INSURING AGREEMENTS
(A
)
FIDELITY
Loss
resulting
from
any
dishonest
or
fraudulent
act(s),
including
Larceny
or
Embezzlement,
committed by an
Employee, committed anywhere
and
whether
committed
a
lone
or
in
collusion
with
others,
including
los
s
of
Property
resulting
from such
acts of an
Empl
o
yee,
which Property
i
s
held
by
the
Insured
for
any
purpose
or
in
any
capacity
and
whether
so
held
gratuitously
or
not
and whether or not the Insured is liable therefor.
Dishonest
or
fraudulent
act(s)
as
used
in
thi
s
Insuring
Agreement
shall
mean
only
dishonest
or
fraudulent
act(s)
committ
e
d
by
such
Employee
with the manifest intent:
-
(a
)
-
to cause the Insured to sustain such loss; and
-
(b
)
-
to
obtain
financial
benefit
f
or
the
Employee,
or
for
any
other
Person
or
organization
intended
by
the
Employee
to
receive
such
benefit,
other
than
salar
i
es,
commissions,
fees,
bonuses,
promotions,
awards,
profit
sharing,
pensions
or
other
employee
benefits
earned in the
normal course of employment.
(B
)
AUDIT EXPENSE
Expense
incurred
by
the
Insured
for
that
part
of
the
costs
of
audits
or
ex
a
minations
required
by
any
governmental
regulatory
authority
to
be
conducted
either
by
such
authority
or
by
an
independent
accountant
by
reason
of
the
discovery
of
loss
sustain
ed
by
the
Insured
through
any
dishonest
or
fraudulent
act(s),
including
Larceny
or
Embezzlement,
of
any
of
the
Employees.
The
total
liability
of
the
Underwriter
for
such
expense
by
reason
of
such
acts
of
any
Employee
or
in which
such
Employee
is
concerned
or
implicate
d
or
with
respect
t
o
an
y
one audit or examination is limited to the amount
stated
opposite
Audit
Expense
in
Item
3
of
the
Declarations;
it
being
und
e
rstood,
however,
that
such
expense
shall
be
deemed
to
be
a
loss
sustained
by
the
Insured
through
any
dishonest
or
fraudulent
act(s),
including
Larceny
or
Embezzlement, of
one or more of
the Employees,
and
the
liability
under
this
paragraph
shall
be
in
addition
to
the
Limit
of
Liability
stated
in
Insuring
Agreement
(A
)
in
Item
3
of
the
Declarations.
(C
)
ON PREMISES
Loss
of
Property
(occurring
with
or
without
negligence
or
violence
)
through
robbery,
burglary,
Larceny,
theft, holdup,
or
other
fraudulent
means,
misplacement,
mysterious
unexplainable
disappearance,
damage
thereto
or
destruction
thereof,
abstraction
or
removal
from
the
possession,
custody
or
control
of
the
Insured,
and
loss
of
subscription,
conversion,
redemption
or deposit
privileges through the
misplacement or
loss
of
Property,
while
t
h
e
Property
is
(or
is
supposed
or
believed
by
the
Insured
to
be)
lodged
or
deposited
within
any
offices
or
premises
located
anywhere,
except
in
an
office
listed
in
Item
4
of
the
Declarations
or
amendment
thereof
or
in
the
mail
or
with
a
carrier
for
hire,
other
than
an
armored
motor
vehicle
company,
for
the
purpose
of
transportation.
Office and Equipment
-
(1
)
-
loss
of
or
damage
to
furnishings,
fixtures,
stationery,
supplies
or
equi
pment,
within
any
of
the
Insured's
offices
covered
under
this
bond
caused
by
Larceny
o
r
theft
in,
or
by
burglary,
robbery
or
hold-up
of,
such
office,
or
attempt
thereat,
or
by
vandalism
or
malicious mischief; or
-
(2)
-
loss
through
damage
to
any
such
office
by
Larceny
or
theft
in,
or
by
burglary,
robbery
or
hold-up
of,
such
office,
o
r
attempt
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,
f
i
xtures,
stationery,
supplies
or
equipment
or
is
legally
liable
for
such
loss
or
damage
always
excepting,
however, all loss or damage through fire.
(D)
IN TRANSIT
Loss
of
Property
(occurring
with
or
without
negligence or
violence) through robbery,
Larceny,
theft,
hold-up,
mispla
cement,
mysterious
unexplainable
disappearance,
being
lost
o
r
otherwise
made
away
wit
h,
damage
thereto
or
destruction
thereof,
and
loss
of
subscription,
conversion,
redemption
o
r
deposit
privileges
through
the
misplacement
or
loss
of
Property,
while
the
Property
is
in
transit
anywhere
in
the
custody
of
any
person
o
r
persons
acting
as
messenger,
except
while
i
n
the
mail
or
with
a
carrier
for
hire,
other
than
an
armored
motor
vehicle
company,
for
the
purpose
of
transportation,
such
transit
to
begin
immediately
upon receipt
of such
Property
by the
transporting
person
or
persons,
and
to
end
immediately
upon
delivery thereof at destination.
(E
)
FORGERY 0R ALTERATION
Loss through Forgery or alteration of or on:
-
(1
)
-
any
bills
of
exchange
,
checks,
drafts,
acceptances,
certificates
of
deposit,
promissory
notes,
or
other
written
promises,
orders
or
directions
to
pay
sums
certain
in
money,
due
bills,
money
orders,
warrants,
orders
upon
public
treas
uries,
letters
of
credit; or
-
(2)
-
other
written
instructions,
advices
or
applications
directed
t
o
the
Insured,
authorizing
or
acknowled
g
ing
the
transfer,
payment,
delivery
or
rec
eipt
of
funds
or
Property,
which
instruct
i
ons,
advices
or
applications
purport
to
have
been
signed
or
endorsed by any:
-
(a
)
-
customer of the Insured, or
-
(b
)
-
shareholder
or
subscribe
r
to
shares,
whether
certificated
or
uncertificated,
of
any Investment Company, or
-
(c
)
-
financial
or
banking
institution
or
stockbroker,
but
which
instruction
s
,
advices
or
applications
either
bear
th
e
forged
signature
or
endorsement
or
have
been
altered
without
the
knowledge
and
consent
of
such
customer,
shareholder
or
subscriber
to
shares,
or
financial
or
banking
institution
or
stockbroker; or
(3
)
withdrawal
orders
or
receipts
for
the
withdrawal
of
funds
or
Pr
o
perty,
or
receipts
or
certificates
of
deposit
for
Property
and
bearing
the
name
of
the
In
s
ured
as
issuer,
or
of
another
Investment
Company
for
which
the Insured acts as agent,
excluding,
however,
any
loss
covered
under
Insuring
Agreement
(F)
hereof
whether
or
not
coverage
for
Insuring
Agreement
(F)
is
provided
for in the Declarations of this bond.
Any
check
or
draft
(a)
made
payable
to
a
fictitious payee
and endorsed
in the
name of
such
fictitious
payee
or
(b)
procured
in
a
transaction
with
the
maker
or
drawer
thereof
or
with
one
acting
as
an
agent
of
such
maker
or
drawer
or
anyone
impersonating
another
and
made
or
drawn
payable
to
the
one
so
impersonated
and
endorsed
by
anyone
other
than
the
one
impersonated,
shall
be
deemed
to
be
forged
as
to
such endorsement.
Mechanically
reproduced
facsimile
signatures
are
treated the same as handwritten signatures.
(F
)
SECURITIES
Loss
sustained
by
the
Insured,
including
loss
sustained
by
reason
of
a
violation
of
the
constitution
by-laws,
rules
or
regulations
of
any
Self
Regulatory
Organiz
a
tion
of
which
the
Insured
is
a
member
or
which
would
have
been
imposed
upon
the
Insured
by
the
constitution,
by-laws,
rules
or
regu
l
ations
of
any
Sel
f
Regulatory
Organization
if
the
Insured
had
been
a member thereof,
-
(1
)
-
through
the
Insured's
having,
in
good
faith
and
in
the
course
of
busine
ss,
whether
for
its
own
account
or
for
the
account
of
others,
in
any
representative,
fiduciary,
agency
or
any
other
capacity,
eithe
r
gratuitously
or
otherwise,
purchased
or
otherwise
acquired,
accepted
or
received,
or
sol
d
or
delivered,
or
given
any
value,
extended
any
credit
or
assumed
any
liability,
on
the
faith
of,
or
otherwise
acted
upon,
any
securities,
documents
or
other
written
instruments
which prove to have been:
-
(a
)
-
counterfeited, or
-
(b
)
-
forged
as
to
the
signature
of
any
maker,
drawer,
issuer,
endorser,
assignor,
lessee,
transfer
agent
or
regist
r
ar,
acceptor,
surety
or
guarantor
o
r
as
to
the
signatur
e
of
any
person
signing
in
any
other
capacity, or
-
(c
)
-
raised
or
otherwise
altered,
or
lost,
or
stolen, or
-
(2
)
-
through
the
Insured's
having,
in
good
faith
and
in
the
course
of
business,
guaranteed
in
writing
or
witnessed
an
y
signatures
whether
for valuable consideration or not and whether
or
not
such
guaranteeing
or
witnessing
is
ultra
vires
the
Insured,
up
on
any
transfers,
assignments,
bills
of
sale,
powers
of
attorney,
guarantees,
endorsements
or
other
obligations
upon
or
in
co
n
nection
with
any
securities,
documents
o
r
other
written
instruments
and
which
p
a
ss
or
purport
to
pass
title
to
such
securit
i
es,
documents
or
other
written
instruments;
excluding
losses
caused
by
Forgery
or
alteration
of,
on
or
in
those
instruments
covere
d
under
Insurin
g
Agreement (E) hereof.
Securities,
documents
or
other
written
instruments
shall
be
deemed
to
mean
original
(including
original
counte
rparts)
negotiable
or
non-negotiable
agreements
which
in
an
d
of
themselves
represent
an
equitable
interest,
ownership,
or
debt,
including
an
assignment
thereof,
which
instrument
s
are,
in
the
ordinary
course
of
business,
transferable
by
delivery
of
such
agreements
with
any
necessary
endorsement
or assignment.
The
word
"counterfeited"
as
used
in
this
Insuring Agreement shall be deemed to mean any
security,
document
or
other
written
instrument
which
is
intended
t
o
deceive
and
to
b
e
taken
for
an original.
Mechanically
reproduced
facsimile
signatures
are
treated the same as handwritten signatures.
(G
)
COUNTERFEIT CURRENCY
Loss
through
the
receip
t
by
the
Insured,
i
n
good
faith,
of
any
counterfeited
money
orders
or
altered
paper
currencies
o
r
coin
of
the
United
States
of
America
or
Canada
issued
or
purporting
to
have
been
issued
by
t
he
United
States
o
f
America
or
Canada
or
issued
pursuant
to
a
United
States
of
America
or
Canada
statute
for
use as currency.
(H)
STOP PAYMENT
Loss
against
any
and
all
s
u
ms
which
the
Insur
e
d
shall
become
obligated
t
o
pay
by
reason
o
f
the
liability
imposed
upon
the
Insured
by
law
for
damages:
For
having
either
complied
with
or
failed
to
comply
with
any
writte
n
notice
of
any
customer,
shareholder
or
subscriber
of
the
Insured
or
any
Authorized
Representative
of
such
customer,
shareholder
or
subscriber
to
stop
payment
of
any
check
or
draft
made
or
drawn
by
such
customer,
shareholder
or
subscriber
or
any
Authorized
Representative
of
such
customer,
shareho
l
der
or
subscriber,
or
For
having
refused
t
o
pay any
check
or
dra
f
t
made
or
drawn
by
any
customer,
shareholder
or
subscriber
of
the
Insured
or
any
Authorized
Representative
of
such
customer,
shareholder or subscriber.
(I
)
UNCOLLECTIBLE ITEMS OF DEPOSIT
Loss
resulting
from
payments
of
dividends
or
fund
shares,
or
withdrawals
permitted
from
any
customer's,
shareholder's,
or
subscriber's
account
based
upon
Uncollectible
I
tems
of
Deposit
of
a
customer,
shareholder
or
s
ubscriber
credited
by
the
Insured
or
the Ins
u
red's
agent
to
such
customer's,
shareholder's
o
r
subscriber's
Mutual
Fund
Account;
or
loss
resulting
from
an
Item
of
Deposit
processed
thr
o
ugh
an
Automated
Clearing
House
which
i
s
reversed
by
the
customer,
shareholder
or
s
ubscriber
and
deemed
uncollectible by the Insured.
Loss
includes
dividends
and
interest
accrued
not
to
exceed
15%
of
the
Uncollectible
Items
which
are deposited.
This
Insuring
Agreement
applies
to
all
Mutual
Funds
with
"exchange
privileges"
if
all
Fund(s)
in
the
exchange
program
are
insured
by
the
Underwriter
for
Uncollect
i
ble
Items
of
Deposit.
Regardless of
the number
o
f
transactions between
Fund(s),
the
minimum
number
of
days
of
deposit
within
the
Fund(s)
before
withdrawal
as
declared
in
the
Fund(s)
prospectus
shall
begin
from
the
date
a
deposit
wa
s
first
credited
to
any
Insur
e
d
Fund(s).
GENERAL AGREEMENT
S
A
.
ADDITIONAL
OFFICES
OR
EMPLOYEES
CONSOLIDATION OR MERGER - NOTICE
(1
)
If
the
Insured
shall,
while
this
bond
is
in
force,
establish
any
add
i
tional
office
or
offices,
such
offices
shall
be
automatically
covered
hereunder
from
t
he
dates
of
their
establishment,
respectively.
No
notice
to
the
Underwriter
of
an
incre
ase
during
any
premium
period
in
the
number
of
offices
or
in
the
number
o
f
Employees
at
any
o
f
the
offices
covered
hereunder
need be
given
and
no
additional
premium
need be
paid
for
the
remainder of such premium period.
(2)
If
an
Investment
Comp
any,
named
as
Insured
herein,
shall,
while
this
bond
is
in
force,
merge
or
consolidate
with,
or
purchase
the
assets
of
another
instit
u
tion,
coverage
for
such
acquisition
shall
a
p
ply
automatically
from
the
date
of
acquisition.
The
Insured
shall
notify
the
Underwriter
of
such
acquisition
within
60
days
of
said
date,
and
an
additional
premium
shall
be
computed
only
if
such
acquisitio
n
involves
additional
offices or employees.
B
.
WARRANTY
No
statement
made
by
or
on
behalf
of
the
Insured,
whether
containe
d
in
the
application
or
otherwise,
shall
be
deemed
to
be
a
warranty
of
anything
except
that
it
is
t
rue
to
the
bes
t
of
the
knowledge
and
belief
of
the
person
making
the
statement.
C
.
COURT COSTS AND ATTORNEYS' FEES
(Applicable
to
all
Insur
ing
Agreements
or
Coverages
now
or
hereafter
forming
part
of
this
bond)
The
Underwriter
will
i
n
demnify
the
Insured
against
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
suit
or
legal
proceeding
brought
against
the
Insured
to
enforce
the
Insured's
liability or alleged liability on account of any
loss,
claim
or
damage
which,
if
established
against
the
Insured,
would
constitute
a
loss
sustained
by
the
Insured
covered
under
the
terms
of
this
bond
provided,
however,
that
with
respect
to
Insuring
Agreement
(A)
this
indemnity
shall
apply
only
in
the event that:
-
(1
)
-
an
Employee
admits
to
being
guilty
of
any
dishonest
or
fraudulent
act(s),
including
Larceny or Embezzlement; or
-
(2)
-
an
Employee
is
adjudicated
to
be
guilty
of
any
dishonest
or
fraudule
n
t
act(s),
including
Larceny or Embezzlement;
-
(3)
-
in
the
absence
of
(1)
or
(2)
above
an
arbitration
panel
agrees,
after
a
review
of
an
agreed
statement
of
facts,
that
an
Employee
would
be
found
guilty
of
dishonesty
if
such
Employee were prosecuted.
The
Insured
shall
promptly
give
notice
to
the
Underwriter
of
any
such
su
i
t
or
legal
proceedings
and
at
the
request
of
t
he
Underwriter
shall
furnish
it
with
copie
s
of
all
pleadings
and
oth
e
r
papers therein.
At
the
Underwriter's election
the
Insured
shall
permit
the
Underwriter
to
conduct
the
defense
of
such
suit
or
legal
proceeding,
in
the
Insured's
name,
through
attorneys
of
the
Underwriter's
selection.
In
such
event,
the
Insured
shall
give
all
reasonable
information
and
assistance
which
the
Un
derwriter
shall
deem
necessary
to
the
proper
defense
of
such
suit
or
legal proceeding.
If
the
amount
of
the
Insured's
liability
or
alleged
liability
is
greater
than
t
h
e
amount
recoverable
under
this
bond,
or
if
a
Deductible
Amount
is
applicable,
or
both,
th
e
liability
of
the
Underwriter
under
this G
eneral
Agreement
is
limited
to
the
proportion
of
court
costs
and
attorneys'
fees
incurred
and
paid
by
the
Insured
or
by
the
Underwriter
that
the
amount
recoverable
under
this
bond
bears
to
the
total
of
such
amount
plus
the
amount
which
is
not
so
recoverable.
Such
indemni
ty
shall
be
in
addition
to
the
Limit
of
Liability
for
the
applicable
Insuring Agreement or Coverage.
D
.
FORMER EMPLOYEE
Acts
of
an
Employee,
as
defined
in
this
bond,
are
covered under
Insuring Agr
eement (A)
only while
the Employee
is in
the Insured's employ.
Should
loss
involving
a
former
Employee
of
the
Insured
be
discovered
subsequent
to
the
termination
of
employment,
coverage
would
still
apply
under
Insuring
Agreement
(A)
i
f
the
direct
proximate
cause
of
the
loss
occurred
while
the
former
Employee
performed
duti
e
s
within
the
scope
of
his/her employment.