SEC Form 40-17G filed by FS KKR Capital Corp.

11/6/25 4:04:19 PM ET

$FSK

Investment Managers

Finance

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40-17G 1 tm2530348d1_4017g.htm 40-17G

November 6, 2025

VIA EDGAR

United States Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Re:	FS KKR Capital Corp. File No. 814-00757

Ladies and Gentlemen:

Pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), enclosed for filing on behalf of FS KKR Capital Corp., a Maryland corporation (the “Company”), please find:

A copy of the Company’s Fidelity Bond in the amount of $2,500,000 (the “Bond”);

A copy of the resolutions approved on October 30, 2025 by the board of directors of the Company by unanimous consent, including a majority of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act, which approved the amount, type, form and coverage of the Bond and the portion of the premium to be paid by the Company; and

A copy of the Joint Insured Bond Allocation Agreement, effective November 3, 2025, pursuant to Rule 17g-1(f) under the 1940 Act.

If the Company had not been named as a co-insured under the Bond, it would have maintained a single-insured bond in the amount at least equal to the amount required by Rule 17g-1(d) under the 1940 Act.

The premium was paid for the period beginning November 3, 2025 and ending November 3, 2026.

If you have any questions regarding this submission, please do not hesitate to call me at (215) 495-1150.

Sincerely,

/s/ Stephen S. Sypherd

Stephen S. Sypherd

General Counsel

FS KKR CAPITAL CORP.

Approval of fidelity bond and joint insured bond allocation agreement

WHEREAS, Section 17(g) of the 1940 Act and Rule 17g-1(a) promulgated thereunder require a business development company (“BDC”), such as the Company, to provide and maintain a bond which has been issued by a reputable fidelity insurance company authorized to do business in the place where the bond is issued, to protect the Company against larceny and embezzlement (the “Fidelity Bond”), covering each officer and employee of the Company who may singly, or jointly with others, have access to the securities or funds of the Company, either directly or through authority to draw upon such funds of, or to direct generally, the disposition of such securities, unless the officer or employee has such access solely through his or her position as an officer or employee of a bank (each, a “Covered Person”);

WHEREAS, Rule 17g-1 promulgated under the 1940 Act requires that a majority of the Independent Directors approve periodically (but not less than once every 12 months), in accordance with the provisions of Rule 17g-1 under the 1940 Act, the reasonableness of the form and amount of the bond, with due consideration to, among other things, the value of the aggregate assets of the Company to which any Covered Person may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, and the nature of securities and other investments to be held by the Company;

WHEREAS, under Rule 17g-1 promulgated under the 1940 Act, the Company is required to make certain filings with the Securities and Exchange Commission (the “SEC”) and give certain notices to each member of the Board in connection with the renewal of the Company’s joint fidelity bond (the “Renewed Joint Fidelity Bond”), and designate an officer who shall make such filings and give such notices; and

WHEREAS, in connection with the Renewed Joint Fidelity Bond, the Company previously entered into an agreement reflecting the provisions of the Renewed Joint Fidelity Bond and relating to the sharing of premiums and division of proceeds in the event of a joint fidelity loss, as required by Rule 17g-1(f) under the 1940 Act (the “Joint Insured Bond Allocation Agreement”).

NOW, THEREFORE, BE IT RESOLVED, that, having considered all factors deemed relevant by the Board, including, but not limited to: (i) the expected aggregate value of the securities and other assets of the Company to which officers or employees of the Company may have access (either directly or through authority to draw upon such funds or to direct generally the disposition of such securities); (ii) the type and terms of the arrangements made for the custody of such securities and assets; (iii) the nature of securities and other investments to be held by the Company; (iv) the accounting procedures and controls of the Company; (v) the nature and method of conducting the operations of the Company and (vi) the requirements of Section 17(g) of the 1940 Act and Rule 17g-1 promulgated thereunder, the Board, including a majority of the Independent Directors, hereby determines that the amount, premium and coverage of the Renewed Joint Fidelity Bond, substantially as described in the form presented at the meeting and attached hereto as Exhibit C, covering, among others, the officers and employees of the Company and insuring the Company against loss from fraudulent or dishonest acts, including larceny and embezzlement, issued by Chubb Group of Insurance Companies having an aggregate coverage amount of at least the amount required under the 1940 Act, with any increase to such aggregate coverage amount as the Authorized Officers deem necessary or appropriate, be, and it hereby is, confirmed, ratified and approved; and it is further

RESOLVED, that the Board, including a majority of the Independent Directors, has determined the portion of the premium to be paid by the Company be, and it hereby is, approved taking all relevant factors into consideration including, but not limited to, the number of the other insured parties named as insureds, the nature of the business activities of the other insured parties, the amount of the Renewed Joint Fidelity Bond and the amount of the premium for such Renewed Joint Fidelity Bond, the ratable allocation of the premium among the insureds, and the extent to which the share of the premium allocated to the Company is less than the premium the Company would have had to pay had such Renewed Joint Fidelity Bond not been obtained; and it is further

RESOLVED, that the Authorized Officers be, and each of them individually hereby is, authorized, empowered and directed to take all appropriate actions, with the advice of legal counsel to the Company, to provide and maintain the Renewed Joint Fidelity Bond on behalf of the Company; and it is further

RESOLVED, that the Chief Compliance Officer of the Company be and hereby is, designated as the party responsible for making the necessary filings and giving the notices with respect to such bond required by paragraph (g) of Rule 17g-1 promulgated under the 1940 Act; and it is further

RESOLVED, that the Authorized Officers be, and each of them individually hereby is, authorized, empowered and directed to file a copy of the Renewed Joint Fidelity Bond and any other related document or instrument with the SEC; and it is further

RESOLVED, that the Authorized Officers be, and each of them individually hereby is, authorized, empowered and directed to cause the Company to pay its ratable allocation of the annual premium payable with respect to the Renewed Joint Fidelity Bond and to enter into and execute, on behalf of the Company, the Joint Insured Bond Allocation Agreement; and it is further

RESOLVED, that the form, terms, and provisions of the Joint Insured Bond Allocation Agreement, attached hereto as Exhibit D, and the transactions contemplated thereby be, and each of them hereby is, approved and adopted in all respects on terms and provisions substantially similar to those included in the form of Joint Insured Bond Allocation Agreement presented at the meeting, with such changes therein and additions thereto, substantial or otherwise, as may be approved or deemed necessary, desirable or appropriate by any Authorized Officer, the execution thereof on behalf of the Company by such Authorized Officer to be conclusive evidence of the approval of such Authorized Officer of such changes and additions; and it is further

RESOLVED, that the Authorized Officers be, and each of them individually hereby is, authorized, empowered and directed, in the name and on behalf of the Company, to enter into, execute and deliver the Joint Insured Bond Allocation Agreement and any other documents, instruments, agreements or certificates required in connection therewith and to perform all of the agreements and obligations of the Company thereunder and to incur and pay all costs, fees and expenses as in their judgment shall be necessary, desirable or appropriate to carry into effect the purposes and intent of the foregoing resolution; and it is further

RESOLVED, that the Authorized Officers be, and each of them individually hereby is, authorized, empowered and directed, in the name and on behalf of the Company, to make or cause to be made, and to execute and deliver, all such additional agreements, documents, instruments and certifications and to take all such steps, and to make all such payments, fees and remittances, as any one or more of such officers may at any time or times deem necessary, desirable or appropriate in order to effectuate the purpose and intent of the foregoing resolutions; and it is further

RESOLVED, that any and all actions previously taken by the Company or any of its directors or Authorized Officers in connection with the actions contemplated by the foregoing resolutions be, and each of them hereby is, confirmed, ratified and approved in all respects as and for the acts and deeds of the Company.


							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
FS KKR CAPITAL CORP.							One American Square 202 N Illinois Street,
Address of Assured:							Suite 2600
201 ROUSE BOULEVARD							Indianapolis, IN 46282
PHILADELPHIA, PA 19112							Bond Number: J06015712

THIS IS NONPARTICIPATING WITH REGARD TO PAYING DIVIDENDS TO BONDHOLDERS.
Item 1.	Bond Period:			From:	November 3, 2025
				To:	November 3, 2026
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			$	2,500,000	$	25,000
	2	.	On Premises			$	2,500,000	$	25,000
	3	.	In Transit			$	2,500,000	$	25,000
	4	.	Forgery Or Alteration			$	2,500,000	$	25,000
	5	.	Extended Forgery			$	2,500,000	$	25,000
	6	.	Counterfeit Money			$	2,500,000	$	25,000
	7	.	Computer System Fraud			$	2,500,000	$	25,000
	8	.	Claims Expense			$	100,000	$	5,000
	9	.	Audit Expense			$	100,000	$	5,000
	10. Uncollectible Items Of Deposit					$	2,500,000	$	25,000
	11	.	Voice Initiated Funds Transfer			$	2,500,000	$	25,000
			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

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 [email protected] and to view
our full suite of loss prevention brochures/services go to www.chubb.com/us/fl-lossprevention

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

•	*Directors and Officers Liability Loss Prevention* Manuals:
	Directors and Officers Liability Loss Preventions – #14-01-0035
	Directors and Officers Securities Litigation Loss Preventions – #14-01-0448
	Director Liability Loss Prevention in Mergers and Acquisitions – #14-01-1099
	Directors and Officers Liability Loss Prevention for Not-for-Profit- -#14-01-0036
	Cyber Loss Mitigation for Directors -#14-01-1199

Employment Practices Liability (EPL) Loss Prevention Services

•	Toll-free Hot Line
	Have a question on how to handle an employment situation? Simply call 1.888.249.8425 to access
	the nationally known employment law firm of Jackson Lewis P.C. We offer customers an unlimited
	number of calls to the hot line at no additional charge.
•	ChubbWorks.com
	ChubbWorks.com is a web-based platform that offers multiple services including overviews of
	employment laws, sample employment policies and procedures, and on-line training. To gain
	immediate access to ChubbWorks go to www.chubbworks.com and register using your policy
	number.
•	*Employment Practices Loss Prevention Guidelines* Manual
	Employment Practices Loss Prevention Guidelines - #14-01-0061
•	Loss Prevention Consultant Services
	Chubb has developed a network of more than 120 law firms, human resources consulting firms, and
	labor economist/statistical firms that offer specialized services for employment issues.
•	Public Company EPL Customers
	Employment Practices Loss Prevention Guidelines – Written by Seyfarth Shaw exclusively for
	Chubb this manual provides an overview of key employment issues faced by for-profit companies
	and offers proactive idea for avoiding employment lawsuits.
•	Private Company EPL Customers
	Employment Practices Loss Prevention Guidelines – Written by Seyfarth Shaw exclusively for
	Chubb this manual provides an overview of key employment issues for –profit companies and offers
	proactive idea for avoiding employment lawsuits.

14-02-23030 (05/2018)

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

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)

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						Financial Institution Bond
						For Investment Companies


			(1	)	Negotiable Instrument (other than an Evidence of Debt);
			(2	)	Acceptance;
			(3	)	Withdrawal Order or receipt for the withdrawal of Property;
			(4	)	Certificate of Deposit;
			(5	)	Letter of Credit; or
			(6	)	instruction or advice directed to the Assured and purportedly signed by any Customer, any
					financial institution, or any Employee,
			which
					i.	bears a Forgery; or
					ii.	is fraudulently materially altered.
		For the purpose of this Insuring Clause 4, a reproduction of a handwritten signature is treated the same as
		the handwritten signature. An electronic or digital signature is not treated as a reproduction of a
		handwritten signature.
5	.	Extended Forgery
		Loss resulting directly from the Assured having, in good faith, for its own account or the account of others:
		a.	acquired, sold or delivered, given value, extended credit or assumed liability in reliance on any Written
			and Original:
			(1	)	Certificated Security;
			(2	)	deed, mortgage or other instrument conveying title to, or creating or discharging a lien on, real
					property;
			(3	)	Evidence of Debt; or
			(4	)	Instruction,
			which
					i.	bears a Forgery, but only to the extent the Forgery directly causes the loss;
					ii.	is fraudulently materially altered, but only to the extent the alteration directly causes the loss;
						or
					iii.	is lost or stolen;
		b.	guaranteed in writing or witnessed any signature on any:
			(1	)	transfer;
			(2	)	assignment;
			(3	)	bill of sale;
			(4	)	power of attorney; or
			(5	)	endorsement upon any item listed in a.(1) through a.(4) above,
			but only to the extent that such guarantee or signature directly causes the loss; or
		c.	acquired, sold or delivered, or given value, extended credit or assumed liability in reliance on any item
			listed in a.(1) or a.(2) above which is a Counterfeit Original, but only to the extent the Counterfeit
			Original directly causes the loss.

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.

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		If the Company elects to defend all or part of any legal proceeding, the court costs and attorneys’ fees
		incurred by the Company and any settlement or judgment on that part defended by the Company shall be
		a loss under the applicable Insuring Clause of this Bond. In addition, if the amount demanded in the legal
		proceeding is greater than the amount recoverable under this Bond, or if a Deductible Amount is applicable,
		or both, the Company’s liability for court costs and attorneys’ fees incurred in defending all or part of such
		legal proceeding is limited to the proportion of such court costs and attorneys’ fees incurred that the amount
		recoverable under this Bond bears to the total of the amount demanded in such legal proceeding.
		If the Company declines to defend the Assured, no settlement without the prior written consent of the
		Company or judgment against the Assured shall determine the existence, extent or amount of coverage
		under this Bond, and the Company shall not be liable for any costs, fees and expenses incurred by the
		Assured.
4	.	Representations Made By Assured
		The Assured represents that all information it has furnished in the Application for this Bond or otherwise
		is complete, true and correct. Such Application and other information constitute part of this Bond. Any
		intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the
		Application or otherwise, shall be grounds for rescission of this Bond.

III.		DEFINITIONS
		As used in this Bond:
		Acceptance means a draft which the drawee has, by signature written on it, engaged to honor as presented.
		Assured means:
		(1	)	the Investment Company listed under Name of Assured in the Declarations (the “first named
				Assured”); or
		(2	)	any other Investment Company listed in the Application.
		Assured does not include any entity or organization that is not an Investment Company.
		Assured’s Network means:
		(1	)	the Assured’s Computer System; or
		(2	)	an Electronic Communication System.
		Audit Expenses means reasonable expenses incurred by the Assured with the Company’s prior written
		consent, which shall not be unreasonably withheld, for audits or examinations required by any
		governmental regulatory authority or self-regulatory organization to be conducted by such authority,
		organization, or their appointee. Audit Expense shall not include the Assured’s internal corporate costs
		(such as salaries), attorneys’ fees, or expenses incurred by any customer.
		Certificate of Deposit means an acknowledgment in writing by a financial institution of receipt of
		Money with an engagement to repay it.
		Certificated Security means a share, participation or other interest in property of the issuer, or an
		enterprise of the issuer, or an obligation of the issuer, which is:
		(1	)	represented by an instrument issued in bearer or registered form;
		(2	)	of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in
				which it is issued or dealt in as a medium for investment; and
		(3	)	either one of a class or series or by its terms divisible into a class or series of shares, participations,
				interests or obligations.

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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;

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(4	)	provided by an employment contractor while in the regular service of an Assured in the ordinary
		course of such Assured’s business under the Assured’s supervision at any of the Assured’s
		premises;
(5	)	employee of the Assured’s contracted:
		a.	investment advisor;
		b.	underwriter (distributor);
		c.	transfer agent;
		d.	shareholder accounting record-keeper; or
		e.	fund administrator,
		while performing acts for the Assured in the capacity of an Employee;
(6	)	attorney of a law firm retained by the Assured while performing legal services for the Assured; or
(7	)	Processor, but only while such Processor is performing services and not:
		a.	creating, preparing, modifying, or maintaining the Assured’s computer applications or software
			programs; or
		b.	acting as a transfer agent or in any other agency capacity in issuing checks, drafts, or securities for
			the Assured.
Each employer of persons as set forth in (6) and (7) of this definition and the partners, officers, and other
employees of such employers shall collectively be deemed to be one person for the purpose of the definition
of Single Loss and in the event of payment under this Bond, the Company shall be subrogated to the
Assured’s rights of recovery, as stated in Section 12., Subrogation – Assignment – Recovery, of the
Conditions and Limitations, against any such employer.
Employee does not include:
(1	)	any employee of a fund administrator for any employee benefit plan; or
(2	)	any employee of a transfer agent, shareholder accounting record-keeper, or fund administrator which
		is:
		a.	not an “affiliated person” (as defined in Section 2(a) of the Investment Company Act of 1940) of an
			Assured or of the investment advisor or underwriter (distributor) of such Assured; or
		b.	a “bank” (as defined in Section 2(a) of the Investment Company Act of 1940).
Evidence of Debt means an instrument, including a Negotiable Instrument, executed by a Customer
and held by the Assured, which in the regular course of business is treated as evidencing the Customer’s
debt to the Assured.
Forgery means:
(1	)	affixing the handwritten signature, or a reproduction of the handwritten signature, of another natural
		person without authorization and with the intent to deceive; or
(2	)	affixing the name of an organization as an endorsement to a check without authority and with the intent
		to deceive,
provided that a signature which consists in whole or in part of one’s own name signed with or without
authority, in any capacity, for any purpose is not a Forgery.
Initial Transaction Statement means the first written statement signed by or on behalf of the issuer of
an Uncertificated Security sent to the registered owner or registered pledgee containing:

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(1	)	a description of the issue of which the Uncertificated Security is a part;
(2	)	the number of shares or units transferred to the registered owner, pledged by the registered owner to
		the registered pledgee, or released from pledge by the registered pledgee;
(3	)	the name, address and taxpayer identification number, if any, of the registered owner and registered
		pledgee; and
(4	)	the date the transfer, pledge or release was registered.
Instruction means a written order to the issuer of an Uncertificated Security requesting that the
transfer, pledge or release from pledge of the specified Uncertificated Security be registered.
Investment Company means any entity registered under the Investment Company Act of 1940.
Items of Deposit means one or more checks or drafts drawn upon a financial institution in the United
States of America.
Larceny or Embezzlement means larceny and embezzlement as defined under Section 37 of the
Investment Company Act of 1940.
Letter of Credit means an engagement in writing by a bank or other person made at the request of a
customer that the bank or other person will honor drafts or other demands for payment in compliance with
the conditions specified in the engagement.
Money means a medium of exchange in current use authorized or adopted by a domestic or foreign
government as part of its currency.
Negotiable Instrument means any writing:
(1	)	signed by the maker or drawer;
(2	)	containing an unconditional promise or order to pay a sum certain in Money and no other promise,
		order, obligation or power given by the maker or drawer;
(3	)	payable on demand or at a definite time; and
(4	)	payable to order or bearer.
Negotiable Instrument includes a substitute check as defined in the Check Clearing for the 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.

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		Securities means either Certificated Securities or Uncertificated Securities.
		Single Loss means all covered loss, court costs, and attorneys’ fees resulting from:
		(1	)	any one act of burglary, robbery or attempt at either, in which no Employee is implicated;
		(2	)	any one act or series of related acts on the part of any natural person resulting in the damage,
				destruction, or misplacement of Property;
		(3	)	all acts other than those specified in (1) and (2) of this definition, caused by any natural person or in
				which such natural person is implicated; or
		(4	)	any one event not specified in (1), (2) or (3) of this definition.
		Transportation Company means any organization which provides its own or its leased vehicles for
		transportation or which provides freight forwarding or air express services.
		Uncertificated Security means a share, participation or other interest in property of the issuer, or an
		enterprise of the issuer, or an obligation of the issuer, which is:
		(1	)	not represented by an instrument and the transfer of which is registered on books maintained for that
				purpose by or on behalf of the issuer;
		(2	)	of a type commonly dealt in on securities exchanges or markets; and
		(3	)	either one of a class or series or by its terms divisible into a class or series of shares, participations,
				interests or obligations.
		Voice Initiated Funds Transfer Instruction means those oral instructions which authorize the
		transfer of Money in a Customer’s account, or of a Customer’s Securities, and which are:
		(1	)	made over a telecommunications device; and
		(2	)	directed to those natural persons specifically authorized to receive such instructions by such
				telecommunications device.
		Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a
		Customer authorizing the Assured to debit the Customer’s account in the amount of funds stated
		therein.
		Written means expressed through letters or marks placed upon paper and visible to the eye.
		For the purposes of these definitions, the singular includes the plural and the plural includes the singular,
		unless otherwise indicated.

IV.		EXCLUSIONS
1	.	General Exclusions – Applicable To All Insuring Clauses
		This Bond does not cover loss resulting directly or indirectly from:
		a.		riot or civil commotion outside the United States of America and Canada, or any loss due to military,
				naval or usurped power, war or insurrection. This Exclusion 1.a., however, shall not apply to loss which
				occurs in transit in the circumstances recited in Insuring Clause 3, provided that when such transit was
				initiated there was no knowledge on the part of any person acting for the Assured of such riot, civil
				commotion, military, naval or usurped power, war or insurrection;
		b.		the effects of nuclear fission or fusion, radioactivity, or chemical or biological contamination;
		c.		the loss of potential income. This Exclusion 1.c., however, shall not apply to interest and dividends
				accrued to the benefit of the Assured or any Customer prior to the discovery of a covered loss,
				whether or not such accrued interest or dividends have been paid into the account of such Assured or
				Customer as of the discovery of such covered loss;

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

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		p.	costs or expenses incurred to identify or remediate application or software program errors or
			vulnerabilities, or costs to update, replace, restore, upgrade, maintain, or improve a Computer
			System;
		q.	costs or expenses incurred to replace, restore, recreate, collect, or recover any application or software
			program; or
		r.	Cryptocurrency.
2	.	Specific Exclusions – Applicable To All Insuring Clauses Except Insuring Clause 1
		This Bond does not cover loss resulting directly or indirectly from:
		a.	the acts of an Employee, except for loss covered under:
			(1	)	Insuring Clause 2 or 3 which results directly from misplacement, mysterious unexplainable
					disappearance, or damage or destruction of Property; or
			(2	)	Insuring Clause 11;
		b.	the surrender of a ransom or extortion payment away from the Assured’s premises as a result of a
			threat to do bodily harm to any person, or to do damage to the premises or Property of the Assured,
			except for loss covered under Insuring Clause 3.b.;
		c.	payments made or withdrawals from any account involving erroneous credits to such account, unless
			such payments or withdrawals are physically received by such depositor or representative of such
			depositor who is within the premises of the Assured at the time of such payment or withdrawal;
		d.	any Uncertificated Security, except for loss covered under Insuring Clause 7;
		e.	the loss of Property while:
			(1	)	in the mail;
			(2	)	in the custody of a Transportation Company, except for loss covered under Insuring Clause 3;
					or
			(3	)	located on the premises of an armored motor vehicle operator;
		f.	damages resulting from any civil, criminal or other legal proceeding in which the Assured is
			adjudicated to have engaged in Racketeering activity;
		g.	the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay
			or deliver funds or Property to the Assured, except for loss of Securities covered under Insuring
			Clause 2;
		h.	instructions issued by a Customer to the Assured when such instructions are made, sent, or
			originated by a natural person authorized by the Customer to make, send, or originate any
			instructions;
		i.	the use of credit, debit, charge, access, convenience, identification, cash management, or other cards
			whether such cards were issued, or purport to have been issued, by the Assured or by any entity other
			than the Assured;
		j.	Items of Deposit which are not finally paid for any reason including, but not limited to, Forgery or
			any other fraud, except for loss covered under Insuring Clause 10;
		k.	the acts of any agent, broker, factor, commission merchant, independent contractor, intermediary,
			finder, or other representative of the same general character of the Assured; or
		l.	the acts of any employee, agent, broker, factor, commission merchant, independent contractor,
			intermediary, finder, or other representative of the same general character of any third party, while
			conducting business with the Assured on behalf of such third party.

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3	.	Specific Exclusions – Applicable To All Insuring Clauses Except Insuring Clauses 1, 4, and 5
		This Bond does not cover loss resulting directly or indirectly from:
		a.	the complete or partial non-payment of or default on any loan whether such loan was procured in good
			faith or through trick, artifice, fraud, or false pretenses, except for loss covered under Insuring Clause
			7	;
		b.	any Forgery or any alteration, except for loss covered under Insuring Clause 7; or
		c.	any counterfeit, except for loss covered under Insuring Clause 6.
4	.	Specific Exclusions – Applicable To Insuring Clause 7
		This Bond does not cover loss resulting directly or indirectly from:
		a.	any transfer, payment, or delivery of Money or Securities:
			(1	)	authorized by an Employee; or
			(2	)	arising out of any misrepresentation received by any Employee, agent, broker, factor, commission
					merchant, independent contractor, intermediary, finder, or other representative of the same
					general character of the Assured,
			whether such transfer, payment, or delivery was made in good faith or as a result of trick, artifice, fraud,
			or false pretenses;
		b.	forged, altered or fraudulent Negotiable Instruments, Securities, documents or written
			instruments used as source documentation for input into a Computer System;
		c.	any investment in Securities, or ownership in any corporation, partnership, real property, commodity
			or similar instrument, whether or not such investment is genuine or fraudulent;
		d.	mechanical failure, faulty construction, error in design, latent defect, wear and tear, gradual
			deterioration, electrical disturbance, the Assured’s Network failure or breakdown, any malfunction
			or error in programming, or error or omission in processing;
		e.	entries or changes made by a natural person with authorized access to the Assured’s Network who
			acts in good faith on instructions, unless such instructions are given to that person by a software
			contractor or its partner, officer, or employee authorized to design, develop, prepare, supply, service,
			write or implement programs for the Assured’s Network; or
		f.	entries or changes made at an Electronic Funds Transfer System or a Customer
			Communication System by a:
			(1	)	Customer; or
			(2	)	natural person with authorized access to the Customer’s authentication credentials or
					mechanism.
5	.	Specific Exclusions – Applicable To Insuring Clause 11
		This Bond does not cover loss resulting directly or indirectly from any Voice Initiated Transfer
		Instruction from a:
			(1	)	Customer; or
			(2	)	natural person with authorized access to the Customer’s verification credentials or mechanism.

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V.			CONDITIONS AND LIMITATIONS
	1	.	Anti-Bundling
			If any Insuring Clause requires that an enumerated type of document be fraudulently materially altered or
			a Counterfeit Original, or contain a signature which is a Forgery or obtained through trick, artifice,
			fraud, or false pretenses, the material alteration or Counterfeit Original or fraudulent signature must be
			on or of the enumerated document itself not on or of some other document submitted with, accompanying
			or incorporated by reference into the enumerated document.
	2	.	Change Or Modification
			No change in or modification of this Bond shall be effective except when made by written endorsement to
			this Bond signed by an authorized representative of the Company.
			If this Bond is for a sole Assured, no change or modification which would adversely affect the rights of the
			Assured shall be effective prior to sixty (60) days after written notice has been furnished by the acting
			party to the U.S. Securities and Exchange Commission.
			If this Bond is for joint Assureds, no change or modification which would adversely affect the rights of any
			Assured shall be effective prior to sixty (60) days after written notice has been furnished by the Company
			to all Assureds and to the U.S. Securities and Exchange Commission.
	3	.	Conformity
			If any time period limitation within this Bond is prohibited by any law controlling this Bond’s construction,
			such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided
			by such law.
	4	.	Cooperation Of Assured
			At the Company’s request and at reasonable times and places designated by the Company, the Assured
			shall:
			a.	submit to examination by the Company and subscribe to the same under oath;
			b.	produce for the Company’s examination all pertinent records; and
			c.	cooperate with the Company in all matters pertaining to the loss.
			The Assured shall execute all papers and render all assistance to secure to the Company the rights and
			causes of action provided for under this Bond. The Assured shall do nothing after discovery of any loss to
			prejudice such rights or causes of action.
	5	.	Covered Property
			This Bond shall apply to loss of Property:
			a.	owned by the Assured;
			b.	held by the Assured in any capacity; or
			c.	for which the Assured is legally liable.
			This Bond shall be for the sole use and benefit of the Assured.
	6	.	Deductible Amount
			The Company shall be liable under this Bond only for the amount by which any Single Loss is greater than
			the applicable Deductible Amount as stated in Item 2 of the Declarations.
			There shall be no deductible applicable to any loss sustained by any Assured and covered under Insuring
			Clause 1.

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7	.	Discovery
		This Bond applies only to loss first discovered by a Director during the Bond Period. Discovery occurs at
		the earlier of a Director learning of:
		a.	facts which may subsequently result in a loss of a type covered by this Bond; or
		b.	an actual or potential claim in which it is alleged that the Assured is liable to a third party,
		regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of
		loss does not exceed the applicable Deductible Amount, or the exact amount or details of loss may not then
		be known.
8	.	Limit Of Liability
		The payment of any loss under this Bond shall not reduce the liability of the Company for other losses
		whenever sustained, provided that:
		a.	the Company’s liability for each Single Loss shall not exceed the applicable Single Loss Limit Of
			Liability as stated in Item 2 of the Declarations or as set forth under General Agreement 1, and shall not
			be cumulative in amounts from year to year or from Bond Period to Bond Period;
		b.	if a Single Loss is covered under more than one Insuring Clause, the maximum payable shall not
			exceed the largest applicable Single Loss Limit Of Liability; and
		c.	the Company’s liability for loss or losses sustained by more than one Assureds, or all Assureds, shall
			not exceed the total amount for which the Company would be liable under this Bond if such loss or
			losses were sustained by any one Assured.
9	.	Notice To Company – Proof – Legal Proceedings Against Company
		a.	The Assured shall give the Company notice at the earliest practicable moment, not to exceed sixty (60)
			days after discovery of a loss, in an amount that is in excess of 50% of the applicable Deductible Amount,
			as stated in Item 2 of the Declarations.
		b.	The Assured shall furnish to the Company proof of loss, duly sworn to, with full particulars, within six
			(6) months after such discovery.
		c.	Certificated Securities listed in a proof of loss shall be identified by certificate or bond numbers, if
			issued with them.
		d.	Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the
			expiration of sixty (60) days after the proof of loss is filed with the Company or after the expiration of
			twenty-four (24) months from the discovery of such loss.
		e.	This Bond affords coverage only in favor of the Assured. No claim, suit, action or legal proceeding
			shall be brought under the Bond by anyone other than the Assured.
		f.	All such notices shall be given in writing to one of the following addresses:
			(1	)	[email protected]; or
			(2	)	Attn: Chubb Claims Department
					Chubb
					P.O. Box 5122
					Scranton, PA 18505
		g.	All other notices to the Company under this Bond shall be given in writing to the following address:
			(1	)	[email protected]; or

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)

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		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


AMEND DEFINITION OF EMPLOYEE (CONSULTANT) ENDORSEMENT

Named Assured		Endorsement Number
FS KKR CAPITAL CORP.		1
Bond Number	Bond Period	Effective Date of Endorsement
J06015712	11-03-2025 to 11-03-2026	November 3, 2025
Issued By
Federal Insurance Company


THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.

In consideration of the premium charged, it is agreed that this Bond is amended as follows:

(1) The definition of Employee is amended to include a natural person consultant retained by the Assured and
an employee of such consultant while either is performing consulting services for the Assured pursuant to a
written contract.

(2) Each employer of persons as set forth above 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.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.


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


PF-51444 (06/19)	Page 1 of 1
	283261


AMEND DEFINITION OF EMPLOYEE (LEASED SERVICES) ENDORSEMENT

Named Assured				Endorsement Number
FS KKR CAPITAL CORP.				2
Bond Number	Bond Period			Effective Date of Endorsement
J06015712	11-03-2025	to	11-03-2026	November 3, 2025
Issued By
Federal Insurance Company

THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.

In consideration of the premium charged, it is agreed that this Bond is amended by adding the following to the
definition of Employee:


(8) whose services are leased by the Assured while in the regular service of an Assured in the ordinary course of
such Assured’s business.


The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.


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

PF-51446 (02/19)

Page 1 of 1


FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT

Named Assured							Endorsement Number
FS KKR CAPITAL CORP.							3
Bond Number				Bond Period			Effective Date of Endorsement
J06015712				11-03-2025	to 11-03-2026		November 3, 2025
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			$	2,500,000		$	25,000
(2) The following Insuring Clause is added:
14. Fraudulent Transfer Instruction
Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or
Securities in reliance upon a Transfer Instruction that purports, and reasonably appears, to have
originated from:
a.	the Customer;
b.	an Employee acting on instructions of such Customer; or
c.	a financial institution acting on behalf of such Customer with authority to make such instructions,
but which Transfer Instruction was, in fact, fraudulently issued without the knowledge of the Assured,
Employee, or Customer.
As a condition precedent to coverage under this Insuring Clause 14, the:
	i.	sender of the Transfer Instruction must have authenticated such Transfer Instruction with the
		Customer’s authentication credentials or mechanism;
	ii.	Employee acting on the Transfer Instruction must obtain Verification prior to any single
		transfer, payment, or delivery of funds in excess of the Deductible Amount set forth in Paragraph (1)
		of this Endorsement; and
	iii.	Assured shall assert any available claims, offsets, or defenses against such Customer, any financial
		institution, or any other party to the transaction.
(3) The Definition of Customer is deleted and replaced with the following:
Customer means any shareholder of an Assured which has a written agreement with the Assured to
transfer such shareholder’s Money or Securities through a Voice Initiated Funds Transfer
Instruction or a Transfer Instruction.

PF-52913 (08/21)

Page 1 of 2


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

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

PF-52913 (08/21)

Page 2 of 2


SCHEDULE OF OTHER ASSUREDS ENDORSEMENT

Named Assured				Endorsement Number
FS KKR CAPITAL CORP.				4
Bond Number	Bond Period			Effective Date of Endorsement
J06015712	11-03-2025	to	11-03-2026	11-03-2025
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:
FS KKR Capital Corp.
FS KKR Capital Corp. II
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.

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

PF-52916 (08/21)

Page 1 of 1


	STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT
Named Assured							Endorsement Number
FS KKR CAPITAL CORP.							5
Bond Number			Bond Period				Effective Date of Endorsement
J06015712			11-03-2025	to	11-03-2026		November 3, 2025
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
Stop Payment Order		$	25,000			$	1,000
(2) The following Insuring Clause is added:
Stop Payment Order or Refusal to Pay Check
Loss resulting directly from the Assured being legally liable to pay compensatory damages for:
a.	complying or failing to comply with notice from any Customer or any authorized representative of any
	Customer, to stop payment on any check or draft made or drawn upon or against the Assured by such
	Customer or by any authorized representative of such Customer; or
b.	refusing to pay any check or draft made or drawn upon or against the Assured by any Customer or by
	any authorized representative of such Customer.
(3) The following Exclusions shall apply:
This Bond does not cover loss resulting directly or indirectly from:
a.	libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious
	prosecution, assault, or battery;
b.	sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person;
	or
c.	discrimination.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.

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

PF-52917 (08/21)

Page 1 of 1


UNAUTHORIZED SIGNATURE ENDORSEMENT

Named Assured						Endorsement Number
FS KKR CAPITAL CORP.						6
Bond Number		Bond Period				Effective Date of Endorsement
J06015712		11-03-2025	to	11-03-2026		11-03-2025
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
Unauthorized Signature	$	100,000			$	5,000
(2) The following Insuring Clause is added:
Unauthorized Signature
Loss resulting directly from the Assured having accepted, paid, or cashed any check or Withdrawal Order
made or drawn on or against the account of a Customer, which bears the signature or endorsement of one
other than a person whose name and signature is on file with the Assured as signatory on such account.
As a condition precedent to coverage under this Insuring Clause, the Assured shall have on file signatures of
all persons who are signatories on such account.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.

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

PF-52918 (08/21)

Page 1 of 1

JOINT INSURED BOND ALLOCATION AGREEMENT

THIS JOINT INSURED BOND ALLOCATION AGREEMENT (this “Agreement”), effective as of the 3^rd day of November, 2025, by and among FS KKR Capital Corp. (the “Fund”), a business development company regulated under the Investment Company Act of 1940, as amended (the “1940 Act”), FS/KKR Advisor, LLC, an investment adviser registered with the Securities and Exchange Commission (the “SEC”), which provides investment management services to the Fund, and each subsidiary of the Fund now or hereafter named as an insured in the Bond (as defined below) (collectively, the “Insureds”).

WHEREAS, pursuant to the requirements of Section 17(g) of the 1940 Act and Rule 17g-1 promulgated thereunder (“Rule 17g-1”), the Fund is required to maintain a bond issued by a reputable fidelity insurance company, authorized to do business in the place where the bond is issued, against larceny and embezzlement, covering certain officers and employees of the Fund; and

WHEREAS, the Insureds have entered into a joint insured bond with the Chubb Group of Insurance Companies, in accordance with Rule 17g-1 (such joint insured bond as it is currently executed and as it may be amended from time to time, hereinafter, the “Bond”); and

WHEREAS, the Insureds, in order to be covered jointly under the Bond, are required by Rule 17g-1 to be parties to an agreement that establishes the criteria by which the premiums and any recoveries under the Bond shall be allocated among them.

NOW, THEREFORE, it is agreed as follows:

Amount of Coverage Maintained. The amount of fidelity coverage under the Bond shall at all times be at least equal to the sum of: (a) the total amount of coverage that the Fund would have been required to provide and maintain individually pursuant to the schedule set forth in paragraph (d)(1) of Rule 17g-1 had the Fund not been a named insured under the Bond, plus (b) the amount of each bond which each other named insured would have been required to provide and maintain pursuant to federal statutes or regulations had it not been named as an insured under the Bond (such amounts, respectively, the “minimum coverage requirement” for each Insured). In addition, a priority layer equal to the total amount of coverage that the Fund would have been required to provide and maintain individually pursuant to the schedule set forth in paragraph (d)(1) of Rule 17g-1 had the Fund not been a named insured under the Bond shall be designated for the Fund and its wholly owned subsidiaries only (whether now or hereafter in existence). The amount of fidelity coverage under the Bond shall be approved not less than every twelve months by the Board of Directors of the Fund, including a majority of those directors who are not “interested persons” of the Fund, as defined by Section 2(a)(19) of the 1940 Act (the “Independent Directors”).

Allocation of Recovery. In the event an actual pecuniary loss is suffered by any two or more of the Insureds under circumstances covered by the Bond, any recovery under the Bond shall be allocated among such Insureds as follows:

If the total amount of coverage provided under the Bond exceeds or is equal to the amount of the combined total loss suffered by the Insureds suffering the loss, then each such Insured shall be entitled to recover the amount of its actual loss.

If the amount of loss suffered by each Insured suffering loss exceeds its minimum coverage requirement as set forth in Section 1 hereof and the amount of such Insureds’ combined actual losses exceeds the total amount of coverage under the Bond, then each such Insured shall be entitled to recover (i) its minimum coverage requirement, and (ii) to the extent there exists any excess coverage, the proportion of such excess coverage that its minimum coverage requirement bears to the amount of the combined minimum coverage requirements of the Insureds suffering actual loss; provided, however, that if the actual loss of any such Insureds is less than the sum of (i) and (ii) above, then such difference shall be recoverable by the other Insured or Insureds in proportion to their minimum coverage requirements.

If (i) the amount of actual loss suffered by any Insured is less than or equal to its minimum coverage requirement, (ii) the amount of actual loss of another Insured or other Insureds exceeds its or their minimum coverage requirements, and (iii) the amount of the combined actual losses of the Insureds exceeds the total amount of coverage provided under the Bond, then any Insured that has suffered an amount of actual loss less than or equal to its minimum coverage requirement shall be entitled to recover its actual loss. If only one other Insured has suffered actual loss, it shall be entitled to recover the remainder of the coverage under the Bond. If more than one Insured has suffered actual loss in excess of the remaining coverage, then they shall allocate such remaining amount of coverage in accordance with paragraph (b) of this section 2.

Allocation of Premiums. No premium shall be paid under the Bond unless the Board of Directors of the Fund, including a majority of the Independent Directors, shall approve the portion of the premium to be paid by the Fund. The premium payable on the Bond shall be allocated between the Insureds as determined in the sole discretion of the Board of Directors of the Fund.

Amendment. This Agreement may not be modified or amended in any manner except by written agreement executed by the parties hereto.

Filing with the Commission. A copy of this Agreement, and any amendment thereto, shall be filed with the SEC within 10 days after receipt by the Fund of an executed copy of the Bond.

Governing Law. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York.

[Remainder of page intentionally blank]

IN WITNESS WHEREOF, the Insureds have caused this Agreement to be executed as of the day and year first written above.

FS KKR Capital Corp., on behalf of itself and its subsidiaries

	/s/ Stephen S. Sypherd
	Name:	Stephen S. Sypherd
	Title:	General Counsel

FS/KKR ADVISOR, LLC

	/s/ Stephen Sypherd
	Name:	Stephen S. Sypherd
	Title:	General Counsel

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Recent Analyst Ratings for

$FSK

Date	Price Target	Rating	Analyst
10/6/2025	$15.00	Underweight → Equal Weight	Wells Fargo
5/13/2025	$19.00	Neutral	B. Riley Securities
3/17/2025	$21.00 → $19.00	Equal Weight → Underweight	Wells Fargo
12/11/2024	$21.50	Buy → Neutral	B. Riley Securities
12/2/2024	$21.00	Overweight → Equal Weight	Wells Fargo
5/29/2024	$19.00 → $21.00	Equal Weight → Overweight	Wells Fargo
2/28/2024	$20.00	Outperform → Market Perform	Hovde Group
2/27/2024	$21.50 → $19.50	Buy → Neutral	Compass Point

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SEC Form 40-17G filed by FS KKR Capital Corp.

11/6/25 4:04:19 PM ET

$FSK

Investment Managers

Finance

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40-17G 1 tm2530348d1_4017g.htm 40-17G

November 6, 2025

VIA EDGAR

United States Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Re:	FS KKR Capital Corp. File No. 814-00757

Ladies and Gentlemen:

A copy of the Company’s Fidelity Bond in the amount of $2,500,000 (the “Bond”);

A copy of the Joint Insured Bond Allocation Agreement, effective November 3, 2025, pursuant to Rule 17g-1(f) under the 1940 Act.

The premium was paid for the period beginning November 3, 2025 and ending November 3, 2026.

If you have any questions regarding this submission, please do not hesitate to call me at (215) 495-1150.

Sincerely,

/s/ Stephen S. Sypherd

Stephen S. Sypherd

General Counsel

FS KKR CAPITAL CORP.

Approval of fidelity bond and joint insured bond allocation agreement


							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
FS KKR CAPITAL CORP.							One American Square 202 N Illinois Street,
Address of Assured:							Suite 2600
201 ROUSE BOULEVARD							Indianapolis, IN 46282
PHILADELPHIA, PA 19112							Bond Number: J06015712

THIS IS NONPARTICIPATING WITH REGARD TO PAYING DIVIDENDS TO BONDHOLDERS.
Item 1.	Bond Period:			From:	November 3, 2025
				To:	November 3, 2026
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			$	2,500,000	$	25,000
	2	.	On Premises			$	2,500,000	$	25,000
	3	.	In Transit			$	2,500,000	$	25,000
	4	.	Forgery Or Alteration			$	2,500,000	$	25,000
	5	.	Extended Forgery			$	2,500,000	$	25,000
	6	.	Counterfeit Money			$	2,500,000	$	25,000
	7	.	Computer System Fraud			$	2,500,000	$	25,000
	8	.	Claims Expense			$	100,000	$	5,000
	9	.	Audit Expense			$	100,000	$	5,000
	10. Uncollectible Items Of Deposit					$	2,500,000	$	25,000
	11	.	Voice Initiated Funds Transfer			$	2,500,000	$	25,000
			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

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 [email protected] and to view
our full suite of loss prevention brochures/services go to www.chubb.com/us/fl-lossprevention

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

•	*Directors and Officers Liability Loss Prevention* Manuals:
	Directors and Officers Liability Loss Preventions – #14-01-0035
	Directors and Officers Securities Litigation Loss Preventions – #14-01-0448
	Director Liability Loss Prevention in Mergers and Acquisitions – #14-01-1099
	Directors and Officers Liability Loss Prevention for Not-for-Profit- -#14-01-0036
	Cyber Loss Mitigation for Directors -#14-01-1199

Employment Practices Liability (EPL) Loss Prevention Services

•	Toll-free Hot Line
	Have a question on how to handle an employment situation? Simply call 1.888.249.8425 to access
	the nationally known employment law firm of Jackson Lewis P.C. We offer customers an unlimited
	number of calls to the hot line at no additional charge.
•	ChubbWorks.com
	ChubbWorks.com is a web-based platform that offers multiple services including overviews of
	employment laws, sample employment policies and procedures, and on-line training. To gain
	immediate access to ChubbWorks go to www.chubbworks.com and register using your policy
	number.
•	*Employment Practices Loss Prevention Guidelines* Manual
	Employment Practices Loss Prevention Guidelines - #14-01-0061
•	Loss Prevention Consultant Services
	Chubb has developed a network of more than 120 law firms, human resources consulting firms, and
	labor economist/statistical firms that offer specialized services for employment issues.
•	Public Company EPL Customers
	Employment Practices Loss Prevention Guidelines – Written by Seyfarth Shaw exclusively for
	Chubb this manual provides an overview of key employment issues faced by for-profit companies
	and offers proactive idea for avoiding employment lawsuits.
•	Private Company EPL Customers
	Employment Practices Loss Prevention Guidelines – Written by Seyfarth Shaw exclusively for
	Chubb this manual provides an overview of key employment issues for –profit companies and offers
	proactive idea for avoiding employment lawsuits.

14-02-23030 (05/2018)

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

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:

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						Financial Institution Bond
						For Investment Companies


			(1	)	Negotiable Instrument (other than an Evidence of Debt);
			(2	)	Acceptance;
			(3	)	Withdrawal Order or receipt for the withdrawal of Property;
			(4	)	Certificate of Deposit;
			(5	)	Letter of Credit; or
			(6	)	instruction or advice directed to the Assured and purportedly signed by any Customer, any
					financial institution, or any Employee,
			which
					i.	bears a Forgery; or
					ii.	is fraudulently materially altered.
		For the purpose of this Insuring Clause 4, a reproduction of a handwritten signature is treated the same as
		the handwritten signature. An electronic or digital signature is not treated as a reproduction of a
		handwritten signature.
5	.	Extended Forgery
		Loss resulting directly from the Assured having, in good faith, for its own account or the account of others:
		a.	acquired, sold or delivered, given value, extended credit or assumed liability in reliance on any Written
			and Original:
			(1	)	Certificated Security;
			(2	)	deed, mortgage or other instrument conveying title to, or creating or discharging a lien on, real
					property;
			(3	)	Evidence of Debt; or
			(4	)	Instruction,
			which
					i.	bears a Forgery, but only to the extent the Forgery directly causes the loss;
					ii.	is fraudulently materially altered, but only to the extent the alteration directly causes the loss;
						or
					iii.	is lost or stolen;
		b.	guaranteed in writing or witnessed any signature on any:
			(1	)	transfer;
			(2	)	assignment;
			(3	)	bill of sale;
			(4	)	power of attorney; or
			(5	)	endorsement upon any item listed in a.(1) through a.(4) above,
			but only to the extent that such guarantee or signature directly causes the loss; or
		c.	acquired, sold or delivered, or given value, extended credit or assumed liability in reliance on any item
			listed in a.(1) or a.(2) above which is a Counterfeit Original, but only to the extent the Counterfeit
			Original directly causes the loss.

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			Financial Institution Bond
			For Investment Companies


		Actual physical possession, and continued actual physical possession if taken as collateral, of the items
		listed in a.(1) through a.(4) above by an Employee, Custodian, or a federal or state chartered deposit
		institution of the Assured is a condition precedent to the Assured having relied on such items. Release
		or return of such collateral is an acknowledgment by the Assured that it no longer relies on such collateral.
		For the purpose of this Insuring Clause 5, a reproduction of a handwritten signature is treated the same as
		the handwritten signature. An electronic or digital signature is not treated as a reproduction of a
		handwritten signature.
6	.	Counterfeit Money
		Loss resulting directly from the receipt by the Assured in good faith of counterfeit Money.
7	.	Computer System Fraud
		Loss resulting directly from the:
		a.	withdrawal, transfer, payment, or delivery of Property; or
		b.	creation, deletion, debiting, or crediting of an account of the Assured or Customer,
		which results directly from a Network Intrusion.
8	.	Claims Expense
		Claims Expenses incurred by the Assured in determining the amount of covered loss under this Bond
		in excess of the applicable Deductible Amount.
9	.	Audit Expense
		Audit Expenses incurred by the Assured by reason of the discovery of loss covered under Insuring
		Clause 1.
10	.	Uncollectible Items Of Deposit
		Loss resulting directly from the Assured having credited an account of a customer, shareholder, or
		subscriber on the faith of any Items of Deposit which prove to be uncollectible, provided that the crediting
		of such account causes:
		a.	redemptions or withdrawals to be permitted;
		b.	shares to be issued; or
		c.	dividends to be paid,
		from an account of an Assured.
		As a condition precedent to coverage under this Insuring Clause 10, the Assured must hold Items of
		Deposit for the minimum number of days stated in the Application before permitting any redemptions or
		withdrawals, issuing any shares, or paying any dividends with respect to such Items of Deposit.
		Items of Deposit shall not be deemed uncollectible until the Assured’s standard collection procedures
		have failed.
11	.	Voice Initiated Funds Transfer Instruction
		Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or
		Securities in reliance upon any Voice Initiated Funds Transfer Instruction that purports, and
		reasonably appears, to have originated from:
		a.	the Customer;
		b.	an Employee acting on instructions of such Customer; or

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				Financial Institution Bond
				For Investment Companies



			c.	a financial institution acting on behalf of such Customer with authority to make such instructions,

			but which Voice Initiated Funds Transfer Instruction was, in fact, fraudulently issued without the
			knowledge of the Assured, Employee, or Customer.

			As a condition precedent to coverage under this Insuring Clause 11, the Voice Initiated Funds Transfer
			Instruction must be received and processed in accordance with the Designated Procedures as outlined in
			the Application furnished to the Company.


II.			GENERAL AGREEMENTS

	1	.	Automatic Increase – Limit Of Liability

			If, during the Bond Period, an increase in the minimum amount of the Single Loss Limit Of Liability
			applicable to Insuring Clause 1 is required pursuant to Rule 17g-1 of the Investment Company Act of 1940,
			as a result of:

			a.	the creation of a new Investment Company; or

			b.	an increase in the gross assets of Investment Companies covered under the Bond,

			then the minimum required increase in the amount of the Single Loss Limit Of Liability applicable to
			Insuring Clause 1 shall take place automatically for the remainder of the Bond Period without payment of
			an additional premium.

	2	.	Joint Assured

			The first named Assured shall be deemed to be the sole agent of the other Assureds for all purposes
			under this Bond, including but not limited to the giving or receiving of any notice or proof required to be
			given and for the purpose of effecting or accepting any amendments to or termination of this Bond.

			If the first named Assured ceases for any reason to be covered under this Bond, then the Assured next
			named on the Application shall thereafter be considered as the first named Assured for the purposes of
			this Bond.

			The Company shall furnish each Assured with a copy of the Bond and with any amendment thereto,
			together with a copy of each formal filing of claim by any other Assured and notification of the terms of
			the settlement of each such claim prior to the execution of such settlement.

			Knowledge possessed or discovery made by any Assured shall constitute knowledge possessed or discovery
			made by all of the Assureds for the purposes of this Bond.

			All loss and other payments, if any, payable by the Company, shall be payable to the first named Assured
			without regard to such Assured’s obligations to others, and the Company shall not be responsible for the
			application by the first named Assured of any payment made by the Company. If the Company agrees to
			and makes payment to any Assured other than the first named Assured, such payment shall be treated
			as though made to the first named Assured.

			The Company shall not be liable for loss sustained by one Assured to the advantage of any other Assured.

	3	.	Notice To Company Of Legal Proceedings Against Assured – Election To Defend

			The Assured shall promptly give notice to the Company of any legal proceeding brought to determine the
			Assured’s liability for any loss, claim or damage which, if established, would constitute a collectible loss
			under this Bond. Concurrent with such notice, and as requested thereafter, the Assured shall furnish
			copies of all pleadings and pertinent papers to the Company.

			The Company may, at its sole option, elect to conduct the defense of all or part of such legal proceeding.
			The defense by the Company shall be in the name of the Assured through attorneys selected by the
			Company. The Assured shall provide all reasonable information and assistance as required by the
			Company for such defense.

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				Financial Institution Bond
				For Investment Companies



		If the Company elects to defend all or part of any legal proceeding, the court costs and attorneys’ fees
		incurred by the Company and any settlement or judgment on that part defended by the Company shall be
		a loss under the applicable Insuring Clause of this Bond. In addition, if the amount demanded in the legal
		proceeding is greater than the amount recoverable under this Bond, or if a Deductible Amount is applicable,
		or both, the Company’s liability for court costs and attorneys’ fees incurred in defending all or part of such
		legal proceeding is limited to the proportion of such court costs and attorneys’ fees incurred that the amount
		recoverable under this Bond bears to the total of the amount demanded in such legal proceeding.
		If the Company declines to defend the Assured, no settlement without the prior written consent of the
		Company or judgment against the Assured shall determine the existence, extent or amount of coverage
		under this Bond, and the Company shall not be liable for any costs, fees and expenses incurred by the
		Assured.
4	.	Representations Made By Assured
		The Assured represents that all information it has furnished in the Application for this Bond or otherwise
		is complete, true and correct. Such Application and other information constitute part of this Bond. Any
		intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the
		Application or otherwise, shall be grounds for rescission of this Bond.

III.		DEFINITIONS
		As used in this Bond:
		Acceptance means a draft which the drawee has, by signature written on it, engaged to honor as presented.
		Assured means:
		(1	)	the Investment Company listed under Name of Assured in the Declarations (the “first named
				Assured”); or
		(2	)	any other Investment Company listed in the Application.
		Assured does not include any entity or organization that is not an Investment Company.
		Assured’s Network means:
		(1	)	the Assured’s Computer System; or
		(2	)	an Electronic Communication System.
		Audit Expenses means reasonable expenses incurred by the Assured with the Company’s prior written
		consent, which shall not be unreasonably withheld, for audits or examinations required by any
		governmental regulatory authority or self-regulatory organization to be conducted by such authority,
		organization, or their appointee. Audit Expense shall not include the Assured’s internal corporate costs
		(such as salaries), attorneys’ fees, or expenses incurred by any customer.
		Certificate of Deposit means an acknowledgment in writing by a financial institution of receipt of
		Money with an engagement to repay it.
		Certificated Security means a share, participation or other interest in property of the issuer, or an
		enterprise of the issuer, or an obligation of the issuer, which is:
		(1	)	represented by an instrument issued in bearer or registered form;
		(2	)	of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in
				which it is issued or dealt in as a medium for investment; and
		(3	)	either one of a class or series or by its terms divisible into a class or series of shares, participations,
				interests or obligations.

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		Financial Institution Bond
		For Investment Companies


Claims Expenses means reasonable expenses incurred by the Assured with the Company’s prior written
consent, which shall not be unreasonably withheld, solely for independent firms or individuals retained to
determine the amount of a covered loss. Claims Expenses shall not include the Assured’s internal
corporate costs (such as salaries), attorneys’ fees, or expenses incurred by any customer.
Computer System means a device or group of devices and all input, output, processing, storage, off-line
media libraries (including third-party hosted computing services accessed across the internet, including
infrastructure, platform, and software services), and communication facilities, including related
communications networks, which are connected directly or indirectly to such device or group of devices.
Counterfeit Original means an imitation of an actual valid Original which is intended to deceive and
be taken as the Original.
Cryptocurrency means a digital or electronic medium of exchange, operating independently of a central
bank, in which encryption techniques are used to regulate the generation of units and to verify the transfer
of such units.
Custodian means the institution designated by an Assured to maintain possession and control of its
assets.
Customer means any shareholder of an Assured which has a written agreement with the Assured to
transfer such shareholder’s Money or Securities through a Voice Initiated Funds Transfer
Instruction.
Customer Communication System means an:
(1	)	online portal or mobile application provided by the Assured for purposes of accessing a Customer’s
		account; or
(2	)	electronic mailing system hosted by the Assured or by a third party cloud service provider.
Director means any natural person duly elected or appointed:
(1	)	as an officer of the Assured;
(2	)	to the Assured’s board of directors; or
(3	)	as a trustee of the Assured.
Electronic Communication System means:
(1	)	Fedwire, Clearing House Interbank Payment System (CHIPS), Society for Worldwide Interbank
		Financial Telecommunication (SWIFT), and similar automated interbank communication systems in
		which the Assured participates;
(2	)	Customer Communication System; or
(3	)	any communication system similar to those set forth in (1) and (2) of this definition in which the
		Assured participates,
allowing for the input, output, examination, or transfer of electronic instructions into or from the
Assured’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;

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			Financial Institution Bond
			For Investment Companies


(4	)	provided by an employment contractor while in the regular service of an Assured in the ordinary
		course of such Assured’s business under the Assured’s supervision at any of the Assured’s
		premises;
(5	)	employee of the Assured’s contracted:
		a.	investment advisor;
		b.	underwriter (distributor);
		c.	transfer agent;
		d.	shareholder accounting record-keeper; or
		e.	fund administrator,
		while performing acts for the Assured in the capacity of an Employee;
(6	)	attorney of a law firm retained by the Assured while performing legal services for the Assured; or
(7	)	Processor, but only while such Processor is performing services and not:
		a.	creating, preparing, modifying, or maintaining the Assured’s computer applications or software
			programs; or
		b.	acting as a transfer agent or in any other agency capacity in issuing checks, drafts, or securities for
			the Assured.
Each employer of persons as set forth in (6) and (7) of this definition and the partners, officers, and other
employees of such employers shall collectively be deemed to be one person for the purpose of the definition
of Single Loss and in the event of payment under this Bond, the Company shall be subrogated to the
Assured’s rights of recovery, as stated in Section 12., Subrogation – Assignment – Recovery, of the
Conditions and Limitations, against any such employer.
Employee does not include:
(1	)	any employee of a fund administrator for any employee benefit plan; or
(2	)	any employee of a transfer agent, shareholder accounting record-keeper, or fund administrator which
		is:
		a.	not an “affiliated person” (as defined in Section 2(a) of the Investment Company Act of 1940) of an
			Assured or of the investment advisor or underwriter (distributor) of such Assured; or
		b.	a “bank” (as defined in Section 2(a) of the Investment Company Act of 1940).
Evidence of Debt means an instrument, including a Negotiable Instrument, executed by a Customer
and held by the Assured, which in the regular course of business is treated as evidencing the Customer’s
debt to the Assured.
Forgery means:
(1	)	affixing the handwritten signature, or a reproduction of the handwritten signature, of another natural
		person without authorization and with the intent to deceive; or
(2	)	affixing the name of an organization as an endorsement to a check without authority and with the intent
		to deceive,
provided that a signature which consists in whole or in part of one’s own name signed with or without
authority, in any capacity, for any purpose is not a Forgery.
Initial Transaction Statement means the first written statement signed by or on behalf of the issuer of
an Uncertificated Security sent to the registered owner or registered pledgee containing:

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		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.

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		Securities means either Certificated Securities or Uncertificated Securities.
		Single Loss means all covered loss, court costs, and attorneys’ fees resulting from:
		(1	)	any one act of burglary, robbery or attempt at either, in which no Employee is implicated;
		(2	)	any one act or series of related acts on the part of any natural person resulting in the damage,
				destruction, or misplacement of Property;
		(3	)	all acts other than those specified in (1) and (2) of this definition, caused by any natural person or in
				which such natural person is implicated; or
		(4	)	any one event not specified in (1), (2) or (3) of this definition.
		Transportation Company means any organization which provides its own or its leased vehicles for
		transportation or which provides freight forwarding or air express services.
		Uncertificated Security means a share, participation or other interest in property of the issuer, or an
		enterprise of the issuer, or an obligation of the issuer, which is:
		(1	)	not represented by an instrument and the transfer of which is registered on books maintained for that
				purpose by or on behalf of the issuer;
		(2	)	of a type commonly dealt in on securities exchanges or markets; and
		(3	)	either one of a class or series or by its terms divisible into a class or series of shares, participations,
				interests or obligations.
		Voice Initiated Funds Transfer Instruction means those oral instructions which authorize the
		transfer of Money in a Customer’s account, or of a Customer’s Securities, and which are:
		(1	)	made over a telecommunications device; and
		(2	)	directed to those natural persons specifically authorized to receive such instructions by such
				telecommunications device.
		Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a
		Customer authorizing the Assured to debit the Customer’s account in the amount of funds stated
		therein.
		Written means expressed through letters or marks placed upon paper and visible to the eye.
		For the purposes of these definitions, the singular includes the plural and the plural includes the singular,
		unless otherwise indicated.

IV.		EXCLUSIONS
1	.	General Exclusions – Applicable To All Insuring Clauses
		This Bond does not cover loss resulting directly or indirectly from:
		a.		riot or civil commotion outside the United States of America and Canada, or any loss due to military,
				naval or usurped power, war or insurrection. This Exclusion 1.a., however, shall not apply to loss which
				occurs in transit in the circumstances recited in Insuring Clause 3, provided that when such transit was
				initiated there was no knowledge on the part of any person acting for the Assured of such riot, civil
				commotion, military, naval or usurped power, war or insurrection;
		b.		the effects of nuclear fission or fusion, radioactivity, or chemical or biological contamination;
		c.		the loss of potential income. This Exclusion 1.c., however, shall not apply to interest and dividends
				accrued to the benefit of the Assured or any Customer prior to the discovery of a covered loss,
				whether or not such accrued interest or dividends have been paid into the account of such Assured or
				Customer as of the discovery of such covered loss;

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

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		p.	costs or expenses incurred to identify or remediate application or software program errors or
			vulnerabilities, or costs to update, replace, restore, upgrade, maintain, or improve a Computer
			System;
		q.	costs or expenses incurred to replace, restore, recreate, collect, or recover any application or software
			program; or
		r.	Cryptocurrency.
2	.	Specific Exclusions – Applicable To All Insuring Clauses Except Insuring Clause 1
		This Bond does not cover loss resulting directly or indirectly from:
		a.	the acts of an Employee, except for loss covered under:
			(1	)	Insuring Clause 2 or 3 which results directly from misplacement, mysterious unexplainable
					disappearance, or damage or destruction of Property; or
			(2	)	Insuring Clause 11;
		b.	the surrender of a ransom or extortion payment away from the Assured’s premises as a result of a
			threat to do bodily harm to any person, or to do damage to the premises or Property of the Assured,
			except for loss covered under Insuring Clause 3.b.;
		c.	payments made or withdrawals from any account involving erroneous credits to such account, unless
			such payments or withdrawals are physically received by such depositor or representative of such
			depositor who is within the premises of the Assured at the time of such payment or withdrawal;
		d.	any Uncertificated Security, except for loss covered under Insuring Clause 7;
		e.	the loss of Property while:
			(1	)	in the mail;
			(2	)	in the custody of a Transportation Company, except for loss covered under Insuring Clause 3;
					or
			(3	)	located on the premises of an armored motor vehicle operator;
		f.	damages resulting from any civil, criminal or other legal proceeding in which the Assured is
			adjudicated to have engaged in Racketeering activity;
		g.	the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay
			or deliver funds or Property to the Assured, except for loss of Securities covered under Insuring
			Clause 2;
		h.	instructions issued by a Customer to the Assured when such instructions are made, sent, or
			originated by a natural person authorized by the Customer to make, send, or originate any
			instructions;
		i.	the use of credit, debit, charge, access, convenience, identification, cash management, or other cards
			whether such cards were issued, or purport to have been issued, by the Assured or by any entity other
			than the Assured;
		j.	Items of Deposit which are not finally paid for any reason including, but not limited to, Forgery or
			any other fraud, except for loss covered under Insuring Clause 10;
		k.	the acts of any agent, broker, factor, commission merchant, independent contractor, intermediary,
			finder, or other representative of the same general character of the Assured; or
		l.	the acts of any employee, agent, broker, factor, commission merchant, independent contractor,
			intermediary, finder, or other representative of the same general character of any third party, while
			conducting business with the Assured on behalf of such third party.

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3	.	Specific Exclusions – Applicable To All Insuring Clauses Except Insuring Clauses 1, 4, and 5
		This Bond does not cover loss resulting directly or indirectly from:
		a.	the complete or partial non-payment of or default on any loan whether such loan was procured in good
			faith or through trick, artifice, fraud, or false pretenses, except for loss covered under Insuring Clause
			7	;
		b.	any Forgery or any alteration, except for loss covered under Insuring Clause 7; or
		c.	any counterfeit, except for loss covered under Insuring Clause 6.
4	.	Specific Exclusions – Applicable To Insuring Clause 7
		This Bond does not cover loss resulting directly or indirectly from:
		a.	any transfer, payment, or delivery of Money or Securities:
			(1	)	authorized by an Employee; or
			(2	)	arising out of any misrepresentation received by any Employee, agent, broker, factor, commission
					merchant, independent contractor, intermediary, finder, or other representative of the same
					general character of the Assured,
			whether such transfer, payment, or delivery was made in good faith or as a result of trick, artifice, fraud,
			or false pretenses;
		b.	forged, altered or fraudulent Negotiable Instruments, Securities, documents or written
			instruments used as source documentation for input into a Computer System;
		c.	any investment in Securities, or ownership in any corporation, partnership, real property, commodity
			or similar instrument, whether or not such investment is genuine or fraudulent;
		d.	mechanical failure, faulty construction, error in design, latent defect, wear and tear, gradual
			deterioration, electrical disturbance, the Assured’s Network failure or breakdown, any malfunction
			or error in programming, or error or omission in processing;
		e.	entries or changes made by a natural person with authorized access to the Assured’s Network who
			acts in good faith on instructions, unless such instructions are given to that person by a software
			contractor or its partner, officer, or employee authorized to design, develop, prepare, supply, service,
			write or implement programs for the Assured’s Network; or
		f.	entries or changes made at an Electronic Funds Transfer System or a Customer
			Communication System by a:
			(1	)	Customer; or
			(2	)	natural person with authorized access to the Customer’s authentication credentials or
					mechanism.
5	.	Specific Exclusions – Applicable To Insuring Clause 11
		This Bond does not cover loss resulting directly or indirectly from any Voice Initiated Transfer
		Instruction from a:
			(1	)	Customer; or
			(2	)	natural person with authorized access to the Customer’s verification credentials or mechanism.

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V.			CONDITIONS AND LIMITATIONS
	1	.	Anti-Bundling
			If any Insuring Clause requires that an enumerated type of document be fraudulently materially altered or
			a Counterfeit Original, or contain a signature which is a Forgery or obtained through trick, artifice,
			fraud, or false pretenses, the material alteration or Counterfeit Original or fraudulent signature must be
			on or of the enumerated document itself not on or of some other document submitted with, accompanying
			or incorporated by reference into the enumerated document.
	2	.	Change Or Modification
			No change in or modification of this Bond shall be effective except when made by written endorsement to
			this Bond signed by an authorized representative of the Company.
			If this Bond is for a sole Assured, no change or modification which would adversely affect the rights of the
			Assured shall be effective prior to sixty (60) days after written notice has been furnished by the acting
			party to the U.S. Securities and Exchange Commission.
			If this Bond is for joint Assureds, no change or modification which would adversely affect the rights of any
			Assured shall be effective prior to sixty (60) days after written notice has been furnished by the Company
			to all Assureds and to the U.S. Securities and Exchange Commission.
	3	.	Conformity
			If any time period limitation within this Bond is prohibited by any law controlling this Bond’s construction,
			such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided
			by such law.
	4	.	Cooperation Of Assured
			At the Company’s request and at reasonable times and places designated by the Company, the Assured
			shall:
			a.	submit to examination by the Company and subscribe to the same under oath;
			b.	produce for the Company’s examination all pertinent records; and
			c.	cooperate with the Company in all matters pertaining to the loss.
			The Assured shall execute all papers and render all assistance to secure to the Company the rights and
			causes of action provided for under this Bond. The Assured shall do nothing after discovery of any loss to
			prejudice such rights or causes of action.
	5	.	Covered Property
			This Bond shall apply to loss of Property:
			a.	owned by the Assured;
			b.	held by the Assured in any capacity; or
			c.	for which the Assured is legally liable.
			This Bond shall be for the sole use and benefit of the Assured.
	6	.	Deductible Amount
			The Company shall be liable under this Bond only for the amount by which any Single Loss is greater than
			the applicable Deductible Amount as stated in Item 2 of the Declarations.
			There shall be no deductible applicable to any loss sustained by any Assured and covered under Insuring
			Clause 1.

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7	.	Discovery
		This Bond applies only to loss first discovered by a Director during the Bond Period. Discovery occurs at
		the earlier of a Director learning of:
		a.	facts which may subsequently result in a loss of a type covered by this Bond; or
		b.	an actual or potential claim in which it is alleged that the Assured is liable to a third party,
		regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of
		loss does not exceed the applicable Deductible Amount, or the exact amount or details of loss may not then
		be known.
8	.	Limit Of Liability
		The payment of any loss under this Bond shall not reduce the liability of the Company for other losses
		whenever sustained, provided that:
		a.	the Company’s liability for each Single Loss shall not exceed the applicable Single Loss Limit Of
			Liability as stated in Item 2 of the Declarations or as set forth under General Agreement 1, and shall not
			be cumulative in amounts from year to year or from Bond Period to Bond Period;
		b.	if a Single Loss is covered under more than one Insuring Clause, the maximum payable shall not
			exceed the largest applicable Single Loss Limit Of Liability; and
		c.	the Company’s liability for loss or losses sustained by more than one Assureds, or all Assureds, shall
			not exceed the total amount for which the Company would be liable under this Bond if such loss or
			losses were sustained by any one Assured.
9	.	Notice To Company – Proof – Legal Proceedings Against Company
		a.	The Assured shall give the Company notice at the earliest practicable moment, not to exceed sixty (60)
			days after discovery of a loss, in an amount that is in excess of 50% of the applicable Deductible Amount,
			as stated in Item 2 of the Declarations.
		b.	The Assured shall furnish to the Company proof of loss, duly sworn to, with full particulars, within six
			(6) months after such discovery.
		c.	Certificated Securities listed in a proof of loss shall be identified by certificate or bond numbers, if
			issued with them.
		d.	Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the
			expiration of sixty (60) days after the proof of loss is filed with the Company or after the expiration of
			twenty-four (24) months from the discovery of such loss.
		e.	This Bond affords coverage only in favor of the Assured. No claim, suit, action or legal proceeding
			shall be brought under the Bond by anyone other than the Assured.
		f.	All such notices shall be given in writing to one of the following addresses:
			(1	)	[email protected]; or
			(2	)	Attn: Chubb Claims Department
					Chubb
					P.O. Box 5122
					Scranton, PA 18505
		g.	All other notices to the Company under this Bond shall be given in writing to the following address:
			(1	)	[email protected]; or

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

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

10	.	Other Insurance

		a.	Coverage under this Bond shall apply only as excess over any other valid and collectible insurance,
			indemnity or suretyship obtained by or on behalf of:

			(1	)	the Assured;

			(2	)	a Transportation Company; or

			(3	)	another entity on whose premises the loss occurred or which employed the person causing the loss
					or engaged the messenger conveying the Property involved.

		b.	Solely with respect to Insuring Clause 7, in the event of a loss covered under this Bond and also covered
			under other valid and collectible insurance issued by the Company, or a parent, subsidiary or affiliate
			of the Company to the Assured, the Single Loss Limit Of Liability under this Bond shall be reduced by
			any payment under any other such valid and collectible insurance and only the remainder, if any, shall
			be applicable to such loss covered hereunder.

11	.	Securities Settlement

		In the event of a loss of Securities covered under this Bond, the Company may, at its sole discretion,
		purchase replacement Securities, tender the value of the Securities in Money, or issue its indemnity to
		effect replacement Securities.

		The indemnity required from the Assured under the terms of this Section against all loss, cost or expense
		arising from the replacement of Securities by the Company’s indemnity shall be:

		a.	for Securities having a value less than or equal to the applicable Deductible Amount – one hundred
			(100%) percent;

		b.	for Securities having a value in excess of the applicable Deductible Amount but within the Single Loss
			Limit Of Liability – the percentage that the Deductible Amount bears to the value of the Securities;
			or

		c.	for Securities having a value greater than the applicable Single Loss Limit Of Liability – the percentage
			that the Deductible Amount and portion in excess of the Single Loss Limit Of Liability bears to the value
			of the Securities.

		The value referred to in Sections 11.a., b., and c. is the value in accordance with Section 14., Valuation,
		regardless of the value of such Securities at the time the loss under the Company’s indemnity is sustained.

		The Company is not required to issue its indemnity for any portion of a loss of Securities which is not
		covered by this Bond, however, the Company may do so as a courtesy to the Assured in its sole discretion.

		The Assured shall pay the proportion of the Company’s premium charge for the Company’s indemnity as
		set forth in Sections 11.a., b., and c. No portion of the Single Loss Limit Of Liability shall be used as payment
		of premium for any indemnity purchased by the Assured to obtain replacement Securities.

12	.	Subrogation – Assignment – Recovery

		In the event of a payment under this Bond, the Company shall be subrogated to all of the Assured’s rights
		of recovery against any person or entity to the extent of such payment. On request, the Assured shall
		deliver to the Company an assignment of the Assured’s rights, title and interest and causes of action
		against any person or entity to the extent of such payment.

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		Recoveries, whether effected by the Company or by the Assured, shall be applied net of the expense of
		such recovery, in the following order:
		a.	first, to the satisfaction of the Assured’s covered loss which would otherwise have been paid but for
			the fact that it is in excess of the Single Loss Limit Of Liability;
		b.	second, to the Company in satisfaction of amounts paid in settlement of the Assured’s claim;
		c.	third, to the Assured in satisfaction of the applicable Deductible Amount; and
		d.	fourth, to the Assured in satisfaction of any loss suffered by the Assured which was not covered under
			this Bond.
		Recovery from reinsurance or indemnity of the Company shall not be deemed a recovery under this Section.
13	.	Termination
		a.	If the Bond is for a sole Assured, it shall not be terminated unless written notice shall have been given
			by the acting party to the affected party and to the U.S. Securities and Exchange Commission not less
			than sixty (60) days prior to the effective date of such termination.
		b.	If the Bond is for a joint Assured, it shall not be terminated unless written notice shall have been given
			by the acting party to the affected party, and by the Company to all Assureds and to the U.S. Securities
			and Exchange Commission, not less than sixty (60) days prior to the effective date of such termination.
		c.	If any Director, not acting in collusion with an Employee, discovers any dishonest or fraudulent act
			committed by such Employee, whether in the employment of the Assured or otherwise, and whether
			against the Assured or any other person or entity, the Assured:
			i.	shall immediately remove such Employee from a position that would enable such Employee to
				cause the Assured to suffer a loss covered by this Bond; and
			ii.	within forty-eight (48) hours of discovering an Employee has committed any dishonest or
				fraudulent act, shall notify the Company of such action and provide full particulars of such
				dishonest or fraudulent act.
		d.	This Bond terminates as to any Employee sixty (60) days after receipt by each Assured and the U.S.
			Securities and Exchange Commission of written notice from the Company of its decision to terminate
			this Bond as to any Employee.
14	.	Valuation
		a.	Books Of Account Or Other Records
			The value of any loss of Property consisting of books of account or other records used by the Assured
			in the conduct of its business shall be the amount paid by the Assured for blank books, blank pages,
			or other materials which replace the lost books of account or other records, plus the cost of labor paid
			by the Assured for the actual transcription or copying of data to reproduce such books of account or
			other records.
		b.	Money
			Any loss of Money, or loss payable in Money, shall be paid in the Money of the United States of
			America or the dollar equivalent of it, determined by the free market rate of exchange in effect at the
			time of discovery of such loss.
		c.	Other Property
			The value of any loss of Property, except as otherwise provided for in this Section 14., shall be the
			actual cash value or the cost of repairing or replacing such Property with Property of like quality and
			value, whichever is less.

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	d.	Securities

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


VI.	COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS

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

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AMEND DEFINITION OF EMPLOYEE (CONSULTANT) ENDORSEMENT

Named Assured		Endorsement Number
FS KKR CAPITAL CORP.		1
Bond Number	Bond Period	Effective Date of Endorsement
J06015712	11-03-2025 to 11-03-2026	November 3, 2025
Issued By
Federal Insurance Company


THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.

In consideration of the premium charged, it is agreed that this Bond is amended as follows:

(1) The definition of Employee is amended to include a natural person consultant retained by the Assured and
an employee of such consultant while either is performing consulting services for the Assured pursuant to a
written contract.

(2) Each employer of persons as set forth above 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.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.


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


PF-51444 (06/19)	Page 1 of 1
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AMEND DEFINITION OF EMPLOYEE (LEASED SERVICES) ENDORSEMENT

Named Assured				Endorsement Number
FS KKR CAPITAL CORP.				2
Bond Number	Bond Period			Effective Date of Endorsement
J06015712	11-03-2025	to	11-03-2026	November 3, 2025
Issued By
Federal Insurance Company

THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.

In consideration of the premium charged, it is agreed that this Bond is amended by adding the following to the
definition of Employee:


(8) whose services are leased by the Assured while in the regular service of an Assured in the ordinary course of
such Assured’s business.


The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.


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

PF-51446 (02/19)

Page 1 of 1


FRAUDULENT TRANSFER INSTRUCTION ENDORSEMENT

Named Assured							Endorsement Number
FS KKR CAPITAL CORP.							3
Bond Number				Bond Period			Effective Date of Endorsement
J06015712				11-03-2025	to 11-03-2026		November 3, 2025
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			$	2,500,000		$	25,000
(2) The following Insuring Clause is added:
14. Fraudulent Transfer Instruction
Loss resulting directly from the Assured having, in good faith, transferred, paid, or delivered Money or
Securities in reliance upon a Transfer Instruction that purports, and reasonably appears, to have
originated from:
a.	the Customer;
b.	an Employee acting on instructions of such Customer; or
c.	a financial institution acting on behalf of such Customer with authority to make such instructions,
but which Transfer Instruction was, in fact, fraudulently issued without the knowledge of the Assured,
Employee, or Customer.
As a condition precedent to coverage under this Insuring Clause 14, the:
	i.	sender of the Transfer Instruction must have authenticated such Transfer Instruction with the
		Customer’s authentication credentials or mechanism;
	ii.	Employee acting on the Transfer Instruction must obtain Verification prior to any single
		transfer, payment, or delivery of funds in excess of the Deductible Amount set forth in Paragraph (1)
		of this Endorsement; and
	iii.	Assured shall assert any available claims, offsets, or defenses against such Customer, any financial
		institution, or any other party to the transaction.
(3) The Definition of Customer is deleted and replaced with the following:
Customer means any shareholder of an Assured which has a written agreement with the Assured to
transfer such shareholder’s Money or Securities through a Voice Initiated Funds Transfer
Instruction or a Transfer Instruction.

PF-52913 (08/21)

Page 1 of 2


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

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

PF-52913 (08/21)

Page 2 of 2


SCHEDULE OF OTHER ASSUREDS ENDORSEMENT

Named Assured				Endorsement Number
FS KKR CAPITAL CORP.				4
Bond Number	Bond Period			Effective Date of Endorsement
J06015712	11-03-2025	to	11-03-2026	11-03-2025
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:
FS KKR Capital Corp.
FS KKR Capital Corp. II
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.

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

PF-52916 (08/21)

Page 1 of 1


	STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT
Named Assured							Endorsement Number
FS KKR CAPITAL CORP.							5
Bond Number			Bond Period				Effective Date of Endorsement
J06015712			11-03-2025	to	11-03-2026		November 3, 2025
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
Stop Payment Order		$	25,000			$	1,000
(2) The following Insuring Clause is added:
Stop Payment Order or Refusal to Pay Check
Loss resulting directly from the Assured being legally liable to pay compensatory damages for:
a.	complying or failing to comply with notice from any Customer or any authorized representative of any
	Customer, to stop payment on any check or draft made or drawn upon or against the Assured by such
	Customer or by any authorized representative of such Customer; or
b.	refusing to pay any check or draft made or drawn upon or against the Assured by any Customer or by
	any authorized representative of such Customer.
(3) The following Exclusions shall apply:
This Bond does not cover loss resulting directly or indirectly from:
a.	libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious
	prosecution, assault, or battery;
b.	sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person;
	or
c.	discrimination.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.

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

PF-52917 (08/21)

Page 1 of 1


UNAUTHORIZED SIGNATURE ENDORSEMENT

Named Assured						Endorsement Number
FS KKR CAPITAL CORP.						6
Bond Number		Bond Period				Effective Date of Endorsement
J06015712		11-03-2025	to	11-03-2026		11-03-2025
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
Unauthorized Signature	$	100,000			$	5,000
(2) The following Insuring Clause is added:
Unauthorized Signature
Loss resulting directly from the Assured having accepted, paid, or cashed any check or Withdrawal Order
made or drawn on or against the account of a Customer, which bears the signature or endorsement of one
other than a person whose name and signature is on file with the Assured as signatory on such account.
As a condition precedent to coverage under this Insuring Clause, the Assured shall have on file signatures of
all persons who are signatories on such account.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.

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

PF-52918 (08/21)

Page 1 of 1

JOINT INSURED BOND ALLOCATION AGREEMENT

NOW, THEREFORE, it is agreed as follows:

Amendment. This Agreement may not be modified or amended in any manner except by written agreement executed by the parties hereto.

Filing with the Commission. A copy of this Agreement, and any amendment thereto, shall be filed with the SEC within 10 days after receipt by the Fund of an executed copy of the Bond.

Governing Law. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York.

[Remainder of page intentionally blank]

IN WITNESS WHEREOF, the Insureds have caused this Agreement to be executed as of the day and year first written above.

FS KKR Capital Corp., on behalf of itself and its subsidiaries

	/s/ Stephen S. Sypherd
	Name:	Stephen S. Sypherd
	Title:	General Counsel

FS/KKR ADVISOR, LLC

	/s/ Stephen Sypherd
	Name:	Stephen S. Sypherd
	Title:	General Counsel

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Recent Analyst Ratings for

$FSK

Date	Price Target	Rating	Analyst
10/6/2025	$15.00	Underweight → Equal Weight	Wells Fargo
5/13/2025	$19.00	Neutral	B. Riley Securities
3/17/2025	$21.00 → $19.00	Equal Weight → Underweight	Wells Fargo
12/11/2024	$21.50	Buy → Neutral	B. Riley Securities
12/2/2024	$21.00	Overweight → Equal Weight	Wells Fargo
5/29/2024	$19.00 → $21.00	Equal Weight → Overweight	Wells Fargo
2/28/2024	$20.00	Outperform → Market Perform	Hovde Group
2/27/2024	$21.50 → $19.50	Buy → Neutral	Compass Point

More analyst ratings

SEC Form 40-17G filed by FS KKR Capital Corp.

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$FSK

SEC Form 40-17G filed by FS KKR Capital Corp.

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$FSK
Insider Trading

Director Hopkins Jerel A bought $5,981 worth of shares (330 units at $18.12) (SEC Form 4)

Director Adams Barbara bought $65,681 worth of shares (3,750 units at $17.52) (SEC Form 4)

Director Hopkins Jerel A bought $14,864 worth of shares (700 units at $21.23) (SEC Form 4)

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$FSK
Insider Purchases

Director Hopkins Jerel A bought $5,981 worth of shares (330 units at $18.12) (SEC Form 4)

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