August
7, 2024
Securities
and Exchange Commission
100 F Street N.E.
Washington, DC 20549
| Re: | Clough
Global Dividend and Income Fund
Investment Company Act of 1940--Rule 17g-l(g) Bonding
of Officers and Employees
(Clough Global Dividend and Income Fund File No. 811-21583) |
To
whom it may concern:
Pursuant
to Rule 17g-1(g)(1) under the Investment Company Act of 1940, enclosed herewith please find a copy of the financial institution
bond (the “Bond”) in favor of Clough Global Dividend and Income Fund (“Fund”), resolutions relating to
this Bond and the Jointly Insured Letter Agreement among the Fund and the other investment companies jointly insured with the
Fund under the Bond.
The
premium payable with respect to the Bond is for the coverage period from July 27, 2024 to July 27, 2025, and, based on the amount
of gross assets of the Fund as of the end of the most recent fiscal quarter prior to date of determination, the Bond is written
for a $1,000,000 limit of liability.
Note
this is a joint policy with the Clough Global Equity Fund and the Clough Global Opportunities Fund. If the bond insured only the
Fund, and was not a joint policy, the limit of liability would be $525,000.
Please
call me at 720-212-8740 if you have any questions.
Very
truly yours,
/s/ Chris Moore |
|
Chris
Moore |
|
Secretary |
|
|
FINANCIAL INSTITUTION BOND |
STATE
FRAUD STATEMENT
COLORADO
It
is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose
of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance and civil damages.
Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information
to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard
to a settlement or award payable from insurance proceeds shall be reported to the Colorado division of insurance within the department
of regulatory agencies.
AXIS 104 0415 | |
Page 1 of 1 |
|
FINANCIAL INSTITUTION BOND |
POLICYHOLDER
NOTICE
ECONOMIC
AND TRADE SANCTIONS
This
Notice provides information concerning possible impact on your insurance coverage due to directives issued by the Office of Foreign
Assets Control (OFAC).
THE
OFFICE OF FOREIGN ASSETS CONTROL ("OFAC") OF THE US DEPARTMENT OF THE TREASURY ADMINISTERS AND ENFORCES ECONOMIC AND
TRADE SANCTIONS BASED ON US FOREIGN POLICY AND NATIONAL SECURITY GOALS AGAINST TARGETED FOREIGN COUNTRIES AND REGIMES, TERRORISTS,
INTERNATIONAL NARCOTICS TRAFFICKERS, THOSE ENGAGED IN ACTIVITIES RELATED TO THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTION,
AND OTHER THREATS TO THE NATIONAL SECURITY, FOREIGN POLICY OR ECONOMY OF THE UNITED STATES.
WHENEVER
COVERAGE PROVIDED BY THIS POLICY WOULD BE IN VIOLATION OF ANY U.S. ECONOMIC OR TRADE SANCTIONS, SUCH COVERAGE SHALL BE NULL AND
VOID.
FOR
MORE INFORMATION, PLEASE REFER TO:
HTTPS://WWW.TREASURY.GOV/RESOURCE-CENTER/SANCTIONS/PAGES/DEFAULT.ASPX
AXIS 906 0316 | |
Page 1 of 1 |
FINANCIAL
INSTITUTION BOND
Standard
Form No. 14, Revised to October, 1987
|
Bond No. P-001-000157285-05 |
AXIS
Insurance Company (admitted)
233 South Wacker Drive, Suite 4930, Chicago, IL 60606
(866) 259-5435
A Stock Insurer
(Herein
called Underwriter)
DECLARATIONS
Item 1. |
Name of Insured (herein called Insured): |
Clough Global Dividend and Income Fund |
|
Principal Address: |
1700 Broadway, Suite 1850 |
|
|
Denver, CO 80290 |
Item 2. Bond Period: from 12:01 a.m. on | |
07/27/2024 | |
to 12:01 a.m. on | |
07/27/2025 |
|
| |
(MONTH, DAY, YEAR) | |
| |
(MONTH, DAY, YEAR) |
|
Item 3. The Aggregate Limit of Liability of the Underwriter during the Bond Period shall be N/A
Item 4. Subject to Sections 4 and 11 hereof,
the
Single Loss Limit of Liability is $1,000,000
and
the Single Loss Deductible is $0
Provided,
however, that if any amounts are inserted below opposite specified Insuring Agreements or Coverages, those amounts shall be controlling.
Any amount set forth below shall be part of and not in addition to amounts set forth above. (If an Insuring Agreement or Coverage
is to be deleted, insert “Not Covered.”)
Amount applicable to: |
Single
Loss
Limit of Liability |
Single
Loss
Deductible |
Insuring Agreement (A) – FIDELITY |
$1,000,000 |
$0 |
Insuring Agreement (B) – ON
PREMISES |
$1,000,000 |
$25,000 |
Insuring Agreement (C) – IN
TRANSIT |
$1,000,000 |
$25,000 |
Insuring Agreement (D)—FORGERY
OR ALTERATION |
$1,000,000 |
$25,000 |
Insuring Agreement (E)—SECURITIES |
$1,000,000 |
$25,000 |
Insuring Agreement (F) – COUNTERFEIT
CURRENCY |
$1,000,000 |
$25,000 |
Coverage on Partners |
Not Covered |
|
|
|
|
Optional
Insuring Agreements and Coverages: |
|
|
Audit Expense
Claim Expense |
|
$50,000
$10,000 |
$0
$0 |
Computer Systems Fraud |
|
$1,000,000 |
$25,000 |
Customer Funds Transfer Fraud |
|
$1,000,000 |
$25,000 |
Stop Payment Order Liability |
|
$50,000 |
$5,000 |
Unauthorized Signatures |
|
$50,000 |
$5,000 |
Uncollectible Items of Deposit |
|
$50,000 |
$2,500 |
|
|
|
|
|
Aggregate |
$25,000 |
|
Social Engineering Fraud |
Limit
of Liability |
with Official |
$25,000 |
|
$25,000 |
Authorization |
|
TSB 5062b 1087 | Copyright, The Surety Association of America, 1987 | Page 1 of 7 |
If
“Not Covered” is inserted above opposite any specified Insuring Agreement or Coverage, such Insuring Agreement or
Coverage and any other reference thereto in this bond shall be deemed to be deleted therefrom.
Item 5. | The
liability of the Underwriter is subject to the terms of the following riders attached hereto. All of the terms and conditions
of this bond apply to such riders except to the extent the rider explicitly provides otherwise. |
State
Fraud Statement
Policyholder
Notice - Economic And Trade Sanctions
Financial Institution Bond (Standard Form No. 14)
Signature Page |
AXIS 104 0415
AXIS 906 0316
TSB 5062b 1087
AXIS 102AIC 0615 |
1 |
Amend Named Insured
Rider |
AXIS 1012152 0119 |
2 |
Audit Expense Insuring Agreement
Rider |
AXIS 1012153 0119 |
3 |
Claim Expense Insuring Agreement
Rider |
AXIS 1012155 0119 |
4 |
Amend Racketeering Exclusion Rider |
AXIS 1012161 0119 |
5 |
Amend Fidelity Insuring to Include
Larceny and Embezzlement Agreement Rider |
AXIS 1012168 0119 |
6 |
Amend Representation of Insured
Rider |
AXIS 1012169 0119 |
7 |
Amend Valuation Rider |
AXIS 1012170 0119 |
8 |
Amend Counterfeit Currency or Money
Insuring Agreement Rider |
AXIS 1012171 0119 |
9 |
Unauthorized Signatures Insuring
Agreement Rider |
AXIS 1012176 0622 |
10 |
Protected Information Exclusion
Rider |
AXIS 1012180 0119 |
11 |
Amend Securities Insuring Agreement
Rider |
AXIS 1012188 0119 |
12 |
Notice of Loss by E-Mail Rider |
AXIS 1012189 0119 |
13 |
Change of Ownership or Control Notice
Rider |
AXIS 1012191 0119 |
14 |
Customer Funds Transfer Fraud Insuring
Agreement with Call Back for Transfers in Excess of the Deductible Rider |
AXIS 1012198 0322 |
15 |
Amend Ownership or Covered Property
Condition Rider |
AXIS 1012199 0119 |
16 |
Stop Payment Order Liability Insuring
Agreement Rider |
AXIS 1012200 0119 |
17 |
Uncollectible Items of Deposit Insuring
Agreement Rider |
AXIS 1012202 0722 |
18 |
Amend Definition of Employee to
Include Affiliated Persons Rider |
AXIS 1012203 0119 |
19 |
Investment Company No Deductible
Rider |
AXIS 1012214 0119 |
20 |
Computer Systems Fraud Insuring
Agreement Rider |
AXIS 1012861 0221 |
21 |
Social Engineering Fraud Insuring
Agreement With Official Authorization Rider |
AXIS 1012863 0221 |
22 |
Amend Exclusion (M) Rider |
AXIS 1012869 0421 |
23 |
Amend Definition of Property Rider
(Does Not Include Non-Fungible Tokens) |
AXIS 1012870 0521 |
24 |
Cryptocurrency Exclusion Rider |
SR 6343 0321 |
25 |
Clough Global Dividend And Income
Fund Rider |
MANU-4782 0717 |
26 |
MANUSCRIPT AUTOMATIC INCREASE IN
LIMITS FOR INVESTMENT FUNDS RIDER |
MANU 103304 0721 |
|
|
|
TSB 5062b 1087 | Copyright, The Surety Association of America, 1987 | Page 2 of 7 |
The
Underwriter, in consideration of an agreed premium, and in reliance upon all statements made and information furnished to the
Underwriter by the Insured in applying for this bond, and subject to the Declarations, Insuring Agreements, General Agreements,
Conditions and Limitations and other terms hereof, agrees to indemnify the Insured for:
INSURING
AGREEMENTS
FIDELITY
(A)
Loss resulting directly from dishonest or fraudulent acts committed by an Employee acting alone or in collusion with others.
Such
dishonest or fraudulent acts must be committed by the Employee with the manifest intent:
| (a) | to
cause the Insured to sustain such loss; and |
| (b) | to
obtain financial benefit for the Employee and which, in fact, result in obtaining such
benefit. |
As
used in this Insuring Agreement, financial benefit does not include any employee benefits earned in the normal course of employment,
including salaries, commissions, fees, bonuses, promotions, awards, profit sharing or pensions.
ON
PREMISES
(B)
(1) Loss of Property resulting directly from
| (a) | robbery,
burglary, misplacement, mysterious
unexplainable disappearance and damage thereto or destruction thereof, or |
| (b) | theft,
false pretenses, common-law or statutory larceny, committed by a person present in an
office or on the premises of the Insured, |
while
the Property is lodged or deposited within offices or premises located anywhere.
| (a) | furnishings,
fixtures, supplies or equipment within an office of the Insured covered under this bond
resulting directly from larceny or theft in, or by burglary or robbery of, such office,
or attempt thereat, or by vandalism or malicious mischief, or |
| (b) | such
office resulting from larceny or theft in, or by burglary or robbery of such office or
attempt thereat, or to the interior of such office by vandalism or malicious mischief. |
provided
that
| (i) | the
Insured is the owner of such furnishings, fixtures, supplies, equipment, or office or
is liable for such loss or damage, and |
| (ii) | the
loss is not caused by fire. |
IN
TRANSIT
(C)
Loss of Property resulting directly from robbery, common-law or statutory larceny, theft, misplacement, mysterious unexplainable
disappearance, being lost or made away with, and damage thereto or destruction thereof, while the Property is in transit anywhere
in the custody of
| (a) | a
natural person acting as a messenger of the Insured (or another natural person acting
as messenger or custodian during an emergency arising from the incapacity of the original
messenger), or |
| (b) | a
Transportation Company and being transported in an armored motor vehicle, or |
| (c) | a
Transportation Company and being transported in a conveyance other than an armored motor
vehicle provided that covered Property transported in such manner is limited to the following: |
| (i) | records,
whether recorded in writing or electronically, and |
| (ii) | Certified
Securities issued in registered form and not endorsed, or with restrictive endorsements,
and |
| (iii) | Negotiable
Instruments not payable to bearer, or not endorsed, or with restrictive endorsements. |
Coverage
under this Insuring Agreement begins immediately upon the receipt of such Property by the natural person or Transportation Company
and ends immediately upon delivery to the designated recipient or its agent.
FORGERY
OR ALTERATION
(D)
Loss resulting directly from
(1)
Forgery or alteration of, on or in any Negotiable Instrument (except an Evidence of Debt), Acceptance, Withdrawal Order, receipt
for the withdrawal of Property, Certificate of Deposit or Letter of Credit.
(2)
transferring, paying or delivering any funds or Property or establishing any credit or giving any value on the faith of any written
instructions or advices directed to the Insured and authorizing or acknowledging the transfer, payment, delivery or receipt of
funds or Property, which instructions or advices purport to have been signed or endorsed by any customer of the Insured or by
any financial institution but which instructions or advices either bear a signature which is a Forgery or have been altered without
the knowledge and consent of such customer or financial institution.
A
mechanically reproduced facsimile signature is treated the same as a handwritten signature.
SECURITIES
(E)
Loss resulting directly from the insured having, in good faith, for its own account or for the account of others
(1)
acquired, sold or delivered, or given value, extended credit or assumed liability, on the faith of, any original
| (a) | Certificated
Security, |
| (b) | deed,
mortgage or other instrument conveying title to, or creating or discharging a lien upon,
real property, |
| (d) | Instruction
to a Federal Reserve Bank of the United States, or |
| (e) | Statement
of Uncertificated Security of any Federal |
Reserve
Bank of the United States
which
| (i) | bears
a signature of any maker, drawer, issuer, endorser, assignor, lessee, transfer agent,
registrar, acceptor, surety, guarantor, or of any person signing in any other capacity
which is a Forgery, or |
(2)
guaranteed in writing or witnessed any signature upon any transfer, assignment, bill of sale, power of attorney, Guarantee, or
any items listed in (a) through (c) above.
(3)
acquired, sold or delivered, or given value, extended credit or assumed liability, on the faith of any item listed in (a) and
(b) above which is a Counterfeit.
A
mechanically reproduced facsimile signature is treated the same as a handwritten signature.
COUNTERFEIT
CURRENCY
(F)
Loss resulting directly from the receipt by the Insured, in good faith, of any Counterfeit Money of the United States of America,
Canada or of any other country in which the Insured maintains a branch office.
GENERAL
AGREEMENTS
NOMINEES
A.
Loss sustained by any nominee organized by the Insured for the purpose of handling certain of its business transactions and composed
exclusively of its Employees shall, for all the purposes of this bond and whether or not any partner of such nominee is implicated
in such loss, be deemed to be loss sustained by the Insured.
ADDITIONAL
OFFICES OR EMPLOYEES—CONSOLIDATION, MERGER OR PURCHASE OF ASSETS—NOTICE
B.
If the Insured shall, while this bond is in force, establish any additional offices, other than by consolidation or merger with,
or purchase or acquisition of assets or liabilities of, another institution such offices shall be automatically covered hereunder
from the date of such establishment without the requirement of notice to the Underwriter or the payment of additional premium
for the remainder of the premium period.
If
the Insured shall, while this bond is in force, consolidate or merge with, or purchase or acquire assets or liabilities of, another
institution, the Insured shall not have such coverage as is afforded under this bond for loss which
| (a) | has
occurred or will occur in offices or premises, or |
| (b) | has
been caused or will be caused by an employee or employees of such institution, or |
| (c) | has
arisen or will arise out of the assets or liabilities |
acquired
by the Insured as a result of such consolidation, merger or purchase or acquisition of assets or liabilities unless the Insured
shall
| (i) | give
the Underwriter written notice of the proposed consolidation, merger or purchase or acquisition
of assets or liabilities prior to the proposed effective date of such action and |
| (ii) | obtain
the written consent of the Underwriter to extend the coverage provided by this bond to
such additional offices or premises, Employees and other exposures, and |
TSB 5062b 1087 | Copyright, The Surety Association of America, 1987 | Page 3 of 7 |
| (iii) | upon
obtaining such consent, pay to the Underwriter an additional premium. |
CHANGE
OF CONTROL—NOTICE
C.
When the Insured learns of a change in control, it shall give written notice to the Underwriter.
As
used in this General Agreement, control means the power to determine the management or policy of a controlling holding company
or the Insured by virtue of voting stock ownership. A change in ownership of voting stock which results in direct or indirect
ownership by a stockholder or an affiliated group of stockholders of ten percent (10%) or more of such stock shall be presumed
to result in a change of control for the purpose of the required notice.
Failure
to give the required notice shall result in termination of coverage for any loss involving a transferee, to be effective upon
the date of the stock transfer.
REPRESENTATION
OF INSURED
D.
The Insured represents that the information furnished in the application for this bond is complete, true and correct. Such application
constitutes part of this bond.
Any
misrepresentation, omission, concealment or incorrect statement of a material fact, in the application or otherwise, shall be
grounds for the rescission of this bond.
JOINT
INSURED
E.
If two or more Insureds are covered under this bond, the first named Insured shall act for all Insureds. Payment by the Underwriter
to the first named Insured of loss sustained by any Insured shall fully release the Underwriter on account of such loss. If the
first named Insured ceases to be covered under this bond, the Insured next named shall thereafter be considered as the first named
Insured. Knowledge possessed or discovery made by any Insured shall constitute knowledge or discovery by all Insureds for all
purposes of this bond. The liability of the Underwriter for loss or losses sustained by all Insureds shall not exceed the amount
for which the Underwriter would have been liable had all such loss or losses been sustained by one Insured.
NOTICE
OF LEGAL PROCEEDINGS AGAINST INSURED—ELECTION TO DEFEND
F.
The Insured shall notify the Underwriter at the earliest practicable
moment, not to exceed 30 days after notice thereof, of any legal proceeding brought to determine the Insured’s liability
for any loss, claim or damage, which, if established, would constitute a collectible loss under this bond. Concurrently, the Insured
shall furnish copies of all pleadings and pertinent papers to the Underwriter.
The
Underwriter, at its sole option, may elect to conduct the defense of such legal proceeding, in whole or in part. The defense by
the Underwriter shall be in the Insured’s name through attorneys selected by the Underwriter. The Insured shall provide
all reasonable information and assistance required by the Underwriter for such defense.
If
the Underwriter elects to defend the Insured, in whole or in part, any judgment against the Insured on those counts or causes
of action which the Underwriter defended on behalf of the Insured or any settlement in which the Underwriter participates and
all attorneys’ fees, costs and expenses incurred by the Underwriter in the defense of the litigation shall be a loss covered
by this bond.
If
the Insured does not give the notices required in subsection (a) of Section 5 of this bond and in the first paragraph of this
General Agreement, or if the Underwriter elects not to defend any causes of action, neither a judgment against the Insured, nor
a settlement of any legal proceeding by the Insured, shall determine the existence, extent or amount of coverage under this bond
for loss sustained by the Insured, and the Underwriter shall not be liable for any attorneys’ fees, costs and expenses incurred
by the Insured.
With
respect to this General Agreement, subsections (b) and (d) of Section 5 of this bond apply upon the entry of such judgment or
the occurrence of such settlement instead of upon discovery of loss. In addition, the Insured must notify the Underwriter within
30 days after such judgment is entered against it or after the Insured settles such legal proceeding, and, subject to subsection
(e) of Section 5, the Insured may not bring legal proceedings for the recovery of such loss after the expiration of 24 months
from the date of such final judgment or settlement.
CONDITIONS
AND LIMITATIONS
DEFINITIONS
Section
1. As used in this bond:
(a)
Acceptance means a draft which the drawee has, by signature written thereon, engaged to honor as presented.
(b)
Certificate of Deposit means an acknowledgment in writing by a financial institution of receipt of Money with an engagement to
repay it.
(c)
Certificated 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) | represented
by an instrument issued in bearer or registered form; |
| (2) | of
a type commonly dealt in on securities exchanges or markets or
commonly recognized in any area in which it is issued or dealt in as a medium for investment;
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. |
(d)
Counterfeit means an imitation of an actual valid original which is intended to deceive and to be taken as the original.
(e)
Employee means
| (1) | a
natural person in the service of the Insured at any of the Insured’s offices or
premises covered hereunder whom the Insured compensates directly by salary or commissions
and whom the Insured has the right to direct and control while performing services for
the Insured; |
| (2) | an
attorney retained by the Insured and an employee of such attorney while either is performing
legal services for the Insured; |
| (3) | a
person provided by an employment contractor to perform employee duties for the Insured
under the Insured’s supervision at any of the Insured’s offices or premises
covered hereunder, and a guest student pursuing studies or duties in any of said offices
or premises; |
| (4) | an
employee of an institution merged or consolidated with the Insured prior to the effective
date of this bond; |
| (5) | each
natural person, partnership or corporation authorized by the Insured to perform services
as data processor of checks or other accounting records of the Insured (not including
preparation or modification of computer software or programs), herein called Processor.
(Each such Processor, and the partners, officers and employees of such Processor shall,
collectively, be deemed to be one Employee for all the |
purposes
of this bond, excepting, however, the second paragraph of Section 12. A Federal Reserve Bank or clearing house shall not be construed
to be a processor.); and
| (6) | a
Partner of the Insured, unless not covered as stated in Item 4 of the Declarations. |
(f) Evidence of Debt means an instrument, including a Negotiable Instrument, executed by a customer of the Insured and held by the
Insured which in the regular course of business is treated as evidencing the customer’s debt to the Insured.
(g) Financial Interest in the Insured of the Insured’s general partner(s), or limited partner(s), committing dishonest or fraudulent
acts covered by this bond or concerned or implicated therein means:
| (1) | as
respects general partner(s) the value of all right, title and interest of such general partner(s), determined as of the close
of business on the date of discovery of loss covered by this bond, in the aggregate of: |
| (a) | the
“net worth” of the Insured, which for the purposes of this bond, shall be
deemed to be the excess of its total assets over its total liabilities, without adjustment
to give effect to loss covered by this bond, (except that credit balances and equities
in proprietary accounts of the Insured, which shall include capital accounts of partners,
investment and trading accounts of the Insured, participations of the Insured in joint
accounts, and accounts of partners which are covered by agreements providing for the
inclusion of equities therein as partnership property, shall not be considered as liabilities)
with securities, spot commodities, commodity future contracts in such proprietary accounts
and all other assets marked to market or fair value and with adjustment for profits and
losses at the market of contractual commitments for such proprietary accounts of the
Insured; and |
| (b) | the
value of all other Money, securities and property belonging to such general partner(s),
or in which such general partner(s) have a pecuniary interest, held by or in the custody
of and legally available to the Insured as setoff against loss covered by this bond; |
provided,
however, that if such “net worth” adjusted to give effect to loss covered by this bond and such value of all other
Money, securities and property as set forth in (g)(1)(b) preceding, plus the amount of coverage afforded by this bond on account
of such loss, is not sufficient to enable the Insured to
meet its obligations, including its obligations to its partners other than to such general partner(s), then the Financial Interest
in the Insured, as above defined, of such general partner(s) shall be reduced in an amount necessary, or eliminated if need be,
in order to enable the Insured upon payment of loss under this bond to meet such obligations, to the extent that such payment
will enable the Insured to meet such obligations, without any benefit accruing to such general partner(s) from such payment; and
TSB 5062b 1087 | Copyright, The Surety Association of America, 1987 | Page 4 of 7 |
(2)
as respects limited partners the value of such limited partner’s(’) investment in the Insured.
(h)
Forgery means the signing of the name of another person or organization with intent to deceive; it does not mean a signature which
consists in whole or in part of one’s own name signed with or without authority, in any capacity, for any purpose.
(i) Guarantee
means a written undertaking obligating the signer to pay the debt of another to the Insured or its assignee or to a financial
institution from which the Insured has purchased participation in the debt, if the debt is not paid in accordance with its terms.
(j) Instruction
means a written order to the issuer of an Uncertificated Security requesting that the transfer, pledge, or release from pledge
of the Uncertificated Security specified be registered.
(k) Letter
of Credit means an engagement in writing by a bank or other person made at the request of a customer that the bank or other person
will honor drafts or other demands for payment upon compliance with the conditions specified in the Letter of Credit.
(l) Money
means a medium of exchange in current use authorized or adopted by a domestic or foreign government as a part of its currency.
(m)
Negotiable Instrument means any writing
| (1) | signed
by the maker or drawer; and |
| (2) | containing
any unconditional promise or order to pay a sum certain in Money and no other promise,
order, obligation or power given by the maker or drawer; and |
| (3) | is
payable on demand or at a definite time; and |
| (4) | is
payable to order or bearer. |
(n)
Partner means a natural person who
| (1) | is
a general partner of the Insured, or |
| (2) | is
a limited partner and an Employee (as defined in Section 1(e)(1) of the bond) of the
Insured. |
(o)
Property means Money, Certificated Securities, Uncertificated Securities of any Federal Reserve Bank of the United States, Negotiable
Instruments, Certificates of Deposit, documents of title, Acceptances, Evidences of Debt, security agreements, Withdrawal Orders,
certificates of origin or title, Letters of Credit, insurance policies, abstracts of title, deeds and mortgages on real estate,
revenue and other stamps, tokens, unsold state lottery tickets, books of account and other records whether recorded in writing
or electronically, gems, jewelry, precious metals of all kinds and in any form, and tangible items of personal property which
are not herein before enumerated.
(p)
Statement of Uncertificated Security means a written statement of the issuer of an Uncertificated Security containing:
(1)
a description of the Issue of which the Uncertificated Security is a part;
(2)
the
number of shares or units:
| (a) | transferred
to the registered owner; |
| (b) | pledged
by the registered owner to the registered pledgee; |
| (c) | released
from pledge by the registered pledgee; |
| (d) | registered
in the name of the registered owner on the date of the statement; or |
| (e) | subject
to pledge on the date of the statement; |
(3)
the name and address of the registered owner and registered pledgee;
(4)
a notation of any liens and restrictions of the issuer and any adverse claims to which the Uncertificated Security is or may be
subject or a statement that there are none of those liens, restrictions or adverse claims; and
(5)
the date:
| (a) | the
transfer of the shares or units to the new registered owner of the shares or units was
registered; |
| (b) | the
pledge of the registered pledgee was registered, or |
| (c) | of
the statement, if it is a periodic or annual statement. |
(q)
Transportation Company means any organization which provides its own or leased vehicles for transportation or which provides freight
forwarding or air express services.
(r) 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 upon books maintained
for that purpose by or on behalf of the issuer; |
| (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.
(s)
Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a customer of the Insured authorizing
the Insured to debit the customer’s account in the amount of funds stated therein.
EXCLUSIONS
Section
2. This bond does not cover:
(a)
loss resulting directly or indirectly from forgery or alteration, except when covered under Insuring Agreements (A), (D), or (E);
(b)
loss due to riot or civil commotion outside the United States of America and Canada; or loss due to military, naval or usurped
power, war or insurrection unless such loss occurs in transit in the circumstances recited in Insuring Agreement (C), and unless,
when such transit was initiated, there was no knowledge of such riot, civil commotion, military, naval or usurped power, war or
insurrection on the part of any person acting for the Insured in initiating such transit;
(c) loss
resulting directly or indirectly from the effects of nuclear fission or fusion or radioactivity; provided, however, that this
paragraph shall not apply to loss resulting from industrial uses of nuclear energy;
(d)
loss resulting from any act or acts of any person who is a member of the Board of Directors of the Insured or a member of any
equivalent body by whatsoever name known unless such person is also an Employee or an elected official of the Insured in some
other capacity, nor, in any event, loss resulting from the act or acts of any person while acting in the capacity of a member
of such Board or equivalent body;
(e)
loss resulting directly or indirectly from the complete or partial nonpayment of, or default upon, any loan or transaction involving
the Insured as a lender or borrower, or extension of credit, including the purchase, discounting or other acquisition of false
or genuine accounts, invoices, notes, agreements or Evidences of Debt, whether such loan, transaction or extension was procured
in good faith or through trick, artifice, fraud or false pretenses, except when covered under Insuring Agreements (A), (D) or
(E);
(f) loss
resulting from any violation by the Insured or by any Employee
| (1) | of
law regulating (i) the issuance, purchase or sale of securities, (ii) securities transactions
upon security exchanges or over the counter market, (iii) investment companies, or (iv)
investment advisers, or |
(2)
of any rule or regulation made pursuant to any such law, unless it is established by the Insured that the act or acts which caused
the said loss involved fraudulent or dishonest conduct which would have caused a loss to the Insured in a similar amount in the
absence of such laws, rules or regulations;
(g) loss
resulting directly or indirectly from the failure of a financial or depository institution, or its receiver or liquidator, to
pay or deliver, on demand of the Insured, funds or Property of the Insured held by it in any capacity, except when covered under
Insuring Agreements (A) or (B)(1)(a);
(h)
loss caused by an Employee, except when covered under Insuring Agreement (A) or when covered under Insuring Agreement (B) or (C)
and resulting directly from misplacement, mysterious unexplainable disappearance or destruction of or damage to Property;
(i) loss
resulting directly or indirectly from transactions in a customer’s account, whether authorized or unauthorized, except the
unlawful withdrawal and conversion of Money, securities or precious metals, directly from a customer’s account by an Employee
provided such unlawful withdrawal and conversion is covered under Insuring Agreement (A);
(j) damages
resulting from any civil, criminal or other legal proceeding in which the Insured is alleged to have engaged in racketeering activity
except when the Insured establishes that the act or acts giving rise to such damages were committed by an Employee under circumstances
which result directly in a loss to the Insured covered by Insuring Agreement (A). For the purposes of this exclusion, “racketeering
activity” is defined in 18 United States Code 1961 et seq., as amended;
(k)
loss resulting directly or indirectly from the use or purported use of credit, debit, charge, access, convenience, identification,
cash management or other cards
| (1) | in
obtaining credit or funds, or |
| (2) | in
gaining access to automated mechanical devices which, on behalf of the Insured, disburse
Money, accept deposits, cash checks, drafts or similar written instruments or make credit
card loans, or |
| (3) | in
gaining access to point of sale terminals, customer-bank communication terminals, or
similar electronic terminals of electronic funds transfer systems, |
whether
such cards were issued, or purport to have been issued, by the Insured or by anyone other than the Insured, except when covered
under Insuring Agreement (A);
(l) loss
involving automated mechanical devices which, on behalf of the Insured, disburse Money, accept deposits, cash checks, drafts or
similar written instruments or make credit card loans, except when covered under Insuring Agreement (A);
TSB 5062b 1087 | Copyright, The Surety Association of America, 1987 | Page 5 of 7 |
(m)
loss through the surrender of Property away from an office of the Insured as a result of a threat
| (1) | to
do bodily harm to any person, except loss of Property in transit in the custody of any
person acting as messenger provided that when such transit was initiated there was no
knowledge by the Insured of any such threat, or |
(2)
to do damage to the premises or property of the Insured, except when covered under Insuring Agreement (A);
(n)
loss resulting directly or indirectly from payments made or withdrawals from a depositor’s or customer’s account involving
erroneous credits to such account, unless such payments or withdrawals are physically received by such depositor or customer or
representative of such depositor or customer who is within the office of the Insured at the time of such payment or withdrawal,
or except when covered under Insuring Agreement (A);
(o)
loss involving items of deposit which are not finally paid for any reason, including but not limited to Forgery or any other fraud,
except when covered under Insuring Agreement (A);
(p)
loss resulting directly or indirectly from counterfeiting, except when covered under Insuring Agreements (A), (E) or (F);
(q)
loss of any tangible item of personal property which is not specifically enumerated in the paragraph defining Property if such
property is specifically insured by other insurance of any kind and in any amount obtained by the Insured, and in any event, loss
of such property occurring more than 60 days after the Insured takes possession of such property, except when covered under Insuring
Agreements (A) or (B)(2);
(r) loss
of Property while
(1)
in the mail, or
(2)
in the custody of any Transportation Company, unless covered
under
Insuring Agreement (C),
except
when covered under Insuring Agreement (A);
(s) potential
income, including but not limited to interest and dividends, not realized by the Insured or by any customer of the Insured;
(t) damages
of any type for which the Insured is legally liable, except compensatory damages, but not multiples thereof, arising directly
from a loss covered under this bond;
(u)
all fees, costs and expenses incurred by the Insured
| (1) | in
establishing the existence of or amount of loss covered under this bond, or |
| (2) | as
a party to any legal proceeding whether or not such legal proceeding exposes the Insured
to loss covered by this bond; |
(v) indirect
or consequential loss of any nature;
(w)
loss involving any Uncertificated Security except an Uncertificated Security of any Federal Reserve Bank of the United States
or when covered under Insuring Agreement (A);
(x)
loss resulting directly or indirectly from any dishonest or fraudulent act or acts committed by any non-Employee who is a securities,
commodities, money, mortgage, real estate, loan, insurance, property management, investment banking broker, agent or other representative
of the same general character;
(y)
loss caused directly or indirectly by a Partner of the Insured unless the amount of such loss exceeds the Financial Interest in
the Insured of such Partner and the Deductible Amount applicable to this bond, and then for the excess only;
(z)
loss resulting directly or indirectly from any actual or alleged representation, advice, warranty or guarantee as to the performance
of any investments;
(aa)
loss due to liability imposed upon the Insured as a result of the unlawful disclosure of non-public material information by the
Insured or any Employee, or as a result of any Employee acting upon such information, whether authorized or unauthorized.
DISCOVERY
Section
3. This bond applies to loss discovered by the Insured during the Bond Period. Discovery occurs when the Insured first becomes
aware of facts which would cause a reasonable person to assume that a loss of a type covered by this bond has been or will be
incurred, regardless of when the act or acts causing or contributing to such loss occurred, even though the exact amount or details
of loss may not then be known.
Discovery
also occurs when the Insured receives notice of an actual or potential claim in which it is alleged that the Insured is liable
to a third party under circumstances which, if true, would constitute a loss under this bond.
LIMIT
OF LIABILITY
Section
4.
Aggregate
Limit of Liability
The
Underwriter’s total liability for all losses discovered during the Bond Period shown in Item 2 of the Declarations shall
not exceed the Aggregate Limit of Liability shown in Item 3 of the Declarations. The Aggregate Limit of Liability shall be reduced
by the amount of any payment made under the terms of this bond.
Upon
exhaustion of the Aggregate Limit of Liability by such payments:
| (a) | The
Underwriter shall have no further liability for loss or losses regardless of when discovered
and whether or not previously reported to the Underwriter, and |
| (b) | The
Underwriter shall have no obligation under General Agreement F to continue the defense
of the Insured, and upon notice by the Underwriter to the Insured that the Aggregate
Limit of Liability has been exhausted, the Insured shall assume all responsibility for
its defense at its own cost. |
The
Aggregate Limit of Liability shall not be increased or reinstated by any recovery made and applied in accordance with subsections
(a), (b) and
(
) of Section 7. In the event that a loss of Property is settled by the Underwriter through the use of
a lost instrument bond, such loss shall not reduce the Aggregate Limit of Liability.
Single
Loss Limit of Liability
Subject
to the Aggregate Limit of Liability, the Underwriter’s liability for each Single Loss shall not exceed the applicable Single
Loss Limit of Liability shown in Item 4 of the Declarations. If a Single Loss is covered under more than one Insuring Agreement
or Coverage, the maximum payable shall not exceed the largest applicable Single Loss Limit of Liability.
Single
Loss Defined
Single
Loss means all covered loss, including court costs and attorneys’ fees incurred by the Underwriter under General Agreement
F, resulting from
| (a) | any
one act or series of related acts of burglary, robbery or attempt thereat, in which no
Employee is implicated, or |
| (b) | any
one act or series of related unintentional or negligent acts or omissions on the part
of any person (whether an Employee or not) resulting in damage to or destruction or misplacement
of Property, or |
| (c) | all
acts or omissions other than those specified in (a) and (b) preceding, caused by any
person (whether an Employee or not) or in which such person is implicated, or |
| (d) | any
one casualty or event not specified in (a), (b) or (c) preceding. |
NOTICE/PROOF—LEGAL
PROCEEDINGS
AGAINST UNDERWRITER
Section
5.
(a)
At the earliest practicable moment, not to exceed 30 days, after discovery of loss, the Insured shall give the Underwriter notice
thereof.
(b)
Within 6 months after such discovery, the Insured shall furnish to the Underwriter proof of loss, duly sworn to, with full particulars.
(c)
Lost Certificated Securities listed in a proof of loss shall be identified by certificate or bond numbers if such securities were
issued therewith.
(d)
Legal proceedings for the recovery of any loss hereunder shall not be brought prior to the expiration of 60 days after the original
proof of loss is filed with the Underwriter or after the expiration of 24 months from the discovery of such loss.
(e)
If any limitation embodied in this bond is prohibited by any law controlling the construction hereof, such limitation shall be
deemed to be amended so as to equal the minimum period of limitation provided by such law.
(f)
This bond affords coverage only in favor of the Insured. No suit,
action or legal proceedings shall be brought hereunder by any one other than the named Insured.
VALUATION
Section
6. Any loss of Money, or loss payable in Money, shall be paid, at the option of the Insured, in the Money of the country in which
the loss was sustained or in the United States of America dollar equivalent thereof determined at the rate of exchange at the
time of payment of such loss.
Securities
The
Underwriter shall settle in kind its liability under this bond on account of a loss of any securities or, at the option of the
Insured, shall pay to the Insured the cost of replacing such securities, determined by the market value thereof at the time of
such settlement. However, if prior to such settlement the Insured shall be compelled by the demands of a third party or by market
rules to purchase equivalent securities, and gives written notification of this to the Underwriter, the cost incurred by the Insured
shall be taken as the value of those securities. In case of a loss of subscription, conversion or redemption privileges through
the misplacement or loss of securities, the amount of such loss shall be the value of such privileges immediately preceding the
expiration thereof. If such securities cannot be replaced or have no quoted market value, or if such privileges have no quoted
market value, their value shall be determined by agreement or arbitration.
If
the applicable coverage of this bond is subject to a Deductible Amount and/or is not sufficient in amount to indemnify the Insured
in full for the loss of securities for which claim is made hereunder, the liability of the Underwriter under this bond is limited
to the payment for, or the duplication of, so much of such securities as has a value equal to the amount of such applicable coverage.
TSB 5062b 1087 | Copyright, The Surety Association of America, 1987 | Page 6 of 7 |
Books
of Account and Other Records
In
case of loss of, or damage to, any books of account or other records used by the Insured in its business, the Underwriter shall
be liable under this bond only if such books or records are actually reproduced and then for not more than the cost of the blank
books, blank pages or other materials plus the cost of labor for the actual transcription or copying of data which shall have
been furnished by the Insured in order to reproduce such books and other records.
Property
other than Money, Securities or Records
In
case of loss of, or damage to, any Property other than Money, securities, books of account or other records, or damage covered
under Insuring Agreement (B)(2), the Underwriter shall not be liable for more than the actual cash value of such Property, or
of items covered under Insuring Agreement (B)(2). The Underwriter may, at its election, pay the actual cash value of, replace
or repair such property. Disagreement between the Underwriter and the Insured as to the cash value or as to the adequacy of repair
or replacement shall be resolved by arbitration.
Set-Off
Any
loss covered under this bond shall be reduced by a set-off consisting of any amount owed to the Employee causing the loss if such
loss is covered under Insuring Agreement (A)
ASSIGNMENT—
SUBROGATION— RECOVERY— COOPERATION
Section
7.
(a)
In the event of payment under this bond, the Insured shall deliver, if so requested by the Underwriter, an assignment of such
of the Insured’s rights, title and interest and causes of action as it has against any person or entity to the extent of
the loss payment.
(b)
In the event of payment under this bond, the Underwriter shall be subrogated to all of the Insured’s rights of recovery
therefor against any person or entity to the extent of such payment.
(c)
Recoveries, whether effected by the Underwriter or by the Insured, shall be applied net of the expense of such recovery first
to the satisfaction of the Insured’s loss which would otherwise have been paid but for the fact that it is in excess of
either the Single or Aggregate Limit of Liability, secondly, to the Underwriter as reimbursement of amounts paid in settlement
of the Insured’s claim, and thirdly, to the Insured in satisfaction of any Deductible Amount. Recovery on account of loss
of securities as set forth in the second paragraph of Section 6 or recovery from reinsurance and/or indemnity of the Underwriter
shall not be deemed a recovery as used herein.
(d)
Upon the Underwriter’s request and at reasonable times and places designated by the Underwriter the Insured shall
| (1) | submit
to examination by the Underwriter and subscribe to the same under oath; and |
| (2) | produce
for the Underwriter’s examination all pertinent records; and |
| (3) | cooperate
with the Underwriter in all matters pertaining to the loss. |
(e)
The Insured shall execute all papers and render assistance to secure to the Underwriter the rights and causes of action provided
for herein. The Insured shall do nothing after discovery of loss to prejudice such rights or causes of action.
LIMIT
OF LIABILITY UNDER THIS BOND AND PRIOR INSURANCE
Section
8. With respect to any loss set forth in sub-section (c) of Section 4 of this bond which is recoverable or recovered in whole
or in part under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest of the
Insured and terminated or canceled or allowed to expire and in which the period for discovery has not expired at the time any
such loss thereunder is discovered, the total liability of the Underwriter under this bond and under such other bonds or policies
shall not exceed, in the aggregate, the amount carried hereunder on such loss or the amount
available
to the Insured under such other bonds or policies, as limited by the terms and conditions thereof, for any such loss if the latter
amount be the larger.
If
the coverage of this bond supersedes in whole or in part the coverage of any other bond or policy of insurance issued by an Insurer
other than the Underwriter and terminated, canceled or allowed to expire, the Underwriter, with respect to any loss sustained
prior to such termination, cancelation or expiration and discovered within the period permitted under such other bond or policy
for the discovery of loss thereunder, shall be liable under this bond only for that part of such loss covered by this bond as
is in excess of the amount recoverable or recovered on account of such loss under such other bond or policy, anything to the contrary
in such other bond or policy notwithstanding.
OTHER
INSURANCE OR INDEMNITY
Section
9. Coverage afforded hereunder shall apply only as excess over any valid and collectible insurance or indemnity obtained by the
Insured, or by one other than the Insured on Property subject to exclusion (q) or by a Transportation Company, or by another entity
on whose premises the loss occurred or which employed the person causing the loss or the messenger conveying the Property involved.
OWNERSHIP
Section
10. This bond shall apply to loss of Property (1) owned by the Insured, (2) held by the Insured in any capacity, or (3) for which
the Insured is legally liable. This bond shall be for the sole use and benefit of the Insured named in the Declarations.
DEDUCTIBLE
AMOUNT
Section
11. The Underwriter shall be liable hereunder only for the amount by which any single loss, as defined in Section 4, exceeds the
Single Loss Deductible amount for the Insuring Agreement or Coverage applicable to such loss, subject to the Aggregate Limit of
Liability and the applicable Single Loss Limit of Liability.
The
Insured shall, in the time and in the manner prescribed in this bond, give the Underwriter notice of any loss of the kind covered
by the terms of this bond, whether or not the Underwriter is liable therefor, and upon the request of the Underwriter shall file
with it a brief statement giving the particulars concerning such loss.
TERMINATION
OR CANCELATION
Section
12. This bond terminates as an entirety upon occurrence of any of the following:—(a) 60 days after the receipt by the Insured
of a written notice from the Underwriter of its desire to cancel this bond, or (b) immediately upon the receipt by the Underwriter
of a written notice from the Insured of its desire to cancel this bond, or (c) immediately upon the taking over of the Insured
by a receiver or other liquidator or by State or Federal officials, or (d) immediately upon the taking over of the Insured by
another institution, or (e) immediately upon exhaustion of the Aggregate Limit of Liability, or (f) immediately upon expiration
of the Bond Period as set forth in Item 2 of the Declarations.
This
bond terminates as to any Employee or any partner, officer or employee of any Processor—(a) as soon as any Insured, or any
director or officer not in collusion with such person, learns of any dishonest or fraudulent act committed by such person at any
time, whether in the employment of the Insured or otherwise, whether or not of the type covered under Insuring Agreement (A),
against the Insured or any other person or entity, without prejudice to the loss of any Property then in transit in the custody
of such person, or (b) 15 days after the receipt by the Insured of a written notice from the Underwriter of its desire to cancel
this bond as to such person.
Termination
of the bond as to any Insured terminates liability for any loss sustained by such Insured which is discovered after the effective
date of such termination.
In
witness whereof, the Underwriter has caused this bond to be executed on the Declarations page.
TSB 5062b 1087 | Copyright, The Surety Association of America, 1987 | Page 7 of 7 |
|
FINANCIAL INSTITUTION
BOND
|
SIGNATURE PAGE
IN WITNESS WHEREOF, the Insurer has caused this policy to be issued by affixing hereto the facsimile signatures
of its President and Secretary.
|
|
|
|
Andrew Weissert, Secretary |
Michael McKenna, President |
AXIS 102AIC 0615 |
Page 1 of 1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
1 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
NAMED INSURED RIDER
It
is agreed that Item 1. Name of Insured (herein called Insured) of the Declarations is amended to include the following:
CLOUGH
GLOBAL DIVIDEND AND INCOME FUND
Clough
Global Equity Fund
Clough
Global Opportunities Fund
All
other provisions of the bond remain unchanged.
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1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
2 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AUDIT
EXPENSE INSURING AGREEMENT RIDER
AUDIT
EXPENSE INSURING AGREEMENT COVERAGE SCHEDULE |
Audit
Expense Insuring Agreement
Single Loss Limit of Liability |
Audit
Expense Insuring Agreement
Single Loss Deductible |
$50,000 |
$0 |
Information
in the above schedule may also appear on the Declarations.
It is agreed that:
| A. | The
INSURING AGREEMENTS section is amended by the addition of the following new Insuring
Agreement: |
AUDIT
EXPENSE
Reasonable
expenses incurred by the Insured for that part of the cost of audits or examinations required by any governmental regulatory authority
to be conducted either by such authority or by an independent accountant by reason of the discovery of loss under Insuring Agreement
(A) FIDELITY.
| B. | The
applicable Single Loss Limit of Liability and Single Loss Deductible for the Audit Expense
Insuring Agreement are as set forth in the Declarations or in the above schedule. Such
limit shall be part of, and not in addition to, the Single Loss Limit of Liability for
Insuring Agreement (A) FIDELITY set forth in the Declarations. |
| C. | Paragraph
(1) of Exclusion (u) shall not apply to the Audit Expense Insuring Agreement. |
All
other provisions of the bond remain unchanged.
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|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
3 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
CLAIM
EXPENSE INSURING AGREEMENT RIDER
CLAIM
EXPENSE INSURING AGREEMENT COVERAGE SCHEDULE |
Claim
Expense Insuring Agreement
Single Loss Limit of Liability |
Claim
Expense Insuring Agreement
Single Loss Deductible |
$10,000 |
$0 |
Information
in the above schedule may also appear on the Declarations.
It is agreed that:
| A. | The
INSURING AGREEMENTS section is amended by the addition of the following new Insuring
Agreement: |
CLAIM
EXPENSE
Reasonable
expenses necessarily incurred and paid by the Insured in preparing any valid claim for loss covered under this bond.
| B. | The
applicable Single Loss Limit of Liability and Single Loss Deductible for the Claim Expense
Insuring Agreement are as set forth in the Declarations or in the above schedule. Such
limit shall be part of, and not in addition to, the Single Loss Limit of Liability for
the Insuring Agreement applicable to the loss that is the subject of the valid claim
as set forth in the Claim Expense Insuring Agreement. |
| C. | Paragraph
(1) of Exclusion (u) shall not apply to the Claim Expense Insuring Agreement. |
All
other provisions of the bond remain unchanged.
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FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
4 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
RACKETEERING EXCLUSION RIDER
It
is agreed that Exclusion 2(j) of the EXCLUSIONS section is replaced with the following:
damages
resulting from any civil, criminal or other legal proceeding in which the Insured is adjudicated to have engaged in racketeering
activity except when the Insured establishes that the act or acts giving rise to such damages were committed by an Employee under
circumstances which result directly in a loss to the Insured covered by Insuring Agreement (A). For the purposes of this Exclusion,
“racketeering activity” is defined in 18 United States Code 1961 et seq., as amended;
All
other provisions of the bond remain unchanged.
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1 of 1 |
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FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
5 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
FIDELITY INSURING AGREEMENT TO INCLUDE LARCENY AND EMBEZZLEMENT RIDER
It
is agreed that:
A.
Insuring Agreement (A) FIDELITY is replaced with the following:
Loss
resulting directly from dishonest or fraudulent acts, including Larceny or Embezzlement, committed by an Employee acting alone
or in collusion with others. Such dishonest or fraudulent acts must be committed by the Employee with the manifest intent:
(1) to
cause the Insured to sustain such loss; and
(2) to
obtain an improper financial benefit for the Employee or another person or entity.
Notwithstanding
the foregoing, however, it is agreed that with regard to Loans and/or Trading, this bond covers only loss resulting directly from
dishonest or fraudulent acts committed by an Employee with the intent to cause the Insured to sustain such loss and which results
in a financial benefit for the Employee.
As
used in this Insuring Agreement, financial benefit does not include any employee benefits earned in the normal course of employment,
including salaries, commissions, fees, bonuses, promotions, awards, profit sharing or pensions.
The
term Loans, as used in this Insuring Agreement, means all extensions of credit by the Insured and all transactions creating a
creditor relationship in favor of the Insured and all transactions by which the Insured assumes an existing creditor relationship.
The
term Trading, as used in this Insuring Agreement, means trading or other dealing in securities, commodities, futures, options,
swaps, foreign or Federal Funds, currencies, foreign exchange and the like.
| B. | Solely
with respect to the coverage provided by this Rider, the term Larceny and Embezzlement shall have the same meaning set forth in
Section 37 of The Investment Company Act of 1940. |
All
other provisions of the bond remain unchanged.
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FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
6 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
REPRESENTATION OF INSURED RIDER
It
is agreed that the second paragraph of the REPRESENTATION OF INSURED section of the GENERAL AGREEMENTS is replaced with the following:
Any
intentional misrepresentation, omission, concealment, or incorrect statement in the application or otherwise, shall be grounds
for the rescission of this bond.
All
other provisions of the bond remain unchanged.
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1 |
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FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
7 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
VALUATION RIDER
It
is agreed that the paragraph in the VALUATION condition addressing loss of Money, or loss payable in Money, is replaced with the
following:
Any
loss of Money, or loss payable in Money, shall be paid, at the option of the Insured, in the Money of the country in which the
loss was sustained or in the United States of America dollar equivalent thereof determined at the rate of exchange published in
The Wall Street Journal on the day immediately preceding the date the loss was discovered.
All
other provisions of the bond remain unchanged.
AXIS 1012170
0119 |
Includes
copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
8 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
COUNTERFEIT CURRENCY OR MONEY INSURING AGREEMENT RIDER
It
is agreed that Insuring Agreement (F) COUNTERFEIT CURRENCY or COUNTERFEIT MONEY, as applicable, is replaced with the following:
Loss
resulting directly from the receipt by the Insured, in good faith, of any Counterfeit Money of the United States of America, Canada,
or any other country.
All
other provisions of the bond remain unchanged.
AXIS 1012171
0119 |
Includes
copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
9 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
UNAUTHORIZED
SIGNATURES INSURING AGREEMENT RIDER
UNAUTHORIZED
SIGNATURES INSURING AGREEMENT COVERAGE SCHEDULE |
Unauthorized
Signatures Insuring Agreement
Single Loss Limit of Liability |
Unauthorized
Signatures Insuring Agreement
Single Loss Deductible |
$50,000 |
$5,000 |
Information
in the above schedule may also appear on the Declarations.
It is agreed that:
| A. | The
Section entitled INSURING AGREEMENTS is amended by the addition of the following
Insuring Agreement: |
UNAUTHORIZED
SIGNATURES
Loss
resulting directly from the Insured having in good faith and in the ordinary course of business accepted from, paid to, or cashed
for a person present on the premises of the Insured, any check, withdrawal order or draft, made or drawn on a customer’s
account, which bears the signature or endorsement of one other than a person whose name and signature is on the application on
file with the Insured as a signatory on such account.
It
shall be a condition precedent to the Insured’s right of recovery under this Insuring Agreement that the Insured shall have
on file signatures of all persons who are authorized signatories on such account; and the Insured must maintain written instructions
outlining the acceptance.
B.
The Section entitled CONDITIONS AND LIMITATIONS, the Section entitled EXCLUSIONS is amended as follows:
| 1. | Solely
with respect to the coverage provided by this Rider, the following is added:
This
bond does not cover: |
loss
of the type or kind covered by any other Insuring Agreement provided in this financial institution bond, regardless of any deductible
amount or limit of liability;
| 2. | The
following exclusion is added:
This
bond does not cover: |
loss
resulting directly or indirectly from the Insured having accepted from, paid to or cashed for a person present on the premises
of the Insured, any check, withdrawal order or draft, made or drawn on a customer’s account, except when covered under the
Unauthorized Signatures Insuring Agreement;
| C. | The
applicable Single Loss Limit of Liability and Single Loss Deductible for the Unauthorized
Signatures Insuring Agreement are as set forth in the Declarations or in the above schedule. |
All
other provisions of the bond remain unchanged.
AXIS 1012176
0622 |
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copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
10 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
PROTECTED
INFORMATION EXCLUSION RIDER
It
is agreed that this bond shall not apply to any loss resulting directly or indirectly from the: (i) theft, disappearance, or destruction
of; (ii) unauthorized use or disclosure of; (iii) unauthorized access to; or (iv) failure to protect any:
| A. | confidential
or non-public; or |
| B. | personal
or personally identifiable; |
information
that any person or entity has a duty to protect under any law, rule or regulation, agreement, or industry guideline or standard;
provided that this shall not apply to the extent that any unauthorized use or disclosure of a password enables a theft by an Employee
of the Insured of tangible Property of the Insured or tangible Property that the Insured is holding for a third party.
Theft
of tangible Property does not include the use of confidential or non-public information or personal or personally identifiable
information to enable the theft of or disclosure of information.
All
other provisions of the bond remain unchanged.
AXIS 1012180
0119 |
Includes
copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
11 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
SECURITIES INSURING AGREEMENT RIDER
It
is agreed that:
| A. | Wherever
the phrase ‘“Statement of Uncertificated Security of any Federal Reserve
Bank of the United States” appears in this bond, it is deleted and replaced with
the defined term “Statement of Uncertificated Security.” |
| B. | The
phrase “Instruction to a Federal Reserve Bank of the United States” in paragraph
(1) in Insuring Agreement E – Securities is deleted and replaced with the defined
term “Instruction.” |
| C. | The
definition of Property is amended by deleting the phrase “Uncertificated Securities
of any Federal Reserve Bank of the United States” and replacing it with “Uncertificated
Securities.” |
| D. | The
Exclusion for loss involving any Uncertificated Security is deleted.
All
other provisions of the bond remain unchanged. |
AXIS 1012188
0119 |
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copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
12 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
NOTICE
OF LOSS BY E-MAIL RIDER
It
is agreed that the CONDITIONS AND LIMITATIONS, Section 5. NOTICE/PROOF – LEGAL PROCEEDINGS AGAINST UNDERWRITER, paragraph
(a), is amended by the addition of the following:
The
Insured may provide the Underwriter with such notice of loss by e-mail to the e-mail address set forth below. The date of the
Underwriter’s receipt of such e-mailed notice shall constitute the date of notice.
Alternatively,
the Insured may provide notice of loss to the Underwriter by mailing or faxing such notice to the address or fax number set forth
below.
All
notices must reference the Bond No. of this bond.
AXIS
Insurance
Claims Department
P.O. Box 4470
Alpharetta, GA 30023-4470
Email:
USFNOL@axiscapital.com
Phone (Toll-Free): (866) 259-5435
Phone: (678) 746- 9000
Fax: (866) 770-5629
All
other provisions of the bond remain unchanged.
AXIS 1012189
0119 |
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copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
13 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
CHANGE
OF OWNERSHIP OR CONTROL NOTICE RIDER
It
is agreed that the GENERAL AGREEMENTS, CHANGE OF OWNERSHIP – NOTICE or CHANGE OF CONTROL – NOTICE, as applicable,
is replaced with the following:
When
the Insured learns of a change in ownership by a single stockholder, partner or member, or by a group of affiliated stockholders,
partners, or members, of more than 10% of its voting stock or total ownership interest, or of the voting stock or total ownership
interest of a holding company or parent corporation which itself owns or controls the Insured, it shall give written notice to
the Underwriter, as soon as practicable but not later than within 30 days of learning of such change in ownership. Failure to
give the required notice shall result in termination of coverage for any loss involving a transferee of such stock or ownership
interest, to be effective upon the date of the stock transfer or transfer of ownership interest.
As
used in this General Agreement, control shall have the meaning set forth in Section 2(a)(9) of the Investment Company Act of 1940,
and means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely
the result of an official position with such company. A change in ownership of voting securities of a company which results in
direct or indirect ownership by a securities holder or an affiliated group of securities holders of more than 10% of such voting
securities shall be presumed to result in a change in control for the purpose of giving the required notice.
All
other provisions of the bond remain unchanged.
AXIS 1012191
0119 |
Includes
copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
14 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
CUSTOMER
FUNDS TRANSFER FRAUD INSURING AGREEMENT
WITH
CALL BACK FOR TRANSFERS IN EXCESS OF THE DEDUCTIBLE RIDER
CUSTOMER
FUNDS TRANSFER FRAUD INSURING AGREEMENT COVERAGE SCHEDULE |
Customer
Funds Transfer Fraud
Insuring Agreement Single Loss Limit of Liability |
Customer
Funds Transfer Fraud
Insuring Agreement Single Loss Deductible |
$1,000,000 |
$25,000 |
Information
in the above schedule may also appear on the Declarations.
It
is agreed that:
| A. | The
INSURING AGREEMENTS section is amended by the addition of the following new Insuring
Agreement: |
CUSTOMER
FUNDS TRANSFER FRAUD
Loss
resulting directly from the Insured having, in good faith, transferred a Customer’s Money on deposit in an account or Securities
to a person or account outside the Customer’s control, in reliance on a fraudulent telephone, telefacsimile, text message
or e-mail instruction to the Insured directing such transfer from the Customer’s account, which instruction purports and
reasonably appears to have originated from an Authorized Transfer Agent, but which, in fact, was issued without the Customer’s
knowledge or consent by someone other than an Authorized Transfer Agent, subject to the following conditions precedent:
| (1) | The
instruction included the Customer’s password and PIN and any other security codes
required by the Insured’s written agreement with such Customer (“Verified
Instruction”). |
| (2) | The
sender of the instruction was not, in fact, such Customer, was not authorized to act
on behalf of such Customer, and was not an Employee. |
| (3) | The
instruction was received by an Employee specifically authorized by the Insured to receive
and act upon such instructions. |
| (4) | For
any transfer exceeding the amount of the Customer Funds Transfer Fraud Insuring Agreement
Single Loss Deductible, the Insured verified the instruction via a call back to a predetermined
telephone number set forth in the Insured’s written agreement with such Customer,
or by other verification procedures approved in writing by the Underwriter (“Security
Measure”). |
| (5) | The
Insured preserved a contemporaneous record of the Verified Instruction and any Security
Measure and furnishes both to the Insurer, along with a copy of the Insured’s written
agreement with the Customer, in the Proof of Loss. |
| (6) | The
Insured asserts any available claims, offsets or defenses against the Customer, any financial
institution, any fund administrator or any other party to the transaction. |
| B. | The
applicable Single Loss Limit of Liability and Single Loss Deductible for the Customer
Funds Transfer Fraud Insuring Agreement are as set forth in the Declarations or in the
above schedule. |
| C. | Solely
with respect to the coverage provided by this Rider: |
| 1. | The
following Definitions are added to the DEFINITIONS section: |
Authorized
Transfer Agent means an employee of the Customer or another financial institution with authority to instruct the Insured to transfer
the Customer’s Money or Certificated Securities.
AXIS 1012198
0322 |
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copyright material of The Surety Association of America |
Page 1 of
2 |
|
FINANCIAL
INSTITUTION BOND |
Customer
means an entity or natural person who has a written agreement with the Insured authorizing the Insured to transfer Money on deposit
in an account or Certificated Securities in reliance upon a telephone, telefacsimile, text message or e-mail instruction from
an Authorized Transfer Agent.
Securities
means Certificated Securities or Uncertificated Securities.
| 2. | Solely
with respect to bond forms 15 and 24,the following Definition is added to the DEFINITIONS
section: |
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 upon books maintained
for that purpose by or on behalf of the issuer; |
| (7) | of
a type commonly dealt in on securities exchanges or markets; and |
| (8) | either
one of a class or series or by its terms divisible into a class or series of shares,
participations, interests or obligations. |
| 3. | The
following Exclusions are added to the EXCLUSIONS section: |
loss
of the type or kind covered by any other Insuring Agreement provided in this financial institution bond, regardless of any deductible
amount or limit of liability;
loss
resulting directly or indirectly from a fraudulent instruction if the sender, or anyone acting in collusion with the sender, ever
had authorized access to the Customer’s password, PIN or any other security code;
loss
resulting directly or indirectly from the fraudulent alteration of an instruction to initiate an automated clearing house (ACH)
entry, or group of ACH entries, transmitted as an electronic message, or as an attachment to an electronic message, sent via the
Internet unless:
| (1) | each
ACH entry was individually verified via the call back procedures without regard to the
amount of the entry; or |
| (2) | the
instruction was formatted, encoded or encrypted so that any alteration in the ACH entry
or group of ACH entries would be apparent to the Insured. |
| 3. | All
loss or losses involving one natural person or one entity, or one group of natural persons
or entities acting together, shall be a Single Loss without regard to the number of transfers
or the number of instructions involved. A series of losses involving unidentified natural
persons or entities but arising from the same method of operation shall be deemed to
involve the same natural person or entity and shall be treated as a Single Loss. |
D.
The EXCLUSIONS section is amended by the addition of the following Exclusion:
loss
resulting directly or indirectly from an Insured relying upon and/or acting upon a fraudulent telephone, telefacsimile, text message
or e-mail instruction to transfer Money or Securities except:
| (1) | when
covered under the Customer Funds Transfer Fraud Insuring Agreement; and |
| (2) | this
exclusion does not apply to an Employee relying upon and/or acting upon a Social Engineering
Fraud Instruction covered under the Social Engineering Fraud Insuring Agreement provided
under any SOCIAL ENGINEERING FRAUD INSURING AGREEMENT RIDER to the extent attached to
this bond. |
D.
Exclusion (i) does not apply to loss covered under the Customer Funds Transfer Fraud Insuring Agreement.
All other provisions
of the bond remain unchanged.
AXIS 1012198
0322 |
Includes
copyright material of The Surety Association of America |
Page 2 of
2 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
15 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
OWNERSHIP OR COVERED PROPERTY CONDITION RIDER
It
is agreed that the CONDITIONS AND LIMITATIONS, the OWNERSHIP section or COVERED PROPERTY section, as applicable, is deleted
and replaced with the following:
This
bond shall apply to loss of Property (1) owned by the Insured, (2) held by the Insured in any capacity, or (3) owned and held
by someone else under circumstances which make the Insured responsible for the Property prior to the occurrence of the loss. This
bond shall be for the sole use and benefit of the Insured named in the Declarations.
All
other provisions of the bond remain unchanged.
AXIS 1012199
0119 |
Includes
copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
16 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
STOP
PAYMENT ORDER LIABILITY INSURING AGREEMENT RIDER
STOP
PAYMENT ORDER LIABILITY INSURING AGREEMENT COVERAGE SCHEDULE |
Stop
Payment Order Liability Insuring Agreement
Single Loss Limit of Liability |
Stop
Payment Order Liability Insuring Agreement
Single Loss Deductible |
$50,000 |
$5,000 |
Information
in the above schedule may also appear on the Declarations.
It is agreed that:
A. The
Section entitled INSURING AGREEMENTS is amended by the addition of the following new Insuring Agreement:
STOP
PAYMENT ORDER LIABILITY
Loss
resulting directly from the Insured’s legal liability for:
| (1) | compliance
with or failure to comply with a request by a customer of the Insured, or such customer’s
authorized agent, to stop payment on any draft made or drawn upon or against the Insured
by such customer or such customer’s authorized agent; or |
| (2) | refusal
to pay any draft made or drawn upon or against the Insured by a customer of the Insured
or such customer’s authorized agent. |
| B. | The
applicable Single Loss Limit of Liability and Single Loss Deductible for the Stop Payment Order Liability Insuring Agreement are
as set forth in the Declarations or in the above schedule. |
All
other provisions of the bond remain unchanged.
AXIS 1012200
0119 |
Includes
copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
17 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
UNCOLLECTIBLE
ITEMS OF DEPOSIT INSURING AGREEMENT RIDER
UNCOLLECTIBLE
ITEMS OF DEPOSIT INSURING AGREEMENT COVERAGE SCHEDULE |
Uncollectible
Items of Deposit Insuring Agreement
Single Loss Limit of Liability |
Uncollectible
Items of Deposit Insuring Agreement
Single Loss Deductible |
$50,000 |
$2,500 |
Information
in the above schedule may also appear on the Declarations.
It is agreed that:
A.
The Section entitled INSURING AGREEMENTS is amended by the addition of the following Insuring Agreement:
UNCOLLECTIBLE
ITEMS OF DEPOSIT
Loss
resulting directly from the Insured having, in good faith, credited its customer’s, shareholder’s or subscriber’s
account of any item of deposit which proves to be uncollectible, provided that:
| (1) | the
item was held for a minimum of 5 days before any redemption, withdrawal, dividend payment
or share issuance occurs with respect to that item of deposit; and |
| (2) | there
was a redemption, withdrawal, dividend payment or share issuance with respect to that
item of deposit. Items of deposit shall not be deemed uncollectible until the Insured’s
collection procedures have failed. |
For
the purposes of this Insuring Agreement, Items of Deposit means any one or more checks or drafts drawn upon a financial institution
in the United States of America.
B.
The Section entitled CONDITIONS AND LIMITATIONS, the Section entitled EXCLUSIONS is amended as follows:
| 1. | Solely
with respect to the coverage provided by this Rider, the following exclusion is added:
This
bond does not cover: |
loss
of the type or kind covered by any other Insuring Agreement provided in this financial institution bond, regardless of any deductible
amount or limit of liability;
| 2. | The
following exclusion is added:
This
bond does not cover: |
loss
resulting directly or indirectly from the Insured having, in good faith, credited its customer’s, shareholder’s or
subscriber’s account of any item of deposit which proves to be uncollectible, except when covered under the Uncollectible
Items of Deposit Insuring Agreement;
| C. | The
applicable Single Loss Limit of Liability and Single Loss Deductible for the Uncollectible Items of Deposit Insuring Agreement
are as set forth in the Declarations or in the above schedule. |
All
other provisions of the bond remain unchanged.
AXIS 1012202
0722 |
Includes
copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
18 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
DEFINITION OF EMPLOYEE TO INCLUDE AFFILIATED PERSONS RIDER
It
is agreed that the CONDITIONS AND LIMITATIONS, the DEFINITIONS section, the Definition of Employee, is amended by the addition
of the following:
Employee
also means a natural person partner, officer or employee of an investment adviser, underwriter (distributor), transfer agent or
shareholder accounting recordkeeper, or administrator for the Insured, but only while performing acts coming within the usual
and customary duties of an officer or employee of the Insured or acting as a member of any committee duly elected or appointed
to examine, audit or have custody of or access to Property of the Insured; provided that the adviser, underwriter, transfer agent,
recordkeeper or administrator is an affiliated person (as defined in Section 2(a) of the Investment Company Act of 1940) of the
Insured.
All
other provisions of the bond remain unchanged.
AXIS 1012203
0119 |
Includes
copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
19 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
INVESTMENT
COMPANY NO DEDUCTIBLE RIDER
It
is agreed that the CONDITIONS AND LIMITATIONS are amended as follows:
| A. | The
DEFINITIONS section is amended by the addition of the following Definition: |
Investment
Company means any investment company registered under the Investment Company Act of 1940.
| B. | The
DEDUCTIBLE AMOUNT section is amended by the addition of the following: |
Notwithstanding
the foregoing, there shall be no Deductible Amount applicable to any loss under Insuring Agreement A sustained by any Investment
Company named as an Insured under this bond.
All
other provisions of the bond remain unchanged.
AXIS 1012214
0119 |
Includes
copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
20 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
COMPUTER
SYSTEMS FRAUD INSURING AGREEMENT RIDER
COMPUTER
SYSTEMS FRAUD INSURING AGREEMENT COVERAGE SCHEDULE |
Computer
Systems Fraud
Insuring
Agreement Single Loss Limit of Liability |
Computer
Systems Fraud
Insuring
Agreement Single Loss Deductible |
$1,000,000 |
$25,000 |
Information
in the above schedule may also appear on the Declarations.
It
is agreed that:
| A. | The
INSURING AGREEMENTS section is amended by the addition of the following Insuring Agreement: |
COMPUTER
SYSTEMS FRAUD
Loss
resulting directly from a fraudulent:
| (1) | entry
of Electronic Data or Computer Program into; or |
| (2) | change
of Electronic Data or Computer Program within; |
any
Computer System operated by the Insured, whether owned or leased; or any Computer System identified in the application for this
bond; or a Computer System first used by the Insured during the Bond Period, as provided by General Agreement B of this bond;
provided
that the entry or change causes:
| (a) | Property
to be transferred, paid, or delivered; |
| (b) | an
account of the Insured, or of its customer, to be added, deleted, debited, or credited;
or |
| (c) | an
unauthorized account or a fictitious account to be debited or credited; |
without
the knowledge or consent of the Insured.
In
this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting
in good faith on an instruction from a software contractor who has a written agreement with the Insured to design, implement,
or service programs for a Computer System covered by this Insuring Agreement.
| B. | Solely
with respect to the coverage provided by this Rider, the DEFINITIONS section is amended
by the addition of the following definitions: |
Computer
Program means a set of related electronic instructions which direct the operations and functions of a computer or devices connected
to it which enable the computer or devices to receive, process, store, or send Electronic Data.
Computer
System means:
| (1) | computers
with related peripheral components, including storage components wherever located; |
AXIS 1012861
0221 |
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copyright material of The Surety Association of America |
Page 1 of
3 |
|
FINANCIAL
INSTITUTION BOND |
| (2) | systems
and applications software; |
| (4) | related
communications networks; |
by
which Electronic Data are electronically collected, transmitted, processed, stored, and retrieved.
Electronic
Data means facts or information converted to a form usable in a Computer System by Computer Programs, and which is stored on magnetic
tapes or disks, or optical storage disks, or other bulk media.
| C. | Solely
with respect to the coverage provided by this Rider, the EXCLUSIONS section is amended
by the addition of the following Exclusions: |
loss
of the type or kind covered by any other Insuring Agreement provided in this financial institution bond, including but not limited
to Social Engineering Fraud, regardless of any deductible amount or limit of liability;
loss
resulting directly or indirectly from the assumption of liability by the Insured by contract unless the liability arises from
a loss covered by this rider, and such liability would have been be imposed on the Insured regardless of the existence of such
contract;
loss
resulting directly or indirectly from negotiable instruments, securities, documents, or other written instruments which bear a
forged signature, or are counterfeit, altered, or otherwise fraudulent and which are used as source documentation in the preparation
of Electronic Data or manually keyed into a data terminal;
loss
resulting directly or indirectly from:
| (1) | mechanical
failure, faulty construction, error in design, latent defect, fire, wear or tear, gradual
deterioration, electrical disturbance, or electrical surge which affects a Computer System; |
| (2) | failure
or breakdown of Electronic Data processing media; or |
| (3) | error
or omission in programming or processing; |
loss
resulting directly or indirectly from the input of Electronic Data into a Computer System terminal device either on the premises
of a customer of the Insured or under the control of such a customer by a person who had authorized access to the customer’s
authentication mechanism;
| D. | Notwithstanding
anything to the contrary with respect to any similar Exclusion set forth in any Protected
Information Exclusion Rider attached to this bond, solely with respect to the coverage
provided by this Rider, the EXCLUSIONS section is amended by the addition of the following
Exclusion: |
loss
resulting directly or indirectly from the: (1) theft, disappearance, or destruction of; (2) unauthorized use or disclosure of;
(3) unauthorized access to; or (4) failure to protect any:
| (a) | confidential
or non-public information; or |
| (b) | personal
or personally identifiable information; |
that
any person or entity has a duty to protect under any law, rule or regulation, agreement, or industry guideline or standard, except
that this shall not apply to the extent that any unauthorized use or disclosure of such information subsequently results in a
direct loss otherwise covered under the Computer Systems Fraud Insuring Agreement.
| E. | The
exclusion below, found in the EXCLUSIONS section of financial institution bonds forms
14, and 25, does not apply to the Computer Systems Fraud Insuring Agreement. |
AXIS 1012861
0221 |
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copyright material of The Surety Association of America |
Page 2 of
3 |
|
FINANCIAL
INSTITUTION BOND |
“loss
involving any Uncertificated Security except an Uncertificated Security of any Federal Reserve Bank of the United States or when
covered under Insuring Agreement (A);”
| F. | The
Single Loss Defined subsection of the LIMIT OF LIABILITY section is amended by the addition
of the following: |
Solely
with respect to the Computer Systems Fraud Insuring Agreement, all loss or series of losses involving the fraudulent acts of one
individual, or involving fraudulent acts in which one individual is implicated, whether or not that individual is specifically
identified, shall be treated as a Single Loss and subject to the Single Loss Limit of Liability. A series of losses involving
unidentified individuals but arising from the same method of operation shall be deemed to involve the same individuals and in
that event shall be treated as a Single Loss and subject to the Single Loss Limit of Liability.
| G. | The
applicable Single Loss Limit of Liability and Single Loss Deductible for the Computer
Systems Fraud Insuring Agreement are as set forth in the Declarations or in the above
schedule. |
All
other provisions of the bond remain unchanged.
AXIS 1012861
0221 |
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copyright material of The Surety Association of America |
Page 3 of
3 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
21 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
SOCIAL
ENGINEERING FRAUD INSURING AGREEMENT WITH OFFICIAL AUTHORIZATION RIDER
SOCIAL
ENGINEERING FRAUD INSURING AGREEMENT COVERAGE SCHEDULE |
Social
Engineering Fraud Insuring Agreement
Aggregate Limit of Liability |
$25,000 |
Social
Engineering Fraud Insuring Agreement
Single Loss Limit of Liability |
Social
Engineering Fraud Insuring Agreement
Single Loss Deductible |
$25,000 |
$25,000 |
Social
Engineering Fraud Insuring Agreement
Prior Acts Date |
07/27/2020 |
Information
in the above schedule may also appear on the Declarations.
It
is agreed that:
| A. | The
INSURING AGREEMENTS section is amended by the addition of the following new Insuring
Agreement: |
SOCIAL
ENGINEERING FRAUD
Loss
resulting directly from an Employee having, in good faith, transferred, paid, or delivered Money or Securities from the Insured’s
account to a person or account outside of the Insured’s control, in reliance upon a Social Engineering Fraud Instruction
directing such transfer, payment, or delivery of Money or Securities, provided that the Insured obtained Official Authorization
from at least two Employees, one of whom is an officer of or serves in a supervisory capacity with the Insured, and who was not
the Employee who initially received the Social Engineering Fraud Instruction which was sent by a person purporting to be an Authorized
Transfer Agent.
| B. | Solely
with respect to the coverage provided by this Rider, the DEFINITIONS section is amended
by the addition of the following new definitions: |
Authorized
Transfer Agent means:
| (1) | a
director, officer, partner, member, or sole proprietor of the Insured; |
| (2) | an
Employee who is authorized by the Insured to instruct other Employees to transfer, pay
or deliver the Insured’s Money or Securities; or |
| (3) | an
employee of a Vendor authorized by such Vendor and the Insured to direct the Insured’s
Employees to transfer, pay, or deliver the Insured’s Money or Securities in accordance
with the terms of a written agreement between the Vendor and the Insured. |
Official
Authorization means a valid handwritten signature of an actual Employee, or an electronic record of entry and approval into a
wire transfer system, accounting system, or similar system which is capable of maintaining and reproducing an audit trail, which
demonstrates that an actual Employee (other than the Employee actually making the transfer, payment, or delivery) approved a transaction
within their authority. A Forgery is not an Official Authorization. Official Authorization shall not include a typed name in any
form (including but not limited to email, letterhead, or pre-printed material), but shall include electronic reproductions or
handwritten signatures in any form.
Securities
means Certificated Securities or Uncertificated Securities.
AXIS 1012863
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Page 1 of
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|
FINANCIAL
INSTITUTION BOND |
Social
Engineering Fraud Instruction means a telephonic, written, or electronic instruction communicated to an Employee by a natural
person purporting to be an Authorized Transfer Agent, or by an individual acting in collusion with such person, for the purpose
of intentionally misleading an Employee to transfer, pay, or deliver the Insured’s Money or Securities, but which instruction
was not actually made by an Authorized Transfer Agent; provided, however, that Social Engineering Fraud Instruction shall not
include any such instruction communicated by an employee of a Vendor who was acting in collusion with any third-party in communicating
such instruction.
Vendor
means any entity or natural person that provides goods or support services to the Insured pursuant to a written agreement between
the Vendor and the Insured. Vendor does not include any customer, automated clearing house, custodian, financial institution,
administrator, counter-party, or any similar entity.
| C. | Solely
with respect to the coverage provided by this Rider, and solely with respect to bond
forms 15 and 24, the DEFINITIONS section is amended by the addition of the following
new definition: |
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 upon books maintained
for that purpose by or on behalf of the issuer; |
| (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. |
| D. | The
EXCLUSIONS section, Exclusion (u), is replaced by the following: |
(u)
loss caused by an Employee, except when covered under:
| (1) | Insuring
Agreement (A); |
| (2) | Insuring
Agreement (B) or (C) and resulting directly from misplacement, mysterious unexplainable
disappearance, or destruction of or damage to Property; or |
| (3) | the
Social Engineering Fraud Insuring Agreement and resulting directly from unintentional
acts of the Employee. |
| E. | The
EXCLUSIONS section is amended by the addition of the following Exclusion: |
loss
resulting directly or indirectly from an Employee relying upon and/or acting upon a Social Engineering Fraud Instruction, except
when covered under the Social Engineering Fraud Insuring Agreement.
| F. | The
applicable Single Loss Limit of Liability and Single Loss Deductible for the Social Engineering
Fraud Insuring Agreement are as set forth in the Declarations or in the above schedule. |
| G. | The
LIMIT OF LIABILITY section is amended by the addition of the following: |
Social
Engineering Fraud Insuring Agreement Aggregate Limit of Liability
The
Underwriter’s total liability for all losses covered under the Social Engineering Fraud Insuring Agreement and discovered
during the Bond Period shown in Item 2 of the Declarations shall not exceed the Social Engineering Fraud Insuring Agreement Aggregate
Limit of Liability set forth in the SOCIAL ENGINEERING FRAUD INSURING AGREEMENT COVERAGE SCHEDULE. The Social Engineering
Fraud Insuring Agreement Aggregate Limit of Liability shall be reduced by the amount of any payment made under the terms of the
Social Engineering Fraud Insuring Agreement.
AXIS 1012863
0221 |
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Page 2 of
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|
FINANCIAL
INSTITUTION BOND |
Upon
exhaustion of the Social Engineering Fraud Insuring Agreement Aggregate Limit of Liability by such payments:
| (a) | the
Underwriter shall have no further liability for loss or losses under the Social Engineering
Fraud Insuring Agreement regardless of when discovered and whether or not previously
reported to the Underwriter, and |
| (b) | solely
with respect to the Social Engineering Fraud Insuring Agreement, the Underwriter shall
have no obligation under General Agreement F to continue the defense of the Insured,
and upon notice by the Underwriter to the Insured that the Social Engineering Fraud Insuring
Agreement Aggregate Limit of Liability has been exhausted, the Insured shall assume all
responsibility for its defense at its own cost. |
The
Social Engineering Fraud Insuring Agreement Aggregate Limit of Liability is part of, and not in addition to, the Aggregate Limit
of Liability shown in Item 3 of the Declarations.
The
Social Engineering Fraud Insuring Agreement Aggregate Limit of Liability shall not be increased or reinstated by any recovery
made and applied in accordance with subsections (a), (b) and (c) of Section 7.
| H. | The
Social Engineering Fraud Insuring Agreement does not apply to any loss discovered during
the Bond Period but occurring prior to the Social Engineering Fraud Insuring Agreement
Prior Acts Date set forth in the Coverage Schedule of this Rider. |
All
other provisions of the bond remain unchanged.
AXIS 1012863
0221 |
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copyright material of The Surety Association of America |
Page 3 of
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|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
22 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
EXCLUSION (M) RIDER
It
is agreed that the Section entitled CONDITIONS AND LIMITATIONS, the Section entitled EXCLUSIONS, exclusion (m) is replaced
with the following:
(m)
loss resulting directly or indirectly from surrender of property as a result of:
| (2) | payment
of ransom or any extortion-related payment, |
| (3) | threats
of bodily harm to any person, except the custodian of the property, or of damage to the
premises or property of the Insured, or |
| (4) | actual
disappearance, damage, destruction, confiscation, or theft of property intended as a
ransom or extortion payment while held or conveyed by a person duly authorized by the
Insured to have custody of such property, except when resulting from threats of bodily
harm to the custodian of the property as described in (3) above, |
except
when covered under Insuring Agreement (A);
All
other provisions of the bond remain unchanged.
AXIS 1012869
0421 |
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Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
23 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
AMEND
DEFINITION OF PROPERTY RIDER
(DOES
NOT INCLUDE NON-FUNGIBLE TOKENS)
It
is agreed that the Section entitled CONDITIONS AND LIMITATIONS, the Section entitled DEFINITIONS, the definition of Property
is amended by the addition of the following:
Notwithstanding
the foregoing, Property does not include non-fungible tokens.
All
other provisions of the bond remain unchanged.
AXIS 1012870
0521 |
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copyright material of The Surety Association of America |
Page 1 of
1 |
|
FINANCIAL
INSTITUTION BOND |
Rider
Number |
Effective
Date of Rider |
Bond
Number |
Premium |
24 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
CRYPTOCURRENCY
EXCLUSION RIDER
It
is agreed that:
| A. | The
attached bond is amended by adding to Section 2. EXCLUSIONS - CONDITIONS AND LIMITATIONS,
the following: |
loss
resulting directly or indirectly from the theft, disappearance or destruction of Cryptocurrency or from the change in value of
Cryptocurrency.
| B. | The
attached bond is amended by adding to the bond CONDITIONS AND LIMITATIONS, Section
1. DEFINITIONS the following: |
Cryptocurrency
means a digital or electronic medium of exchange, operating independently of a central authority, in which encryption techniques
are used to regulate the generation of units and to verify the transfer of such units from one person to another.
All
other provisions of the bond remain unchanged.
|
FINANCIAL
INSTITUTION BOND |
Endorsement
Number |
Effective
Date of Endorsement |
Policy
Number |
Premium |
25 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
Clough
Global Dividend And Income Fund Rider
It
is agreed that:
| I. | The
Declarations are amended by the addition of the following item: |
Additional
Premium Percentage: |
125%
of the annualized premium for this bond |
Additional Months: |
12 months |
(If
exercised in accordance with the DISCOVERY PERIOD condition of the bond.)
| II. | The
CONDITIONS AND LIMITATIONS are amended as follows: |
A.
Section 1. DEFINITIONS is amended as follows:
1.
The Definition of Employee is deleted and replaced with the following:
Employee
means:
| 1. | an
officer, partner or other employee of the Insured, while such person is employed by and
performing services for the Insured, and whom the Insured directly compensates by wages,
salaries or commissions; or for 60 days after such individual’s termination of
service, provided such termination is not due to employee fraud or dishonesty; |
| 2. | a
guest student or intern pursuing studies or duties in any of the Insured’s or an
Investment Adviser’s offices or premises covered hereunder, while such person is
performing services for the Insured; |
| 3. | any
attorney retained by the Insured or an Investment Adviser, and any employee of such attorney,
but only while performing legal services for the Insured; |
| 4. | any
natural person assigned to perform the usual duties of an employee within the premises
of the Insured or an Investment Adviser and under the Insured’s supervision, by
contract, including such persons provided by any employment agency furnishing temporary
personnel to the Insured or an Investment Adviser on a contingent or part-time basis,
and including a natural person who is leased to the Insured or an Investment Adviser
under a written agreement between the Insured and a labor leasing firm to perform duties
related to the conduct of the Insured’s business; (all such natural persons provided
by a single employment agency or labor leasing firm will collectively be deemed to be
one person for all the purposes of this bond); |
| 5. | an
employee of an institution merged or consolidated with the Insured prior to the effective
date of this bond, or, subject to General Agreement B., after the effective date of this
bond, but only with respect to acts while an employee of such institution and which acts
caused said institution to sustain a loss that was not known to the Insured or to the
institution at the time of the merger or consolidation; |
MANU-4782
0717 |
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|
FINANCIAL
INSTITUTION BOND |
| 6. | each
natural person, partnership, or corporation authorized by the Insured or an Investment
Adviser to perform services as an Electronic Data Processor (each such Electronic Data
Processor, and the partners, officers and employees of such Electronic Data Processor
will collectively be deemed to be one Employee for all the purposes of this bond); |
| 7. | any
director or trustee of an Insured, Investment Adviser, underwriter (distributor), transfer
agent, shareholder accounting record keeper, or administrator authorized by Written agreement
with the Insured to keep financial or other required records, but only while performing
acts coming within the scope of the usual duties of an officer or employee or while acting
as a member of any committee duly elected or appointed to examine or audit or have custody
of or access to the Property of the Insured; |
| 8. | any
natural person who is a volunteer, while such person is subject to the Insured’s
direction and control and is performing services for the Insured; |
| 9. | any
natural person who is a former employee retained as a consultant, pursuant to a written
agreement with the Insured, while that person is subject to the Insured’s direction
and control and performing services for the Insured; and |
| 10. | any
officer, partner, or employee of: |
| b. | an
underwriter (distributor); |
| c. | a
transfer agent or shareholder accounting record-keeper; or |
| d. | an
administrator authorized by written agreement to keep financial or other required records, |
for
an Insured but only while performing acts coming within the scope of the usual duties of an officer or employee of the Insured,
or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the
Property of any such Insured, provided that only employees or partners of a transfer agent, shareholder accounting record- keeper
or administrator that is an affiliated person, as defined in the Investment Company Act of 1940, of an Insured or is an affiliated
person of the Investment Adviser, underwriter or administrator of such Insured, and that is not a bank, will be included within
the definition of Employee.
Employee
also means any natural person described above while such person is on medical, military, or other leave of absence. Coverage applies
to any such Employee while on leave, regardless of whether such person remains subject to the Insured’s direction and control
during the time of leave.
Employee
does not mean any agent, broker, factor, commission merchant, consignee, independent contractor or representative or other person
of the same general character not specified above.
2.
The following Definitions are added:
| ● | Electronic
Data Processor means a natural person, partnership or corporation authorized in writing
by the Insured or an Investment Adviser to perform services as a data processor of checks
presented to the Insured by a customer or Financial Institution, but excluding any such
processor who acts as a transfer agent or in any other agency capacity in issuing checks,
drafts or securities for the Insured. A Federal Reserve Bank or clearinghouse will not
be construed to be an Electronic Data Processor. |
| ● | Electronic
Record means information that is created, generated, sent, communicated, received, or
stored by electronic means, and is retrievable in perceivable form. |
MANU-4782
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Page 2 of
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|
FINANCIAL
INSTITUTION BOND |
| ● | Financial
Institution means: |
| 1. | a
bank, trust company, savings bank, credit union, savings and loan association, or similar
thrift institution; or |
| 2. | a
stock brokerage firm, mutual fund, liquid assets fund or similar investment institution;
provided that Financial Institution does not include any such entity, institution or
organization that is an Insured or an Investment Adviser. |
| ● | Investment
Adviser means any entity defined in §202(a)(11) of, and registered under, the Investment
Advisers Act of 1940, as amended, but only while acting on behalf of the Insured. |
| ● | Written
means expressed through letters or marks placed upon paper and visible to the eye. It
does not include information contained in an Electronic Record, or only with respect
to Insuring Agreement D, information communicated via telefacsimile. |
| B. | Section
3. DISCOVERY is deleted and replaced with the following: |
This
bond applies to loss discovered by the Insured during the Bond Period. Discovery occurs when the Insured or an Investment Adviser
first becomes aware of facts that would cause a reasonable person to assume that a loss of a type covered by this bond has been
or will be incurred, regardless of when the act or acts causing or contributing to such loss occurred, even though the exact amount
or details of loss may not then be known.
Discovery
also occurs when the Insured or an Investment Adviser receives notice of an actual or potential claim in which it is alleged that
the Insured is liable to a third party under circumstances that, if true, would constitute a loss under this bond.
| C. | The
following Condition is added: |
At
any time prior to the cancelation or termination of this bond in its entirety, whether by the Insured, an Investment Adviser,
or the Underwriter, the Insured or an Investment Adviser may give to the Underwriter written notice that it desires under this
bond an additional period of 12 months within which to discover loss sustained by the Insured prior to the effective date of such
cancelation or termination and will pay an additional premium therefor.
Upon
receipt of such notice from the Insured or an Investment Adviser, the Underwriter will give its written consent thereto; provided,
that such additional period of time terminates immediately:
| 1. | on
the effective date of any other insurance obtained by the Insured, its successor in business
or any other party, replacing in whole or in part the insurance afforded by this bond,
whether or not such other insurance provides coverage for loss sustained prior to its
effective date; or |
| 2. | upon
any takeover of the Insured’s business by any state or federal official or agency,
or by any receiver or liquidator acting or appointed for this purpose, |
whichever
occurs first, and without the necessity of the Underwriter giving notice of such termination. In the event that such additional
period of time is terminated, as provided above, the Underwriter will refund on a pro-rata basis, any unearned premium.
MANU-4782
0717 |
Page 3 of
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|
FINANCIAL
INSTITUTION BOND |
The
right to purchase such additional period for the discovery of loss may not be exercised by any state or federal official or agency,
or by any receiver or liquidator, acting or appointed to take over the Insured’s business for the operation or for the liquidation
thereof or for any other purpose.
The
Underwriter’s total liability for any loss discovered during such additional period of time is part of, and not in addition
to, the Single Loss Limit of Liability and, if applicable, Aggregate Limit of Liability, for the Bond Periodthat terminates immediately
preceding the effective date of such additional period.
All
other provisions of the bond remain unchanged.
MANU-4782
0717 |
Page 4 of
4 |
|
FINANCIAL
INSTITUTION BOND |
Endorsement
Number |
Effective
Date of Endorsement |
Policy
Number |
Premium |
26 |
12:01
a.m. on 07/27/2024 |
P-001-000157285-05 |
N/A |
MANUSCRIPT
AUTOMATIC INCREASE IN LIMITS FOR INVESTMENT FUNDS RIDER
It
is agreed that the Section entitled CONDITIONS AND LIMITATIONS, the Section entitled LIMIT OF LIABILITY is amended by the
addition of the following new subsection:
Automatic
Increase in Limits for Investment Funds
If
an increase in bonding limits is required pursuant to Rule 17g-1 of the Investment Company Act of 1940 (“Rule 17g-1”),
as amended, due to an increase in asset size of current investment funds covered under this bond, then the minimum increase in
limits required to comply with Rule 17g-1 shall take place automatically without payment of additional premium for the remainder
of the Bond Period; provided, however, that in no event shall the maximum:
(a) Single
Loss Limit of Liability for each Single Loss under this bond exceed $1,725,000; and
(b) amount
of any sublimit for any Single Loss under any Rider attached to this bond exceed 15% of the amount of such sublimit as shown in
such Rider.
All
other provisions of the bond remain unchanged.
MANU 103304
0721 |
Page 1 of
1 |
July
27, 2024
Clough
Global Dividend and Income Fund
Clough
Global Equity Fund
Clough
Global Opportunities Fund
1700
Broadway, Suite 1850
Denver,
Colorado 80290
Re:
Fidelity Bond – Jointly Insured Letter Agreement
To
Whom It May Concern:
The
parties hereto Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a
“Fund” and collectively the “Funds”) will be named as joint insured(s) pursuant to a bond to be issued
by Axis (the “Bond”), with a limit of liability set at $1,000,000 for all three Funds although for a single Fund,
the limit would be $525,000 for the Clough Global Dividend and Income Fund, $600,000 for the Clough Global Equity Fund, and $750,000
for the Clough Global Opportunities Fund. Rule 17g-1(f) of the Investment Company Act of 1940 (the “Act”), which provides
that where a registered management investment company such as one of the Funds named as insured under a joint insured bond, such
investment company shall enter into an agreement with the other joint insured(s) providing for an equitable and proportionate
share of any recovery under the bond as a result of any loss sustained.
Accordingly,
it is agreed that in the event recovery is received under the Bond as a result of a loss sustained by more than one of the Funds,
each such Fund shall receive an equitable and proportionate share of the recovery, but at least equal to the amount of the minimum
coverage required for such Fund pursuant to Rule 17g-1(d) under the Act.
Very
truly yours,
CLOUGH
GLOBAL EQUITY FUND,
CLOUGH
GLOBAL DIVIDEND AND INCOME FUND
and
CLOUGH GLOBAL OPPORTUNITIES FUND
AGREED:
By: | /s/
Chris Moore |
|
Name: | Chris
Moore |
|
Title: | Secretary |
|
Approval
of Fidelity Bond and E&O/T&O Insurance Policies
| RESOLVED: | That
the Board of the Clough Global Dividend and Income Fund, Clough Global Equity Fund, and
Clough Global Opportunities Fund (the “Funds”) authorizes the officers of
the Funds to negotiate and effect the Funds’ fidelity bond and joint mutual fund
professional and directors and officers’ liability policy (“Joint D&O/E&O
Policy”) based on the parameters outlined to the Board; |
| RESOLVED: | That
the form and amount of the Joint D&O/E&O Policy and joint fidelity bond, as discussed
at the Meeting are approved after consideration of all factors deemed relevant by the
Board; |
| RESOLVED: | That
the Joint D&O/E&O Policy, with the coverages and premiums as described at this
meeting is approved in accordance with Rule 17-d under the Investment Company Act of
1940, as amended (the “1940 Act”); |
| RESOLVED: | That
the officers of the Funds are authorized to execute a letter agreement by and among the
Funds (each an “Insured Party” and collectively “Insured Parties”)
providing that in the event of a loss sustained by the Insured Parties, each Insured
Party shall receive an equitable and proportionate share of the recovery; |
| RESOLVED: | That
the Secretary of the Funds is designated as the officer responsible for making the necessary
filings and giving the notices with respect to such fidelity bond required by paragraph
(g) of Rule 17g-1 under the 1940 Act; and |
| RESOLVED: | That
the appropriate officers of the Funds are authorized and empowered to take all actions
as they, or any of them in his or her discretion, with the advice of counsel, may deem
necessary or appropriate to carry out the intents and purposes of the foregoing resolutions. |