ICI MUTUAL INSURANCE COMPANY
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 4
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INSURED BOND NUMBER
DREMAN/CLAYMORE DIVIDEND & INCOME FUND 05716208B
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EFFECTIVE DATE BOND PERIOD AUTHORIZED REPRESENTATIVE
SEPTEMBER 3, 2008 MARCH 31, 2008 TO MARCH 31, 2009 /S/ MATTHEW LINK
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In consideration of the premium charged for this Bond, and notwithstanding Item
1 of the Declarations, Name of Insured, or any other Rider to this Bond, it is
hereby understood and agreed that the following shall not be Insureds under this
Bond:
Claymore/Raymond James SB-1 Equity Fund
Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.
JOINT INSUREDS AGREEMENT
THIS AGREEMENT is made effective as of the 21st day of April, 2008, by
and between DREMAN/CLAYMORE DIVIDEND & INCOME FUND, a Delaware statutory trust
("DCS"), OLD MUTUAL/CLAYMORE LONG-SHORT, a Massachusetts business trust ("OLA"),
CLAYMORE/GUGGENHEIM STRATEGIC OPPORTUNITIES FUND, a Delaware statutory trust
("GOF"), TS&W/CLAYMORE TAX-ADVANTAGED BALANCED FUND, a Delaware statutory trust
("TYW"), MADISON/CLAYMORE COVERED CALL & EQUITY STRATEGY FUND, a Delaware
statutory trust ("MCN"), MBIA CAPITAL/CLAYMORE MANAGED DURATION INVESTMENT GRADE
MUNICIPAL FUND, a Delaware statutory trust ("MZF"), FIDUCIARY/CLAYMORE MLP
OPPORTUNITY FUND, a Delaware statutory trust ("FMO") and FIDUCIARY/CLAYMORE
DYNAMIC EQUITY FUND, a Delaware statutory trust ("HCE") (DCS, OLA, GOF, TYW,
MCN, MZF, FMO and HCE are collectively referred to herein as the "Trusts" or
singularly as a "Trust").
The Trusts have been named as insureds under a joint Investment Company
Blanket Bond issued by ICI Mutual Insurance Company (the "Bond") with a limit of
liability that may be changed from time to time ("Bond Amount"). The Trusts
desire to enter into this Agreement in accordance with the requirements of Rule
17g-1(f) to assure that the premium for the Bond and any proceeds received under
the Bond are allocated in an equitable and proportionate manner.
The Trusts, therefore, agree that:
1. Allocation of Premium. The portion of the premium paid by each Trust
shall be allocated among the Trusts based upon the minimum amount of
coverage required under Rule 17g-1 under the Investment Company Act of
1940, as amended, based on their respective assets under management as
of the date of the Allocation Event. The current allocations are set
forth in Exhibit A. From time to time adjustments may be made to the
portion of the premiums theretofore paid by a Trust, based on a
subsequent change or changes in the net assets of one or more Trusts
or the addition or withdrawal of a Trust from the Bond.
2. Allocation Event. The allocation of the Bond premium shall be
determined as of the initial date of each Bond period, as of each date
when a Trust is added to this Agreement or when this Agreement is
terminated as to a Trust and when the premium amount increases because
of an increase in the Bond Amount during the Bond period. When a Trust
is added to the Bond, the existing Trusts shall receive a
reimbursement for the decreased amount of premium to be paid for the
Bond period as a result of the addition of the Trust unless Claymore
Advisors, LLC, the administrator for each Trust ("Administrator"),
determines that the cost of refunding the excess premium would meet or
exceed the amount of premium to be refunded. When Trusts are
subtracted, there shall be no change in amounts owed by the Trusts.
3. Allocation of Coverage. In the event any recovery is received under
the Bond as a result of a loss sustained by any Trust and by the other
named insureds, each Trust shall receive an equitable and
proportionate share of the recovery but in no
event less than the amount it would have received had it provided and
maintained a single insured bond with the minimum coverage required by
paragraph (d)(1) of Rule 17g-1. The remaining amount of any recovery,
if any, shall then be applied to the claims of the Trusts based on the
premiums paid by the respective Trusts.
4. Agent. The Administrator is hereby appointed as the agent for the
Trusts for the purpose of making, adjusting, receiving and enforcing
payment of all claims under the Bond and otherwise dealing with ICI
Mutual Insurance Company with respect to the Bond. Any expenses
incurred by the Administrator in its capacity as agent in connection
with a claim shall be shared by the Trusts in proportion to the Bond
proceeds received by the Trusts for the loss. All other expenses
incurred by the Administrator in its capacity as agent shall be shared
by the Trusts in the same portion as their premium allocation.
5. Modification and Termination. This Agreement, including Exhibit A, may
be modified or amended from time to time by mutual written agreement
among the Trusts. Additional registered investment companies for which
the Administrator serves as the administrator may be made a party to
this Agreement and upon the approval of the Board of Trustees of each
party to the Agreement, will be added to the Agreement by the
execution of a revised Exhibit A. The addition of a party shall
trigger an Allocation Event. This Agreement may be terminated with
respect to any one Trust by not less than 75 days' written notice to
the other Trusts. It shall terminate as to any party as of the date
that such party ceases to be an insured under the Bond; provided that
such termination shall not affect such party's rights and obligations
hereunder with respect to any claims on behalf of such party which are
paid under the Bond by ICI Mutual Insurance Company after the date
such party ceases to be an insured under the Bond. The Agreement shall
continue as to the remaining parties, but shall trigger an Allocation
Event.
6. Further Assurances. Each party agrees to perform such further acts and
execute such further documents as are necessary to effectuate the
purposes hereof.
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IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date and year first above written.
DREMAN/CLAYMORE DIVIDEND & INCOME
FUND
By: /s/ Steven M. Hill
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Steven M. Hill
Chief Financial Officer,
Chief Accounting Officer and
Treasurer
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OLD MUTUAL/CLAYMORE LONG-SHORT FUND
By: /s/ Steven M. Hill
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Steven M. Hill
Chief Financial Officer, Chief
Accounting Officer and Treasurer
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MADISON/CLAYMORE COVERED CALL &
EQUITY STRATEGY FUND
By: /s/ Steven M. Hill
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Steven M. Hill
Chief Financial Officer, Chief
Accounting Officer and Treasurer
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FIDUCIARY/CLAYMORE MLP OPPORTUNITY
FUND
By: /s/ Steven M. Hill
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Steven M. Hill
Chief Financial Officer, Chief
Accounting Officer and Treasurer
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FIDUCIARY/CLAYMORE DYNAMIC EQUITY
FUND
By: /s/ Steven M. Hill
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Steven M. Hill
Chief Financial Officer,
Chief Accounting Officer and
Treasurer
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TS&W/CLAYMORE TAX-ADVANTAGED BALANCED
FUND
By: /s/ Steven M. Hill
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Steven M. Hill
Chief Financial Officer, Chief
Accounting Officer and Treasurer
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MBIA CAPITAL/CLAYMORE MANAGED
DURATION INVESTMENT GRADE
MUNICIPAL FUND
By: /s/ Steven M. Hill
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Steven M. Hill
Chief Financial Officer, Chief
Accounting Officer and Treasurer
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CLAYMORE/GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND
By: /s/ Steven M. Hill
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Steven M. Hill
Chief Financial Officer, Chief
Accounting Officer and Treasurer
Dated: November 17, 2008
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EXHIBIT A
JOINT INSUREDS AGREEMENT
A. Bond Period: March 31, 2008 through March 31, 2009.
B. Bond Amount: $6,875,000
C. ALLOCATION OF ANNUAL PREMIUM ($25,833)
TRUST:
Dreman/Claymore Dividend & Income Fund $4,429
Old Mutual/Claymore Long-Short Fund $2,952
Madison/Claymore Covered Call & Equity Strategy Fund $2,952
Fiduciary/Claymore MLP Opportunity Fund $4,429
Fiduciary/Claymore Dynamic Equity Fund $2,215
TS&W/Claymore Tax-Advantaged Balanced Fund $2,952
MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund $2,952
Claymore/Guggenheim Strategic Opportunities Fund $2,952
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A-1
SECRETARY'S CERTIFICATE
The undersigned certifies that he is the duly elected Secretary of the
Fiduciary/Claymore MLP Opportunity Fund and Fiduciary/Claymore Dynamic Equity
Fund (the "Trusts") and that the resolutions set forth below approving the
fidelity bond for the Trusts were adopted by the Boards of Trustees of the
Trusts on April 23, 2008, and such resolutions have not been amended, modified
or rescinded and remain in full force and effect as of the date hereof.
RESOLVED, that the joint fidelity bond with ICI Mutual Insurance Company
(the "Joint Fidelity Bond"), with a policy limit of $6,875,000, and an
annual premium of $25,833, providing coverage for the Trusts,
Dreman/Claymore Dividend & Income Fund, TS&W/Claymore Tax-Advantaged
Balanced Fund, Old Mutual/Claymore Long-Short Fund, Madison/Claymore
Covered Call & Equity Strategy Fund, MBIA Capital/Claymore Managed
Duration Investment Grade Municipal Fund, Claymore/Raymond James SB-1
Equity Fund and Claymore/Guggenheim Strategic Opportunities Fund for the
period from March 31, 2008 to March 31, 2009 be, and it hereby is,
adopted and approved; and further
RESOLVED, that Joint Fidelity Bond premium shall be ratably allocated to
the covered funds based upon the minimum amount of coverage required for
each covered fund by Rule 17g-1 under the 1940 Act; and further
RESOLVED, that in accordance with Rule 17g-1(h) under the 1940 Act, the
Secretary of the Trusts is hereby designated as the officer of the
Trusts who is authorized and directed to make the filings with the SEC
and give the notices required by Rule 17g-1(g); and further
RESOLVED, that the proper officers of the Trusts be, and they hereby
are, authorized and directed at all times to take all actions necessary
to assure compliance with these resolutions and said Rule 17g-1.
IN WITNESS WHEREOF, the undersigned has executed this certificate this
17th day of November, 2008.
/s/ Mark E. Mathiasen
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Mark E. Mathiasen
Secretary
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SECRETARY'S CERTIFICATE
The undersigned certifies that he is the duly elected Secretary of the
Dreman/Claymore Dividend & Income Fund (the "Trust") and that the resolutions
set forth below approving the fidelity bond for the Trust were adopted by the
Board of Trustees of the Trust on June 5, 2008, and such resolutions have not
been amended, modified or rescinded and remain in full force and effect as of
the date hereof.
RESOLVED, that the joint fidelity bond with ICI Mutual Insurance
Company (the "Joint Fidelity Bond"), with a policy limit of $6,875,000,
and an annual premium of $25,833, providing coverage for the Trust,
Fiduciary/Claymore MLP Opportunity Fund, Fiduciary/Claymore Dynamic
Equity Fund, TS&W/Claymore Tax-Advantaged Balanced Fund, Old
Mutual/Claymore Long-Short Fund, Madison/Claymore Covered Call & Equity
Strategy Fund, MBIA Capital/Claymore Managed Duration Investment Grade
Municipal Fund, Claymore/Raymond James SB-1 Equity Fund and
Claymore/Guggenheim Strategic Opportunities Fund for the period from
March 31, 2008 to March 31, 2009 be, and it hereby is, adopted and
approved; and further
RESOLVED, that the Joint Fidelity Bond premium shall be allocated to
the covered funds in accordance with the terms of the Joint Insureds
Agreement based upon the minimum amount of coverage required for each
covered fund by Rule 17g-1 under the 1940 Act ("Rule 17g-1") based on
its respective assets under management; and further
RESOLVED, that in accordance with Rule 17g-1, the Secretary of the
Trust is hereby designated as the officer of the Trust who is
authorized and directed to make the filings with the SEC and give the
notices required by Rule 17g-1; and further
RESOLVED, that the proper officers of the Trust be, and they hereby
are, authorized and directed at all times to take all actions necessary
to assure compliance with these resolutions and Rule 17g-1.
IN WITNESS WHEREOF, the undersigned has executed this certificate this
17th day of November, 2008.
/s/ Matthew J. Patterson
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Matthew J. Patterson
Secretary
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2
SECRETARY'S CERTIFICATE
The undersigned certifies that he is the duly elected Secretary of the
TS&W/Claymore Tax-Advantaged Balanced Fund and Old Mutual/Claymore Long-Short
Fund (the "Trusts") and that the resolutions set forth below approving the
fidelity bond for the Trusts were adopted by the Boards of Trustees of the
Trusts on April 22, 2008, and such resolutions have not been amended, modified
or rescinded and remain in full force and effect as of the date hereof.
RESOLVED, that the joint fidelity bond with ICI Mutual Insurance
Company (the "Joint Fidelity Bond"), with a policy limit of $6,875,000,
and an annual premium of $25,833, providing coverage for the Trusts,
Dreman/Claymore Dividend & Income Fund, Fiduciary/Claymore MLP
Opportunity Fund, Fiduciary/Claymore Dynamic Equity Fund,
Madison/Claymore Covered Call & Equity Strategy Fund, MBIA
Capital/Claymore Managed Duration Investment Grade Municipal Fund,
Claymore/Raymond James SB-1 Equity Fund and Claymore/Guggenheim
Strategic Opportunities Fund for the period from March 31, 2008 to
March 31, 2009 be, and it hereby is, adopted and approved; and further
RESOLVED, that Joint Fidelity Bond premium shall be ratably allocated
to the covered funds based upon the minimum amount of coverage required
for each covered fund by Rule 17g-1 under the 1940 Act; and further
RESOLVED, that in accordance with Rule 17g-1(h) under the 1940 Act, the
Secretary of the Trusts is hereby designated as the officer of the
Trusts who is authorized and directed to make the filings with the SEC
and give the notices required by Rule 17g-1(g); and further
RESOLVED, that the proper officers of the Trusts be, and they hereby
are, authorized and directed at all times to take all actions necessary
to assure compliance with these resolutions and said Rule 17g-1.
IN WITNESS WHEREOF, the undersigned has executed this certificate this
17th day of November, 2008.
/s/ Matthew J. Patterson
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Matthew J. Patterson
Secretary
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3
SECRETARY'S CERTIFICATE
The undersigned certifies that he is the duly elected Secretary of the
Madison/Claymore Covered Call & Equity Strategy Fund (the "Trust") and that the
resolutions set forth below approving the fidelity bond for the Trust were
adopted by the Board of Trustees of the Trust on April 22, 2008, and such
resolutions have not been amended, modified or rescinded and remain in full
force and effect as of the date hereof.
RESOLVED, that the joint fidelity bond with ICI Mutual Insurance
Company (the "Joint Fidelity Bond"), with a policy limit of $6,875,000,
and an annual premium of $25,833, providing coverage for the Trust,
Fiduciary/Claymore MLP Opportunity Fund, Fiduciary/Claymore Dynamic
Equity Fund, Dreman/Claymore Dividend & Income Fund, TS&W/Claymore
Tax-Advantaged Balanced Fund, Old Mutual/Claymore Long-Short Fund, MBIA
Capital/Claymore Managed Duration Investment Grade Municipal Fund,
Claymore/Raymond James SB-1 Equity Fund and Claymore/Guggenheim
Strategic Opportunities Fund for the period from March 31, 2008 to
March 31, 2009 be, and it hereby is, adopted and approved; and further
RESOLVED, that Joint Fidelity Bond premium shall be ratably allocated
to the covered funds based upon the minimum amount of coverage required
for each covered fund by Rule 17g-1 under the 1940 Act; and further
RESOLVED, that in accordance with Rule 17g-1(h) under the 1940 Act, the
Secretary of the Trust is hereby designated as the officer of the Trust
who is authorized and directed to make the filings with the SEC and
give the notices required by Rule 17g-1(g); and further
RESOLVED, that the proper officers of the Trust be, and they hereby
are, authorized and directed at all times to take all actions necessary
to assure compliance with these resolutions and said Rule 17g-1.
IN WITNESS WHEREOF, the undersigned has executed this certificate this
17th day of November, 2008.
/s/ Matthew J. Patterson
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Matthew J. Patterson
Secretary
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4
SECRETARY'S CERTIFICATE
The undersigned certifies that she is the duly elected Secretary of the
MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund (the
"Trust") and that the resolutions set forth below approving the fidelity bond
for the Trust were adopted by the Board of Trustees of the Trust on April 23,
2008, and such resolutions have not been amended, modified or rescinded and
remain in full force and effect as of the date hereof.
RESOLVED, that the joint fidelity bond with ICI Mutual Insurance
Company (the "Joint Fidelity Bond"), with a policy limit of $6,875,000,
and an annual premium of $25,833, providing coverage for the Trust,
Dreman/Claymore Dividend & Income Fund, TS&W/Claymore Tax-Advantaged
Balanced Fund, Old Mutual/Claymore Long-Short Fund, Madison/Claymore
Covered Call & Equity Strategy Fund, Fiduciary/Claymore MLP Opportunity
Fund, Fiduciary/Claymore Dynamic Equity Fund, Claymore/Raymond James
SB-1 Equity Fund and Claymore/Guggenheim Strategic Opportunities Fund
for the period from March 31, 2008 to March 31, 2009 be, and it
hereby is, adopted and approved; and further
RESOLVED, that Joint Fidelity Bond premium shall be ratably allocated
to the covered funds based upon the minimum amount of coverage required
for each covered fund by Rule 17g-1 under the 1940 Act; and further
RESOLVED, that in accordance with Rule 17g-1(h) under the 1940 Act, the
Secretary of the Trust is hereby designated as the officer of the Trust
who is authorized and directed to make the filings with the SEC and
give the notices required by Rule 17g-1(g); and further
RESOLVED, that the proper officers of the Trust be, and they hereby
are, authorized and directed at all times to take all actions necessary
to assure compliance with these resolutions and said Rule 17g-1.
IN WITNESS WHEREOF, the undersigned has executed this certificate this
17th day of November, 2008.
/s/ Melissa J. Nguyen
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Melissa J. Nguyen
Secretary
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5
SECRETARY'S CERTIFICATE
The undersigned certifies that he is the duly elected Secretary of the
Claymore/Raymond James SB-1 Equity Fund and Claymore/Guggenheim Strategic
Opportunities Fund (the "Trusts") and that the resolutions set forth below
approving the fidelity bond for the Trusts were adopted by the Boards of
Trustees of the Trusts on April 21, 2008, and such resolutions have not been
amended, modified or rescinded and remain in full force and effect as of the
date hereof.
RESOLVED, that the joint fidelity bond with ICI Mutual Insurance
Company (the "Joint Fidelity Bond"), with a policy limit of $6,875,000,
and an annual premium of $25,833, providing coverage for the Trusts,
Dreman/Claymore Dividend & Income Fund, TS&W/Claymore Tax-Advantaged
Balanced Fund, Old Mutual/Claymore Long-Short Fund, Madison/Claymore
Covered Call & Equity Strategy Fund, MBIA Capital/Claymore Managed
Duration Investment Grade Municipal Fund, Fiduciary/Claymore MLP
Opportunity Fund and Fiduciary/Claymore Dynamic Equity Fund for the
period from March 31, 2008 to March 31, 2009 be, and it hereby is,
adopted and approved; and further
RESOLVED, that Joint Fidelity Bond premium shall be ratably allocated
to the covered funds based upon the minimum amount of coverage required
for each covered fund by Rule 17g-1 under the 1940 Act; and further
RESOLVED, that in accordance with Rule 17g-1(h) under the 1940 Act, the
Secretary of the Trusts is hereby designated as the officer of the
Trusts who is authorized and directed to make the filings with the SEC
and give the notices required by Rule 17g-1(g); and further
RESOLVED, that the proper officers of the Trusts be, and they hereby
are, authorized and directed at all times to take all actions necessary
to assure compliance with these resolutions and said Rule 17g-1.
IN WITNESS WHEREOF, the undersigned has executed this certificate this
17th day of November, 2008.
/s/ Mark E. Mathiasen
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Mark E. Mathiasen
Secretary
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