June 6,
2008
Securities
and Exchange Commission
100 F Street
N.E.
Washington,
DC 20549
Re:
ALPS ETF Trust file No. 811-22175
Cohen & Steers
Global Realty Majors ETF
Investment Company Act of
1940Rule 17g-1(g)
Bonding of Officers and
Employees
To
whom it may concern:
Pursuant to Rule 17g-1(g)(1) under
the Investment Company Act of 1940, enclosed herewith please find a copy of the
financial institution bond (the Bond) in favor of ALPS ETF Trust, and
resolutions relating to this Bond.
The
term of the Bond is May 1, 2008 through May 1, 2009, and the premium
for the Bond has been paid through May 1, 2009.
Please
call me at (303) 623-2577 if you have any questions.
Sincerely,
/s/ G. Craig Fidler
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G. Craig Fidler
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Secretary
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enclosures
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Company: St Paul Fire and Marine Insurance Company
INSURED
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ALPS ETF TRUST
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Policy Inception/Effective Date: 05/01/08
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1290 BROADWAY
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Agency Number: 0502386
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DENVER CO 80203
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AON FINANCIAL SERVICES
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Transaction Type:
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New Policy
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Transaction number: 001
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Processing date: 05/06/2008
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Policy Number: 483PB0852
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AGENT
AON FINANCIAL SERVICES
4100 E. MISSISSIPPI AVE SUITE 1300
DENVER, CO 80246
Policy
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Surtax/
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Number
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Description
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Amount
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Surcharge
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483PB0852
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Investment
Company Blanket Bond
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Policy
Period: 05/01/2008 - 05/01/2009
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$
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2,000
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40724 Ed.12-90 Printed in U.S.A. INSURED COPY Page 2
The hard copy of the bond issued by the Underwriter will be referenced
in the event of a loss
ND044 Rev. 1-08 Page 1 of 1
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,
1
US 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 Page 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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Definition of Investment Company
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ICB016
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07-04
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Add Exclusions (n) & (o)
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ICB026
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07-04
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Worldwide Coverage - Counterfiet Currency
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ICB031
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07-04
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Best Efforts Notice of Cancellation - NASD
and/or Other Associations
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ICB036
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07-04
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Non-Cancellation Except For Non-Payment Of
Premium
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MEL1697
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03-05
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Amend Section 4.-Loss-Notice-Proof-Legal
Proceedings-
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MEL2555
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03-05
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Designate Persons For Discovery Of Loss
Name of Insured
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Policy Number 483PB0852
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Effective Date 05/01/08
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ALPS ETF TRUST
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Processing Date 05/06/08 00:00 001
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The hard copy of the bond issued by the Underwriter will be referenced
in the event
2
of a loss
Page 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. Page 1 of 2
INVESTMENT COMPANY BLANKET BOND
St. Paul Fire and Marine Insurance Company
St. Paul, Minnesota 55102-1396
(A Stock Insurance Company, herein called Underwriter)
DECLARATIONS BOND
NO. 483PB0852
Item 1.
Name of Insured (herein called Insured):
ALPS ETF TRUST
Principal Address:
1290 Broadway, Suite 1100
Denver, CO 80203
Item 2.
Bond Period from 12:01 a.m. on 05/01/08 to 12:01 a.m. on
05/01/2009 the effective date of the termination or cancellation of the bond,
standard time at the Principal Address as to each of said dates.
Item 3. Limit of Liability
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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600,000
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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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-0-
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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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600,000
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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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600,000
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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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600,000
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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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600,000
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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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600,000
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$
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25,000
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Insuring Agreement H - STOP PAYMENT
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$
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-0-
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$
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-0-
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Insuring Agreement I - UNCOLLECTIBLE ITEMS
OF DEPOSIT
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$
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-0-
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$
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-0-
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OPTIONAL COVERAGES ADDED BY RIDER:
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
3
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. Page 2 of 2
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, ICB016-07/04,
ICB026-07/04, ICB031-07/04, ICB036-07/04,
MEL1697-03/05, MEL2555-03/05,
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) N/A 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
Bruce Backberg, Secretary
Brian MacLean, President
The hard copy of the bond issued by the Underwriter will be referenced
in the event of a loss
ICB005 Ed.
7-04 1
of 12
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
4
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 2
of 12
5
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,
6
(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 3
of 12
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
7
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 4
of 12
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)
8
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
9
of a loss
ICB005 Ed.
7-04 5
of 12
2004 The St. Paul Travelers
Companies, Inc. All Right Reserved
(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),
10
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.
11
(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).
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(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
13
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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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
14
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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(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
15
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 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.
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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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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
18
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
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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
19
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
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.
483PB0852
DATE ENDORSEMENT OR RIDER EXECUTED
05/06/08
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME
AS SPECIFIED IN THE BOND OR POLICY
05/01/08
* ISSUED TO
ALPS ETF TRUST
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
ICB026 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
20
rider and the Bond or Policy have the same inception date.
ATTACHED TO AND FORMING PART OF BOND OR POLICY NO.
483PB0852
DATE ENDORSEMENT OR RIDER EXECUTED
05/06/08
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME
AS SPECIFIED IN THE BOND OR POLICY
05/01/08
* ISSUED TO
ALPS ETF TRUST
Add Exclusions (n) & (o)
It is agreed that:
1. Section 2, Exclusions, under General Agreements, is amended to
include the following sub-sections:
(n) loss from the use of credit, debit, charge, access,
convenience, identification, cash management or other cards, whether such cards
were issued or purport to have been issued by the Insured or by anyone else,
unless such loss is otherwise covered under Insuring Agreement A.
(o) the underwriter shall not be liable under the attached bond
for loss due to liability imposed upon the Insured as a result of the unlawful
disclosure of non-public material information by the Insured or any Employee,
or as a result of any Employee acting upon such information, whether authorized
or unauthorized.
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
ICB031 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.
483PB0852
DATE ENDORSEMENT OR RIDER EXECUTED
05/06/08
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME
AS
21
SPECIFIED IN THE BOND OR POLICY
05/01/08
* ISSUED TO
ALPS ETF TRUST
Worldwide Coverage - Counterfeit Currency
It is agreed that:
1. Insuring Agreement (G) Counterfeit Currency, is hereby amended
by deleting the words:
of the United States of America or Canada, and substituting of any
country in the world.
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
ICB036 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
ATTACHED TO AND FORMING PART OF BOND OR POLICY NO.
483PB0852
DATE ENDORSEMENT OR RIDER EXECUTED
05/06/08
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME
AS SPECIFIED IN THE BOND OR POLICY
05/01/08
* ISSUED TO
ALPS ETF TRUST
Best Efforts Notice of Cancellation - NASD and/or other Associations
It is agreed that:
1. The Underwriter will mark its records to indicate that the
is to be notified promptly concerning the cancellation or substantial
modification of the attached Bond, whether at the request of the Insured or the
Underwriter, and will use its best efforts to so notify said Association but
failure to so notify said Association shall not impair or delay the
effectiveness of any such cancellation or modification.
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the
22
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
2005 The St. Paul Travelers Companies, Inc. All Rights Reserved
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.
483PB0852
DATE ENDORSEMENT OR RIDER EXECUTED
05/06/08
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER 12:01 A.M. LOCAL TIME AS SPECIFIED
IN THE BOND OR POLICY
05/01/08
* ISSUED TO
ALPS ETF TRUST
NON-CANELLATION EXCEPT FOR NON-PAYMENT OF PREMIUM
MEL1697 Ed. 3-05 - For use with ICB005 Ed. 7-04
It is agreed that:
1. The attached bond is non-cancelable by the Underwriter, except for
non-payment of premium.
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
2005 The St. Paul Travelers Companies, Inc. All Rights Reserved
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.
483PB0852
DATE ENDORSEMENT OR RIDER EXECUTED
05/06/08
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
23
12:01 A.M. LOCAL TIME AS SPECIFIED IN THE BOND OR POLICY
05/01/08
* ISSUED TO
ALPS ETF TRUST
AMEND SECTION 4. - LOSS - NOTICE - PROOF - LEGAL PROCEEDINGS
DESIGNATE PERSONS FOR DISCOVERY OF LOSS
MEL2555 Ed. 3-05 - For use with ICB005 Ed. 7-04
It is agreed that:
Section 4. - Loss - Notice - Proof - Legal Proceedings of the
attached bond is amended by deleting the second subparagraph and replacing it
with the following:
Discovery occurs when the Chief Financial Officer, Chief Investment
Officer, Chief Compliance Officer, General Counsel, or any such managment
positions functional equivalent of the Insured:
(a) first 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 of a type covered under
this bond has been or will be incurred regardless of when the act or acts
causing or contributing to such loss occurred, even though the exact amount or
details of loss may not be then known.
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
CONFIDENTIALITY NOTICE
The information contained in this e-mail and any attachments may be confidential.
If you are not an intended recipient, you are hereby notified that any
dissemination, distribution or copying of this e-mail is strictly prohibited.
If you have received this e-mail in error, please notify sender and permanently
delete the e-mail and any attachments immediately. You should not retain, copy
or use this e-mail or any attachment for any purpose, nor disclose all or any
part of the contents to any other person. Thank you.
24
ALPS ETF TRUST
RESOLUTIONS
March 26, 2008
As approved by at least a majority of the
non-interested Trustees of the Trust
RESOLVED
, that the single insured Fidelity
Bond insurance coverage in the amount of $600,000, covering officers and
employees of the Trust, in accordance with the requirements of Rule 17g-1
under the 1940 Act, be and it hereby is, approved;
FURTHER RESOLVED
, that the Board of Trustees
of the ALPS ETF Trust (the Fund), including a majority of the Independent
Trustees of the Fund, with due consideration to all relevant factors including,
but not limited to, the value of the aggregate assets of the Fund to which any
covered person may have access, the type and terms of the arrangements made for
the custody and safekeeping of such assets, and the nature of the securities in
the portfolio of the Fund, approves the single insured fidelity bond insurance
coverage for the Fund in accordance with the requirements of Rule 17g-1
under the Investment Company Act of 1940; and
FURTHER RESOLVED
, that G. Craig Fidler, the
Secretary of the Fund be, and hereby is, authorized to file the single insured
fidelity bond with the Securities and Exchange Commission and give the notices
required by Rule 17g-1 and to take all necessary action to place such coverage
in effect and as may be necessary to implement the intent of these resolutions.
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