POLICY
COVER SHEET
Job
Name:
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XP3312I
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Print
Date and Time: 07/23/08 15:24
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File
Number: O617O
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Business
Center/
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Original
Business Unit:
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Policy
Number:
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483PB0866
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Name
of insured:
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CLOUGH
GLOBAL ALLOCATION FUND
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Agency
Number:
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3164895
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Department
or Expense Center:
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Underwriter:
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0
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Underwriting
Team:
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Data
Entry Person:
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PEDEN,KATHRYN
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Date
and Time:
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07/23/08
00:00 001
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Special
Instructions
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Policy
Commencement Date:
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07/27/08
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THIS
POLICY CONTAINS FORMS SELECTED THROUGH DOCUMENT SELECT
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THE
FOLLOWING SELECTED FORMS ARE NOT APPROVED ON THE FORMS STATUS TABLE
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FORM NBR
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EDITION
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CO
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STATE
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TRANS
DATE
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*
ND059
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11.06
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1
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CO
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2008-07-27*
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The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
40724
Ed.12-90 Printed in U.S.A. INSURED COPY
1
DELIVERY
INVOICE
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Company:
St Paul Fire and Marine Insurance Company
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INSURED
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CLOUGH
GLOBAL ALLOCATION FUND
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Policy
Inception/Effective Date: 07/27/08
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1290
BROADWAY SUITE 1100 Agency Number:
3164895
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DENVER
CO 80203
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Marsh
Affinity Group Services
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Transaction
Type:
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Renewal
of 483PB0791
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Transaction
number: 001
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Processing
date: 07/23/2008
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Policy
Number: 483PB0866
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AGENT
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Marsh
Affinity Group Services
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12421
Merideth Drive
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Urbandale,
IA 50398
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Policy Description
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Amount
Surtax/
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Number
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Surcharge
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07/27/2008
Investment Company Blanket Bond $8,875
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Policy
Period: 07/27/2008 - 07/27/2009
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The
hard copy of the bond issued by the Underwriter will be referenced in the
event of a loss
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40724
Ed.12-90 Printed in U.S.A. INSURED COPY
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1
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ND044
Rev. 1-08
2
IMPORTANT
NOTICE - INDEPENDENT AGENT AND BROKER COMPENSATION NO COVERAGE IS PROVIDED BY
THIS NOTICE. THIS NOTICE DOES NOT AMEND ANY PROVISION OF YOUR POLICY. YOU
SHOULD REVIEW YOUR ENTIRE POLICY CAREFULLY FOR COMPLETE INFORMATION ON THE
COVERAGES PROVIDED AND TO DETERMINE YOUR RIGHTS AND DUTIES UNDER YOUR POLICY.
PLEASE CONTACT YOUR AGENT OR BROKER IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTICE
OR ITS CONTENTS. IF THERE IS ANY CONFLICT BETWEEN YOUR POLICY AND THIS NOTICE,
THE PROVISIONS OF YOUR POLICY PREVAIL.
For
information about how Travelers compensates independent agents and brokers,
please visit www.travelers.com, call our toll-free telephone number,
1-866-904-8348, or you may request a written copy from Marketing at One Tower
Square, 2GSA, Hartford, CT 06183.
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ND059
Ed. 11-06 -1
2006
The St. Paul Travelers Companies, Inc. All Rights Reserved
HOW
TO REPORT LOSSES, CLAIMS, OR POTENTIAL CLAIMS TO TRAVELERS
Reporting
new losses, claims, or potential claims promptly can be critical. It helps to
resolve covered losses or claims as quickly as possible and often reduces the
overall cost.
Prompt
reporting:
better
protects the interests of all parties;
helps
Travelers to try to resolve losses or claims more quickly; and
often
reduces the overall cost of a loss or claim - losses or claims
reported
more than five days after they happen cost on average 35% more than those
reported earlier.
Report
losses, claims, or potential claims to Travelers easily and quickly by fax, U S
mail, or email.
FAX
Use
this number to report a loss, claim, or potential claim by fax toll free.
1-888-460-6622
US
MAIL
Use
this address to report a loss, claim, or potential claim by U S Mail.
Bond-FPS
Claims Department
Travelers
Mail
Code NB08F
385
Washington Street
Saint
Paul, Minnesota 55102
EMAIL
Use
this address to report a loss, claim, or potential claim by email.
Pro.E&O.Claim.Reporting@SPT.com
This
is a general description of how to report a loss, claim, or potential claim
under this policy or bond. This description does not replace or add to the
terms of this policy or bond. The policy or bond alone determines the scope of
coverage. Please read it carefully for complete information on coverage.
Contact your agent or broker if you have any questions about coverage.
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
40705
Ed.5-84 Form List
St.Paul
Fire and Marine Insurance Co.1995
1
POLICY
FORM LIST
Heres
a list of all forms included in your policy, on the date shown below. These
forms are listed in the same order as they appear in your policy.
Title
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Form Number
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Edition Date
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Policy Form List
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40705
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05-84
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Investment Company Blanket Bond -
Declarations
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ICB001
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07-04
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Investment Company Blanket Bond - Insuring
Agreements
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ICB005
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07-04
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Named Insured
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Endorsement
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ICB010
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07-04
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Computer Systems
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ICB011
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07-04
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Unauthorized Signatures
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ICB012
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07-04
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Telefacsimile Transactions
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ICB013
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07-04
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Voice-Initiated Transactions
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ICB014
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07-04
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Amend Definition of Employee
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(Exclude EDP Coverage for Computer Software
or Programs)
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ICB015
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07-04
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Definition of Investment Company
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ICB016
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07-04
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Amend Section 2. Exclusions - Loss
Reporting After
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ICB017
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07-04
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Termination of Bond
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Amend Section 13. Termination
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As To Any Employee
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ICB018
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07-04
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Name
of Insured Policy Number 483PB0866
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Effective
Date 07/27/08
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CLOUGH
GLOBAL ALLOCATION FUND
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Processing
Date 07/23/08 00:00 001
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The
hard copy of the bond issued by the Underwriter will be referenced in the
event of a loss
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2
St.Paul
Fire and Marine Insurance Co.1995
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB001
Rev. 7/04
2004
The Travelers Companies, Inc.
1
INVESTMENT
COMPANY BLANKET BOND
St.
Paul Fire and Marine Insurance Company
St.
Paul, Minnesota 55102-1396
(A
Stock Insurance Company, herein called Underwriter)
DECLARATIONS
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BOND
NO. 483PB0866
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Item
1.
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Name
of Insured (herein called Insured):
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CLOUGH
GLOBAL ALLOCATION FUND
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Principal
Address:
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1290
Broadway, Suite 1100
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Denver,
CO 80203
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Item
2.
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Bond
Period from 12:01 a.m. on 07/27/08 to 12:01 a.m. on 07/27/2009 the
effective date of the termination or cancellation of the bond, standard time
at the Principal Address as to each of said dates.
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Item
3.
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Subject
to Sections 9, 10, and 12 hereof:
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Limit of
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Deductible
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Liability
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Amount
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Insuring Agreement A - FIDELITY
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$
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2,500,000
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$
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25,000
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Insuring Agreement B - AUDIT EXPENSE
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$
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25,000
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$
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0
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Insuring Agreement C - PREMISES
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$
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2,500,000
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$
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25,000
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Insuring Agreement D - TRANSIT
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$
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2,500,000
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$
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25,000
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Insuring Agreement E - FORGERY OR ALTERATION
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$
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2,500,000
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$
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25,000
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Insuring Agreement F - SECURITIES
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$
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2,500,000
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$
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25,000
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Insuring Agreement G - COUNTERFEIT CURRENCY
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$
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$
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Insuring Agreement H - STOP PAYMENT
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$
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25,000
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$
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2,500
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Insuring Agreement I - UNCOLLECTIBLE ITEMS
OF DEPOSIT
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$
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25,000
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$
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2,500
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OPTIONAL COVERAGES ADDED BY RIDER:
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J. Unauthorized Signature
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$
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25,000
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$
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2,500
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K. Computer Systems
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$
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2,500,000
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$
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25,000
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L. Voice Initiated Transfer
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$
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2,500,000
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$
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25,000
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N. Telefacsimile
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$
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2,500,000
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$
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25,000
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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
4.
Offices
or Premises Covered - Offices acquired or established subsequent to the
effective date of this bond are covered according to the terms of
General Agreement A. All the Insureds
offices or premises in existence at the time this bond becomes effective are
covered under this bond except the offices or premises located as follows:
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB001
Rev. 7/04
2004
The Travelers Companies, Inc.
1
Item
5.
The
liability of the Underwriter is subject to the terms of the following
endorsements or riders attached hereto: Endorsements or Riders No. 1
through
ICB005-07/04,
ICB010-07/04, ICB011-07/04, ICB012-07/04, ICB013-07/04,
ICB014-07/04,
ICB015-07/04, ICB016-07/04, ICB017-07/04, ICB018-07/04
Item
6.
The
Insured by the acceptance of this bond gives notice to the Underwriter
terminating or canceling prior bonds or policy(ies) No.(s) 483PB0791 such
termination or cancellation to be effective as of the time this bond becomes
effective.
IN
WITNESS WHEREOF, the Company has caused this bond to be signed by its President
and Secretary and countersigned by a duly authorized representative of the
Company.
Countersigned:
ST.
PAUL FIRE AND MARINE INSURANCE COMPANY
Authorized
Representative Countersigned At
Countersignature
Date
/s/Bruce
Backberg, Secretary
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/s/Brian
MacLean, President
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The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB005
Ed. 7-04
2
2004
The St. Paul Travelers Companies, Inc. All Right Reserved
INVESTMENT
COMPANY BLANKET BOND
The
Underwriter, in consideration of an agreed premium, and subject to the
Declarations made a part hereof, the General Agreements, Conditions and
Limitations and other terms of this bond, agrees with the Insured, in
accordance with the Insuring Agreements hereof to which an amount of insurance
is applicable as set forth in Item 3 of the Declarations and with respect to
loss sustained by the Insured at any time but discovered during the Bond
Period, to indemnify and hold harmless the Insured for:
INSURING
AGREEMENTS
(A) FIDELITY
Loss
resulting from any dishonest or fraudulent act(s), including Larceny or
Embezzlement, committed by an Employee, committed anywhere and whether
committed alone or in collusion with others, including loss of Property
resulting from such acts of an Employee, which Property is held by the Insured
for any purpose or in any capacity and whether so held gratuitously or not and
whether or not the Insured is liable therefor.
Dishonest
or fraudulent act(s) as used in this Insuring Agreement shall mean only
dishonest or fraudulent act(s) committed by such Employee with the
manifest intent:
(a) to
cause the Insured to sustain such loss; and
(b) to
obtain financial benefit for the Employee, or for any other Person or
organization intended by the Employee to receive such benefit, other than
salaries, commissions, fees, bonuses, promotions, awards, profit sharing,
pensions or other employee benefits earned in the normal course of employment.
(B) AUDIT
EXPENSE
Expense
incurred by the Insured for that part of the costs of audits or 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 sustained by the Insured through any dishonest or fraudulent act(s),
including Larceny or Embezzlement, of any of the Employees. The total liability
of the Underwriter for such expense by reason of such acts of any Employee or
in which such Employee is concerned or implicated or with respect to any one
audit or examination is limited to the amount stated opposite Audit Expense in
Item 3 of the Declarations; it being understood, however, that such expense shall
be deemed to be a loss sustained by the Insured through any dishonest or
fraudulent act(s), including Larceny or Embezzlement, of one or more of the
Employees, and the liability under this paragraph shall be in addition to the
Limit of Liability stated in Insuring Agreement (A) in Item 3 of the
Declarations.
(C) ON
PREMISES
Loss
of Property (occurring with or without negligence or violence) through robbery,
burglary, Larceny, theft, holdup, or other fraudulent means, misplacement,
mysterious unexplainable disappearance, damage thereto or destruction thereof,
abstraction or removal from the possession, custody or control of the Insured,
and loss of subscription, conversion, redemption or deposit privileges through
the misplacement or loss of Property, while the Property is (or is supposed or
believed by the Insured to be) lodged or deposited within any offices or
premises located anywhere, except in an office listed in Item 4 of the
Declarations or amendment thereof or in the mail or with a carrier for hire,
other than an armored motor vehicle company, for the purpose of transportation.
Office
and Equipment
(1) loss
of or damage to furnishings, fixtures, stationery, supplies or equipment,
within any of the Insureds offices covered under this bond caused by Larceny
or theft in, or by burglary, robbery or hold-up of, such office, or attempt
thereat, or by vandalism or malicious mischief; or
(2) loss
through damage to any such office by Larceny or theft in, or by burglary,
robbery or hold-up of, such office, or attempt thereat, or to the interior of
any such office by vandalism or malicious mischief provided, in any event, that
the Insured is the owner of such offices, furnishings, fixtures, stationery,
supplies or equipment or is legally liable for such loss or damage always
excepting, however, all loss or damage through fire.
(D) IN
TRANSIT
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB005
Ed. 7-04
1
2004
The St. Paul Travelers Companies, Inc. All Right Reserved
Loss
of Property (occurring with or without negligence or violence) through robbery,
Larceny, theft, hold-up, misplacement, mysterious unexplainable disappearance,
being lost or otherwise made away with, damage thereto or destruction thereof,
and loss of subscription, conversion, redemption or deposit privileges through
the misplacement or loss of Property, while the Property is in transit anywhere
in the custody of any person or persons acting as messenger, except while in
the mail or with a carrier for hire, other than an armored motor vehicle
company, for the purpose of transportation, such transit to begin immediately
upon receipt of such Property by the transporting person or persons, and to end
immediately upon delivery thereof at destination.
(E) FORGERY
0R ALTERATION
Loss
through Forgery or alteration of or on:
(1) any
bills of exchange, checks, drafts, acceptances, certificates of deposit,
promissory notes, or other written promises, orders or directions to pay sums
certain in money, due bills, money orders, warrants, orders upon public
treasuries, letters of credit; or
(2) other
written instructions, advices or applications directed to the Insured,
authorizing or acknowledging the transfer, payment, delivery or receipt of
funds or Property, which instructions, advices or applications purport to have
been signed or endorsed by any:
(a) customer
of the Insured, or
(b) shareholder
or subscriber to shares, whether certificated or uncertificated, of any
Investment Company, or
(c) financial
or banking institution or stockbroker,
but
which instructions, advices or applications either bear the forged signature or
endorsement or have been altered without the knowledge and consent of such customer,
shareholder or subscriber to shares, or financial or banking institution or
stockbroker; or
(3) withdrawal
orders or receipts for the withdrawal of funds or Property, or receipts or
certificates of deposit for Property and bearing the name of the Insured as
issuer, or of another Investment Company for which the Insured acts as agent,
excluding, however, any loss covered under Insuring Agreement (F) hereof
whether or not coverage for Insuring Agreement (F) is provided for in the
Declarations of this bond.
Any
check or draft (a) made payable to a fictitious payee and endorsed in the
name of such fictitious payee or (b) procured in a transaction with the
maker or drawer thereof or with one acting as an agent of such maker or drawer
or anyone impersonating another and made or drawn payable to the one so
impersonated and endorsed by anyone other than the one impersonated, shall be
deemed to be forged as to such endorsement.
Mechanically reproduced facsimile signatures
are treated the same as handwritten signatures.
(F) SECURITIES
Loss
sustained by the Insured, including loss sustained by reason of a violation of
the constitution by-laws, rules or regulations of any Self Regulatory
Organization of which the Insured is a member or which would have been imposed
upon the Insured by the constitution, by-laws, rules or regulations of any
Self Regulatory Organization if the Insured had been a member thereof,
(1) through
the Insureds having, in good faith and in the course of business, whether for
its own account or for the account of others, in any representative, fiduciary,
agency or any other capacity, either gratuitously or otherwise, purchased or
otherwise acquired, accepted or received, or sold or delivered, or given any
value, extended any credit or assumed any liability, on the faith of, or
otherwise acted upon, any securities, documents or other written instruments
which prove to have been:
(a) counterfeited,
or
(b) forged
as to the signature of any maker, drawer, issuer, endorser, assignor, lessee,
transfer agent or registrar, acceptor, surety or guarantor or as to the
signature of any person signing in any other capacity, or
(c) raised
or otherwise altered, or lost, or stolen, or
(2) through
the Insureds having, in good faith and in the course of business, guaranteed
in writing or witnessed any signatures whether for valuable consideration or
not and whether or not such guaranteeing or witnessing is ultra vires the
Insured, upon any transfers,
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB005
Ed. 7-04
2
2004
The St. Paul Travelers Companies, Inc. All Right Reserved
assignments,
bills of sale, powers of attorney, guarantees, endorsements or other obligations
upon or in connection with any securities, documents or other written
instruments and which pass or purport to pass title to such securities,
documents or other written instruments; excluding losses caused by Forgery or
alteration of, on or in those instruments covered under Insuring Agreement (E) hereof.
Securities,
documents or other written instruments shall be deemed to mean original
(including original counterparts) negotiable or non-negotiable agreements which
in and of themselves represent an equitable interest, ownership, or debt,
including an assignment thereof, which instruments are, in the ordinary course
of business, transferable by delivery of such agreements with any necessary
endorsement or assignment.
The
word counterfeited as used in this Insuring Agreement shall be deemed to mean
any security, document or other written instrument which is intended to deceive
and to be taken for an original.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.
(G) COUNTERFEIT
CURRENCY
Loss
through the receipt by the Insured, in good faith, of any counterfeited money
orders or altered paper currencies or coin of the United States of America or
Canada issued or purporting to have been issued by the United States of America
or Canada or issued pursuant to a United States of America or Canada statute
for use as currency.
(H) STOP
PAYMENT
Loss
against any and all sums which the Insured shall become obligated to pay by
reason of the liability imposed upon the Insured by law for damages:
For
having either complied with or failed to comply with any written notice of any
customer, shareholder or subscriber of the Insured or any Authorized
Representative of such customer, shareholder or subscriber to stop payment of
any check or draft made or drawn by such customer, shareholder or subscriber or
any Authorized Representative of such customer, shareholder or subscriber, or
For
having refused to pay any check or draft made or drawn by any customer,
shareholder or subscriber of the Insured or any Authorized Representative of
such customer, shareholder or subscriber.
(I) UNCOLLECTIBLE
ITEMS OF DEPOSIT
Loss
resulting from payments of dividends or fund shares, or withdrawals permitted
from any customers, shareholders, or subscribers account based upon
Uncollectible Items of Deposit of a customer, shareholder or subscriber
credited by the Insured or the Insureds agent to such customers, shareholders
or subscribers Mutual Fund Account; or loss resulting from an Item of Deposit
processed through an Automated Clearing House which is reversed by the
customer, shareholder or subscriber and deemed uncollectible by the Insured.
Loss includes dividends and
interest accrued not to exceed 15% of the Uncollectible Items which are
deposited.
This
Insuring Agreement applies to all Mutual Funds with exchange privileges if
all Fund(s) in the exchange program are insured by the Underwriter for
Uncollectible Items of Deposit. Regardless of the number of transactions
between Fund(s), the minimum number of days of deposit within the Fund(s) before
withdrawal as declared in the Fund(s) prospectus shall begin from the date
a deposit was first credited to any Insured Fund(s).
GENERAL
AGREEMENTS
A.
ADDITIONAL OFFICES OR EMPLOYEES CONSOLIDATION OR MERGER - NOTICE
(1) If
the Insured shall, while this bond is in force, establish any additional office
or offices, such offices shall be automatically covered hereunder from the
dates of their establishment, respectively. No notice to the Underwriter of an
increase during any premium period in the number of offices or in the number of
Employees at any of the offices covered hereunder need be given and no
additional premium need be paid for the remainder of such premium period.
(2) If
an Investment Company, named as Insured herein, shall, while this bond is in
force, merge or consolidate with, or purchase the assets of another
institution, coverage for such acquisition shall apply automatically
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB005
Ed. 7-04
3
2004
The St. Paul Travelers Companies, Inc. All Right Reserved
from
the date of acquisition. The Insured shall notify the Underwriter of such acquisition
within 60 days of said date, and an additional premium shall be computed only
if such acquisition involves additional offices or employees.
B.
WARRANTY
No
statement made by or on behalf of the Insured, whether contained in the
application or otherwise, shall be deemed to be a warranty of anything except
that it is true to the best of the knowledge and belief of the person making
the statement.
C.
COURT COSTS AND ATTORNEYS FEES
(Applicable
to all Insuring Agreements or Coverages now or hereafter forming part of this
bond)
The
Underwriter will indemnify the Insured against court costs and reasonable
attorneys fees incurred and paid by the Insured in defense, whether or not
successful, whether or not fully litigated on the merits and whether or not
settled, of any suit or legal proceeding brought against the Insured to enforce
the Insureds liability or alleged liability on account of any loss, claim or
damage which, if established against the Insured, would constitute a loss
sustained by the Insured covered under the terms of this bond provided,
however, that with respect to Insuring Agreement (A) this indemnity shall
apply only in the event that:
(1) an
Employee admits to being guilty of any dishonest or fraudulent act(s),
including Larceny or Embezzlement; or
(2) an
Employee is adjudicated to be guilty of any dishonest or fraudulent act(s),
including Larceny or Embezzlement;
(3) in
the absence of (1) or (2) above an arbitration panel agrees, after a
review of an agreed statement of facts, that an Employee would be found guilty
of dishonesty if such Employee were prosecuted.
The
Insured shall promptly give notice to the Underwriter of any such suit or legal
proceedings and at the request of the Underwriter shall furnish it with copies
of all pleadings and other papers therein. At the Underwriters election the
Insured shall permit the Underwriter to conduct the defense of such suit or
legal proceeding, in the Insureds name, through attorneys of the Underwriters
selection. In such event, the Insured shall give all reasonable information and
assistance which the Underwriter shall deem necessary to the proper defense of
such suit or legal proceeding.
If
the amount of the Insureds liability or alleged liability is greater than the
amount recoverable under this bond, or if a Deductible Amount is applicable, or
both, the liability of the Underwriter under this General Agreement is limited
to the proportion of court costs and attorneys fees incurred and paid by the
Insured or by the Underwriter that the amount recoverable under this bond bears
to the total of such amount plus the amount which is not so recoverable. Such
indemnity shall be in addition to the Limit of Liability for the applicable
Insuring Agreement or Coverage.
D.
FORMER EMPLOYEE
Acts
of an Employee, as defined in this bond, are covered under Insuring Agreement (A) only
while the Employee is in the Insureds employ. Should loss involving a former
Employee of the Insured be discovered subsequent to the termination of
employment, coverage would still apply under Insuring Agreement (A) if the
direct proximate cause of the loss occurred while the former Employee performed
duties within the scope of his/her employment.
THE
FOREGOING INSURING AGREEMENTS AND GENERAL AGREEMENTS ARE SUBJECT TO THE
FOLLOWING CONDITIONS AND LIMITATIONS:
SECTION 1.
DEFINITIONS
The
following terms, as used in this bond have the respective meanings stated in
this Section:
(a) Employee
means:
(1) any
of the Insureds officers, partners, or and employees, and
(2) any
of the officers or employees of any predecessor of the Insured whose principal
assets are acquired by the Insured by consolidation or merger with, or purchase
of assets or capital stock of, such predecessor, and
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
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(3) attorneys
retained by the Insured to perform legal services for the Insured and the
employees of such attorneys while such attorneys or employees of such attorneys
are performing such services for the Insured, and
(4) guest
students pursuing their studies or duties in any of the Insureds offices, and
(5) directors
or trustees of the Insured, the investment advisor, underwriter (distributor),
transfer agent, or shareholder accounting record keeper, or administrator
authorized by written agreement to keep financial and/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, and
(6) any
individual or individuals assigned to perform the usual duties of an employee
within the premises of the Insured, by contract, or by any agency furnishing
temporary personnel on a contingent or part-time basis, and
(7) each
natural person, partnership or corporation authorized by written agreement with
the Insured to perform services as electronic data processor of checks or other
accounting records of the Insured, but excluding any such processor who acts as
transfer agent or in any other agency capacity in issuing checks, drafts or
securities for the Insured, unless included under sub-section (9) hereof,
and
(8) those
persons so designated in Section 15, Central Handling of Securities, and
(9) any
officer, partner, or Employee of:
(a) an
investment advisor, (b) an underwriter (distributor), (c) a transfer
agent or shareholder accounting record-keeper, or (d) an administrator
authorized by written agreement to keep financial and/or other required
records, for an Investment Company named as Insured while performing acts
coming within the scope of the usual duties of an officer or Employee of any
investment Company named as Insured herein, 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 Investment Company, provided that only
Employees or partners of a transfer agent, shareholder accounting record-keeper
or administrator which is an affiliated person, as defined in the Investment
Company Act of 1940, of an Investment Company named as Insured or is an
affiliated person of the advisor, underwriter or administrator of such
Investment Company, and which is not a bank, shall be included within the
definition of Employee. Each employer of temporary personnel or processors as
set forth in sub-sections (6) and (7) of Section 1(a) and
their partners, officers and employees shall collectively be deemed to be one
person for all the purposes of this bond, excepting, however, the last
paragraph of Section 13. Brokers, or other agents under contract or
representatives of the same general character shall not be considered
Employees.
(b) Property
means money (i.e. currency, coin, bank notes, Federal Reserve notes), postage
and revenue stamps, U.S. Savings Stamps, bullion, precious metals of all kinds
and in any form and articles made therefrom, jewelry, watches, necklaces,
bracelets, gems, precious and semi-precious stones, bonds, securities,
evidences of debts, debentures, scrip, certificates, interim receipts,
warrants, rights, puts, calls, straddles, spreads, transfers, coupons, drafts,
bills of exchange, acceptances, notes, checks, withdrawal orders, money orders,
warehouse receipts, bills of lading, conditional sales contracts, abstracts of
title, insurance policies, deeds, mortgages under real estate and/or chattels
and upon interests therein, and assignments of such policies, mortgages and
instruments, and other valuable papers, including books of account and other
records used by the Insured in the conduct of its business, and all other
instruments similar to or in the nature of the foregoing including Electronic
Representations of such instruments enumerated above (but excluding all data
processing records) in which the Insured has an interest or in which the
Insured acquired or should have acquired an interest by reason of a predecessors
declared financial condition at the time of the Insureds consolidation or
merger with, or purchase of the principal assets of, such predecessor or which
are held by the Insured for any purpose or in any capacity and whether so held
gratuitously or not and whether or not the Insured is liable therefor.
(c) Forgery
means the signing of the name of another with intent to deceive; it does not
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
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include
the signing of ones own name with or without authority, in any capacity, for
any purpose.
(d) Larceny
and Embezzlement as it applies to any named Insured means those acts as set
forth in Section 37 of the Investment Company Act of 1940.
(e) Items
of Deposit means any one or more checks and drafts. Items of Deposit shall not
be deemed uncollectible until the Insureds collection procedures have failed.
SECTION 2.
EXCLUSIONS THIS BOND, DOES NOT COVER:
(a) loss
effected directly or indirectly by means of forgery or alteration of, on or in
any instrument, except when covered by Insuring Agreement (A), (E), (F) or
(G).
(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 (D),
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,
in time of peace or war, directly or indirectly caused by or resulting 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 wrongful 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, partial owner or partner 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 from the complete or partial non-payment of, or
default upon, any loan or transaction in the nature of, or amounting to, a loan
made by or obtained from the Insured or any of its partners, directors or
Employees, whether authorized or unauthorized and whether procured in good
faith or through trick, artifice fraud or false pretenses, unless such loss is
covered under Insuring Agreement (A), (E) or (F). (f) loss resulting
from any violation by the Insured or by any Employee: (1) of law
regulating (a) the issuance, purchase or sale of securities, (b) securities
transactions upon Security Exchanges or over the counter market, (c) Investment
Companies, or (d) Investment Advisors, or (2) of any rule or
regulation made pursuant to any such law. unless such loss, in the absence of
such laws, rules or regulations, would be covered under Insuring
Agreements (A) or (E). (g) loss of Property or loss of privileges
through the misplacement or loss of Property as set forth in Insuring Agreement
(C) or (D) while the Property is in the custody of any armored motor
vehicle company, unless such loss shall be in excess of the amount recovered or
received by the Insured under (a) the Insureds contract with said armored
motor vehicle company, (b) insurance carried by said armored motor vehicle
company for the benefit of users of its service, and (c) all other
insurance and indemnity in force in whatsoever form carried by or for the
benefit of users of said armored motor vehicle companys service, and then this
bond shall cover only such excess. (h) potential income, including but not
limited to interest and dividends, not realized by the Insured because of a
loss covered under this bond, except as included under Insuring Agreement (I). (i) all
damages of any type for which the Insured is legally liable, except direct
compensatory damages arising from a loss covered under this bond. (j) 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).
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
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(k) all
costs, fees and other expenses incurred by the Insured in establishing the
existence of or amount of loss covered under this bond unless such indemnity is
provided for under Insuring Agreement (B). (l) loss resulting from
payments made or withdrawals from the account of a customer of the Insured,
shareholder or subscriber to shares involving funds erroneously credited to
such account, unless such payments are made to or withdrawn by such depositors
or representative of such person, who is within the premises of the drawee bank
of the Insured or within the office of the Insured at the time of such payment
or withdrawal or unless such payment is covered under Insuring Agreement (A). (m) any
loss resulting from Uncollectible Items of Deposit which are drawn from a
financial institution outside the fifty states of the United States of America,
District of Columbia, and territories and possessions of the United States of
America, and Canada.
SECTION 3.
ASSIGNMENT OF RIGHTS
This
bond does not afford coverage in favor of any Employers of temporary personnel
or of processors as set forth in sub-sections (6) and (7) of Section 1(a) of
this bond, as aforesaid, and upon payment to the Insured by the Underwriter on
account of any loss through dishonest or fraudulent act(s) including
Larceny or Embezzlement committed by any of the partners, officers or employees
of such Employers, whether acting alone or in collusion with others, an
assignment of such of the Insureds rights and causes of action as it may have
against such Employers by reason of such acts so committed shall, to the extent
of such payment, be given by the Insured to the Underwriter, and the Insured
shall execute all papers necessary to secure to the Underwriter the rights
herein provided for.
SECTION 4.
LOSS -NOTICE -PROOF LEGAL PROCEEDINGS
This
bond is for the use and benefit only of the Insured named in the Declarations
and the Underwriter shall not be liable hereunder for loss sustained by anyone
other than the Insured unless the Insured, in its sole discretion and at its
option, shall include such loss in the Insureds proof of loss. At the earliest
practicable moment after discovery of any loss hereunder the Insured shall give
the Underwriter written notice thereof and shall also within six months after
such discovery furnish to the Underwriter affirmative proof of loss with full
particulars. If claim is made under this bond for loss of securities or shares,
the Underwriter shall not be liable unless each of such securities or shares is
identified in such proof of loss by a certificate or bond number or, where such
securities or shares are uncertificated, by such identification means as agreed
to by the Underwriter. The Underwriter shall have thirty days after notice and
proof of loss within which to investigate the claim, but where the loss is
clear and undisputed, settlement shall be made within forty-eight hours; and
this shall apply notwithstanding the loss is made up wholly or in part of
securities of which duplicates may be obtained. Legal proceedings for recovery
of any loss hereunder shall not be brought prior to the expiration of sixty
days after such proof of loss is filed with the Underwriter nor after the
expiration of twenty-four months from the discovery of such loss, except that
any action or proceedings to recover hereunder on account of any judgment
against the Insured in any suit mentioned in General Agreement C or to recover
attorneys fees paid in any such suit, shall be begun within twenty-four months
from the date upon which the judgment in such suit shall become final. 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 be
equal to the minimum period of limitation permitted by such law. Discovery
occurs when the Insured: (a) becomes aware of facts, or (b) receives
written notice of an actual or potential claim by a third party which alleges
that the Insured is liable under circumstances, which would cause a reasonable
person to assume that a loss covered by the bond has been or will be incurred
even though the exact amount or details of loss may not be then known.
SECTION 5.
VALUATION OF PROPERTY
The
value of any Property, except books of accounts or other records used by the
Insured in the conduct of its business, for the loss of which a claim shall be
made hereunder, shall be determined by the average market value of such
Property on the business day next preceding the discovery of such loss;
provided, however, that the value of any Property replaced by the Insured prior
to the payment of claim therefor shall be the actual market value at the time
of replacement; and further provided that in case of a loss or misplacement of
interim certificates, warrants, rights, or other securities, the production of
which is necessary to the exercise of subscription, conversion, redemption or
deposit privileges, the value thereof shall be the market value of such
privileges
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
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The St. Paul Travelers Companies, Inc. All Right Reserved
immediately
preceding the expiration thereof if said loss or misplacement is not discovered
until after their expiration. If no market price is quoted for such Property or
for such privileges, the value shall be fixed by agreement between the parties
or by arbitration.
In
case of any loss or damage to Property consisting of books of accounts or other
records used by the Insured in the conduct of 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 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.
SECTION 6.
VALUATION OF PREMISES AND FURNISHINGS
In
case of damage to any office of the Insured, or loss of or damage to the
furnishings, fixtures, stationery, supplies, equipment, safes or vaults
therein, the Underwriter shall not be liable for more than the actual cash
value thereof, or for more than the actual cost of their replacement or repair.
The Underwriter may, at its election, pay such actual cash value or make such
replacement or repair. If the underwriter and the Insured cannot agree upon
such cash value or such cost of replacement or repair, such shall be determined
by arbitration.
SECTION 7.
LOST SECURITIES
If
the Insured shall sustain a loss of securities the total value of which is in
excess of the limit stated in Item 3 of the Declarations of this bond, the
liability of the Underwriter shall be limited to payment for, or duplication
of, securities having value equal to the limit stated in Item 3 of the
Declarations of this bond.
If
the Underwriter shall make payment to the Insured for any loss of securities,
the Insured shall thereupon assign to the Underwriter all of the Insureds
rights, title and interest in and to said securities.
With
respect to securities the value of which do not exceed the Deductible Amount
(at the time of the discovery of the loss) and for which the Underwriter may at
its sole discretion and option and at the request of the Insured issue a Lost
Instrument Bond or Bonds to effect replacement thereof, the Insured will pay
the usual premium charged therefor and will indemnify the Underwriter against
all loss or expense that the Underwriter may sustain because of the issuance of
such Lost Instrument Bond or Bonds.
With
respect to securities the value of which exceeds the Deductible Amount (at the
time of discovery of the loss) and for which the Underwriter may issue or
arrange for the issuance of a Lost Instrument Bond or Bonds to effect
replacement thereof, the Insured agrees that it will pay as premium therefor a
proportion of the usual premium charged therefor, said proportion being equal
to the percentage that the Deductible Amount bears to the value of the
securities upon discovery of the loss, and that it will indemnify the issuer of
said Lost Instrument Bond or Bonds against all loss and expense that is not
recoverable from the Underwriter under the terms and conditions of this
Investment Company Blanket Bond subject to the Limit of Liability hereunder.
SECTION 8.
SALVAGE
in
case of recovery, whether made by the Insured or by the Underwriter, on account
of any loss in excess of the Limit of Liability hereunder plus the Deductible
Amount applicable to such loss, from any source other than suretyship,
insurance, reinsurance, security or indemnity taken by or for the benefit of
the Underwriter, the net amount of such recovery, less the actual costs and
expenses of making same, shall be applied to reimburse the Insured in full for
the excess portion of such loss, and the remainder, if any, shall be paid first
in reimbursement of the Underwriter and thereafter in reimbursement of the
Insured for that part of such loss within the Deductible Amount. The Insured
shall execute all necessary papers to secure to the Underwriter the rights
provided for herein.
SECTION 9.
NON-REDUCTION AND NONACCUMULATION OF LIABILITY AND TOTAL LIABILITY
At
all times prior to termination hereof, this bond shall continue in force for
the limit stated in the applicable sections of Item 3 of the Declarations of
this bond notwithstanding any previous loss for which the Underwriter may have
paid or be liable to pay hereunder; PROVIDED, however, that regardless of the
number of years this bond shall continue in force and the number or premiums
which shall be payable or paid, the liability of the Underwriter under this
bond with respect to all loss resulting from:
(a) any
one act of burglary, robbery or holdup, or attempt thereat, in which no Partner
or Employee is concerned or implicated shall be deemed to be one loss, or
(b) any
one unintentional or negligent act on the part of any other person resulting in
damage to or destruction or misplacement of Property, shall be deemed to be one
loss, or
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
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The St. Paul Travelers Companies, Inc. All Right Reserved
(c) all
wrongful acts, other than those specified in (a) above, of any one person
shall be deemed to be one loss, or
(d) all
wrongful acts, other than those specified in (a) above, of one or more
persons (which dishonest act(s) or act(s) of Larceny or Embezzlement
include, but are not limited to, the failure of an Employee to report such acts
of others) whose dishonest act or acts intentionally or unintentionally, knowingly
or unknowingly, directly or indirectly, aid or aids in any way, or permits the
continuation of, the dishonest act or acts of any other person or persons shall
be deemed to be one loss with the act or acts of the persons aided, or
(e) any
one casualty or event other than those specified in (a), (b), (c) or (d) preceding,
shall be deemed to be one loss, and shall be limited to the applicable Limit of
Liability stated in Item 3 of the Declarations of this bond irrespective of the
total amount of such loss or losses and shall not be cumulative in amounts from
year to year or from period to period.
Sub-section
(c) is not applicable to any situation to which the language of
sub-section (d) applies.
SECTION 10.
LIMIT OF LIABILITY
With
respect to any loss set forth in the PROVIDED clause of Section 9 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 cancelled or allowed
to expire and in which the period of discovery has not expired at the time any
such loss thereunder is discovered, the total liability of the Underwriter
under this bond and under 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.
SECTION 11.
OTHER INSURANCE
If
the Insured shall hold, as indemnity against any loss covered hereunder, any
valid and enforceable insurance or suretyship, the Underwriter shall be liable
hereunder only for such amount of such loss which is in excess of the amount of
such other insurance or suretyship, not exceeding, however, the Limit of
Liability of this bond applicable to such loss.
SECTION 12.
DEDUCTIBLE
The
Underwriter shall not be liable under any of the Insuring Agreements of this
bond on account of loss as specified, respectively, in sub-sections (a), (b),
(c), (d) and (e) of Section 9, NON-REDUCTION AND
NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY, unless the amount of such
loss, after deducting the net amount of all reimbursement and/or recovery
obtained or made by the Insured, other than from any bond or policy of
insurance issued by an insurance company and covering such loss, or by the
Underwriter on account thereof prior to payment by the Underwriter of such
loss, shall exceed the Deductible Amount set forth in Item 3 of the
Declarations hereof (herein called Deductible Amount), and then for such excess
only, but in no event for more than the applicable Limit of Liability stated in
Item 3 of the Declarations. The Insured will bear, in addition to the
Deductible Amount, premiums on Lost Instrument Bonds as set forth in Section 7.
There shall be no deductible applicable to any loss under Insuring Agreement A
sustained by any Investment Company named as Insured herein.
SECTION 13.
TERMINATION
The
Underwriter may terminate this bond as an entirety by furnishing written notice
specifying the termination date, which cannot be prior to 60 days after the
receipt of such written notice by each Investment Company named as Insured and
the Securities and Exchange Commission, Washington, D.C. The Insured may
terminate this bond as an entirety by furnishing written notice to the
Underwriter. When the Insured cancels, the Insured shall furnish written notice
to the Securities and Exchange Commission, Washington, D.C., prior to 60 days before
the effective date of the termination. The Underwriter shall notify all other
Investment Companies named as Insured of the receipt of such termination notice
and the termination cannot be effective prior to 60 days after receipt of
written notice by all other Investment Companies. Premiums are earned until the
termination date as set forth herein.
This
Bond will terminate as to any one Insured immediately upon taking over of such
Insured by a receiver or other liquidator or by State or Federal officials, or
immediately upon the filing of a petition under any State or Federal statute
relative to bankruptcy or reorganization of the Insured, or assignment for the
benefit of creditors of the Insured, or immediately upon such Insured ceasing
to exist, whether through merger into another entity, or by disposition of all
of its assets.
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
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The St. Paul Travelers Companies, Inc. All Right Reserved
The
Underwriter shall refund the unearned premium computed at short rates in
accordance with the standard short rate cancellation tables if terminated by
the Insured or pro rata if terminated for any other reason.
This Bond shall terminate:
(a) as
to any Employee as soon as any partner, officer or supervisory Employee of the
Insured, who is not in collusion with such Employee, shall learn of any
dishonest or fraudulent act(s), including Larceny or Embezzlement on the part
of such Employee without prejudice to the loss of any Property then in transit
in the custody of such Employee (see Section 16(d)), or
(b) as
to any Employee 60 days after receipt by each Insured and by the Securities and
Exchange Commission of a written notice from the Underwriter of its desire to
terminate this bond as to such Employee, or
(c) as
to any person, who is a partner, officer or employee of any Electronic Data
Processor covered under this bond, from and after the time that the Insured or
any partner or officer thereof not in collusion with such person shall have
knowledge or information that such person has committed any dishonest or
fraudulent act(s), including Larceny or Embezzlement in the service of the
Insured or otherwise, whether such act be committed before or after the time
this bond is effective.
SECTION 14.
RIGHTS AFTER TERMINATION OR CANCELLATION
At
any time prior to the termination or cancellation of this bond as an entirety,
whether by the Insured or the Underwrite, the Insured may give the Underwriter
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 termination or cancellation and shall pay an additional premium therefor.
Upon
receipt of such notice from the Insured, the Underwriter shall give its written
consent thereto; provided, however, that such additional period of time shall
terminate immediately:
(a) 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
(b) upon
takeover of the Insureds business by any State or Federal official or agency,
or by any receiver or liquidator, acting or appointed for this purpose 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 shall refund any unearned premium. 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 a receiver or liquidator, acting or
appointed to take over the Insureds business for the operation or for the
liquidation thereof or for any purpose.
SECTION 15.
CENTRAL HANDLING OF SECURITIES
Securities
included in the system for the central handling of securities established and
maintained by Depository Trust Company, Midwest Depository Trust Company,
Pacific Securities Depository Trust Company, and Philadelphia Depository Trust
Company, hereinafter called Corporations, to the extent of the Insureds
interest therein as effected by the making of appropriate entries on the books
and records of such Corporations shall be deemed to be Property.
The
words Employee and Employees shall be deemed to include the officers,
partners, clerks and other employees of the New York Stock Exchange, Boston
Stock Exchange, Midwest Stock Exchange, Pacific Stock Exchange and Philadelphia
Stock Exchange, hereinafter called Exchanges, and of the above named
Corporations, and of any nominee in whose name is registered any security
included within the systems for the central handling of securities established
and maintained by such Corporations, and any employee or any recognized service
company, while such officers, partners, clerks and other employees and
employees of service companies perform services for such Corporations in the
operation of such systems. For the purpose of the above definition a recognized
service company shall be any company providing clerks or other personnel to the
said Exchanges or Corporations on a contract basis.
The
Underwriter shall not be liable on account of any loss(es) in connection with
the central handling of securities within the systems established and
maintained by such Corporations, unless such loss(es) shall be in excess of the
amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations against such loss(es), and then the Underwriter
shall be liable hereunder
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
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The St. Paul Travelers Companies, Inc. All Right Reserved
only
for the Insureds share of such excess loss(es), but in no event for more than
the Limit of Liability applicable hereunder. For the purpose of determining the
Insureds share of excess loss(es) it shall be deemed that the Insured has an
interest in any certificate representing any security included within such
systems equivalent to the interest the Insured then has in all certificates
representing the same security included within such systems and that such
Corporations shall use their best judgment in apportioning the amount(s) recoverable
or recovered under any bond or policy of insurance indemnifying such Corporations
against such loss(es) in connection with the central handling of securities
within such systems among all those having an interest as recorded by
appropriate entries in the books and records of such Corporations in Property
involved in such loss(es) on the basis that each such interest shall share in
the amount(s) so recoverable or recovered in the ratio that the value of
each such interest bears to the total value all such interests and that the
Insureds share of such excess loss(es) shall be the amount of the Insureds
interest in such Property in excess of the amount(s) so apportioned to the
Insured by such Corporations.
This
bond does not afford coverage in favor of such Corporations or Exchanges or any
nominee in whose name is registered any security included within the systems
for the central handling of securities established and maintained by such
Corporations, and upon payment to the Insured by the Underwriter on account of
any loss(es) within the systems, an assignment of such of the Insureds rights
and causes of action as it may have against such Corporations or Exchanges
shall to the extent of such payment, be given by the Insured to the
Underwriter, and the Insured shall execute all papers necessary to secure the
Underwriter the rights provided for herein.
SECTION 16.
ADDITIONAL COMPANIES INCLUDED AS INSURED
If
more than one corporation, co-partnership or person or any combination of them
be included as the Insured herein:
(a) the
total liability of the Underwriter hereunder for loss or losses sustained by
any one or more or all of them shall not exceed the limit for which the
Underwriter would be liable hereunder if all such loss were sustained by any
one of them;
(b) the
one first named herein shall be deemed authorized to make, adjust and receive
and enforce payment of all claims hereunder and shall be deemed to be the agent
of the others for such purposes and for the giving or receiving of any notice
required or permitted to be given by the terms hereof, provided that the
Underwriter shall furnish each named Investment Company with a copy of the bond
and with any amendment thereto, together with a copy of each formal filing of
the settlement of each such claim prior to the execution of such settlement;
(c) the
Underwriter shall not be responsible for the proper application of any payment
made hereunder to said first named Insured;
(d) knowledge
possessed or discovery made by any partner, officer of supervisory Employee of
any Insured shall for the purposes of Section 4 and Section 13 of
this bond constitute knowledge or discovery by all the Insured; and
(e) if
the first named Insured ceases for any reason to be covered under this bond,
then the Insured next named shall thereafter be considered as the first, named
Insured for the purposes of this bond.
SECTION 17.
NOTICE AND CHANGE OF CONTROL
Upon
the Insured obtaining knowledge of a transfer of its outstanding voting
securities which results in a change in control (as set forth in Section 2(a) (9) of
the Investment Company Act of 1940) of the Insured, the Insured shall within
thirty (30) days of such knowledge give written notice to the Underwriter
setting forth:
(a) the
names of the transferors and transferees (or the names of the beneficial owners
if the voting securities are requested in another name), and
(b) the
total number of voting securities owned by the transferors and the transferees
(or the beneficial owners), both immediately before and after the transfer, and
(c) the
total number of outstanding voting securities.
As
used in this section, control means the power to exercise a controlling
influence over the management or policies of the Insured.
Failing
to give the required notice shall result in termination of coverage of this
bond, effective upon the date of stock transfer for any loss in which any
transferee is concerned or implicated.
Such
notice is not required to be given in the case of an Insured which is an
Investment Company.
SECTION 18.
CHANGE OR MODIFICATION
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB005 Ed. 7-04
11
2004
The St. Paul Travelers Companies, Inc. All Right Reserved
This
bond or any instrument amending or effecting same may not be changed or modified
orally. No changes in or modification thereof shall be effective unless made by
written endorsement issued to form a part hereof over the signature of the
Underwriters Authorized Representative. When a bond covers only one Investment
Company no change or modification which would adversely affect the rights of
the Investment Company shall be effective prior to 60 days after written
notification has been furnished to the Securities and Exchange Commission,
Washington, D.C., by the Insured or by the Underwriter. If more than one
Investment Company is named as the Insured herein, the Underwriter shall give
written notice to each Investment Company and to the Securities and Exchange
Commission, Washington, D.C., not less than 60 days prior to the effective date
of any change or modification which would adversely affect the rights of such
Investment Company.
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
INSURED
ICB010
Ed. 7-04
2004
The St. Paul Travelers Companies, Inc. All Rights Reserved
12
ENDORSEMENT
OR RIDER NO.
THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The
following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.
ATTACHED
TO AND FORMING PART OF BOND OR POLICY NO.
483PB0866
DATE
ENDORSEMENT OR RIDER EXECUTED
07/23/08
*
EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS SPECIFIED
IN THE BOND OR POLICY
07/27/08
*
ISSUED TO CLOUGH GLOBAL ALLOCATION FUND
Named
Insured Endorsement It is agreed that:
1.
From and after the time this rider becomes effective the Insured under the
attached bond are:
Clough
Global Allocation Fund
Clough
Global Equity Fund
Clough
Global Opportunities Fund
2.
The first named Insured shall act for itself and for each and all of the
Insured for all the purposes of the attached bond.
3.
Knowledge possessed or discovery made by any Insured or by any partner or officer
thereof shall for all the purposes of the attached bond constitute knowledge or
discovery by all the Insured.
4.
If, prior to the termination of the attached bond in its entirety, the attached
bond is terminated as to any Insured, there shall be no liability for any loss
sustained by such Insured unless discovered before the time such termination as
to such Insured becomes effective.
5.
The liability of the Underwriter for loss or losses sustained by any or all of
the Insured shall not exceed the amount for which the Underwriter would be
liable had all such loss or losses been sustained by any one of the Insured.
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.
6.
If the first named Insured ceases for any reason to be covered under the
attached bond, then the Insured next named shall thereafter be considered as
the first named Insured for all the purposes of the attached bond.
Nothing
herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned
Bond or Policy, other than as above stated.
By
Authorized
Representative
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB011 Ed. 7-04
1
2004
The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT
OR RIDER NO.
THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The
following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.
ATTACHED
TO AND FORMING PART OF BOND OR POLICY NO.
483PB0866
DATE
ENDORSEMENT OR RIDER EXECUTED
07/23/08
*
EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS SPECIFIED
IN THE BOND OR POLICY
07/27/08
*
ISSUED TO CLOUGH GLOBAL ALLOCATION FUND
Computer
Systems It is agreed that:
1.
The attached bond is amended by adding an additional Insuring Agreement as
follows:
INSURING
AGREEMENT K COMPUTER SYSTEMS
Loss
resulting directly from a fraudulent
(1) entry
of data into, or
(2) change
of data elements or program within a Computer System listed in the SCHEDULE
below, provided the fraudulent 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, and
provided further, the fraudulent entry or change is made or caused by an
individual acting with the manifest intent to
(i) cause
the Insured to sustain a loss, and
(ii) obtain
financial benefit for that individual or for other persons intended by that
individual to receive financial benefit.
SCHEDULE
All
systems utilized by the Insured
2.
As used in this Rider, Computer System means
(a) computers
with related peripheral components, including storage components, wherever
located,
(b) systems
and applications software,
(c) terminal
devices, and
(d) related
communication networks by which data are electronically collected, transmitted,
processed, stored and retrieved.
3.
In addition to the exclusions in the attached bond, the following exclusions
are applicable to this Insuring Agreement:
(a) loss
resulting directly or indirectly from the theft of confidential information,
material or data; and
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
INSURED
ICB011 Ed. 7-04
1
2004
The St. Paul Travelers Companies, Inc. All Right Reserved
(b) loss
resulting directly or indirectly from entries or changes made by an individual
authorized to have access to a Computer System who acts in good faith on
instructions, unless such instructions are given to that individual by a
software contractor (or by a partner, officer or employee thereof) authorized
by the Insured to design, develop, prepare, supply, service, write or implement
programs for the Insureds Computer System.
4.
The following portions of the attached bond are not applicable to this Rider:
(a) the
portion preceding the Insuring Agreements which reads at any time but
discovered during the Bond Period;
(b) Section 9
NONREDUCTION AND NON-ACCUMULATION OF LIABILITY of the
Conditions and Limitations; and
(c) Section 10
LIMIT OF LIABILITY of the Conditions and Limitations.
5.
The coverage afforded by this Rider applies only to loss discovered by the
Insured during the period this Rider is in force.
6.
All loss or series of losses involving the fraudulent activity of one
individual, or involving fraudulent activity, in which one individual is
implicated, whether or not that individual is specifically identified, shall be
treated as one loss. A series of losses involving unidentified individuals but
arising from the same method of operation may be deemed by the Underwriter to
involve the same individual and in that event shall be treated as one loss.
7.
The Limit of Liability for the coverage provided by this Rider shall be Dollars
($ ), it being understood, however, that such liability shall be a part of and
not in addition to the Limit of Liability stated in Item 3 of the Declarations
of the attached bond or any amendment thereof.
8.
The Underwriter shall be liable hereunder for the amount by which one loss
exceeds the Deductible Amount applicable to the attached bond, but not in
excess of the Limit of Liability stated above.
9.
If any loss is covered under this Insuring Agreement and any other Insuring
Agreement or Coverage, the maximum amount payable for such loss shall not
exceed the largest amount available under any one Insuring Agreement or
Coverage.
10.
Coverage under this Rider shall terminate upon termination or cancellation of
the bond to which this Rider is attached. Coverage under this Rider may also be
terminated or canceled without canceling the bond as an entirety
(a) 60
days after receipt by the Insured of written notice from the Underwriter of its
desire to terminate or cancel coverage under this Rider, or
(b) immediately
upon receipt by the Underwriter of a written request from the Insured to
terminate or cancel coverage under this Rider.
The
Underwriter shall refund to the Insured the unearned premium for the coverage
under this Rider. The refund shall be computed at short rates if this Rider be
terminated or canceled or reduced by notice from, or at the instance of, the
Insured.
Nothing
herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned
Bond or Policy, other than as above stated.
By
Authorized
Representative
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
INSURED
ICB012
Ed. 7-04
2
2004
The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT
OR RIDER NO.
THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The
following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.
ATTACHED
TO AND FORMING PART OF BOND OR POLICY NO.
483PB0866
DATE
ENDORSEMENT OR RIDER EXECUTED
07/23/08
*
EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS SPECIFIED
IN THE BOND OR POLICY
07/27/08
*
ISSUED TO CLOUGH GLOBAL ALLOCATION FUND
Unauthorized
Signatures
It
is agreed that:
1.
The attached bond is amended by inserting an additional Insuring Agreement as
follows:
INSURING
AGREEMENT J UNAUTHORIZED SIGNATURE
(A) Loss
resulting directly from the Insured having accepted, paid or cashed any check
or withdrawal order, draft, made or drawn on a customers 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.
(B) It
shall be a condition precedent to the Insureds right of recovery under this
Rider that the Insured shall have on file signatures of all persons who are
authorized signatories on such account.
2.
The total liability of the Underwriter under Insuring Agreement J is limited to
the sum of Twenty-Five Thousand Dollars ($25,000 ), it being understood,
however, that such liability shall be part of and not in addition to the Limit
of Liability stated in Item 3 of the Declarations of the attached bond or
amendment thereof.
3.
With respect to coverage afforded under this Rider, the Deductible Amount shall
be Two Thousand Five Hundred Dollars ($2,500 ).
Nothing
herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned
Bond or Policy, other than as above stated.
By
Authorized
Representative
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB013
Ed. 7-04
2004
The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT
OR RIDER NO.
THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The
following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.
ATTACHED
TO AND FORMING PART OF BOND OR POLICY NO.
483PB0866
DATE
ENDORSEMENT OR RIDER EXECUTED
07/23/08
*
EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
07/27/08
*
ISSUED TO
CLOUGH GLOBAL
ALLOCATION FUND
Telefacsimile
Transactions
It
is agreed that:
1.
The attached Bond is amended by adding an additional Insuring Agreement as
follows:
INSURING
AGREEMENT N TELEFACSIMILE TRANSACTIONS
Loss
caused by a Telefacsimile Transaction, where the request for such Telefacsimile
Transaction is unauthorized or fraudulent and is made with the manifest intent
to deceive; provided, that the entity which receives such request generally
maintains and follows during the Bond Period all Designated Fax Procedures with
respect to Telefacsimile Transactions. The isolated failure of such entity to
maintain and follow a particular Designated Fax Procedure in a particular
instance will not preclude coverage under this Insuring Agreement, subject to
the exclusions herein and in the Bond.
2.
Definitions. The following terms used in this Insuring Agreement shall have the
following meanings:
a.
Telefacsimile System means a system of transmitting and reproducing fixed
graphic material (as, for example, printing) by means of signals transmitted
over telephone lines.
b.
Telefacsimile Transaction means any Fax Redemption, Fax Election, Fax
Exchange, or Fax Purchase.
c.
Fax Redemption means any redemption of shares issued by an Investment Company
which is requested through a Telefacsimile System.
d.
Fax Election means any election concerning dividend options available to Fund
shareholders which is requested through a Telefacsimile System.
e.
Fax Exchange means any exchange of shares in a registered account of one Fund
into shares in an identically registered account of another Fund in the same
complex pursuant to exchange privileges of the two Funds, which exchange is
requested through a Telefacsimile System.
f.
Fax Purchase means any purchase of shares issued by an Investment Company
which is requested through a Telefacsimile System.
g.
Designated Fax Procedures means the following procedures:
(1) Retention:
All Telefacsimile Transaction requests shall be retained for at least six (6) months.
Requests shall be capable of being retrieved and produced in legible form
within a reasonable time after retrieval is requested.
(2) Identity
Test: The identity of the sender in any request for a Telefacsimile Transaction
shall be tested before executing that Telefacsimile Transaction, either by
requiring the sender to include on the face of the request a unique
identification number or to include key specific account information. Requests
of Dealers must be on company letterhead and be signed by an authorized
representative. Transactions by occasional users are to be verified by
telephone confirmation.
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
INSURED
ICB013
Ed. 7-04
1
2004
The St. Paul Travelers Companies, Inc. All Right Reserved
(3) Contents:
A Telefacsimile Transaction shall not be executed unless the request for such
Telefacsimile Transaction is dated and purports to have been signed by (a) any
shareholder or subscriber to shares issued by a Fund, or (b) any financial
or banking institution or stockbroker.
(4) Written
Confirmation: A written confirmation of each Telefacsimile Transaction shall be
sent to the shareholder(s) to whose account such Telefacsimile Transaction
relates, at the record address, by the end of the Insureds next regular
processing cycle, but no later than five (5) business days following such
Telefacsimile Transaction.
i.
Designated means or refers to a written designation signed by a shareholder
of record of a Fund, either in such shareholders initial application for the
purchase of Fund shares, with or without a Signature Guarantee, or in another
document with a Signature Guarantee.
j.
Signature Guarantee means a written guarantee of a signature, which guarantee
is made by an Eligible Guarantor Institution as defined in Rule 17Ad-15(a)(2) under
the Securities Exchange Act of 1934.
3.
Exclusions. It is further understood and agreed that this Insuring Agreement
shall not cover:
a.
Any loss covered under Insuring Agreement A, Fidelity, of this Bond; and
b.
Any loss resulting from:
(1) Any
Fax Redemption, where the proceeds of such redemption were requested to be paid
or made payable to other than (a) the shareholder of record, or (b) a
person Designated in the initial application or in writing at least one (1) day
prior to such redemption to receive redemption proceeds, or (c) a bank
account Designated in the initial application or in writing at least one (1) day
prior to such redemption to receive redemption proceeds; or
(2) Any
Fax Redemption of Fund shares which had been improperly credited to a
shareholders account, where such shareholder (a) did not cause, directly
or indirectly, such shares to be credited to such account, and (b) directly
or indirectly received any proceeds or other benefit from such redemption; or
(3) Any
Fax Redemption from any account, where the proceeds of such redemption were
requested to be sent to any address other than the record address or another
address for such account which was designated (a) over the telephone or by
telefacsimile at least fifteen (15) days prior to such redemption, or (b) in
the initial application or in writing at least one (1) day prior to such
redemption; or
(4) The
intentional failure to adhere to one or more Designated Fax Procedures; or
(5) The
failure to pay for shares attempted to be purchased.
4.
The Single Loss Limit of Liability under Insuring Agreement N is limited to the
sum of Two Million Five Hundred Thousand Dollars ($2,500,000 ) it being
understood, however, that such liability shall be part of and not in addition
to the Limit of Liability stated in Item 3 of the Declarations of the attached
Bond or amendments thereof.
5.
With respect to coverage afforded under this Rider the applicable Single loss
Deductible Amount is Twenty Five Thousand Dollars ($25,000 ).
Nothing
herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned
Bond or Policy, other than as above stated.
By
Authorized
Representative
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ICB014
Ed. 7-04
2
2004
The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT
OR RIDER NO.
THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The
following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.
ATTACHED
TO AND FORMING PART OF BOND OR POLICY NO.
483PB0866
DATE
ENDORSEMENT OR RIDER EXECUTED
07/23/08
*
EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
07/27/08
*
ISSUED TO CLOUGH GLOBAL ALLOCATION FUND
Voice
Initiated Transactions
It
is agreed that:
1.
The attached bond is amended by inserting an additional Insuring Agreement as
follows:
INSURING
AGREEMENT L -VOICE-INITIATED TRANSACTIONS
Loss
caused by a Voice-initiated Transaction, where the request for such Voice-initiated
Transaction is unauthorized or fraudulent and is made with the manifest intent
to deceive; provided, that the entity which receives such request generally
maintains and follows during the Bond Period all Designated Procedures with
respect to Voice-initiated Redemptions and the Designated Procedures described
in paragraph 2f (1) and (3) of this Rider with respect to all other
Voice-initiated Transactions. The isolated failure of such entity to maintain
and follow a particular Designated Procedure in a particular instance will not
preclude coverage under this Insuring Agreement, subject to the specific
exclusions herein and in the Bond.
2.
Definitions. The following terms used in this Insuring Agreement shall have the
following meanings:
a.
Voice-initiated Transaction means any Voice-initiated Redemption, Voice-initiated
Election, Voice-initiated Exchange, or Voice-initiated Purchase.
b.
Voice-initiated Redemption means any redemption of shares issued by an
Investment Company which is requested by voice over the telephone.
c.
Voice-initiated Election means any election concerning dividend options
available to Fund shareholders which is requested by voice over the telephone.
d.
Voice-initiated Exchange means any exchange of shares in a registered account
of one Fund into shares in an identically registered account of another Fund in
the same complex pursuant to exchange privileges of the two Funds, which
exchange is requested by voice over the telephone.
e.
Voice-initiated Purchase means any purchase of shares issued by an Investment
Company which is requested by voice over the telephone.
f.
Designated Procedures means the following procedures:
(1) Recordings:
All Voice-initiated Transaction requests shall be recorded, and the recordings
shall be retained for at least six (6) months. Information contained on
the recordings shall be capable of being retrieved and produced within a
reasonable time after retrieval of specific information is requested, at a
success rate of no less than 85%.
(2) Identity
Test: The identity of the caller in any request for a Voice-initiated
Redemption shall be tested before executing that Voice-initiated Redemption,
either by requesting the caller to state a unique identification number or to
furnish key specific account information.
(3) Written
Confirmation: A written confirmation of each Voice-initiated
Transaction and of each change of the record
address of a Fund shareholder requested by voice over the telephone shall be
mailed to the shareholder(s) to whose account such Voice-initiated
Transaction or change of address relates, at the original record address (and,
in the case of such change of address, at the changed record address) by the
end of the Insureds next regular processing cycle, but no later than five (5) business
days following such Voice-initiated Transaction or change of address.
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
INSURED
ICB014
Ed. 7-04
1
2004
The St. Paul Travelers Companies, Inc. All Right Reserved
g.
Investment Company or Fund means an investment company registered under the
Investment Company Act of 1940.
h.
Officially Designated means or refers to a written designation signed by a
shareholder of record of a Fund, either in such shareholders initial
application for the purchase of Fund shares, with or without a Signature
Guarantee, or in another document with a Signature Guarantee.
i.
Signature Guarantee means a written guarantee of a signature, which guarantee
is made by a financial or banking institution whose deposits are insured by the
Federal Deposit Insurance Corporation or by a broker which is a member of any
national securities exchange registered under the Securities Exchange Act of
1934.
3.
Exclusions. It is further understood and agreed that this Insuring
Agreement shall not cover:
a.
Any loss covered under Insuring Agreement A, Fidelity, of this Bond; and
b.
Any loss resulting from:
(1) Any
Voice-initiated Redemption, where the proceeds of such redemption were
requested to be paid or made payable to other than (a) the shareholder of
record, or (b) a person Officially Designated to receive redemption
proceeds, or (c) a bank account Officially Designated to receive
redemption proceeds; or
(2) Any
Voice-initiated Redemption of Fund shares which had been improperly credited to
a shareholders account, where such shareholder (a) did not cause,
directly or indirectly, such shares to be credited to such account, and (b) directly
or indirectly received any proceeds or other benefit from such redemption; or
(3) Any
Voice-initiated Redemption from any account, where the proceeds of such
redemption were requested to be sent (a) to any address other than the
record address for such account, or (b) to a record address for such
account which was either (i) designated over the telephone fewer than
thirty (30) days prior to such redemption, or (ii) designated in writing
less than on (1) day prior to such redemption; or
(4) The
intentional failure to adhere to one or more Designated Procedures; or
(5) The
failure to pay for shares attempted to be purchased; or
(6) Any
Voice-initiated Transaction requested by voice over the telephone and received
by an automated system which receives and converts such request to executable
instructions.
4.
The total liability of the Underwriter under Insuring Agreement L is
limited to the sum of Two Million Five
Hundred Thousand Dollars ($2,500,000 ), it being understood, however, that such
liability shall be part of and not in addition to the Limit of Liability stated
in Item 3 of the Declarations of the attached bond or amendment thereof.
5.
With respect to coverage afforded under this Rider the applicable Deductible
Amount is Twenty Five Thousand Dollars ($25,000 ).
Nothing
herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned
Bond or Policy, other than as above stated.
By
Authorized
Representative
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
INSURED
ICB015
Ed. 7-04
2
2004
The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT
OR RIDER NO.
THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The
following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.
ATTACHED
TO AND FORMING PART OF BOND OR POLICY NO.
483PB0866
DATE
ENDORSEMENT OR RIDER EXECUTED
07/23/08
*
EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS SPECIFIED
IN THE BOND OR POLICY
07/27/08
*
ISSUED TO
CLOUGH GLOBAL
ALLOCATION FUND
Amend
Definition of Employee (Exclude EDP Coverage for Computer Software or Programs)
It
is agreed that:
1.
Sub-section 7 of Section 1(a) in the Definition of Employee, is
deleted and replaced by the following:
(7) each
natural person, partnership or corporation authorized by written agreement with
the Insured to perform services as electronic data processor of checks or other
accounting records of the Insured (does not include the creating, preparing,
modifying or maintaining the Insureds computer software or programs), but
excluding any such processor who acts as transfer agent or in any other agency
capacity in issuing checks, drafts or securities for the Insured, unless
included under sub-section (9) hereof, and Nothing herein contained shall
be held to vary, alter, waive, or extend any of the terms, conditions,
provisions, agreements or limitations of the above mentioned Bond or Policy,
other than as above stated.
By
Authorized
Representative
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
INSURED
ICB016
Ed. 7-04
2004
The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT
OR RIDER NO.
THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The
following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.
ATTACHED
TO AND FORMING PART OF BOND OR POLICY NO.
483PB0866
DATE
ENDORSEMENT OR RIDER EXECUTED
07/23/08
*
EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
07/27/08
*
ISSUED TO CLOUGH GLOBAL ALLOCATION FUND
Definition
of Investment Company
It
is agreed that:
1.
Section 1, Definitions, under General Agreements is amended to include the
following paragraph:
(f) Investment
Company means an investment company registered under the Investment Company Act
of 1940 and as listed under the names of Insureds on the Declarations.
Nothing herein contained shall be held to
vary, alter, waive, or extend any of the terms, conditions, provisions,
agreements or limitations of the above mentioned Bond or Policy, other than as
above stated.
By
Authorized
Representative
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
INSURED
ICB017
Ed. 7-04
2004
The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT
OR RIDER NO.
THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The
following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.
ATTACHED
TO AND FORMING PART OF BOND OR POLICY NO.
483PB0866
DATE
ENDORSEMENT OR RIDER EXECUTED
07/23/08
*
EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
07/27/08
*
ISSUED TO
CLOUGH GLOBAL
ALLOCATION FUND
Amend
Section 2. - Exclusions - Loss reporting after termination of Bond
It
is agreed that:
1.
Section 2. Exclusions, of the CONDITIONS AND LIMITATIONS is amended to
include the following subsection:
(X) loss
not reported to the Company in writing within Sixty (60) days after the termination
of this bond as an entirety
Nothing
herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned
Bond or Policy, other than as above stated.
By
Authorized
Representative
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
INSURED
ICB018
Ed. 7-04
2004
The St. Paul Travelers Companies, Inc. All Rights Reserved
ENDORSEMENT
OR RIDER NO.
THIS
ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The
following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.
ATTACHED
TO AND FORMING PART OF BOND OR POLICY NO.
483PB0866
DATE
ENDORSEMENT OR RIDER EXECUTED
07/23/08
*
EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
07/27/08
*
ISSUED TO
CLOUGH GLOBAL
ALLOCATION FUND
Amend
Section 13. - Termination as to any Employee
It
is agreed that:
1.
Sub-sections (b) of Section 13. TERMINATION under CONDITIONS AND
LIMITATIONS, is deleted in its entirety, and the following is substituted in
lieu thereof:
Upon
the detection by any Insured that such Employee has committed any dishonest or
fraudulent act(s) or theft, the Insured shall immediately remove such
Employee from a position that may enable such Employee to cause the Insured to
suffer a loss by any subsequent dishonest or fraudulent act(s) or theft.
The Insured, within forty-eight (48) hours of such detection, shall notify the
Underwriter with full and complete particulars of the detected dishonest or
fraudulent act(s) or theft, or
For
purposes of this section, detection occurs when any partner, officer, or
supervisory Employee of any Insured, who is not in collusion with such
(detected) Employee, becomes aware that the (detected) Employee has committed
any dishonest or fraudulent act(s) or theft.
This
Bond shall terminate as to any Employee by written notice to each
Insured and to the Securities and Exchange
Commission from the Underwriter of not less than sixty (60) days prior to the
effective date of termination specified in such notice. Nothing herein contained shall be held to
vary, alter, waive, or extend any of the terms, conditions, provisions,
agreements or limitations of the above mentioned Bond or Policy, other than as
above stated.
By
Authorized
Representative
The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
July 9,
2008
Clough
Global Allocation Fund
1290
Broadway, Suite 1100
Denver,
Colorado 80203
Re: Fidelity Bond
Jointly Insured Letter Agreement
To
Whom It May Concern:
The
parties hereto (each a Trust and collectively the Trusts) will be named as
joint insured(s) pursuant to a bond to be issued by St. Paul Mercury
Insurance Company, a St. Paul Fire and Marine Insurance Company (the Bond),
with a limit of liability set at $2,500,000 for all three Funds although for a
single Trust the limit would be $1,000,000 for the Clough Global Allocation or
Clough Global Equity Fund, and $1,500,000 for the Clough Global Opportunities
Fund, as set forth under 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 Trusts 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 that on of the Trusts, each such Trust shall
receive an equitable and proportionate share of the recovery, but at least
equal to the amount of the minimum coverage required for such Trust pursuant to
Rule 17g-1(d) under the Act.
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Very
truly yours,
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CLOUGH
GLOBAL EQUITY FUND
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By:
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/s/
Erin E. Douglas
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Name:
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Erin
E. Douglas
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Title:
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Secretary
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CLOUGH
GLOBAL OPPORTUNITIES FUND
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By:
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/s/
Erin E. Douglas
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Name:
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Erin
E. Douglas
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Title:
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Secretary
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AGREED:
CLOUGH
GLOBAL ALLOCATION FUND
By:
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/s/
Edmund J. Burke
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Name:
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Edmund
J. Burke
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Title:
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President
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APPROVAL OF FIDELITY BOND
AND MUTUAL FUND PROFESSONAL
LIABLILITY AND DIRECTORS AND OFFICERS LIABILITY POLICIES-CLOUGH
GLOBAL ALLOCATION FUND
RESOLVED:
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that the Board of Trustees
(the Board) of the Clough Global Allocation Fund (GLV) hereby authorizes
the officers of GLV to negotiate and effect GLVs fidelity bond and
E&O/D&O insurance policies based on the parameters outlined to the
Board;
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FURTHER
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RESOLVED:
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that the form and amount
of the joint mutual fund professional and directors and officers liability
policy (Joint D&O/E&O Policy) and joint fidelity bond, as discussed
at this meeting, be, and the same hereby is, approved after consideration of
all factors deemed relevant by the Board;
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FURTHER
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RESOLVED:
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that the Joint
D&O/E&O Policy, with the coverages and premiums as described at this
meeting be, and hereby are approved in accordance with Rule 17-d under
the Investment Company Act of 1940.
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FURTHER
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RESOLVED:
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that the officers of GLV
are hereby authorized to execute a Letter Agreement by and among the Clough
Global Equity Fund, Clough Global Opportunities Fund, and GLV (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, which Letter
Agreement shall be substantially the same as attached hereto;
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FURTHER
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RESOLVED:
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that
the
Secretary of GLV be, and hereby 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
Investment Company Act of 1940; and
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FURTHER
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RESOLVED:
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that
the Officers of GLV be, and each of them hereby is, 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.
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