July 21, 2010
VIA EDGAR SUBMISSION
Securities & Exchange Commission
Judiciary Plaza
100 F Street, N.W.
Washington, D.C. 20549
Re:
AIM Counselor Series Trust (Invesco Counselor Series Trust), File No. 811-09913
AIM Equity Funds (Invesco Equity Funds), File No. 811-01424
AIM Funds Group (Invesco Funds Group), File No. 811-01540
AIM Growth Series (Invesco Growth Series), File No. 811-02699
AIM International Mutual Funds (Invesco International Mutual Funds), File No. 811-06463
AIM Investment Funds (Invesco Investment Funds), File No. 811-05426
AIM Investment Securities Funds (Invesco Investment Securities Funds), File No. 811-05686
AIM Sector Funds (Invesco Sector Funds), File No. 811-03826
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), File No. 811-07890
AIM Treasurers Series Trust (Invesco Treasurers Series Trust), File No. 811-05460
AIM Variable Insurance Funds (Invesco Variable Insurance Funds), File No. 811-07452
Short-Term Investments Trust, File No. 811-02729
Invesco California Insured Municipal Income Trust, File No. 811-07344
Invesco California Quality Municipal Securities, File No. 811-07564
Invesco High Yield Investments Fund, Inc., File No. 811-08044
Invesco Insured California Municipal Securities, File No. 811-07111
Invesco Insured Municipal Bond Trust, File No. 811-06053
Invesco Insured Municipal Income Trust, File No. 811-06590
Invesco Insured Municipal Securities, File No. 811-07109
Invesco Insured Municipal Trust, File No. 811-06434
Invesco Municipal Income Opportunities Trust, File No. 811-05597
Invesco Municipal Income Opportunities Trust II, File No. 811-05793
Invesco Municipal Income Opportunities Trust III, File No. 811-06052
Invesco Municipal Premium Income Trust, File No. 811-05688
Invesco New York Quality Municipal Securities, File No. 811-07562
Invesco Prime Income Trust, File No. 811-05898
Invesco Quality Municipal Income Trust, File No. 811-06591
Invesco Quality Municipal Investment Trust, File No. 811-06346
Invesco Quality Municipal Securities, File No. 811-07560
Invesco Van Kampen Advantage Municipal Income Trust II, File No. 811-07868
Invesco Van Kampen Bond Fund, File No. 811-02090
Invesco Van Kampen California Value Municipal Income Trust, File No. 811-07404
Invesco Van Kampen Dynamic Credit Opportunities Fund, File No. 811-22043
Invesco Van Kampen Exchange Fund, A California Limited Partnership, File No. 811-02611
Invesco Van Kampen High Income Trust II, File No. 811-05769
Invesco Van Kampen Massachusetts Value Municipal Income Trust, File No. 811-07088
Invesco Van Kampen Municipal Opportunity Trust, File No. 811-06567
Invesco Van Kampen Municipal Trust, File No. 811-06362
Invesco Van Kampen Ohio Quality Municipal Trust, File No. 811-06364
Invesco Van Kampen Pennsylvania Value Municipal Income Trust, File No. 811-07398
Invesco Van Kampen Select Sector Municipal Trust, File No. 811-08000
Invesco Van Kampen Senior Income Trust, File No. 811-08743
Invesco Van Kampen Senior Loan Fund, File No. 811-05845
Invesco Van Kampen Trust For Insured Municipals, File No. 811-06472
Invesco Van Kampen Trust For Investment Grade Municipals, File No. 811-06471
Invesco Van Kampen Trust For Investment Grade New Jersey Municipals, File No. 811-06536
Invesco Van Kampen Trust For Investment Grade New York Municipals, File No. 811-06537
Ladies and Gentlemen:
Enclosed for filing pursuant to Rule 17g-1(g) of the Investment Company Act of 1940, as amended
(the Act)
are the following documents regarding the joint insured fidelity bond for the above-referenced
investment companies:
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1.
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A copy of the Investment Company Blanket Bond with attached rider numbers 1, 2, 3, 4,
5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 and 16 pertaining thereto.
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2.
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A copy of the resolutions of the Board of Trustees of the Funds, including a majority of
the Trustees who are not
interested persons, approving the amount, type, form and coverage of the Bond and the
portion of the premium paid by each Fund.
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2.
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A statement showing the amount of the single insured bond which each of the
above-referenced investment companies would have provided and maintained had each
investment company not been named as an insured under a joint insured bond;
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3.
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A statement as to the period for which premium have been paid; and
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5.
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A copy of the Agreement Regarding Allocation of Recoveries Under Joint Insured Bond.
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If you should need any additional information, please contact me at (713) 214-1271.
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Sincerely,
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/s/ Todd Spillane
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Todd Spillane
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Chief Compliance Officer
Invesco Advisers, Inc.
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ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
1401 H St. NW
Washington, DC 20005
INVESTMENT COMPANY BLANKET BOND
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
1401 H St. NW
Washington, DC 20005
DECLARATIONS
NOTICE
This policy is issued by your risk retention group. Your risk retention group may not be subject
to all of the insurance laws and regulations of your state. State insurance insolvency guaranty
funds are not available for your risk retention group.
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Item 1.
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Name of Insured (the Insured)
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Bond Number
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Invesco Advisers, Inc.
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87053110B
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Principal Office: 11 Greenway Plaza, Suite 100
Houston, TX 77046
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Mailing Address: 2 Peachtree Point
1555 Peachtree Street, NE
Atlanta, GA 30309
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Item 2.
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Bond Period: from 12:01 a.m. on June 1, 2010, to 12:01 a.m. on June 30, 2011 or
the earlier effective date of the termination of this Bond, standard time at the Principal
Office as to each of said dates.
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Item 3.
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Limit of Liability
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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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55,000,000
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$
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100,000
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Insuring Agreement B- AUDIT EXPENSE
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$
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50,000
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$
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10,000
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Insuring Agreement C- ON PREMISES
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$
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55,000,000
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$
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100,000
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Insuring Agreement D- IN TRANSIT
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$
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55,000,000
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$
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100,000
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Insuring Agreement E- FORGERY OR ALTERATION
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$
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55,000,000
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$
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100,000
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Insuring Agreement F- SECURITIES
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$
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55,000,000
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$
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100,000
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Insuring Agreement G- COUNTERFEIT CURRENCY
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$
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55,000,000
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$
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100,000
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Insuring Agreement H- UNCOLLECTIBLE ITEMS OF DEPOSIT
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$
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25,000
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$
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5,000
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Insuring Agreement I- PHONE/ELECTRONIC TRANSACTIONS
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$
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55,000,000
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$
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100,000
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If Not Covered is inserted opposite any Insuring Agreement above, such Insuring
Agreement and any reference thereto shall be deemed to be deleted from this Bond.
OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:
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Insuring Agreement J- COMPUTER SECURITY
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$
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55,000,000
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$
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100,000
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Item 4.
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Offices or Premises CoveredAll the Insureds offices or other premises in existence
at the time this Bond becomes effective are covered under this Bond, except the offices or
other premises excluded by Rider. Offices or other premises acquired or established after the
effective date of this Bond are covered subject to the terms of General Agreement A.
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I
tem 5.
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The liability of ICI Mutual Insurance Company, a Risk Retention Group (the Underwriter)
is subject to the terms of the following Riders attached hereto:
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Bond (1/09)
Riders: 1-2-3-4-5-6-7-8-9-10-11-12-13-14-15-16
and of all Riders applicable to this Bond issued during the Bond Period.
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By:
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/S/ Catherine Dalton
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Authorized Representative
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INVESTMENT COMPANY BLANKET BOND
NOTICE
This policy is issued by your risk retention group. Your risk retention group may not be subject
to all of the insurance laws and regulations of your state. State insurance insolvency guaranty
funds are not available for your risk retention group.
ICI Mutual Insurance Company, a Risk Retention Group (the Underwriter), in consideration of an
agreed premium, and in reliance upon the Application and all other information furnished to the
Underwriter by the Insured, and subject to and in accordance with the Declarations, General
Agreements, Provisions, Conditions and Limitations and other terms of this bond (including all
riders hereto) (Bond), to the extent of the Limit of Liability and subject to the Deductible
Amount, agrees to indemnify the Insured for the loss, as described in the Insuring Agreements,
sustained by the Insured at any time but discovered during the Bond Period.
INSURING AGREEMENTS
A. FIDELITY
Loss caused by any Dishonest or Fraudulent Act or Theft committed by an Employee anywhere, alone
or in collusion with other persons (whether or not Employees), during the time such Employee has
the status of an Employee as defined herein, and even if such loss is not discovered until after
he or she ceases to be an Employee, EXCLUDING loss covered under Insuring Agreement B.
B. AUDIT EXPENSE
Expense incurred by the Insured for that part of audits or examinations required by any
governmental regulatory authority or Self Regulatory Organization to be conducted by such
authority or Organization or by an independent accountant or other person, by reason of the
discovery of loss sustained by the Insured and covered by this Bond.
C. ON PREMISES
Loss resulting from Property that is (1) located or reasonably believed by the Insured to be
located within the Insureds offices or premises, and (2) the object of Theft, Dishonest or
Fraudulent Act, or Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A.
D. IN TRANSIT
Loss resulting from Property that is (1) in transit in the custody of any person authorized by
an Insured to act as a messenger, except while in the mail or with a carrier for hire (other
than a Security Company), and (2) the object of Theft, Dishonest or Fraudulent Act, or
Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A. Property is in
transit beginning immediately upon receipt of such Property by the transporting person and
ending immediately upon delivery at the specified destination.
E. FORGERY OR ALTERATION
Loss caused by the Forgery or Alteration of or on (1) any bills of exchange, checks,
drafts, or other written orders or directions to pay certain sums in money, acceptances,
certificates of deposit, due bills, money orders, or letters of credit; or (2) other written instructions, requests or applications
to the Insured, authorizing or acknowledging the transfer, payment, redemption, delivery or
receipt of
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Property, or giving notice of any bank account, which instructions or requests or
applications purport to have been signed or endorsed by (a) any customer of the Insured, or (b)
any shareholder of or subscriber to shares issued by any Investment Company, or (c) any
financial or banking institution or stockbroker; or (3) withdrawal orders or receipts for the
withdrawal of 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.
This Insuring Agreement E does not cover loss caused by Forgery or Alteration of Securities or
loss covered under Insuring Agreement A.
F. SECURITIES
Loss resulting from the Insured, in good faith, in the ordinary course of business, and in any
capacity whatsoever, whether for its own account or for the account of others, having acquired,
accepted or received, or sold or delivered, or given any value, extended any credit or assumed
any liability on the faith of any Securities, where such loss results from the fact that such
Securities (1) were Counterfeit, or (2) were lost or stolen, or (3) contain a Forgery or
Alteration, and notwithstanding whether or not the act of the Insured causing such loss violated
the constitution, by-laws, rules or regulations of any Self Regulatory Organization, whether or
not the Insured was a member thereof, EXCLUDING loss covered under Insuring Agreement A.
G. COUNTERFEIT CURRENCY
Loss caused by the Insured in good faith having received or accepted (1) any money orders which
prove to be Counterfeit or to contain an Alteration or (2) paper currencies or coin of the
United States of America or Canada which prove to be Counterfeit. This Insuring Agreement G
does not cover loss covered under Insuring Agreement A.
H. UNCOLLECTIBLE ITEMS OF DEPOSIT
Loss resulting from the payment of dividends, issuance of Fund shares or redemptions or
exchanges permitted from an account with the Fund as a consequence of
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(1)
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uncollectible Items of Deposit of a Funds customer, shareholder or subscriber
credited by the Insured or its agent to such persons Fund account, or
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(2)
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any Item of Deposit processed through an automated clearing house which is
reversed by a Funds customer, shareholder or subscriber and is deemed uncollectible by
the Insured;
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PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until the Insureds
collection procedures have failed, (b) exchanges of shares between Funds with exchange
privileges shall be covered hereunder only if all such Funds are insured by the Underwriter for
uncollectible Items of Deposit, and (c) the Insured Fund shall have implemented and maintained a
policy to hold Items of Deposit for the minimum number of days stated in its Application (as
amended from time to time) before paying any dividend or permitting any withdrawal with respect
to such Items of Deposit (other than exchanges between Funds). Regardless of the number of
transactions between Funds in an exchange program, the minimum number of days an Item of Deposit
must be held shall begin from the date the Item of Deposit was first credited to any Insured
Fund.
This Insuring Agreement H does not cover loss covered under Insuring Agreement A.
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I. PHONE/ELECTRONIC TRANSACTIONS
Loss caused by a Phone/Electronic Transaction, where the request for such Phone/Electronic
Transaction:
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(1)
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is transmitted to the Insured or its agents by voice over the telephone or by
Electronic Transmission; and
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(2)
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is made by an individual purporting to be a Fund shareholder or subscriber or an
authorized agent of a Fund shareholder or subscriber; and
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(3)
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is unauthorized or fraudulent and is made with the manifest intent to deceive;
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PROVIDED, that the entity receiving such request generally maintains and follows during the Bond
Period all Phone/Electronic Transaction Security Procedures with respect to all Phone/Electronic
Transactions; and
EXCLUDING loss resulting from:
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(1)
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the failure to pay for shares attempted to be purchased; or
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(2)
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any redemption of Investment Company 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
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(3)
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any redemption of shares issued by an Investment Company where the proceeds of such
redemption were requested to be paid or made payable to other than (a) the Shareholder of
Record, or (b) any other person or bank account designated to receive redemption proceeds
(i) in the initial account application, or (ii) in writing (not to include Electronic
Transmission) accompanied by a signature guarantee; or
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(4)
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any redemption of shares issued by an Investment Company where the proceeds of such
redemption were requested to be sent to other than any address for such account which was
designated (a) in the initial account application, or (b) in writing (not to include
Electronic Transmission), where such writing is received at least one (1) day prior to such
redemption request, or (c) by voice over the telephone or by Electronic Transmission at
least fifteen (15) days prior to such redemption; or
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(5)
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the intentional failure to adhere to one or more Phone/Electronic Transaction Security
Procedures; or
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(6)
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a Phone/Electronic Transaction request transmitted by electronic mail or transmitted by
any method not subject to the Phone/Electronic Transaction Security Procedures; or
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(7)
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the failure or circumvention of any physical or electronic protection device, including
any firewall, that imposes restrictions on the flow of electronic traffic in or out of any
Computer System.
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This Insuring Agreement I does not cover loss covered under Insuring Agreement A, Fidelity or
Insuring Agreement J, Computer Security.
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GENERAL AGREEMENTS
A. ADDITIONAL OFFICES OR EMPLOYEESCONSOLIDATION OR MERGERNOTICE
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1.
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Except as provided in paragraph 2 below, this Bond shall apply to any additional
office(s) established by the Insured during the Bond Period and to all Employees during the
Bond Period, without the need to give notice thereof or pay additional premiums to the
Underwriter for the Bond Period.
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2.
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If during the Bond Period an Insured Investment Company shall merge or consolidate with
an institution in which such Insured is the surviving entity, or purchase substantially all
the assets or capital stock of another institution, or acquire or create a separate
investment portfolio, and shall within sixty (60) days notify the Underwriter thereof, then
this Bond shall automatically apply to the Property and Employees resulting from such
merger, consolidation, acquisition or creation from the date thereof; provided, that the
Underwriter may make such coverage contingent upon the payment of an additional premium.
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B. WARRANTY
No statement made by or on behalf of the Insured, whether contained in the Application or
otherwise, shall be deemed to be an absolute warranty, but only a warranty that such statement
is true to the best of the knowledge of the person responsible for such statement.
C. COURT COSTS AND ATTORNEYS FEES
The Underwriter will indemnify the Insured against court costs and reasonable attorneys fees
incurred and paid by the Insured in defense of any legal proceeding brought against the Insured
seeking recovery for any loss which, if established against the Insured, would constitute a loss
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
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1.
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an Employee admits to having committed or is adjudicated to have committed a Dishonest
or Fraudulent Act or Theft which caused the loss; or
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2.
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in the absence of such an admission or adjudication, an arbitrator or arbitrators
acceptable to the Insured and the Underwriter concludes, after a review of an agreed
statement of facts, that an Employee has committed a Dishonest or Fraudulent Act or Theft
which caused the loss.
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The Insured shall promptly give notice to the Underwriter of any such legal proceeding and upon
request shall furnish the Underwriter 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 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 legal proceeding.
If the amount of the Insureds liability or alleged liability in any such legal proceeding is
greater than the amount which the Insured would be entitled to recover under this Bond (other
than pursuant to this General Agreement C), or if a Deductible Amount is applicable, or both,
the indemnity liability of the Underwriter under this General Agreement C is limited to the
proportion of court costs and attorneys fees incurred and paid by the Insured or by the
Underwriter that the amount which the Insured would be entitled to recover under this Bond (other than pursuant to this General Agreement C) bears to
the sum
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of such amount plus the amount which the Insured is not entitled to recover. Such
indemnity shall be in addition to the Limit of Liability for the applicable Insuring Agreement.
D. INTERPRETATION
This Bond shall be interpreted with due regard to the purpose of fidelity bonding under Rule
17g-1 of the Investment Company Act of 1940 (i.e., to protect innocent third parties from harm)
and to the structure of the investment management industry (in which a loss of Property
resulting from a cause described in any Insuring Agreement ordinarily gives rise to a potential
legal liability on the part of the Insured), such that the term loss as used herein shall
include an Insureds legal liability for direct compensatory damages resulting directly from a
misappropriation, or measurable diminution in value, of Property.
THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS
AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING
PROVISIONS, CONDITIONS AND LIMITATIONS:
SECTION 1. DEFINITIONS
The following terms used in this Bond shall have the meanings stated in this Section:
A.
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Alteration
means the marking, changing or altering in a material way of the terms,
meaning or legal effect of a document with the intent to deceive.
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B.
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Application
means the Insureds application (and any attachments and materials submitted in
connection therewith) furnished to the Underwriter for this Bond.
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C.
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Computer System
means (1) computers with related peripheral components, including storage
components, (2) systems and applications software, (3) terminal devices, (4) related
communications networks or customer communication systems, and (5) related electronic funds
transfer systems; by which data or monies are electronically collected, transmitted,
processed, stored or retrieved.
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D.
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Counterfeit
means, with respect to any item, one which is false but is intended to deceive
and to be taken for the original authentic item.
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E.
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Deductible Amount
means, with respect to any Insuring Agreement, the amount set forth under
the heading Deductible Amount in Item 3 of the Declarations or in any Rider for such
Insuring Agreement, applicable to each Single Loss covered by such Insuring Agreement.
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F.
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Depository
means any securities depository (other than any foreign securities depository)
in which an Investment Company may deposit its Securities in accordance with Rule 17f-4 under
the Investment Company Act of 1940.
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G.
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Dishonest or Fraudulent Act
means any dishonest or fraudulent act, including larceny and
embezzlement as defined in Section 37 of the Investment Company Act of 1940, committed with
the conscious manifest intent (1) to cause the Insured to sustain a loss and (2) to obtain
financial benefit for the perpetrator or any other person (other than salaries, commissions,
fees, bonuses, awards, profit sharing, pensions or other employee benefits). A Dishonest or Fraudulent Act does not mean or
include a reckless act, a negligent act, or a grossly negligent act.
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H.
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Electronic Transmission
means any transmission effected by electronic means, including but
not limited to a transmission effected by telephone tones, Telefacsimile, wireless device, or
over the Internet.
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(1)
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each officer, director, trustee, partner or employee of the Insured, and
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(2)
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each officer, director, trustee, partner or employee 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
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(3)
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each attorney performing legal services for the Insured and each employee of such
attorney or of the law firm of such attorney while performing services for the Insured, and
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(4)
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each student who is an authorized intern of the Insured, while in any of the Insureds
offices, and
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(5)
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each officer, director, trustee, partner or employee of
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(a)
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an investment adviser,
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(b)
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an underwriter (distributor),
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(c)
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a transfer agent or shareholder accounting recordkeeper, or
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(d)
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an administrator authorized by written agreement to keep financial and/or other
required records,
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for an Investment Company named as an Insured, BUT ONLY while (i) such officer, partner or
employee is performing acts coming within the scope of the usual duties of an officer or
employee of an Insured, or (ii) such officer, director, trustee, partner or employee is
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, or (iii) such director or trustee (or
anyone acting in a similar capacity) is acting outside the scope of the usual duties of a
director or trustee; PROVIDED, that the term Employee shall not include any officer,
director, trustee, partner or employee of a transfer agent, shareholder accounting
recordkeeper or administrator (x) which is not an affiliated person (as defined in Section
2(a) of the Investment Company Act of 1940) of an Investment Company named as Insured or of
the adviser or underwriter of such Investment Company, or (y) which is a Bank (as defined
in Section 2(a) of the Investment Company Act of 1940), and
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(6)
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each individual assigned, by contract or by any agency furnishing temporary personnel,
in either case on a contingent or part-time basis, to perform the usual duties of an
employee in any office of the Insured, and
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(7)
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each individual assigned to perform the usual duties of an employee or officer of any
entity 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 a
processor which acts as transfer agent or in any other agency capacity for the Insured in
issuing checks, drafts or securities, unless included under subsection (5) hereof, and
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(8)
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each officer, partner or employee of
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(a)
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any Depository or Exchange,
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(b)
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any nominee in whose name is registered any Security included in the systems
for the central handling of securities established and maintained by any Depository,
and
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(c)
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any recognized service company which provides clerks or other personnel to any
Depository or Exchange on a contract basis,
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while such officer, partner or employee is performing services for any Depository in the
operation of systems for the central handling of securities, and
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(9)
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in the case of an Insured which is an employee benefit plan (as defined in Section 3
of the Employee Retirement Income Security Act of 1974 (ERISA)) for officers, directors
or employees of another Insured (In-House Plan), any fiduciary or other plan official
(within the meaning of Section 412 of ERISA) of such In-House Plan, provided that such
fiduciary or other plan official is a director, partner, officer, trustee or employee of an
Insured (other than an In-House Plan).
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Each employer of temporary personnel and each entity referred to in subsections (6) and (7) and
their respective partners, officers and employees shall collectively be deemed to be one person
for all the purposes of this Bond.
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Brokers, agents, independent contractors, or representatives of the same general character shall
not be considered Employees, except as provided in subsections (3), (6), and (7).
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J.
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Exchange
means any national securities exchange registered under the Securities Exchange
Act of 1934.
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K.
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|
Forgery
means the physical signing on a document of the name of another person (whether
real or fictitious) with the intent to deceive. A Forgery may be by means of mechanically
reproduced facsimile signatures as well as handwritten signatures. Forgery does not include
the signing of an individuals own name, regardless of such individuals authority, capacity
or purpose.
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L.
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Items of Deposit
means one or more checks or drafts.
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M.
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Investment Company
or
Fund
means an investment company registered under the Investment
Company Act of 1940.
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N.
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Limit of Liability
means, with respect to any Insuring Agreement, the limit of liability of
the Underwriter for any Single Loss covered by such Insuring Agreement as set forth under the
heading Limit of Liability in Item 3 of the Declarations or in any Rider for such Insuring
Agreement.
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O.
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|
Mysterious Disappearance
means any disappearance of Property which, after a reasonable
investigation has been conducted, cannot be explained.
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P.
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|
Non-Fund
means any corporation, business trust, partnership, trust or other entity which is
not an Investment Company.
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Q.
|
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Phone/Electronic Transaction Security Procedures
means security procedures for Phone/Electronic Transactions as provided in writing to the Underwriter.
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R.
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Phone/Electronic Transaction
means any (1) redemption of shares issued by an Investment
Company, (2) election concerning dividend options available to Fund shareholders, (3) 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, or (4)
purchase of shares issued by an Investment Company, which redemption, election, exchange or
purchase is requested by voice over the telephone or through an Electronic Transmission.
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S.
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|
Property
means the following tangible items: money, postage and revenue stamps, precious
metals, Securities, bills of exchange, acceptances, checks, drafts, or other written orders or
directions to pay sums certain in money, certificates of deposit, due bills, money orders,
letters of credit, financial futures contracts, conditional sales contracts, abstracts of
title, insurance policies, deeds, mortgages, and assignments of any of the foregoing, 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
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9
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nature of the
foregoing (but excluding all data processing records), (1) in which the Insured has a legally
cognizable interest, (2) in which the Insured acquired or should have acquired such 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 (3) which are held by the Insured for any purpose or in any capacity.
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T.
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Securities
means original negotiable or non-negotiable agreements or instruments which
represent an equitable or legal interest, ownership or debt (including stock certificates,
bonds, promissory notes, and assignments thereof), which are in the ordinary course of
business and transferable by physical delivery with appropriate endorsement or assignment.
Securities does not include bills of exchange, acceptances, certificates of deposit, checks,
drafts, or other written orders or directions to pay sums certain in money, due bills, money
orders, or letters of credit.
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U.
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|
Security Company
means an entity which provides or purports to provide the transport of
Property by secure means, including, without limitation, by use of armored vehicles or guards.
|
V.
|
|
Self Regulatory Organization
means any association of investment advisers or securities
dealers registered under the federal securities laws, or any Exchange.
|
W.
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|
Shareholder of Record
means the record owner of shares issued by an Investment Company or,
in the case of joint ownership of such shares, all record owners, as designated (1) in the
initial account application, or (2) in writing accompanied by a signature guarantee, or (3)
pursuant to procedures as set forth in the Application.
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(1)
|
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all loss resulting from any one actual or attempted Theft committed by one person, or
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(2)
|
|
all loss caused by any one act (other than a Theft or a Dishonest or Fraudulent Act)
committed by one person, or
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(3)
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|
all loss caused by Dishonest or Fraudulent Acts committed by one person, or
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(4)
|
|
all expenses incurred with respect to any one audit or examination, or
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(5)
|
|
all loss caused by any one occurrence or event other than those specified in
subsections (1) through (4) above.
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All acts or omissions of one or more persons which directly or indirectly aid or, by failure to
report or otherwise, permit the continuation of an act referred to in subsections (1) through
(3) above of any other person shall be deemed to be the acts of such other person for purposes
of this subsection.
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All acts or occurrences or events which have as a common nexus any fact, circumstance,
situation, transaction or series of facts, circumstances, situations, or transactions shall be
deemed to be one act, one occurrence, or one event.
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Y.
|
|
Telefacsimile
means a system of transmitting and reproducing fixed graphic material (as,
for example, printing) by means of signals transmitted over telephone lines or over the
Internet.
|
Z.
|
|
Theft
means robbery, burglary or hold-up, occurring with or without violence or the threat
of violence.
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10
SECTION 2. EXCLUSIONS
THIS BOND DOES NOT COVER:
A.
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Loss resulting from (1) riot or civil commotion outside the United States of America and
Canada, or (2) war, revolution, insurrection, action by armed forces, or usurped power,
wherever occurring; except if such loss occurs while the Property is in transit, is otherwise
covered under Insuring Agreement D, and when such transit was initiated, the Insured or any
person initiating such transit on the Insureds behalf had no knowledge of such riot, civil
commotion, war, revolution, insurrection, action by armed forces, or usurped power.
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B.
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Loss in time of peace or war resulting from nuclear fission or fusion or radioactivity, or
biological or chemical agents or hazards, or fire, smoke, or explosion, or the effects of any
of the foregoing.
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C.
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Loss resulting from any Dishonest or Fraudulent Act committed by any person while acting in
the capacity of a member of the Board of Directors or any equivalent body of the Insured or of
any other entity.
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D.
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Loss resulting from any nonpayment or other default of any loan or similar transaction made
by the Insured or any of its partners, directors, officers or employees, whether or not
authorized and whether procured in good faith or through a Dishonest or Fraudulent Act, unless
such loss is otherwise covered under Insuring Agreement A, E or F.
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E.
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Loss resulting from any violation by the Insured or by any Employee of any law, or any rule
or regulation pursuant thereto or adopted by a Self Regulatory Organization, regulating the
issuance, purchase or sale of securities, securities transactions upon security exchanges or
over the counter markets, Investment Companies, or investment advisers, unless such loss, in
the absence of such law, rule or regulation, would be covered under Insuring Agreement A, E or
F.
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F.
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Loss resulting from Property that is the object of Theft, Dishonest or Fraudulent Act, or
Mysterious Disappearance while in the custody of any Security Company, unless such loss is
covered under this Bond and is in excess of the amount recovered or received by the Insured
under (1) the Insureds contract with such Security Company, and (2) insurance or indemnity of
any kind carried by such Security Company for the benefit of, or otherwise available to, users
of its service, in which case this Bond shall cover only such excess, subject to the
applicable Limit of Liability and Deductible Amount.
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G.
|
|
Potential income, including but not limited to interest and dividends, not realized by the
Insured because of a loss covered under this Bond, except when covered under Insuring
Agreement H.
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H.
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Loss in the form of (1) damages of any type for which the Insured is legally liable, except
direct compensatory damages, or (2) taxes, fines, or penalties, including without limitation
two-thirds of treble damage awards pursuant to judgments under any statute or regulation.
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I.
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Loss resulting from the surrender of Property away from an office of the Insured as a result
of a threat
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(1)
|
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to do bodily harm to any person, except where the Property is in transit in the custody
of any person acting as messenger as a result of a threat to do bodily harm to such person,
if the Insured had no knowledge of such threat at the time such transit was initiated, or
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(2)
|
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to do damage to the premises or Property of the Insured,
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unless such loss is otherwise covered under Insuring Agreement A.
|
11
J.
|
|
All costs, fees and other expenses incurred by the Insured in establishing the existence of
or amount of loss covered under this Bond, except to the extent certain audit expenses are
covered under Insuring Agreement B.
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K.
|
|
Loss resulting from payments made to or withdrawals from any account, involving funds
erroneously credited to such account, unless such loss is otherwise covered under Insuring
Agreement A.
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L.
|
|
Loss resulting from uncollectible Items of Deposit which are drawn upon a financial
institution outside the United States of America, its territories and possessions, or Canada.
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M.
|
|
Loss resulting from the Dishonest or Fraudulent Acts, Theft, or other acts or omissions of an
Employee primarily engaged in the sale of shares issued by an Investment Company to persons
other than (1) a person registered as a broker under the Securities Exchange Act of 1934 or
(2) an accredited investor as defined in Rule 501(a) of Regulation D under the Securities
Act of 1933, which is not an individual.
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N.
|
|
Loss resulting 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.
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O.
|
|
Loss resulting from any purchase, redemption or exchange of securities issued by an
Investment Company or other Insured, or any other instruction, request, acknowledgement,
notice or transaction involving securities issued by an Investment Company or other Insured or
the dividends in respect thereof, when any of the foregoing is requested, authorized or
directed or purported to be requested, authorized or directed by voice over the telephone or
by Electronic Transmission, unless such loss is otherwise covered under Insuring Agreement A
or Insuring Agreement I.
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P.
|
|
Loss resulting from any Dishonest or Fraudulent Act or Theft committed by an Employee as
defined in Section 1.I(2), unless such loss (1) could not have been reasonably discovered by
the due diligence of the Insured at or prior to the time of acquisition by the Insured of the
assets acquired from a predecessor, and (2) arose out of a lawsuit or valid claim brought
against the Insured by a person unaffiliated with the Insured or with any person affiliated
with the Insured.
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Q.
|
|
Loss resulting from the unauthorized entry of data into, or the deletion or destruction of
data in, or the change of data elements or programs within, any Computer System, unless such
loss is otherwise covered under Insuring Agreement A.
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SECTION 3. ASSIGNMENT OF RIGHTS
|
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Upon payment to the Insured hereunder for any loss, the Underwriter shall be subrogated to the
extent of such payment to all of the Insureds rights and claims in connection with such loss;
provided, however, that the Underwriter shall not be subrogated to any such rights or claims one
named Insured under this Bond may have against another named Insured under this Bond. At the
request of the Underwriter, the Insured shall execute all assignments or other documents and
take such action as the Underwriter may deem necessary or desirable to secure and perfect such
rights and claims, including the execution of documents necessary to enable the Underwriter to
bring suit in the name of the Insured.
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Assignment of any rights or claims under this Bond shall not bind the Underwriter without the
Underwriters written consent.
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12
SECTION 4. LOSSNOTICEPROOFLEGAL PROCEEDINGS
|
|
This Bond is for the use and benefit only of the Insured and the Underwriter shall not be liable
hereunder to anyone other than the Insured. As soon as practicable and not more than sixty (60)
days after discovery, the Insured shall give the Underwriter written notice thereof and, as soon
as practicable and within one year after such discovery, shall also furnish to the Underwriter
affirmative proof of loss with full particulars. The Underwriter may extend the sixty day
notice period or the one year proof of loss period if the Insured requests an extension and
shows good cause therefor.
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|
See also General Agreement C (Court Costs and Attorneys Fees).
|
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The Underwriter shall not be liable hereunder for loss of Securities unless each of the
Securities is identified in such proof of loss by a certificate or bond number or by such
identification means as the Underwriter may require. The Underwriter shall have a reasonable
period after receipt of a proper affirmative proof of loss within which to investigate the
claim, but where the Property is Securities and the loss is clear and undisputed, settlement
shall be made within forty-eight (48) hours even if the loss involves Securities of which
duplicates may be obtained.
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The Insured shall not bring legal proceedings against the Underwriter to recover any loss
hereunder prior to sixty (60) days after filing such proof of loss or subsequent to twenty-four
(24) months after the discovery of such loss or, in the case of a legal proceeding to recover
hereunder on account of any judgment against the Insured in or settlement of any suit mentioned
in General Agreement C or to recover court costs or attorneys fees paid in any such suit,
twenty-four (24) months after the date of the final judgment in or settlement of such suit. If
any limitation in this Bond is prohibited by any applicable law, such limitation shall be deemed
to be amended to be equal to the minimum period of limitation permitted by such law.
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|
Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance
Company, 1401 H St. NW, Washington, DC 20005.
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SECTION 5. DISCOVERY
|
|
For all purposes under this Bond, a loss is discovered, and discovery of a loss occurs, when the
Insured
|
|
(1)
|
|
becomes aware of facts, or
|
|
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(2)
|
|
receives 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 loss covered by this Bond has been or is
likely to be incurred even though the exact amount or details of loss may not be known.
|
SECTION 6. VALUATION OF PROPERTY
|
|
For the purpose of determining the amount of any loss hereunder, the value of any Property shall
be the market value of such Property at the close of business on the first business day before
the discovery of such loss; except that
|
|
(1)
|
|
the value of any Property replaced by the Insured prior to the payment of a claim
therefor shall be the actual market value of such Property at the time of replacement, but
not in excess of the market value of such Property on the first business day before the
discovery of the loss of such Property;
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|
(2)
|
|
the value of Securities which must be produced to exercise subscription, conversion,
redemption or deposit privileges shall be the market value of such privileges immediately
preceding the expiration
|
13
|
|
|
thereof if the loss of such Securities is not discovered until
after such expiration, but if there is no quoted or other ascertainable market price for
such Property or privileges referred to in clauses (1) and (2), their value shall be fixed
by agreement between the parties or by arbitration before an arbitrator or arbitrators
acceptable to the parties; and
|
|
(3)
|
|
the value of books of accounts or other records used by the Insured in the conduct of
its business shall be limited to the actual cost of blank books, blank pages or other
materials if the books or records are reproduced plus the cost of labor for the
transcription or copying of data furnished by the Insured for reproduction.
|
SECTION 7. LOST SECURITIES
|
|
The maximum liability of the Underwriter hereunder for lost Securities shall be the payment for,
or replacement of, such Securities having an aggregate value not to exceed the applicable Limit
of Liability. If the Underwriter shall make payment to the Insured for any loss of
S
ecurities, the Insured shall assign to the Underwriter all of the Insureds right,
title and interest in and to such Securities. In lieu of such payment, the Underwriter may, at
its option, replace such lost Securities, and in such case the Insured shall cooperate to effect
such replacement. To effect the replacement of lost Securities, the Underwriter may issue or
arrange for the issuance of a lost instrument bond. If the value of such Securities does not
exceed the applicable Deductible Amount (at the time of the discovery of the loss), the Insured
will pay the usual premium charged for the lost instrument bond and will indemnify the issuer of
such bond against all loss and expense that it may sustain because of the issuance of such bond.
|
|
|
If the value of such Securities exceeds the applicable Deductible Amount (at the time of
discovery of the loss), the Insured will pay a proportion of the usual premium charged for the
lost instrument bond, equal to the percentage that the applicable Deductible Amount bears to the
value of such Securities upon discovery of the loss, and will indemnify the issuer of such bond
against all loss and expense that is not recovered from the Underwriter under the terms and
conditions of this Bond, subject to the applicable Limit of Liability.
|
SECTION 8. SALVAGE
|
|
If any recovery is made, whether by the Insured or the Underwriter, on account of any loss
within the applicable Limit of Liability hereunder, the Underwriter shall be entitled to the
full amount of such recovery to reimburse the Underwriter for all amounts paid hereunder with
respect to such loss. If any recovery is made, whether by the Insured or the Underwriter, on
account of any loss in excess of the applicable 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 amount of such
recovery, net of the actual costs and expenses of recovery, shall be applied to reimburse the
Insured in full for the portion of such loss in excess of such Limit of Liability, and the
remainder, if any, shall be paid first to reimburse the Underwriter for all amounts paid
hereunder with respect to such loss and then to the Insured to the extent of the portion of such
loss within the Deductible Amount. The Insured shall execute all documents which the
Underwriter deems necessary or desirable to secure to the Underwriter the rights provided for
herein.
|
SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY
|
|
Prior to its termination, this Bond shall continue in force up to the Limit of Liability for
each Insuring Agreement for each Single Loss, notwithstanding any previous loss (other than such
Single Loss) for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED,
however, that
|
14
|
|
regardless of the number of years this Bond shall continue in force and the number
of premiums which shall be payable or paid, the liability of the Underwriter under this Bond
with respect to any Single Loss shall be limited to the applicable Limit of Liability
irrespective of the total amount of such Single Loss and shall not be cumulative in amounts from
year to year or from period to period.
|
SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES
|
|
The maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement
under this Bond shall be the Limit of Liability applicable to such Insuring Agreement, subject
to the applicable Deductible Amount and the other provisions of this Bond. Recovery for any
Single Loss may not be made under more than one Insuring Agreement. If any Single Loss covered
under this Bond is recoverable or recovered in whole or in part because of an unexpired
discovery period under any other bonds or policies issued by the Underwriter to the Insured or
to any predecessor in interest of the Insured, the maximum liability of the Underwriter shall be
the greater of either (1) the applicable Limit of Liability under this Bond, or (2) the maximum
liability of the Underwriter under such other bonds or policies.
|
SECTION 11. OTHER INSURANCE
|
|
Notwithstanding anything to the contrary herein, if any loss covered by this Bond shall also be
covered by other insurance or suretyship for the benefit of the Insured, the Underwriter shall
be liable hereunder only for the portion of such loss in excess of the amount recoverable under
such other insurance or suretyship, but not exceeding the applicable Limit of Liability of this
Bond.
|
SECTION 12. DEDUCTIBLE AMOUNT
|
|
The Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss
covered thereunder, after deducting the net amount of all reimbursement and/or recovery received
by the Insured with respect to such loss (other than from any other bond, suretyship or
insurance policy or as an advance by the Underwriter hereunder) shall exceed the applicable
Deductible Amount; in such case the Underwriter shall be liable only for such excess, subject to
the applicable Limit of Liability and the other terms of this Bond.
|
|
|
No Deductible Amount shall apply to any loss covered under Insuring Agreement A sustained by any
Investment Company named as an Insured.
|
SECTION 13. TERMINATION
|
|
The Underwriter may terminate this Bond as to any Insured or all Insureds only by written notice
to such Insured or Insureds and, if this Bond is terminated as to any Investment Company, to
each such Investment Company terminated thereby and to the Securities and Exchange Commission,
Washington, D.C., in all cases not less than sixty (60) days prior to the effective date of
termination specified in such notice.
|
|
|
The Insured may terminate this Bond only by written notice to the Underwriter not less than
sixty (60) days prior to the effective date of the termination specified in such notice.
Notwithstanding the foregoing, when the Insured terminates this Bond as to any Investment
Company, the effective date of termination shall be not less than sixty (60) days from the date
the Underwriter provides written notice of the termination to each such Investment Company
terminated thereby and to the Securities and Exchange Commission, Washington, D.C.
|
15
|
|
This Bond will terminate as to any Insured that is a Non-Fund immediately and without notice
upon (1) the takeover of such Insureds business by any State or Federal official or agency, or
by any receiver or liquidator, or (2) 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.
|
|
|
Premiums are earned until the effective date of termination. The Underwriter shall refund the
unearned premium computed at short rates in accordance with the Underwriters standard short
rate cancellation tables if this Bond is terminated by the Insured or pro rata if this Bond is
terminated by the Underwriter.
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|
|
Upon the detection by any Insured that an 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 two (2) business days of such detection, shall
notify the Underwriter with full and complete particulars of the detected Dishonest or
Fraudulent Act(s) or Theft.
|
|
|
For purposes of this section, detection occurs when any partner, officer, or supervisory
employee of any Insured, who is not in collusion with such Employee, becomes aware that the
Employee has committed any Dishonest or Fraudulent Act(s) or Theft.
|
|
|
This Bond shall terminate as to any Employee by written notice from the Underwriter to each
Insured and, if such Employee is an Employee of an Insured Investment Company, to the Securities
and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date
of termination specified in such notice.
|
SECTION 14. RIGHTS AFTER TERMINATION
|
|
At any time prior to the effective date of termination of this Bond as to any Insured, such
Insured may, by written notice to the Underwriter, elect to purchase the right under this Bond
to an additional period of twelve (12) months within which to discover loss sustained by such
Insured prior to the effective date of such termination and shall pay an additional premium
therefor as the Underwriter may require.
|
|
|
Such additional discovery period shall terminate immediately and without notice upon the
takeover of such Insureds business by any State or Federal official or agency, or by any
receiver or liquidator. Promptly after such termination the Underwriter shall refund to the
Insured any unearned premium.
|
|
|
The right to purchase such additional discovery period may not be exercised by any State or
Federal official or agency, or by any receiver or liquidator, acting or appointed to take over
the Insureds business.
|
SECTION 15. CENTRAL HANDLING OF SECURITIES
|
|
The Underwriter shall not be liable for loss in connection with the central handling of
securities within the systems established and maintained by any Depository (Systems), unless
the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or participants fund
insuring the Depository against such loss (the Depositorys Recovery); in such case the
Underwriter shall be liable hereunder only for the Insureds share of such excess loss, subject
to the applicable Limit of Liability, the Deductible Amount and the other terms of this Bond.
|
|
|
For determining the Insureds share of such excess loss, (1) the Insured shall be deemed to have
an interest in any certificate representing any security included within the Systems equivalent
to the interest the Insured then has in all certificates representing the same security included
within the Systems; (2) the
|
16
|
|
Depository shall have reasonably and fairly apportioned the
Depositorys Recovery among all those having an interest as recorded by appropriate entries in
the books and records of the Depository in Property involved in such loss, so that each such
interest shall share in the Depositorys Recovery in the ratio that the value of each such
interest bears to the total value of all such interests; and (3) the Insureds share of such
excess loss shall be the amount of the Insureds interest in such Property in excess of the
amount(s) so apportioned to the Insured by the Depository.
|
|
|
This Bond does not afford coverage in favor of any Depository or Exchange or any nominee in
whose name is registered any security included within the Systems.
|
SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED
|
|
If more than one entity is named as the Insured:
|
|
A.
|
|
the total liability of the Underwriter hereunder for each Single Loss shall not exceed
the Limit of Liability which would be applicable if there were only one named Insured,
regardless of the number of Insured entities which sustain loss as a result of such Single
Loss,
|
|
|
B.
|
|
the Insured first named in Item 1 of the Declarations shall be deemed authorized to
make, adjust, and settle, and receive and enforce payment of, all claims hereunder as the
agent of each other Insured for such purposes and for the giving or receiving of any notice
required or permitted to be given hereunder; provided, that the Underwriter shall promptly
furnish each named Insured Investment Company with (1) a copy of this Bond and any
amendments thereto, (2) a copy of each formal filing of a claim hereunder by any other
Insured, and (3) notification of the terms of the settlement of each such claim prior to
the execution of such settlement,
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|
|
C.
|
|
the Underwriter shall not be responsible or have any liability for the proper
application by the Insured first named in Item 1 of the Declarations of any payment made
hereunder to the first named Insured,
|
|
|
D.
|
|
for the purposes of Sections 4 and 13, knowledge possessed or discovery made by any
partner, officer or supervisory Employee of any Insured shall constitute knowledge or
discovery by every named Insured,
|
|
|
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, and
|
|
|
F.
|
|
each named Insured shall constitute the Insured for all purposes of this Bond.
|
SECTION 17. NOTICE AND CHANGE OF CONTROL
|
|
Within thirty (30) days after learning that there has been a change in control of an Insured by
transfer of its outstanding voting securities the Insured shall give written notice to the
Underwriter of:
|
|
A.
|
|
the names of the transferors and transferees (or the names of the beneficial owners if
the voting securities are registered 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.
|
17
|
|
As used in this Section, control means the power to exercise a controlling influence over the
management or policies of the Insured.
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SECTION 18. CHANGE OR MODIFICATION
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This Bond may only be modified by written Rider forming a part hereof over the signature of the
Underwriters authorized representative. Any Rider which modifies the coverage provided by
Insuring Agreement A, Fidelity, in a manner which adversely affects the rights of an Insured
Investment Company shall not become effective until at least sixty (60) days after the
Underwriter has given written notice thereof to the Securities and Exchange Commission,
Washington, D.C., and to each Insured Investment Company affected thereby.
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IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the Declarations Page.
18
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 1
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item
1 of the Declarations, Name of Insured, shall include the following:
INVESCO ENTITIES
INVESCO ADVISERS, INC.
INVESCO DISTRIBUTORS, INC.
INVESCO INVESTMENT SERVICES, INC.
INVESCO ASSET MANAGEMENT DEUTSCHLAND GMBH
INVESCO ASSET MANAGEMENT (JAPAN) LIMITED
INVESCO ASSET MANAGEMENT LIMITED
INVESCO AUSTRALIA LIMITED
INVESCO HONG KONG LIMITED
INVESCO SENIOR SECURED MANAGEMENT, INC.
INVESCO TRIMARK LTD.
VAN KAMPEN FUNDS INC.
INVESCO FUNDS
INVESCO COUNSELOR SERIES TRUST
INVESCO EQUITY FUNDS
INVESCO FUNDS GROUP
INVESCO GROWTH SERIES
INVESCO INTERNATIONAL MUTUAL FUNDS
INVESCO INVESTMENT FUNDS
INVESCO INVESTMENT SECURITIES FUNDS
INVESCO SECTOR FUNDS
INVESCO TAX-EXEMPT FUNDS
INVESCO TREASURERS SERIES TRUST
INVESCO VARIABLE INSURANCE FUNDS
SHORT-TERM INVESTMENTS TRUST
INVESCO CALIFORNIA INSURED MUNICIPAL INCOME TRUST
INVESCO CALIFORNIA QUALITY MUNICIPAL SECURITIES
INVESCO HIGH YIELD FUND, INC.
INVESCO INSURED CALIFORNIA MUNICIPAL SECURITIES
19
INVESCO INSURED MUNICIPAL BOND TRUST
INVESCO INSURED MUNICIPAL INCOME TRUST
INVESCO INSURED MUNICIPAL SECURITIES TRUST
INVESCO INSURED MUNICIPAL TRUST
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST II
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST III
INVESCO MUNICIPAL PREMIUM INCOME TRUST
INVESCO NEW YORK QUALITY MUNICIPAL SECURITIES
INVESCO PRIME INCOME TRUST
INVESCO QUALITY MUNICIPAL INCOME TRUST
INVESCO QUALITY MUNICIPAL INVESTMENT TRUST
INVESCO QUALITY MUNICIPAL SECURITIES
INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
INVESCO VAN KAMPEN BOND FUND
INVESCO VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
INVESCO VAN KAMPEN DYNAMIC CREDIT OPPORTUNITIES FUND
INVESCO VAN KAMPEN EXCHANGE FUND
INVESCO VAN KAMPEN HIGH INCOME TRUST II
INVESCO VAN KAMPEN MASSACHUSETTS VALUE MUNICIPAL INCOME TRUST
INVESCO VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
INVESCO VAN KAMPEN MUNICIPAL TRUST
INVESCO VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
INVESCO VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
INVESCO VAN KAMPEN SELECT SECTOR MUNICIPAL TRUST
INVESCO VAN KAMPEN SENIOR INCOME TRUST
INVESCO VAN KAMPEN SENIOR LOAN FUND
INVESCO VAN KAMPEN TRUST FOR INSURED MUNICIPALS
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RN1.0-00 (1/02)
20
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 2
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that this
Bond (other than Insuring Agreements C and D) does not cover loss resulting from or in connection
with any business, activities, acts or omissions of (including services rendered by) any Insured
which is
not
an Insured Fund (Non-Fund) or any Employee of a Non-Fund,
except
loss, otherwise covered by the terms of this Bond, resulting from or in connection with
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(1)
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services rendered by a Non-Fund to an Insured Fund, or to shareholders of such Fund in
connection with the issuance, transfer, or redemption of their Fund shares; or
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(2)
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Investment Advisory Services rendered by Invesco Capital Management Inc., Invesco
Advisors, Inc., or Invesco Private Asset Management, Inc. to any of their investment
advisory clients; or
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(3)
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in the case of a Non-Fund substantially all of whose business is rendering the services
described in (1) or (2) above, the general business, activities or operations of such
Non-Fund,
excluding
(a) the rendering of services (other than those described in
(1) or (2) above) to any person, or (b) the sale of goods or property of any kind.
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It is further understood and agreed that with respect to any Non-Fund, Insuring Agreements C and D
only cover loss of Property which a Non-Fund uses or holds, or in which a Non-Fund has an interest,
in each case wholly or partially in connection with the rendering of services described in (1) or
(2) above.
As used herein, Investment Advisory Services means (a) advice with respect to the desirability of
investing in, purchasing or selling securities or other property, including the power to determine
what securities or other property shall be purchased or sold, but
not
including furnishing
only
statistical and other factual information (such as economic factors and trends); and
(b) the provision of financial, economic or investment management services, but only if ancillary
and related to the advice referred to in clause (a) above.
For purposes of this Rider, Investment Advisory Services shall not include Personal Financial
Planning Services.
21
It is further understood and agreed that as used herein, Personal Financial Planning Services
means the provision of financial plans to individuals for compensation and the provision of
services related thereto, and may include specific recommendations for the implementation of such
plans and advice with respect to tax planning, retirement planning, estate planning, insurance
planning, budgeting and cash management, or similar types of financial advice, but not including
solely Investment Advisory Services.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RN3.2-02 (1/02)
22
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 3
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that
notwithstanding anything to the contrary in this Bond, this Bond shall not cover loss resulting
from or in connection with the discretionary voting by any Insured of securities owned or held by
any client of such Insured, where such securities are issued by (1) such Insured, or (2) any entity
controlling, controlled by, or under common control with such Insured, (Affiliated Entity), or
(3) any Fund to which such Insured or any Affiliated Entity provides any services.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the
terms of this Bond.
RN12.0-01 (1/02)
23
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 4
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that
notwithstanding Section 2.Q of this Bond, this Bond is amended by adding an additional Insuring
Agreement J as follows:
Loss (including loss of Property) resulting directly from Computer Fraud;
provided
, that
the Insured has adopted in writing and generally maintains and follows during the Bond Period all
Computer Security Procedures. The isolated failure of the Insured to maintain and follow a
particular Computer Security Procedure in a particular instance will not preclude coverage under
this Insuring Agreement, subject to the specific exclusions herein and in the Bond.
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1.
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Definitions
. The following terms used in this Insuring Agreement shall have
the following meanings:
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a.
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Authorized User means any person or entity designated by the Insured (through
contract, assignment of User Identification, or otherwise) as authorized to use a
Covered Computer System, or any part thereof. An individual who invests in an Insured
Fund shall not be considered to be an Authorized User solely by virtue of being an
investor.
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b.
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Computer Fraud means the unauthorized entry of data into, or the deletion or
destruction of data in, or change of data elements or programs within, a Covered
Computer System which:
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(1)
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is committed by any Unauthorized Third Party anywhere, alone or in
collusion with other Unauthorized Third Parties;
and
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(2)
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is committed with the conscious manifest intent (a) to cause the
Insured to sustain a loss,
and
(b) to obtain financial benefit for the
perpetrator or any other person;
and
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24
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(3)
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causes (x) Property to be transferred, paid or delivered;
or
(y) an account of the Insured, or of its customer, to be added, deleted, debited or
credited;
or
(z) an unauthorized or fictitious account to be debited or
credited.
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c.
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Computer Security Procedures means procedures for prevention of unauthorized
computer access and use and administration of computer access and use as provided in
writing to the Underwriter.
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d.
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Covered Computer System means any Computer System as to which the Insured has
possession, custody and control.
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e.
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Unauthorized Third Party means any person or entity that, at the time of the
Computer Fraud, is not an Authorized User.
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f.
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User Identification means any unique user name (
i.e.
, a series of characters)
that is assigned to a person or entity by the Insured.
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2.
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Exclusions
. It is further understood and agreed that this Insuring Agreement J
shall not cover:
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a.
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Any loss covered under Insuring Agreement A, Fidelity, of this Bond;
and
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b.
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Any loss resulting directly or indirectly from Theft or misappropriation of
confidential or proprietary information, material or data (including but not limited to
trade secrets, computer programs or customer information);
and
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c.
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Any loss resulting from the intentional failure to adhere to one or more
Computer Security Procedures;
and
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d.
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Any loss resulting from a Computer Fraud committed by or in collusion with:
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(1)
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any Authorized User (whether a natural person or an entity);
or
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(2)
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in the case of any Authorized User which is an entity, (a) any
director, officer, partner, employee or agent of such Authorized User, or
(b) any entity which controls, is controlled by, or is under common control
with such Authorized User (Related Entity), or (c) any director, officer,
partner, employee or agent of such Related Entity;
or
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(3)
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in the case of any Authorized User who is a natural person, (a)
any entity for which such Authorized User is a director, officer, partner,
employee or agent (Employer Entity), or (b) any director, officer,
partner, employee or agent of such Employer Entity, or (c) any entity which
controls, is controlled by, or is under common control with such Employer
Entity (Employer-Related Entity), or (d) any director, officer, partner,
employee or agent of such Employer-Related Entity;
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25
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and
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e.
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Any loss resulting from physical damage to or destruction of any Covered
Computer System, or any part thereof, or any data, data elements or media associated
therewith;
and
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f.
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Any loss resulting from Computer Fraud committed by means of wireless access to
any Covered Computer System, or any part thereof, or any data, data elements or media
associated therewith;
and
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g.
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Any loss not directly and proximately caused by Computer Fraud (including,
without limitation, disruption of business and extra expense);
and
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h.
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Payments made to any person(s) who has threatened to deny or has denied
authorized access to a Covered Computer System or otherwise has threatened to disrupt
the business of the Insured.
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For purposes of this Insuring Agreement, Single Loss, as defined in Section 1.X of this Bond,
shall also include all loss caused by Computer Fraud(s) committed by one person, or in which one
person is implicated, whether or not that person is specifically identified. 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 a Single Loss.
It is further understood and agreed that nothing in this Rider shall affect the exclusion set forth
in Section 2.0 of this Bond.
Coverage under this Insuring Agreement shall terminate upon termination of this Bond. Coverage
under this Insuring Agreement may also be terminated without terminating this Bond as an entirety:
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(a)
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by written notice from the Underwriter not less than sixty (60) days prior to
the effective date of termination specified in such notice; or
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(b)
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immediately by written notice from the Insured to the Underwriter.
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Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RN19.0-04 (12/03)
26
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 5
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that:
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1.
|
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In the event that a loss is covered under more than one bond issued to
Invesco Advisers, Inc. or any affiliates thereof issued by ICI Mutual Insurance
Company, the total liability of ICI Mutual Insurance Company under all
implicated bonds in combination shall not exceed the applicable Limit of
Liability of the largest of the implicated bonds. In no event shall the
applicable Limits of Liability of each of the implicated bonds be added
together or otherwise combined to determine the total liability of ICI Mutual
Insurance Company.
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Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RN23.0-01 (11/03)
27
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 6
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that the
exclusion set forth at Section 2.M of this Bond shall not apply with respect to loss resulting from
the Dishonest or Fraudulent Acts, Theft, or other acts or omissions of an Employee in connection
with offers or sales of securities issued by an Insured Fund if such Employee (a) is an employee of
that Fund or of its investment adviser, principal underwriter, or affiliated transfer agent, and
(b) is communicating with purchasers of such securities only by telephone or in writing, and (c)
does not receive commissions on such sales;
provided
, that such Dishonest or Fraudulent
Acts, Theft, or other acts or omissions do not involve, and such loss does not arise from, a
statement or representation which is
not
(1) contained in a currently effective prospectus
or Statement of Additional Information regarding such securities, which has been filed with the
Securities and Exchange Commission, or (2) made as part of a scripted response to a question
regarding that Fund or such securities, if the script has been filed with, and not objected to by,
the Financial Industry Regulatory Authority; and if the entire scripted response has been read to
the caller, and if any response concerning the performance of such securities is not outdated.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RN26.0-00 (10/08)
28
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 7
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
|
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AUTHORIZED REPRESENTATIVE
|
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that the
Deductible Amount for Insuring Agreement E, Forgery or Alteration, and Insuring Agreement F,
Securities, shall not apply with respect to loss through Forgery of a signature on the following
documents:
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(1)
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letter requesting redemption of $50,000 or less payable by check to the
shareholder of record and addressed to the address of record; or
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(2)
|
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letter requesting redemption of $50,000 or less by wire transfer to the
record shareholders bank account of record; or
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(3)
|
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written request to a trustee or custodian for a Designated Retirement
Account (DRA) which holds shares of an Insured Fund, where such request (a)
purports to be from or at the instruction of the Owner of such DRA, and (b) directs
such trustee or custodian to transfer $50,000 or less from such DRA to a trustee or
custodian for another DRA established for the benefit of such Owner;
|
provided
, that the Limit of Liability for a Single Loss as described above shall be $50,000
and that the Insured shall bear 20% of each such loss. This Rider shall not apply in the case of
any such Single Loss which exceeds $50,000; in such case the Deductible Amounts and Limits of
Liability set forth in Item 3 of the Declarations shall control.
For purposes of this Rider:
|
(A)
|
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Designated Retirement Account means any retirement plan or account
described or qualified under the Internal Revenue Code of 1986, as amended, or a
subaccount thereof.
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(B)
|
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Owner means the individual for whose benefit the DRA, or a subaccount
thereof, is established.
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Except as above stated, nothing herein shall be held to alter, waive or extend any of the
terms of this Bond.
RN27.0-02 (10/08)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 8
|
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INSURED
|
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|
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BOND NUMBER
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|
|
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Invesco Advisers, Inc.
|
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|
|
87053110B
|
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EFFECTIVE DATE
|
|
BOND PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
|
June 1, 2010
|
|
June 1, 2010 to June 30, 2011
|
|
/S/ Catherine Dalton
|
|
In consideration of the premium charged for this Bond, it is hereby understood and agreed that
this Bond does not cover any loss resulting from or in connection with the acceptance of any Third
Party Check, unless
|
(1)
|
|
such Third Party Check is used to open or increase an account which is registered
in the name of one or more of the payees on such Third Party Check, and
|
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|
(2)
|
|
reasonable efforts are made by the Insured, or by the entity receiving Third Party
Checks on behalf of the Insured, to verify all endorsements on all Third Party Checks
made payable in amounts greater than $100,000 (provided, however, that the isolated
failure to make such efforts in a particular instance will not preclude coverage,
subject to the exclusions herein and in the Bond),
|
and then only to the extent such loss is otherwise covered under this Bond.
For purposes of this Rider, Third Party Check means a check made payable to one or more parties
and offered as payment to one or more other parties.
It is further understood and agreed that notwithstanding anything to the contrary above or
elsewhere in the Bond, this Bond does not cover any loss resulting from or in connection with the
acceptance of a Third Party Check where:
|
(1)
|
|
any payee on such Third Party Check reasonably appears to be a corporation or other
entity; or
|
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|
(2)
|
|
such Third Party Check is made payable in an amount greater than $100,000 and does
not include the purported endorsements of all payees on such Third Party Check.
|
It is further understood and agreed that this Rider shall not apply with respect to any
coverage that may be available under Insuring Agreement A, Fidelity.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the
terms of this Bond.
RN30.0-01 (1/02)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 9
|
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INSURED
|
|
|
|
BOND NUMBER
|
|
|
|
|
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Invesco Advisers, Inc.
|
|
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|
87053110B
|
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EFFECTIVE DATE
|
|
BOND PERIOD
|
|
AUTHORIZED REPRESENTATIVE
|
|
|
|
|
|
June 1, 2010
|
|
June 1, 2010 to June 30, 2011
|
|
/S/ Catherine Dalton
|
|
In consideration of the premium charged for this Bond, it is hereby understood and agreed that,
notwithstanding anything to the contrary in General Agreement A of this Bond, Item 1 of the
Declarations shall include any Newly Created Investment Company provided that the Insured shall
submit to the Underwriter within fifteen (15) days after the end of each calendar quarter, a list
of all Newly Created Investment Companies, the estimated annual assets of each Newly Created
Investment Company, and copies of any prospectuses and statements of additional information
relating to such Newly Created Investment Companies, unless said prospectuses and statements of
additional information have been previously submitted. Following the end of a calendar quarter,
any Newly Created Investment Company created within the preceding calendar quarter will continue to
be an Insured
only
if the Underwriter is notified as set forth in this paragraph, the
information required herein is provided to the Underwriter, and the Underwriter acknowledges the
addition of such Newly Created Investment Company to the Bond by a Rider to this Bond.
For purposes of this Rider, Newly Created Investment Company shall mean any Investment Company or
portfolio for which registration with the SEC has been declared effective for a time period of less
than one calendar quarter.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RNV33.0-00-053 (6/08)
31
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 10
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration for the premium charged for this Bond, it is hereby understood and agreed that
notwithstanding anything to the contrary in this Bond (including Insuring Agreement I), this Bond
does not cover any loss resulting from any On-Line Redemption(s) or On-Line Purchase(s) involving
an aggregate amount in excess of $250,000 per shareholder account per day, unless before such
redemption(s) or purchase(s), in a procedure initiated by the Insured or by the entity receiving
the request for such On-Line Redemption(s) or On-Line Purchase(s):
(i) the Shareholder of Record verifies, by some method other than an Electronic
Transmission effected by computer-to-computer over the Internet or utilizing modem or
similar connections, that each such redemption or purchase has been authorized, and (ii) if
such redemption or purchase is to be effected by wire to or from a particular bank account,
a duly authorized employee of the bank verifies the account number to or from which funds
are being transferred, and that the name on the account is the same as the name of the
intended recipient of the proceeds.
It is further understood and agreed that, notwithstanding the Limit of Liability set forth herein
or any other provision of this Bond, the Limit of Liability with respect to any Single Loss caused
by an On-Line Transaction shall be Ten Million Dollars ($10,000,000) and the On-Line Deductible
with respect to Insuring Agreement I is One Hundred Thousand Dollars ($100,000).
It is further understood and agreed that notwithstanding Section 8, Non-Reduction and
Non-Accumulation of Liability and Total Liability, or any other provision of this Bond, the
Aggregate Limit of Liability of the Underwriter under this Bond with respect to any and all loss or
losses caused by On-Line Transactions shall be an aggregate of Ten Million Dollars ($10,000,000) or
bond limit, whichever is less for the Bond Period, irrespective of the total amount of such loss or
losses.
For purposes of this Rider, the following terms shall have the following meanings:
On-Line Purchase means any purchase of shares issued by an Investment Company, which purchase is
requested by computer-to-computer transmissions over the Internet (including any connected or
associated intranet or extranet) or utilizing modem or similar connections.
32
On-Line Redemption means any redemption of shares issued by an Investment Company, which
redemption is requested by computer-to computer transmissions over the Internet (including any
connected or associated intranet or extranet) or utilizing modem or similar connections.
On-Line Transaction means any Phone/Electronic Transaction requested by computer-to-computer
transmissions over the Internet (including any connected or associated intranet or extranet) or
utilizing modem or similar connections.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RN38.0-02 (8/02)
33
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 11
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration for the premium charged for this Bond, it is hereby understood and agreed that,
with respect to Insuring Agreement I only, the Deductible Amount set forth in Item 3 of the
Declarations (Phone/Electronic Deductible) shall not apply with respect to a Single Loss,
otherwise covered by Insuring Agreement I, caused by:
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(1)
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a Phone/Electronic Redemption requested to be paid or made payable by check to
the Shareholder of Record at the address of record; or
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(2)
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a Phone/Electronic Redemption requested to be paid or made payable by wire
transfer to the Shareholder of Records bank account of record,
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provided
, that the Limit of Liability for a Single Loss as described in (1) or (2) above
shall be the lesser of 80% of such loss or $40,000 and that the Insured shall bear the remainder of
each such Loss. This Rider shall not apply if the application of the Phone/Electronic Deductible
to the Single Loss would result in coverage of greater than $40,000 or more; in such case the
Phone-initiated Deductible and Limit of Liability set forth in Item 3 of the Declarations shall
control.
For purposes of this Rider, Phone/Electronic Redemption means any redemption of shares issued by
an Investment Company, which redemption is requested (a) by voice over the telephone, (b) through
an automated telephone tone or voice response system (c) by Telefacsimile, or (d) by
computer-to-computer transmission over the Internet (including any connected or associated intranet
or extranet) or utilizing modem or similar connections.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RN39.0-02 (8/02)
34
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 12
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that
notwithstanding anything to the contrary in this Bond (including Insuring Agreement I), this Bond
does not cover loss caused by a Phone/Electronic Transaction requested:
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by wireless device transmissions over the Internet (including any connected or
associated intranet or extranet),
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except insofar as such loss is covered under Insuring Agreement A Fidelity of this Bond.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the
terms of this Bond.
RN48.0-00 (1/02)
35
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 13
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group
(ICI Mutual), are subject to the requirements of the Terrorism Risk Insurance Act of 2002 (the
Act). The Act establishes a Federal insurance backstop under which ICI Mutual and these other
insurers will be partially reimbursed for future
insured losses
resulting from certified
acts of
terrorism.
(Each of these
bolded terms
is defined by the Act.) The Act also places certain
disclosure and other obligations on ICI Mutual and these other insurers.
Pursuant to the Act, any future losses to ICI Mutual caused by certified
acts of terrorism
will
be partially reimbursed by the United States government under a formula established by the Act.
Under this formula, the United States government will reimburse ICI Mutual for 90% of ICI Mutuals
insured losses
in excess of a statutorily established deductible until total insured losses of
all participating insurers reach $100 billion. If total insured losses of all property and
casualty insurers reach $100 billion during any applicable period, the Act provides that the
insurers will not be liable under their policies for their portions of such losses that exceed such
amount. Amounts otherwise payable under this bond may be reduced as a result.
This bond has no express exclusion for
acts of terrorism.
However, coverage under this bond
remains subject to all applicable terms, conditions and limitations of the bond (including
exclusions) that are permissible under the Act. The portion of the premium that is attributable to
any coverage potentially available under the bond for
acts of terrorism
is one percent (1%).
RN53.0-00 (3/03)
36
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 14
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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FINRA BOND RIDER
In consideration of the premium charged for this Bond, it is hereby understood and agreed that with
respect to Invesco Distributors, Inc.
only
, this Bond is amended as follows:
1.
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For purposes of Insuring Agreement C (On Premises), Sections 2 (Exclusions), and Section
6 (Valuation of Property), Property shall be deemed to include furnishings, fixtures,
supplies, and equipment located within the office of and owned by the Insured; and
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2.
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For purposes of Insuring Agreement C (On Premises), Mysterious Disappearances shall be
deemed to include misplacement; and
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3.
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The last sentence of Section 1.I (Definitions Employee) and Section 2.M are deleted; and
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4.
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The following statement is added to the Bond: The Underwriter will use its best efforts to
promptly notify the Financial Industry Regulatory Authority, Inc. in the event the
Bond is cancelled, terminated or substantially modified. Failure to make such notification
shall not impair or delay the effectiveness of any such cancellation, termination or
substantial modification.; and
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5.
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The first sentence of the second paragraph of Section 13 (Termination) is amended to read
as follows: The Insured may terminate this Bond only by written notice to the Underwriter
prior to the effective date of the termination, with such effective date specified in the
notice; and
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[
6. With respect to the following Insuring Agreements, Item 3 of the Declarations is modified to
read as follows:
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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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55,000,000
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$
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30,000
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37
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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 B Audit Expense
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$
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50,000
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$
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10,000
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Insuring Agreement C On Premises
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$
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55,000,000
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$
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30,000
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Insuring Agreement D In Transit
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$
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55,000,000
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$
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30,000
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Insuring Agreement E Forgery or Alteration
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$
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55,000,000
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$
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30,000
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Insuring Agreement F Securities
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$
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55,000,000
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$
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30,000
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Insuring Agreement G Counterfeit Currency
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$
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55,000,000
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$
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30,000
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It is further understood and agreed, the Underwriter will use its best efforts to notify the
Financial Industry Regulatory Authority, Inc. within 30 days in the event the Bond is substantially
modified, terminated or canceled.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RN25.1-03 (10/08)
38
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 15
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that
no action involving any Foreign Entity as a party, or otherwise relating to any Foreign Entity may
be brought against the Underwriter anywhere other than in a court within the State of Vermont in
the United States of America. In the case of any such action, this Bond shall be governed by and
construed and enforced only in accordance with (1) the internal laws of the State of Vermont
(without reference to choice of law doctrine applicable in such state);
and
(2) the English
text as it appears in this Bond.
It is further understood and agreed that as used in Insuring Agreement B., Audit Expense,
Insuring Agreement F., Securities and Section 2.E of this Bond
only
, the term Self
Regulatory Organization shall be deemed to include any association or organization of investment
advisers or securities dealers registered or authorized under the securities laws of any government
or any securities exchange registered with any government.
It is further understood and agreed that notwithstanding, Section 17 or any other provision of this
Bond, this Bond shall terminate immediately as to any Foreign Entity without prior notice to such
Foreign Entity:
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(1)
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if there is a change in control (as defined in Section 17 of this Bond) of such Foreign
Entity by transfer of its outstanding voting securities or otherwise,
or
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(2)
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if such Foreign Entity shall merge or consolidate with an entity such that the Foreign
Entity is the surviving entity, or purchase or otherwise acquire any other entity or
substantially all the assets of another entity, or acquire or create a subsidiary or
separate investment portfolio,
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unless
, prior to such change in control, or merger or consolidation, or purchase, or
acquisition or creation, respectively (Event), the Foreign Entity notifies the Underwriter in
writing of the impending Event and the Underwriter, in its sole discretion, determines to continue
the Bond upon such terms and conditions as the Underwriter may deem appropriate.
As used herein, Foreign Entity shall mean:
39
Invesco Asset Management Deutschland GMBH
Invesco Asset Management (Japan) Limited
Invesco Asset Management Limited
Invesco Australia Limited
Invesco Hong Kong Limited
Invesco Global Asset Management (N.A.), Inc.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of
this Bond.
RNV14.0-02-053 (1/08)
40
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 16
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INSURED
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BOND NUMBER
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Invesco Advisers, Inc.
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87053110B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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June 1, 2010
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June 1, 2010 to June 30, 2011
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item
1 of the Declarations, Named of Insured, shall also include any Inactive Fund.
It is further understood and agreed that as used in this endorsement, Inactive Fund means any
entity:
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(1)
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that is or was an investment company registered under the Investment Company
Act of 1940;
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(2)
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that has no active operations of its own, either by reason of previously (i)
having had substantially all of its assets acquired by a Company that is specifically
identified as an insured under this policy, or (ii) having been merged into another
Company that is specifically identified as an insured under this policy;
and
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(3)
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that was specifically identified as an insured under any prior Investment
Company Blanket Bond issued by the Underwriter under which policy AIM Advisors, Inc.
or any successor thereto (AIM), or INVESCO Funds Group., Inc. or any successor
thereto (INVESCO), or any Fund (other than an Inactive Fund) then advised by AIM or
INVESCO, was specifically identified as an Insured Fund (Predecessor ICI Mutual
AIM/INVESCO Bond).
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It is further understood and agreed that this Bond does not cover loss involving any Inactive Fund,
except for loss covered by this Bond while such Inactive Fund was both (1) an investment company
registered under the Investment Company Act of 1940 and (2) an insured Company under this Bond or a
Predecessor ICI Mutual AIM/INVESCO Bond;
but then
only to the extent otherwise covered by this
Bond.
RNM 99.0-00-053 (6/08)
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Meeting Date: 05/3-5/10
Fund(s): All Funds
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APPROVAL OF RENEWAL OF FIDELITY BOND COVERAGE
WHEREAS,
the Boards of Trustees (the Boards) of AIM Counselor Series Trust
(Invesco Counselor Series Trust), AIM Equity Funds (Invesco Equity Funds), AIM
Funds Group (Invesco Funds Group), AIM Growth Series (Invesco Growth Series), AIM
International Mutual Funds (Invesco International Mutual Funds), AIM Investment
Funds (Invesco Investment Funds), AIM Investment Securities Funds (Invesco
Investment Securities Funds), AIM Sector Funds (Invesco Sector Funds), AIM
Tax-Exempt Funds (Invesco Tax-Exempt Funds), AIM Treasurers Series Trust (Invesco
Treasurers Series Trust), AIM Variable Insurance Funds (Invesco Variable
Insurance Funds) and Short-Term Investments Trust (each, a Trust and,
collectively, the Trusts), including all of the trustees who are not interested
persons of the Funds as such term is defined in the Investment Company Act of
1940, as amended (the 1940 Act) (such trustees are herein referred to as the
independent trustees), have considered: (i) the form of the joint insured
blanket fidelity bond (the Bond) for the Trusts, (ii) the amount of such Bond,
(iii) the value of the aggregate assets of the Trusts respective series
portfolios (each, a Fund and, collectively, the Funds) to which any covered
person may have access, (iv) the type and terms of the arrangements made for the
custody and safekeeping of the assets of the Funds, (v) the nature of the
securities in the Funds respective investment portfolios, (vi) the number of
other entities also named as insureds under the Bond (Other Insureds); (vii) the
nature of the business activities of the Other Insureds; (viii) the amount of the
premium and the ratable allocation of the premium among all parties named as
insureds; and (ix) the extent to which the share of the premium allocated to each
Fund is less than the premium would have been for a comparable single insured bond
for each Fund; and
WHEREAS,
the Governance Committees of the Boards have recommended that the Boards ratify
and approve, on behalf of each Trust, the Bond;
NOW, THEREFORE, IT IS RESOLVED,
that the proper officers of the Trusts are
authorized and directed to cause each Fund to participate, jointly with each other
Fund and the Other Insureds, in the Bond in the aggregate amount of $55 million;
and it is further
RESOLVED,
that the proper officers of the Trusts are hereby authorized and directed to
execute an agreement pursuant to Rule 17g-1(f) under the 1940 Act with the Other Insureds
listed on the Bond (the Agreement), whereby the Trusts and other funds included in the
Other Insureds shall collectively bear 70% of the premium for the Bond, the non-fund
entities included in the Other Insureds shall collectively bear 30% of the premium for the
Bond, and each Fund shall bear its proportionate share of the portion of the premium to be
paid by the Trusts and other funds based on each funds total net assets; and it is further
Page 1 of 4
RESOLVED,
that the proper officers of the Trusts are hereby authorized and directed to file
with the Securities and Exchange Commission (SEC) a copy of the bond and a copy of the
resolutions approving the amount, type, form and coverage of the Bond and the portion of
the premium to be paid by each of the Funds, a statement showing the amount of premium for
a single insured bond which the Fund would have purchased and maintained had it not been
named as an insured under the Bond described herein, a statement of the period for which
premiums have been paid and a copy of the Agreement, all pursuant to Rule 17g-1 under the
1940 Act, and that the Secretary or any Assistant Secretary of the Trusts be designated as
the officers directed to make such filing and any other necessary filings; and it is
further
RESOLVED,
that the Boards, including the independent trustees, hereby determine that the
amount, type, form and coverage of the Bond are reasonable and are hereby ratified and
approved; and it is further
RESOLVED,
that the Boards, including the independent trustees, hereby determine that the
portion of the premium to be paid by each Fund for the Bond as set forth in the Agreement
is fair and reasonable to each Fund, and is hereby ratified and approved.
Page 2 of 4
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Meeting Date: 05/3-4/10
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Fund(s): All Funds
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APPROVAL OF RENEWAL OF PRIMARY AND EXCESS FUND ONLY DIRECTORS & OFFICERS/ERRORS & OMISSIONS
LIABILITY INSURANCE AND INDEPENDENT TRUSTEES ONLY
WHEREAS,
the Boards of Trustees (the Boards) of AIM Counselor Series Trust (Invesco
Counselor Series Trust), AIM Equity Funds (Invesco Equity Funds), AIM Funds Group (Invesco
Funds Group), AIM Growth Series (Invesco Growth Series), AIM International Mutual Funds
(Invesco International Mutual Funds), AIM Investment Funds (Invesco Investment Funds), AIM
Investment Securities Funds (Invesco Investment Securities Funds), AIM Sector Funds
(Invesco Sector Funds), AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), AIM Treasurers
Series Trust (Invesco Treasurers Series Trust), AIM Variable Insurance Funds (Invesco
Variable Insurance Funds) and Short-Term Investments Trust (each, a Trust and,
collectively, the Trusts), including all of the trustees who are not interested persons
of the Funds as such term is defined in the Investment Company Act of 1940, as amended (the
1940 Act) (such trustees are herein referred to as the independent trustees), have
concluded that participation by each Trusts respective series portfolios (each, a Fund
and, collectively, the Funds) in the proposed joint fund only directors and
officers/errors and omissions policy (the Primary Policy) with ICI Mutual Insurance
Company in the amount of $30,000,000 and the proposed joint fund only excess coverage
policies (collectively, the Excess Policy) with certain Domestic Commercial Insurers in
the collective amount of $50,000,000 are in the best interests of the Funds and their
respective shareholders, and that the portion of the premium to be paid by each Fund is
fair and reasonable;
WHEREAS,
the Governance Committees of the Boards have recommended that the Boards ratify
and approve, on behalf of each Trust, the Primary Policy and the Excess Policy; and
WHEREAS,
the Boards believe that such coverage should be extended to the operation of the
Funds and that a proportionate share of the premium assessed against each Trust for such
coverage should be allocated to each of its respective Funds;
NOW, THEREFORE, IT IS RESOLVED,
the participation by the Funds in the Primary Policy and
the Excess Policy is hereby approved; and it is further
RESOLVED,
that the proper officers of the Trusts are hereby authorized and directed to
cause the Trusts to take all necessary and appropriate actions to extend such coverage to
the operation of the Funds and to allocate to each of the Funds its proportionate share of
the premium payments for such coverage based on each Funds total net assets.
Independent Trustee/Director Only Coverage
WHEREAS,
the Boards of Trustees (the Boards) of AIM Counselor Series Trust (Invesco
Counselor Series Trust), AIM Equity Funds(Invesco Equity Funds), AIM Funds Group (Invesco
Funds Group), AIM Growth Series (Invesco
Page 3 of 4
Growth Series), AIM International Mutual Funds (Invesco International Mutual Funds), AIM
Investment Funds (Invesco Investment Funds), AIM Investment Securities Funds (Invesco
Investment Securities Funds), AIM Sector Funds (Invesco Sector Funds), AIM Tax-Exempt Funds
(Invesco Tax-Exempt Funds), AIM Treasurers Series Trust (Invesco Treasurers Series
Trust), AIM Variable Insurance Funds (Invesco Variable Insurance Funds) and Short-Term
Investments Trust (each, a Trust and, collectively, the Trusts), including all of the
trustees who are not interested persons of the Funds as such term is defined in the
Investment Company Act of 1940, as amended (the 1940 Act) (such trustees are herein
referred to as the independent trustees), have concluded that participation by each
Trusts respective series portfolios (each, a Fund and, collectively, the Funds)
jointly with the other Funds in non-indemnifiable difference-in-condition and indemnifiable
follow-form Independent Trustee Only insurance coverage (IDL Policy) obtained from
certain of those insurers presented to the Board at the meeting in an amount in excess of
the $80 million insurance program approved by the Boards is in the best interests of the
Funds and their respective shareholders, and that the portion of the premium to be paid by
each Fund is fair and reasonable;
WHEREAS,
the Governance Committees of the Boards have recommended that the Boards ratify
and approve, on behalf of each Trust, such insurance coverage;
WHEREAS,
the Boards believe that such additional coverage in excess of the $80 million
insurance program should be extended to the operation of the Funds and that a proportionate
share of the premium assessed against each Trust for such coverage should be allocated to
each of its respective Funds; and
WHEREAS,
the Boards believe that such additional coverage should cover only the independent
trustees of the Trusts and not other trustees or officers of the Trusts or in any way cover
any other entity;
NOW, THEREFORE, IT IS RESOLVED
,
that the proper officers of the Trusts shall obtain on
behalf thereof that amount of excess insurance coverage necessary on a joint basis to
afford the trustees who are not then interested persons of the Trusts with a total of $20
million of additional excess insurance coverage to be provided by certain Commercial
Insurers and it is further
RESOLVED,
that the participation by the Trusts in such additional coverage is hereby
approved; and it is further
RESOLVED,
that the proper officers of the Trusts are hereby authorized and directed to
cause the Trusts to take all necessary and appropriate actions to extend such coverage to
the operation of the Funds and to allocate to each of the Funds its proportionate share of
the premium payments for such coverage based on each Funds total net assets.
Page 4 of 4
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Meeting Date: 05/19-20/10
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Fund(s): All Funds
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APPROVAL OF RENEWAL OF FIDELITY BOND COVERAGE
WHEREAS,
the Boards of Trustees/Managing General Partners (the Boards) of the Van Kampen
closed-end Funds listed on Exhibit A attached hereto and the Van Kampen Exchange Fund
(collectively, the Funds), including all of the trustees who are not interested persons
of the Funds as such term is defined in the Investment Company Act of 1940, as amended (the
1940 Act) (such trustees are herein referred to as the independent trustees), have
considered: (i) the form of the joint insured blanket fidelity bond (the Bond) for the
Funds, (ii) the amount of such Bond, (iii) the value of the aggregate assets of the Funds
respective series portfolios (each, a Fund and, collectively, the Funds) to which any
covered person may have access, (iv) the type and terms of the arrangements made for the
custody and safekeeping of the assets of the Funds, (v) the nature of the securities in the
Funds respective investment portfolios, (vi) the number of other entities also named as
insureds under the Bond (Other Insureds); (vii) the nature of the business activities of
the Other Insureds; (viii) the amount of the premium and the ratable allocation of the
premium among all parties named as insureds; and (ix) the extent to which the share of the
premium allocated to each Fund is less than the premium would have been for a comparable
single insured bond for each Fund; and
NOW, THEREFORE, IT IS RESOLVED,
that the proper officers of the Funds are authorized and
directed to cause each Fund to participate, jointly with each other Fund and the Other
Insureds, in the Bond in the aggregate amount of $55 million; and it is further
RESOLVED,
that the proper officers of the Funds are hereby authorized and directed to
execute an agreement pursuant to Rule 17g-1(f) under the 1940 Act with the Other Insureds
listed on the Bond (the Agreement), whereby the Funds included in the Other Insureds
shall collectively bear 70% of the premium for the Bond, the non-fund entities included in
the Other Insureds shall collectively bear 30% of the premium for the Bond, and each Fund
shall bear its proportionate share of the portion of the premium to be paid by the Funds
and other funds based on each funds total net assets; and it is further
RESOLVED,
that the proper officers of the Funds are hereby authorized and directed to file
with the Securities and Exchange Commission (SEC) a copy of the bond and a copy of the
resolutions approving the amount, type, form and coverage of the Bond and the portion of
the premium to be paid by each of the Funds, a statement showing the amount of premium for
a single insured bond which the Fund would have purchased and maintained had it not been
named as an insured under the Bond described herein, a statement of the period for which
premiums have been paid and a copy of the Agreement, all pursuant to Rule 17g-1 under the
1940 Act, and that the Secretary or any Assistant Secretary of the Funds be designated as
the officers directed to make such filing and any other necessary filings; and it is
further
1
RESOLVED,
that the Boards, including the independent trustees, hereby determine that the
amount, type, form and coverage of the Bond are reasonable and are hereby ratified and
approved; and it is further
RESOLVED,
that the Boards, including the independent trustees, hereby determine that the
portion of the premium to be paid by each Fund for the Bond as set forth in the Agreement
is fair and reasonable to each Fund, and is hereby ratified and approved.
APPROVAL OF RENEWAL OF PRIMARY AND EXCESS FUND ONLY DIRECTORS & OFFICERS/ERRORS &
OMISSIONS LIABILITY INSURANCE AND INDEPENDENT TRUSTEES ONLY
WHEREAS,
the Boards of Trustees/Managing General Partners (the Boards) of the Van Kampen
closed-end funds listed in Exhibit A attached hereto and the Van Kampen Exchange Fund
(collectively, the Funds),including all of the trustees who are not interested persons
of the Funds as such term is defined in the Investment Company Act of 1940, as amended (the
1940 Act) (such trustees are herein referred to as the independent trustees), have
concluded that participation by each Funds respective series portfolios in the proposed
joint fund only directors and officers/errors and omissions policy (the Primary Policy)
with ICI Mutual Insurance Company in the amount of $30,000,000 and the proposed joint fund
only excess coverage policies (collectively, the Excess Policy) with certain Domestic
Commercial Insurers in the collective amount of $50,000,000 are in the best interests of
the Funds and their respective shareholders, and that the portion of the premium to be paid
by each Fund is fair and reasonable;
WHEREAS,
the Boards believe that such coverage should be extended to the operation of the
Funds and that a proportionate share of the premium assessed against each Fund for such
coverage should be allocated to each of its respective Funds;
NOW, THEREFORE, IT IS RESOLVED,
the participation by the Funds in the Primary Policy and
the Excess Policy is hereby approved; and it is further
RESOLVED,
that the proper officers of the Funds are hereby authorized and directed to cause
the Funds to take all necessary and appropriate actions to extend such coverage to the
operation of the Funds and to allocate to each of the Funds its proportionate share of the
premium payments for such coverage based on each Funds total net assets.
Independent Trustee/Director Only Coverage
WHEREAS,
the Boards of Trustees/Managing General Partners (the Boards) of the Van Kampen
closed-end funds listed in Exhibit A and the Van Kampen Exchange Fund (collectively, the
Funds), including all of the trustees who are not interested persons of the Funds as
such term is defined in the Investment Company Act of 1940, as amended (the 1940 Act)
(such trustees are herein referred to as the independent trustees), have concluded that
participation by each Funds respective series portfolios (each,
a Fund and, collectively, the Funds) jointly with the other Funds in non-indemnifiable
difference-in-condition and indemnifiable follow-form
2
Independent Trustee Only insurance
coverage (IDL Policy) obtained from certain of those insurers presented to the Board at
the meeting in an amount in excess of the $80 million insurance program approved by the
Boards is in the best interests of the Funds and their respective shareholders, and that
the portion of the premium to be paid by each Fund is fair and reasonable;
WHEREAS,
the Boards believe that such additional coverage in excess of the $80 million
insurance program should be extended to the operation of the Funds and that a proportionate
share of the premium assessed against each Fund for such coverage should be allocated to
each of its respective Funds; and
WHEREAS,
the Boards believe that such additional coverage should cover only the independent
trustees of the Funds and not other trustees or officers of the Funds or in any way cover
any other entity;
NOW, THEREFORE, IT IS RESOLVED
,
that the proper officers of the Funds shall obtain on
behalf thereof that amount of excess insurance coverage necessary on a joint basis to
afford the trustees who are not then interested persons of the Funds with a total of $20
million of additional excess insurance coverage to be provided by certain Commercial
Insurers and it is further
RESOLVED,
that the participation by the Funds in such additional coverage is hereby
approved; and it is further
RESOLVED,
that the proper officers of the Funds are hereby authorized and directed to cause
the Funds to take all necessary and appropriate actions to extend such coverage to the
operation of the Funds and to allocate to each of the Funds its proportionate share of the
premium payments for such coverage based on each Funds total net assets.
3
Exhibit A
CLOSED-END FUNDS
INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
INVESCO VAN KAMPEN BOND FUND
INVESCO VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
INVESCO VAN KAMPEN DYNAMIC CREDIT OPPORTUNITIES FUND
INVESCO VAN KAMPEN HIGH INCOME TRUST II
INVESCO VAN KAMPEN MASSACHUSETTS VALUE MUNICIPAL INCOME TRUST
INVESCO VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
INVESCO VAN KAMPEN MUNICIPAL TRUST
INVESCO VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
INVESCO VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
INVESCO VAN KAMPEN SELECT SECTOR MUNICIPAL TRUST
INVESCO VAN KAMPEN SENIOR INCOME TRUST
INVESCO VAN KAMPEN SENIOR LOAN FUND
INVESCO VAN KAMPEN TRUST FOR INSURED MUNICIPALS
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
Approval of Fidelity Bond, E&O/D&O and Tail Insurance
(previously approved by the Invesco Funds and
Van Kampen Funds Boards.)
WHEREAS, the Boards of the Closed-end Funds including the Independent Trustees
have considered: (i) the form of the joint insured blanket fidelity bond (the
Bond) for the Closed-End Funds, (ii) the amount of such Bond, (iii) the value of
the aggregate assets of the Closed-End Funds to which any covered person may have
access, (iv) the type and terms of the arrangements made for the custody and
safekeeping of the assets of the Closed-End Funds, (v) the nature of the
securities in the Closed End Funds, (vi) the number of other entities also named
as insureds under the Bond (Other Insureds); (vii) the nature of the business
activities of the Other Insureds; (viii) the amount of the premium and the ratable
allocation of the premium among all parties named as insureds; and (ix) the extent
to which the share of the premium allocated to each Closed-End Fund is less than
the premium would have been for a comparable single insured bond for each
Closed-End Fund; and
NOW, THEREFORE, IT IS RESOLVED
, that the proper officers of the Closed-End Funds
are authorized and directed to cause each Closed-End Fund to participate, jointly
with each other Closed-end Fund and the Other Insureds, in the Bond in the
aggregate amount of $55 million; and it is further
RESOLVED, that the proper officers of the Closed-End Funds are hereby authorized
and directed to execute an agreement pursuant to Rule 17g-1(f) under the 1940 Act
with the Other Insureds listed on the Bond (the Agreement), whereby the
investment companies included in the Other Insureds shall collectively bear 70% of
the premium for the Bond, the non-fund entities included in the Other Insureds
shall collectively bear 30% of the premium for the Bond, and each Closed-End Fund
shall bear its proportionate share of the portion of the premium to be paid by the
Closed-End Funds and other funds based on each funds total net assets; and it is
further
RESOLVED
, that the proper officers of the Closed-End Funds are hereby authorized
and directed to file with the Securities and Exchange Commission (SEC) a copy of
the bond and a copy of the resolutions approving the amount, type, form and
coverage of the Bond and the portion of the premium to be paid by each of the
Closed-End Funds, a statement showing the amount of premium for a single insured
bond which each Closed-End Fund would have purchased and maintained had it not
been named as an insured under the Bond described herein, a statement of the
period for which premiums have been paid and a copy of the Agreement, all pursuant
to Rule 17g-1 under the 1940 Act, and that the Secretary or any Assistant
Secretary of the Closed-End Funds be designated as the officers directed to make
such filing and any other necessary filings; and it is further
RESOLVED
, that the Boards, including the Independent Trustees, hereby determine
that the amount, type, form and coverage of the
Bond are reasonable and are hereby
ratified and approved; and it is further
RESOLVED
, that the Boards, including the Independent Trustees, hereby determine
that the portion of the premium to be paid by each Closed-End Fund for the Bond as
set forth in the Agreement is fair and reasonable to each Fund, and is hereby
ratified and approved.
Approval of Renewal of Primary and Excess Fund Only Directors & Officers/Errors &
Ommissions Liability Insurance and Independent Trustees Only Policy
WHEREAS, the Boards the Closed-End Funds, including all the Independent Trustees,
have concluded that participation by each Closed-End Fund in the proposed joint
fund only directors and officers/errors and omissions policy (the Primary
Policy) with ICI Mutual Insurance Company in the amount of $30,000,000 and the
proposed joint fund only excess coverage policies (collectively, the Excess
Policy) with certain Domestic Commercial Insurers in the collective amount of
$50,000,000 are in the best interests of the Closed-End Funds and their respective
shareholders, and that the portion of the premium to be paid by each Closed-End
Fund is fair and reasonable;
WHEREAS, the Boards believe that such coverage should be extended to the operation
of the Closed-End Funds and that a proportionate share of the premium assessed
against each Closed-End Fund for such coverage should be allocated to each of the
Closed-End Funds;
NOW, THEREFORE, IT IS RESOLVED
, the participation by the Closed-End Funds in the
Primary Policy and the Excess Policy is hereby approved; and it is further
RESOLVED
, that the proper officers of the Closed-End Funds are hereby authorized
and directed to cause the Closed-End Funds to take all necessary and appropriate
actions to extend such coverage to the operation of the Closed-End Funds and to
allocate to each of the Closed-End Funds its proportionate share of the premium
payments for such coverage based on each Closed-End Funds total net assets.
Independent Trustee/Director Only Coverage
WHEREAS, the Boards of the Closed-End Funds, including all Independent Trustees,
have concluded that participation by each Closed-End Fund jointly with the other
Closed-End Funds and open-end funds advised by Invesco in non-indemnifiable
difference-in-condition and indemnifiable follow-form Independent Trustee Only
insurance coverage (IDL Policy) obtained from certain of those insurers
described in the Memorandum in an amount in excess of the $80 million insurance
program approved by the Boards is in the best
interests of the Closed-End Funds and their respective shareholders, and that the
portion of the premium to be paid by each Closed-End Fund is fair and reasonable;
WHEREAS, the Boards believe that such additional coverage in excess of the $80
million insurance program should be extended to the operation of the Closed-End
Funds and that a proportionate share of the premium should be allocated to each
Closed-End ; and
WHEREAS, the Boards believe that such additional coverage should cover only the
independent trustees of the Closed-End Funds and not other trustees or officers of
the Closed-End Fund or in any way cover any other entity othe than open-end funds
advised by Invesco;
NOW, THEREFORE, IT IS RESOLVED
,
that the proper officers of the Closed-End Funds
shall obtain on behalf thereof that amount of excess insurance coverage necessary
on a joint basis to afford the trustees who are not then interested persons of the
Closed-End Funds with a total of $20 million of additional excess insurance
coverage to be provided by certain Commercial Insurers and it is further
RESOLVED
, that the participation by the Closed-End Funds in such additional
coverage is hereby approved; and it is further
RESOLVED
, that the proper officers of the Closed-End Funds are hereby authorized
and directed to cause the Closed-End Funds to take all necessary and appropriate
actions to extend such coverage to the operation of the Closed-End Funds and to
allocate to each of the Closed-End Funds its proportionate share of the premium
payments for such coverage based on each Closed-End Funds total net assets.
AMOUNT OF THE SINGLE INSURED BOND WHICH EACH INVESTMENT COMPANY WOULD HAVE PROVIDED AND
MAINTAINED HAD EACH COMPANY NOT BEEN NAMED AS AN INSURED UNDER A JOINT INSURED BOND
Had the above-referenced investment companies not been named as insured under a joint insured bond,
pursuant to section 17g-1(g)(1)(B)(iii), each of them would have provided and maintained a single
insured bond in the amounts set forth below:
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1. Invesco Counselor Series Trust
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$
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2,500,000
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2. Invesco Equity Funds
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$
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2,500,000
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3. Invesco Funds Group
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$
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1,500,000
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4. Invesco Growth Series
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$
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2,500,000
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5. Invesco International Mutual Funds
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$
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2,500,000
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6. Invesco Investment Funds
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$
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2,500,000
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7. Invesco Investment Securities Funds
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$
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2,500,000
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8. Invesco Sector Funds
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$
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2,500,000
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9. Invesco Tax-Exempt Funds
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$
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2,500,000
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10. Invesco Treasurers Series Trust
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$
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2,500,000
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11. Invesco Variable Insurance Funds
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$
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2,500,000
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12. Short-Term Investments Trust
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$
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2,500,000
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13. Invesco California Insured Municipal Income Trust
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$
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600,000
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14. Invesco Quality Municipal Securities
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$
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600,000
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15. Invesco High Yield Investments Fund, Inc.
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$
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400,000
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16. Invesco Insured California Municipal Securities
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$
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350,000
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17. Invesco Insured Municipal Bond Trust
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$
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400,000
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18. Invesco Insured Municipal Income Trust
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$
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750,000
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19. Invesco Insured Municipal Securities
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$
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450,000
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20. Invesco Insured Municipal Trust
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$
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750,000
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21. Invesco Municipal Income Opportunities Trust
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$
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525,000
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22. Invesco Municipal Income Opportunities Trust II
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$
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525,000
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23. Invesco Municipal Income Opportunities Trust III
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$
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400,000
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24. Invesco Municipal Premium Income Trust
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$
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600,000
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25. Invesco New York Quality Municipal Securities
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$
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450,000
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26. Invesco Prime Income Trust
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$
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900,000
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27. Invesco Quality Municipal Income Trust
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$
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750,000
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28. Invesco Quality Municipal Investment Trust
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$
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600,000
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29. Invesco Quality Municipal Securities
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$
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600,000
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30. Invesco Van Kampen Advantage Municipal Income Trust II
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$
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1,000,000
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31. Invesco Van Kampen Bond Fund
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$
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600,000
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32. Invesco Van Kampen California Value Municipal Income Trust
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$
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750,000
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33. Invesco Van Kampen Dynamic Credit Opportunities Fund
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$
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1,250,000
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34. Invesco Van Kampen Exchange Fund, A California Limited Partnership
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$
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400,000
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35. Invesco Van Kampen High Income Trust II
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$
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450,000
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36. Invesco Van Kampen Massachusetts Value Municipal Income Trust
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$
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400,000
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37. Invesco Van Kampen Municipal Opportunity Trust
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$
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1,000,000
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38. Invesco Van Kampen Municipal Trust
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$
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1,000,000
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39. Invesco Van Kampen Ohio Quality Municipal Trust
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$
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525,000
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40. Invesco Van Kampen Pennsylvania Value Municipal Income Trust
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$
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900,000
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41. Invesco Van Kampen Select Sector Municipal Trust
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$
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750,000
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42. Invesco Van Kampen Senior Income Trust
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$
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1,250,000
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43. Invesco Van Kampen Senior Loan Fund
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$
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1,250,000
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44. Invesco Van Kampen Trust For Insured Municipals
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$
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600,000
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45. Invesco Van Kampen Trust For Investment Grade Municipals
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$
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1,250,000
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46. Invesco Van Kampen Trust For Investment Grade New Jersey Municipals
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$
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600,000
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47. Invesco Van Kampen For Invesment Grade New York Municipals
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$
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750,000
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PERIOD FOR WHICH PREMIUMS HAVE BEEN PAID
The premiums for the above-referenced bond have been paid through June 30, 2011.
JOINT INSURANCE AGREEMENT
THIS JOINT INSURANCE AGREEMENT, dated as of June 1, 2010, is by and among (i) the open-end
funds (the Open-End Funds), which Open-End Funds represent series portfolios of the Delaware
statutory trusts (Trusts), listed on Schedule A, (ii) each of the closed-end funds (the
Closed-End Funds and together with the Open-End Funds, the Funds) listed on Schedule A, and
(iii) each of the entities (Invesco Entities) listed on Schedule A, which Invesco Entities are
also named as insureds under the ICI Mutual Insurance Company Investment Blanket Bond.
BACKGROUND
THIS AGREEMENT is entered into with the following background:
A. Section 17(g) of the Investment Company Act of 1940 (the Act) authorizes the Securities
and Exchange Commission (SEC) to require that the officers and employees of registered management
investment companies be bonded against larceny and embezzlement, and the SEC has promulgated Rule
17g-1 requiring such coverage in specified minimum amounts.
B. The Funds have obtained and maintain the bonds and policies of insurance providing coverage
against larceny and embezzlement by their officers and the employees of certain of the Invesco
Entities (the Joint Bonds).
C. The Board of Trustees of each Fund, by vote of a majority of its members and a majority of
those members of the Board of each Fund who are not interested persons as defined by Section 2
(a) (19) of the Act, has given due consideration to all factors relevant to the amount, type, form,
coverage and apportionment of recoveries and premiums on the Joint Bonds and has approved the form,
term and amount of the Joint Bonds, the portion of the premiums payable by each Fund, and the
manner in which recovery on the Joint Bonds (Joint Bond
Page 1 of 14
Proceeds), if any, shall be shared by and among the parties hereto as hereinafter set forth.
NOW, THEREFORE, IT IS HEREBY AGREED by and among the
parties hereto as follows:
1.
ALLOCATION OF PROCEEDS
a. In the event a single party suffers a loss or losses covered under the Joint Bonds, the
party suffering such loss or losses shall be entitled to be indemnified up to the full amount of
the Joint Bond Proceeds.
b. If more than one party is damaged in a single loss for which Joint Bond Proceeds are
received, each such party shall receive that portion of the Joint Bond Proceeds which represents
the loss sustained by that party, unless the recovery is inadequate to indemnify fully each such
party. If the recovery is inadequate to indemnify fully each such party sustaining a loss, the
Joint Bond Proceeds shall be allocated among such parties as set forth in (1) through (3) of this
provision 1.b below. Any party not fully indemnified for its insurable losses as a result of this
allocation is hereafter referred to as an Unindemnified Party.
(1) Each Trust sustaining a loss shall be allocated an amount equal to the
lesser of its actual loss or the minimum amount of bond coverage allocated
to such party specified on Schedule B hereto.
(2) Each Invesco Entity sustaining a loss shall be allocated an amount
equal to the lesser of its actual loss or its proportionate share of the
minimum amount of the aggregate bond coverage allocable to the Invesco
Entities, as set forth Schedule B hereto.
Page 2 of 14
(3) The remaining portion of the Joint Bond Proceeds, if any, shall be
allocated to each Unindemnified Party in the same proportion as such
partys allocation of minimum bond coverage on Schedule B hereto bears to
the aggregate of the minimum bond coverage amounts set forth on Schedule B
for all Unindemnified Parties, provided that no party shall receive Joint
Bond Proceeds in excess of its actual insurable losses.
2.
ALLOCATION OF PREMIUMS
a. Each party hereto has agreed that the premiums payable with respect to the Joint Bonds
(Premiums) shall be shared (the Sharing Arrangement) between the Funds and the Invesco
Entities, with the Funds paying, in the aggregate, seventy percent (70%) thereof (Fund Premiums)
and the Invesco Entities paying, in the aggregate, thirty percent (30%) thereof (Invesco
Premiums).
b. After giving effect to the Sharing Arrangement, Fund Premiums shall be further allocated
among each of the Funds by calculating, on an annual basis (and, in the event any increased or
additional premium is required to be paid during the year, as of the date such increased or
additional premium is due), each Funds proportionate share thereof, based on dividing each Funds
total net assets by the aggregate net assets of all of the Funds.
3.
BOND COVERAGE REQUIREMENTS AND CHANGES
a. Each party hereto has determined that the minimum amount of fidelity bond coverage deemed
appropriate to be maintained by it is as set forth opposite its name in Schedule B. Each of the
Trusts has determined that the minimum amount of coverage required of it under Rule 17g-1 (d) (1)
as of the date hereof is the amount reflected opposite its name in Schedule B. Each of the Trusts
Page 3 of 14
further agrees that its Treasurer will promptly take such steps as may be necessary, from
time to time, to increase its minimum coverage as set forth in Schedule B (and, if necessary, the
face amount of the Joint Bonds) so that its minimum coverage as therein set forth shall at no time
be less than the minimum coverage required of it under Rule 17g-l(d)(1).
b. The parties hereto may, from time to time hereafter, agree to modify Schedule B to reflect
changes in coverage both among the Trusts and the Invesco Entities, so long as the amount of the
change does not result in any Trusts minimum coverage becoming less than the minimum coverage
required of it under Rule 17g-1(d)(1). All references in this Agreement to Schedule B shall be
to such Schedule as amended as of the relevant date on which premiums are to be allocated or losses
are sustained.
4.
ADDITION OF NEW FUNDS AND SERIES
The parties to this Agreement contemplate that additional trusts, funds or other related
entities permitted by Rule 17g-1 (Additional Entities) may be added from time to time after the
date of this Agreement. In the event an Additional Entity is organized, such Additional Entity may
be included as an additional party to this Agreement if the Board of Trustees of each of the Trusts
(including the Additional Entity Trust if it is being added) approve such addition and establish a
revised minimum allocation of bond coverage. The inclusion of an additional Trust as a party to
this Agreement shall be evidenced by such Trusts execution of the Addendum to this Agreement and
all references herein to the Trust shall include any such Additional Entity Trusts.
5.
TERM OF AGREEMENT
This Agreement supersedes and replaces the joint insurance agreement dated as of June 30,
2009, and shall apply to the present fidelity bond coverage and any
Page 4 of 14
renewals or replacements thereof and shall continue thereafter until terminated by any party
hereto upon the giving of not less than sixty days written notice to the other parties.
6.
DISPUTES
Any dispute arising under this Agreement shall be submitted to arbitration in the City of
Houston, Texas under the Rules of the American Arbitration Association, and the decision rendered
therein shall be final and binding upon the parties hereto.
7.
GOVERNING LAW
This Agreement shall be governed by, and construed in accordance with the laws of the State
of Texas, to the extent not inconsistent with applicable provisions of the Act and the rules and
regulations promulgated thereunder by the SEC.
IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this
Agreement to be executed by a duly authorized officer or representative on the date first written
above.
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INVESCO ADVISERS, INC.
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INVESCO DISTRIBUTORS, INC.
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By:
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/s/ Todd L. Spillane
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By:
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/s/ Lisa Brinkley
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Name: Todd L. Spillane
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Name: Lisa Brinkley
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Title: Chief Compliance Officer
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Title: Global Assurance Officer
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INVESCO INVESTMENT SERVICES, INC.
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INVESCO ASSET MANAGEMENT
DEUTSCHLAND GMBH
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By:
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/s/ Bill Galvin
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By:
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/s/ Bernhard Langer
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Name: Bill Galvin
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Name: Bernhard Langer
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Title: Director of Transfer Agency
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By:
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/s/ Carsten Majer
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Name: Carsten Majer
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Title: Managing Director/Fully
authorized Representative
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INVESCO ASSET MANAGEMENT (JAPAN)
LIMITED
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INVESCO ASSET MANAGEMENT LIMITED
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By:
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/s/ Masakazu Hasegawa
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By:
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/s/ Michelle Moran
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Name: Masakazu Hasegawa
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Name: Michelle Moran
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Title: Managing Director
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Title: Head of Legal for UK & Ireland
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Page 5 of 14
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INVESCO AUSTRALIA LIMITED
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INVESCO SENIOR SECURED MANAGEMENT, INC.
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By:
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/s/
Mark Yesberg
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By:
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/s/ Todd L. Spillane
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Name: Mark Yesberg
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Name: Todd L. Spillane
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Title: Head of Product Marketing
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Title: Chief Compliance Officer
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By:
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/s/ Ian Coltman
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Name: Ian Coltman
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Title: Head of Legal
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INVESCO HONG KONG LIMITED
|
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INVESCO TRIMARK LTD.
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By:
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/s/ Anna Tong
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By:
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/s/ Eric J. Adelson
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Name: Anna Tong
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Name: Eric J. Adelson
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Title: Director
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Title: SVP, Legal & Secretary
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By:
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/s/ Grace Liu
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By:
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/s/ Wayne Bolton
|
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Name: Gracie Liu
|
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|
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Name: Wayne Bolton
|
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Title: Director
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Title: VP, Compliance
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|
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|
|
|
AIM COUNSELOR SERIES TRUST
(INVESCO
COUNSELOR SERIES TRUST)
|
|
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
|
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By:
|
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/s/ Todd L. Spillane
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By:
|
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/s/ Todd L. Spillane
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|
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Name: Todd L. Spillane
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|
|
Name: Todd L. Spillane
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|
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Title: Chief Compliance Officer
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|
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Title: Chief Compliance Officer
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|
|
AIM EQUITY FUNDS (INVESCO EQUITY
FUNDS)
|
|
AIM GROWTH SERIES (INVESCO GROWTH
SERIES)
|
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By:
|
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/s/ Todd L. Spillane
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|
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By:
|
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/s/ Todd L. Spillane
|
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|
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|
|
|
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|
|
Name: Todd L. Spillane
|
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|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
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|
|
|
|
|
|
|
|
AIM INTERNATIONAL MUTUAL FUNDS
(INVESCO INTERNATIONAL MUTUAL FUNDS)
|
AIM INVESTMENT FUNDS
(INVESCO
INVESTMENT FUNDS)
|
|
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|
|
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|
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By:
|
|
/s/ Todd L. Spillane
|
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|
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By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
AIM INVESTMENT SECURITIES FUNDS
(INVESCO INVESTMENT SECURITIES FUNDS)
|
|
AIM SECTOR FUNDS
(INVESCO SECTOR
FUNDS)
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
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|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
Page 6 of 14
|
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|
|
AIM TAX-EXEMPT FUNDS
(INVESCO
TAX-EXEMPT FUNDS)
|
|
AIM TREASURERS SERIES TRUST
(INVESCO TREASURERS SERIES TRUST)
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
AIM VARIABLE INSURANCE FUNDS
(INVESCO VARIABLE INSURANCE FUNDS)
|
|
SHORT-TERM INVESTMENTS TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO CALIFORNIA INSURED MUNICIPAL
INCOME TRUST
|
|
INVESCO CALIFORNIA QUALITY MUNICIPAL
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO HIGH YIELD INVESTMENTS FUND,
INC.
|
|
INVESCO INSURED CALIFORNIA MUNICIPAL
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO INSURED MUNICIPAL BOND TRUST
|
|
INVESCO INSURED MUNICIPAL INCOME TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO INSURED MUNICIPAL SECURITIES
TRUST
|
|
INVESCO INSURED MUNICIPAL TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO MUNICIPAL INCOME
OPPORTUNITIES TRUST
|
|
INVESCO MUNICIPAL INCOME
OPPORTUNITIES TRUST II
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
Page 7 of 14
|
|
|
|
|
|
|
|
|
|
INVESCO MUNICIPAL INCOME
OPPORTUNITIES TRUST III
|
|
INVESCO MUNICIPAL PREMIUM INCOME
TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO NEW YORK QUALITY MUNICIPAL
SECURITIES
|
|
INVESCO PRIME INCOME TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO QUALITY MUNICIPAL INCOME
TRUST
|
|
INVESCO QUALITY MUNICIPAL INVESTMENT
TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO QUALITY MUNICIPAL SECURITIES
|
|
INVESCO VAN KAMPEN ADVANTAGE
MUNCIPAL INCOME TRUST II
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO VAN KAMPEN BOND FUND
|
|
INVESCO VAN KAMPEN CALIFORNIA VALUE
MUNICIPAL INCOME TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO VAN KAMPEN DYNAMIC CREDIT
OPPORTUNITIES FUND
|
|
INVESCO VAN KAMPEN EXCHANGE FUND, A
CALIFORNIA LIMITED PARTNERSHIP
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO VAN KAMPEN HIGH INCOME TRUST
II
|
|
INVESCO VAN KAMPEN MASSACHUSETTS
VALUE MUNICIPAL INCOME TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
Page 8 of 14
|
|
|
|
|
|
|
|
|
|
INVESCO VAN KAMPEN MUNICIPAL
OPPORTUNITY TRUST
|
|
INVESCO VAN KAMPEN MUNICIPAL TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO VAN KAMPEN OHIO QUALITY
MUNICIPAL TRUST
|
|
INVESCO VAN KAMPEN PENNSYLVANIA
VALUE MUNICIPAL INCOME TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO VAN KAMPEN SELECT SECTOR
MUNICIPAL TRUST
|
|
INVESCO VAN KAMPEN SENIOR INCOME
TRUST
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
|
|
Name: Todd L. Spillane
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
Title: Chief Compliance Officer
|
|
|
|
|
|
|
|
|
|
|
|
INVESCO VAN KAMPEN SENIOR LOAN FUND
|
|
INVESCO VAN KAMPEN TRUST FOR INSURED
MUNICIPALS
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
|
|
|
|
By:
|
|
/s/ Todd L. Spillane
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Name: Todd L. Spillane
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Name: Todd L. Spillane
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Title: Chief Compliance Officer
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Title: Chief Compliance Officer
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INVESCO VAN KAMPEN TRUST FOR
INVESTMENT GRADE MUNICIPALS
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INVESCO VAN KAMPEN TRUST FOR
INVESTMENT GRADE NEW JERSEY
MUNICIPALS
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By:
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/s/ Todd L. Spillane
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By:
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/s/ Todd L. Spillane
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Name: Todd L. Spillane
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Name: Todd L. Spillane
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Title: Chief Compliance Officer
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Title: Chief Compliance Officer
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INVESCO VAN KAMPEN FOR INVESTMENT
GRADE NEW YORK MUNICIPALS
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VAN KAMPEN FUNDS INC.
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By:
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/s/ Todd L. Spillane
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By:
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/s/
John Cooper
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Name: Todd L. Spillane
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Name: John Cooper
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Title: Chief Compliance Officer
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Title: President
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Page 9 of 14
SCHEDULE A
INVESCO ENTITIES
INVESCO ADVISERS, INC.
INVESCO DISTRIBUTORS, INC.
INVESCO INVESTMENT SERVICES, INC.
INVESCO ASSET MANAGEMENT DEUTSCHLAND GMBH
INVESCO ASSET MANAGEMENT (JAPAN) LIMITED
INVESCO ASSET MANAGEMENT LIMITED
INVESCO AUSTRALIA LIMITED
INVESCO HONG KONG LIMITED
INVESCO SENIOR SECURED MANAGEMENT, INC.
INVESCO TRIMARK LTD.
VAN KAMPEN FUNDS INC.
OPEN-END FUNDS
AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES TRUST)
AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
AIM FUNDS GROUP (INVESCO FUNDS GROUP)
AIM GROWTH SERIES (INVESCO GROWTH SERIES)
AIM INTERNATIONAL MUTUAL FUNDS (INVESCO INTERNATIONAL MUTUAL FUNDS)
AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
AIM TREASURERS SERIES TRUST (INVESCO TREASURERS SERIES TRUST)
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
SHORT-TERM INVESTMENTS TRUST
CLOSED-END FUNDS
INVESCO CALIFORNIA INSURED MUNICIPAL INCOME TRUST
INVESCO CALIFORNIA QUALITY MUNICIPAL SECURITIES
INVESCO HIGH YIELD INVESTMENTS FUND, INC.
INVESCO INSURED CALIFORNIA MUNICIPAL SECURITIES
INVESCO INSURED MUNICIPAL BOND TRUST
INVESCO INSURED MUNICIPAL INCOME TRUST
INVESCO INSURED MUNICIPAL SECURITIES
INVESCO INSURED MUNICIPAL TRUST
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST II
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST III
INVESCO MUNICIPAL PREMIUM INCOME TRUST
INVESCO NEW YORK QUALITY MUNICIPAL SECURITIES
INVESCO PRIME INCOME TRUST
INVESCO QUALITY MUNICIPAL INCOME TRUST
INVESCO QUALITY MUNICIPAL INVESTMENT TRUST
INVESCO QUALITY MUNICIPAL SECURITIES
INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST II
INVESCO VAN KAMPEN BOND FUND
INVESCO VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
Page 10 of 14
INVESCO VAN KAMPEN DYNAMIC CREDIT OPPORTUNITIES FUND
INVESCO VAN KAMPEN EXCHANGE FUND, A CALIFORNIA LIMITED PARTNERSHIP
INVESCO VAN KAMPEN HIGH INCOME TRUST II
INVESCO VAN KAMPEN MASSACHUSETTS VALUE MUNICIPAL INCOME TRUST
INVESCO VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
INVESCO VAN KAMPEN MUNICIPAL TRUST
INVESCO VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
INVESCO VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
INVESCO VAN KAMPEN SELECT SECTOR MUNICIPAL TRUST
INVESCO VAN KAMPEN SENIOR INCOME TRUST
INVESCO VAN KAMPEN SENIOR LOAN FUND
INVESCO VAN KAMPEN TRUST FOR INSURED MUNICIPALS
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE MUNICIPALS
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW JERSEY MUNICIPALS
INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
Page 11 of 14
SCHEDULE B
ALLOCATION OF MINIMUM BOND COVERAGE
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MINIMUM
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INSURED
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BOND COVERAGE
|
INVESCO ENTITIES
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N/A
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AIM COUNSELOR SERIES TRUST (INVESCO COUNSELOR SERIES
TRUST)
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$
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2,500,000
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AIM EQUITY FUNDS (INVESCO EQUITY FUNDS)
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$
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2,500,000
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AIM FUNDS GROUP (INVESCO FUNDS GROUP)
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$
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1,500,000
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AIM GROWTH SERIES (INVESCO GROWTH SERIES)
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$
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2,500,000
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AIM INTERNATIONAL MUTUAL FUNDS (INVESCO
INTERNATIONAL MUTUAL FUNDS)
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$
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2,500,000
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AIM INVESTMENT FUNDS (INVESCO INVESTMENT FUNDS)
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$
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2,500,000
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AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT
SECURITIES FUNDS)
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$
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2,500,000
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AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
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$
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2,500,000
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AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
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$
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2,500,000
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AIM TREASURERS SERIES TRUST (INVESCO TREASURERS
SERIES TRUST)
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$
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2,500,000
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AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE
INSURANCE FUNDS)
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$
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2,500,000
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SHORT-TERM INVESTMENTS TRUST
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$
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2,500,000
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INVESCO CALIFORNIA INSURED MUNICIPAL INCOME TRUST
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$
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600,000
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INVESCO CALIFORNIA QUALITY MUNICIPAL SECURITIES
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$
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600,000
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INVESCO HIGH YIELD INVESTMENTS FUND, INC.
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$
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400,000
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INVESCO INSURED CALIFORNIA MUNICIPAL SECURITIES
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$
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350,000
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INVESCO INSURED MUNICIPAL BOND TRUST
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$
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400,000
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INVESCO INSURED MUNICIPAL INCOME TRUST
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$
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750,000
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INVESCO INSURED MUNICIPAL SECURITIES
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$
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450,000
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INVESCO INSURED MUNICIPAL TRUST
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$
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750,000
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INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST
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$
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525,000
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INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST II
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$
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525,000
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INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST III
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$
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400,000
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INVESCO MUNICIPAL PREMIUM INCOME TRUST
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$
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600,000
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INVESCO NEW YORK QUALITY MUNICIPAL SECURITIES
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$
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450,000
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INVESCO PRIME INCOME TRUST
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$
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900,000
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INVESCO QUALITY MUNICIPAL INCOME TRUST
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$
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750,000
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INVESCO QUALITY MUNICIPAL INVESTMENT TRUST
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$
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600,000
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INVESCO QUALITY MUNICIPAL SECURITIES
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$
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600,000
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Page 12 of 14
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MINIMUM
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INSURED
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BOND COVERAGE
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INVESCO VAN KAMPEN ADVANTAGE MUNICIPAL INCOME TRUST
II
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$
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1,000,000
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INVESCO VAN KAMPEN BOND FUND
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$
|
600,000
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INVESCO VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME
TRUST
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$
|
750,000
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INVESCO VAN KAMPEN DYNAMIC CREDIT OPPORTUNITIES FUND
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$
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1,250,000
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INVESCO VAN KAMPEN EXCHANGE FUND, A CALIFORNIA
LIMITED PARTNERSHIP
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$
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400,000
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INVESCO VAN KAMPEN HIGH INCOME TRUST II
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$
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450,000
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INVESCO VAN KAMPEN MASSACHUSETTS VALUE MUNICIPAL
INCOME TRUST
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$
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400,000
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INVESCO VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST
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$
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1,000,000
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INVESCO VAN KAMPEN MUNICIPAL TRUST
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$
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1,000,000
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INVESCO VAN KAMPEN OHIO QUALITY MUNICIPAL TRUST
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$
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525,000
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INVESCO VAN KAMPEN PENNSYLVANIA VALUE MUNICIPAL
INCOME TRUST
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$
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900,000
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INVESCO VAN KAMPEN SELECT SECTOR MUNICIPAL TRUST
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$
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750,000
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INVESCO VAN KAMPEN SENIOR INCOME TRUST
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$
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1,250,000
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INVESCO VAN KAMPEN SENIOR LOAN FUND
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$
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1,250,000
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INVESCO VAN KAMPEN TRUST FOR INSURED MUNICIPALS
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$
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600,000
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INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE
MUNICIPALS
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$
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1,250,000
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INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW
JERSEY MUNICIPALS
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$
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600,000
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INVESCO VAN KAMPEN TRUST FOR INVESTMENT GRADE NEW
YORK MUNICIPALS
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$
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750,000
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Page 13 of 14
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