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The Bond will terminate as to any one Insured, (other than a
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additional period of 12 months within which to discover loss sustained
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registered management investment company), immediately upon
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by the Insured prior to the effective date of such termination or
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taking over of such Insured by a receiver or other liquidator or by
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cancellation and shall pay an additional premium therefor.
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State or Federal officials, or immediately upon the filing of a petition
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under any State or Federal statute relative to bankruptcy or
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Upon receipt of such notice from the Insured, the Underwriter shall give
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reorganization of the Insured, or assignment for the benefit of
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its written consent thereto: provided, however, that such additional period
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creditors of the Insured, or immediately upon such Insured ceasing
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of time shall terminate immediately;
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to exist, whether through merger into another entity, or by
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(a)
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on the effective date of any other insurance
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disposition of all of its assets.
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obtained by the Insured, its successor in business or
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any other party, replacing in whole or in part the
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This Bond will terminate as to any registered management
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the insurance afforded by this bond, whether or not
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investment company upon the expiration of 90 days after written
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such other insurance provides coverage for loss
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notice has been given to the Securities and Exchange Commission,
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sustained prior to its effective date, or
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Washington, D.C.
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(b)
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upon takeover of the Insured’s business by any
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State or Federal official or agency, or by any receiver
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The Underwriter shall refund the unearned premium computed as
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or liquidator, acting or appointed for this purpose
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short rates in accordance with the standard short rate cancellation
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without the necessity of the Underwriter giving notice
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tables if terminated by the Insured or pro rata if terminated for any
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of such termination. In the event that such additional
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other reason.
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period of time is terminated, as provided above, the
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Underwriter shall refund any unearned premium.
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This Bond shall terminate
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(a)
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as to any Employee as soon as any partner,
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The right to purchase such additional period for the discovery of loss
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officer, or supervisory Employee of the Insured,
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may not be exercised by any State or Federal official or agency, or by
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who is not in collusion with such Employee, shall
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any receiver or liquidator, acting or appointed to take over the Insured’s
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learn of any dishonest or fraudulent act(s),
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business for the operation or the liquidation thereof or for any other
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including Larceny or Embezzlement on part of
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purpose.
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such Employee without prejudice to the loss of
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any Property then in transit in the custody of
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SECTION 15. CENTRAL HANDLING OF SECURITIES
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such Employee and upon the expiration of ninety
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(90) days after written notice has been given to
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Securities included in the system for the central handling of securities
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Securities and Exchange Commission,
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established and maintained by Depository Trust Company, Midwest
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Washington, D.C. (See Section 16[d]) and to the
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Depository Trust Company, Pacific Securities Depository Trust
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Insured Investment Company, or
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Company, and Philadelphia Depository Trust Company, hereinafter
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(b)
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as to any Employee 90 days after receipt by
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called Corporations, to the extent of the Insured’s interest therein as
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each Insured and by the Securities and
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effective by the making of appropriate entries on the books and records
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Exchange Commission of a written notice from
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of such Corporations shall be deemed to be Property.
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the Underwriter of its desire to terminate this
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bond as to such Employee, or
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The words Employee” and “Employees” shall be deemed to include the
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(c)
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as to any person, who is a partner, officer, or
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officers, partners, clerks and other employees of the New York Stock
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employee of any Electronic Data Processor
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Exchange, Boston Stock Exchange, Midwest Stock Exchange, Pacific
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covered under this bond, from and after the time
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Stock Exchange and Philadelphia Stock Exchange, hereinafter called
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that the Insured or any partner or officer thereof
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Exchanges, and of the above named Corporations, and of any nominee
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not in collusion with such person shall have
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in whose name is registered any security included within the systems for
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knowledge of information that such person has
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the central handling of securities established and maintained by such
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committed any dishonest or fraudulent act(s),
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Corporations, and any employee of any recognized service company,
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including Larceny or Embezzlement in the
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while such officers, partners, clerks and other employees and
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service of the Insured or otherwise, whether such
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employees of service companies perform services for such
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act be committed before or after the time this
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Corporation in the operation of such systems. For the purpose of the
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bond is effective.
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above definition a recognized service company shall be any company providing
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clerks or other personnel to said Exchanges and Corporations on a
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SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION
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contract basis.
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At any time prior to termination or cancellation of this bond as an
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The Underwriter shall not be liable on account of any loss(es) in
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entirety, whether by the Insured or the Underwriter, the Insured may
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connection with the central handling of securities within the systems
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give to the Underwriter notice that if desires under this bond an
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established and maintained by such Corporations, unless such loss(es)
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