Morgan Stanley Retail and Institutional
Funds
522 Fifth Avenue
New York, New York 10020
December 10, 2009
File Room
Securities and Exchange
Commission
450 Fifth Street, NW
Washington, D.C. 20549
RE:
Morgan Stanley Retail and Institutional Funds
Dear Ladies and
Gentleman,
Pursuant
to Rule 17g-1 under the Investment Company Act of 1940, as amended,
enclosed please find the following documents for each Fund (listed in the Exhibit A)
which are attached hereto:
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1.
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A copy of the Funds
joint fidelity blanket bond (the Bond) providing for coverage of $75
million issued by ICI Mutual acting as lead underwriter and with such other
insurance companies participating in the program as may be determined by
Management during the policy term for the period October 5, 2009 to
October 5, 2010;
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2.
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A copy of the
resolutions of the Board of Directors of the Funds, including a majority of
the Directors/Trustees who are not interested persons, approving the amount,
type, form, coverage of the Bond and the portion of the premium to be paid by
each Fund, and allocation of premiums and recoveries under the Bond;
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3.
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A copy of the joint
fidelity bond agreement concerning the allocation of premiums and recoveries
under the Bond; and
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4.
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A chart that shows for
each Fund (i) each funds Gross Assets; and (ii) the amount of the
single insured bond that would have been provided and maintained had the Fund
not been named as an insured under a joint insured bond.
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Please
note that the premium has been paid in its entirety.
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Very truly yours,
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/s/ Mary Mullin
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Mary Mullin
Secretary of the
Funds
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Enclosures
EXHIBIT A
MORGAN STANLEY
RETAIL
AND INSTITUTIONAL FUNDS
at
October 5, 2009
RETAIL FUNDS
Open-End Retail Funds
Taxable Money Market Funds
1.
Active Assets Government
Securities Trust
(AA Government)
2.
Active Assets Institutional
Government Securities Trust
(AA Institutional
Government)
3.
Active Assets Institutional
Money Trust
(AA Institutional Money)
4.
Active Assets Money Trust
(AA Money)
5.
Morgan Stanley Liquid Asset
Fund Inc.
(Liquid Asset)
6.
Morgan Stanley U.S.
Government Money Market Trust
(Government Money)
Tax-Exempt Money Market Funds
7.
Active Assets California
Tax-Free Trust
(AA California)
8.
Active Assets Tax-Free Trust
(AA Tax-Free)
9.
Morgan Stanley California
Tax-Free Daily Income Trust
(California Tax-Free
Daily)
10.
Morgan Stanley New York
Municipal Money Market Trust
(New York Money)
11.
Morgan Stanley Tax-Free
Daily Income Trust
(Tax-Free Daily)
Equity Funds
12.
Morgan Stanley Capital
Opportunities Trust
(Capital Opportunities)+
13.
Morgan Stanley Convertible
Securities Trust
(Convertible
Securities)+
14.
Morgan Stanley Dividend
Growth Securities Inc.
(Dividend Growth)
15.
Morgan Stanley Equally-Weighted
S&P 500 Fund
(Equally-Weighted S&P 500)+
16.
Morgan Stanley European
Equity Fund Inc.
(European Equity)+
17.
Morgan Stanley Focus Growth
Fund
(Focus Growth)+
18.
Morgan Stanley Fundamental
Value Fund (
Fundamental Value
)+
19.
Morgan Stanley Global
Advantage Fund
(Global Advantage)
20.
Morgan Stanley Global
Dividend Growth Securities
(Global Dividend Growth)+
21.
Morgan Stanley Global
Infrastructure Fund
(Global Infrastructure)+
22.
Morgan Stanley Health
Sciences Trust
(Health Sciences)+
23.
Morgan Stanley International
Fund
(International Fund
)+
24.
Morgan Stanley International
Value Equity Fund
(International Value)+
25.
Morgan Stanley Mid Cap
Growth Fund
(Mid Cap Growth)+
26.
Morgan Stanley Mid-Cap Value
Fund
(Mid-Cap Value)+
27.
Morgan Stanley Natural
Resource Development Securities Inc.
(Natural Resource)+
28.
Morgan Stanley Pacific
Growth Fund Inc.
(Pacific Growth)+
29.
Morgan Stanley Real Estate
Fund
(Real Estate)+
30.
Morgan Stanley Small-Mid
Special Value Fund
(Small-Mid Special Value)+
31.
Morgan Stanley S&P 500
Index Fund
(S&P 500 Index)+
32.
Morgan Stanley Special
Growth Fund
(Special Growth)+
33.
Morgan Stanley Special Value
Fund
(Special Value)+
34.
Morgan Stanley Technology
Fund
(Technology Fund)+
35.
Morgan Stanley Value Fund
(Value Fund)+
Balanced Funds
36.
Morgan Stanley Balanced Fund
(Balanced Fund)+
Asset Allocation Fund
37.
Morgan Stanley Strategist
Fund
(Strategist Fund)+
Taxable Fixed-Income Funds
38.
Morgan Stanley Flexible
Income Trust
(Flexible Income)+
39.
Morgan Stanley High Yield
Securities Inc.
(High Yield Securities)+
40.
Morgan Stanley Limited
Duration U.S. Government Trust
(Limited Duration
Government)
41.
Morgan Stanley Mortgage
Securities Trust
(Mortgage Securities)+
42.
Morgan Stanley U.S.
Government Securities Trust
(Government Securities)+
Tax-Exempt Fixed-Income Funds
43.
Morgan Stanley California
Tax-Free Income Fund
(California Tax-Free)+
44.
Morgan Stanley New York
Tax-Free Income Fund
(New York Tax-Free)+
45.
Morgan Stanley Tax-Exempt
Securities Trust
(Tax-Exempt Securities)+
Special Purpose Funds
46.
Morgan Stanley Select
Dimensions Investment Series
(Select Dimensions)
·
Balanced Portfolio
·
Capital Growth Portfolio
·
Capital Opportunities Portfolio
·
Dividend Growth Portfolio
·
Equally-Weighted S&P 500 Portfolio
·
Flexible Income Portfolio
·
Focus Growth Portfolio
·
Global Infrastructure Portfolio
·
Mid Cap Growth Portfolio
·
Money Market Portfolio
47.
Morgan
Stanley Variable Investment Series
(Variable Investment)
·
Aggressive Equity Portfolio
·
Capital Opportunities Portfolio
·
Dividend Growth Portfolio
·
European Equity Portfolio
·
Global Dividend Growth Portfolio
·
Global Infrastructure
Portfolio
·
High Yield Portfolio
·
Income Builder Portfolio
·
Income Plus Portfolio
·
Limited Duration Portfolio
·
Money Market Portfolio
·
S&P 500 Index Portfolio
·
Strategist Portfolio
Alternative Open-End Funds
48.
Morgan Stanley Series Funds
(Series Funds)
+
·
Alternative Opportunities Fund
·
Commodities Alpha Fund
49.
Morgan Stanley FX Series Funds
(FX Series Funds)+
·
FX Alpha Plus Strategy Portfolio
·
FX Alpha Strategy Portfolio
Closed-End Retail Funds
Alternative Closed-End Funds
50.
Morgan
Stanley Prime Income Trust
(Prime Income)
Taxable Fixed-Income Closed-End Funds
51.
Morgan
Stanley Income Securities Inc.
(Income Securities)
Tax-Exempt Fixed-Income Closed-End Funds
52.
Morgan
Stanley California Insured Municipal Income Trust
(California
Insured Municipal)
53.
Morgan
Stanley California Quality Municipal Securities
(California
Quality Municipal)
54.
Morgan
Stanley Insured California Municipal Securities
(Insured
California Securities)
55.
Morgan
Stanley Insured Municipal Bond Trust
(Insured Municipal Bond)
56.
Morgan
Stanley Insured Municipal Income Trust
(Insured Municipal Income)
57.
Morgan
Stanley Insured Municipal Securities
(Insured Municipal
Securities)
58.
Morgan
Stanley Insured Municipal Trust
(Insured Municipal Trust)
59.
Morgan
Stanley Municipal Income Opportunities Trust
(Municipal
Opportunities)
60.
Morgan
Stanley Municipal Income Opportunities Trust II
(Municipal
Opportunities II)
61.
Morgan
Stanley Municipal Income Opportunities Trust III
(Municipal
Opportunities III)
62.
Morgan Stanley Municipal Premium Income Trust
(Municipal
Premium)
63.
Morgan
Stanley New York Quality Municipal Securities
(New York
Quality Municipal)
64.
Morgan
Stanley Quality Municipal Income Trust
(Quality Municipal Income)
65.
Morgan
Stanley Quality Municipal Investment Trust
(Quality Municipal
Investment)
66.
Morgan
Stanley Quality Municipal Securities
(Quality Municipal
Securities)
INSTITUTIONAL FUNDS
Open-End Institutional Funds
1.
Morgan Stanley Institutional
Fund, Inc. (
Institutional Fund Inc.)
·
Active International Allocation Portfolio
·
Capital Growth Portfolio
·
Emerging Markets Debt Portfolio
·
Emerging Markets Portfolio
·
Focus Growth Portfolio
·
Global Franchise Portfolio
·
Global Real Estate Portfolio
·
International Equity Portfolio
·
International Growth Equity Portfolio
·
International Real Estate Portfolio
·
International Small Cap Portfolio
·
Large Cap Relative Value Portfolio
·
Small Company Growth Portfolio
·
U.S. Real Estate Portfolio
·
U.S. Small/Mid Cap Value Portfolio
2.
Morgan Stanley
Institutional Fund Trust (
Institutional Fund Trust
)
·
Advisory II Portfolio
·
Balanced Portfolio
·
Core Fixed Income Portfolio
·
Core Plus Fixed Income Portfolio
·
Intermediate Duration Portfolio
·
International Fixed Income Portfolio
·
Investment Grade Fixed Income Portfolio
·
Limited Duration Portfolio
·
Long Duration Fixed Income Portfolio
·
Mid-Cap Growth Portfolio
·
Municipal Portfolio
·
U.S. Mid Cap Value Portfolio
·
U.S. SmallCap Value Portfolio
·
Value Portfolio
3.
The Universal
Institutional Funds, Inc.
(Universal Funds
)
·
Capital Growth Portfolio
·
Core Plus Fixed Income Portfolio
·
Emerging Markets Debt Portfolio
·
Emerging Markets Equity Portfolio
·
Equity and Income Portfolio
·
Global Franchise Portfolio
·
Global Real Estate Portfolio
·
Global Value Equity Portfolio
·
High Yield Portfolio
·
International Growth Equity Portfolio
·
International Magnum Portfolio
·
Mid Cap Growth Portfolio
·
Small Company Growth Portfolio
·
U.S. Mid-Cap Value Portfolio
·
U.S. Real Estate Portfolio
·
Value Portfolio
4.
Morgan Stanley
Institutional Liquidity Funds (
Liquidity Funds
)
·
Government Portfolio
·
Government Securities Portfolio
·
Money Market Portfolio
·
Prime Portfolio
·
Tax-Exempt Portfolio
·
Treasury Portfolio
·
Treasury Securities Portfolio
Closed-End Institutional Funds
1.
Morgan Stanley
Asia-Pacific Fund, Inc. (
Asia-Pacific Fund
)
2.
Morgan Stanley
China A Share Fund, Inc. (
China A Fund
)
3.
Morgan Stanley Eastern
Europe Fund, Inc.
(Eastern Europe)
4.
Morgan Stanley
Emerging Markets Debt Fund, Inc. (
Emerging Markets Debt)
5
.
Morgan Stanley
Emerging Markets Domestic Debt Fund, Inc.
(Emerging
Markets Domestic Debt)
6.
Morgan Stanley
Emerging Markets Fund, Inc. (
Emerging Markets Fund
)
7.
Morgan Stanley
Frontier Emerging Markets Fund, Inc.
(Frontier Emerging
Markets)
8.
Morgan Stanley
Global Opportunity Bond Fund, Inc.
(Global Opportunity)
9.
Morgan Stanley
High Yield Fund, Inc.
(High Yield Fund)
10.
The India
Investment Fund, Inc. (
India Investment
)
11.
The Latin
American Discovery Fund, Inc.
(Latin American Discovery)
12.
The Malaysia
Fund, Inc.
(Malaysia Fund)
13.
The Thai Fund, Inc.
(Thai Fund)
14.
The Turkish Investment Fund, Inc.
(Turkish Investment)
In Registration
1.
Morgan Stanley
Opportunistic Municipal High Income Fund
+
Denotes Multi-Class Retail Fund
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
1401 H St. NW
Washington, DC
20005
INVESTMENT COMPANY BLANKET BOND
ICI MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
1401 H St. NW
Washington, DC
20005
DECLARATIONS
NOTICE
This policy is issued by
your risk retention group. Your risk
retention group may not be subject to all of the insurance laws and regulations
of your state. State insurance
insolvency guaranty funds are not available for your risk retention group.
Item
1.
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Name
of Insured (the Insured)
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Bond
Number
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Morgan
Stanley Investment Management, Inc.
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88190109B
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Principal Office:
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522
Fifth Avenue, 19th Floor
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New
York, NY 10036
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Mailing Address:
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c/o Risk &
Insurance Management Department
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1633 Broadway, 25
th
Floor
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New York, NY 10019
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Item 2.
Bond Period: from 12:01 a.m. on October 5,
2009, to 12:01 a.m. on October 5, 2010, or the earlier effective date
of the termination of this Bond, standard time at the Principal Address as to
each of said dates.
Item 3.
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Limit
of Liability
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Subject
to Sections 9, 10 and 12 hereof:
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LIMIT
OF LIABILITY
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DEDUCTIBLE
AMOUNT
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Insuring Agreement A-
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FIDELITY
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$
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45,000,000
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$
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150,000
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Insuring Agreement B-
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AUDIT EXPENSE
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$
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50,000
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$
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10,000
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Insuring Agreement C-
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ON PREMISES
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$
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45,000,000
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$
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100,000
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Insuring Agreement D-
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IN TRANSIT
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$
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45,000,000
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$
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100,000
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Insuring Agreement E-
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FORGERY OR ALTERATION
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$
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45,000,000
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$
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100,000
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Insuring Agreement F-
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SECURITIES
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$
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45,000,000
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$
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100,000
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Insuring Agreement G-
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COUNTERFEIT CURRENCY
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$
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45,000,000
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$
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100,000
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Insuring Agreement H-
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UNCOLLECTIBLE ITEMS OF
DEPOSIT
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$
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1,000,000
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$
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150,000
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Insuring Agreement I-
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PHONE/ELECTRONIC
TRANSACTIONS
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$
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45,000,000
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$
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100,000
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If Not Covered is inserted
opposite any Insuring Agreement above, such Insuring Agreement and any
reference thereto shall be deemed to be deleted from this Bond.
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OPTIONAL INSURING
AGREEMENTS ADDED BY RIDER:
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Insuring
Agreement J-
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COMPUTER SECURITY
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$
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45,000,000
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$
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100,000
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Item
4.
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Offices or Premises
CoveredAll the Insureds offices or other premises in existence at the time
this Bond becomes effective are covered under this Bond, except the offices
or other premises excluded by Rider. Offices or other premises acquired or
established after the effective date of this Bond are covered subject to the
terms of General Agreement A.
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Item 5.
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The liability of ICI
Mutual Insurance Company (the Underwriter) is subject to the terms of the
following Riders attached hereto:
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Riders: 1-2-3-4-5-6-7-8-9-10-11-12-13-14
and of all Riders
applicable to this Bond issued during the Bond Period.
By:
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/S/ Maggie
Sullivan
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Authorized
Representative
|
Bond (1/09)
INVESTMENT COMPANY BLANKET BOND
NOTICE
This
policy is issued by your risk retention group.
Your risk retention group may not be subject to all of the insurance
laws and regulations of your state.
State insurance insolvency guaranty funds are not available for your
risk retention group.
ICI
Mutual Insurance Company, a Risk Retention Group (the Underwriter), in
consideration of an agreed premium, and in reliance upon the Application and
all other information furnished to the Underwriter by the Insured, and subject
to and in accordance with the Declarations, General Agreements, Provisions,
Conditions and Limitations and other terms of this bond (including all riders
hereto) (Bond), to the extent of the Limit of Liability and subject to the
Deductible Amount, agrees to indemnify the Insured for the loss, as described
in the Insuring Agreements, sustained by the Insured at any time but discovered
during the Bond Period.
INSURING AGREEMENTS
A.
FIDELITY
Loss
caused by any Dishonest or Fraudulent Act or Theft committed by an Employee
anywhere, alone or in collusion with other persons (whether or not Employees),
during the time such Employee has the status of an Employee as defined herein,
and even if such loss is not discovered until after he or she ceases to be an
Employee, EXCLUDING loss covered under Insuring Agreement B.
B.
AUDIT EXPENSE
Expense
incurred by the Insured for that part of audits or examinations required by any
governmental regulatory authority or Self Regulatory Organization to be
conducted by such authority or Organization or by an independent accountant or
other person, by reason of the discovery of loss sustained by the Insured and
covered by this Bond.
C.
ON PREMISES
Loss
resulting from Property that is (1) located or reasonably believed by the
Insured to be located within the Insureds offices or premises, and (2) the
object of Theft, Dishonest or Fraudulent Act, or Mysterious Disappearance,
EXCLUDING loss covered under Insuring Agreement A.
D.
IN TRANSIT
Loss
resulting from Property that is (1) in transit in the custody of any
person authorized by an Insured to act as a messenger, except while in the mail
or with a carrier for hire (other than a Security Company), and (2) the
object of Theft, Dishonest or Fraudulent Act, or Mysterious Disappearance,
EXCLUDING loss covered under Insuring Agreement A. Property is in transit beginning
immediately upon receipt of such Property by the transporting person and ending
immediately upon delivery at the specified destination.
E.
FORGERY OR ALTERATION
Loss
caused by the Forgery or Alteration of or on (1) any bills of exchange, checks,
drafts, or other written orders or directions to pay certain sums in money,
acceptances, certificates of deposit, due bills, money orders, or letters of
credit; or (2) other written instructions, requests or applications to the
Insured, authorizing or acknowledging the transfer, payment, redemption,
delivery or receipt of Property, or giving notice of any bank account, which
instructions or requests or applications purport to have been signed or endorsed
by (a) any customer of the Insured, or (b) any shareholder of or
subscriber
2
to shares
issued by any Investment Company, or (c) any financial or banking
institution or stockbroker; or (3) withdrawal orders or receipts for the
withdrawal of Property, or receipts or certificates of deposit for Property and
bearing the name of the Insured as issuer or of another Investment Company for
which the Insured acts as agent. This
Insuring Agreement E does not cover loss caused by Forgery or Alteration of
Securities or loss covered under Insuring Agreement A.
F.
SECURITIES
Loss
resulting from the Insured, in good faith, in the ordinary course of business,
and in any capacity whatsoever, whether for its own account or for the account
of others, having acquired, accepted or received, or sold or delivered, or
given any value, extended any credit or assumed any liability on the faith of
any Securities, where such loss results from the fact that such Securities (1) were
Counterfeit, or (2) were lost or stolen, or (3) contain a Forgery or
Alteration, and notwithstanding whether or not the act of the Insured causing
such loss violated the constitution, by-laws, rules or regulations of any
Self Regulatory Organization, whether or not the Insured was a member thereof,
EXCLUDING loss covered under Insuring Agreement A.
G.
COUNTERFEIT
CURRENCY
Loss
caused by the Insured in good faith having received or accepted (1) any
money orders which prove to be Counterfeit or to contain an Alteration or (2) paper
currencies or coin of the United States of America or Canada which prove to be
Counterfeit. This Insuring Agreement G
does not cover loss covered under Insuring Agreement A.
H.
UNCOLLECTIBLE ITEMS OF
DEPOSIT
Loss
resulting from the payment of dividends, issuance of Fund shares or redemptions
or exchanges permitted from an account with the Fund as a consequence of
(1)
uncollectible
Items of Deposit of a Funds customer, shareholder or subscriber credited by
the Insured or its agent to such persons Fund account, or
(2)
any Item of Deposit processed through an automated
clearing house which is reversed by a Funds customer, shareholder or
subscriber and is deemed uncollectible by the Insured;
PROVIDED,
that (a) Items of Deposit shall not be deemed uncollectible until the
Insureds collection procedures have failed, (b) exchanges of shares
between Funds with exchange privileges shall be covered hereunder only if all
such Funds are insured by the Underwriter for uncollectible Items of Deposit,
and (c) the Insured Fund shall have implemented and maintained a policy to
hold Items of Deposit for the minimum number of days stated in its Application
(as amended from time to time) before paying any dividend or permitting any
withdrawal with respect to such Items of Deposit (other than exchanges between
Funds). Regardless of the number of
transactions between Funds in an exchange program, the minimum number of days
an Item of Deposit must be held shall begin from the date the Item of Deposit
was first credited to any Insured Fund.
This
Insuring Agreement H does not cover loss covered under Insuring Agreement A.
I.
PHONE/ELECTRONIC
TRANSACTIONS
Loss
caused by a Phone/Electronic Transaction, where the request for such
Phone/Electronic Transaction:
3
(1)
is transmitted to the Insured or its agents by voice over the telephone or
by Electronic Transmission; and
(2)
is made by an individual purporting to be a Fund shareholder or subscriber
or an authorized agent of a Fund shareholder or subscriber; and
(3)
is unauthorized or fraudulent and is made with the manifest intent to
deceive;
PROVIDED,
that the entity receiving such request generally maintains and follows during
the Bond Period all Phone/Electronic Transaction Security Procedures with
respect to all Phone/Electronic Transactions; and
EXCLUDING loss resulting from:
(1)
the failure to pay for shares attempted to be
purchased; or
(2)
any redemption of Investment Company shares which
had been improperly credited to a shareholders account where such shareholder (a) did
not cause, directly or indirectly, such shares to be credited to such account,
and (b) directly or indirectly received any proceeds or other benefit from
such redemption; or
(3)
any redemption of shares issued by an Investment
Company where the proceeds of such redemption were requested to be paid or made
payable to other than (a) the Shareholder of Record, or (b) any other
person or bank account designated to receive redemption proceeds (i) in
the initial account application, or (ii) in writing (not to include
Electronic Transmission) accompanied by a signature guarantee; or
(4)
any redemption of shares issued by an Investment
Company where the proceeds of such redemption were requested to be sent to
other than any address for such account which was designated (a) in the
initial account application, or (b) in writing (not to include Electronic
Transmission), where such writing is received at least one (1) day prior to
such redemption request, or (c) by voice over the telephone or by
Electronic Transmission at least fifteen (15) days prior to such redemption; or
(5)
the intentional failure to adhere to one or more
Phone/Electronic Transaction Security Procedures; or
(6)
a Phone/Electronic Transaction request transmitted
by electronic mail or transmitted by any method not subject to the
Phone/Electronic Transaction Security Procedures; or
(7) the
failure or circumvention of any physical or electronic protection device,
including any firewall, that imposes restrictions on the flow of electronic
traffic in or out of any Computer System.
This Insuring Agreement I does not cover loss
covered under Insuring Agreement A, Fidelity or Insuring Agreement J, Computer
Security.
GENERAL AGREEMENTS
A.
ADDITIONAL OFFICES OR
EMPLOYEESCONSOLIDATION OR MERGERNOTICE
1.
Except as
provided in paragraph 2 below, this Bond shall apply to any additional office(s) established
by the Insured during the Bond Period and to all Employees during the Bond
Period, without the need to give notice thereof or pay additional premiums to
the Underwriter for the Bond Period.
4
2.
If during the
Bond Period an Insured Investment Company shall merge or consolidate with an
institution in which such Insured is the surviving entity, or purchase
substantially all the assets or capital stock of another institution, or
acquire or create a separate investment portfolio, and shall within sixty (60)
days notify the Underwriter thereof, then this Bond shall automatically apply
to the Property and Employees resulting from such merger, consolidation,
acquisition or creation from the date thereof; provided, that the Underwriter
may make such coverage contingent upon the payment of an additional premium.
B.
WARRANTY
No
statement made by or on behalf of the Insured, whether contained in the
Application or otherwise, shall be deemed to be an absolute warranty, but only
a warranty that such statement is true to the best of the knowledge of the
person responsible for such statement.
C.
COURT COSTS AND ATTORNEYS
FEES
The
Underwriter will indemnify the Insured against court costs and reasonable
attorneys fees incurred and paid by the Insured in defense of any legal proceeding
brought against the Insured seeking recovery for any loss which, if established
against the Insured, would constitute a loss 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 having committed or is adjudicated to have committed
a Dishonest or Fraudulent Act or Theft which caused the loss; or
2.
in the absence
of such an admission or adjudication, an arbitrator or arbitrators acceptable
to the Insured and the Underwriter concludes, after a review of an agreed
statement of facts, that an Employee has committed a Dishonest or Fraudulent
Act or Theft which caused the loss.
The
Insured shall promptly give notice to the Underwriter of any such legal
proceeding and upon request shall furnish the Underwriter with copies of all
pleadings and other papers therein. At
the Underwriters election the Insured shall permit the Underwriter to conduct
the defense of such legal proceeding in the Insureds name, through attorneys
of the Underwriters selection. In such
event, the Insured shall give all reasonable information and assistance which
the Underwriter shall deem necessary to the proper defense of such legal
proceeding.
If
the amount of the Insureds liability or alleged liability in any such legal
proceeding is greater than the amount which the Insured would be entitled to
recover under this Bond (other than pursuant to this General Agreement C), or
if a Deductible Amount is applicable, or both, the indemnity liability of the
Underwriter under this General Agreement C is limited to the proportion of
court costs and attorneys fees incurred and paid by the Insured or by the
Underwriter that the amount which the Insured would be entitled to recover
under this Bond (other than pursuant to this General Agreement C) bears to the
sum of such amount plus the amount which the Insured is not entitled to
recover. Such indemnity shall be in
addition to the Limit of Liability for the applicable Insuring Agreement.
D.
INTERPRETATION
This
Bond shall be interpreted with due regard to the purpose of fidelity bonding
under Rule 17g-1 of the Investment Company Act of 1940 (i.e., to protect
innocent third parties from harm) and to the structure of the investment
management industry (in which a loss of Property resulting from a cause
described in any Insuring Agreement ordinarily gives rise to a potential legal
liability on the part of the Insured), such that the term loss as used herein
shall include an Insureds legal liability for
5
direct
compensatory damages resulting directly from a misappropriation, or measurable
diminution in value, of Property.
THIS BOND, INCLUDING THE
FOREGOING INSURING AGREEMENTS
AND GENERAL AGREEMENTS, IS
SUBJECT TO THE FOLLOWING
PROVISIONS, CONDITIONS AND
LIMITATIONS:
SECTION 1. DEFINITIONS
The following terms used in this Bond shall have the
meanings stated in this Section:
A.
Alteration
means the
marking, changing or altering in a material way of the terms, meaning or legal
effect of a document with the intent to deceive.
B.
Application
means the
Insureds application (and any attachments and materials submitted in connection therewith) furnished to the
Underwriter for this Bond.
C.
Computer
System
means (1) computers with related peripheral components, including
storage components, (2) systems and applications software, (3) terminal
devices, (4) related communications networks or customer communication
systems, and (5) related electronic funds transfer systems; by which data
or monies are electronically collected, transmitted, processed, stored or
retrieved.
D.
Counterfeit
means, with
respect to any item, one which is false but is intended to deceive and to be
taken for the original authentic item.
E.
Deductible
Amount
means, with respect to any Insuring Agreement, the amount set forth
under the heading Deductible Amount in Item 3 of the Declarations or in any
Rider for such Insuring Agreement, applicable to each Single Loss covered by
such Insuring Agreement.
F.
Depository
means any securities
depository (other than any foreign securities depository) in which an
Investment Company may deposit its Securities in accordance with Rule 17f-4
under the Investment Company Act of 1940.
G.
Dishonest
or Fraudulent Act
means any dishonest or fraudulent act, including larceny
and embezzlement as defined in Section 37 of the Investment Company Act
of 1940, committed with the conscious manifest intent (1) to cause the
Insured to sustain a loss and (2) to obtain financial benefit for the
perpetrator or any other person (other than salaries, commissions, fees,
bonuses, awards, profit sharing, pensions or other employee benefits). A
Dishonest or Fraudulent Act does not mean or include a reckless act, a
negligent act, or a grossly negligent act.
H.
Electronic
Transmission
means any transmission effected by electronic
means, including but not limited to a transmission effected by telephone tones,
Telefacsimile, wireless device, or over the Internet.
I.
Employee
means:
(1)
each officer, director,
trustee, partner or employee of the Insured, and
(2)
each officer, director, trustee, partner or employee
of any predecessor of the Insured whose principal assets are acquired by the
Insured by consolidation or merger with, or purchase of assets or capital stock of, such predecessor, and
(3)
each attorney performing legal services for the
Insured and each employee of such attorney or of the law firm of such attorney
while performing services for the Insured, and
6
(4)
each
student who is an authorized intern of the Insured, while in any of the Insureds
offices, and
(5)
each
officer
, director, trustee, partner or employee of
(a) an investment adviser,
(b) an underwriter (distributor),
(c) a transfer agent or shareholder accounting
recordkeeper, or
(d) an
administrator authorized by written agreement to keep financial and/or other
required records,
for an
Investment Company named as an Insured, BUT ONLY while (i) such officer,
partner or employee is performing acts coming within the scope of the usual
duties of an officer or employee of an Insured, or (ii) such officer,
director, trustee, partner or employee is acting as a member of any committee
duly elected or appointed to examine or audit or have custody of or access to
the Property of the Insured, or (iii) such director or trustee (or anyone
acting in a similar capacity) is acting outside the scope of the usual duties
of a director or trustee;PROVIDED, that the term Employee shall not include
any officer, director, trustee, partner or employee of a transfer agent,
shareholder accounting recordkeeper or administrator (x) which is not an affiliated
person (as defined in Section 2(a) of the Investment Company Act of
1940) of an Investment Company named as Insured or of the adviser or
underwriter of such Investment Company, or (y) which is a Bank (as
defined in Section 2(a) of the Investment Company Act of 1940), and
(6)
each individual assigned, by contract or by any
agency furnishing temporary personnel, in either case on a contingent or
part-time basis, to perform the usual duties of an employee in any office of
the Insured, and
(7)
each individual assigned to perform the usual duties
of an employee or officer of any entity authorized by written agreement with
the Insured to perform services as electronic data processor of checks or other
accounting records of the Insured, but excluding a processor which acts as
transfer agent or in any other agency capacity for the Insured in issuing
checks, drafts or securities, unless included under subsection (5) hereof,
and
(8)
each officer, partner or employee of
(a)
any Depository or Exchange,
(b)
any nominee in whose name is registered any Security
included in the systems for the central handling of securities established and
maintained by any Depository, and
(c)
any recognized service company which provides clerks
or other personnel to any Depository or Exchange on a contract basis,
while
such officer, partner or employee is performing services for any Depository in
the operation of systems for the central
handling of securities, and
(9)
in the
case of an Insured which is an employee benefit plan (as defined in Section 3
of the Employee Retirement Income Security Act of 1974 (ERISA)) for officers,
directors or employees of another Insured (In-House Plan), any fiduciary or
other plan official (within the meaning of Section 412 of ERISA) of such
In-House Plan, provided that such fiduciary or other plan official is a
director, partner, officer, trustee or employee of an Insured (other than an
In-House Plan).
Each
employer of temporary personnel and each entity referred to in subsections (6) and
(7) and their respective partners, officers and employees shall
collectively be deemed to be one person for all the purposes of this Bond.
Brokers,
agents, independent contractors, or representatives of the same general
character shall not be considered Employees, except as provided in subsections
(3), (6), and (7).
J.
Exchange
means any
national securities exchange registered under the Securities Exchange Act of
1934.
7
K.
Forgery
means the
physical signing on a document of the name of another person (whether real or
fictitious) with the intent to deceive.
A Forgery may be by means of mechanically reproduced facsimile
signatures as well as handwritten signatures.
Forgery does not include the signing of an individuals own name,
regardless of such individuals authority, capacity or purpose.
L.
Items of Deposit
means one or
more checks or drafts.
M.
Investment Company
or
Fund
means an investment company registered under the Investment Company Act of
1940.
N.
Limit of Liability
means, with
respect to any Insuring Agreement, the limit of liability of the Underwriter
for any Single Loss covered by such Insuring Agreement as set forth under the
heading Limit of Liability in Item 3 of the Declarations or in any Rider for
such Insuring Agreement.
O.
Mysterious Disappearance
means any
disappearance of Property which, after a reasonable investigation has been
conducted, cannot be explained.
P.
Non-Fund
means any
corporation, business trust, partnership, trust or other entity which is not an
Investment Company.
Q.
Phone/Electronic Transaction Security
Procedures
means security procedures for Phone/Electronic
Transactions as provided in writing to the Underwriter.
R.
Phone/Electronic Transaction
means any (1) redemption
of shares issued by an Investment Company, (2) election concerning
dividend options available to Fund shareholders, (3) exchange of shares in
a registered account of one Fund into shares in an identically registered
account of another Fund in the same complex pursuant to exchange privileges of
the two Funds, or (4) purchase of shares issued by an Investment Company,
which redemption, election, exchange or purchase is requested by voice over the
telephone or through an Electronic Transmission.
S.
Property
means the
following tangible items: money, postage
and revenue stamps, precious metals, Securities, bills of exchange,
acceptances, checks, drafts, or other written orders or directions to pay sums
certain in money, certificates of deposit, due bills, money orders, letters of
credit, financial futures contracts, conditional sales contracts, abstracts of
title, insurance policies, deeds, mortgages, and assignments of any of the
foregoing, and other valuable papers, including books of account and other
records used by the Insured in the conduct of its business, and all other
instruments similar to or in the nature of the foregoing (but excluding all
data processing records), (1) in which the Insured has a legally
cognizable interest, (2) in which the Insured acquired or should have
acquired such an interest by reason of a predecessors declared financial
condition at the time of the Insureds consolidation or merger with, or
purchase of the principal assets of, such predecessor or (3) which are
held by the Insured for any purpose or in any capacity.
T.
Securities
means original
negotiable or non-negotiable agreements or instruments which represent an
equitable or legal interest, ownership or debt (including stock certificates,
bonds, promissory notes, and assignments thereof), which are in the ordinary
course of business and transferable by physical delivery with appropriate
endorsement or assignment. Securities
does not include bills of exchange, acceptances, certificates of deposit,
checks, drafts, or other written orders or directions to pay sums certain in
money, due bills, money orders, or letters of credit.
U.
Security Company
means an
entity which provides or purports to provide the transport of Property by
secure means, including, without limitation, by use of armored vehicles or
guards.
8
V.
Self Regulatory Organization
means any
association of investment advisers or securities dealers registered under the
federal securities laws, or any Exchange.
W.
Shareholder of Record
means the
record owner of shares issued by an Investment Company or, in the case of joint
ownership of such shares, all record owners, as designated (1) in the
initial account application, or (2) in writing accompanied by a signature
guarantee, or (3) pursuant to procedures as set forth in the Application.
X.
Single Loss
means:
(1)
all loss resulting from any
one actual or attempted Theft committed by one person, or
(2)
all loss caused by any one
act (other than a Theft or a Dishonest or Fraudulent Act) committed by one
person, or
(3)
all loss caused by Dishonest
or Fraudulent Acts committed by one person, or
(4)
all expenses incurred with
respect to any one audit or examination, or
(5)
all loss caused by any one occurrence or event other than those specified
in subsections (1) through (4) above.
All acts
or omissions of one or more persons which directly or indirectly aid or, by
failure to report or otherwise, permit the continuation of an act referred to
in subsections (1) through (3) above of any other person shall be
deemed to be the acts of such other person for purposes of this subsection.
All
acts or occurrences or events which have as a common nexus any fact,
circumstance, situation, transaction or series of facts, circumstances,
situations, or transactions shall be deemed to be one act, one occurrence, or
one event.
Y.
Telefacsimile
means a system
of transmitting and reproducing fixed graphic material (as, for example,
printing) by means of signals transmitted over telephone lines or over the
Internet.
Z.
Theft
means robbery,
burglary or hold-up, occurring with or without violence or the threat of
violence.
SECTION 2. EXCLUSIONS
THIS BOND DOES NOT COVER:
A.
Loss resulting from (1) riot
or civil commotion outside the United States of America and Canada, or (2) war,
revolution, insurrection, action by armed forces, or usurped power, wherever
occurring; except if such loss occurs while the Property is in transit, is
otherwise covered under Insuring Agreement D, and when such transit was
initiated, the Insured or any person initiating such transit on the Insureds
behalf had no knowledge of such riot, civil commotion, war, revolution, insurrection,
action by armed forces, or usurped power.
B.
Loss in time of
peace or war resulting from nuclear fission or fusion or radioactivity, or
biological or chemical agents or hazards, or fire, smoke, or explosion, or the
effects of any of the foregoing.
C.
Loss resulting from any
Dishonest or Fraudulent Act committed by any person while acting in the
capacity of a member of the Board of Directors or any equivalent body of the
Insured or of any other entity.
D.
Loss resulting from any
nonpayment or other default of any loan or similar transaction made by the
Insured or any of its partners, directors, officers or employees, whether or
not authorized and whether
9
procured in good faith or through a Dishonest or Fraudulent Act, unless
such loss is otherwise covered under Insuring Agreement A, E or F.
E.
Loss resulting from any
violation by the Insured or by any Employee of any law, or any rule or
regulation pursuant thereto or adopted by a Self Regulatory Organization,
regulating the issuance, purchase or sale of securities, securities
transactions upon security exchanges or over the counter markets, Investment
Companies, or investment advisers, unless such loss, in the absence of such
law, rule or regulation, would be covered under Insuring Agreement A, E or
F.
F.
Loss resulting from Property
that is the object of Theft, Dishonest or Fraudulent Act, or Mysterious
Disappearance while in the custody of any Security Company, unless such loss is
covered under this Bond and is in excess of the amount recovered or received by
the Insured under (1) the Insureds contract with such Security Company,
and (2) insurance or indemnity of any kind carried by such Security
Company for the benefit of, or otherwise available to, users of its service, in
which case this Bond shall cover only such excess, subject to the applicable
Limit of Liability and Deductible Amount.
G.
Potential income, including
but not limited to interest and dividends, not realized by the Insured because
of a loss covered under this Bond, except when covered under Insuring Agreement
H.
H.
Loss in the form of (1) damages
of any type for which the Insured is legally liable, except direct compensatory
damages, or (2) taxes, fines, or penalties, including without limitation
two-thirds of treble damage awards pursuant to judgments under any statute or
regulation.
I.
Loss resulting from the
surrender of Property away from an office of the Insured as a result of a
threat
(1)
to do bodily harm to any person, except where the Property is in transit
in the custody of any person acting as messenger as a result of a threat to do
bodily harm to such person, if the Insured had no knowledge of such threat at
the time such transit was initiated, or
(2)
to do damage to the premises or Property of the Insured,
unless such loss is otherwise covered under Insuring
Agreement A.
J.
All costs, fees
and other expenses incurred by the Insured in establishing the existence of or
amount of loss covered under this Bond, except to the extent certain audit
expenses are covered under Insuring Agreement B.
K.
Loss resulting from payments
made to or withdrawals from any account, involving funds erroneously credited
to such account, unless such loss is otherwise covered under Insuring Agreement
A.
L.
Loss resulting from
uncollectible Items of Deposit which are drawn upon a financial institution
outside the United States of America, its territories and possessions, or
Canada.
M.
Loss resulting from the
Dishonest or Fraudulent Acts, Theft, or other acts or omissions of an Employee
primarily engaged in the sale of shares issued by an Investment Company to
persons other than (1) a person registered as a broker under the
Securities Exchange Act of 1934 or (2) an accredited investor as defined
in Rule 501(a) of Regulation D under the Securities Act of 1933,
which is not an individual.
N.
Loss resulting from 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 Insured or by anyone else, unless such loss is otherwise covered under
Insuring Agreement A.
O.
Loss resulting from any
purchase, redemption or exchange of securities issued by an Investment Company
or other Insured, or any other instruction, request, acknowledgement, notice or
transaction involving securities issued by an Investment Company or other
Insured or the dividends in respect
10
thereof, when any of the foregoing is requested, authorized or directed
or purported to be requested, authorized or directed by voice over the
telephone or by Electronic Transmission, unless such loss is otherwise covered
under Insuring Agreement A or Insuring Agreement I.
P.
Loss resulting from any
Dishonest or Fraudulent Act or Theft committed by an Employee as defined in Section 1.I(2),
unless such loss (1) could not have been reasonably discovered by the due
diligence of the Insured at or prior to the time of acquisition by the Insured
of the assets acquired from a predecessor, and (2) arose out of a lawsuit
or valid claim brought against the Insured by a person unaffiliated with the
Insured or with any person affiliated with the Insured.
Q.
Loss resulting from the
unauthorized entry of data into, or the deletion or destruction of data in, or
the change of data elements or programs within, any Computer System, unless
such loss is otherwise covered under Insuring Agreement A.
SECTION 3. ASSIGNMENT OF
RIGHTS
Upon payment to the Insured hereunder for any loss, the
Underwriter shall be subrogated to the extent of such payment to all of the
Insureds rights and claims in connection with such loss; provided, however,
that the Underwriter shall not be subrogated to any such rights or claims one
named Insured under this Bond may have against another named Insured under this
Bond. At the request of the Underwriter,
the Insured shall execute all assignments or other documents and take such
action as the Underwriter may deem necessary or desirable to secure and perfect
such rights and claims, including the execution of documents necessary to
enable the Underwriter to bring suit in the name of the Insured.
Assignment of any rights or claims under this Bond shall not bind the
Underwriter without the Underwriters written consent.
SECTION 4. LOSSNOTICEPROOFLEGAL
PROCEEDINGS
This Bond is for the use and benefit only of the Insured
and the Underwriter shall not be liable hereunder to anyone other than the
Insured. As soon as practicable and not
more than sixty (60) days after discovery, the Insured shall give the
Underwriter written notice thereof and, as soon as practicable and within one
year after such discovery, shall also furnish to the Underwriter affirmative
proof of loss with full particulars. The
Underwriter may extend the sixty day notice period or the one year proof of
loss period if the Insured requests an extension and shows good cause therefor.
See also General Agreement C (Court Costs and
Attorneys Fees).
The Underwriter shall not be liable hereunder for loss of Securities
unless each of the Securities is identified in such proof of loss by a
certificate or bond number or by such identification means as the Underwriter
may require. The Underwriter shall have
a reasonable period after receipt of a proper affirmative proof of loss within
which to investigate the claim, but where the Property is Securities and the
loss is clear and undisputed, settlement shall be made within forty-eight (48)
hours even if the loss involves Securities of which duplicates may be obtained.
The Insured shall not bring legal proceedings against the Underwriter
to recover any loss hereunder prior to sixty (60) days after filing such proof
of loss or subsequent to twenty-four (24) months after the discovery of such
loss or, in the case of a legal proceeding to recover hereunder on account of
any judgment against the Insured in or settlement of any suit mentioned in
General Agreement C or to recover court costs or attorneys fees paid in any
such suit, twenty-four (24) months after the date of the final judgment in or
settlement of such suit. If any
limitation in this Bond is prohibited by any applicable law, such limitation
shall be deemed to be amended to be equal to the minimum period of limitation
permitted by such law.
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Notice hereunder shall be given to Manager, Professional Liability
Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.
SECTION 5. DISCOVERY
For
all purposes under this Bond, a loss is discovered, and discovery of a loss
occurs, when the Insured
(1)
becomes aware of facts, or
(2)
receives notice of an actual
or potential claim by a third party which alleges that the Insured is liable
under circumstances,
which
would cause a reasonable person to assume that loss covered by this Bond has
been or is likely to be incurred even though the exact amount or details of
loss may not be known.
SECTION 6. VALUATION OF PROPERTY
For the
purpose of determining the amount of any loss hereunder, the value of any
Property shall be the market value of such Property at the close of business on
the first business day before the discovery of such loss; except that
(1)
the value of
any Property replaced by the Insured prior to the payment of a claim therefor
shall be the actual market value of such Property at the time of replacement,
but not in excess of the market value of such Property on the first business
day before the discovery of the loss of such Property;
(2)
the value of Securities which must be produced to
exercise subscription, conversion, redemption or deposit privileges shall be
the market value of such privileges immediately preceding the expiration
thereof if the loss of such Securities is not discovered until after such
expiration, but if there is no quoted or other ascertainable market price for
such Property or privileges referred to in clauses (1) and (2), their
value shall be fixed by agreement between the parties or by arbitration before
an arbitrator or arbitrators acceptable to the parties; and
(3)
the value of books of
accounts or other records used by the Insured in the conduct of its business
shall be limited to the actual cost of blank books, blank pages or other
materials if the books or records are reproduced plus the cost of labor for the
transcription or copying of data furnished by the Insured for reproduction.
SECTION 7. LOST SECURITIES
The maximum liability of the Underwriter hereunder for lost
Securities shall be the payment for, or replacement of, such Securities having
an aggregate value not to exceed the applicable Limit of Liability. If the Underwriter shall make payment to the
Insured for any loss of Securities, the Insured shall assign to the Underwriter
all of the Insureds right, title and interest in and to such Securities. In lieu of such payment, the Underwriter may,
at its option, replace such lost Securities, and in such case the Insured shall
cooperate to effect such replacement. To
effect the replacement of lost Securities, the Underwriter may issue or arrange
for the issuance of a lost instrument bond.
If the value of such Securities does not exceed the applicable
Deductible Amount (at the time of the discovery of the loss), the Insured will
pay the usual premium charged for the lost instrument bond and will indemnify
the issuer of such bond against all loss and expense that it may sustain
because of the issuance of such bond.
If the value of such Securities exceeds the applicable Deductible
Amount (at the time of discovery of the loss), the Insured will pay a
proportion of the usual premium charged for the lost instrument bond, equal to
the percentage that the applicable Deductible Amount bears to the value of such
Securities upon discovery of the loss, and will indemnify the issuer of such
bond against all loss and expense that
12
is not recovered from the Underwriter under the terms and conditions of
this Bond, subject to the applicable Limit of Liability.
SECTION 8. SALVAGE
If any
recovery is made, whether by the Insured or the Underwriter, on account of any
loss within the applicable Limit of Liability hereunder, the Underwriter shall
be entitled to the full amount of such recovery to reimburse the Underwriter
for all amounts paid hereunder with respect to such loss. If any recovery is made, whether by the
Insured or the Underwriter, on account of any loss in excess of the applicable
Limit of Liability hereunder plus the Deductible Amount applicable to such loss
from any source other than suretyship, insurance, reinsurance, security or
indemnity taken by or for the benefit of the Underwriter, the amount of such
recovery, net of the actual costs and expenses of recovery, shall be applied to
reimburse the Insured in full for the portion of such loss in excess of such
Limit of Liability, and the remainder, if any, shall be paid first to reimburse
the Underwriter for all amounts paid hereunder with respect to such loss and
then to the Insured to the extent of the portion of such loss within the
Deductible Amount. The Insured shall
execute all documents which the Underwriter deems necessary or desirable to
secure to the Underwriter the rights provided for herein.
SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF
LIABILITY AND TOTAL LIABILITY
Prior to
its termination, this Bond shall continue in force up to the Limit of Liability
for each Insuring Agreement for each Single Loss, notwithstanding any previous
loss (other than such Single Loss) for which the Underwriter may have paid or
be liable to pay hereunder; PROVIDED, however, that regardless of the number of
years this Bond shall continue in force and the number of premiums which shall
be payable or paid, the liability of the Underwriter under this Bond with
respect to any Single Loss shall be limited to the applicable Limit of
Liability irrespective of the total amount of such Single Loss and shall not be
cumulative in amounts from year to year or from period to period.
SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS
OR POLICIES
The
maximum liability of the Underwriter for any Single Loss covered by any
Insuring Agreement under this Bond shall be the Limit of Liability applicable
to such Insuring Agreement, subject to the applicable Deductible Amount and the
other provisions of this Bond. Recovery
for any Single Loss may not be made under more than one Insuring
Agreement. If any Single Loss covered
under this Bond is recoverable or recovered in whole or in part because of an
unexpired discovery period under any other bonds or policies issued by the
Underwriter to the Insured or to any predecessor in interest of the Insured,
the maximum liability of the Underwriter shall be the greater of either (1) the
applicable Limit of Liability under this Bond, or (2) the maximum
liability of the Underwriter under such other bonds or policies.
SECTION 11. OTHER INSURANCE
Notwithstanding
anything to the contrary herein, if any loss covered by this Bond shall also be
covered by other insurance or suretyship for the benefit of the Insured, the
Underwriter shall be liable hereunder only for the portion of such loss in
excess of the amount recoverable under such other insurance or suretyship, but
not exceeding the applicable Limit of Liability of this Bond.
SECTION 12. DEDUCTIBLE AMOUNT
The Underwriter shall not be liable under any Insuring
Agreement unless the amount of the loss covered thereunder, after deducting the
net amount of all reimbursement and/or recovery received by the Insured with
respect to such loss (other than from any other bond, suretyship or insurance
policy or as an
13
advance by the Underwriter hereunder) shall exceed the
applicable Deductible Amount; in such case the Underwriter shall be liable only
for such excess, subject to the applicable Limit of Liability and the other
terms of this Bond.
No Deductible Amount shall apply to any loss covered under Insuring
Agreement A sustained by any Investment Company named as an Insured.
SECTION 13. TERMINATION
The Underwriter may terminate this Bond as to any Insured
or all Insureds only by written notice to such Insured or Insureds and, if this
Bond is terminated as to any Investment Company, to each such Investment
Company terminated thereby and to the Securities and Exchange Commission,
Washington, D.C., in all cases not less than sixty (60) days prior to the
effective date of termination specified in such notice.
The Insured may terminate this Bond only by written notice to the
Underwriter not less than sixty (60) days prior to the effective date of the
termination specified in such notice.
Notwithstanding the foregoing, when the Insured terminates this Bond as
to any Investment Company, the effective date of termination shall be not less
than sixty (60) days from the date the Underwriter provides written notice of
the termination to each such Investment Company terminated thereby and to the
Securities and Exchange Commission, Washington, D.C.
This Bond will terminate as to any Insured that is a
Non-Fund immediately and without notice upon (1) the takeover of such
Insureds business by any State or Federal official or agency, or by any
receiver or liquidator, or (2) the filing of a petition under any State or
Federal statute relative to bankruptcy or reorganization of the Insured, or
assignment for the benefit of creditors of the Insured.
Premiums are earned until the effective date of termination. The Underwriter shall refund the unearned
premium computed at short rates in accordance with the Underwriters standard
short rate cancellation tables if this Bond is terminated by the Insured or pro
rata if this Bond is terminated by the Underwriter.
Upon the detection by any Insured that an Employee has committed any
Dishonest or Fraudulent Act(s) or Theft, the Insured shall immediately
remove such Employee from a position that may enable such Employee to cause the
Insured to suffer a loss by any subsequent Dishonest or Fraudulent Act(s) or
Theft. The Insured, within two (2) business
days of such detection, shall notify the Underwriter with full and complete
particulars of the detected Dishonest or Fraudulent Act(s) or Theft.
For purposes of this section, detection occurs when any partner,
officer, or supervisory employee of any Insured, who is not in collusion with
such Employee, becomes aware that the Employee has committed any Dishonest or
Fraudulent Act(s) or Theft.
This Bond shall terminate as to any Employee by written notice from the
Underwriter to each Insured and, if such Employee is an Employee of an Insured
Investment Company, to the Securities and Exchange Commission, in all cases not
less than sixty (60) days prior to the effective date of termination specified
in such notice.
SECTION 14. RIGHTS AFTER
TERMINATION
At any time prior to the effective date of termination of this Bond as
to any Insured, such Insured may, by written notice to the Underwriter, elect
to purchase the right under this Bond to an additional period of twelve (12)
months within which to discover loss sustained by such Insured prior to the
effective date of such termination and shall pay an additional premium therefor
as the Underwriter may require.
14
Such additional discovery period shall terminate
immediately and without notice upon the takeover of such Insureds business by
any State or Federal official or agency, or by any receiver or liquidator. Promptly after such termination the
Underwriter shall refund to the Insured any unearned premium.
The right to purchase such additional discovery period may not be
exercised by any State or Federal official or agency, or by any receiver or
liquidator, acting or appointed to take over the Insureds business.
SECTION 15. CENTRAL
HANDLING OF SECURITIES
The Underwriter shall not be liable for loss in connection
with the central handling of securities within the systems established and
maintained by any Depository (Systems), unless the amount of such loss
exceeds the amount recoverable or recovered under any bond or policy or
participants fund insuring the Depository against such loss (the Depositorys
Recovery); in such case the Underwriter shall be liable hereunder only for the
Insureds share of such excess loss, subject to the applicable Limit of
Liability, the Deductible Amount and the other terms of this Bond.
For determining the Insureds share of such excess loss, (1) the
Insured shall be deemed to have an interest in any certificate representing any
security included within the Systems equivalent to the interest the Insured
then has in all certificates representing the same security included within the
Systems; (2) the Depository shall have reasonably and fairly apportioned
the Depositorys Recovery among all those having an interest as recorded by
appropriate entries in the books and records of the Depository in Property
involved in such loss, so that each such interest shall share in the Depositorys
Recovery in the ratio that the value of each such interest bears to the total
value of all such interests; and (3) the Insureds share of such excess
loss shall be the amount of the Insureds interest in such Property in excess
of the amount(s) so apportioned to the Insured by the Depository.
This Bond does not afford coverage in favor of any Depository or
Exchange or any nominee in whose name is registered any security included
within the Systems.
SECTION 16. ADDITIONAL
COMPANIES INCLUDED AS INSURED
If more
than one entity is named as the Insured:
A.
the total liability of the
Underwriter hereunder for each Single Loss shall not exceed the Limit of
Liability which would be applicable if there were only one named Insured,
regardless of the number of Insured entities which sustain loss as a result of
such Single Loss,
B.
the Insured first named in
Item 1 of the Declarations shall be deemed authorized to make, adjust, and
settle, and receive and enforce payment of, all claims hereunder as the agent
of each other Insured for such purposes and for the giving or receiving of any
notice required or permitted to be given hereunder; provided, that the
Underwriter shall promptly furnish each named Insured Investment Company with (1) a
copy of this Bond and any amendments thereto, (2) a copy of each formal
filing of a claim hereunder by any other Insured, and (3) 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 or have any liability for the proper application by the Insured
first named in Item 1 of the Declarations of any payment made hereunder to the
first named Insured,
D.
for the purposes of Sections
4 and 13, knowledge possessed or discovery made by any partner, officer or
supervisory Employee of any Insured shall constitute knowledge or discovery by
every named Insured,
15
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
purposes of this Bond, and
F.
each named Insured shall
constitute the Insured for all purposes of this Bond.
SECTION 17. NOTICE AND
CHANGE OF CONTROL
Within
thirty (30) days after learning that there has been a change in control of an
Insured by transfer of its outstanding voting securities the Insured shall give
written notice to the Underwriter of:
A.
the names of the transferors
and transferees (or the names of the beneficial owners if the voting securities
are registered in another name), and
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.
As used
in this Section, control means the power to exercise a controlling influence
over the management or policies of the Insured.
SECTION 18. CHANGE OR
MODIFICATION
This
Bond may only be modified by written Rider forming a part hereof over the
signature of the Underwriters authorized representative. Any Rider which modifies the coverage
provided by Insuring Agreement A, Fidelity, in a manner which adversely affects
the rights of an Insured Investment Company shall not become effective until at
least sixty (60) days after the Underwriter has given written notice thereof to
the Securities and Exchange Commission, Washington, D.C., and to each Insured
Investment Company affected thereby.
IN WITNESS WHEREOF, the Underwriter
has caused this Bond to be executed on the Declarations Page.
16
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
1
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/ Maggie
Sullivan
|
|
|
|
|
|
In consideration of the
premium charged for this Bond, it is hereby understood and agreed that Item 1
of the Declarations, Name of Insured, shall include the following:
Morgan Stanley Distribution
Inc.
Morgan Stanley Investment
Management Limited
Morgan Stanley Asset and
Investment Trust Company Limited
Morgan Stanley Investment
Management Company
Morgan Stanley
Distributors, Inc.
Morgan Stanley Services
Company, Inc.
Active Assets California
Tax-Free Trust
Active Assets Government
Securities Trust
Active Assets
Institutional Government Securities Trust
Active Assets
Institutional Money Trust
Active Assets Money Trust
Active Assets Tax-Free
Trust
Morgan Stanley Balanced
Fund
Morgan Stanley California
Insured Municipal Income Trust
Morgan Stanley California
Quality Municipal Securities
Morgan Stanley California
Tax-Free Daily Income Trust
Morgan Stanley California
Tax-Free Income Fund
Morgan Stanley Capital
Opportunities Trust
Morgan Stanley Convertible
Securities Trust
Morgan Stanley Dividend
Growth Securities Trust
Morgan Stanley Equally
Weighed S&P 500 Fund
Morgan Stanley European
Equity Fund Inc.
Morgan Stanley Flexible
Income Trust
Morgan Stanley Focus
Growth Fund
Morgan Stanley Fundamental
Value Fund
Morgan Stanley FX Series Funds,
a series fund consisting of:
·
FX Alpha Strategy Portfolio
·
FX Alpha Plus Strategy Portfolio
Morgan Stanley Global
Advantage Fund
Morgan Stanley Global
Dividend Growth Securities
Morgan Stanley Global
Infrastructure Fund
Morgan Stanley Health
Sciences Trust
Morgan Stanley High Yield
Securities Inc.
Morgan Stanley Income
Trust
Morgan Stanley Insured
California Municipal Securities
Morgan Stanley Insured
Municipal Bond Trust
Morgan Stanley Insured
Municipal Income Trust
Morgan Stanley Insured
Municipal Securities
Morgan Stanley Insured
Municipal Trust
Morgan Stanley
International Fund
Morgan Stanley
International Value Equity Fund
Morgan Stanley Limited
Duration Fund
Morgan Stanley Limited
Duration US Government Trust
Morgan Stanley Limited
Term Municipal Trust
Morgan Stanley Liquid
Asset Fund Inc.
Morgan Stanley Mid Cap
Growth Fund
Morgan Stanley Mid Cap
Value Fund
Morgan Stanley Mortgage
Securities Trust
Morgan Stanley Municipal
Income Opportunities Trust
Morgan Stanley Municipal
Income Opportunities Trust II
Morgan Stanley Municipal
Income Opportunities Trust III
Morgan Stanley Municipal
Premium Income Trust
Morgan Stanley Natural
Resource Development Securities Inc.
Morgan Stanley New York
Municipal Money Market Trust
Morgan Stanley New York
Quality Municipal Securities
Morgan Stanley New York
Tax-Free Income Fund
Morgan Stanley Pacific
Growth Fund, Inc.
Morgan Stanley Prime
Income Trust
Morgan Stanley Quality
Municipal Income Trust
Morgan Stanley Quality
Municipal Investment Trust
Morgan Stanley Quality
Municipal Securities
Morgan Stanley Real
Estate Fund
Morgan
Stanley S&P 500 Index Fund
Morgan
Stanley Select Dimensions Investment Series, a series fund consisting of:
·
The Balanced
Growth Portfolio
·
The Capital
Growth Portfolio
·
The Capital
Opportunities Portfolio
·
The
Developing Growth Portfolio
·
The Dividend
Growth Portfolio
·
The Equally
Weighed S&P500 Index Portfolio
·
The Flexible
Income Portfolio
·
The Global
Equity Portfolio
·
The Global
Infrastructure Portfolio
·
The Mid Cap
Growth Portfolio
·
The Money
Market Portfolio
·
Focus Growth
Fund
Morgan Stanley Series Funds,
a series fund consisting of:
·
Commodities Alpha Fund
·
Alternative Opportunities Fund
Morgan Stanley Small-Mid
Special Value Fund
Morgan Stanley Special
Growth Fund
Morgan Stanley Special
Value Fund
Morgan Stanley Strategist
Fund
Morgan Stanley Tax-Exempt
Securities Trust
Morgan Stanley Tax-Free
Daily Income Trust
Morgan Stanley Technology
Fund
Morgan Stanley U.S.
Government Money Market Trust
Morgan Stanley U.S.
Government Securities Trust
Morgan Stanley Value Fund
Morgan
Stanley Variable Investment Series, a series fund consisting of:
·
The
Aggressive Equity Portfolio
·
The Capital
Opportunities Portfolio
·
The Global
Infrastructure Portfolio
·
The Income
Builder Portfolio
·
The Global
Advantage Portfolio
·
The Money
Market Portfolio
·
The Income
Plus Portfolio
·
The High
Yield Portfolio
·
The European
Equity Portfolio
·
The Dividend
Growth Portfolio
·
The Global
Dividend Growth Portfolio
·
The S&P
500 Index Portfolio
·
The
Strategist Portfolio
·
The Limited Duration Portfolio
The Thai Fund, Inc.
The Turkish
Investment Fund, Inc.
Morgan Stanley
High Yield Fund, Inc.
Morgan Stanley
Emerging Markets Debt Fund, Inc.
Morgan Stanley
Frontier Emerging Markets Fund, Inc.
Morgan Stanley
India Investment Fund, Inc.
Morgan Stanley
Global Opportunity Bond Fund, Inc.
The Latin American
Discovery Fund, Inc.
The Malaysia Fund,
Inc.
Morgan Stanley
Emerging Markets Fund, Inc.
Morgan Stanley
Asia-Pacific Fund, Inc.
Morgan Stanley
Eastern Europe Fund, Inc.
Morgan Stanley
China A Share Fund, Inc.
Morgan Stanley
Emerging Markets Domestic Debt Fund, Inc.
Morgan Stanley
Institutional Fund, Inc., a series fund consisting of:
·
Active International Allocation Portfolio
·
Capital Growth Portfolio
·
Emerging Markets Debt Portfolio
·
Emerging
Markets Portfolio
·
Focus Growth
Portfolio
·
Global
Franchise Portfolio
·
Global Real
Estate Portfolio
·
Global Value
Equity Portfolio
·
International
Equity Portfolio
·
International
Growth Equity Portfolio
·
International
Real Estate Portfolio
·
International
Small Cap Portfolio
·
Large Cap Relative Value Portfolio
·
Small Company Growth Portfolio
·
Small Mid Cap Value Portfolio
·
U.S. Real
Estate Portfolio
The Universal
Institutional Funds, Inc., a series fund consisting of:
·
Capital Growth Portfolio
·
Core Plus Fixed Income Portfolio
·
Emerging Markets Debt Portfolio
·
Emerging Markets Equity Portfolio
·
Equity and Income Portfolio
·
Global
Franchise Portfolio
·
Global Real
Estate Portfolio
·
Global Value
Equity Portfolio
·
High Yield Portfolio
·
International Growth Equity Portfolio
·
International Magnum Portfolio
·
Mid Cap Growth Portfolio
·
Small Company Growth Portfolio
·
U.S. Mid Cap Value Portfolio
·
U.S. Real
Estate Portfolio
·
Value Portfolio
Morgan Stanley
Institutional Fund Trust, a series fund consisting of:
·
Advisory Portfolio II
·
Balanced Portfolio
·
Core Fixed Income Portfolio
·
Core Plus Fixed Income Portfolio
·
Intermediate Duration Portfolio
·
International Fixed Income Portfolio
·
Investment Grade Fixed Income Portfolio
·
Limited Duration Portfolio
·
Long Duration Fixed Income
Portfolio
·
Mid Cap Growth Portfolio
·
Municipal Portfolio
·
US Mid-Cap Value Portfolio
·
US Small-Cap Value Portfolio
·
Value Portfolio
Morgan Stanley
Institutional Liquidity Funds, a series fund consisting of:
·
Government Portfolio
·
Government Securities Portfolio
·
Money Market Portfolio
·
Prime
Portfolio
·
Tax-Exempt
Portfolio
·
Treasury Portfolio
·
Treasury Securities Portfolio
Except as above stated, nothing herein shall be held
to alter, waive or extend any of the terms of this Bond.
RN1.0-00 (1/02)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
2
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/ Maggie
Sullivan
|
|
|
|
|
|
In consideration of the
premium charged for this Bond, it is hereby understood and agreed that this
Bond (other than Insuring Agreements C and D) does not cover loss resulting
from or in connection with any business, activities, or acts or omissions of
(including services rendered by) any Insured which is
not
an Insured
Fund (Non-Fund) or any Employee of a Non-Fund,
except
loss, otherwise
covered by the terms of this Bond, resulting from or in connection with (1) services
rendered by a Non-Fund to an Insured Fund, or to shareholders of such Fund in
connection with the issuance, transfer, or redemption of their Fund shares, or (2) in
the case of a Non-Fund substantially all of whose business is rendering the
services described in (1) above, the general business, activities or
operations of such Non-Fund,
excluding
(a) the rendering of
services (other than those described in (1) above) to any person, or (b) the
sale of goods or property of any kind.
It is further understood
and agreed that with respect to any Non-Fund, Insuring Agreements C and D only
cover loss of Property which a Non-Fund uses or holds, or in which a Non-Fund
has an interest, in each case wholly or partially in connection with the
rendering of services by a Non-Fund to an Insured Fund, or to shareholders of
such Fund in connection with the issuance, transfer, or redemption of their
Fund shares.
Except as above stated, nothing herein shall be held
to alter, waive or extend any of the terms of this Bond.
RN3.0-01 (1/02)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
3
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/ Maggie
Sullivan
|
|
|
|
|
|
In consideration of the
premium charged for this Bond, it is hereby understood and agreed that this
Bond shall not cover any loss resulting from or in connection with (1) the
acts or omissions of any custodian, clearing agency or depository located
outside of the United States of America, or of any employee or agent of any
such custodian or depository; or (2) the nationalization or expropriation
by any country and/or territory of any property (including Property as
defined in Section 1.S of the Bond) or property rights of any Insured or
any other person or entity.
Except as above stated, nothing herein shall be held
to alter, waive or extend any of the terms of this Bond.
RN13.0-01 (10/08)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
4
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In consideration of the premium charged for this
Bond, it is hereby understood and agreed that notwithstanding Section 2.Q
of this Bond, this Bond is amended by adding an additional Insuring Agreement J
as follows:
J. COMPUTER SECURITY
Loss (including loss of
Property) resulting directly from Computer Fraud;
provided
, that the
Insured has adopted in writing and generally maintains and follows during the
Bond Period all Computer Security Procedures.
The isolated failure of the Insured to maintain and follow a particular
Computer Security Procedure in a particular instance will not preclude coverage
under this Insuring Agreement, subject to the specific exclusions herein and in
the Bond.
1.
Definitions
. The following
terms used in this Insuring Agreement shall have the following meanings:
a. Authorized
User means any person or entity designated by the Insured (through contract,
assignment of User Identification, or otherwise) as authorized to use a Covered
Computer System, or any part thereof. An
individual who invests in an Insured Fund shall not be considered to be an
Authorized User solely by virtue of being an investor.
b.
Computer Fraud means the unauthorized entry of data into, or the
deletion or destruction of data in, or change of data elements or programs
within, a Covered Computer System which:
(1) is committed by any Unauthorized Third Party
anywhere, alone or in collusion with other Unauthorized Third Parties;
and
(2)
is committed with the conscious manifest
intent (a) to cause the Insured to sustain a loss,
and
(b) to
obtain financial benefit for the perpetrator or any other person;
and
(3)
causes (x) Property to be
transferred, paid or delivered;
or
(y) an account of the Insured,
or of its customer, to be added, deleted, debited or credited;
or
(z) an
unauthorized or fictitious account to be debited or credited.
c.
Computer Security Procedures means
procedures for prevention of unauthorized computer access and use and
administration of computer access and use as provided in writing to the
Underwriter.
d.
Covered Computer System means any
Computer System as to which the Insured has possession, custody and control.
e.
Unauthorized Third Party means any
person or entity that, at the time of the Computer Fraud, is not an Authorized
User.
f.
User Identification means any unique
user name (
i.e.
, a series of
characters) that is assigned to a person or entity by the Insured.
2.
Exclusions
. It is further
understood and agreed that this Insuring Agreement J shall not cover:
a.
Any loss covered under Insuring Agreement
A, Fidelity, of this Bond;
and
b.
Any loss resulting directly or indirectly
from Theft or misappropriation of confidential or proprietary information,
material or data (including but not limited to trade secrets, computer programs
or customer information);
and
c.
Any loss resulting from the intentional
failure to adhere to one or more Computer Security Procedures;
and
d.
Any loss resulting from a Computer Fraud
committed by or in collusion with:
(1)
any Authorized User (whether a natural
person or an entity);
or
(2)
in the case of any Authorized User which
is an entity, (a) any director, officer, partner, employee or agent of
such Authorized User, or (b) any entity which controls, is controlled by,
or is under common control with such Authorized User (Related Entity), or (c) any
director, officer, partner, employee or agent of such Related Entity;
or
(3)
in the case of any Authorized User who is
a natural person, (a) any entity for which such Authorized User is a
director, officer, partner, employee or agent (Employer Entity), or (b) any
director, officer, partner, employee or agent of such Employer Entity, or (c) any
entity which controls, is controlled by, or is under common control with such
Employer Entity (Employer-Related Entity), or (d) any director, officer,
partner, employee or agent of such Employer-Related Entity;
and
e.
Any loss resulting from physical damage
to or destruction of any Covered Computer System, or any part thereof, or any
data, data elements or media associated therewith;
and
f.
Any loss resulting from Computer Fraud
committed by means of wireless access to any Covered Computer System, or any
part thereof, or any data, data elements or media associated therewith;
and
g.
Any loss not directly and proximately
caused by Computer Fraud (including, without limitation, disruption of business
and extra expense);
and
h.
Payments made to any person(s) who
has threatened to deny or has denied authorized access to a Covered Computer
System or otherwise has threatened to disrupt the business of the Insured.
For purposes of this
Insuring Agreement, Single Loss, as defined in Section 1.X of this Bond,
shall also include all loss caused by Computer Fraud(s) committed by one
person, or in which one person is implicated, whether or not that person is
specifically identified. A series of
losses involving unidentified individuals, but arising from the same method of
operation, may be deemed by the Underwriter to involve the same individual and
in that event shall be treated as a Single Loss.
It is further understood
and agreed that nothing in this Rider shall affect the exclusion set forth in Section 2.0
of this Bond.
Coverage under this
Insuring Agreement shall terminate upon termination of this Bond. Coverage under this Insuring Agreement may
also be terminated without terminating this Bond as an entirety:
(a)
by written notice from the Underwriter
not less than sixty (60) days prior to the effective date of termination
specified in such notice; or
(b)
immediately by written notice from the
Insured to the Underwriter.
Except as above stated, nothing herein shall be held
to alter, waive or extend any of the terms of this Bond.
RN19.0-04 (12/03)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
5
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In consideration
of the premium charged for this Bond, it is hereby understood and agreed that
not withstanding Section 9, Non-Reduction and Non Accumulation of Liability
and Total Liability, or any other provision of this Bond, the liability of the
Underwriter under this Bond with respect to any and all loss or losses, under
Insuring Agreement H, Uncollectible Items of Deposit, shall be limited to an
aggregate of One Million Dollars ($1,000,000) for the Bond Period, irrespective
of the total amount of any such loss or losses.
Except as above
stated, nothing herein shall be held to alter, waive or extend any of the terms
of this Bond.
RV24.0-01-123 (12/98)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
6
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In consideration of the
premium charged for this Bond, it is hereby understood and agreed that the
Deductible Amount for Insuring Agreement E, Forgery or Alteration, and Insuring
Agreement F, Securities, shall not apply with respect to loss through Forgery
of a signature on the following documents:
(1)
|
letter
requesting redemption of $50,000 or less payable by check to the shareholder
of record and addressed to the address of record; or
|
|
|
(2)
|
letter
requesting redemption of $50,000 or less by wire transfer to the record
shareholders bank account of record; or
|
|
|
(3)
|
written
request to a trustee or custodian for a Designated Retirement Account (DRA)
which holds shares of an Insured Fund, where such request (a) purports
to be from or at the instruction of the Owner of such DRA, and
(b) directs such trustee or custodian to transfer $50,000 or less from
such DRA to a trustee or custodian for another DRA established for the benefit
of such Owner;
|
provided
, that the Limit of Liability for a
Single Loss as described above shall be $50,000 and that the Insured shall bear
20% of each such loss. This Rider shall
not apply in the case of any such Single Loss which exceeds $50,000; in such
case the Deductible Amounts and Limits of Liability set forth in Item 3 of the
Declarations shall control.
For purposes of this
Rider:
(A)
Designated Retirement Account means any retirement plan or account
described or qualified under the Internal Revenue Code of 1986, as amended, or
a subaccount thereof.
(B)
Owner means the individual for whose benefit the DRA, or a subaccount
thereof, is established.
Except
as above stated, nothing herein shall be held to alter, waive or extend any of
the terms of this Bond.
RN27.0-02 (10/08)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO. 7
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment
Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In
consideration of the premium charged for this Bond, it is hereby understood and
agreed that this Bond does not cover any loss resulting from or in connection
with the acceptance of any Third Party Check, unless
(1)
such Third Party Check
is used to open or increase an account which is registered in the name of one
or more of the payees on such Third Party Check, and
(2)
reasonable efforts are
made by the Insured, or by the entity receiving Third Party Checks on behalf of
the Insured, to verify all endorsements on all Third Party Checks made payable
in amounts greater than $100,000 (provided, however, that the isolated failure
to make such efforts in a particular instance will not preclude coverage,
subject to the exclusions herein and in the Bond),
and
then only to the extent such loss is otherwise covered under this Bond.
For purposes of this
Rider, Third Party Check means a check made payable to one or more parties
and offered as payment to one or more other parties.
It is
further understood and agreed that notwithstanding anything to the contrary
above or elsewhere in the Bond, this Bond does not cover any loss resulting
from or in connection with the acceptance of a Third Party Check where:
(1)
any payee on such
Third Party Check reasonably appears to be a corporation or other entity; or
(2)
such Third Party Check
is made payable in an amount greater than $100,000 and does not include the purported
endorsements of all payees on such Third Party Check.
It is further understood
and agreed that this Rider shall not apply with respect to any coverage that
may be available under Insuring Agreement A, Fidelity.
Except as above stated, nothing herein shall be held
to alter, waive or extend any of the terms of this Bond.
RN30.0-01 (1/02)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO. 8
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In consideration of the premium charged for this
Bond, it is hereby understood and agreed that, notwithstanding anything to the
contrary in General Agreement A of this Bond, Item 1 of the Declarations shall
include any Newly Created Investment Company or portfolio, provided that the
Insured shall submit to the Underwriter, at least annually, a list of all Newly
Created Investment Companies or portfolios, the estimated annual assets of each
Newly Created Investment Company or portfolio, and copies of any prospectuses
and statements of additional information relating to such Newly Created Investment
Companies or portfolios, unless said prospectuses and statements of additional
information have been previously submitted.
For purposes of this
Rider, Newly Created Investment Company or portfolio shall mean any Investment
Company or portfolio declared effective by the SEC after the inception date of
this Bond which is advised, distributed or administered by Morgan Stanley
Investment Management Inc. or Morgan Stanley Investment Advisors, Inc.,
and for which they have the responsibility of placing fidelity bond coverage.
Except as above stated,
nothing herein shall be held to alter, waive or extend any of the terms of this
Bond.
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
9
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment
Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In consideration for the
premium charged for this Bond, it is hereby understood and agreed that, with
respect to Insuring Agreement I only, the Deductible Amount set forth in Item 3
of the Declarations (Phone/Electronic Deductible) shall not apply with
respect to a Single Loss, otherwise covered by Insuring Agreement I, caused by:
(1)
a Phone/Electronic Redemption requested
to be paid or made payable by check to the Shareholder of Record at the address
of record; or
(2)
a Phone/Electronic Redemption requested
to be paid or made payable by wire transfer to the Shareholder of Records bank
account of record,
provided
, that the Limit of Liability for a
Single Loss as described in (1) or (2) above shall be the lesser of
80% of such loss or $40,000 and that the Insured shall bear the remainder of
each such Loss. This Rider shall not
apply if the application of the Phone/Electronic Deductible to the Single Loss
would result in coverage of greater than $40,000 or more; in such case the
Phone-initiated Deductible and Limit of Liability set forth in Item 3 of the Declarations
shall control.
For purposes of this
Rider, Phone/Electronic Redemption means any redemption of shares issued by
an Investment Company, which redemption is requested (a) by voice over the
telephone, (b) through an automated telephone tone or voice response
system, or (c) by Telefacsimile.
Except as above stated,
nothing herein shall be held to alter, waive or extend any of the terms of this
Bond.
RN39.0-02 (8/02)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
10
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment
Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In consideration of the
premium charged for this Bond, it is hereby understood and agreed that
notwithstanding anything to the contrary in this Bond (including Insuring
Agreement I), this Bond does not cover loss caused by a Phone/Electronic
Transaction requested:
·
by
transmissions over the Internet (including any connected or associated intranet
or extranet) or utilizing modem or similar connections;
or
·
by
wireless device transmissions over the Internet (including any connected or
associated intranet or extranet),
except insofar as such
loss is covered under Insuring Agreement A Fidelity of this Bond.
Except
as above stated, nothing herein shall be held to alter, waive or extend any of
the terms of this Bond.
RN48.0-03 (12/03)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 11
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment
Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In
consideration of the premium charged for this Bond, it is hereby understood and
agreed that Section 5 of this Bond is amended to read as follows:
For
all purposes under this Bond, a loss is discovered, and discovery of a loss
occurs, when the Legal Department or Chief Compliance Officer of Morgan Stanley
Investment Management Inc. Morgan
Stanley Investment Advisors, Inc., or Morgan Stanley or the Risk and
Insurance Department of Morgan Stanley:
(1) becomes aware
of facts, or
(2) receives notice of an actual or potential
claim by a third party which alleges that the Insured is liable under
circumstances,
which would cause
a reasonable person to assume that loss covered by this Bond and in excess of
the applicable Deductible Amount has been or is likely to be incurred even
though the exact amount or details of loss may not be known.
Except as above
stated, nothing herein shall be held to alter, waive or extend any of the terms
of this Bond.
RNM27.0-03-190 (8/04)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 12
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment
Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
Most property and
casualty insurers, including ICI Mutual Insurance Company, a Risk Retention
Group (ICI Mutual), are subject to the requirements of the Terrorism Risk
Insurance Act of 2002 (the Act). The
Act establishes a Federal insurance backstop under which ICI Mutual and these
other insurers will be partially reimbursed for future
insured losses
resulting from certified
acts of terrorism.
(Each of these
bolded terms
is defined by the Act.) The Act also places certain disclosure and
other obligations on ICI Mutual and these other insurers.
Pursuant to the Act, any
future losses to ICI Mutual caused by certified
acts of terrorism
will be partially reimbursed by the United
States government under a formula established by the Act. Under this formula, the United States
government will reimburse ICI Mutual for 90% of ICI Mutuals
insured losses
in excess of a statutorily
established deductible until total insured losses of all participating insurers
reach $100 billion. If total insured
losses of all property and casualty insurers reach $100 billion during any
applicable period, the Act provides that the insurers will not be liable under
their policies for their portions of such losses that exceed such amount. Amounts otherwise payable under this bond may
be reduced as a result.
This bond has no express
exclusion for
acts of terrorism.
However, coverage under this bond remains
subject to all applicable terms, conditions and limitations of the bond
(including exclusions) that are permissible under the Act. The portion of the premium that is
attributable to any coverage potentially available under the bond for
acts of terrorism
is one percent (1%).
RN53.0-00 (3/03)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
13
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment
Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In consideration
of the premium charged for this Bond, it is hereby understood and agreed that Section 1.G
shall be amended to read as follows:
Dishonest or Fraudulent Act
means any dishonest or fraudulent act, including larceny
and embezzlement as defined in Section 37 of the Investment Company Act
of 1940, committed with the conscious manifest intent (1) to cause the
Insured to sustain a loss or (2) to obtain financial benefit for the
perpetrator or any other person (other than salaries, commissions, fees,
bonuses, awards, profit sharing, pensions or other employee benefits). A
Dishonest or Fraudulent Act does not mean or include a reckless act, a
negligent act, or a grossly negligent act.
Except as above stated, nothing herein shall be held
to alter, waive or extend any of the terms of this Bond.
RNM5.0-00-190 (1/02)
ICI
MUTUAL INSURANCE COMPANY,
a Risk
Retention Group
INVESTMENT
COMPANY BLANKET BOND
RIDER NO.
14
INSURED
|
|
|
BOND NUMBER
|
|
|
|
|
Morgan Stanley Investment
Management, Inc.
|
|
88190109B
|
|
|
|
|
EFFECTIVE DATE
|
BOND
PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
October 5,
2009
|
October 5, 2009 to October 5, 2010
|
|
/S/
Maggie Sullivan
|
|
|
|
|
|
In consideration of the
premium charged for this Bond, it is hereby understood and agreed that:
1.
|
In
the event that a loss is covered under more than one bond issued to Morgan
Stanley Investment Management, Inc. or any affiliates thereof issued by
ICI Mutual Insurance Company, the total liability of ICI Mutual Insurance
Company under all implicated bonds in combination shall not exceed the
applicable Limit of Liability of the largest of the implicated bonds. In no event shall the applicable Limits of
Liability of each of the implicated bonds be added together or otherwise
combined to determine the total liability of ICI Mutual Insurance Company.
|
Except as above stated, nothing herein shall be held
to alter, waive or extend any of the terms of this Bond.
RN23.0-01 (11/03)
|
|
|
|
Declarations
|
|
EXCESS INSURANCE POLICY
|
40 Wall Street, New York, NY 10005
|
|
|
|
|
|
|
|
CUSTOMER
NUMBER
|
|
|
|
DATE ISSUED
|
|
|
|
|
|
79748
|
|
|
|
12/07/2009
|
|
|
|
|
|
POLICY NUMBER
|
|
COVERAGE IS PROVIDED BY
|
|
PRODUCER NO.
|
|
|
|
|
|
287440365
|
|
Continental Insurance Company
|
|
702859
|
|
|
(herein called Underwriter)
|
|
|
NAMED INSURED AND ADDRESS
|
|
PRODUCER NAME AND ADDRESS
|
|
|
|
Item 1.
|
Morgan
Stanley Investment Management, Inc.
|
|
Aon
Risk Services Northeast Inc.
|
|
(herein
called Insured)
|
|
Ron Borys
|
|
522
Fifth Avenue, 19th Floor
|
|
199 Water Street
|
|
New
York, NY 10020
|
|
New York, NY 10038
|
Item 2.
|
|
Bond Period: from
12:01 a.m. on
10/05/2009
to 12:01 a.m. on
10/05/2010
standard time.
|
|
|
|
Item 3.
|
|
Single Loss Limit of
Liability: $
10,000,000 part of $30,000,000
|
|
|
|
Item 4.
|
|
Underlying Insurance:
|
|
|
|
|
Primary
|
|
|
|
Single
Loss
|
|
|
|
|
|
Underlying Insurance
|
|
Policy
Number
|
|
Limit of
Liability
|
|
Deductible
|
|
|
|
ICI Mutual Insurance Company
|
|
88190109B
|
|
$
|
45,000,000
|
|
$
|
150,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess
|
|
|
|
Single Loss
|
|
|
|
|
|
Underlying Insurance
|
|
Policy Number
|
|
Limit of Liability
|
|
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Item 5.
|
|
Notice of claim should be
sent to the Underwriter at:
|
CNA Global Specialty
Lines
|
|
|
|
Financial Insurance
Division, Fidelity Bonding
|
|
|
|
40 Wall Street
|
|
|
|
New York, NY 10005
|
|
|
|
Item 6.
|
|
The liability of the
Underwriter is subject to the terms of the following riders attached hereto:
|
|
|
SR-5261b Ed. 10/87 Cosurety
Rider
|
|
|
|
Item 7.
|
|
The Insured by the
acceptance of this policy gives notice to the Underwriter terminating or
canceling prior bond(s) or policy(ies) No.(s)
N/A
, such
termination or cancelation to be effective as of the time this policy becomes
effective.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By
|
|
|
|
Authorized Representative
|
|
|
|
|
|
Date:
|
12/03/2009
|
PRO-4173-A (ED. 09/03)
1
EXCESS FIDELITY BOND
(NON-AGGREGATED)
In consideration of the
payment of the premium and in reliance upon all statements made and information
provided to the Underwriter by the
Insured
and subject to the provisions of this policy, the Underwriter and the
Insured
agree as follows:
SECTION I.
INSURING AGREEMENT
The
Underwriter agrees to indemnify
Insured
for loss discovered during the
Bond Period
,
which exceeds the
Underlying Insurance
but is otherwise properly payable according to the terms of the
Underlying Insurance
.
SECTION II.
GENERAL AGREEMENTS
A
.
DEFINITIONS
Throughout
this bond, the words bond and policy are interchangeable.
Bond Period
means the period from the
effective date and hour of this Bond as set forth in Item 2 of the
Declarations, to the Policy expiration date and hour set forth in Item 2 of the
Declarations, or its earlier cancellation date or termination date, if any.
Insured
means those persons or
organizations insured under the
Primary
Underlying Insurance
, at its inception.
Named Insured
means the organizations
named in Item 1 of the Declarations.
Primary Underlying Insurance
means the
Policy scheduled in Item 4 of the Declarations.
Underlying Insurance
means all those Policies scheduled in
Item 4 of the Declarations and any Policies replacing them.
B.
NOTICE TO UNDERWRITER OF LOSS OR LEGAL PROCEEDING
At the earliest practicable moment, not to exceed the notice
requirements specified in the
Primary
Underlying Insurance
, the
Named Insured
shall give the
Underwriter notice thereof. Such notice is to be sent to: CNA
Global
Specialty Lines, Fidelity Bonding, 8th Floor, 40 Wall Street New York, NY
10005. Within six (6) months after such discovery, the
Named Insured
shall furnish the Underwriter
proof of loss, duly sworn, with full particulars; and if requested by the
Underwriter, copies of proof of loss presented to the
Primary Underlying Insurance.
Legal proceedings for the recovery of any loss hereunder shall not be
brought prior to the expiration of sixty (60) days after the proof of loss if
filed with the Underwriter or after
the expiration of
twenty-four (24) months from discovery of such loss.
SECTION III.
CONDITIONS AND LIMITATIONS
A
.
UNDERLYING INSURANCE
This
bond is subject to all terms and conditions of the
Primary Underlying Insurance
(except premium, limit of
liability, and any other provision set forth in this bond). However, should any
provision of this bond conflict with any provision of the
Underlying Insurance
, then the provisions
of this bond shall control. All
Underlying
Insurance
in effect at the inception of this bond shall be
maintained in full effect during the
Bond
Period
. If the
Underlying
Insurance
is amended or modified during the
Bond Period
, the Underwriter shall be given
written notice as required by the
Primary
Underlying Insurance
and premium hereunder shall be adjusted as
PRO-4175-A (ED. 02/04)
1
appropriate.
Failure to comply with the foregoing shall not void this bond; however, in the
event of such failure, the Underwriter shall only be liable to the same extent
as if the
Underlying Insurance
remained in full force and with the terms and conditions agreed to by the
Underwriter
.
B.
JOINT INSUREDS
If two or more
Insureds
are
covered under this Bond, the first
Named
Insured
shall act for all
Insureds
.
Payment by the Underwriter to the first
Named
Insured
for any loss sustained by any
Insured
shall fully release the Underwriter with respect to
such loss. If the first named
Insured
ceases
to be covered under this Bond, the
Insured
next
named shall be considered as the first Named
Insured
.
The liability of the Underwriter for loss sustained by all
Insureds
shall not exceed the amount for
which the Underwriter would have been liable had all such loss been sustained
by one
Insured
.
Knowledge possessed or discovery made by any
Insured
shall constitute knowledge or discovery by all
Insureds
for all purposes of this bond.
C.
SINGLE LOSS LIMIT OF LIABILITY
The Underwriters liability for each single loss shall not exceed the
applicable Single Loss Limit of Liability shown in Item 3 of the Declarations.
D.
MAINTENANCE OF UNDERLYING INSURANCE AND DROP DOWN PROVISION
1.
The
Underlying Insurance
shall be maintained
during the
Bond Period
on the same
terms and conditions in effect upon the inception date of this Bond, subject to
any reduction of the limits of liability available under the
Underlying Insurance
solely by reason of
payment in legal currency of losses covered thereunder. Except as provided in Section G.
below, failure to comply with the foregoing shall not invalidate this Policy
but the Insurer shall not be liable to a greater extent than if this condition
had been complied with. To the extent that any
Underlying Insurance
is not maintained during the
Policy Period
(including any applicable
Extended Reporting Period) on the same terms and conditions in effect upon the
inception date of this Policy:
a.
the
Insureds
shall be deemed to be self-insured
for any loss not covered under the
Underlying
Insurance
due to such failure, and
b.
the
Underlying Limits
shall not be deemed to be
depleted due to any loss payments covered under the
Underlying Insurance
on account of such changes in terms and
conditions of such
Underlying Insurance
.
2.
The
Named Entity
shall notify the Insurer in
writing as soon as practicable before the effective date of any change in the
terms and conditions of any
Underlying
Insurance
. This Policy shall become subject to such changes only if
and to the extent the Insurer agrees thereto by written endorsement to this
Policy prior to the effective date of such changes, and only if the
Insureds
pay any additional premium
required by the Insurer.
3.
Notwithstanding
any provisions of the
Underlying Insurance
to
the contrary, for the purpose of the coverage afforded under this Policy, any
exhaustion of any sublimit of liability within the
Underlying Insurance
shall not be deemed to exhaust the
Underlying Insurance
and the
Insureds
shall be deemed to be selfinsured
for the amount of any loss in excess of such sublimit up to the amount of the
total limit of liability of the
Underlying
Insurance
.
2
4.
Failure of any
Underlying Insurance
to make payment due to
insolvency or for any other reason, shall not reduce the
Underlying Insurance
Limit of Liability and
this bond shall continue to respond only to loss in excess of that unreduced
amount.
E.
EXCLUSIONS
This bond does not directly or indirectly cover:
1.
loss not reported
to the Underwriter in writing within thirty (30) days after the termination of
this bond;
2.
loss resulting
from the effects of nuclear fission or fusion or radioactivity;
3.
loss of
potential income, including but not limited to interest and dividends, not
realized by an
Insured
;
4.
damage of any
type for which an
Insured
is
legally liable, except compensatory damages, but not multiples thereof, arising
from a loss covered under this bond;
5.
all costs, fees
and expenses incurred by an
Insured
in
establishing the existence of or amount of loss covered under this bond; or as
a party to any legal proceeding even is such legal proceeding results in a loss
covered under this bond;
6.
loss resulting
from indirect of consequential loss of any nature.
F.
CONFORMITY
If any limitation embodied herein is prohibited by any law controlling
the construction thereof, such limitation will be deemed to be amended to
comply with the minimum requirements of such law.
G.
TERMINATION
This Bond shall apply in conformance with the termination and/or
cancellation provisions of the
Primary Policy
;
provided that, in the event of the occurrence of the following, this bond shall
terminate:
·
immediately upon the appointment of a
trustee, receiver, or liquidator of any
Insured
or the taking over of any
Insured
by
State or Federal officials; or
·
immediately upon the dissolution or takeover
of any
Insured
; or
·
immediately upon the exhaustion of the Aggregate
Limit of Liability; or
·
immediately upon the expiration of the
Bond Period
; or
·
immediately upon the cancellation,
termination or non-renewal of the any of the
Underlying
Insurance
.
H.
CHANGE OR MODIFICATION
This bond or any amendment affecting same may not be changed or
modified orally. No change in or modification of this bond shall be effective
except when made by written endorsement to this bond duly executed by the
Underwriter.
3
IN WITNESS
WHEREOF,
the Underwriter has caused this Policy to be
executed by its Chairman and Secretary, but this Policy shall not be binding
upon the Underwriter unless completed by the attachment of the Declarations and
signed by a duly authorized representative of the Underwriter.
|
|
|
Chairman of the Board
|
|
Secretary
|
4
COSURETY RIDER
It is agreed that:
1.
The term Underwriter
as used in the attached bond shall be construed to mean, unless otherwise
specified in this rider, all the Companies executing the attached bond.
2.
Each of said
Companies shall be liable only for such proportion of any Single Loss under the
attached bond as the amount underwritten by such Company as specified in the
Schedule forming a part hereof, bears to the Aggregate Limit of Liability of
the attached bond, but in no event shall any of said Companies be liable for an
amount greater than that underwritten by it.
3.
In the absence
of a request from any of said Companies to pay premiums directly to it,
premiums for the attached bond may be paid to the Controlling Company for the
account of all of said Companies.
4.
In the absence
of a request from any of said Companies that notice of claim and proof of loss
be given to or filed directly with it, the giving of such notice to and the
filing of such proof with, the Controlling Company shall be deemed to be in
compliance with the conditions of the attached bond for the giving of notice of
loss and the filing of proof of loss, if given and filed in accordance with
said conditions.
5.
The Controlling
Company may give notice in accordance with the terms of the attached bond,
terminating or canceling the attached bond as an entirety or as to any
Employee, and any notice so given shall terminate or cancel the liability of
all of said Companies as an entirety or as to such Employee, as the case may
be.
6.
Any Company
other than the Controlling Company may give notice in accordance with the terms
of the attached bond, terminating or canceling the entire liability of such
other Company under the attached bond or as to any Employee.
7.
In the absence
of a request from any of said Companies that notice of termination or
cancelation by the Insured of the attached bond in its entirety be given to or
filed directly with it, the giving of such notice in accordance with the terms
of the attached bond to the Controlling Company shall terminate or cancel the
liability of all of said Companies as an entirety. The Insured may terminate or
cancel the entire liability of any Company, other than the Controlling Company,
under the attached bond by giving notice of such termination or cancelation to
such other Company, and shall send copy of such notice to the Controlling
Company.
This rider/endorsement, which forms part of and is for
attachment to the following described bond/policy issued by the designated
Underwriter/Company takes effect on the effective date of said bond/policy,
unless another effective date is shown below, at the hour stated in said
bond/policy and expires concurrently with said bond/policy.
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
|
Rider/Endorsement No.
|
Policy No.
|
|
Issued to:
|
Effective date of this
rider/endorsement
|
1
|
287440365
|
|
|
|
|
Countersigned by
|
|
|
|
Authorized
Representative
|
SR-5261b
(ED. 10/87)
1
8.
In the event of
the termination or cancelation of the attached bond as an entirety, no Company
shall be liable to the Insured for a greater proportion of any return premium
due the Insured than the amount underwritten by such Company bears to the
Aggregate Limit of Liability of the attached bond.
9.
In the event of
the termination or cancelation of the attached bond as to any Company, such
Company alone shall be liable to the Insured for any return premium due the
Insured on account of such termination or cancelation. The termination or
cancelation of the attached bond as to any Company other than the Controlling
Company shall not terminate, cancel or otherwise affect the liability of the
other Companies under the attached bond.
Underwritten for the sum
of $10,000,000 part of $30,000,000
xs of
$45,000,000
except as follows:
|
|
[Signed in Counterpart]
Controlling Company
Continental Insurance Company
|
|
|
|
|
|
By:
|
/s/
|
|
|
|
Adam Fleischner
|
|
|
|
Underwritten for the sum
of $10,000,000 part of $30,000,000
xs of
$45,000,000
except as follows:
|
|
AXIS Insurance Company
|
|
|
|
|
|
By:
|
/s/
|
|
|
|
William Jennings
|
|
|
|
Underwritten for the sum
of $10,000,000 part of $30,000,000
xs of
$45,000,000
except as follows:
|
|
Westchester Fire Insurance
Company
|
|
|
|
|
|
By:
|
/s/
|
|
|
|
Michael Piccolino
|
This rider/endorsement, which forms part of and is for
attachment to the following described bond/policy issued by the designated
Underwriter/Company takes effect on the effective date of said bond/policy,
unless another effective date is shown below, at the hour stated in said
bond/policy and expires concurrently with said bond/policy.
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
|
Rider/Endorsement No.
|
Policy No.
|
|
Issued to:
|
Effective date of this
rider/endorsement
|
1
|
287440365
|
|
|
|
|
Countersigned by
|
|
|
|
Authorized
Representative
|
2
Accepted:
|
|
|
|
|
|
By:
|
|
|
|
|
|
COSURETY RIDER
|
|
FOR USE WITH ALL FORMS OF
STANDARD BONDS.
|
|
REVISED TO OCTOBER, 1987.
|
|
This rider/endorsement, which forms part of and is for
attachment to the following described bond/policy issued by the designated
Underwriter/Company takes effect on the effective date of said bond/policy,
unless another effective date is shown below, at the hour stated in said
bond/policy and expires concurrently with said bond/policy.
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
|
Rider/Endorsement No.
|
Policy No.
|
|
Issued to:
|
Effective date of this
rider/endorsement
|
1
|
287440365
|
|
|
|
|
Countersigned by
|
|
|
|
Authorized
Representative
|
3
JOINT FIDELITY BOND AGREEMENT
WHEREAS
,
each Morgan Stanley Retail and Institutional Fund attached
hereto on Appendix A (each a
Fund
and
collectively, the
Funds
) are
each management investment companies registered under the Investment Company
Act of 1940 (the
1940
);
WHEREAS
,
each Fund, Morgan Stanley Investment Advisors Inc., Morgan
Stanley Investment Management Inc., Morgan Stanley Services Company Inc., Morgan
Stanley Distributors Inc., Morgan Stanley Distribution Inc., Morgan Stanley
Trust, Morgan Stanley Investment Management Company, Morgan Stanley Investment
Management Limited, Morgan Stanley Asset and Investment Trust Management Co.
Limited and Morgan Stanley (collectively
Morgan Stanley Affiliate
)
are named in a joint fidelity blanket bond (the
Bond
)
issued by the ICI Mutual Insurance Company acting as the lead underwriter and
with such other insurance companies participating in the program as may be
determined by Management during the policy term; and whereas, the Funds and
entities which are so named in such Bond are required to ender into a Joint
Fidelity Bond Agreement pursuant to Rule 17g-1(f) under the 1940 Act;
NOW,
THEREFORE
, it is agreed that in the event a recovery is
awarded under the Bond as a result of a loss sustained by a Morgan Stanley
Affiliate or one or more of the Funds named in such Bond, each Fund and/or
Morgan Stanley Affiliate shall receive an equitable and proportionate share of
the recovery, such amount being at least equal to the minimum amount as set
forth a single insured bond pursuant to Rule 17g-1(d)(1) of the 1940
Act.
Dated:
December 10, 2010
|
|
|
|
By:
|
/s/
Randy Takian
|
|
Randy
Takian,
|
|
Managing
Director of Morgan Stanley Investment Advisors Inc., Morgan Stanley
Investment Management Inc. and Morgan Stanley Services Company Inc. and
President and Principal Executive Officer of all Funds listed in Appendix A.
|
|
|
|
By:
|
/s/
M. Paul Martin
|
|
M.
Paul Martin,
|
|
Chief
Executive Officer of
|
|
Morgan
Stanley Trust
|
|
|
|
|
By:
|
/s/
Mark Patten
|
|
Mark
Patten,
|
|
Managing
Director, Chief Financial Officer and Treasurer of Morgan Stanley
Distribution Inc.
|
|
|
|
By:
|
/s/
Douglas Mangini
|
|
Douglas
Mangini,
|
|
President
and Managing Director of Morgan Stanley Distributors Inc.
|
|
|
|
By:
|
/s/
Andrew Onslow
|
|
Andrew
Onslow,
|
|
Director
of
Morgan Stanley Investment Management Limited
|
|
|
|
By:
|
/s/
John Alkire
|
|
John
Alkire,
|
|
President
and Representative Director of Morgan Stanley Asset and Investment Trust
Management Co. Limited
|
|
|
|
By:
|
/s/
James Cheng
|
|
James
Cheng,
|
|
Managing
Director of Morgan Stanley Investment Management Company
|
Appendix A
MORGAN STANLEY
RETAIL
AND INSTITUTIONAL FUNDS
at
October
5, 2009
RETAIL FUNDS
Open-End Retail Funds
Taxable Money Market Funds
1.
Active Assets Government
Securities Trust
(AA Government)
2.
Active Assets Institutional
Government Securities Trust
(AA Institutional
Government)
3.
Active Assets Institutional
Money Trust
(AA Institutional Money)
4.
Active Assets Money Trust
(AA Money)
5.
Morgan Stanley Liquid Asset
Fund Inc.
(Liquid Asset)
6.
Morgan Stanley U.S.
Government Money Market Trust
(Government Money)
Tax-Exempt Money Market Funds
7.
Active Assets California
Tax-Free Trust
(AA California)
8.
Active Assets Tax-Free Trust
(AA Tax-Free)
9.
Morgan Stanley California
Tax-Free Daily Income Trust
(California Tax-Free
Daily)
10.
Morgan Stanley New York
Municipal Money Market Trust
(New York Money)
11.
Morgan Stanley Tax-Free
Daily Income Trust
(Tax-Free Daily)
Equity Funds
12.
Morgan Stanley Capital
Opportunities Trust
(Capital Opportunities)+
13.
Morgan Stanley Convertible
Securities Trust
(Convertible
Securities)+
14.
Morgan Stanley Dividend
Growth Securities Inc.
(Dividend Growth)
15.
Morgan Stanley
Equally-Weighted S&P 500 Fund
(Equally-Weighted
S&P 500)+
16.
Morgan Stanley European
Equity Fund Inc.
(European Equity)+
17.
Morgan Stanley Focus Growth
Fund
(Focus Growth)+
18.
Morgan Stanley Fundamental
Value Fund (
Fundamental Value
)+
19.
Morgan Stanley Global
Advantage Fund
(Global Advantage)
20.
Morgan Stanley Global
Dividend Growth Securities
(Global Dividend Growth)+
21.
Morgan Stanley Global
Infrastructure Fund
(Global Infrastructure)+
22.
Morgan Stanley Health
Sciences Trust
(Health Sciences)+
23.
Morgan Stanley International
Fund
(International Fund
)+
24.
Morgan Stanley International
Value Equity Fund
(International Value)+
25.
Morgan Stanley Mid Cap
Growth Fund
(Mid Cap Growth)+
26.
Morgan Stanley Mid-Cap Value
Fund
(Mid-Cap Value)+
27.
Morgan Stanley Natural
Resource Development Securities Inc.
(Natural Resource)+
28.
Morgan Stanley Pacific
Growth Fund Inc.
(Pacific Growth)+
29.
Morgan Stanley Real Estate
Fund
(Real Estate)+
30.
Morgan Stanley Small-Mid
Special Value Fund
(Small-Mid Special Value)+
31.
Morgan Stanley S&P 500
Index Fund
(S&P 500 Index)+
32.
Morgan Stanley Special
Growth Fund
(Special Growth)+
33.
Morgan Stanley Special Value
Fund
(Special Value)+
34.
Morgan Stanley Technology
Fund
(Technology Fund)+
35.
Morgan Stanley Value Fund
(Value Fund)+
Balanced Funds
36.
Morgan Stanley Balanced Fund
(Balanced Fund)+
Asset Allocation Fund
37.
Morgan Stanley Strategist
Fund
(Strategist Fund)+
Taxable Fixed-Income Funds
38.
Morgan Stanley Flexible
Income Trust
(Flexible Income)+
39.
Morgan Stanley High Yield
Securities Inc.
(High Yield Securities)+
40.
Morgan Stanley Limited
Duration U.S. Government Trust
(Limited Duration
Government)
41.
Morgan Stanley Mortgage
Securities Trust
(Mortgage Securities)+
42.
Morgan Stanley U.S.
Government Securities Trust
(Government Securities)+
Tax-Exempt Fixed-Income Funds
43.
Morgan Stanley California
Tax-Free Income Fund
(California Tax-Free)+
44.
Morgan Stanley New York
Tax-Free Income Fund
(New York Tax-Free)+
45.
Morgan Stanley Tax-Exempt
Securities Trust
(Tax-Exempt Securities)+
Special Purpose Funds
46.
Morgan Stanley Select
Dimensions Investment Series
(Select Dimensions)
·
Balanced Portfolio
·
Capital Growth Portfolio
·
Capital Opportunities Portfolio
·
Dividend Growth Portfolio
·
Equally-Weighted S&P 500 Portfolio
·
Flexible Income Portfolio
·
Focus Growth Portfolio
·
Global Infrastructure Portfolio
·
Mid Cap Growth Portfolio
·
Money Market Portfolio
47.
Morgan
Stanley Variable Investment Series
(Variable Investment)
·
Aggressive Equity Portfolio
·
Capital Opportunities Portfolio
·
Dividend Growth Portfolio
·
European Equity Portfolio
·
Global Dividend Growth Portfolio
·
Global Infrastructure
Portfolio
·
High Yield Portfolio
·
Income Builder Portfolio
·
Income Plus Portfolio
·
Limited Duration Portfolio
·
Money Market Portfolio
·
S&P 500 Index Portfolio
·
Strategist Portfolio
Alternative Open-End Funds
48.
Morgan Stanley Series Funds
(Series Funds)
+
·
Alternative Opportunities Fund
·
Commodities Alpha Fund
49.
Morgan Stanley FX Series Funds
(FX Series Funds)+
·
FX Alpha Plus Strategy Portfolio
·
FX Alpha Strategy Portfolio
Closed-End Retail Funds
Alternative Closed-End Funds
50.
Morgan
Stanley Prime Income Trust
(Prime Income)
Taxable Fixed-Income Closed-End Funds
51.
Morgan
Stanley Income Securities Inc.
(Income Securities)
Tax-Exempt Fixed-Income Closed-End Funds
52.
Morgan
Stanley California Insured Municipal Income Trust
(California
Insured Municipal)
53.
Morgan
Stanley California Quality Municipal Securities
(California
Quality Municipal)
54.
Morgan
Stanley Insured California Municipal Securities
(Insured
California Securities)
55.
Morgan
Stanley Insured Municipal Bond Trust
(Insured Municipal Bond)
56.
Morgan
Stanley Insured Municipal Income Trust
(Insured Municipal Income)
57.
Morgan
Stanley Insured Municipal Securities
(Insured Municipal
Securities)
58.
Morgan
Stanley Insured Municipal Trust
(Insured Municipal Trust)
59.
Morgan
Stanley Municipal Income Opportunities Trust
(Municipal
Opportunities)
60.
Morgan
Stanley Municipal Income Opportunities Trust II
(Municipal
Opportunities II)
61.
Morgan
Stanley Municipal Income Opportunities Trust III
(Municipal
Opportunities III)
62.
Morgan Stanley Municipal Premium Income Trust
(Municipal
Premium)
63.
Morgan
Stanley New York Quality Municipal Securities
(New York
Quality Municipal)
64.
Morgan
Stanley Quality Municipal Income Trust
(Quality Municipal Income)
65.
Morgan
Stanley Quality Municipal Investment Trust
(Quality Municipal
Investment)
66.
Morgan
Stanley Quality Municipal Securities
(Quality Municipal
Securities)
INSTITUTIONAL FUNDS
Open-End Institutional Funds
1.
Morgan Stanley Institutional
Fund, Inc. (
Institutional Fund Inc.)
·
Active International Allocation Portfolio
·
Capital Growth Portfolio
·
Emerging Markets Debt Portfolio
·
Emerging Markets Portfolio
·
Focus Growth Portfolio
·
Global Franchise Portfolio
·
Global Real Estate Portfolio
·
International Equity Portfolio
·
International Growth Equity Portfolio
·
International Real Estate Portfolio
·
International Small Cap Portfolio
·
Large Cap Relative Value Portfolio
·
Small Company Growth Portfolio
·
U.S. Real Estate Portfolio
·
U.S. Small/Mid Cap Value Portfolio
2.
Morgan Stanley
Institutional Fund Trust (
Institutional Fund Trust
)
·
Advisory II Portfolio
·
Balanced Portfolio
·
Core Fixed Income Portfolio
·
Core Plus Fixed Income Portfolio
·
Intermediate Duration Portfolio
·
International Fixed Income Portfolio
·
Investment Grade Fixed Income Portfolio
·
Limited Duration Portfolio
·
Long Duration Fixed Income Portfolio
·
Mid-Cap Growth Portfolio
·
Municipal Portfolio
·
U.S. Mid Cap Value Portfolio
·
U.S. SmallCap Value Portfolio
·
Value Portfolio
3.
The Universal
Institutional Funds, Inc.
(Universal Funds
)
·
Capital Growth Portfolio
·
Core Plus Fixed Income Portfolio
·
Emerging Markets Debt Portfolio
·
Emerging Markets Equity Portfolio
·
Equity and Income Portfolio
·
Global Franchise Portfolio
·
Global Real Estate Portfolio
·
Global Value Equity Portfolio
·
High Yield Portfolio
·
International Growth Equity Portfolio
·
International Magnum Portfolio
·
Mid Cap Growth Portfolio
·
Small Company Growth Portfolio
·
U.S. Mid-Cap Value Portfolio
·
U.S. Real Estate Portfolio
·
Value Portfolio
4.
Morgan Stanley
Institutional Liquidity Funds (
Liquidity Funds
)
·
Government Portfolio
·
Government Securities Portfolio
·
Money Market Portfolio
·
Prime Portfolio
·
Tax-Exempt Portfolio
·
Treasury Portfolio
·
Treasury Securities Portfolio
Closed-End Institutional Funds
1.
Morgan Stanley
Asia-Pacific Fund, Inc. (
Asia-Pacific Fund
)
2.
Morgan Stanley
China A Share Fund, Inc. (
China A Fund
)
3.
Morgan Stanley Eastern
Europe Fund, Inc.
(Eastern Europe)
4.
Morgan Stanley
Emerging Markets Debt Fund, Inc. (
Emerging Markets Debt)
5
.
Morgan Stanley
Emerging Markets Domestic Debt Fund, Inc.
(Emerging
Markets Domestic Debt)
6.
Morgan Stanley
Emerging Markets Fund, Inc. (
Emerging Markets Fund
)
7.
Morgan Stanley
Frontier Emerging Markets Fund, Inc.
(Frontier Emerging
Markets)
8.
Morgan Stanley
Global Opportunity Bond Fund, Inc.
(Global Opportunity)
9.
Morgan Stanley
High Yield Fund, Inc.
(High Yield Fund)
10.
The India Investment Fund, Inc. (
India Investment
)
11.
The Latin
American Discovery Fund, Inc.
(Latin American Discovery)
12.
The Malaysia
Fund, Inc.
(Malaysia Fund)
13.
The Thai Fund, Inc.
(Thai Fund)
14.
The Turkish Investment Fund, Inc.
(Turkish Investment)
In Registration
1.
Morgan Stanley
Opportunistic Municipal High Income Fund
+
Denotes Multi-Class Retail Fund
EXHIBIT 2
FIDELITY
BOND RESOLUTIONS
SEPTEMBER
23-24, 2009 Board Meeting
RESOLVED,
that having due consideration for the aggregate value of the funds and
securities of the Fund to which each officer or employee of the Fund may,
singly or jointly with others, have access, including, but not limited to,
subscription payments for shares, either directly or through authority to draw
upon such funds or to direct generally the disposition of such assets, this
Committee, including a majority of the members of this Committee who are not
interested persons of the Fund, hereby approves the type and form (Investment
Company Blanket Bond, with ICI Mutual Insurance Company as the lead
underwriter) of the joint fidelity bond to be maintained by this Fund jointly
with the Participating Funds, their investment advisers and affiliated service
providers i.e., in connection with services provided to the Funds, Morgan
Stanley Investment Management Inc., Morgan Stanley Investment Advisors, Inc.,
Morgan Stanley Distributors Inc., Morgan Stanley Distribution Inc., Morgan
Stanley Trust, Morgan Stanley Services Company Inc., Morgan Stanley Investment
Management Co., Morgan Stanley Investment Management Limited, Morgan Stanley
Asset and Investment Trust Management Co. Limited and Morgan Stanley in
accordance with the Investment Company Act and Rule 17g-1 thereunder, and
hereby further approves that said joint fidelity bond shall be in an amount at
least equal to the sum of the total amount of coverage which each Participating
Fund would have been required to provide and maintain individually pursuant to
the schedule contained in Rule 17g-1(d)(1), such amount to be monitored
and determined on a continuous basis for each Participating Fund by Morgan
Stanley Investment Management Inc. and Morgan Stanley Investment Advisors Inc.,
and the Board approves the amount of said joint fidelity bond so determined;
and further
RESOLVED,
that this Board hereby approves the binding of a joint fidelity bond in the
amount of $75 million for a projected premium of $384,250; and further
RESOLVED,
that this Board hereby approves a premium allocation of 90% payable by the
Funds and 10% payable by the investment adviser for the Investment Company
Blanket Bond; and further
RESOLVED,
that this Board hereby approves the payment by this Fund of a portion of the
total premium for the coverage of said fidelity bond, the amount of such
portion to be in the proportion that the net assets of this Fund bear to the
total net assets of all Participating Funds, as of a date to be selected by
Management; and further
RESOLVED,
that this Board hereby authorizes the officers of the Fund to prepare and enter
into agreements meeting the requirements of Rule 17g-1(f) under the
Investment Company Act relating to joint insured bonds covering investment
companies, in substantially the same form as the present agreement among the
Participating Funds; and further
RESOLVED,
that this Board hereby designates the Secretary of the Fund or any Vice
President or Assistant Secretary, as the officer who shall make all filings
with the SEC and give all notices to the members of the Board of the Fund which
shall at any time be required by Rule 17g-1(g) under the Investment
Company Act of 1940; and further
RESOLVED,
that this Board hereby authorizes the Fund to participate in said joint
fidelity bond only so long as the Board, upon consideration of the matter no
less frequently than annually, shall approve the form and amount of the
fidelity bond, and the portion of the premium for said fidelity bond to be paid
by the Fund.
MORGAN
STANLEY
RETAIL
AND INSTITUTIONAL FUNDS
at
October 5, 2009
RETAIL FUNDS
Open-End Retail Funds
Taxable
Money Market Funds
1.
Active Assets Government Securities Trust
(AA Government)
2.
Active Assets Institutional Government
Securities Trust
(AA Institutional Government)
3.
Active Assets Institutional Money Trust
(AA Institutional Money)
4.
Active Assets Money Trust
(AA Money)
5.
Morgan Stanley Liquid Asset Fund Inc.
(Liquid Asset)
6.
Morgan Stanley U.S. Government Money
Market Trust
(Government Money)
Tax-Exempt
Money Market Funds
7.
Active Assets California Tax-Free Trust
(AA California)
8.
Active Assets Tax-Free Trust
(AA Tax-Free)
9.
Morgan Stanley California Tax-Free Daily
Income Trust
(California Tax-Free Daily)
10.
Morgan Stanley New York Municipal Money
Market Trust
(New York Money)
11.
Morgan Stanley Tax-Free Daily Income
Trust
(Tax-Free Daily)
Equity
Funds
12.
Morgan Stanley Capital Opportunities
Trust
(Capital Opportunities)+
13.
Morgan Stanley Convertible Securities
Trust
(Convertible Securities)+
14.
Morgan Stanley Dividend Growth Securities
Inc.
(Dividend Growth)
15.
Morgan Stanley Equally-Weighted S&P
500 Fund
(Equally-Weighted S&P 500)+
16.
Morgan Stanley European Equity Fund Inc.
(European Equity)+
17.
Morgan Stanley Focus Growth Fund
(Focus Growth)+
18.
Morgan Stanley Fundamental Value Fund (
Fundamental Value
)+
19.
Morgan Stanley Global Advantage Fund
(Global Advantage)
20.
Morgan Stanley Global Dividend Growth
Securities
(Global Dividend Growth)+
21.
Morgan Stanley Global Infrastructure Fund
(Global Infrastructure)+
22.
Morgan Stanley Health Sciences Trust
(Health Sciences)+
23.
Morgan Stanley International Fund
(International Fund
)+
24.
Morgan Stanley International Value Equity
Fund
(International Value)+
25.
Morgan Stanley Mid Cap Growth Fund
(Mid Cap Growth)+
26.
Morgan Stanley Mid-Cap Value Fund
(Mid-Cap Value)+
27.
Morgan Stanley Natural Resource
Development Securities Inc.
(Natural Resource)+
28.
Morgan Stanley Pacific Growth Fund Inc.
(Pacific Growth)+
29.
Morgan Stanley Real Estate Fund
(Real Estate)+
30.
Morgan Stanley Small-Mid Special Value
Fund
(Small-Mid Special Value)+
31.
Morgan Stanley S&P 500 Index Fund
(S&P 500 Index)+
32.
Morgan Stanley Special Growth Fund
(Special Growth)+
33.
Morgan Stanley Special Value Fund
(Special Value)+
34.
Morgan Stanley Technology Fund
(Technology Fund)+
35.
Morgan Stanley Value Fund
(Value Fund)+
Balanced
Funds
36.
Morgan Stanley Balanced Fund
(Balanced Fund)+
Asset
Allocation Fund
37.
Morgan Stanley Strategist Fund
(Strategist Fund)+
Taxable
Fixed-Income Funds
38.
Morgan Stanley Flexible Income Trust
(Flexible Income)+
39.
Morgan Stanley High Yield Securities Inc.
(High Yield Securities)+
40.
Morgan Stanley Limited Duration U.S.
Government Trust
(Limited Duration Government)
41.
Morgan Stanley Mortgage Securities Trust
(Mortgage Securities)+
42.
Morgan Stanley U.S. Government Securities
Trust
(Government Securities)+
Tax-Exempt
Fixed-Income Funds
43.
Morgan Stanley California Tax-Free Income
Fund
(California Tax-Free)+
44.
Morgan Stanley New York Tax-Free Income
Fund
(New York Tax-Free)+
45.
Morgan Stanley Tax-Exempt Securities Trust
(Tax-Exempt Securities)+
Special
Purpose Funds
46.
Morgan Stanley Select Dimensions
Investment Series
(Select Dimensions)
·
Balanced Portfolio
·
Capital Growth Portfolio
·
Capital Opportunities Portfolio
·
Dividend Growth Portfolio
·
Equally-Weighted S&P 500 Portfolio
·
Flexible Income Portfolio
·
Focus Growth Portfolio
·
Global Infrastructure Portfolio
2
·
Mid Cap Growth Portfolio
·
Money Market Portfolio
47.
Morgan Stanley Variable
Investment Series
(Variable Investment)
·
Aggressive Equity Portfolio
·
Capital Opportunities Portfolio
·
Dividend Growth Portfolio
·
European Equity Portfolio
·
Global Dividend Growth Portfolio
·
Global Infrastructure
Portfolio
·
High Yield Portfolio
·
Income Builder Portfolio
·
Income Plus Portfolio
·
Limited Duration Portfolio
·
Money Market Portfolio
·
S&P 500 Index Portfolio
·
Strategist Portfolio
Alternative Open-End Funds
48.
Morgan Stanley Series Funds
(Series Funds)
+
·
Alternative Opportunities Fund
·
Commodities Alpha Fund
49.
Morgan Stanley FX Series Funds
(FX Series Funds)+
·
FX Alpha Plus Strategy Portfolio
·
FX Alpha Strategy Portfolio
Closed-End Retail Funds
Alternative Closed-End Funds
50.
Morgan Stanley Prime
Income Trust
(Prime Income)
Taxable
Fixed-Income Closed-End Funds
51.
Morgan Stanley Income
Securities Inc.
(Income Securities)
Tax-Exempt Fixed-Income Closed-End Funds
52.
Morgan Stanley
California Insured Municipal Income Trust
(California Insured
Municipal)
53.
Morgan Stanley
California Quality Municipal Securities
(California Quality
Municipal)
54.
Morgan Stanley Insured
California Municipal Securities
(Insured California
Securities)
55.
Morgan Stanley Insured
Municipal Bond Trust
(Insured Municipal Bond)
56.
Morgan Stanley Insured
Municipal Income Trust
(Insured Municipal Income)
3
57.
Morgan Stanley Insured
Municipal Securities
(Insured Municipal
Securities)
58.
Morgan Stanley Insured
Municipal Trust
(Insured Municipal Trust)
59.
Morgan Stanley Municipal
Income Opportunities Trust
(Municipal Opportunities)
60.
Morgan Stanley Municipal
Income Opportunities Trust II
(Municipal Opportunities
II)
61.
Morgan Stanley Municipal
Income Opportunities Trust III
(Municipal Opportunities
III)
62.
Morgan
Stanley Municipal Premium Income Trust
(Municipal Premium)
63.
Morgan Stanley New York
Quality Municipal Securities
(New York Quality
Municipal)
64.
Morgan Stanley Quality
Municipal Income Trust
(Quality Municipal Income)
65.
Morgan Stanley Quality
Municipal Investment Trust
(Quality Municipal
Investment)
66.
Morgan Stanley Quality
Municipal Securities
(Quality Municipal
Securities)
INSTITUTIONAL
FUNDS
Open-End Institutional Funds
1. Morgan Stanley Institutional Fund, Inc. (
Institutional Fund Inc.)
·
Active International Allocation Portfolio
·
Capital Growth
Portfolio
·
Emerging Markets Debt Portfolio
·
Emerging Markets Portfolio
·
Focus Growth Portfolio
·
Global Franchise Portfolio
·
Global Real Estate Portfolio
·
International Equity Portfolio
·
International Growth Equity Portfolio
·
International Real Estate Portfolio
·
International Small Cap Portfolio
·
Large Cap
Relative Value
Portfolio
·
Small Company Growth Portfolio
·
U.S. Real Estate Portfolio
·
U.S. Small/Mid Cap Value Portfolio
2.
Morgan Stanley Institutional Fund Trust (
Institutional Fund Trust
)
·
Advisory II Portfolio
·
Balanced Portfolio
·
Core Fixed
Income
Portfolio
·
Core Plus Fixed Income Portfolio
·
Intermediate Duration Portfolio
·
International Fixed Income Portfolio
·
Investment Grade Fixed Income Portfolio
·
Limited Duration Portfolio
·
Long Duration Fixed Income Portfolio
·
Mid-Cap Growth Portfolio
4
·
Municipal Portfolio
·
U.S. Mid Cap Value Portfolio
·
U.S. SmallCap Value Portfolio
·
Value Portfolio
3.
The Universal Institutional Funds, Inc.
(Universal Funds
)
·
Capital Growth Portfolio
·
Core Plus Fixed Income Portfolio
·
Emerging Markets Debt Portfolio
·
Emerging Markets Equity Portfolio
·
Equity and Income Portfolio
·
Global Franchise Portfolio
·
Global Real Estate Portfolio
·
Global Value Equity Portfolio
·
High Yield Portfolio
·
International Growth Equity Portfolio
·
International Magnum Portfolio
·
Mid Cap Growth Portfolio
·
Small Company Growth Portfolio
·
U.S. Mid-Cap Value Portfolio
·
U.S. Real Estate Portfolio
·
Value Portfolio
4.
Morgan Stanley Institutional Liquidity
Funds (
Liquidity Funds
)
·
Government Portfolio
·
Government Securities Portfolio
·
Money Market Portfolio
·
Prime Portfolio
·
Tax-Exempt Portfolio
·
Treasury Portfolio
·
Treasury Securities Portfolio
Closed-End Institutional Funds
1.
Morgan Stanley Asia-Pacific Fund, Inc.
(
Asia-Pacific Fund
)
2.
Morgan Stanley China A Share Fund, Inc.
(
China A Fund
)
3.
Morgan Stanley Eastern Europe Fund, Inc.
(Eastern Europe)
4.
Morgan Stanley Emerging Markets Debt Fund, Inc.
(
Emerging Markets Debt)
5
.
Morgan Stanley Emerging Markets Domestic
Debt Fund, Inc.
(Emerging Markets Domestic
Debt)
6.
Morgan Stanley Emerging Markets Fund, Inc.
(
Emerging Markets Fund
)
7.
Morgan Stanley Frontier Emerging Markets
Fund, Inc.
(Frontier Emerging Markets)
5
8.
Morgan Stanley Global Opportunity Bond
Fund, Inc.
(Global Opportunity)
9.
Morgan Stanley High Yield Fund, Inc.
(High Yield Fund)
10.
The India Investment Fund, Inc. (
India Investment
)
11.
The Latin American Discovery Fund, Inc.
(Latin American Discovery)
12.
The Malaysia Fund, Inc.
(Malaysia Fund)
13.
The Thai Fund, Inc.
(Thai Fund)
14.
The Turkish Investment Fund, Inc.
(Turkish Investment)
In
Registration
1.
Morgan Stanley Opportunistic Municipal
High Income Fund
+ Denotes Multi-Class Retail
Fund
6
REVIEW OF FIDELITY BOND COVERAGE
|
|
|
|
MINIMUM
|
|
|
|
GROSS
|
|
COVERAGE
|
|
MORGAN STANLEY RETAIL FUNDS
|
|
ASSETS
|
|
REQUIRED
|
|
|
|
(in millions)
|
|
|
|
ACTIVE ASSETS CALIF TAX-FREE
|
|
1,597.00
|
|
1,500,000
|
|
ACTIVE ASSETS GOVERNMENT TRUST
|
|
160.00
|
|
600,000
|
|
ACTIVE ASSETS INSTITUTIONAL MONEY TRUST
|
|
778.00
|
|
1,000,000
|
|
ACTIVE ASSETS INSTITUTIONAL GOVERNMENT SECURITIES
|
|
1,275.00
|
|
1,250,000
|
|
ACTIVE ASSETS MONEY TRUST
|
|
2,254.00
|
|
1,700,000
|
|
ACTIVE ASSETS TAX FREE TRUST
|
|
6,234.00
|
|
2,500,000
|
|
BALANCED FUND
|
|
180.00
|
|
600,000
|
|
CALIFORNIA QUALITY MUNICIPAL
|
|
150.00
|
|
600,000
|
|
CALIFORNIA INSURED MUNICIPAL INCOME
|
|
197.00
|
|
600,000
|
|
CALIFORNIA TAX FREE DAILY INCOME
|
|
106.00
|
|
525,000
|
|
CALIFORNIA TAX-FREE INCOME
|
|
336.00
|
|
750,000
|
|
CAPITAL OPPORTUNITIES TRUST
|
|
308.00
|
|
750,000
|
|
CONVERTIBLE SECURITIES TRUST
|
|
105.00
|
|
525,000
|
|
DIVIDEND GROWTH
|
|
1,423.00
|
|
1,250,000
|
|
EQUALLY WEIGHTED S&P
|
|
964.00
|
|
1,000,000
|
|
EUROPEAN EQUITY FUND
|
|
290.00
|
|
750,000
|
|
FLEXIBLE INCOME FUND
|
|
117.00
|
|
525,000
|
|
FOCUS GROWTH FUND
|
|
1,511.00
|
|
1,500,000
|
|
FUNDAMENTAL VALUE FUND
|
|
49.00
|
|
350,000
|
|
|
|
|
|
|
|
FX Series
|
|
96.00
|
|
450,000
|
|
MS FX ALPHA PLUS STRATEGY
|
|
|
|
|
|
MS FX ALPHA STRATEGY
|
|
|
|
|
|
|
|
|
|
|
|
GLOBAL ADVANTAGE FUND
|
|
135.00
|
|
525,000
|
|
GLOBAL DIVIDEND GROWTH SECURITIES
|
|
434.00
|
|
750,000
|
|
HEALTH SCIENCES TRUST
|
|
169.00
|
|
600,000
|
|
HIGH YIELD SECURITIES
|
|
133.00
|
|
525,000
|
|
INCOME SECURITIES INC.
|
|
157.00
|
|
600,000
|
|
INSURED MUNICIPAL INCOME TRUST
|
|
312.00
|
|
750,000
|
|
INSURED CALIFORNIA MUNICIPAL
|
|
49.00
|
|
350,000
|
|
INSURED MUNICIPAL BOND
|
|
73.00
|
|
400,000
|
|
INSURED MUNICIPAL SECURITIES
|
|
93.00
|
|
450,000
|
|
INSURED MUNICIPAL TRUST
|
|
386.00
|
|
750,000
|
|
INTERNATIONAL FUND
|
|
157.00
|
|
600,000
|
|
INTERNATIONAL VALUE EQUITY
|
|
300.00
|
|
750,000
|
|
LIMITED DURATION US GOVERNMENT TRUST
|
|
|
|
50,000
|
|
LIQUID ASSET FUND
|
|
3,472.00
|
|
2,100,000
|
|
MID CAP GROWTH FUND
|
|
263.00
|
|
750,000
|
|
MID-CAP VALUE FUND
|
|
109.00
|
|
525,000
|
|
MORTGAGE SECURITIES TRUST
|
|
96.00
|
|
450,000
|
|
MUNICIPAL INCOME OPPORTUNITIES
|
|
127.00
|
|
525,000
|
|
MUNICIPAL INCOME OPPORTUNITIES 2
|
|
117.00
|
|
525,000
|
|
MUNICIPAL INCOME OPPORTUNITIES 3
|
|
66.00
|
|
400,000
|
|
MUNICIPAL PREMIUM INCOME TRUST
|
|
203.00
|
|
600,000
|
|
NY MUNICIPAL MONEY MARKET TRUST
|
|
214.00
|
|
600,000
|
|
NY QUALITY MUNICIPAL
|
|
74.00
|
|
400,000
|
|
REVIEW OF FIDELITY BOND COVERAGE
|
|
|
|
MINIMUM
|
|
|
|
GROSS
|
|
COVERAGE
|
|
MORGAN STANLEY RETAIL FUNDS
|
|
ASSETS
|
|
REQUIRED
|
|
|
|
(in millions)
|
|
|
|
NATURAL RESOURCE
|
|
114.00
|
|
525,000
|
|
NEW YORK TAX-FREE INCOME
|
|
69.00
|
|
400,000
|
|
PACIFIC GROWTH FUND
|
|
126.00
|
|
525,000
|
|
PRIME INCOME TRUST
|
|
693.00
|
|
900,000
|
|
QUALITY MUNICIPAL INCOME
|
|
433.00
|
|
750,000
|
|
QUALITY MUNICIPAL SECURITIES
|
|
242.00
|
|
600,000
|
|
QUALITY MUNICIPAL INVESTMENT
|
|
245.00
|
|
600,000
|
|
REAL ESTATE FUND
|
|
33.00
|
|
300,000
|
|
|
|
|
|
|
|
MS SERIES
|
|
59.00
|
|
400,000
|
|
COMMODITIES ALPHA
|
|
|
|
|
|
ALTERNATIVE OPPORTUNITIES
|
|
|
|
|
|
|
|
|
|
|
|
S & P 500 INDEX FD
|
|
576.00
|
|
900,000
|
|
STRATEGIST FUND
|
|
627.00
|
|
900,000
|
|
TECHNOLOGY FUND
|
|
131.00
|
|
525,000
|
|
|
|
|
|
|
|
SELECT DIMENSIONS INVESTMENT SERIES
|
|
617
|
|
900,000
|
|
BALANCED PORTFOLIO
|
|
|
|
|
|
CAPITAL GROWTH
|
|
|
|
|
|
CAPITAL OPPORTUNITIES
|
|
|
|
|
|
DIVIDEND GROWTH
|
|
|
|
|
|
EQUALLY WEIGHTED S&P
|
|
|
|
|
|
FLEXIBLE INCOME
|
|
|
|
|
|
FOCUS GROWTH
|
|
|
|
|
|
MID CAP GROWTH
|
|
|
|
|
|
MONEY MARKET
|
|
|
|
|
|
GLOBAL INFRASTRUCTURE
|
|
|
|
|
|
|
|
|
|
|
|
SMALL-MID SPECIAL VALUE FUND
|
|
88.00
|
|
450,000
|
|
SPECIAL GROWTH FUND
|
|
44.00
|
|
350,000
|
|
SPECIAL VALUE FUND
|
|
299.00
|
|
750,000
|
|
TAX-EXEMPT SEC TR
|
|
766.00
|
|
1,000,000
|
|
TAX-FREE DAILY INC.
|
|
282.00
|
|
750,000
|
|
U.S. GOVERNMENT SEC TR
|
|
1,407.00
|
|
1,250,000
|
|
GOVERNMENT MONEY MARKET
|
|
684.00
|
|
900,000
|
|
GLOBAL INFRASTRUCTURE
|
|
422.00
|
|
750,000
|
|
VALUE FUND
|
|
112.00
|
|
525,000
|
|
|
|
|
|
|
|
VARIABLE INVESTMENT SERIES
|
|
1,495.00
|
|
1,250,000
|
|
AGGRESSIVE EQUITY
|
|
|
|
|
|
CAPITAL OPPORTUNITIES
|
|
|
|
|
|
DIVIDEND GROWTH
|
|
|
|
|
|
EUROPEAN EQUITY
|
|
|
|
|
|
GLOBAL DIVIDEND
|
|
|
|
|
|
HIGH YIELD
|
|
|
|
|
|
INCOME BUILDER
|
|
|
|
|
|
INCOME PLUS
|
|
|
|
|
|
LIMITED DURATION
|
|
|
|
|
|
MONEY
|
|
|
|
|
|
S&P 500
|
|
|
|
|
|
STRATEGIST
|
|
|
|
|
|
GLOBAL INFRASTRUCTURE
|
|
|
|
|
|
|
|
|
|
|
|
MORGAN STANLEY
INSTITUTIONAL FUNDS
|
|
|
|
|
|
|
|
|
|
|
|
MSCE ASIA PACIFIC
|
|
541.0
|
|
900,000
|
|
MSCE CHINA A SHARE
|
|
583.0
|
|
900,000
|
|
MSCE EASTERN EUROPE
|
|
69.0
|
|
400,000
|
|
MSCE EMERGING MARKETS
|
|
256.0
|
|
750,000
|
|
MSCE EMERGING MARKETS DEBT
|
|
263.0
|
|
750,000
|
|
MSCE EMERGING MARKETS DOMESTIC DEBT
|
|
1,495.0
|
|
1,250,000
|
|
MSCE FRONTIER EMERGING MARKETS
|
|
91.0
|
|
450,000
|
|
MSCE GLOBAL OPPORTUNTIY BOND
|
|
35.0
|
|
350,000
|
|
MSCE HIGH YIELD
|
|
80.0
|
|
450,000
|
|
MSCE INDIA INVESTMENT FUND
|
|
534.0
|
|
900,000
|
|
MSCE LATIN AMERICAN DISCOVERY
|
|
148.0
|
|
525,000
|
|
MSCE MALAYSIA FUND
|
|
85.0
|
|
450,000
|
|
MSCE THAI FUND
|
|
162.0
|
|
600,000
|
|
MSCE TURKISH INVESTMENT
|
|
94.0
|
|
450,000
|
|
|
|
|
|
|
|
INSTITUTIONAL FUND INC.
|
|
12,090.0
|
|
2,500,000
|
|
ACTIVE INTERNATIONAL ALLOCATION
|
|
|
|
|
|
EMERGING MARKETS
|
|
|
|
|
|
EMERGING MARKETS DEBT
|
|
|
|
|
|
FOCUS EQUITY
|
|
|
|
|
|
GLOBAL FRANCHISE
|
|
|
|
|
|
GLOBAL REAL ESTATE
|
|
|
|
|
|
INTERNATIONAL EQUITY
|
|
|
|
|
|
INTERNATIONAL GROWTH EQUITY
|
|
|
|
|
|
INTERNATIONAL REAL ESTATE
|
|
|
|
|
|
INTERNATIONAL SMALL CAP
|
|
|
|
|
|
INTERNATIONAL LARGE CAP RELATIVE VALUE
|
|
|
|
|
|
SMALL COMPANY GROWTH
|
|
|
|
|
|
US REAL ESTATE
|
|
|
|
|
|
US SMALL MID CAP VALUE
|
|
|
|
|
|
CAPITAL GROWTH
|
|
|
|
|
|
|
|
7,707.0
|
|
2,500,000
|
|
|
|
|
|
|
|
INSTITUTIONAL FUND TRUST
|
|
|
|
|
|
BALANCED
|
|
|
|
|
|
CORE FIXED INCOME
|
|
|
|
|
|
CORE PLUS FIXED INCOME
|
|
|
|
|
|
INTERMEDIATE DURATION
|
|
|
|
|
|
INTERNATIONAL FIXED INCOME
|
|
|
|
|
|
INVESTMENT GRADE FIXED INCOME
|
|
|
|
|
|
LIMITED DURATION
|
|
|
|
|
|
LONG DURATION
|
|
|
|
|
|
MID CAP GROWTH
|
|
|
|
|
|
MUNICIPAL
|
|
|
|
|
|
US MID CAP VALUE
|
|
|
|
|
|
US SMALL CAP VALUE
|
|
|
|
|
|
VALUE
|
|
|
|
|
|
|
|
35,246.0
|
|
2,500,000
|
|
|
|
|
|
|
|
INSTITUTIONAL LIQUIDITY FUNDS
|
|
|
|
|
|
GOVERNMENT
|
|
|
|
|
|
MSILF GOVERNMENT SECURITIES
|
|
|
|
|
|
MONEY MARKET
|
|
|
|
|
|
PRIME PORTFOLIO
|
|
|
|
|
|
TAX-EXEMPT
|
|
|
|
|
|
TREASURY
|
|
|
|
|
|
TREASURY SECURITIES
|
|
|
|
|
|
|
|
4,183.0
|
|
2,500,000
|
|
|
|
|
|
|
|
UNIVERSAL INSTITUTIONAL FUNDS
|
|
|
|
|
|
EMERGING MARKETS
|
|
|
|
|
|
EMERGING MARKETS DEBT
|
|
|
|
|
|
EQUITY & INCOME
|
|
|
|
|
|
EQUITY GROWTH
|
|
|
|
|
|
CORE PLUS FIXED INCOME
|
|
|
|
|
|
UNIVERSAL GLOBAL EQUITY
|
|
|
|
|
|
GLOBAL FRANCHISE
|
|
|
|
|
|
GLOBAL REAL ESTATE
|
|
|
|
|
|
HIGH YIELD
|
|
|
|
|
|
INTERNATIONAL GROWTH
|
|
|
|
|
|
INTERNATIONAL MAGNUM
|
|
|
|
|
|
MID CAP GROWTH
|
|
|
|
|
|
SMALL CO. GROWTH
|
|
|
|
|
|
US MID CAP VALUE
|
|
|
|
|
|
US REAL ESTATE
|
|
|
|
|
|
VALUE
|
|
|
|
|
|
|
|
98495.00
|
|
68025000.00
|
|
|
|
|
|
|
|
COMBINED
TOTAL
|
|
|
|
|
|
(CURRENT AMOUNT OF FIDELITY
BOND IN EFFECT IS $75 MILLION)
Invesco Value Municipal Trust (NYSE:IMT)
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From Jul 2024 to Aug 2024
Invesco Value Municipal Trust (NYSE:IMT)
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From Aug 2023 to Aug 2024