POLICYHOLDER
DISCLOSURE NOTICE OF
TERRORISM INSURANCE COVERAGE
(for polici
e
s
w
i
th
no terrorism
e
xclusion or sublimit)
You are hereby notified that, under the
Terrorism Risk
Insu
r
ance Act (the “Act”),
effect
i
ve December 26, 2007, this policy
makes
available to you insuran
c
e for losses arising out of certain acts of terrorism.
Terror
i
sm is defined as any act certified by the Secretary of the Treasury,
in concurrence with the Secretary
of State and the Attorney General of
t
he
United States, to be an act of terrorism; to be a vi
o
l
ent
act or an act that is dangerous
t
o human
life,
property
or infrastructure; to
have resul
t
ed
in da
m
age within the United States, or outside the United Sta
t
es
in the case of an air carrier or vessel or the premises of a United States Mission; and
t
o
have been
committed
by
an
individual
or individuals as
part
of
an
effort
to
coerce
the
civilian
population
of
the
United
States or to influen
c
e the policy or affect the conduct of the United States
Government by coercion.
You should know that the insurance provided by your policy
for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act.
Under this formula, the United States
pays 85% of covered terrorism losses that
exceed the statutorily
established deductible to be paid by the insurance company providing
the coverage.
Howe
v
er,
if aggregate insured lo
s
ses attributab
l
e
to terrorist acts certified under the Act exceed $100 billion in a P
r
ogram Year (January
1 through Dece
m
ber 31), the Treasury shall not make any payment for any portion of the
amount of such losses that exceeds
$100 billion.
10-
0
2-1281
(Ed. 1/2003)
If aggregate insured losses attributable to terrorist acts
certified
under the Act exceed $100 billion in a Program Year (January 1 through De
c
ember
31) and we ha
v
e met our insurer deductible under the Act,
we shall not be liable for
t
he payment of any portion of the amount of such
losses that exceeds $100
b
illion, and in such case insured losses up to that amount
are subject to pro rata
allocation
in
accordance
with
procedures established
by the Secretary of the Treasury.
The portion of your po
l
icy’s
annual premium that is attributable to insurance for such acts of terrorism is: $
-
0
-.
If you have any questions about this notice,
please con
t
act your agent or broker.
10-
0
2-1281
(Ed. 1/2003)
Important
Notice:
The
SEC
Requires
Proof
of
Your
Fidelity
Insurance
Policy
Your
company
is
now
required
to
file
an
elect
r
onic
copy
of
your
fidelity
insurance
coverage (Chubb’s
ICAP
Bond
policy)
to
the
Securities
and
Exchange
Commission
(SEC),
according
to rules
adopted
by
the
SEC
on
June
12,
2006.
Chubb
is
in
the
process
of
providing
your
agent/broker
with
an
electronic
copy
of
your
insurance policy
as
well
as
instructions
on
how
to
submit
this
proof
of
fidelity
insurance
coverage
to
the SEC.
You
can
expect
to
receive
this
inf
o
rmation
from
your
agent/broker
shortly.
The
electronic
copy
of
your
policy
is
prov
i
ded
by
Chubb
solely
as
a
convenience
and
does
not affect
the
terms
and
conditions
of
coverage
as
set
forth
in
the
paper
policy
you
receive
by
mail. The
terms
and
conditions
of
the
policy
mailed
to
you,
which
are
the
same
as
those
set
forth
in the
electronic
copy,
constitute
the
entire
agreement
between
your
company
and
Chubb.
If
you
have
any
questions,
please
contact
your
agent
or
broker.
Form 14-02-12160 (ed. 7/2006)
IMPORTANT
NOTICE
TO
POLICYHOLDERS
All of the members of the Chubb Group
of Insurance companies doing business in the United States (hereinafter “Chubb”) distribute their p
r
oducts
through licensed insurance brokers and agents (“producers”).
Detailed information
regarding the
types of compensation paid by Chubb to producers on US insurance transactions
is av
a
ilable under the Producer Compensation
link
located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478.
Additional
information may be available from your producer.
Thank you for choosing Chubb.
10-02-1295 (ed. 6/2007)
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Chubb Group of Insurance Companies
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DECLARATIONS
FINANCIAL INSTITUTION INVESTMENT
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15
Mountain
View
Road,
Warren,
New
Jersey
07059
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COMPANY ASSET PROTECTION BOND
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NAME OF ASSURED (including its
Subsidiaries
):
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Bond Number: 70437181
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RBC FUNDS TRUST
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FEDERAL INSURANCE COMPANY
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100 SOUTH FIFTH ST SUITE 2300
MINNEAPOLIS, MN 55402
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Incorporated
under
the
la
w
s
of
Indiana
a
stock
insurance
company
herein
called
the
COMPANY
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Capital
Center,
251
North
Illinois,
Suite
1100
Indianapolis,
IN
46204-1927
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ITEM
1.
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BOND PERIOD:
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from
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12:01 a.m. on
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June 30, 2013
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to
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12:01 a.m. on
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June 30, 2014
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ITEM 2.
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LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:
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If “Not Covered” is inserted below opposite any
s
pecified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted.
There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by
any
In
v
estment Compan
y
.
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INSURING CLAUSE
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LIMIT OF LIABILITY
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DEDUCTIBLE
AMOUNT
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1.
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Employee
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$
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2,500,000
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$
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10,000
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2.
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On Premises
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$
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2,500,000
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$
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10,000
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3.
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In Transit
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$
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2,500,000
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$
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10,000
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4.
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Forgery or Alteration
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$
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2,500,000
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$
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10,000
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5.
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Extended Forgery
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$
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2,500,000
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$
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10,000
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6.
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Counterfeit Money
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$
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2,500,000
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$
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10,000
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7.
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Threats to Person
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$
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2,500,000
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$
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10,000
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8.
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Computer System
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$
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2,500,000
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$
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10,000
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9.
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Voice Initiated Funds Transfer Instruction
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$
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2,500,000
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$
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10,000
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10.
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Uncollectible Items of Deposit
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$
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25,000
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$
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5,000
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11.
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Audit Expense
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$
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25,000
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$
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0
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ITEM 3.
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THE
LIABILITY
OF
THE
COMPANY
IS
ALSO
SUB
J
ECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
1 – 9
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IN WITNESS WHEREOF, THE COMPANY
has caused this
Bond to be signed by its
authorized officers, but it shall not be valid unless also
signed by an authori
z
ed representative of the Company.
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Secretary
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President
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Countersigned
by
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June 26, 2013
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Authorized
Representative
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ICAP
Bond
(5-98)
–
Federal
Form
17-02-1421
(Ed.
5-98)
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Page
1
of
1
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The
C
O
MPANY,
in
co
n
s
i
d
eration
of
p
a
yment
of
the
requ
i
r
e
d
pr
e
mium,
and
in
relia
nc
e on
the
APPLICATION
and
all
other
sta
t
ements made
and
infor
m
ation
furn
i
s
hed
to
the COMP
A
NY by the ASSURED, and sub
j
ect to the D
E
CLARAT
I
ONS made a p
a
rt of this Bond
a
n
d
to
all
other
ter
m
s
a
n
d
condit
i
ons
of
this
B
ond,
a
g
re
e
s
t
o
pay
the
A
S
SUR
E
D for:
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Insuring Clauses
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E
m
ploye
e
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1.
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Loss r
e
sulti
n
g d
i
r
e
ctly from
L
a
rceny
or
Emb
e
zzlement
co
m
mitted by
a
ny
Empl
o
y
ee
, alone or in
col
l
usi
o
n with ot
h
ers.
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On
Pr
e
m
ise
s
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2.
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Loss of
Proper
t
y
result
i
ng dir
e
ctly from r
o
bb
e
ry, burgl
a
ry, false prete
n
s
e
s, com
m
on law or statutory larceny, mis
p
l
a
c
e
me
n
t, mysterio
u
s unexpla
i
n
a
ble dis
a
pp
e
ar
a
nce,
dam
a
ge,
d
estr
u
ction
o
r
removal,
fr
o
m
the
p
oss
es
sion, c
u
stody or cont
r
ol
of
the
ASSURED,
while
s
u
ch
P
r
operty
is
lodged
o
r
d
e
p
o
sited
at
prem
is
es locat
e
d anywhere.
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In
Transit
|
3.
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Loss of
Proper
t
y
result
i
ng d
i
r
e
ctly from co
m
m
o
n law or s
t
atutory larc
e
ny, mispl
a
c
e
me
n
t,
mysterio
u
s
unexp
l
ain
a
b
l
e
d
i
sa
p
pe
a
r
a
nce, da
m
age or
d
e
structi
o
n, while the
Proper
t
y
is in transit anywhere:
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a.
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in an ar
m
or
e
d motor veh
i
cle, includ
i
ng loadi
n
g and
u
nload
i
ng thereof,
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b.
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in
the
cust
od
y
of
a
natural
person
acti
n
g
as
a
m
e
ss
e
nger
of
the
A
SSURED, or
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c.
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in
the
c
u
sto
d
y
of
a
T
r
an
s
port
a
tion
C
o
mpa
n
y
and
being
tra
n
s
p
orted
i
n
a convey
a
nce other
t
h
an
a
n
ar
m
ored
m
ot
o
r
veh
i
cle provid
e
d,
h
o
wever,
t
h
at covered
Proper
t
y
transp
o
rted in s
u
ch
m
ann
e
r is limi
t
ed to the following:
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(1)
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written
recor
d
s
,
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(2)
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s
e
curiti
e
s
i
ssued
i
n
reg
i
stered
form,
which
are
n
ot
en
d
orsed
or
are res
t
rictively
e
ndors
e
d, or
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(3)
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negoti
a
ble
i
n
stru
m
ents
n
o
t
payable
to
bearer,
wh
i
c
h
are
n
ot
en
d
orsed or are r
e
str
i
ctively endors
e
d.
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Coverage u
n
der
th
i
s
IN
S
UR
I
NG CL
A
USE
beg
i
ns immediately on
the r
e
ce
i
pt
of s
u
ch
Proper
t
y
by
the
natural
p
erson
or
T
r
ans
p
ortation
Com
p
a
n
y
and
e
n
ds immediately on
delivery
to the
prem
i
s
e
s of
the
addr
e
s
see
o
r
to
a
n
y
repr
e
s
e
ntative of the addr
es
see l
o
cat
e
d
a
nywh
e
re.
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ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
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Page
1
of
19
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Insuring Clauses
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(c
o
ntinu
e
d)
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Forgery
Or
Alteration
|
4.
|
Loss r
e
sulti
n
g dir
e
ctly from:
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a.
|
Forgery
on, or fra
u
dul
e
nt mater
i
al alteration of, any bil
l
s of exc
h
an
g
e, ch
ec
ks,
drafts,
accepta
n
ces,
c
e
rtificat
e
s
of
dep
o
sits, promiss
o
ry
notes,
due bills,
money
orders,
orders
upon
publ
i
c
treasur
i
es, letters
of credit,
other written
prom
i
s
e
s
,
ord
e
rs
or
d
i
r
e
ctio
n
s
to
pay
su
m
s
certa
i
n
in money,
o
r receipts f
o
r the withdrawal of
Proper
t
y
,
or
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b.
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transf
e
rring, paying
o
r
del
iv
ering
a
ny
f
u
nds or other
Propert
y
,
or
establ
i
s
h
i
ng any
credit
o
r giving
any
va
l
ue
in
relia
n
c
e on
any writt
e
n
instructi
o
ns,
advic
e
s or
appl
i
c
ations
directed
to
the
ASSUR
E
D
authoriz
i
ng
or acknowledging
the transf
e
r,
pa
y
ment,
delivery
or
receipt
of
funds
or other
Prop
er
t
y
,
which instr
u
ctio
n
s
, advic
e
s
or
applicati
o
ns
fraudul
e
ntly
purp
o
rt
to
bear
the handwritten
signature
of any
custo
m
er
of
the
ASSURED, or shareholder or su
bs
cri
b
er
to sh
a
r
e
s
of an
In
v
estment
Co
m
pa
n
y
,
or
of
any
financ
i
al institution or
Empl
o
y
ee
but which ins
t
ructio
n
s
, advices
o
r appl
i
c
a
t
ions eit
h
er bear
a
Fo
rg
e
r
y
or
have
been
frau
d
ulently
materially
altered
without
the kn
o
wl
e
dge
a
nd
c
o
nsent
of such
custo
m
er,
s
h
ar
e
hol
d
er,
s
u
bscr
i
b
er
,
financial institution or
Empl
o
y
ee
;
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exclud
i
ng,
h
owev
e
r,
un
d
er
th
i
s
INSURING CL
A
U
SE
any
loss
cov
e
red u
n
der INSUR
I
NG CLAUSE
5.
of
this
Bond,
wheth
e
r
or
not
coverage for
INSUR
I
NG CLAUSE 5. is provided f
o
r in the DECL
A
RATIONS of this Bond.
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For
t
h
e
p
u
rp
o
s
e of
this
I
NSUR
I
NG CL
A
USE,
a
m
e
c
h
anically
r
e
pr
o
duced
f
a
cs
im
ile sig
n
ature
i
s treated the s
a
me as a h
a
n
d
written
signa
t
ure.
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Extended
Forgery
|
5.
|
Loss resulting directly from the ASSURED having, in good fai
t
h, and in the ordi
n
ary co
ur
se
of b
u
sin
e
ss,
for
i
t
s
o
w
n acco
u
nt
or
the
a
c
count
o
f others
in
a
ny ca
p
acit
y
:
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a.
|
ac
q
uir
e
d,
accepted
or
r
e
c
e
ived,
accep
te
d
or
r
e
ceive
d
,
sold
or
del
iv
ered,
or given
value,
extended cr
e
dit
or
assu
m
ed
liability,
in
relia
n
c
e
on any
origi
n
al
Securities,
d
ocume
n
ts or
other
w
r
itt
e
n instrume
nt
s
wh
i
c
h prove to:
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(1)
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bear a
F
org
e
r
y
or a fraud
u
lently materi
a
l alteration,
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(2)
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have be
e
n l
o
st or sto
l
en,
o
r
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(3)
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be
Co
u
nt
e
rf
e
it
, or
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b.
|
guarante
e
d
i
n writing or witn
es
sed any s
i
gnat
ur
es on any tra
n
sfer, assign
m
ent, bill of sale,
p
ow
e
r of att
o
rney, guar
a
ntee, end
o
rs
e
ment or oth
e
r obligation u
p
on
o
r
in con
n
ection with
a
ny
Securiti
e
s,
docum
e
nts
or
o
th
e
r
w
r
i
tten inst
r
uments
.
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Actual
ph
y
sical
poss
e
ssi
o
n,
and
conti
n
ued
a
ctual
p
hysical
p
o
ss
e
ss
i
on
if
tak
e
n as collat
e
ral,
of
s
u
ch
Secur
i
ties,
docum
e
nts
or
ot
h
er
w
r
itten
in
st
ruments
by
an
Empl
o
y
ee,
Custodi
a
n
,
or
a
Federal
o
r State
chart
e
red
d
e
p
o
sit
institution
of
the ASSURED
i
s
a
c
o
ndition
p
reced
e
nt
to
the
ASSUR
E
D
havi
n
g
rel
i
ed
on
s
u
ch
i
t
ems. Rel
e
ase
or r
e
turn
of
such
collateral
i
s
a
n
ackn
o
wle
dg
ment
by
the ASSURED
t
h
at
it no lon
g
er relies on
s
u
ch collateral.
|
|
|
|
|
|
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
2
of
19
|
|
|
|
|
|
|
|
Insuring Clauses
|
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|
|
|
|
|
|
|
|
|
Extended
Forgery
(c
o
ntinu
e
d)
|
For
t
h
e
p
u
rp
o
s
e
of
this
I
NSUR
I
NG
CL
A
USE,
a
m
e
c
h
anically
r
e
pr
o
duced
f
a
cs
im
ile sig
n
ature
i
s treated the s
a
me as a h
a
n
d
written
signa
t
ure.
|
|
|
|
|
|
|
|
Counterfeit
Money
|
6.
|
Loss
r
e
sulti
n
g
dir
e
ctly
from
the
rec
e
i
p
t
by
the
ASSUR
E
D
in
good
faith
of
any
Cou
n
te
r
feit
money.
|
|
|
|
|
|
|
|
Threats
To
Person
|
7.
|
Loss
r
e
sulti
n
g
d
i
r
e
ctly
fr
o
m
surre
n
der
of
Proper
t
y
away
from
an
office
of
the ASSURED as
a result
of a
threat
c
ommunicated
to
the
ASSURED
to
do
bodily harm
to
an
Empl
o
y
ee
as
defined
in
Section
1.e.
(1),
(
2
)
and
(5),
a
Relati
v
e
or invitee
of
such
Empl
o
y
ee
,
or
a
res
i
dent
of
the
ho
u
s
e
hold
of
s
u
ch
Empl
o
y
ee
,
who is,
or alle
g
ed
l
y
is,
bei
n
g
h
e
ld
c
a
ptive
pr
o
vided,
h
o
we
v
er,
that
p
rior
to
the surr
e
n
d
e
r of such
Proper
t
y
:
|
|
|
|
|
|
|
|
|
|
a.
|
the
Empl
o
y
e
e
who
receives
the
thr
e
at
has
ma
d
e
a
re
a
s
o
n
able
effort
to notify an officer of the ASSUR
E
D w
h
o is not involved in s
u
ch thr
e
at, and
|
|
|
|
|
|
|
|
|
|
b.
|
the
ASSUR
E
D
h
as
ma
d
e
a
r
e
ason
a
ble
e
ffort
to
notify
the
Federal
Bureau
o
f Investigation
and l
o
cal law
enforce
m
ent authoriti
e
s c
o
nc
e
rni
n
g s
u
ch threat.
|
|
|
|
|
|
|
|
|
|
It
is
a
g
r
e
ed
t
hat
for
p
u
rp
o
s
e
s
of
t
his
INSURING C
L
AUSE,
any
E
m
pl
o
y
ee
of
the ASSURED,
a
s set
forth in the
p
r
e
c
edi
n
g
p
a
ra
g
ra
p
h,
s
h
all
be d
e
emed
to be an ASSURED
h
ere
u
nd
e
r,
but only
with
r
e
spect
to
the
surren
d
er
of
m
oney,
s
e
curit
i
es and
oth
e
r
t
a
ngible
p
ers
o
nal
prop
e
rty
in
wh
i
c
h
such
Empl
o
y
ee
has
a
l
e
gal
o
r equitab
l
e int
e
rest.
|
|
|
|
|
|
|
|
C
o
m
puter
System
|
8.
|
Loss r
e
sulti
n
g dir
e
ctly from fraudu
l
ent:
|
|
|
|
|
|
|
|
|
|
a.
|
entri
e
s of data into, or
|
|
|
|
|
|
|
|
|
|
b.
|
ch
a
ng
e
s of
d
ata elemen
t
s or progra
m
s within,
|
|
|
|
|
|
|
|
|
|
a
Comp
u
ter
S
y
ste
m
, provided the fra
ud
ulent entry or
ch
a
nge
ca
us
es:
|
|
|
|
|
|
|
|
|
|
|
(1)
|
funds
o
r oth
e
r pr
o
perty to be tra
n
sferr
e
d, paid or del
iv
ered,
|
|
|
|
|
|
|
|
|
|
|
(2)
|
an
account
of
the
ASSURED
or
of
its
customer
to
be
added,
de
l
eted, debited
o
r cr
e
dited, or
|
|
|
|
|
|
|
|
|
|
|
(3)
|
an
u
nauth
o
r
i
zed
a
c
count or a fictiti
o
us acc
o
unt
t
o be debit
e
d
o
r cr
e
dited.
|
|
|
|
|
|
|
|
|
|
|
|
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
3
of
19
|
|
|
|
|
|
|
|
Insuring Clauses
|
|
|
|
|
|
(c
o
ntinu
e
d)
|
|
|
|
|
|
|
|
|
|
|
Voice
Initia
t
ed
Funds
Transfer
Instruction
|
9.
|
Loss
r
e
sulti
n
g
directly
fr
o
m
Voice
Init
i
ated
Fun
d
s
Tran
s
fer
In
s
tru
c
tion
d
i
r
e
cted to
the
ASSURED authorizing
t
he
t
ran
s
f
er
of dividends
or redemption
proceeds
of
I
n
v
estment
Company
shar
e
s
from
a
Cu
s
to
m
er
'
s
acco
u
nt,
provided
s
u
ch
V
o
ice Initiated Funds Transfer
I
nstruction
wa
s
:
|
|
|
|
|
|
|
|
|
|
a.
|
received
at
the
ASSUR
E
D'S
offic
e
s
by
those
Empl
o
y
ees
of
the
ASSURED specifically
author
i
z
ed
to
r
e
ceive
t
h
e
Voice
Init
i
ated Fun
d
s
Tra
n
sfer Instruction
,
|
|
|
|
|
|
|
|
|
|
b.
|
made by a p
e
rs
o
n p
u
rp
o
rting to be a
C
u
stomer
, a
n
d
|
|
|
|
|
|
|
|
|
|
c.
|
made by
sa
i
d pers
o
n
for
t
h
e
p
u
rp
o
s
e of ca
u
s
i
n
g
the
A
SSURED
or
Cu
s
to
m
er
to
s
u
stain
a loss
o
r
m
ak
i
ng
a
n
i
m
pr
o
per
p
e
rsonal
fina
n
cial
ga
i
n
for
such person
o
r any
other p
e
rso
n
.
|
|
|
|
|
|
|
|
|
|
In
ord
e
r
for
covera
g
e
to
a
pply
und
e
r
th
i
s
INSURING
CLAUSE,
all
Voice
Initiated Funds Tr
a
n
s
fer Inst
r
ucti
o
ns
must be receiv
e
d and
pr
o
c
e
s
sed in
accorda
n
ce
with the
D
e
sig
n
ated
Pr
o
c
e
d
ures
outli
n
ed in
the
APPLICATION
f
urn
i
s
h
e
d
to
the COMP
A
NY.
|
|
|
|
|
|
|
Uncollecti
bl
e
Ite
m
s
of
Deposit
|
10.
|
Loss r
e
sulti
n
g directly fr
o
m the AS
S
UR
E
D
h
avi
n
g credit
e
d
a
n
a
c
count of a c
u
stom
e
r,
s
h
are
h
old
e
r
or su
bs
cri
b
er
on the
faith
of
any
Items
of
Deposit
wh
i
c
h prove to be
u
ncol
l
ectible,
p
rovided that the crediting
o
f
such
ac
co
u
nt ca
u
s
e
s
:
|
|
|
|
|
|
|
|
|
|
a.
|
red
e
mptio
n
s
or with
d
r
a
wa
l
s to be p
e
rmitted,
|
|
|
|
|
|
|
|
|
|
b.
|
sh
a
r
e
s to be issued, or
|
|
|
|
|
|
|
|
|
|
c.
|
dividen
d
s to be paid,
|
|
|
|
|
|
|
|
|
|
from an
a
c
c
o
unt of an
I
n
v
estme
n
t C
o
mpa
n
y
.
|
|
|
|
|
|
|
|
|
|
In
order
for
coverage
to
apply
und
e
r
this
IN
S
UR
I
NG
CL
A
USE,
the
ASSURED must
hold
Items
o
f
De
p
osit
f
o
r
the minimum
n
u
mber
of
da
y
s
stated
in
t
he APPLICATION
bef
o
re p
e
rmitting
any
redemp
t
i
o
ns or withdraw
a
ls,
issui
n
g
a
ny sh
a
r
e
s or
p
aying any divid
e
nds
with r
e
s
p
ect to s
u
ch
Items of D
e
p
o
sit
.
|
|
|
|
|
|
|
|
|
|
Items
o
f Deposit
shall not be deemed un
c
olle
c
tible until the ASSURED'S stan
d
ard
col
l
ection
p
r
o
c
e
d
ur
e
s have fai
l
ed.
|
|
|
|
|
|
|
|
Audit
Expense
|
11.
|
Expense incurred by the ASSUR
E
D for that part of the cost of audits
o
r examinatio
n
s re
q
uir
e
d
by any
gov
e
rn
m
ental
regulat
o
ry
auth
o
rity
or
self-regula
t
o
r
y org
a
nization
t
o
be c
o
nd
u
c
t
ed
by s
u
ch
a
uthority,
or
ga
nizati
o
n
o
r
t
h
eir
a
ppo
i
ntee by re
a
s
on of
the discov
e
ry
of
loss s
u
stai
n
ed
by
the
A
S
SUR
E
D
a
n
d covered by
this Bond.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
4
of
19
|
|
|
|
|
|
|
|
General Agreements
|
|
|
|
|
|
|
|
|
|
|
Additional
C
o
m
panies
Included
As
Assured
|
A.
|
If
more
than
one
corp
o
r
a
tion,
or
In
v
e
stme
n
t
Co
m
pa
n
y
,
or
any
c
o
mbi
n
ation
of them is inc
l
u
d
ed as the A
S
SUR
E
D here
i
n:
|
|
|
|
|
|
|
|
|
|
(1)
|
The total li
a
bility of the COMP
A
NY und
e
r th
i
s
B
ond f
o
r l
o
ss or l
o
ss
e
s s
u
stain
e
d
by
any
one
or
more
o
r
all
o
f
them
shall
not
exce
e
d
the
limit
f
o
r wh
i
c
h
the COMPANY
w
o
uld
be
l
i
able und
e
r
th
i
s
B
o
nd
if
all s
u
ch loss
were s
u
stain
e
d by any one of them.
|
|
|
|
|
|
|
|
|
|
(2)
|
Only
the
first
named
ASSURED
shall
be
dee
m
ed
to
be
the
so
l
e
agent
of
the others
for
all pur
p
oses
un
d
er
th
i
s
Bond,
incl
u
ding but not
limited
to the
giving or r
e
ceiving
o
f any
not
i
c
e
o
r
p
roof r
eq
uired
to be given
a
n
d
for
the pur
p
ose
of effecting
o
r
a
c
cepting
any
amen
d
men
t
s
to
or
termina
t
ion
of
this
B
o
nd. The COMP
A
NY
shall
furnish
each
In
v
estment
Com
p
a
n
y
with
a
copy
of
the Bond
a
nd
with
any
a
m
en
d
ment
thereto, togeth
e
r
with
a
copy
of
ea
c
h
f
o
rmal filing
of
claim by
any
other
named
AS
S
UR
E
D
a
n
d
n
otification
of
the
ter
m
s
o
f the settleme
n
t of each s
u
ch claim
p
rior
t
o the execut
i
on of s
u
ch s
e
ttlement.
|
|
|
|
|
|
|
|
|
|
(3)
|
The
COMP
A
NY
shall
not
be
r
e
sp
o
nsible
for
the
proper
a
p
plication
of
any payment made hereunder
t
o
the fir
s
t named ASSURED.
|
|
|
|
|
|
|
|
|
|
(4)
|
Knowl
e
dge
p
oss
e
s
sed
or
discovery
m
a
de
by
any
pa
rtner,
direct
or
,
trust
e
e, officer
o
r
su
p
ervis
o
ry
emp
l
oyee
of
any ASSURED
shall
c
o
n
s
titute
k
nowledge or discov
e
ry by all the ASSUR
E
DS for the pur
p
oses
of this Bond.
|
|
|
|
|
|
|
|
|
|
(5)
|
If
the
first
n
a
med
ASSURED
c
e
ases
f
o
r
any
r
e
ason
to
be
cov
e
r
e
d
und
e
r
this Bond,
then
the
ASSUR
E
D next
named
on
the
APPLICATION shall
t
hereaft
e
r be cons
i
dered as the first named ASSURED for the purposes of this Bond.
|
|
|
|
|
|
|
Representation
Made
By
Assured
|
B.
|
The ASSURED repres
e
nts that all i
n
for
m
ation it h
a
s furnis
h
ed in the APPLICATION
for
th
i
s
B
ond
o
r
ot
h
erwise
is c
om
plete,
true
a
nd
corr
e
c
t.
Such APPLICATION and other
i
nformation c
o
nstitute part of this Bond.
|
|
|
|
|
|
|
|
|
|
The
ASSURED
must
promptly
notify
the COMP
A
N
Y
of
any
change
in
any
fact
or circu
m
sta
n
ce wh
i
c
h
mat
e
r
i
ally
affects
t
h
e
risk
as
su
m
ed
by
the COMPANY
u
n
der this Bond.
|
|
|
|
|
|
|
|
|
|
Any intentional misrepres
e
ntation, omission,
co
n
c
ea
l
ment or i
n
correct
stateme
n
t
o
f a
material
fact,
in
the
APPLICATION
or otherwise,
shall
be g
r
ounds
for
rec
i
sion of this Bond.
|
|
|
|
|
|
|
|
|
|
|
|
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
5 of
19
|
|
|
|
|
|
|
General Agreements
(continued)
|
|
|
|
|
|
|
|
|
|
|
Additional
Offices
Or
E
m
ployees
-
Consolidation,
Merger
Or
Purchase
Or
Acquisition
Of
Assets
Or
Liabili
t
ies
-
Notice
To
C
o
m
pany
|
C.
|
If
the
ASSURED,
other
than
an
In
v
estment
Compa
n
y
,
while
this
Bond
i
s
in
force, merges
or consolidates with,
or
purchases
or
acquires
assets
or
l
i
abilities
of anoth
e
r
i
n
stitution,
the
A
S
SUR
E
D
shall not
have
t
h
e cov
e
ra
g
e
afford
e
d
u
nd
e
r
t
his Bond for l
o
ss
wh
i
c
h h
a
s:
|
|
|
|
|
|
|
|
(1)
|
occurred or will
occur on premises, or
|
|
|
|
|
|
|
|
(2)
|
been
ca
u
s
e
d or will be
ca
u
s
ed by an e
m
ployee, or
|
|
|
|
|
|
|
|
|
|
(3)
|
arisen or will
arise out of the assets or liabilities, of such instit
u
tion, unless the ASSUR
E
D:
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|
a.
|
gives
t
h
e
C
O
MPANY
written
n
otice
of
t
he
p
ro
p
osed
co
n
s
ol
i
dation,
merg
e
r
o
r purchase
or
acquisition
of asse
t
s
or
liabilities
prior
t
o
t
he
proposed
effective date of s
u
ch
action, a
n
d
|
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|
|
|
|
|
|
|
|
b.
|
obtai
n
s
the
written
co
n
s
e
nt
of
the
C
O
MPANY
to
extend
so
m
e
or
all
of
the coverage
p
r
ov
ided by this Bond to s
u
ch
additio
n
al exposure, a
n
d
|
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|
|
|
|
|
|
|
c.
|
on obtain
i
ng
s
u
ch co
n
s
en
t
, pays to the COMP
A
NY an additio
n
al
p
remium.
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|
|
Change
Of
Control
–
Notice
To
C
o
m
pany
|
D.
|
Wh
e
n
the
A
S
SUR
E
D
le
a
r
n
s
of
a
ch
a
n
g
e
in
control
(other
th
a
n
in
an
In
v
estment Co
m
pan
y
),
as
set
forth
i
n
Secti
o
n
2(
a)
(9)
of
the
Investment
Com
p
any
Act
o
f 1940, t
h
e
A
SSURED s
h
all with
i
n sixty (60)
d
ays give written notice to the COMP
A
N
Y setting forth:
|
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|
|
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|
|
|
|
(1)
|
the
n
a
m
e
s
of
the
tra
n
sfer
o
rs
a
n
d
tra
n
sfere
e
s
(
o
r
t
h
e
nam
e
s
of
the
be
n
eficial ow
n
ers if the voting s
e
curit
i
es are r
e
gist
e
red in a
n
oth
e
r nam
e
),
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|
|
|
|
|
|
|
(2)
|
the total number of voting s
e
c
u
rities own
e
d by the tra
n
sferors and t
h
e transf
e
r
e
es (or the be
n
eficial own
e
rs), both immedi
a
tely before
a
nd after the transf
e
r, and
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|
|
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|
|
|
(3)
|
the total number of ou
t
sta
n
ding voting sec
u
rities.
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|
Failure
to
give
the
re
q
uir
e
d
notice
shall
result
in
termination
of
covera
g
e
for
a
ny loss involving
a transf
e
ree,
to be effective on the date
of such c
h
a
n
ge in c
o
ntrol.
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|
|
|
|
Court
Costs
And
Attorneys’
F
ees
|
E.
|
The
COMP
A
NY will
in
de
mnify the
A
SSURED for c
o
urt
c
o
sts
and
r
e
aso
n
able attorneys'
f
e
es
i
n
c
u
rred
a
nd
paid by
the
ASSUR
E
D
in
def
e
ns
e
,
wheth
e
r
or not s
u
ccessful,
whether
or
n
ot
fully
litigated
on
the
m
e
rits
and
w
h
eth
e
r
or
n
ot
settl
e
d, of
any
claim,
suit
or
le
g
al
pr
o
c
e
e
ding
with
re
s
p
e
c
t
to
whi
c
h
the
A
SSURED
would be entitled
t
o r
e
cov
e
ry under th
i
s
B
o
nd. H
o
wev
e
r, with r
e
s
pe
c
t to INSURING
CLAUSE 1., this Secti
o
n shall only app
l
y in the event that:
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|
|
|
|
(1)
|
an
Empl
o
y
ee
admits to be
i
ng guilty of
Larceny
or Embezzleme
n
t
,
|
|
|
|
|
|
|
|
|
|
(2)
|
an
Empl
o
y
ee
is adjud
i
cat
e
d to be guilty of
Larce
n
y
o
r Embezzle
m
en
t
, or
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
6 of
19
|
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|
|
General Agreements
|
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|
|
|
|
|
|
|
|
Court
Costs
And
Attorneys’
F
ees
(c
o
ntinu
e
d)
|
|
(3)
|
in
the
a
b
se
nc
e
of
1
o
r
2
a
b
ove,
an
arbitration
p
anel
a
gre
e
s
,
aft
e
r
a
revi
e
w
o
f an
agreed s
t
atement
of
facts
be
t
ween
the
COMP
A
NY
and
the ASSURED, that
an
Emp
l
o
y
ee
would
be
fou
n
d
g
uilty
of
Larce
n
y or
Embezzleme
n
t
if s
u
ch
Empl
o
y
ee
w
e
re
p
r
os
ecut
e
d.
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|
|
|
The ASSURED
s
hall promptly give
n
oti
c
e to the COMP
A
NY of any
s
u
c
h suit
o
r legal
p
r
o
c
e
ed
ing
a
n
d
at
t
h
e
re
q
u
e
s
t
of the
C
O
MPANY
shall
fur
n
ish cop
i
es of
all plead
i
ngs
a
n
d
perti
n
ent
p
apers
to
the
COMP
A
NY. The
COM
P
ANY
may,
at
its sole
option,
elect
to
c
o
n
d
uct
the
defe
n
se
of
all
o
r
p
art
of
s
u
ch
l
e
gal
p
r
o
c
e
e
di
n
g. The
defe
n
se
by
the
CO
M
PANY
shall
be
in
the
n
a
me
of
t
h
e
A
SSURED
throu
g
h attorneys se
l
ected
by
the COMP
A
NY.
The
ASSUR
E
D
s
h
all
provi
d
e
all
re
a
s
o
n
a
ble informati
o
n
a
nd ass
i
sta
n
ce
as re
q
uired
b
y
the COMPANY for s
u
ch
d
efense.
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|
If
the
COMPANY
decl
i
n
e
s
to
defe
n
d
the
ASSUR
E
D,
no
settlement
with
o
ut
the prior
written consent
of
the
COMPANY nor
judgment
against
the
ASSURED shall determ
i
ne the
existence, extent or a
m
o
u
nt of covera
g
e und
e
r this
Bond.
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|
|
If
the
amo
u
nt
dema
n
d
e
d
in
any
s
u
ch suit
or
l
e
gal
proceed
i
ng
is within the DEDUCTIBLE
AMOUNT, if
any,
the COM
P
A
NY
shall
have
no
liability
for cou
r
t c
o
sts
a
nd
attorney
'
s
fe
e
s
inc
u
rred
in
d
e
f
endi
n
g
all or
p
a
rt
of
s
u
ch suit
or
l
e
gal pr
o
c
e
e
ding.
|
|
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|
|
|
|
|
|
If
the
am
o
unt
de
m
and
e
d
i
n
any
s
u
ch suit
or
le
g
al
pr
oc
e
edi
n
g
i
s
i
n
excess
of
t
he LIMIT
OF
LIABILITY
stated
in
ITEM
2. of
the
DECLARATI
O
NS
for
the
applicable INSUR
I
NG
CLAUSE,
the COMP
A
NY'S
liabili
t
y
for
court costs
and
attorney's
f
ees inc
u
rred
in
d
efendi
n
g
all
o
r
p
a
rt
of
such suit
o
r
le
g
al pr
o
c
e
e
din
g
s
i
s
limited
to
t
h
e pro
p
orti
o
n
of
s
u
ch
co
u
rt
c
o
sts
and
attorney
'
s
f
e
es
inc
u
rred
t
h
at
the
LIMIT OF LIABILITY
stated
in
ITEM 2.
of
the
D
E
CLARATI
O
NS for
the
a
p
plicable
I
NSURING CLAUSE b
e
ars to the total of the
amount de
m
and
e
d in s
u
ch suit or leg
a
l pr
o
c
e
e
ding.
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|
If
the
amount
dema
n
ded
i
s
any
such
suit
or
legal
pr
oc
e
edi
n
g
is
i
n
exc
e
ss
of
the DEDUCTIBLE
AMOUNT,
i
f
any,
but
wi
t
hin
the
LIMIT
OF
LIABILI
T
Y
stated
i
n
I
T
EM 2.
of
the
DECL
A
RAT
I
ONS
for
t
h
e
appl
i
c
able INSURING CLAUSE,
the COMP
A
NY'S
liability
for
c
o
urt
c
o
sts
a
nd attorney
'
s
fe
e
s
incurred
in defend
i
ng
all
o
r part
of
s
u
ch
suit
or
le
g
al
pr
o
c
e
e
din
g
s
shall
be
limi
t
ed
to
the
pr
o
portion
of
s
u
ch co
u
rt
c
o
sts
o
r
attorney
'
s
fees
that
the
amount
d
em
and
e
d
that
would
be
p
ay
a
ble und
e
r
this
B
o
nd
after
appl
i
c
ation
of
the
DEDUCTIBLE
AMOUNT, bears
to
the
total amount d
e
m
a
nded.
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|
Amounts pa
i
d
by
the
C
O
MPANY
for
court
cos
t
s
a
n
d
attorne
y
s'
fees shall be in addition to t
h
e LIMIT OF LIABILITY sta
t
ed in ITEM 2. of the DEC
L
ARATIONS.
|
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|
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
7 of
19
|
|
|
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
|
|
|
|
|
|
|
Definitions
|
1.
|
As us
e
d in this Bond:
|
|
|
|
|
|
|
|
|
|
a.
|
Comp
u
ter
Sy
stem
means
a
comput
e
r
and
all
i
np
ut,
output,
proc
es
sing, storage,
off-l
i
ne
media
librar
i
es,
and com
m
un
i
cat
i
on
facilities wh
i
c
h
are co
n
n
e
c
ted
to
the
co
m
put
e
r
and
which
are
und
e
r
the
control
a
nd
s
u
pervis
i
on of the operat
i
ng syst
e
m(s)
or appl
i
c
ati
on
(s) software
u
s
ed by the
A
SSURED.
|
|
|
|
|
|
|
|
|
|
b.
|
Cou
n
te
r
feit
mea
n
s
a
n
im
i
tation
of
a
n
a
c
tual
val
i
d
o
r
i
ginal
wh
i
c
h
i
s
inten
d
ed to deceive
an
d be tak
e
n as the original.
|
|
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|
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|
|
|
c
.
|
Cu
s
todian
m
ea
n
s
the
inst
i
tution
des
i
g
n
ated
by
an
I
n
v
estment
C
o
mpa
n
y
to maintain p
o
ss
e
ss
i
on a
n
d control of its
a
s
sets.
|
|
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|
|
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|
|
|
|
d.
|
Cu
s
to
m
er
mea
n
s an
i
ndividual, c
o
rp
o
rate, p
a
rtnership, tr
us
t custo
m
er, sh
a
re
h
old
e
r
or
su
bs
cr
i
ber
of
an
In
v
estment
Com
p
a
n
y
which
h
as
a
written agreement with
the
A
SSURED
for
Voice
Initiat
e
d
F
u
n
d
s
Tr
a
nsf
e
r Instruction
.
|
|
|
|
|
|
|
|
|
|
e.
|
Empl
o
y
ee
mea
n
s:
|
|
|
|
|
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|
|
|
|
|
(1)
|
an officer of
t
he ASSUR
E
D,
|
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|
|
|
|
|
|
(2)
|
a
nat
u
ral
person
while
in
the
regular
s
e
rvice
of
the
A
SSURED
at
any
o
f the ASSUR
E
D'S premises and co
m
pe
n
sated d
i
rectly by the ASS
U
RED throu
g
h
its
p
ayroll system and s
u
bj
e
c
t
to
the Unit
e
d
States
Int
e
rnal Reve
n
ue
S
e
rvice
F
orm W-2 or
equiva
l
ent
i
n
co
m
e
reporti
n
g
p
l
a
n
s
o
f other countr
i
es,
and whom
the
ASSURED
has
the
right
to
con
t
rol
and dire
c
t both
as
to
the
re
s
ult
to
be
ac
c
ompli
s
hed
and
details
and
means by
wh
i
c
h s
u
ch r
e
sult
i
s
accompl
i
s
h
ed in
the p
e
rform
a
nce
of s
u
ch ser
vi
c
e,
|
|
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|
|
|
|
|
|
|
|
(3)
|
a
gu
e
st
stu
d
ent
pursui
n
g
studi
e
s
or
p
erform
i
ng
du
t
ies
in
any
of
the ASSURED'S
prem
i
s
e
s
,
|
|
|
|
|
|
|
|
|
|
|
(4)
|
an attorney retained by the ASSUR
E
D and an employee of
s
u
c
h attorney whi
l
e either is
p
erforming l
e
gal
serv
i
c
e
s for the ASSUR
E
D,
|
|
|
|
|
|
|
|
|
|
|
(5)
|
a
nat
u
ral
p
erson
provided
by
an
emp
l
oyment
contractor
to
p
er
f
orm employee du
t
ies
f
o
r
the
A
S
SUR
E
D u
n
d
e
r
the
ASSURED'S
sup
e
rvision at any of the
ASSURED'S
prem
i
s
e
s
,
|
|
|
|
|
|
|
|
|
|
|
(6)
|
an e
m
ploy
e
e of an
i
nstitution mer
g
ed
o
r co
ns
olidated with the ASSURED
pr
ior to the effective date of this Bond,
|
|
|
|
|
|
|
|
|
|
|
(7)
|
a
dir
e
ctor
o
r
trustee
of
the
ASSURED,
but
only
whi
l
e
perf
o
rming
ac
t
s within
t
h
e scope of
the
custom
a
ry
an
d
u
s
ual duti
e
s
of any officer or other emp
l
oyee
of
t
h
e
A
S
SUR
E
D
o
r
while
a
c
ting as
a
m
e
mb
e
r
of any committee
d
uly
el
e
c
ted or ap
p
ointed to
exam
i
ne or
a
u
dit
o
r
have c
u
stody of or
acc
e
ss to
P
r
operty
of the
ASSURED,
o
r
|
|
|
|
|
|
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
8 of
19
|
|
|
|
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
|
|
|
|
|
|
|
|
Definitions
(c
o
ntinu
e
d)
|
|
|
(8)
|
each natural person, p
a
rtnersh
i
p or cor
p
orati
o
n author
i
z
ed by written agr
e
em
e
nt
with
the
A
S
SUR
E
D
to perf
o
rm ser
v
ic
e
s
a
s
el
ec
tronic
data pr
o
c
e
s
sor
of ch
ec
ks
or
ot
h
er
ac
co
u
nting r
e
c
o
r
d
s
rela
t
ed
to s
u
ch checks
b
ut only
while
such
p
ers
o
n,
partn
er
ship
o
r
c
o
rp
o
rati
o
n
is
act
u
ally
perf
o
rming s
u
ch services and not:
|
|
|
|
|
|
|
|
|
|
|
|
|
a.
|
creating, prepar
i
ng, modifying or maintaining the ASSURED'S com
p
uter
software or
p
ro
g
rams, or
|
|
|
|
|
|
|
|
|
|
|
|
|
b.
|
acting
a
s
tr
a
nsfer
a
gent
or
in
any
other
a
g
e
n
cy
ca
p
acity
in
issuing
c
hec
ks
,
drafts or
s
e
c
urities for the ASSUR
E
D,
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(9)
|
any
p
a
rtn
e
r,
officer
or
e
m
ployee
of
a
n
invest
m
ent
advis
o
r,
a
n
u
nderwrit
e
r (dis
t
ribut
o
r), a
tra
n
sfer
a
g
ent
or
share
h
older
ac
co
u
nting
r
e
c
o
r
d
ke
e
per,
or
a
n admin
i
s
trat
o
r,
for
an
I
n
v
e
stme
n
t
Co
m
pa
n
y
while
perform
i
ng
a
c
ts
com
i
ng within
the sc
o
pe
of
the cus
t
omary
a
nd
us
ual
duti
e
s
of an
offic
e
r
o
r
employee of
an
In
v
estment
Com
p
a
n
y
or
acting
as
a
m
emb
e
r
of
any
co
m
mittee
duly elect
e
d
o
r
a
ppoint
e
d
to examine,
au
d
it
or have c
u
stody
of
o
r
a
c
cess
to
Property
of
a
n I
n
v
estment
Compa
n
y
.
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|
The
t
e
rm
E
m
pl
o
y
ee
shall not
inc
l
ude
a
ny
part
n
er,
o
f
ficer or emp
l
oyee
of
a transf
e
r a
g
e
n
t, shar
e
hold
e
r accounti
n
g rec
o
r
d
ke
e
p
e
r or adm
i
nistrator:
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a.
|
wh
i
c
h
i
s
not
an
"affiliated
person"
(
a
s
defined
in
S
ection
2(
a
)
o
f
the Investment
Company
A
c
t
of
194
0
)
of
a
n
I
n
v
estme
n
t
Com
p
a
n
y
or
of the
inv
e
stm
e
nt
advisor or und
e
r
w
riter
(distri
b
utor)
of s
u
ch
In
v
estment Co
m
pan
y
, or
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b.
|
wh
i
c
h is a
"
ba
n
k" (
a
s
d
efined in S
e
ction
2
(a) of the Investment Com
p
any Act
of 1940).
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|
This B
o
nd
d
oes not afford cover
a
ge in favor of the emplo
y
ers
o
f perso
n
s
a
s set
forth
in
e.
(4),
(5)
a
nd
(8)
a
b
ove,
a
n
d
upon pay
m
ent
to the
ASSURED
by the
COMPANY
resulting
dire
c
tly from
L
arc
en
y or Embezzlem
e
nt
co
m
mitted by any of the partners, officers or employe
e
s
of s
u
ch
e
m
plo
y
ers, wheth
e
r
acting
al
o
ne
or
i
n
coll
u
si
o
n
with others,
a
n
as
sign
m
ent
of such of
the A
S
SUR
E
D'S ri
g
hts
a
nd c
a
uses of action
a
s
it
may
have
a
g
ainst
such
e
mployers
by
re
a
s
on
of
s
u
ch
a
c
ts so
committed shall,
to
the
extent
of
such
paym
e
nt,
be
given
by
the ASSURED
t
o
the COM
P
ANY,
and
the
ASSUR
E
D
shall execu
t
e
all pap
e
rs n
e
c
e
ssary
to s
e
cure
to
the
C
O
MPANY
the
rights
p
rovid
e
d
for here
i
n.
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|
Each
emplo
y
er
of
p
erso
n
s
as
set
forth
in
e.(
4
),
(
5
)
and
(8)
abo
v
e
and
t
h
e partn
er
s,
officers
and
ot
h
er
employ
e
es
of
such
employers
shall
colle
c
tively be
d
ee
m
ed
t
o
be
o
ne
person
for
all
t
h
e
p
u
r
p
oses
o
f
this
B
o
nd;
excepti
n
g, however, the fifth paragra
p
h of Section
1
3.
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Indep
e
nd
e
nt
contract
o
rs
not
sp
e
c
ified
in
e.(
4
),
(5)
or (8)
above, interm
e
diar
ie
s
,
agen
t
s,
brok
e
rs or
ot
he
r
re
p
r
e
s
e
ntatives
of
the
s
a
me
ge
n
eral ch
a
r
a
c
ter
sh
a
ll not be co
n
s
i
der
e
d
Emplo
y
ees
.
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
9 of
19
|
Conditions And
Limitations
|
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|
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|
|
|
|
Definitions
(c
o
ntinu
e
d)
|
|
f.
|
Forgery
means
the
si
g
ni
n
g
of
the
na
m
e
of
anot
h
er
natural
p
e
rs
o
n
with
the intent
to
dec
e
ive
but
does not
mean
a
s
i
gnature
wh
ic
h
co
n
s
i
s
ts
in
who
l
e
or
in part of
o
n
e
'
s
own
n
ame, with
o
r
with
o
ut
auth
o
rity,
in
any c
a
p
a
c
i
ty
for
any pur
p
ose
|
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|
|
g.
|
I
n
v
estment
Company
mea
n
s
any
investment
co
m
pany
reg
i
st
er
ed
un
d
er
the Investment
Company
Act of
1940
and
listed
under
the
NAME
OF ASSURED on the DEC
L
ARATIONS.
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|
h.
|
Items of D
e
posit
m
e
a
n
s one
o
r m
o
re c
h
ecks or drafts
d
r
aw
n up
o
n a financ
i
al insti
t
ution in the United States
o
f
America.
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i.
|
Larceny
or
Embezzlem
e
nt
m
ea
n
s
l
arceny
or
em
b
ezzlem
e
nt
a
s
defin
e
d
in Section 37 of
the Investm
e
nt Comp
a
ny Act of 1940.
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|
|
|
|
|
j.
|
Property
m
e
ans
m
oney,
revenue and
o
ther
st
a
m
p
s
;
s
e
curiti
e
s
;
i
n
cluding a
n
y note,
st
oc
k,
treasury st
oc
k,
bo
n
d,
d
eb
enture, evid
e
nce of
in
d
e
b
tedn
e
ss, certificate
of dep
o
sit,
c
e
rtificate
of
inter
e
st
or par
t
icipati
o
n
in any
profit- sh
a
ring agr
e
ement,
col
l
ateral
trust cer
t
ificate,
pre
o
rgan
i
zation c
e
rtificate
o
r su
bs
cripti
o
n,
transf
e
r
a
ble
sh
a
re,
inves
t
ment
contract,
voting
trust certificate, certificate
of dep
o
sit
for
a s
e
curity,
fr
a
ctional
u
n
divi
d
ed
interest
in oil,
gas,
or other
m
i
neral rights,
a
ny
inter
e
st
or
i
n
stru
m
ents c
o
mmonly
kn
o
wn
a
s
a s
e
curity
u
n
d
e
r
the
Invest
m
ent
Co
m
pany Act
of
1940, any
other c
e
rtificate
of inter
e
st
or
p
artici
p
ation
i
n
,
tempor
a
ry
or
interim c
e
rtificate
for,
rece
i
pt
for, guarantee
of, or
warrant
or
right to subscr
i
be
to
or
purc
h
ase
any
of
t
h
e forego
i
ng; bil
l
s of exch
a
n
g
e; accepta
n
ces; c
h
ecks; withdr
a
wal
o
r
d
ers; m
o
ney ord
e
rs;
trave
l
ers'
letters of
credit;
bil
l
s
o
f lading;
a
bs
t
rac
t
s
of
title; ins
u
ra
nc
e polic
i
es,
d
ee
ds,
mort
g
ag
e
s
on
real
e
s
tate
and/or u
p
on
c
h
attels
a
nd
inter
e
sts therein; assi
g
nments
of s
u
ch pol
i
c
i
e
s,
d
ee
d
s
o
r
m
o
r
t
gag
e
s;
ot
h
er
valuable pap
e
rs,
i
nc
lu
ding
b
o
o
k
s of
acco
u
nts
and other
r
e
cords
us
ed
by
the ASSURED
in
the
co
n
d
u
c
t
of
its
b
u
sin
e
ss
(but
e
x
cl
u
ding
all
e
l
ec
t
ron
i
c
d
ata pr
o
c
e
ss
i
ng r
e
cords);
a
nd,
all
oth
e
r
i
ns
t
ruments simi
l
ar
to
o
r
in t
h
e
nat
u
re
o
f the
fore
g
oing
in
wh
i
c
h
the ASSURED
a
c
qu
i
red an
in
t
er
e
st
at
the
time
of
the ASSURED'S co
n
s
oli
d
ati
o
n or m
e
rg
e
r with, or p
u
rc
h
ase of t
h
e pri
n
ci
p
al assets of, a pred
e
c
e
ss
o
r or wh
i
c
h
ar
e held by the ASSURED for any pur
p
ose
o
r
i
n
any
cap
a
c
i
ty
and
w
h
ether so held gratuito
u
s
ly or
n
ot
and whet
h
er
o
r n
o
t the ASSURED is liable t
h
eref
o
r.
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k
.
|
Relati
v
e
means
t
h
e
spo
u
se
of
a
n
Empl
o
y
ee
or
p
a
rtner
of
the
ASSURED and
a
ny
un
m
arr
i
ed child supp
o
rted wh
o
lly
by,
or
living
in
the ho
m
e
of,
s
u
ch
Empl
o
y
ee
or
part
n
er
a
nd being relat
e
d to
them
by
b
lood,
m
a
rri
ag
e
or
l
egal guardia
n
sh
i
p.
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|
l.
|
Securities, docume
n
ts or
o
ther
w
r
itten instr
u
ments
me
a
ns or
i
ginal (inc
l
udi
n
g or
i
ginal c
o
unt
er
parts) ne
g
otiable or n
o
n-
n
egotiab
l
e ins
t
rum
e
nts, or assign
m
ents
thereof,
wh
i
c
h
in
a
nd
of themselv
e
s
re
p
r
e
s
ent
an equitable inter
e
st,
ow
n
ership,
o
r
d
e
bt
and wh
i
c
h are
i
n
the
o
r
d
inary co
u
rse of
bus
i
n
e
s
s transf
e
r
a
ble
by
delivery
of
such
instr
u
men
t
s
with
any necess
a
ry end
o
rsem
e
nts or
as
sign
m
ents.
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
10 of
19
|
|
|
|
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
|
|
|
|
|
|
|
|
Definitions
(c
o
ntinu
e
d)
|
|
m.
|
Subsidia
r
y
mea
n
s
any
o
rgan
i
zati
o
n
t
h
at,
at
the
inception
d
ate
o
f
this
Bond, is
named
in
the
APPLICATION
or
is
c
r
eated
during
the
BOND
P
ERIOD
and of
which
m
o
re
than
fifty
perc
e
nt
(50%)
o
f the
outstan
d
ing
s
e
c
u
rities
or
voting rights re
p
r
es
enting
the
pres
e
nt
right
to
vote
for
election
of
direct
or
s
is
owned or
control
l
ed by
the
ASSURED
eit
h
er
d
irectly
or
t
h
r
o
ugh
o
n
e
or more
of
its
s
u
b
s
i
d
i
ari
e
s
.
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|
|
n.
|
Trans
p
ortat
i
on
Com
p
a
n
y
means
any
or
g
an
i
zation
wh
i
c
h
p
rovi
d
es
its
o
wn or
its
l
e
a
s
ed
vehicl
e
s
f
o
r
transportati
o
n
or
wh
i
c
h
p
ro
v
ides
f
rei
g
ht
forwarding or air ex
p
r
e
s
s services.
|
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|
o.
|
Voice
Initiated
Election
mea
n
s
any
e
lection
co
n
c
e
rning
divi
d
e
n
d
optio
n
s available
to
I
n
v
estment
Company
s
har
e
hol
d
ers
or
su
b
s
crib
er
s
wh
i
c
h
i
s req
u
est
e
d by voice over t
h
e teleph
o
ne.
|
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|
|
p.
|
Voice
Initiated
Redempt
i
on
mea
n
s
a
n
y
redemption
of
shar
e
s
issued
by
an
I
n
v
estment
Company
which is req
u
es
t
ed by voice
ov
er the telep
h
one.
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|
q.
|
Voice
Initiated
Fun
d
s
T
ransfer
In
s
t
r
uction
m
ea
n
s
any
Voice
Initiated Redem
p
tion
or
Voice
Initiated
Election
.
|
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|
|
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|
|
For
the
p
ur
p
os
e
s
of
th
es
e
definitio
n
s
,
the
sin
g
ul
a
r
inclu
d
es
t
h
e
plural
and
t
he plural i
n
cl
u
d
e
s the si
n
gul
ar
, unless otherwise ind
i
cat
e
d.
|
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|
|
General
Exclusions
-
Applicable
t
o
All
Insuri
n
g
Clauses
|
2.
|
This bond
d
oes not dir
e
ctly
or
indirectly
c
o
v
er:
|
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|
|
|
a.
|
loss
not
rep
o
rted
to
the
COMPANY
in
writing
within
sixty
(60)
d
ays
aft
e
r terminati
o
n of this Bond as
an entirety;
|
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|
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|
|
|
b.
|
loss
d
u
e
to
r
i
ot
or
civil
c
o
mmotion
o
utside
the
Unit
e
d
States
of
Amer
i
c
a
a
nd Ca
n
ada,
or any
loss
d
u
e
to
military,
naval
or
u
s
urped
p
ow
e
r,
war
o
r ins
u
rrecti
o
n. This
Secti
o
n 2.b.,
howeve
r
,
shall not a
p
ply
to
l
o
ss
w
h
ich occ
u
rs in
tra
n
sit
in
t
he
c
i
rcu
m
st
a
nc
e
s
r
e
cited
in
INSURING
CL
A
USE
3.,
provid
e
d that
when s
u
ch
tr
a
nsit w
a
s
initiated
th
e
re
was
n
o
k
n
owl
e
dge
o
n
the
p
a
rt
of any
person
acting
for
the ASSURED
of such
riot,
c
i
vil
commotion,
military, naval or
u
s
ur
ped p
o
w
e
r, war or i
n
s
u
rrection;
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c.
|
loss r
e
sulting
from the effects of nu
c
l
e
ar
f
iss
i
on or f
u
si
o
n or r
a
dio
a
ct
iv
ity;
|
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|
|
|
|
|
d.
|
loss
of
pot
en
tial
income
i
n
clud
i
ng,
b
ut
not
limited
t
o
,
inter
e
st
a
nd
divide
n
ds not real
i
z
ed
b
y
the ASSURED or by any cust
o
mer of the ASSUR
E
D;
|
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|
|
|
|
e.
|
dama
g
es of any type for wh
i
c
h the ASSURED
i
s legally li
ab
le, except com
p
e
n
sat
o
ry dama
g
es, but not
m
ultiples t
h
er
e
of, aris
i
ng from a l
o
ss covered u
n
d
e
r this Bond;
|
|
|
|
|
|
|
|
|
|
|
f.
|
c
o
sts,
fe
e
s
a
nd
ex
p
e
n
s
e
s
incurred
by
the
ASSURED
in
est
a
bl
i
s
hi
n
g
the existe
n
c
e
of or
a
m
ount
of loss
u
n
der
t
h
i
s
Bond,
e
x
c
e
pt
to
the
extent
covered und
e
r INSURING CL
A
USE
11.;
|
|
|
|
|
|
|
|
|
|
|
g.
|
loss r
e
sulting
from indirect
or c
o
nseq
u
e
n
tial loss of a
n
y nature;
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
11 of
19
|
|
|
|
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
|
|
|
|
|
|
|
|
General
Exclusions
-
Applicable
t
o
All
Insuri
n
g
Clauses
(c
o
ntinu
e
d)
|
|
h.
|
l
o
s
s
r
e
s
u
ltin
g
f
rom
d
i
s
h
on
e
s
t
a
c
t
s
by
a
ny
memb
e
r
o
f
the
Board
o
f
Dir
e
ctors or
Bo
a
rd
of
Tr
u
s
te
e
s
of
the
ASSUR
E
D
w
h
o
is
no
t
an
Empl
o
y
ee
,
a
c
ting alone
o
r in c
o
llusi
o
n with o
t
hers;
|
|
|
|
|
|
|
|
|
|
i.
|
loss,
or
that
part
of
any
loss,
res
u
lting
solely
fr
o
m
any
violat
i
on
by
t
h
e ASSURED
o
r
by
any
Emp
lo
y
ee
:
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
of any law r
e
gulating:
|
|
|
|
|
|
|
|
|
|
|
|
|
a.
|
the issua
n
ce,
purch
a
s
e
o
r sale of secur
i
ties,
|
|
|
|
|
|
|
|
|
|
|
|
|
b.
|
s
e
curiti
e
s
t
r
a
ns
a
ctio
n
s
o
n
s
e
c
u
rity
or
com
m
odity
ex
cha
n
g
e
s
o
r the over the counter
m
ark
e
t,
|
|
|
|
|
|
|
|
|
|
|
|
|
c.
|
investment compan
i
es,
|
|
|
|
|
|
|
|
|
|
|
|
|
d.
|
investment
a
dvisors, or
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
of any rule or
regu
l
ation m
a
de purs
u
ant to any s
u
ch l
a
w; or
|
|
|
|
|
|
|
|
|
|
|
j.
|
loss of confi
d
ential infor
ma
tion, material
or data;
|
|
|
|
|
|
|
|
|
|
|
k.
|
loss r
e
sulti
n
g from vo
ic
e req
u
es
t
s or
i
nstructi
o
ns r
e
ceiv
e
d over the teleph
o
ne,
provided
h
o
w
e
ver,
this
Sec
t
i
on
2.k.
shall not
apply
to
INSURING CLAUSE
7.
or
9.
|
|
|
|
|
|
|
|
Specific
Exclusions
-
Applicable
T
o
All
Insuri
n
g
Clauses
Except
Insuring
Clause
1.
|
3.
|
This Bond
d
oes not dir
e
ctly
or
indirectly
c
o
v
er:
|
|
|
|
|
|
|
|
|
a.
|
loss
c
a
used
by
an
Emplo
y
ee
,
provided,
howev
e
r,
this
Secti
o
n
3.
a
.
shall
n
o
t apply
to
l
o
ss
cov
e
red u
n
der
I
NSURING
CLAUSE 2.
or 3.
wh
i
c
h r
e
sults dir
e
ctly
from mispl
a
c
e
m
e
nt,
m
y
sterio
u
s
u
n
explai
na
ble
d
i
sa
p
pe
a
ra
n
c
e,
o
r dama
g
e or
d
estr
u
ction of
Propert
y
;
|
|
|
|
|
|
|
|
|
|
|
b.
|
loss
thro
u
gh
the
s
u
rr
e
nd
e
r
of
prop
e
r
t
y
away
from
pr
e
mis
e
s
of
the
ASSURED as a r
e
sult of
a threat:
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
to
do
bodily
harm
to
a
ny
natural
pers
o
n,
except
l
o
ss
of
Prope
rt
y
in transit
in
t
h
e c
u
stody
of any
pe
r
s
o
n acting as
m
esse
n
ger of
the ASSURED,
p
rovided
t
h
at
wh
e
n
such
transit w
a
s
init
i
ated
there
was
n
o knowledge by the ASSURED of any s
u
ch threat, and provided further that this Sect
i
on 3.b.
shall
not
apply to INSURING
CLAUSE 7., or
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
to do dama
g
e
to the premises or
Propert
y
of
the ASSUR
E
D;
|
|
|
|
|
|
|
|
|
|
|
c.
|
loss r
e
sulti
n
g from pa
y
ments
m
ade or wit
h
dr
a
wa
l
s from
a
ny accou
n
t involving err
o
neo
u
s credi
t
s
to such
ac
c
o
unt;
|
|
|
|
|
|
|
|
|
|
|
d.
|
loss
involving
Items
of
Deposit
wh
i
c
h
are
not
fina
l
ly
paid
for
a
ny
re
a
s
on provid
e
d
h
o
wever,
that this
Secti
o
n 3.d.
shall not
apply
to
INSUR
I
NG CLAUSE 10.;
|
|
|
|
|
|
|
|
|
|
|
e.
|
loss of pro
p
erty while in the mail;
|
|
|
|
|
|
|
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
12 of
19
|
|
|
|
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
|
|
|
|
|
|
|
|
Specific
Exclusions
-
Applicable
T
o
All
Insuri
n
g
Clauses
Except
Insuring
Clause
1.
(c
o
ntinu
e
d)
|
|
f.
|
loss
r
e
sulti
n
g
from
the
fa
i
lure
for
any
re
a
s
on
of
a
financ
i
al
or
d
ep
o
sitory institution,
its
r
e
ceiv
e
r
o
r other
liqui
d
ator
to pay or
deliver
fu
nd
s
o
r oth
e
r
Property
to
the
ASSUR
E
D
provided
f
urther
t
hat
this
Section
3.f.
shall
not apply
to
l
o
ss
of
Proper
t
y
resulti
n
g
directly
from
rob
b
ery,
burgl
a
ry, mispl
a
c
e
me
n
t, mysteri
o
us unexp
la
inable dis
a
ppe
a
ra
n
c
e, dam
a
ge, destructi
o
n
o
r
re
m
oval from the p
o
s
s
e
ss
i
on, custody or con
t
rol of the ASSURED.
|
|
|
|
|
|
|
|
|
|
|
g.
|
loss of
Proper
t
y
while
i
n the c
u
stody of a
Tra
ns
port
a
tion Compa
n
y
, provid
e
d
h
o
wever,
that this
Secti
o
n 3.g.
shall not
apply
to
INSUR
I
NG CLAUSE 3.;
|
|
|
|
|
|
|
|
|
|
|
h.
|
loss r
e
sulti
n
g from entr
i
es or ch
a
n
g
es ma
d
e by a natural
p
erson wi
t
h author
i
z
e
d
a
c
cess
to
a
Comp
u
ter
Sy
stem
who acts
i
n
g
o
od faith
on instr
u
ctio
n
s
, unl
e
s
s
s
u
c
h
i
nstr
u
ctio
n
s are
given to
t
h
at
pers
o
n
by a
software contract
o
r
or its
partn
e
r,
officer,
or
e
m
p
l
oyee
auth
o
rized
by
the
ASSUR
E
D
to des
i
gn,
d
eve
l
op,
prep
a
re,
su
p
ply,
s
e
rvice,
write
or
i
mplem
e
nt
progr
a
ms
f
o
r the ASSUR
E
D's
Comp
u
t
e
r S
y
stem
;
or
|
|
|
|
|
|
|
|
|
|
|
i.
|
loss
r
e
sulti
n
g
dir
e
ctly
or
i
ndir
e
ctly
fr
o
m
the
input
of
data
into
a
Co
m
p
u
ter S
y
stem
ter
m
inal,
eith
e
r
o
n
the
p
rem
is
es
of
the
c
u
stomer
of
the
ASSURED or
u
n
d
e
r
the control
of
such
a
custo
m
er,
by
a
c
u
sto
m
er
o
r
oth
e
r
p
erson who had aut
h
or
i
z
e
d acc
e
ss to the c
u
sto
me
r
'
s auth
e
nticat
i
on mechan
i
sm.
|
|
|
|
|
|
|
|
Specific
Exclusions
-
Applicable
T
o
All
Insuri
n
g
Clauses
Except
Insuring
Clauses
1.,
4.,
And
5.
|
4.
|
This bond
d
oes not dir
e
ctly
or
indirectly
c
o
v
er:
|
|
|
|
|
|
|
|
|
a.
|
loss
resulting
from
the
c
o
mplete
o
r
partial
no
n
-pay
m
ent
of
o
r
def
a
ult
on
any loan whet
h
er
s
u
ch loan was pr
o
c
u
r
e
d
i
n
g
o
od
faith or
t
h
ro
u
gh
tr
i
ck, artific
e
, fraud or
false prete
n
s
e
s;
p
rovided, h
o
wever,
th
i
s
S
e
ction 4.a.
sh
a
ll
not
a
pply to INSUR
I
NG CLAUSE 8.;
|
|
|
|
|
|
|
|
|
|
|
b.
|
loss r
e
sulting
from for
g
ery or any alteration;
|
|
|
|
|
|
|
|
|
|
|
c.
|
loss
involvi
n
g
a
count
e
rfeit
provid
e
d,
however,
th
i
s
S
e
ction
4
.
c.
s
h
all
n
o
t apply to INSUR
I
NG CLAUSE 5. or 6.
|
|
|
|
|
|
|
|
Li
m
it
Of
Liability/Non-
Reduction
And
Non-
Accu
m
ulation
Of
Liability
|
5.
|
At
all
times
p
rior
to
term
in
ation
of
th
i
s
Bond,
this
B
o
nd
shall
c
o
ntinue
in
force
f
o
r the limit stated in the a
p
plic
a
ble s
e
ct
i
ons of ITEM 2. of the
D
ECLARATI
O
NS, notwit
h
stand
i
ng
any
previous
l
o
ss
for wh
i
c
h
the
COMPANY
m
a
y
have
paid or
be liable
to
pay und
e
r
this
B
o
nd
provided, ho
w
ever,
that the
liability
of
the
COMP
A
NY und
e
r this B
o
nd with r
e
s
pe
c
t to all loss
resulti
n
g from:
|
|
|
|
|
|
|
|
|
|
|
a.
|
any
one
a
c
t
of
burg
l
ary,
robb
e
ry
or
ho
l
d-up,
o
r
att
e
mpt
ther
e
at,
in
wh
i
c
h
no
Empl
o
y
ee
is co
n
c
e
rn
e
d or
implicat
e
d, or
|
|
|
|
|
|
|
|
|
|
|
b.
|
any one
u
n
i
ntentional
o
r neglig
e
nt
a
c
t on the
p
art of any
o
ne p
e
rson resulting in
d
amage to
o
r destructi
o
n or mispl
a
ce
me
nt of
Propert
y
,
or
|
|
|
|
|
|
|
|
|
|
|
c.
|
all acts, oth
e
r than those
specified in a. above, of any one pers
o
n, or
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
13 of
19
|
|
|
|
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
|
|
|
|
|
|
|
|
Li
m
it
Of
Liability/Non-
Reduction
And
Non-
Accu
m
ulation
Of
Liability
(c
o
ntinu
e
d)
|
|
d.
|
any one cas
u
alty or event other than t
h
ose
sp
e
c
ified
in a., b., or c.
above,
|
|
|
|
|
|
|
|
|
shall be de
e
med
to be
o
ne
l
o
ss
a
nd shall be limited
to
t
h
e
ap
plic
a
ble
LIM
I
T
OF LIABILITY
stated
in
ITEM
2.
of
the
DEC
L
ARAT
I
ONS
of
this
Bond
irre
s
p
e
c
tive
of the
total
am
o
unt
of
s
u
ch
l
oss
or
l
oss
e
s
and
shall
n
o
t
be
cu
m
ulat
i
ve
in
amoun
t
s from year to year or
from period to period.
|
|
|
|
|
|
|
|
|
|
|
All acts, as
specifi
e
d in c. above, of any one pers
o
n wh
i
c
h
|
|
|
|
|
|
|
|
|
|
|
i.
|
dir
e
ctly
or
i
n
dir
e
ctly
aid
in
any
way
wrongful
a
c
ts
of
any
other
person
or perso
n
s
, or
|
|
|
|
|
|
|
|
|
|
|
ii.
|
permit the c
o
ntinuation of
wr
o
ngful
a
c
ts of any other person
o
r p
e
rso
n
s
|
|
|
|
|
|
|
|
|
|
|
whet
h
er
such
acts
are
c
o
mmitted
with
or
without
the
kn
o
wl
e
d
g
e
of
the
wr
o
ngful acts
of
the
p
erson
so
aid
e
d,
and
whet
h
er
s
u
ch
a
c
ts
are
co
m
mitted
with
o
r
wit
h
out the
intent
to
aid
s
u
ch
o
t
her
p
e
rson, shall
b
e
de
e
med
to
be
o
ne
loss
with the wr
o
ngful
a
c
ts of all pers
on
s so a
i
ded.
|
|
|
|
|
|
|
|
|
Discovery
|
6.
|
This
Bond
applies
only
to
loss
fir
s
t
di
s
c
overed
by
an
offi
c
er
of
the
ASSURED duri
n
g the BOND PERI
O
D. Discovery occ
u
rs
at the earl
i
er of an officer of the ASSURED
b
eing
a
ware of:
|
|
|
|
|
|
|
|
|
|
|
a.
|
facts
which
may
su
b
s
eq
ue
ntly
result
in
a
loss
of
a
type
cov
e
red
b
y this
Bond, or
|
|
|
|
|
|
|
|
|
|
|
b.
|
an
a
c
tual
or
potential
c
laim
in
whi
c
h
it
is
alleged
that
the
ASSURED
is
liable to a third par
t
y
,
|
|
|
|
|
|
|
|
|
|
|
reg
a
rd
l
ess
of wh
e
n
the
ac
t
or
a
c
ts
ca
u
s
ing
or
con
t
r
i
buting
to
s
u
ch
loss
oc
curred, even
tho
u
gh
the
am
o
unt
of
loss
d
o
e
s
not
exceed the
a
p
plic
a
b
l
e
D
E
DUCTI
B
LE AMOUNT, or
the exact a
m
ount or deta
i
l
s of loss may not then be known.
|
|
|
|
|
|
|
|
Notice
To
C
o
m
pany
-
Proof
-
Legal
Proceedin
g
s
Against
Company
|
7.
|
a.
|
The ASSURED shall gi
v
e the C
O
M
P
ANY notice thereof at the e
a
rli
e
st pr
a
c
tic
a
ble
m
oment,
not
to exce
e
d
sixty
(6
0
)
da
y
s
af
t
er
d
i
scovery of
loss,
in an
a
mount that
is
in e
x
c
e
ss
of 5
0
%
of
the
a
pplicable D
E
DUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATI
O
NS.
|
|
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|
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|
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|
|
|
b.
|
The
ASSURED
shall
f
u
rn
i
s
h
to
t
h
e
C
O
MPANY
pro
o
f
of
loss,
duly
sworn
to, with full particulars within
s
i
x (
6
) mont
h
s
after s
u
ch d
i
scovery.
|
|
|
|
|
|
|
|
|
|
|
c.
|
Sec
u
rities
l
i
sted
in
a
pr
o
of
of
loss
shall
be
identified
by
certifica
t
e
or
bo
n
d number
s
,
if
i
ss
ued
with
them.
|
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|
|
|
d.
|
Legal
p
r
o
c
e
e
din
g
s
for
the
recovery
of
a
ny
loss
un
d
er
this
Bond
s
h
all
not
be bro
u
ght
pri
o
r
to
the
expiration
of
sixty
(60)
days
after the
proof
of
loss
is
filed with
the
C
O
MPANY
or
a
f
ter
the
expir
a
t
i
on
of
twenty-four
(2
4
)
m
o
nths
from the discovery
of such l
o
ss.
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|
e.
|
This
B
o
nd
affor
d
s
cover
ag
e
only
in
favor
of
the
A
S
SUR
E
D. No
claim,
suit, action
or
le
g
al
proceed
in
gs
s
h
all
be
bro
u
ght
u
nd
e
r
this
Bo
n
d
by
anyo
n
e other than the ASSURED.
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
14 of
19
|
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|
Conditions And
Limitations
|
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|
|
|
|
|
|
|
|
|
|
|
Notice
To
C
o
m
pany
- Proof
-
Legal
Proceedin
g
s Against
Company (c
o
ntinu
e
d)
|
|
f.
|
Proof
of
loss
involving
Voice
Initiat
e
d
Funds
T
r
ansfer
Inst
r
uction
s
ha
ll
incl
u
de el
e
c
tronic recordi
n
gs of s
u
ch i
n
structio
n
s
.
|
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|
|
|
Deductible
A
m
ount
|
8.
|
The
COMP
A
NY
shall
not
be
liable
und
e
r
any
INSURING
CLAUSES
of
this
Bond on
a
c
count
of
loss
un
l
ess
t
he
a
m
ount
of
s
u
ch
l
o
ss,
a
f
ter
d
e
d
u
cting
the
net
a
m
o
u
nt of
all
reimb
u
rsem
e
nt
a
n
d/or
r
e
covery
o
btained
or
m
ade
by
the
A
SSURED,
other than
from
a
n
y
Bond
or
p
o
licy
of
insur
a
nce
i
s
sued
b
y an
insura
n
c
e
comp
a
ny
and cover
i
ng
such
loss,
or
by
the
COMP
A
NY
on
a
cc
ou
nt
thereof
pr
i
or
to
payme
n
t
by the COMP
A
N
Y of such l
o
ss, s
h
all exce
e
d the D
E
DUCTIBLE AMOUNT set forth
i
n ITEM
3.
of
t
h
e
DECLAR
A
TIONS,
and
t
hen
for
s
u
ch
exc
e
ss
o
nly,
but
in
no
ev
e
nt for
m
o
re
th
a
n
the
a
p
plicable
LIMITS OF LIABILITY
stated
in ITEM
2.
of
the DECL
A
RAT
I
ONS.
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|
|
There
shall
b
e
no
d
e
d
u
cti
b
le
appl
i
c
ab
l
e
to
any
loss
u
nder
I
NSURING
CLAUSE
1. s
u
stain
e
d by any
I
n
v
estment Compa
n
y
.
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|
|
Valuation
|
9.
|
BO
O
KS OF
A
C
C
OU
NT
O
R O
T
HER
R
ECO
R
DS
|
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|
The
val
u
e
of
any
l
o
ss
of
P
roperty
cons
i
s
ting
of
b
o
oks
of
acc
o
unt
or
other
records us
e
d
by
t
h
e ASSURED
in the co
n
d
u
c
t of
its
b
us
i
n
e
ss shall be
t
h
e amo
u
nt
pa
i
d
b
y the ASSURED for blank
book
s
,
blan
k
page
s
,
o
r
othe
r
materials whi
c
h repla
c
e the
l
o
s
t
b
o
o
k
s
o
f a
c
c
o
u
nt
o
r oth
e
r r
e
c
o
r
d
s
, p
l
us the c
o
st of la
b
or paid by
t
he ASSURED
f
o
r
the
act
u
al
transcr
i
ption
o
r cop
y
ing
of
d
ata
to
repro
d
uce s
u
ch
b
oo
k
s of account or
other recor
d
s.
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The
value
of
any
loss
of
Property
other
than
bo
o
ks
of
account
o
r
other
recor
d
s us
e
d
by
the ASSURED
in
the
con
d
uct
of
its
b
u
si
n
ess,
for
wh
i
c
h
a
c
l
aim
i
s
m
a
de shall be
d
etermi
n
ed by the average market val
u
e of such
P
roperty
on the bus
i
n
e
ss
d
ay
immediately
pr
e
c
edi
n
g
d
i
scovery
of
such
l
o
ss
pr
ov
ided,
however, that
the
value
of
any
Proper
t
y
replac
e
d
by
the
ASSUR
E
D
with
t
h
e
co
n
s
e
nt
of
the COMP
A
NY
a
nd
pr
i
or
to
t
h
e
settlem
e
nt
of
any
claim
f
or
such
Proper
t
y
shall
be
the actual m
a
rket
value at the time of repl
ac
ement.
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In
the
case
o
f
a
loss
of
interim
certifica
t
es,
w
a
rrants, rights
o
r
oth
e
r
s
e
c
u
rities,
the pro
d
ucti
o
n of which
i
s n
e
c
e
ssary to the exercise of su
b
s
cript
i
on, conv
e
rs
i
on, red
e
mption
o
r
d
e
p
o
sit
p
rivileg
e
s,
the
v
alue of
them s
h
all
b
e
the market
va
lu
e
of s
u
ch
p
rivileg
e
s
imm
e
diately pr
e
c
ed
i
ng
t
h
eir
exp
i
ration
if
said
l
o
ss
is
not
discov
e
r
e
d until
after
their
expirati
o
n. If
no
market
price
i
s
quo
t
ed
for
s
u
ch
Property
o
r
f
or s
u
ch privil
e
g
e
s, the value shall be f
i
xed by agre
e
ment
betwe
e
n the parti
e
s
.
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|
OTH
E
R PROPERTY
|
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|
|
|
|
|
The
value of
any
loss
of
P
ropert
y
,
other
than
a
s stated
abo
v
e, s
h
all
be
the
a
c
t
ual c
a
sh
value
o
r
the
c
o
st
of
repa
i
ri
n
g
or
repl
a
c
ing
such
Property
with
Prope
rt
y
of like q
u
ality and value, wh
ic
hever is l
e
ss.
|
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|
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|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
15 of
19
|
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|
|
|
|
|
Conditions And
Limitations
(c
o
ntinu
e
d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
S
ettle
m
ent
|
10.
|
In
the
event
of
a
loss
of
sec
u
rities
co
v
ered
un
d
er
t
h
is
Bo
n
d,
the
COMP
A
NY
may, at
its sole d
i
scretion, p
u
rch
a
se r
e
pl
ac
e
m
ent s
e
c
u
r
i
ties,
ten
d
er
t
he
val
u
e
of
t
he s
e
curiti
e
s in
money, or issue its inde
mn
ity to effect r
e
placement s
e
curiti
e
s
.
|
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|
|
|
The
i
nde
m
nity required from the ASSUR
E
D under the ter
m
s of this Sect
i
on agai
n
s
t
all
l
o
ss, c
o
st
or
e
x
pe
n
se
a
ris
i
ng f
r
om
the
rep
l
ace
m
ent
of
sec
u
rities by
the COMP
A
NY'S indemnity s
h
all be:
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|
a.
|
for s
e
c
u
riti
e
s having a value less than or
e
qual to the applicable DEDUCTIBLE AMOUNT
- one hu
n
dr
e
d
(100%)
p
ercent;
|
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|
|
b.
|
for
securiti
e
s
having
a
va
l
ue
in
excess
of
the
DEDUCTIBLE
A
M
OUNT
b
ut within
the
a
pplicable
L
I
MIT
OF
L
I
A
BILITY
-
the
perc
e
nta
g
e
that
the DEDUCTIBLE AMOUNT
b
ears to the value of the s
e
curities;
|
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|
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|
|
c.
|
for
s
e
c
u
rities
having
a
val
u
e
great
e
r
th
a
n
the
applic
a
ble
LIMIT
OF
LIABILI
T
Y -
the
p
ercen
t
age
that
the
DEDUCTIBLE
AMOUNT
and
p
ortion
i
n
exc
e
ss
of the appl
i
c
ab
l
e LIMIT OF LIABILITY bears to the val
u
e of the securities.
|
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|
|
|
|
The
va
l
ue re
f
erred
to in
S
ection 10.a., b.,
and c.
i
s
t
he
val
u
e
in
a
c
cor
d
a
n
ce w
i
th Section 9,
V
ALUATI
O
N,
regardl
e
s
s
of
t
he
value of such securiti
e
s
at
t
h
e
time the loss un
d
er t
h
e COMP
A
NY
'
S indemnity is s
u
stai
n
ed.
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|
The COMP
A
NY
is
not r
eq
uired to
i
s
s
u
e
its
i
nde
m
nity
for
a
ny
p
o
rtion
of
a l
o
ss
of s
e
curiti
e
s
wh
i
c
h
i
s
not co
v
ered
by
th
i
s
Bond;
h
o
we
v
er,
the
CO
M
PANY
may
d
o
so as a court
e
sy
to the ASSURED a
n
d at its so
l
e discretion.
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|
The
ASSURED
shall
pay the
proportion
of the
Co
m
pany's prem
i
um
charge
for
the Com
p
any
'
s
i
ndemnity
a
s
set
forth
i
n
S
ection
10.a.,
b.,
and
c. No
p
o
rtion
of
t
he LIMIT
OF
LIABILITY
sha
l
l
be
used
a
s payment
of
premi
u
m
for
any
indemn
i
ty purch
a
s
e
d by the ASSURED to obtain r
e
placement s
e
curiti
e
s
.
|
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|
Subrogation
-
Assign
m
e
nt
-
Recovery
|
11.
|
In
the
event
of
a
payment
un
d
er
this
B
ond,
the
C
O
MPANY
shall
be
s
u
broga
t
ed
to all
of
the
ASSUR
E
D'S
r
ig
hts
of
r
e
cov
e
ry
agai
n
s
t
a
ny
pers
o
n
o
r
e
n
tity
to
the
extent of
such
payment. On
requ
e
st,
the
A
SSURED
s
h
all
deliver
to
the
COMP
A
NY
an as
s
ignment
of
the
ASSURED'S rights,
title
and
intere
s
t and causes
of
a
c
t
ion agai
n
s
t any
p
erson
o
r entity to the exte
n
t
of such pa
y
ment.
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|
R
e
cover
i
es, whet
h
er effected by
the COMP
A
NY
o
r
by
the ASSUR
E
D,
s
ha
l
l
b
e appli
e
d net of the expense of such reco
v
ery in the followi
n
g or
d
er:
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|
|
a.
|
fir
s
t,
to
the
sati
s
fa
c
tion
of
the
ASSUR
E
D'S
l
o
ss
wh
ic
h
w
o
uld
ot
h
erwise
have been paid
b
ut
for
the
f
a
ct
that
it
is
in
exc
e
ss of
the
a
p
plicable LIMIT
OF LIABILITY,
|
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|
b.
|
s
e
co
n
d,
to
the
COMP
A
NY
in
satisf
a
c
ti
o
n
of
amoun
t
s
paid
in
sett
l
ement
o
f the ASSUR
E
D'S claim,
|
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|
|
|
c
.
|
third,
to
the
ASSURED
in
sati
sf
a
c
tion
of
the
a
pplicable D
E
DUCTIBLE AMOUNT, a
n
d
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
16 of
19
|
|
|
|
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
|
|
|
|
|
|
|
|
Subrogation
-
Assign
m
e
nt
-
Recovery
(c
o
ntinu
e
d)
|
|
d.
|
fourth, to the ASSUR
E
D in
s
ati
s
f
a
c
t
i
on of any
l
oss suffer
e
d by the ASSURED
which
w
a
s not covered u
n
d
e
r this Bond.
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|
|
R
e
covery
fr
o
m
rei
n
s
u
r
a
nce
or
i
nd
e
mni
t
y
of
the
CO
M
PANY
s
h
all
n
ot
be
d
eem
e
d
a re
c
o
v
ery
u
nd
er this
s
e
ction.
|
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|
|
|
|
|
|
Cooperation
Of
Assured
|
12.
|
At
the
COMPANY'S
req
u
est
and
at
r
e
as
o
nab
l
e
times
a
n
d
pl
a
c
e
s
d
e
sig
n
ated
by the COMP
A
N
Y, the ASS
U
RED shall:
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|
a.
|
submit
to
e
x
amination
by
the
COMP
A
NY
a
n
d
su
bs
cri
b
e
to
t
h
e
same
u
nd
e
r oath,
|
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|
|
|
|
|
|
|
|
b.
|
pro
d
uce for the C
O
MPANY'S exa
m
ination all perti
ne
nt rec
o
r
d
s, a
n
d
|
|
|
|
|
|
|
|
|
|
|
c.
|
co
o
perate wi
t
h the COM
P
ANY in all matters p
e
rtaini
n
g to the loss.
|
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|
|
|
|
|
|
|
|
|
The
ASSURED
s
h
all
exe
c
ute
all
papers
a
nd
render
as
s
i
s
tan
c
e
to
s
ecure
to
the COMP
A
NY
t
he
righ
t
s
a
nd
c
a
uses
of
a
c
tion provid
e
d
for
u
n
d
e
r
t
his
B
ond.
T
he ASSURED
shall do noth
in
g after loss to
prejud
i
ce
s
u
ch ri
g
hts
o
r causes of
a
c
tion.
|
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|
|
|
|
|
Ter
m
ination
|
13.
|
If
the
Bond
is
for
a
sole
A
S
SUR
E
D,
it
shall
not
be
terminated
un
le
ss
written
n
otice shall
h
ave
b
een given
b
y the acting party to the affected
p
arty and to the Sec
u
rities
an
d
Exchan
g
e
Comm
i
ssion, W
a
s
h
i
n
gton,
D.C.,
not
less
than
sixty
(60) days pr
i
or to the effective
d
ate of such terminati
o
n.
|
|
|
|
|
|
|
|
|
|
|
If
the
Bond
is
for
a
joint
ASSUR
E
D,
it
s
hall
not
be
terminated
un
l
ess written
notice shall
h
ave
b
een
given
b
y the
acting pa
r
ty
to
the
affected
p
arty,
and
by
the COMP
A
NY
to
all
ASSURED
I
n
v
estment
Com
p
a
n
ies
and
to
the
Securiti
e
s
and Exchan
g
e
Commissi
o
n,
W
a
shi
n
gton,
D.C.,
not
l
e
ss
th
a
n
sixty
(60)
days
pr
io
r
to the effective date of s
u
ch termi
n
ation.
|
|
|
|
|
|
|
|
|
|
|
This
Bond
will
terminate
as
to
any
one
ASSUR
E
D,
other
than
an
In
v
estment Co
m
pan
y
:
|
|
|
|
|
|
|
|
|
|
|
a.
|
immediately
on
the
tak
i
ng
over
of
s
u
ch
ASSURED
by
a
receiver
or
other liquidat
o
r or
b
y
State or Federal offic
i
als,
or
|
|
|
|
|
|
|
|
|
|
|
b.
|
immediately
on
the
filing
of
a
petition
und
e
r
any
S
t
ate
or
F
ed
e
ral
statute relative
to
b
a
nkruptcy
o
r
reor
g
an
i
zation
of
the
ASSURED,
or ass
i
gnment
for the benefit of creditors of the ASSURED,
or
|
|
|
|
|
|
|
|
|
|
|
c.
|
immediately
upon
s
u
ch
A
SSURED
c
ea
s
ing
to
ex
i
s
t,
whet
h
er
thr
o
ugh
m
e
rger into anoth
e
r
e
ntity, disposit
i
on of all of its assets
o
r ot
h
erw
i
s
e.
|
|
|
|
|
|
|
|
|
|
|
The
COMP
A
NY
shall
ref
u
nd
the
u
ne
a
rned
p
rem
i
um co
m
puted
at sh
o
rt
rat
e
s
i
n accorda
n
ce with
the
sta
n
dard sh
o
rt
r
a
te
ca
n
c
ellati
o
n
tables
if
terminat
e
d
by
the ASSURED
o
r
pro rata if terminated for
a
ny other r
e
ason.
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
17 of
19
|
|
|
|
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
|
|
|
|
|
|
|
|
Ter
m
ination
(c
o
ntinu
e
d)
|
|
If any part
n
er, direct
o
r, trust
e
e, or officer or su
p
ervisory employee of an ASSURED
n
ot
acting
in collus
i
on
with an
Empl
o
y
e
e
learns of
a
ny
dish
o
n
e
s
t
act committed
b
y such
Emp
l
o
y
ee
at
any
time,
whet
h
er
in
the
e
m
ployment
of
the ASSURED
or
oth
e
rw
i
s
e, whether
o
r
n
ot s
u
ch act
i
s
of
the
type co
v
ered u
n
d
e
r
t
h
is Bond,
and
whether
against
the
ASSURED
or
any other
person
or
entity,
the ASSURED:
|
|
|
|
|
|
|
|
|
|
|
a.
|
shall
imm
e
d
i
ately
remove
s
u
ch
Empl
o
y
ee
from
a
p
o
sition
that
w
o
uld
enab
l
e s
u
ch
Emplo
y
ee
to
ca
u
s
e
the
ASSURED
to
suff
e
r
a
l
o
ss covered
by
this Bond; and
|
|
|
|
|
|
|
|
|
|
|
b.
|
within
f
o
rty-e
i
ght
(48)
h
ours
of
le
a
rni
n
g
that
a
n
E
m
pl
o
y
ee
has
committed any
dis
h
on
e
st
act,
shall
no
tify
the
COMPANY,
of
such
action and provide
full particul
a
rs of
s
u
ch d
i
sh
o
n
e
s
t act.
|
|
|
|
|
|
|
|
|
|
|
The
COMP
A
NY
may
terminate
coverage
a
s
r
e
s
p
ects
any
Empl
o
y
ee
s
i
xt
y
(6
0)
days
after
written
notice
i
s
r
e
ceiv
e
d
b
y
each
ASSUR
E
D
In
v
e
s
tment
Compa
n
y
and
the Sec
u
rities and
E
x
ch
a
nge C
om
miss
i
on,
W
a
shington, D.C. of
its
d
e
s
i
re to terminate th
i
s
Bond as to such
Empl
o
y
e
e
.
|
|
|
|
|
|
|
|
|
Other
Insurance
|
14.
|
Coverage u
n
der
th
i
s
Bo
n
d shall apply
o
nly as
e
x
c
e
ss
over
any
val
i
d
and coll
e
ct
i
ble ins
u
ra
n
c
e, i
n
demnity or s
u
retyship
o
bta
i
ned by or on
behalf of:
|
|
|
|
|
|
|
|
|
|
|
a.
|
the ASSUR
E
D,
|
|
|
|
|
|
|
|
|
|
|
b.
|
a
Trans
p
ort
a
tion Comp
an
y
,
or
|
|
|
|
|
|
|
|
|
|
|
c.
|
anoth
e
r
entity
on
wh
o
s
e
prem
i
s
e
s
the
loss
oc
curr
e
d
or
wh
i
c
h
e
mployed
the person ca
u
s
i
ng
the
loss
o
r
eng
a
ged
t
h
e
messe
n
g
e
r
conveying
t
h
e
Property
involved.
|
|
|
|
|
|
|
|
|
Confor
m
ity
|
15.
|
If
any
limitation
within
th
i
s
Bond
i
s
p
ro
hibited
by
a
n
y
law
c
o
ntrol
l
ing
th
i
s
Bo
nd
's co
n
s
tr
u
c
tion, s
u
ch
limitati
o
n
shall
b
e
d
e
emed
to
be amen
d
ed
so as
to
eq
u
al
the minimum p
e
r
i
od of limitation provid
e
d by such law.
|
|
|
|
|
|
|
|
|
Change
or
Modification
|
16.
|
This
Bo
n
d
or
any
instr
u
m
e
nt
amendi
n
g
or
affecti
n
g
this
Bond
may
not
be
c
h
an
g
ed or
modifi
e
d
o
rally. No
c
h
ange
in
or
m
odificati
o
n
of
this
Bond
shall
be
eff
e
ctive except
wh
e
n
made
by
writ
t
en
e
n
dors
em
ent
to
this
B
o
nd
s
i
gn
e
d
by
an
aut
h
or
i
z
e
d re
p
r
e
s
entati
v
e of the CO
M
PANY.
|
|
|
|
|
|
|
|
|
|
|
If
this
Bond
is
for
a
so
l
e
ASSURED, no
change
or
modificat
i
on
which
would adversely
af
f
ect
the
righ
t
s
of
the
ASSUR
E
D
shall
be
effective
pri
o
r
to
sixty
(6
0
) days
after
written
notice has
b
e
en
furnis
h
ed
to
the
Sec
u
rities and
Exch
a
n
g
e Comm
i
ssion,
W
a
shi
n
gton, D.C., by the acting p
a
rty
|
|
|
|
|
|
|
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
18 of
19
|
|
|
|
|
|
|
|
Conditions And
Limitations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
or
Modification
(c
o
ntinu
e
d)
|
|
If
this
Bond is
for a
joint ASSURED, no
charge or
modificat
i
on
which
would adversely
af
f
ect
the
righ
t
s
of
the
ASSUR
E
D
shall
be
effective
pri
o
r
to
sixty
(6
0
) days
after wr
i
tten
notice
ha
s
be
e
n
furn
is
hed
to
all
i
n
sured
In
v
estment
Compan
i
es
and
to
the Sec
u
rities
a
n
d
Exch
a
nge
Comm
i
ssio
n
,
Washingt
o
n,
D.C.,
by
the COMP
A
NY.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
19 of
19
|
|
|
|
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
|
|
|
Endorsemen
t
No
.
1
|
|
|
|
|
|
|
Bon
d
Number
:
70437181
|
|
|
|
|
|
NAM
E
O
F
ASSURED
:
RB
C
FUND
S
TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVIS
E
ITE
M
2
.
ENDORSEMENT
I
t
i
s
agree
d
tha
t
thi
s
Bon
d
i
s
amende
d
b
y
deletin
g
I
T
E
M
2
.
i
n
it
s
entiret
y
o
n
th
e
DECLARATION
S
and substitutin
g
th
e
following:
ITE
M
2
.
LIMIT
S
O
F
LIABILITY-DEDUCTIBL
E
AMOUNTS:
I
f
"No
t
Covered
"
i
s
inserte
d
belo
w
opposit
e
an
y
s
pecifie
d
INSURIN
G
CLAUSE
,
suc
h
INSURIN
G
CLAUSE
an
d
an
y
othe
r
referenc
e
t
o
suc
h
INSURIN
G
CLA
U
S
E
i
n
thi
s
Bon
d
shal
l
b
e
deeme
d
t
o
b
e
deleted
.
There shal
l
b
e
n
o
deductibl
e
applicabl
e
t
o
an
y
los
s
unde
r
INSURIN
G
CLAUS
E
1
sustaine
d
b
y
any In
v
estmen
t
Compan
y
.
|
INSURING CLAUSE
|
|
SINGL
E
LOS
S
LIMIT OF LIABILITY
|
|
|
DEDUCTIBLE
AMOUNT
|
|
|
1.
|
|
Employee
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
2.
|
|
On Premises
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
3.
|
|
In Transit
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
4.
|
|
Forgery or Alteration
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
5.
|
|
Extended Forgery
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
6.
|
|
Counterfeit Money
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
7.
|
|
Threats to Person
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
8.
|
|
Computer System
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
9.
|
|
Voice Initiated Funds Transfer Instruction
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
10.
|
|
Uncollectible Items of Deposit
|
|
$
|
25,000
|
|
|
$
|
5,000
|
|
|
11.
|
|
Audit Expense
|
|
$
|
25,000
|
|
|
$
|
0
|
|
|
12.
|
|
Unauthorized Signature
|
|
$
|
25,000
|
|
|
$
|
5,000
|
|
|
13.
|
|
Telefacsimile
|
|
$
|
2,500,000
|
|
|
$
|
10,000
|
|
|
14.
|
|
Stop Payment
|
|
$
|
25,000
|
|
|
$
|
5,000
|
|
Thi
s
Endorsemen
t
applie
s
t
o
los
s
disco
vere
d
afte
r
12:0
1
a.m
.
o
n
Jun
e
30
,
2013.
AL
L
OTHE
R
TERM
S
AN
D
CONDITION
S
O
F
THI
S
BON
D
REMAI
N
UNCHANGED.
|
Date:
June 26, 2013
|
By
|
|
|
|
|
Authorized
Representative
|
ICAP
Bond
(
5
-9
8
)
Form
1
7
-02
-
14
2
1
(Ed.
5-
9
8)
|
Page
1
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
|
|
Endorsement No.:
|
2
|
|
|
|
|
|
|
Bond Number:
|
70437181
|
NAME OF ASSURED: RBC FUNDS TRUST
UNAUTHORIZED SIGNATURE ENDORSEMENT
It is agreed that this Bond is amended as follows:
|
1.
|
|
By adding the following INSURING CLAUSE:
|
|
12.
|
|
Unauthorized Signature
|
Loss
resulting directly from the ASSURED having accepted, paid or cashed any check or
Withdrawal Order
made or drawn on or against
the account of the ASSURED’S customer which bears the signature or endorsement of one other than a person whose name and
signature is on file with the ASSURED as a signatory on such account.
It
shall be a condition precedent to the ASSURED'S right of recovery under this INSURING CLAUSE that the ASSURED shall have on file
signatures of all the persons who are signatories on such account.
|
2.
|
|
By adding to Section 1., Definitions, the following:
|
|
r.
|
|
Instruction
means a written order to the issuer of an
Uncertificated Security
requesting that the transfer, pledge or release from pledge of the specified
Uncertificated Security
be registered.
|
|
s.
|
|
Uncertificated Security
means a share, participation or other interest in property
of or an enterprise of the issuer or an obligation of the issuer, which is:
|
|
(1)
|
|
not represented by an instrument and the transfer of which is registered on books
maintained for that purpose by or on behalf of the issuer, and
|
|
(2)
|
|
of a type commonly dealt in on securities exchanges or markets, and
|
|
(3)
|
|
either one of a class or series or by its terms divisible into a class or series of
shares, participations, interests or obligations.
|
|
ICAP Bond
Form 17-02-5602 (Ed. 10-03)
|
Page 1
|
|
t.
|
|
Withdrawal Order
means a non-negotiable instrument, other than an
Instruction
,
signed by a customer of the ASSURED authorizing the ASSURED to debit the customer’s account in the amount of funds stated
therein.
|
This Endorsement applies to loss discovered after
12:01 a.m. on June 30, 2013.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN
UNCHANGED.
|
Date: June 26, 2013
|
|
By
|
|
|
|
|
|
|
Authorized Representative
|
|
|
ICAP Bond
Form 17-02-5602 (Ed. 10-03)
|
Page 2
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
|
|
|
Endorsement No.:
|
3
|
|
|
|
|
|
|
Bond Number:
|
70437181
|
NAME OF ASSURED: RBC FUNDS TRUST
TELEFACSIMILE INSTRUCTION FRAUD
ENDORSEMENT
It is agreed that this Bond is amended as follows:
|
1.
|
|
By adding the following INSURING CLAUSE:
|
|
13.
|
|
Telefacsimile Instruction
|
Loss
resulting directly from the ASSURED having transferred, paid or delivered any funds or other
Property
or established any
credit, debited any account or given any value on the faith of any fraudulent instructions sent by a
Customer
, financial
institution or another office of the ASSURED by
Telefacsimile
directly to the ASSURED authorizing or acknowledging the
transfer, payment or delivery of funds or
Property
or the establishment of a credit or the debiting of an account or the
giving of value by the ASSURED where such
Telefacsimile
instructions:
|
a.
|
|
bear a valid test key exchanged between the ASSURED and a
Customer
or another
financial institution with authority to use such test key for
Telefacsimile
instructions in the ordinary course of business,
but which test key has been wrongfully obtained by a person who was not authorized to initiate, make, validate or authenticate
a test key arrangement, and
|
|
b.
|
|
fraudulently purport to have been sent by such
Customer
or financial institution
when such
Telefacsimile
instructions were transmitted without the knowledge or consent of such
Customer
or financial
institution by a person other than such
Customer
or financial institution and which bear a
Forgery
of a signature,
provided that the
Telefacsimile
instruction was verified by a direct call back to an employee of the financial institution,
or a person thought by the ASSURED to be the
Customer
, or an employee of another financial institution.
|
|
2.
|
|
By deleting from Section 1., Definitions, the definition of
Customer
in its
entirety, and substituting the following:
|
|
d.
|
|
Customer
means an individual, corporate, partnership, trust customer, shareholder
or subscriber of an Investment Company which has a written agreement with the ASSURED for
Voice Initiated Funds Transfer Instruction
or
Telefacsimile
Instruction.
|
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ICAP Bond
Form 17-02-2367 (Rev. 10-03)
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Page 1
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3.
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By adding to Section 1., Definitions, the following:
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u.
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Telefacsimile
means a system of transmitting written documents by electronic
signals over telephone lines to equipment maintained by the ASSURED for the purpose of reproducing a copy of said document.
Telefacsimile
does not mean electronic communication sent by Telex or similar means of communication, or through an electronic communication
system or through an automated clearing house.
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4.
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By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except
Insuring Clause 1. the following:
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j.
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loss resulting directly or indirectly from
Telefacsimile
instructions provided,
however, this exclusion shall not apply to this INSURING CLAUSE.
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This Endorsement applies to loss discovered after
12:01 a.m. on June 30, 2013.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
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Date: June 26, 2013
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By
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Authorized Representative
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ICAP Bond
Form 17-02-2367 (Rev. 10-03)
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Page 2
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FEDERAL INSURANCE COMPANY
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Endorsement No.:
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4
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Bond Number:
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70437181
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NAME OF ASSURED: RBC FUNDS TRUST
STOP PAYMENT ORDER OR REFUSAL
TO PAY CHECK ENDORSEMENT
It is agreed that this Bond is amended as follows:
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1.
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By adding the following INSURING CLAUSE:
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“14.
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Stop Payment Order or Refusal to Pay Check
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Loss
resulting directly from the ASSURED being legally liable to pay compensatory damages for:
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a.
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complying or failing to comply with notice from any customer of the ASSURED or any
authorized representative of such customer, to stop payment on any check or draft made or drawn upon or against the ASSURED by
such customer or by any authorized representative of such customer, or
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b.
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refusing to pay any check or draft made or drawn upon or against the ASSURED by any
customer of the ASSURED or by any authorized representative of such customer.”
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2.
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By adding the following Specific Exclusion:
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“Section
4.A. Specific Exclusions – Applicable to INSURING CLAUSE 14
This
Bond does not directly or indirectly cover:
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a.
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liability assumed by the ASSURED by agreement under any contract, unless such liability
would have attached to the ASSURED even in the absence of such agreement,
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(1)
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libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment,
malicious prosecution, assault or battery,
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(2)
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sickness, disease, physical bodily harm, mental or emotional distress or anguish,
or death of any person, or
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This Endorsement applies to loss discovered after
12:01 a.m. on June 30, 2013.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN
UNCHANGED.
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Date: June 26, 2013
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By
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Authorized Representative
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ICAP Bond
Form 17-02-2365 (Ed. 10-00)
ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: June 30, 2013
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FEDERAL INSURANCE COMPANY
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Endorsement/Rider No.
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5
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To be attached to and
form a part of Bond No.
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70437181
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Issued to: RBC FUNDS TRUST
AUTOMATIC INCREASE IN LIMITS ENDORSEMENT
In consideration of the premium
charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional Offices Or Employees-Consolidation, Merger Or Purchase Or
Acquisition Of Assets Or Liabilities-Notice To Company, is amended by adding the following subsection:
Automatic Increase in Limits
for Investment Companies
If an increase in bonding limits is required pursuant
to rule 17g-1 of the Investment Company Act of 1940 (“the Act”), due to:
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(i)
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the creation of a new
Investment Company
, other than by consolidation or merger
with, or purchase or acquisition of assets or liabilities of, another institution; or
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(ii)
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an increase in asset size of current
Investment Companies
covered under this
Bond,
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then the minimum required increase in limits shall
take place automatically without payment of additional premium for the remainder of the BOND PERIOD.
The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions
and limitations of this Bond shall remain unchanged.
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Authorized Representative
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14-02-14098 (04/2008)
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Page 1
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FEDERAL INSURANCE COMPANY
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Endorsement No.:
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6
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Bond Number:
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70437181
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NAME OF ASSURED: RBC FUNDS
TRUST
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS
is amended to read as follows:
RBC SMID Cap Growth Fund
RBC Enterprise Fund
RBC Small Cap Core Fund
RBC Microcap Value Fund
Tax-Free Money Market Fund
Prime Money Market Fund
U.S. Government Money Market Fund
Access Capital
Community Investment Fund
RBC Mid Cap Value Fund
RBC BlueBay Emerging Market Select Bond Fund
RBC BlueBay Emerging Market Corporate Bond Fund
RBC BlueBay Global High Yield Bond Fund
RBC BlueBay Global Convertible Bond Fund
RBC BlueBay Absolute Return Fund
This Endorsement applies to loss discovered after
12:01 a.m. on June 30, 2013.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN
UNCHANGED.
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Date: June 26, 2013
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By
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Authorized Representative
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ICAP Bond
Form 17-02-0949 (Rev. 1-97)
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Page 1
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ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: June 30, 2013
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FEDERAL INSURANCE COMPANY
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Endorsement/Rider No.
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7
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To be attached to and
form a part of Bond No.
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70437181
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Issued to: RBC FUNDS TRUST
COMPLIANCE WITH APPLICABLE
TRADE SANCTION LAWS
It is agreed that this insurance does not apply
to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.
The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this
Bond shall remain unchanged.
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Authorized Representative
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17-02-2437 (12/2006) rev.
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Page 1
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ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: June 30, 2013
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FEDERAL INSURANCE COMPANY
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Endorsement/Rider No.
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8
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To be attached to and
form a part of Bond No.
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70437181
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Issued to: RBC FUNDS TRUST
DELETING VALUATION-OTHER PROPERTY
AND AMENDING CHANGE OR MODIFICATION ENDORSEMENT
In consideration of the premium charged, it is agreed
that this Bond is amended as follows:
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1.
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The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
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2.
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The third paragraph in Section 16, Change or Modification, is deleted in its entirety
and replaced with the following:
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If
this Bond is for a joint ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective
prior to sixty (60) days after written notice has been furnished to all insured
Investment Companies
and the Securities
and Exchange Commission, Washington, D.C., by the COMPANY.
The title and any headings in this endorsement/rider
are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this
Bond shall remain unchanged.
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Authorized Representative
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17-02-2437 (12/2006) rev.
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Page 1
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FEDERAL INSURANCE COMPANY
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Endorsement No.:
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9
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Bond Number:
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70437181
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NAME OF ASSURED: RBC FUNDS TRUST
TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT
It is agreed that this Bond is amended as follows:
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1.
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By adding to Section 13., Termination, the following: "Termination By The Company
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Bonds
In Effect For More Than Sixty (60) Days
If
this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the COMPANY may terminate by providing
written notice of cancellation at least sixty (60) days before the effective date of termination for at least one of the following
reasons:
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1.
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Nonpayment of premium;
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2.
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Discovery of fraud or material misrepresentation in obtaining this Bond or in the
presentation of a claim thereunder;
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3.
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Discovery of willful or reckless acts or omissions or violation of any provision of
this Bond on the part of the ASSURED which substantially and materially increases any hazard insured against, and which occurred
subsequent to the inception of the current BOND PERIOD;
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4.
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Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured
against;
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5.
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Material change in the risk which increases the risk of loss after insurance coverage
has been issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the change, or contemplated
the risk when the contract was written;
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6.
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Determination by the Commissioner that the continuation of the Bond would jeopardize
a COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any state;
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7.
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Determination by the Commissioner that continuation of the present premium volume
of the COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;
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8.
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Such other reasons that are approved by the Commissioner;
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9.
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Determination by the Commissioner that the COMPANY no longer has adequate reinsurance
to meet the ASSUREDS needs;
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10.
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Substantial breaches of contractual duties, conditions or warranties; or
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11.
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Unfavorable underwriting facts, specific to the ASSURED, existing that were not present
at the inception of the Bond.
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ICAP Bond
Form 17-02-1360 (Rev. 10-99)
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Page 1
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Bonds
In Effect Sixty (60) Days Or Less
If
this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY may terminate for any reason
by providing written notice of termination at least sixty (60) days before the effective date of termination.
Notice
Of Termination
Notice
of termination under this Section shall be mailed or delivered, by certified mail, return receipt provided by the United States
Postal Service, to the ASSURED and to the authorized agent or broker, if any, at least sixty (60) days prior to the effective
date of cancellation at the address shown on the DECLARATIONS of this Bond.
If
this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified mail, return receipt provided
by the United States Postal Service, a written notice at least thirty (30) days before the effective date of cancellation. The
cancellation notice shall contain information regarding the amount of premium due and the due date, and shall state the effect
of nonpayment by the due date. Cancellation shall not be effective if payment of the amount due is made prior to the effective
date of cancellation.
All
notice of cancellation shall state the reason(s) for cancellation.
There
is no liability on the part of, and no cause of action of any nature shall arise against, the COMPANY, its authorized representatives,
its employees, or any firm, person or corporation furnishing to the COMPANY, information relating to the reasons for cancellation
or nonrenewal, for any statement made by them in complying or enabling the COMPANY to comply with this Section, for the provision
of information pertaining thereto, or for statements made or evidence submitted at any hearings conducted in connection therewith,
if such information was provided in good faith and without malice.
Notice
Of Nonrenewal
If
the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by certified mail, return receipt,
provided by the United States Postal Service, to the ASSURED, at his last known address, at least sixty (60) days before the expiration
date or before the anniversary date, if this Bond has been written for a term of more than one (1) year. Such notice shall also
be mailed to the ASSURED'S agent or broker, if any.
Such
notice shall contain all of the following:
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c.
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Reason for Cancellation;
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d.
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Expiration Date of the Bond;
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e.
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Effective Date and Hour of Cancellation.
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Notice
of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance group has offered to issue a renewal
Bond, the ASSURED has obtained replacement coverage or has agreed in writing to obtain replacement coverage, the ASSURED has requested
or agreed to nonrenewal, or the Bond is expressly designated as nonrenewable.
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ICAP Bond
Form 17-02-1360 (Rev. 10-99)
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Page 2
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Return
Premium Calculations
Any
unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED on a pro rata basis if terminated by the
COMPANY or the ASSURED. The unearned premiums shall be refunded to the ASSURED within forty-five (45) days of receipt of the request
for cancellation or the effective date of cancellation, whichever is later.
Conditional
Renewal
If
the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates, the new terms or higher premiums
may take effect on the renewal date, if the COMPANY mails or delivers by certified mail, return receipt provided by the United
States Postal Service, to the ASSURED, notice of the new terms or premiums at least sixty (60) days prior to the renewal date.
If the COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or premiums do not take effect
until sixty (60) days after the notice is mailed or delivered, in which case, the ASSURED may elect to cancel the renewal Bond
within the sixty (60) day period. If the COMPANY does not notify the ASSURED of the new terms or premiums, the COMPANY shall continue
the Bond at the expiring terms and premiums until notice is given or until the effective date of replacement coverage is obtained
by the ASSURED, whichever occurs first.”
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2.
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It is further understood and agreed that for the purposes of Section 13., Termination,
any occurrence listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this Bond.
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This Endorsement applies to loss discovered after
12:01 a.m. on June 30, 2013.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN
UNCHANGED.
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Date: June 26, 2013
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By
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Authorized Representative
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ICAP Bond
Form 17-02-1360 (Rev. 10-99)
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Page 3
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The following resolutions
were adopted by the Board of Trustees on June 18, 2013
Approval of Fidelity Bond
Policy
RESOLVED
, by a majority of the Board of Trustees
and separately by a majority of the Independent Trustees, that the fidelity bond issued by
Federal Insurance Company (Chubb)
(the “Bond”), covering each officer and employee of the Trust against larceny and embezzlement, in the amount of $2,500,000
for a one-year term ending June 30, 2014, after consideration of all factors deemed relevant by the Board of Trustees, including,
but not limited to, (i) the amount of the Bond, (ii) the expected value of the aggregate assets of the Trust to which any officer
or employee of the Trust may have access, (iii) the form and amount of the premium for such Bond, (iv) the type and terms of the
arrangements made for the custody and safekeeping of such assets and (v) the nature of the securities in the Trust’s portfolios,
be, and it hereby is, approved; and further
RESOLVED
, that the Secretary of the Trust or his or her delegate
be, and each hereby is, authorized to make all necessary filings and give all notices and information with respect to such Bond
required by paragraph (g) of Rule 17g-1 under the 1940 Act; and further
RESOLVED
, that the Secretary of the Trust be,
and hereby is, authorized to make any and all payments and to do any and all such further acts, in the name of the Trust and on
its behalf, as the Secretary may determine to be necessary or desirable and proper, with the advice of counsel, in connection with
or in furtherance of the foregoing resolutions.
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