Declarations | ||
INVESTMENT COMPANY FIDELITY BOND | ||
For All the Commitments You Makeâ |
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40 Wall Street, New York, NY 10005 |
CUSTOMER
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DATE ISSUED | |||||
NUMBER |
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314910
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06/15/2010 | |||||
POLICY NUMBER
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COVERAGE IS PROVIDED BY | PRODUCER NO. | ||||
425141991
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Continental Insurance Company | 799626 | ||||
(herein called Underwriter) |
NAMED INSURED AND ADDRESS | PRODUCER | |||
Item 1.
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Flaherty & Crumrine Preferred Income Fund | BB&T Insurance Services of California, Inc. | ||
Incorporated | Kathy Meagher | |||
(herein called Insured) | 535 N Brand Blvd., 10th Floor | |||
301 E Colorado Blvd, Suite 720 | Glendale, CA 91203 | |||
Pasadena, CA 91101 |
Item 2. | Policy Period: From 12:01 a.m. on 5/15/2010 to 12:01 a.m. on 5/15/2011 standard time. |
Item 3. | Limit of Liability: $600,000 per Loss. | |
Provided, however that if specific limits, either greater or lesser, are inserted opposite any specified INSURING CLAUSE, such specific limits shall be applicable to such INSURING CLAUSES in lieu of, and not in addition to, such bond limit. If NOT COVERED is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference to such INSURING CLAUSE shall be deemed to be deleted from this bond. |
LIMIT OF | ||||||||
INSURING CLAUSE | LIABILITY | DEDUCTIBLE | ||||||
Fidelity Blanket |
$ | 600,000 | $ | 10,000 | ||||
Premises |
$ | 600,000 | $ | 10,000 | ||||
Transit |
$ | 600,000 | $ | 10,000 |
Provided, that there shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company. |
Item 4. | The liability of the Underwriter is also subject to the terms of the following endorsements executed simultaneously herewith: |
G-145126-A | Ed. 08-03 | Policyholder Notice Economic and Trade Sanctions Conditions | ||||
G-145184-A | Ed. 06-03 | Economic and Trade Sanctions Condition | ||||
SR 5109a | Ed. 05-57 | Adding or Deducting Insureds Rider | ||||
PRO-4144-A | Ed. 01-00 | Growth In Size Provisions |
Item 5. Notice of claim should be sent to the Underwriter at:
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CNA Global Specialty Lines | |
Fidelity-Bonding | ||
40 Wall Street | ||
New York, New York 10005 |
Declarations | ||
INVESTMENT COMPANY FIDELITY BOND | ||
For All the Commitments You Makeâ |
||
40 Wall Street, New York, NY 10005 |
Countersigned By: | ||||
Authorized Representative | ||||
1. | EMPLOYEE COVERAGE | |
Loss resulting directly from Larceny or Embezzlement committed by any Employee, alone or in collusion with others. | ||
2. | PREMISES COVERAGE |
A. | PROPERTY |
Loss of Property resulting directly from robbery, burglary, common-law or statutory larceny, hold-up, misplacement, mysterious unexplainable disappearance, damage, destruction or abstraction or removal from the possession, custody or control of the INSURED, while such Property is lodged or deposited within any offices or premises located anywhere. |
B. | OFFICES AND EQUIPMENT |
Loss of, or damage to furnishings, fixtures, stationery, supplies, equipment, safes or vaults (but excluding all electronic data processing equipment) within any of the INSUREDS offices resulting directly from robbery, burglary, common law or statutory larceny or hold-up of such offices, or attempt thereat, or by vandalism or malicious mischief, or loss through damage to any office resulting directly from robbery, burglary, common law or statutory larceny or hold-up of such office, or attempts thereat, or to the interior of any such office by vandalism or malicious mischief, provided, in any event that the INSURED is the owner of such offices, furnishings, fixtures, stationery, supplies, equipment, safes or vaults or is legally liable for such loss or damage always excepting, however, a loss or damage through fire. | ||
3. | TRANSIT COVERAGE | |
Loss of Property resulting directly from robbery, common law or statutory larceny, misplacement, mysterious unexplainable disappearance, damage to or destruction of, while the Property is in transit anywhere: |
a. | in an armored motor vehicle, including loading and unloading thereof, | ||
b. | in the custody of a natural person acting as a messenger of the INSURED, or | ||
c. | in the custody of a Transportation Company and being transported in a conveyance other than an armored motor vehicle provided, however, that covered Property transported in such manner is limited to the following: |
I. | written records, | ||
II. | securities issued in registered form which are not endorsed or are restrictively endorsed, or | ||
III. | negotiable instruments not payable to bearer, which are not endorsed or are restrictively endorsed. |
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Coverage under this INSURING CLAUSE begins immediately on the receipt of such Property by the natural person acting as a 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 COVERAGE | |
Loss resulting directly from: |
a. | Forgery or fraudulent material alteration of, on or in any bills of exchange, checks, drafts, acceptances, certificates of deposits, promissory notes, due bills, money orders, orders upon public treasuries, letters of credit, other written promises, orders or directions to pay sums certain in money, or receipts for the withdrawal of Property, or | ||
b. | transferring, paying or delivering any funds or other Property, or establishing any credit or giving any value in reliance on any written instructions, advices, or applications directed to the INSURED authorizing or acknowledging the transfer, payment, delivery or receipt of funds or other Property, which instructions, advices or applications purport to bear the handwritten signature of any customer of the INSURED, or shareholder or subscriber to shares of an Investment Company, or of any banking institution, stockbroker or Employee but which instructions or applications either bear a Forgery or a fraudulent material alteration without the knowledge and consent of such customer, shareholder, subscriber to shares, banking institution, stockbroker, or Employee; |
excluding, however, under this INSURING CLAUSE any loss covered under INSURING CLAUSE 5. of this bond, whether or not coverage for INSURING CLAUSE 5. is provided for in the DECLARATIONS of this bond. |
A mechanically reproduced facsimile signature is treated the same as a handwritten signature. |
5. | EXTENDED FORGERY COVERAGE | |
Loss resulting directly from the INSURED having in good faith, and in the ordinary course of business, whether for its own account or for the account of others, in any capacity: |
a. | acquired, accepted or received, sold or delivered, given value, extended credit, or assumed liability in reliance upon any original Securities, documents or other written instruments which prove: |
I. | to bear a Forgery or fraudulent material alteration, | ||
II. | to have been lost or stolen, or | ||
III. | to be Counterfeit, or |
b. | guaranteed in writing or witnessed any signatures upon any transfers, assignments, bills of sale, powers of attorney, guarantees, endorsements or other obligations upon or in connection with any Securities, documents or other written instruments which pass or purport to pass title to them. | ||
Actual physical possession, and continued actual physical possession, of such Securities, documents or other written instruments by an Employee, Custodian, or a Federal or State chartered deposit institution is a condition precedent to the INSURED having relied on such items. Release or return of such items is an acknowledgment by the INSURED that it no longer relies on such items. |
A mechanically reproduced facsimile signature is treated the same as a handwritten signature. |
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6. | COUNTERFEIT CURRENCY COVERAGE | |
Loss resulting directly from the receipt by the INSURED, in good faith, of any Counterfeit money orders, currencies or coin of any country. | ||
7. | THREATS TO PERSONS COVERAGE | |
Loss resulting directly from surrender of Property away from an office of the INSURED as a result of a threat communicated to the INSURED to do bodily harm to an Employee as defined in paragraphs (1), (2) and (5) of the definition, a Relative or invitee of such Employee, or a resident of the household of such Employee, who is, or allegedly is, being held captive provided, however, that prior to the surrender of such Property: |
a. | the Employee who receives the threat has made a reasonable effort to notify an officer of the INSURED who is not involved in such threat, and | ||
b. | the INSURED has made a reasonable effort to notify the Federal Bureau of Investigation and local law enforcement authorities concerning such threat. |
It is agreed that for purposes of the INSURING CLAUSE, any Employee of the INSURED, as set forth in the preceding paragraph, shall be deemed to be an INSURED hereunder, but only with respect to the surrender of money, securities and other tangible personal property in which such Employee has a legal or equitable interest. | ||
8. | COMPUTER SYSTEMS COVERAGE | |
Loss resulting directly from fraudulent entry of data into or change of data elements or programs within the INSUREDS proprietary Computer System or a Computer System operated or used by the INSURED and declared in the APPLICATION, provided that the fraudulent entry or change causes: |
a. | Property to be transferred, paid or delivered, | ||
b. | an account of the INSURED, or of its customer, to be added, deleted, debited, or credited, or | ||
c. | an unauthorized account or a fictitious account to be debited or credited. |
9. | VOICE INITIATED TRANSACTION COVERAGE | |
Loss resulting directly from a Voice Initiated Transaction directed to the INSURED authorizing the transfer of dividends or redemption proceeds of Investment Company shares from a Customers account, provided such Voice Initiated Transaction was: |
a. | received at the INSUREDS offices by those Employees of the INSURED specifically authorized to receive the Voice Initiated Transaction, | ||
b. | made by a person purporting to be a Customer, and | ||
c. | made by said person for the purpose of causing the INSURED or Customer to sustain a loss or making an improper personal financial gain for such person or any other person. |
In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated Transactions must be received and processed in accordance with the Designated Procedures outlined in the APPLICATION furnished to the UNDERWRITER. |
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10. | UNCOLLECTIBLE ITEMS OF DEPOSIT COVERAGE |
Loss resulting directly from the INSURED 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 said 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 Investment Company. |
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from an account of an Investment Company. |
In order for coverage to apply under this INSURING CLAUSE, the INSURED 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 INSUREDS standard collection procedures have failed. | ||
11. | AUDIT EXPENSE COVERAGE | |
Reasonable expense incurred by the INSURED for that part of an audit or examination required by any governmental regulatory authority or self-regulatory organization and actually conducted by such authority, organization or their appointee by reason of the discovery of loss sustained by the INSURED and covered by this bond. |
1. | EXCLUSIONS |
A. | GENERAL EXCLUSIONS APPLICABLE TO ALL INSURING CLAUSES |
This bond does not directly or indirectly cover: |
(1) | loss not reported to the UNDERWRITER in writing within thirty (30) days after termination of this bond as an entirety; | ||
(2) | loss due to 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. However, this exclusion 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 INSURED of such riot, civil commotion, military, naval or usurped power, war or insurrection; | ||
(3) | loss resulting from dishonest acts by any member of the Board of Directors or Board of Trustees of the INSURED who is not an Employee, acting alone or in collusion with others; | ||
(4) | loss, or that part of any loss, resulting solely from any violation by the INSURED or by any Employee of any law, or rule, or regulation pursuant to any law regulating: |
a. | the issuance, purchase or sale of securities, | ||
b. | transactions on security or commodity exchanges or the over-the-counter markets, | ||
c. | investment companies, or | ||
d. | investment advisors; |
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(5) | loss of potential income including, but not limited to, interest and dividends not realized by the INSURED or by any customer of the INSURED; | ||
(6) | loss resulting from indirect or consequential loss of any nature; | ||
(7) | damages of any type for which the INSURED is legally liable, except compensatory damages (but not multiples thereof) arising from a loss covered under this bond; | ||
(8) | loss resulting from the effects of nuclear fission or fusion or radioactivity; | ||
(9) | loss resulting from the theft of confidential information, material or data; | ||
(10) | costs, fees and expenses incurred by the INSURED in establishing the existence or amount of loss under this bond, provided however, this EXCLUSION shall not apply to INSURING CLAUSE 11.; | ||
(11) | loss resulting from voice requests or instructions received over the telephone, provided however, this EXCLUSION shall not apply to INSURING CLAUSE 7. or 9. | ||
B. | SPECIFIC EXCLUSIONS APPLICABLE TO ALL INSURING CLAUSES EXCEPT INSURING CLAUSE 1. |
This bond does not directly or indirectly cover: |
(1) | loss caused by an Employee, provided, however, this EXCLUSION shall not apply to loss covered under INSURING CLAUSE 2. or 3. which results directly from misplacement, mysterious unexplainable disappearance, or damage to or destruction of Property; | ||
(2) | loss through the surrender of Property away from an office of the INSURED as a result of a threat: |
a. | to do bodily harm to any person, except loss of Property in transit in the custody of any person acting as messenger of the INSURED, provided that when such transit was initiated there was no knowledge by the INSURED of any such threat, and provided further that this EXCLUSION shall not apply to INSURING CLAUSE 7., or | ||
b. | to do damage to the premises or property of the INSURED; |
(3) | loss involving Items of Deposit which are not finally paid for any reason provided however, that this EXCLUSION shall not apply to INSURING CLAUSE 10.; | ||
(4) | loss resulting from payments made or withdrawals from any account involving erroneous credits to such account; | ||
(5) | loss of Property while in the mail: | ||
(6) | loss of Property while in the custody of a Transportation Company, provided however, that this EXCLUSION shall not apply to INSURING CLAUSE 3.; | ||
(7) | loss resulting from the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay or deliver funds or other Property to the INSURED provided further that this EXCLUSION shall not apply to loss of Property resulting directly from robbery, burglary, hold-up, |
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misplacement, mysterious unexplainable disappearance, damage, destruction or abstraction from the possession, custody or control of the INSURED. | |||
C. | EXCLUSIONS APPLICABLE TO ALL INSURING CLAUSES EXCEPT INSURING CLAUSES 1., 4., 5. |
This bond does not directly or indirectly cover: |
(1) | loss resulting from forgery or any alteration; | ||
(2) | loss resulting from 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; | ||
(3) | loss involving a counterfeit provided, however, this EXCLUSION shall not apply to INSURING CLAUSE 5. or 6. |
2. | DISCOVERY | |
This bond applies only to loss first discovered by any partner, director, trustee, officer or supervisory employee of the INSURED during the BOND PERIOD. Discovery occurs at the earlier of such individuals being aware 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 INSURED 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. |
3. | NOTICE TO UNDERWRITER PROOF LEGAL PROCEEDINGS AGAINST UNDERWRITER |
a. | At the earliest practicable moment, not to exceed thirty (30) days after discovery of loss, the INSURED shall give the UNDERWRITER notice thereof. | ||
b. | Within six (6) months after such discovery, the INSURED shall furnish to the UNDERWRITER proof of loss, duly sworn to, with full particulars. | ||
c. | 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 UNDERWRITER 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 INSURED. No claim, suit, action or legal proceedings shall be brought under this bond by anyone other than the INSURED. |
4. | LIMIT OF LIABILITY/NON REDUCTION AND NON-ACCUMULATION OF LIABILITY | |
At all times prior to termination of this bond, this bond shall continue in force for the limit stated in the applicable sections of ITEM 3. of the DECLARATIONS, notwithstanding any previous loss for which the UNDERWRITER may have paid or be liable to pay under this bond provided, however, that the liability of the UNDERWRITER under this bond with respect to all loss resulting from: |
a. | any one act of burglary, robbery or hold-up, or attempt thereat, in which no Employee is concerned or implicated, or |
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b. | any one unintentional or negligent act on the part of any one person resulting in damage to or destruction or misplacement of Property, or | ||
c. | all acts, other than those specified in a. above, of any one person, or | ||
d. | any one casualty or event other than those specified in a., b., or c. above, |
shall be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 3. of the DECLARATIONS of this bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from period to period. | ||
All acts, as specified in c. above, of any one person which |
i. | directly or indirectly aid in any way wrongful acts of any other person or persons, or | ||
ii. | permit the continuation of wrongful acts of any other person or persons |
whether such acts are committed with or without the knowledge of the wrongful acts of the person so aided, and whether such acts are committed with or without the intent to aid such other person, shall be deemed to be one loss with the wrongful acts of all persons so aided. | ||
5. | DEDUCTIBLE | |
The UNDERWRITER shall not be liable under any INSURING CLAUSES of this bond on account of loss unless the amount of such loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the INSURED, other than from any bond or policy of insurance issued by an insurance company and covering such loss, or by the UNDERWRITER on account thereof prior to payment by the UNDERWRITER of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in ITEM 4. of the DECLARATIONS, and then for such excess only, but in no event for more than the applicable LIMIT OF LIABILITY stated in ITEM 3. of the DECLARATIONS. | ||
There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company. | ||
6. | COURT COSTS AND ATTORNEYS FEES | |
The UNDERWRITER will indemnify the INSURED for court costs and reasonable attorneys fees incurred and paid by the INSURED in defense, whether or not successful, whether or not fully litigated on the merits and whether or not settled, of any claim, suit or legal proceeding with respect to which the INSURED would be entitled to recovery under this bond. However, with respect to INSURING CLAUSE 1. this Section shall only apply in the event that: |
a. | an Employee admits to being guilty of Larceny or Embezzlement, | ||
b. | an Employee is adjudicated to be guilty of Larceny or Embezzlement, or | ||
c. | in the absence of a. or b. above, an arbitration panel agrees, after a review of an agreed statement of facts between the UNDERWRITER and the INSURED, that an Employee would be found guilty of Larceny or Embezzlement if such Employee were prosecuted. |
The INSURED shall promptly give notice to the UNDERWRITER of any such suit or legal proceeding and at the request of the UNDERWRITER shall furnish copies of all pleadings and pertinent papers to the UNDERWRITER. The UNDERWRITER may, at its sole option, elect to conduct the defense of all or part of such legal proceeding. The defense by the UNDERWRITER shall be in the name of the INSURED through attorneys selected by the UNDERWRITER. The INSURED shall provide all reasonable information and assistance as required by the UNDERWRITER for such defense. |
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If the amount demanded in any such suit or legal proceeding is greater than the LIMIT OF LIABILITY stated in ITEM 3. of the DECLARATIONS for the applicable INSURING CLAUSE, or if a DEDUCTIBLE AMOUNT is applicable, or both, the UNDERWRITERS 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 LIMIT OF LIABILITY stated in ITEM 3. of the DECLARATIONS for the applicable INSURING CLAUSE bears to the total of the amount demanded in such suit or legal proceeding. | ||
Amounts paid by the UNDERWRITER for court costs and attorneys fees shall be in addition to the LIMIT OF LIABILITY stated in ITEM 3. of the DECLARATIONS. | ||
If the UNDERWRITER declines to defend the INSURED, no settlement without the prior written consent of the UNDERWRITER nor judgment against the INSURED shall determine the existence, extent or amount of coverage under this bond, and the UNDERWRITER shall not be liable for any costs, fees and expenses incurred by the INSURED. | ||
7. | VALUATION OF PROPERTY | |
The value of any loss of Property other than books of account or other records used by the INSURED in the conduct of its business, for which a claim is made shall be determined by the average market value of such Property on the business day immediately preceding discovery of such loss provided, however, that the value of any Property replaced by the INSURED with the consent of the UNDERWRITER and prior to the settlement of any claim for such Property shall be 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 said loss is not discovered until after their expiration. If no market price is quoted for such Property or for such privileges, the value shall be fixed by agreement between the parties. | ||
The value of any loss of Property consisting of books of account or other records used by the INSURED in the conduct of its business shall be the amount paid by the INSURED 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 INSURED for the actual transcription or copying of data to reproduce such books of account or other records. | ||
8. | VALUATION OF PREMISES AND FURNISHINGS | |
In the case of loss or damage to any office of the INSURED or to the furnishings, fixtures, stationery, supplies, equipment, safes or vaults, the UNDERWRITER shall not be liable for more than the actual cash value thereof, or for more than the actual cost of replacement or repair. The UNDERWRITER may, at its election, pay such actual cash value or make such replacement or repair. If the UNDERWRITER and the INSURED cannot agree upon the actual cash value or the cost of replacement or repair, it shall be determined by arbitration. | ||
9. | SECURITIES SETTLEMENT |
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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 DEDUCTIBLE AMOUNT but within the applicable LIMIT OF LIABILITY- the percentage that the DEDUCTIBLE AMOUNT bears to the value of the securities; | ||
c. | for securities having a value greater than the applicable LIMIT OF LIABILITY the percentage that the DEDUCTIBLE AMOUNT and portion in excess of the applicable LIMIT OF LIABILITY bears to the value of the securities. |
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a. | The total liability of the UNDERWRITER under this bond for loss or losses sustained by any one or more or all of them shall not exceed the limit for which the UNDERWRITER would be liable under this bond if all such losses were sustained by any one of them. | ||
b. | Only the first named INSURED shall be deemed to be the sole agent of the others 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. The UNDERWRITER shall furnish each Investment Company with a copy of the bond and with any amendment thereto, together with a copy of each formal filing of claim by any other named INSURED and notification of the terms of the settlement of each such claim prior to the execution of such settlement. | ||
c. | The UNDERWRITER shall not be responsible for the proper application of any payment made hereunder to the first named INSURED. | ||
d. | Knowledge possessed or discovery made by any partner, director, trustee, officer or supervisory employee of any INSURED shall constitute knowledge or discovery by all the INSUREDS for the purposes of this bond. | ||
e. | If the first named INSURED ceases for any reason to be covered under this bond, then the INSURED next named shall thereafter be considered as the first named INSURED for the purpose of this bond. |
14. | ADDITIONAL OFFICES OR EMPLOYEES CONSOLIDATION, MERGER OR PURCHASE OR ACQUISITION OF ASSETS OR LIABILITIES NOTICE TO UNDERWRITER |
a. | has occurred or will occur in offices or on premises, or | ||
b. | has been caused or will be caused by an employee or employees, or | ||
c. | has arisen or will arise out of the assets or liabilities acquired unless the INSURED |
i. | gives the UNDERWRITER written notice of the proposed consolidation, merger or purchase or acquisition of assets or liabilities prior to the proposed effective date of such action, and | ||
ii. | obtains the written consent of the UNDERWRITER to extend some or all of the coverage provided by this bond to such additional exposure, and |
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iii. | on obtaining such consent pays to the UNDERWRITER an additional premium. |
a. | the names of the transferors and transferees (or the names of the beneficial owners if the voting securities are registered in another name), | ||
b. | the total number of voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and | ||
c. | the total number of outstanding voting securities. |
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a. | immediately on any partner, director, trustee, or officer or supervisory employee not acting in collusion with such Employee, learning of any dishonest act committed by such Employee at any time, whether in the employment of the INSURED or otherwise, whether or not such act is of the type covered under this bond, and whether against the INSURED or any other person or entity, or | ||
b. | sixty (60) days after the receipt by each INSURED and by the Securities and Exchange Commission, Washington, D.C., of a written notice from the UNDERWRITER of its desire to terminate this bond as to such Employee. |
1. | computers, with related peripheral and storage components, wherever located, | ||
2. | systems and applications software, | ||
3. | terminal devices, and | ||
4. | related communication networks by which data are electronically collected, transmitted, processed, stored, and retrieved. |
1. | an officer of the INSURED, |
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2. | a natural person while in the regular service of the INSURED at any of the INSUREDS offices and compensated directly by the INSURED through its payroll system and subject to the United States Internal Revenue Service Form W-2 or equivalent income reporting plans of other countries, and whom the INSURED has the right to control and direct both as to the result to be accomplished and details and means by which such result is accomplished in the performance of such service, | ||
3. | an attorney retained by the INSURED and an employee of such attorney while either is performing legal services for the INSURED, | ||
4. | a person provided by an employment contractor to perform clerical, premises maintenance or security duties for the INSURED under the INSUREDS supervision at any of the INSUREDS offices or premises, | ||
5. | an employee of an institution merged or consolidated with the INSURED prior to the effective date of this bond, | ||
6. | a guest student pursuing studies or performing duties in any of the INSUREDS offices, | ||
7. | each natural person, partnership or corporation authorized by written agreement with the INSURED to perform services as electronic data processor of checks or other accounting records related to such checks but only while such person, partnership or corporation is actually performing such services and not: |
a. | creating, preparing, modifying or maintaining the INSUREDS computer software or programs, or | ||
b. | acting as transfer agent or in any other agency capacity in issuing checks, drafts or securities for the INSURED, |
8. | a director or trustee of the INSURED, but only while performing acts within the scope of the customary and usual duties of any officer or employee of the INSURED 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 INSURED, or | ||
9. | any partner, officer or employee of an investment adviser, an underwriter (distributor), a transfer agent or shareholder accounting recordkeeper, or an administrator, for an Investment Company while performing acts coming within the scope of the customary and usual duties of an officer or employee of an Investment Company or acting as a member of any committee duly elected or appointed to examine, audit or have custody of or access to Property of an Investment Company. |
a. | which is not an affiliated person (as defined in Section 2(a) of the Investment Company Act of 1940) of an Investment Company or of the investment adviser or underwriter (distributor) of such Investment Company, or | ||
b. | which is a bank (as defined in Section 2(a) of the Investment Company Act of 1940). |
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Secretary
|
Chairman of the Board |
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1. | Any insured, or any person or entity claiming the benefits of an insured, who is or becomes a Specially Designated National or Blocked Person or who is otherwise subject to U.S. economic or trade sanctions; |
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2. | Any claim or suit that is brought in a Sanctioned Country or by a Sanctioned Country Government, where any action in connection with such claim or suit is prohibited by U.S. economic or trade sanctions; | |
3. | Any claim or suit that is brought by any Specially Designated National or Blocked Person or any person or entity who is otherwise subject to U.S. economic or trade sanctions; | |
4. | Property that is located in a Sanctioned Country or that is owned by, rented to or in the care, custody or control of a Sanctioned Country Government, where any activities related to such property are prohibited by U.S. economic or trade sanctions; or | |
5. | Property that is owned by, rented to or in the care, custody or control of a Specially Designated National or Blocked Person, or any person or entity who is otherwise subject to U.S. economic or trade sanctions. |
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1. | Any insured under this Policy, or any person or entity claiming the benefits of such insured, who is or becomes a Specially Designated National or Blocked Person or who is otherwise subject to U.S. economic or trade sanctions; | |
2. | Any claim or suit that is brought in a Sanctioned Country or by a Sanctioned Country Government, where any action in connection with such claim or suit is prohibited by U.S. economic or trade sanctions; | |
3. | Any claim or suit that is brought by any Specially Designated National or Blocked Person or any person or entity who is otherwise subject to U.S. economic or trade sanctions; | |
4. | Property that is located in a Sanctioned Country or that is owned by, rented to or in the care, custody or control of a Sanctioned Country Government, where any activities related to such property are prohibited by U.S. economic or trade sanctions; or | |
5. | Property that is owned by, rented to or in the care, custody or control of a Specially Designated National or Blocked Person, or any person or entity who is otherwise subject to U.S. economic or trade sanctions. |
Page 1 of 1
Must Be Completed |
Complete only when this rider/endorsement is not prepared with the |
|||||||||
Bond/policy or is not to be effective with the bond/policy |
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Rider/Endorsement No.
|
Policy No. | Issued to: | Effective date of | |||||||
this rider/endorsement | ||||||||||
3
|
425141991 |
Countersigned by | ||||
Authorized Representative |
Page1 of 1
Must be Completed |
Complete Only When This Endorsement Is Not Prepared with the Policy |
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or is Not to be Effective with the Policy |
||||||||||
ENDT. NO.
|
POLICY NO. | ISSUED TO | EFFECTIVE DATE OF | |||||||
THIS ENDORSEMENT | ||||||||||
4
|
425141991 |
Countersigned by | ||||
Authorized Representative |
Page 1 of 2
Must be Completed |
Complete Only When This Endorsement Is Not Prepared with the Policy |
|||||||||
or is Not to be Effective with the Policy |
||||||||||
ENDT. NO.
|
POLICY NO. | ISSUED TO | EFFECTIVE DATE OF | |||||||
THIS ENDORSEMENT | ||||||||||
4
|
425141991 |
Countersigned by | ||||
Authorized Representative |
Page 2 of 2
RESOLVED:
|
That the renewal of the fidelity bond coverage for the period from May 15, 2010 to May 15, 2011, which provides coverage in the aggregate amount of $600,000, is hereby approved; and further | |
RESOLVED:
|
That it is the finding of the Directors at this Meeting that the fidelity bond (the Bond) issued through Continental Insurance Company in the amount of $600,000 covering officers and employees of the Fund, in accordance with the requirements of Rule 17g-1 under the Investment Company Act of 1940, as amended (the 1940 Act), is reasonable in form and amount, after having given due consideration to, among other things, the value of the aggregate assets of the Fund to which any person covered under the Bond may have access, the custody and safekeeping of the assets of the Funds portfolio, and the nature of the securities in the Funds portfolio; and further | |
RESOLVED:
|
That the premium in the amount of $2,000 paid by the Fund under the Bond is hereby authorized; and further | |
RESOLVED:
|
That the appropriate officers of the Fund be, and they hereby are, authorized and directed to prepare, execute, and file such amendments and supplements to the aforesaid agreement, and to take such other action as may from time to time be necessary or appropriate in order to conform to the provisions of the 1940 Act and the rules and regulations under that Act; and further | |
RESOLVED:
|
That the Secretary or Assistant Secretary of the Fund shall make such filings concerning the Bond with the Securities and Exchange Commission (SEC) and give such notices as required under paragraph (g) of Rule 17g-1 promulgated by the SEC under the 1940 Act. |