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.
Bond Number
89265112B
Item 1.
Name of Insured (the "Insured")
Saturna Capital Corporation
Principal Address: 1300 N. State Street
Bellingham, WA 98227
Item 2.
Bond Period: from 12:01 a.m. on
December 15, 2013
,
to 12:01 a.m. on
December 15, 2013
or
the earlier effective date of the termination of this Bond, standard time at
the Principal Address as to each of said dates.
Item 3.
Limit of Liability—
Subject to Sections 9, 10 and 12 hereof:
|
LIMIT OF LIABILITY
|
DEDUCTIBLE AMOUNT
|
Insuring Agreement A- FIDELITY
|
$3,525,000
|
$50,000
|
Insuring Agreement B- AUDIT EXPENSE
|
$50,000
|
$10,000
|
Insuring Agreement C- ON PREMISES
|
$3,525,000
|
$50,000
|
Insuring Agreement D- IN TRANSIT
|
$3,525,000
|
$50,000
|
Insuring Agreement E- FORGERY OR ALTERATION
|
$3,525,000
|
$50,000
|
Insuring Agreement F- SECURITIES
|
$3,525,000
|
$50,000
|
Insuring Agreement G- COUNTERFEIT CURRENCY
|
$3,525,000
|
$50,000
|
Insuring Agreement H- UNCOLLECTIBLE ITEMS OF DEPOSIT
|
$25,000
|
$5,000
|
Insuring Agreement I- PHONE/ELECTRONIC TRANSACATIONS
|
$3,525,000
|
$50,000
|
|
|
|
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 THIS RIDER:
|
|
|
|
Insuring Agreement J- COMPUTER SECURITY
|
$3,525,000
|
$50,000
|
Item 4
. Offices or Premises Covered--All the Insured's 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.
Item 5
. The liability of ICI Mutual Insurance Company (the
"Underwriter") is subject to the terms of the following Riders attached
hereto:
Riders: 1-2-3-4-5-6-7-8-9-10-11-12-13-14
and of all Riders applicable to this Bond issued during the Bond Period.
By: /S/ Maggie Sullivan
Authorized Representative
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 (including loss of Property) 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 of Property (including damage thereto or destruction thereof) located or
reasonably believed by the Insured to be located within the Insured's offices
or premises, caused by Theft or by any Dishonest or Fraudulent Act or through
Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A.
D. IN TRANSIT
Loss of Property (including damage thereto or destruction thereof) while the
Property is 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), 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 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
(1) uncollectible Items of Deposit of a Fund's customer, shareholder or subscriber
credited by the Insured or its agent to such person's Fund account, or
(2) any Item of Deposit processed through an automated clearing house which
is reversed by a Fund's customer, shareholder or subscriber and is deemed uncollectible
by the Insured;
PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until
the Insured's 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.
I. PHONE/ELECTRONIC TRANSACTIONS
Loss caused by a Phone/Electronic Transaction, where the request for such Phone/Electronic
Transaction:
(1) is transmitted to the Insured or its agents by voice over the telephone
or by Electronic Transmission; and
(2) is made by an individual purporting to be a Fund shareholder or subscriber
or an authorized agent of a Fund shareholder or subscriber; and
(3) is unauthorized or fraudulent and is made with the manifest intent to deceive;
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:
(1) the failure to pay for shares attempted to be purchased; or
(2) any redemption of Investment Company shares which had been improperly credited
to a shareholder’s account where such shareholder (a) did not cause, directly
or indirectly, such shares to be credited to such account, and (b) directly
or indirectly received any proceeds or other benefit from such redemption; or
(3) any 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
(4) 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
(5) the intentional failure to adhere to one or more Phone/Electronic Transaction
Security Procedures; or
(6) a Phone/Electronic Transaction request transmitted by electronic mail or
transmitted by any method not subject to the Phone/Electronic Transaction Security
Procedures; or
(7) 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.
This Insuring Agreement I does not cover loss covered under Insuring Agreement
A, “Fidelity” or Insuring Agreement J, “Computer Security”.
GENERAL AGREEMENTS
A. ADDITIONAL OFFICES OR EMPLOYEES--CONSOLIDATION OR MERGER--NOTICE
1. 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.
2. 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.
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 claiming that the Insured is liable for any loss,
claim or damage which, if established against the Insured, would constitute
a loss sustained by the Insured covered under the terms of this Bond; provided,
however, that with respect to Insuring Agreement A this indemnity shall apply
only in the event that
1. an Employee admits to having committed or is adjudicated to have committed
a Dishonest or Fraudulent Act or Theft which caused the loss; or
2. 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.
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 Underwriter's election the Insured
shall permit the Underwriter to conduct the defense of such legal proceeding
in the Insured's name, through attorneys of the Underwriter's 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 Insured's 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 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 prupose 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 sturcture 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 party
of the Insured), such that the term "loss" as used herein shall include
an Insured's legal liability for direct compensatory damages resulting directly
from a misappropriation, or measurable dimunition 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. "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.
B. "Application"
means the Insured's application
(and any attachments and materials submitted in connection therewith) furnished
to the Underwriter for this Bond.
C. "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.
D. "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.
E. "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.
F. "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.
G. "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.
H. “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.
I . "Employee"
means:
(1) each officer, director, trustee, partner or employee of the Insured, and
(2) 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
(3) 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
(4) each student who is an authorized intern of the Insured, while in any of
the Insured's offices, and
(5) each officer, director, trustee, partner or employee of
(a) an investment adviser,
(b) an underwriter (distributor),
(c) a transfer agent or shareholder accounting recordkeeper, or
(d) an administrator authorized by written agreement to keep financial and/or
other required records,
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
(6) 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
(7) 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
(8) each officer, partner or employee of
(a) any Depository or Exchange,
(b) 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
(c) any recognized service company which provides clerks or other personnel
to any Depository or Exchange on a contract basis,
while such officer, partner or employee is performing services for any Depository
in the operation of systems for the central handling of securities, and
(9) 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).
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.
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).
J. "Exchange"
means any national securities exchange
registered under the Securities Exchange Act of 1934.
K. "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
individual's own name, regardless of such individual's authority, capacity or
purpose.
L. "Items of Deposit"
means one or more checks or
drafts.
M. "Investment Company"
or
"Fund"
means an investment company registered under the Investment Company
Act of 1940.
N. "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.
O. "Mysterious Disappearance"
means any disappearance
of Property which, after a reasonable investigation has been conducted, cannot
be explained.
P. "Non-Fund"
means any corporation, business trust,
partnership, trust or other entity which is not an Investment Company.
Q. “Phone/Electronic Transaction Security Procedures”
means security procedures for Phone/Electronic Transactions as provided in writing
to the Underwriter.
R. “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.
S. "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 nature of the foregoing (but excluding all data processing
records), in which the Insured has an interest or in which the Insured acquired
or should have acquired an interest by reason of a predecessor's declared financial
condition at the time of the Insured's consolidation or merger with, or purchase
of the principal assets of, such predecessor or which are held by the Insured
for any purpose or in any capacity.
T. "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.
U. "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. "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.
X. "Single Loss"
means:
(1) all loss resulting from any one actual or attempted Theft committed by one
person, or
(2) all loss caused by any one act (other than a Theft or a Dishonest or Fraudulent
Act) committed by one person, or
(3) all loss caused by Dishonest or Fraudulent Acts committed by one person,
or
(4) all expenses incurred with respect to any one audit or examination, or
(5) all loss caused by any one occurrence or event other than those specified
in subsections (1) through (4) above.
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.
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.
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.
SECTION 2. EXCLUSIONS
THIS BOND DOES NOT COVER:
A. 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 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 Insured's
behalf had no knowledge of such riot, civil commotion, war, revolution, insurrection,
action by armed forces, or usurped power.
B. 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.
C. 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.
D. 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.
E. 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.
F. Loss of Property 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 Insured's 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.
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.
H. 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.
I. Loss resulting from the surrender of Property away from an office of the
Insured as a result of a threat
(1) to do bodily harm to any person, except loss of Property in transit in the
custody of any person acting as messenger 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
(2) to do damage to the premises or Property of the Insured, unless such loss
is otherwise covered under Insuring Agreement A.
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.
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.
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.
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.
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.
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.
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.
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.
SECTION 3. ASSIGNMENT OF RIGHTS
Upon payment to the Insured hereunder for any loss, the Underwriter shall be
subrogated to the extent of such payment to all of the Insured's 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.
Assignment of any rights or claims under this Bond shall not bind the Underwriter
without the Underwriter's written consent.
SECTION 4. LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS
This Bond is for the use and benefit only of the Insured and the Underwriter
shall not be liable hereunder for loss sustained by anyone other than the Insured,
except that if the Insured includes such other loss in the Insured's proof of
loss, the Underwriter shall consider its liability therefor. As soon as practicable
and not more than sixty (60) days after discovery of any loss covered hereunder,
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.
See also General Agreement C (Court Costs and Attorneys' Fees).
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 loss is of
Securities and 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.
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.
Notice hereunder shall be given to Manager, Professional Liability Claims, ICI
Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.
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
(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;
(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 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 securities, the Insured shall assign
to the Underwriter all of the Insured's 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 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.
This Bond will terminate as to any Insured that is a Non-Fund immediately and
without notice upon (1) the takeover of such Insured's 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 Underwriter's standard short rate cancellation tables if this Bond is terminated
by the Insured or pro rata if this Bond is terminated by the Underwriter.
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 Insured's 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 Insured's 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 "Depository's Recovery");
in such case the Underwriter shall be liable hereunder only for the Insured's
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 Insured's 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 Depository
shall have reasonably and fairly apportioned the Depository's 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 Depository's Recovery in the ratio that the
value of each such interest bears to the total value of all such interests;
and (3) the Insured's share of such excess loss shall be the amount of the Insured's
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,
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.
As used in this Section, "control" means the power to exercise a controlling
influence over the management or policies of the Insured.
SECTION 18. CHANGE OR MODIFICATION
This Bond may only be modified by written Rider forming a part hereof over the
signature of the Underwriter's 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.
SECTION 19. COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS
This Bond shall not be deemed to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent that the provision of such coverage, payment of such loss or provision
of such benefit would cause the Underwriter to be in violation of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations administered and enforced by the U.S.
Department of Treasury Office of Foreign Assets Control (OFAC).
IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the
Declarations Page.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 1
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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:
Saturna Brokerage Services, Inc.
Amana Mutual Funds Trust, a series trust consisting of:
*Income Fund
*Growth Fund
*Developing World Fund
Saturna Investment Trust, a series trust consisting of:
*Sextant Core Fund
*Sextant Global High Income Fund
*Sextant Growth Fund
*Sextant Bond Income Fund
*Sextant International Fund
*Sextant Short-Term Bond Fund
*Idaho Tax-Exempt Fund
Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 2
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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, or
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
(1) 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
(2) Investment Advisory Services rendered by a Non-Fund to an investment advisory
client of such Non-Fund; or
(3) 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.
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.
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.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 3
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 4
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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:
J. COMPUTER SECURITY
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.
1.
Definitions
. The following terms used in this Insuring Agreement shall
have the following meanings:
a. "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.
b. "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:
(1) is committed by any Unauthorized Third Party anywhere, alone or in collusion
with other Unauthorized Third Parties;
and
(2) 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
(3) 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.
c. "Computer Security Procedures" means procedures for prevention
of unauthorized computer access and use and administration of computer access
and use and administration and use as provided in writing to the Underwriter.
d. "Covered Computer System" means any Computer System as to which
the Insured has possession, custody and control.
e. "Unauthorized Third Party" means any person or entity that, at
the time of the Computer Fraud, is not an Authorized User.
f. "User Identification" means any unique user name (i.e., a series
of characters) that is assigned to a person or entity by the Insured.
2.
Exclusions
. It is further understood and agreed that this Insuring
Agreement J shall not cover:
a. Any loss covered under Insuring Agreement A, "Fidelity," of this
Bond;
and
b. 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
c. Any loss resulting from the intentional failure to adhere to one or more
Computer Security Procedures;
and
d. Any loss resulting from a Computer Fraud committed by or in collusion with:
(1) any Authorized User (whether a natural person or an entity);
or
(2) 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
(3) 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;
and
e. 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
f. 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
g. Any loss not directly and proximately caused by Computer Fraud (including,
without limitation, disruption of business and extra expense);
and
h. 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.
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.O of this Bond.
It is further understood and agreed that notwithstanding Section 9, 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 under this Insuring Agreement
shall be an aggregate of $3,525,000 for the Bond Period, irrespective of the
total amount of any such loss or losses.
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:
(a) by written notice from the Underwriter not less than sixty (60) days prior
to the effective date of termination specified in such notice; or
(b) immediately by written notice from the Insured to the Underwriter.
Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 5
INSURED
|
|
BOND NUMBER
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Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
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December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
In consideration of the premium charged for this Bond, it is hereby understood
and agreed that 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.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 6
INSURED
|
|
BOND NUMBER
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Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
FINRA BOND RIDER - DISCOUNT BROKER
In consideration of the premium charged for this Bond, it is hereby understood
and agreed that with respect to Saturna Brokerage Services, Inc. (“Discount
Broker”) only, this Bond is amended as follows:
1. For purposes of Insuring Agreement C (“On Premises”), Section
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
2. For Purposes of Insuring Agreement C (“On Premises”), “Mysterious
Disappearance” shall be deemed to include “misplacement”.
3. The last sentence of Section 1.I (“Definitions – ‘Employee”)
and Section 2.M are deleted; and
4. 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
5. 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
6. With respect to the following Insuring Agreements, Item 3 of the Declarations
is modified to read as follows:
|
Limit of
Liability
|
Deductible Amount
|
Insuring Agreement A – Fidelity
|
$120,000
|
$10,000
|
Insuring Agreement C – On Premises
|
$120,000
|
$10,000
|
Insuring Agreement D – In Transit
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$120,000
|
$10,000
|
Insuring Agreement E – Forgery or Alteration
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$120,000
|
$10,000
|
Insuring Agreement F – Securities
|
$120,000
|
$10,000
|
Insuring Agreement G – Counterfeit Currency
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$120,000
|
$10,000
|
7. For purposes of Insuring Agreement H, Uncollectible Items of Deposit:
(a) the term "shareholder" shall be deemed to refer to a "client
of the Discount Broker;" and
(b) the term "Fund shares" shall be deemed to refer to "securities;"
and
(c) the term "redemptions or exchanges permitted from an account with the
Fund" shall be deemed to refer to "sales of securities permitted from
an account with the Discount Broker;" and
(d) the term "Insured Fund" shall be deemed to refer to the Discount
Broker; and
(e) the final section of the first paragraph (which reads, "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") shall be deleted.
Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 7
INSURED
|
|
BOND NUMBER
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Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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:
(1) letter requesting redemption of $50,000 or less payable by check to the
shareholder of record and addressed to the address of record; or,
(2) letter requesting redemption of $50,000 or less by wire transfer to the
record shareholder's bank account of record; or
(3) 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) "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.
(B) "Owner" means the individual for whose benefit the DRA, or a subaccount
thereof, is established.
Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 8
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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
(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
(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.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 9
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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 effeted 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;
or
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 $3,525,000
and the On-Line Deductible with respect to Insuring Agreement I is Fifty Thousand
Dollars ($50,000).
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 $3,525,000 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.
"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.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 10
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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:
(1) a Phone/Electronic Redemption requested to be paid or made payable by check
to the Shareholder of Record at the address of record; or
(2) a Phone/Electronic Redemption requested to be paid or made payable by wire
transfer to the Shareholder of Record’s bank account of record,
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 more; in such case the Phone/Electronic 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) by Telefacsimile, or (c) by transmission
over the Internet (including intranet or associated intranet or extranet).
Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 11
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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:
· by use of an automated telephone tone or voice response system ;
or
· by wireless device transmissions over the Internet (including any connected
or associated intranet or extranet),
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.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 12
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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 Mutual’s
“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%).
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 13
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
In consideration of the premium charged for this Bond, it is hereby understood
and agreed that Insuring Agreement E, Forgery or Alteration, is hereby amended
to read as follows:
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 sums certain in
money, acceptances, certificates of deposit, due bills, money orders, or letters
of credit; or (2) other written instructions, requests or applications (collectively,
"Directions") to the Insured, authorizing or acknowledging the transfer,
payment, redemption, delivery or receipt of Property, or giving notice of any
bank account, which Directions 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;
PROVIDED, that the signature (except that of a financial or banking institution
or a stockbroker) on any Direction shall have a Signature Guarantee,
unless
such Direction was
i) to effect any exchange of shares in a registered account of one Fund into
shares in an identically registered account of another Fund in the same complex
pursuant to exchange privileges of the two Funds, or
ii) to elect any dividend option available to Fund shareholders, or
iii) to redeem Fund shares, where the proceeds of such redemption are to be
payable to (x) the Shareholder of Record at the record address, or (y) a person
Officially Designated to receive redemption proceeds at the address stated in
the Official Designation, or (z) a bank account Officially Designated to receive
redemption proceeds by mail or wire transfer; or
iv) to effect a Designated Transfer of Ownership.
Any document referred to in clauses (1) or (3) above which authorizes, requests,
acknowledges, or gives notice to any matter described in clause (2) above shall
be deemed to be a Direction.
For purposes of this Rider, the following terms have the following meanings:
"Designated Transfer of Ownership" means a change in the record ownership
of a registered account of a Fund:
(1) from the custodian of an account established pursuant to the Uniform Gift
to Minors Act ("UGMA") to the beneficiary of such account who has
attained majority, provided that
(a) the Direction ordering the change is received from such custodian, and
(b) proof of the majority of the beneficiary in the form of a copy of a birth
certificate or other official document establishing majority accompanies the
Direction; or
(2) from an individual to a trustee, or from joint tenants to joint trustees
provided that the name(s) of the Shareholder(s) of Record on the new registration
are identical to and include only the name(s) of the Shareholder(s) of Record
on the previous registration; or
(3) from an individual to a sole proprietor, provided that the name of the sole
proprietor Shareholder of Record is identical to that of the individual who
was Shareholder of Record on the previous registration; or
(4) from joint tenants with rights of survivorship to the surviving joint tenant(s)
upon the death of one of the joint tenants, provided that
(a) a copy of the death certificate of the non-surviving joint tenant accompanies
the Direction, and
(b) the name(s) of the Shareholder(s) of Record on the new registration are
identical to and include only the name(s) of the Shareholder(s) of Record who
are the surviving joint tenant owner(s) on the previous registration; or
(5) which is mandated by a court order, provided that a copy of the court order
accompanies the Direction; or
(6) which results from a legal change in the name(s) of the Shareholder(s) of
Record as a result of marriage or otherwise, provided that
(a) a copy of the marriage license or other legal document effecting the name
change(s) accompanies the Direction, and
(b) the new registration contains the name(s) of only the individual(s) who
were the Shareholder(s) of Record on the previous registration.
"Signature Guarantee" means a written guarantee of a signature, which
guarantee is made by an Eligible Guarantor Institution as defined in Rule 17Ad-15(a)(2)
under the Securities Exchange Act of 1934 ("Rule") and not otherwise
excluded under the Rule,
provided that
with respect to a Signature Guarantee
on any request to redeem Fund shares where the proceeds of such redemption exceed
$100,000 such redemption request shall be verified in advance by, or an attempt
to verify shall be made to, the Shareholder of Record that such redemption has
been authorized,
unless
such Signature Guarantee has been made by (i)
a financial or banking institution whose deposits are insured by the Federal
Deposit Insurance Corporation, or (ii) a broker which is a member of any Exchange.
"Official Designation" or "Officially Designated" means
or refers to a written designation signed by a Shareholder of Record of a Fund,
either in such shareholder’s initial application for the purchase of Fund
shares, with or without a Signature Guarantee, or in another document with a
Signature Guarantee.
This Insuring Agreement E does not cover loss caused by Forgery or Alteration
of Securities or loss covered under Insuring Agreement A.
Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 14
INSURED
|
|
BOND NUMBER
|
Saturna Capital Corporation
|
|
89265112B
|
EFFECTIVE DATE
|
BOND PERIOD
|
AUTHORIZED REPRESENTATIVE
|
December 15, 2012
|
December 15, 2012 to December 15, 2013
|
/s/ Maggie Sullivan
|
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 ommissions of any Insured or any Employee of any Insured where such loss
is based upon, arises out of or in any way involves the provision of services to
any Plan,
EXCEPT
loss, otherwise covered by the terms of this Bond, resulting
from, or in connection with the business of:
(a) the provision of Investment Advisory Services by an Insured ("Adviser") to any Third Party Plan that is a client of the Adviser; or
(b) the provision of Administrative Services by an Insured to any Third Party
Plan that is a client of the Inusred.
It is further understood and agreed that Insuring Agreements C and D only cover
loss of Property which an Insured uses or holds, or in which the Insured has
an interest, in each case in connection with (a) above.
It is further understood and agreed that notwithstanding the foregoing, this
Bond (other than Insuring Agreements C and D) does not cover loss resulting
from or in connection with, and Insuring Agreements C and D do not cover loss
of Property which an Insured uses or holds, or in which it has an interest,
in each case in connection with:
(1) the discretionary voting by or on behalf of any Plan of Designated Securities
owned or held by such Plan,
unless
, in the case of a vote by or on behalf of
the Plan, such vote was pursuant to the direction of a majority of trustees
of such Plan who were not then Interested Trustees;
(2) custodial services for the safekeeping and custody of securities or other
property; .
(3) liability of an Insured arising from its status as the employer of employees
covered by a Plan (including liability arising from the Insured's failure to
collect contributions or to pay benefis); or
(4) [in the case of an Insured acting or purporting to act as a trustee or
"directed trustee" for any Third Party Plan, any liability of the
Insured arising from its actual or alleged status as a fiduciary (within the
meaning of the Employee Retirement Security Act of 1974, as amended ("ERISA")]
to any such Third Party Plan or its actual or alleged violation of Section 502(a)(3)
of ERISA, except that this subpart (4) shall not preclude indemnification for
associated court costs and attorney's fees for which coverage is otherwise available
under General Agreement C of this Bond.
It is further understood and agreed that for purposes of this rider:
(1) "Administrative Services" shall mean administrative services,
including, without limitation, voting securities which are Plan assets, causing
Plan assets to be invested as directed in accordance with the Plan, and maintaining
records and preparing reports with respect to Plan contributions, participant
accounts and investments.
(2) "Affiliated Entity" means any entity controlling, controlled
by, or under common control with an Insured.
(3) "Designated Securities" means securities issued by an Insured,
or by any Affiliated Entity, or by any Fund to which such Insured or any Affilitated
Entity provides any services.
(4) "Interested Trustee" means any trustee of a Plan who is also
(a) an officer, director, trustee, partner or employee of, or who owns, controls,
or holds power to vote 5% or more of the outstanding voting securities of, (i)
any Insured (other than such Plan), or (ii) any Affiliated Entity, or (iii)
any Fund to which such Insured or any Affiliated Entity provides any services,
or (b) an Insured or an Affiliated Entity.
(5) "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, 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.
(6) "Plan" means any retirement or employee benefit plan, including
any trust relating thereto.
(7) "Third Party Plan" means any Plan for employees of an entity
that is neither an Insured nor an Affiliated Entity.
Except as above stated, nothing herein shall be held to alter, waiver or extend
any of the terms of this Bond.
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