and replaced with the following:
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; or

	(3) Insuring Clause 12.(a) or 12.(b);
(5) The following Exclusions are added:
This Bond does not cover loss resulting directly or indirectly from:
a.	any Command issued by a Customer or an authorized representative of the Customer; or
b.	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. This Exclusion, however,
	shall only apply to Insuring Clauses 12.(a) or 12.(b);
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 policy shall remain unchanged.


		Authorized Representative

Page 2 of 2


FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT

Named Assured							Endorsement Number
ABRDN FUNDS							2
Bond Number				Bond Period			Effective Date of Endorsement
J06363271				05-14-2023	to 05-14-2024		May 14, 2023
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			$	10,500,000		$	50,000
(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.


		Authorized Representative

PF-52913 (08/21)

Page 2 of 2


SCHEDULE OF OTHER ASSUREDS ENDORSEMENT

Named Assured				Endorsement Number
ABRDN FUNDS				3
Bond Number	Bond Period			Effective Date of Endorsement
J06363271	05-14-2023	to	05-14-2024	05-14-2023
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) In addition to the first named Assured, the Investment Company(ies) scheduled in Paragraph (2) of this
Endorsement is/are the other Assured(s) under this Bond.
(2) Schedule of Other Assureds:
abrdn Total Dynamic Dividend Fund
abrdn Global Dynamic Dividend Fund
abrdn Global Premier Properties Fund
abrdn Emerging Markets Equity Income Fund
abrdn Income Credit Strategies Fund
abrdn Asia-Pacific Income Fund
abrdn Asia-Pacific Income Fund VCC
abrdn Australia Equity Fund
abrdn Global Income Fund
abrdn Japan Equity Fund
abrdn Global Infrastructure Income Fund
abrdn Funds, a series fund consisting of: abrdn China A Share Equity Fund, abrdn Dynamic Dividend Fund,
abrdn Emerging Markets Debt Fund, abrdn Emerging Markets Fund, abrdn Emerging Markets Sustainable
Leaders Fund (fka Aberdeen International Equity Fund), abrdn Infrastructure Debt Fund (formely, abrdn
Global Absolute Return Strategies Fund), abrdn Emerging Markets Ex-China , abrdn Global Infrastructure
Fund, abrdn Intermediate Municipal Income Fund, abrdn International Real Estate Equity Fund, abrdn
International Small Cap Fund, abrdn Realty Income and Growth Fund,				abrdn Short Duration High Yield
Municipal Fund, abrdn US Small Cap Equity Fund, abrdn US Sustainable Leaders Fund (fka Aberdeen U.S.
Multi-Cap Equity Fund), abrdn US Sustainable Leaders Smaller Companies Fund (fka Aberdeen Focused U.S.
Equity Fund), abrdn Ultra Short Municipal Income Fund, abrdn International Sustainable Leaders Fund (fka
Aberdeen Select International Equity Fund, abrdn Global Equity Impact Fund, abrdn High Income
Opportunities Fund (formerly, abrdn Global High Income Fund), EM SMA Completion Fund
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.

PF-52916 (08/21)

Page 1 of 2

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


		Authorized Representative

PF-52916 (11/19)

Page 2 of 2


AGGREGATE LIMIT OF LIABILITY ENDORSEMENT


Named Assured				Endorsement Number
ABRDN FUNDS				4
Bond Number	Bond Period			Effective Date of Endorsement
J06363271	05-14-2023	to	05-14-2024	May 14, 2023
Issued By
May 14, 2023

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:

(1) The following is added to the Declarations:

Item 3. Aggregate Limit Of Liability: $10,500,000

(2) Section 8., Limit Of Liability, of the Conditions and Limitations is deleted and replaced with the following:

8. Limit Of Liability

A.	Aggregate Limit Of Liability

	The Company’s total cumulative liability for all Single Loss of all Assureds discovered during the
	Bond Period shall not exceed the Aggregate Limit Of Liability as stated in Item 3 of the Declarations.
	Each payment made under the terms of this Bond shall reduce the unpaid portion of the Aggregate
	Limit Of Liability until it is exhausted.

	On exhausting the Aggregate Limit Of Liability by such payments:

	(1) the Company shall have no further liability for loss or losses regardless of when discovered and
	whether or not previously reported to the Company; and

	(2) the Company shall have no obligation under General Agreement 3 to continue the defense of the
	Assured, and on notice by the Company to the Assured that the Aggregate Limit Of Liability
	has been exhausted, the Assured shall assume all responsibility for its defense at its own cost.

	The unpaid portion of the Aggregate Limit Of Liability shall not be increased or reinstated by any
	recovery made and applied in accordance with Section 12., Subrogation – Assignment – Recovery. In
	the event that a loss of Property is settled by indemnity in lieu of payment, then such loss shall not
	reduce the unpaid portion of the Aggregate Limit Of Liability.

B.	Single Loss Limit Of Liability

	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 the unpaid portion of the Aggregate Limit Of
	Liability, whichever is less. 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.

PF-53221 (08/21)

Page 1 of 2

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.


		Authorized Representative

PF-53221 (08/21)

Page 2 of 2


SCHEDULE OF OTHER ASSUREDS ENDORSEMENT

Named Assured				Endorsement Number
ABRDN FUNDS				3
Bond Number	Bond Period			Effective Date of Endorsement
J06363271	05-14-2023	to	05-14-2024	07-07-2023
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) In addition to the first named Assured, the Investment Company(ies) scheduled in Paragraph (2) of this
Endorsement is/are the other Assured(s) under this Bond.
(2) Schedule of Other Assureds:
abrdn Total Dynamic Dividend Fund
abrdn Global Dynamic Dividend Fund
abrdn Global Premier Properties Fund
abrdn Emerging Markets Equity Income Fund
abrdn Income Credit Strategies Fund
abrdn Asia-Pacific Income Fund
abrdn Asia-Pacific Income Fund VCC
abrdn Australia Equity Fund
abrdn Global Income Fund
abrdn Japan Equity Fund
abrdn Global Infrastructure Income Fund
abrdn Funds, a series fund consisting of: abrdn China A Share Equity Fund, abrdn Dynamic Dividend Fund,
abrdn Emerging Markets Debt Fund, abrdn Emerging Markets Fund, abrdn Emerging Markets Sustainable
Leaders Fund (fka Aberdeen International Equity Fund), abrdn Infrastructure Debt Fund (formely, abrdn
Global Absolute Return Strategies Fund), abrdn Emerging Markets Ex-China , abrdn Global Infrastructure
Fund, abrdn Intermediate Municipal Income Fund, abrdn International Real Estate Equity Fund, abrdn
International Small Cap Fund, abrdn Realty Income and Growth Fund,				abrdn Short Duration High Yield
Municipal Fund, abrdn US Small Cap Equity Fund, abrdn US Sustainable Leaders Fund (fka Aberdeen U.S.
Multi-Cap Equity Fund), abrdn US Sustainable Leaders Smaller Companies Fund (fka Aberdeen Focused U.S.
Equity Fund), abrdn Ultra Short Municipal Income Fund, abrdn International Sustainable Leaders Fund (fka
Aberdeen Select International Equity Fund, abrdn Global Equity Impact Fund, abrdn High Income
Opportunities Fund (formerly, abrdn Global High Income Fund), EM SMA Completion Fund
abrdn National Municipal Income Fund
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.

PF-52916 (08/21)

Page 1 of 2

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


		Authorized Representative

PF-52916 (11/19)

Page 2 of 2


AGGREGATE LIMIT OF LIABILITY ENDORSEMENT


Named Assured				Endorsement Number
ABRDN FUNDS				4
Bond Number	Bond Period			Effective Date of Endorsement
J06363271	05-14-2023	to	05-14-2024	July 7, 2023
Issued By
July 7, 2023

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:

(1) The following is added to the Declarations:

Item 3. Aggregate Limit Of Liability: $11,025,000

(2) Section 8., Limit Of Liability, of the Conditions and Limitations is deleted and replaced with the following:

8. Limit Of Liability

A.	Aggregate Limit Of Liability

	The Company’s total cumulative liability for all Single Loss of all Assureds discovered during the
	Bond Period shall not exceed the Aggregate Limit Of Liability as stated in Item 3 of the Declarations.
	Each payment made under the terms of this Bond shall reduce the unpaid portion of the Aggregate
	Limit Of Liability until it is exhausted.

	On exhausting the Aggregate Limit Of Liability by such payments:

	(1) the Company shall have no further liability for loss or losses regardless of when discovered and
	whether or not previously reported to the Company; and

	(2) the Company shall have no obligation under General Agreement 3 to continue the defense of the
	Assured, and on notice by the Company to the Assured that the Aggregate Limit Of Liability
	has been exhausted, the Assured shall assume all responsibility for its defense at its own cost.

	The unpaid portion of the Aggregate Limit Of Liability shall not be increased or reinstated by any
	recovery made and applied in accordance with Section 12., Subrogation – Assignment – Recovery. In
	the event that a loss of Property is settled by indemnity in lieu of payment, then such loss shall not
	reduce the unpaid portion of the Aggregate Limit Of Liability.

B.	Single Loss Limit Of Liability

	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 the unpaid portion of the Aggregate Limit Of
	Liability, whichever is less. 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.

PF-53221 (08/21)

Page 1 of 2

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.


		Authorized Representative

PF-53221 (08/21)

Page 2 of 2

AGREEMENT WITH RESPECT TO CERTAIN RECOVERY

UNDER JOINT FIDELITY BOND

This Agreement is made as of the 14^th day of May, 2023 by and among the funds listed on Schedule I (each, a “Fund” and collectively, the “Funds”), all of which are named insureds on a certain fidelity bond underwritten by Federal Insurance Company (the “Insurer”) covering certain acts relating to the Funds (the “Joint Fidelity Bond”).

WHEREAS: each of the Funds is either a management investment company registered under the Investment Company Act of 1940, as amended (the “Act”) (a “Registered Fund”), or in the case of abrdn Asia-Pacific Income Fund VCC (“FAP”), a Singapore-based closed-end investment company trading on the Toronto Stock Exchange; and

WHEREAS, Rule 17d-1(d)(7) under the Act permits arrangements regarding liability insurance policies among U.S. registered investment companies and their affiliates provided certain conditions are met;

WHEREAS, FAP has the corporate power and authority to participate in this Agreement; and

WHEREAS: Rule 17g-1(f) under the 1940 Act requires that a registered management investment company named as an insured on a joint fidelity bond enter into a certain agreement with the other named insureds; and

WHEREAS: the Board members on behalf the Funds (including, for the Registered Funds, a majority of the Board members who are not “interested persons” of the relevant Registered Fund, as defined by Section 2(a)(19) of the Act (the “Independent Board Members”)) have given due consideration to the amount and ratable allocation of premiums for the Joint Fidelity Bond and (i) have approved each particular Fund’s participation in such Joint Fidelity Bond as being in the best interests of that Fund, and (ii) have determined that the allocation of the premium for the joint insurance policy to be allocated to each particular Fund is fair and reasonable to that Fund;

NOW, THEREFORE, it is agreed as follows:

The total amount of coverage under the Joint Fidelity Bond shall at all times be at least equal to the sum of the amount of coverage that each Fund would have been required to provide and maintain individually pursuant to the schedule set forth in paragraph (d) of Rule 17g-1 had the Fund not been a named insured under the Joint Fidelity Bond. The amount of fidelity coverage under the Joint Fidelity Bond shall be approved at least annually by the Board of each Fund, including a majority of the Independent Board Members.

In the event any recovery is received under the Joint Fidelity Bond as a result of a loss sustained by any of the Funds, then each Fund sustaining such loss shall receive an equitable and proportionate share of the recovery, said proportion to be established by the ratio that the claim bears to the total amount claimed by all participants, but at least equal to the amount which each such Fund would have received had it provided and maintained a single insured bond with the minimum coverage required by Rule 17g-1(d)(1) under the 1940 Act (“Separate Bond”).

In the event that the claims of loss of the Funds are so related that the Insurer is entitled to assert that the claims must be aggregated with the results that the total amount payable on such claims is limited to the face amount of the Joint Fidelity Bond, the following rules for determining the priorities among the Funds for satisfaction of the claims under the Joint Fidelity Bond shall apply:

First, all such claims of each Fund which have been duly proven and established under the Joint Fidelity Bond shall be satisfied up to the minimum amount of a Separate Bond for such Fund; and

Second, the remaining amount of insurance, if any, shall then be applied to such claims of the Funds in proportion to the total of the unsatisfied amount of the claims of each Fund.

No premium shall be paid by a Fund under the Joint Fidelity Bond unless the Board of that Fund, including a majority of the Independent Board Members, approve the allocation method and portion of the premium to be paid by such Fund taking all relevant factors into consideration.

This Agreement may be executed in multiple counterparts.

IN WITNESS WHEREOF, each Fund has caused this Agreement to be executed by one of its officers thereunto duly authorized as of the date first above written.

/s/ Robert Hepp
Robert Hepp, Vice President
Authorized Representative for each Fund

- 2 -

SCHEDULE I

abrdn Total Dynamic Dividend Fund

abrdn Global Dynamic Dividend Fund

abrdn Global Premier Properties Fund

abrdn Emerging Markets Equity Income Fund

abrdn Income Credit Strategies Fund

abrdn Asia-Pacific Income Fund

abrdn Asia-Pacific Income Fund VCC

abrdn Australia Equity Fund

abrdn Global Income Fund

abrdn Japan Equity Fund

abrdn Global Infrastructure Income Fund

abrdn Funds

- 3 -

AMENDED AND RESTATED

SCHEDULE I

DATED JULY 7, 2023

TO THE AGREEMENT WITH RESPECT TO CERTAIN RECOVERY

UNDER JOINT FIDELITY BOND DATED MAY 14, 2023

abrdn Total Dynamic Dividend Fund

abrdn Global Dynamic Dividend Fund

abrdn Global Premier Properties Fund

abrdn Emerging Markets Equity Income Fund

abrdn Income Credit Strategies Fund

abrdn Asia-Pacific Income Fund

abrdn Asia-Pacific Income Fund VCC

abrdn Australia Equity Fund

abrdn Global Income Fund

abrdn Japan Equity Fund

abrdn Global Infrastructure Income Fund

abrdn Funds

abrdn National Municipal Income Fund

IN WITNESS WHEREOF, each Fund has caused this Amended and Restated Schedule I to be executed by one of its officers thereunto duly authorized as of July 7, 2023.