MANAGEMENT PROTECTION
[LOGO] ACE AMERICAN INSURANCE COMPANY INSURANCE POLICY
THIS POLICY IS ISSUED BY THE STOCK INSURANCE COMPANY
LISTED ABOVE (HEREIN "INSURER").
THIS POLICY IS A CLAIMS MADE POLICY. EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS
POLICY COVERS ONLY CLAIMS FIRST MADE AGAINST THE INSUREDS DURING THE POLICY
PERIOD. PLEASE READ THIS POLICY CAREFULLY.
DEFENSE AND CLAIMS EXPENSES ARE WITHIN THE LIMITS OF LIABILITY OF THIS POLICY.
DECLARATIONS
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POLICY NO. DON G21648425 005
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ITEM 1. Company: Phoenix Investment Partners, Ltd.
Principal Address: 56 Prospect Street
Hartford, CT 06103
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ITEM 2. A. Policy Period: From 12:01 A.M. 09/01/2006 To 12:01 A.M. 09/01/2007
(Local time at the address shown in Item 1)
B. Limit Period: 1. Same as Policy period [X] Yes [ ] No
2. One Year within Policy Period [X] Yes [ ] No
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ITEM 3. Limit of Liability:
GRANTED AMOUNT
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A. Single Aggregate Limit of Liability [X] Yes [ ] No $15,000,000
for all Coverage Parts, combined
B. Separate Limits of Liability [ ] Yes [X] No
COVERAGE PART(S) LIMIT OF LIABILITY
---------------- ------------------
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ITEM 4. Coverage Parts Purchased
Investment Company Fidelity Bond $15,000,000
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ITEM 5. Policy Premium: $75,826
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Annual Premium: $75,826
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Discovery Period:
A. Additional Premium: 0 % of Annual Premium
B. Additional Period: 12 months
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MPDC002 (4-99)
ITEM 6. Notice to Insurer:
A. Notice of Claim, Wrongful Act or Loss:
Director of D&O Claims
ACE USA - Professional Risk
140 Broadway, 40th Floor
New York, New York 10005
B. All other notices:
Chief Underwriting Officer
ACE USA - Professional Risk
140 Broadway, 41st Floor
New York, New York 10005
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ITEM 7. Endorsements to the General Conditions and Limitations Effective
at Inception:
CC-1K11d (04/02) - Signatures
LD-2S55 (3/92) - Connecticut Changes - Cancellation and Nonrenewal
MPP2Z78 (12/99) - Connecticut Amendatory Endorsement
PF-17914 (02/05) - U.S. Treasury Department's Office of Foreign Assets
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Date: 10/24/06 /s/John J. Lupica
------------------------- JOHN J. LUPICA, President
-------------------------------
Authorized Representative
MPDC002 (4-99)
MANAGEMENT PROTECTION
[LOGO] ACE AMERICAN INSURANCE COMPANY INSURANCE POLICY
In consideration of the payment of the premium and in reliance on all statements
made and information furnished by the Company to the Insurer in the Application,
which is hereby made a part hereof, and subject to the foregoing Declarations
and to all other terms of this Policy, the Company, the Insureds, and the
Insurer agree as follows:
GENERAL CONDITIONS AND LIMITATIONS
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1. TERMS AND CONDITIONS
--------------------
Except for the General Conditions and Limitations or unless stated to the
contrary in any Coverage Part, the terms and conditions of each Coverage
Part of this Policy apply only to that Coverage Part and shall not apply to
any other Coverage Part of this Policy. Any term referenced in the General
Conditions and Limitations which is defined in a Coverage Part shall, for
purposes of coverage under that Coverage Part, have the meaning set forth
in that Coverage Part. If any provision in the General Conditions and
Limitations is inconsistent or in conflict with the terms and conditions of
any Coverage Part, the terms and conditions of such Coverage Part shall
control for purposes of that Coverage Part.
2. DEFINITIONS
-----------
When used in this Policy:
A. ANNUAL PREMIUM means the original annualized premium and the fully
annualized amount of any additional premiums charged by the Insurer
for or during the Policy Period.
B. APPLICATION means all signed applications, including attachments and
materials submitted therewith, for this Policy or for any policy
issued by the Insurer of which this Policy is a direct or indirect
renewal or replacement. All such applications, attachments and
materials are deemed attached to and incorporated into this Policy.
C. COMPANY means, collectively, the Parent Company and the Subsidiaries,
including any such organization as a debtor in possession under
United States bankruptcy law or an equivalent status under the law of
any other country.
D. DEFENSE COSTS means reasonable costs, charges, fees (including but not
limited to attorneys' fees and experts' fees) and expenses (other than
regular or overtime wages, salaries or fees of the directors, officers
or employees of the Company) incurred by the Insureds in defending or
investigating Claims and the premium for appeal, attachment or similar
bonds.
E. DISCOVERY PERIOD means the period for the extension of coverage, if
exercised, described in Subsection 4 or 10(b) of these General
Conditions and Limitations.
F. ERISA means the Employee Retirement Income Security Act of 1974, as
amended, any similar state or local common or statutory law and any
rules and regulations promulgated thereunder.
G. EXECUTIVE OFFICERS, either in the singular or plural, means with
respect to any Company its chairperson, president, chief executive
officer, chief financial officer, in-house general counsel and, solely
with respect to the Employment Practices Coverage Part if granted, the
director of human resources or equivalent position.
MPGT 001 (04/99) Page 1 of 9
H. FINANCIAL IMPAIRMENT means the status of the Company resulting from
(1) the appointment by any state or federal official, agency or court
of any receiver, conservator, liquidator, trustee, rehabilitator or
similar official to take control of, supervise, manage or liquidate
the Company, or (2) the Company becoming a debtor in possession.
I. INSUREDS means, with respect to any Coverage Part, all organizations,
plans and natural persons defined as Insureds thereunder.
J. INTERRELATED WRONGFUL ACTS means all Wrongful Acts that have as a
common nexus any fact, circumstance, situation, event, transaction,
cause or series of related facts, circumstances, situations, events,
transactions or causes.
K. LIABILITY COVERAGE PART(S) means any Coverage Part of this Policy
other than any Commercial Crime or Bond Coverage Part, if purchased.
L. LIMIT PERIOD means the period described in Item 2(B) of the
Declarations, subject to prior termination in accordance with
Subsection 12 of these General Conditions and Limitations.
M. PARENT COMPANY means the organization first named in Item 1 of the
Declarations.
N. POLICY means, collectively, the Declarations, the Application, this
policy form (including all attached Coverage Parts) and any
endorsements hereto.
O. POLICY PERIOD means the period of time specified in Item 2(A) of the
Declarations, subject to prior termination in accordance with
Subsection 12 of these General Conditions and Limitations.
P. POLLUTANTS means any substance located anywhere in the world
exhibiting any hazardous characteristics as defined by, or identified
on a list of hazardous substances issued by the United States
Environmental Protection Agency or any federal, state, county,
municipality or locality counterpart thereof. Such substances shall
include, without limitation, solids, liquids, gaseous or thermal
irritants, contaminants or smoke, vapor, soot, fumes, acids, alkalis,
chemicals or waste materials. Pollutants shall also mean any other air
emission, odor, waste water, oil or oil products, infectious or
medical waste, asbestos or asbestos products, noise, and electric or
magnetic or electromagnetic field.
Q. SUBSIDIARY, either in the singular or plural, means:
1. any company in which more than 50% of the outstanding voting
securities representing the present right to vote for election of
directors is owned, directly or indirectly, in any combination,
by one or more Companies, and
2. any foundation, charitable trust or political action committee
controlled by one or more Companies.
3. ESTATES, LEGAL REPRESENTATIVES AND SPOUSES
------------------------------------------
The estates, heirs, legal representatives, assigns and spouses of Insured
Persons shall be considered an Insured under any Liability Coverage Part;
but coverage is afforded to such estates, heirs, legal representatives,
assigns and spouses only for a Claim arising solely out of their status as
such and, in the case of a spouse, where such Claim seeks damages from
marital community property, jointly held property or property transferred
from the Insured Person to the spouse. No coverage is provided for any
Wrongful Act of an estate, heir, legal representative, assign or spouse.
All terms and conditions of this Policy, including without limitation the
Retention, applicable to Loss incurred by the Insured Person shall also
apply to loss incurred by such estates, heirs, legal representatives,
assigns and spouses.
MPGT 001 (04/99) Page 2 of 9
4. DISCOVERY PERIOD
----------------
If the Insurer or the Insureds do not renew any Liability Coverage Part or
if the Parent Company terminates any Liability Coverage Part, the Insureds
shall have the right, upon payment of the additional premium described
below, to an extension of the coverage granted by such Liability Coverage
Part for the Discovery Period set forth in Item 5(B) of the Declarations
following the effective date of such nonrenewal or termination, but only
with respect to a covered Wrongful Act taking place prior to the effective
date of such nonrenewal or termination. This right of extension shall lapse
unless written notice of such election, together with payment of the
additional premium due, is given by the Insureds to the Insurer within
thirty (30) days following the effective date of termination or nonrenewal.
The premium due for such Discovery Period with respect to any Liability
Coverage Part shall equal that percent set forth in Item 5(A) of the
Declarations of the Annual Premium for such Liability Coverage Part. The
entire premium for such Discovery Period shall be deemed fully earned and
non-refundable upon payment.
The Insureds shall not be entitled to elect the Discovery Period under this
Subsection 4 with respect to any Liability Coverage Part if a Discovery
Period for such Liability Coverage Part is elected pursuant to Subsection
10(b) of these General Conditions and Limitations.
5. LIMIT OF LIABILITY AND RETENTION
--------------------------------
For the purposes of this Policy, all Claims arising out of the same
Wrongful Act and all Interrelated Wrongful Acts of the Insureds shall be
deemed one Claim, and such Claim shall be deemed to be first made on the
date the earliest of such Claims is first made against them, regardless of
whether such date is before or during the Policy Period. All Loss resulting
from a single Claim shall be deemed a single Loss.
If a single aggregate Limit of Liability for all Coverage Parts is granted
as provided in Item 3(A) of the Declarations, the amount stated in Item
3(A) of the Declarations shall be the maximum aggregate liability of the
Insurer under all Coverage Parts, combined, for each Limit Period,
regardless of the number of Claims or losses or the time of payment by the
Insurer.
If separate Limits of Liability are granted as provided in Item 3(B) of the
Declarations:
A. the maximum aggregate liability of the Insurer under each Liability
Coverage Part for all covered Loss resulting from all Claims first
made during each Limit Period shall be the respective Limit(s) of
Liability for such Coverage Part as set forth in Item 3(B) of the
Declarations, regardless of the time of payment by the Insurer; and
B. the maximum aggregate liability of the Insurer for all Loss during the
Limit Period under all Insuring Clauses of the Commercial Crime or
Bond Coverage Part shall be the aggregate Limit of Liability for such
Coverage Part as set forth in the Declarations for such Coverage Part,
regardless of the time of payment by the Insurer, provided:
i. the maximum liability of the Insurer for each Single Loss under
any Insuring Clause of such Coverage Part shall be the respective
Limit of Liability for such Insuring Clause as set forth in the
Declarations for such Coverage Part; and
ii. if more than one Insuring Clause applies to a Single Loss, the
maximum liability of the Insurer under all such Insuring Clauses,
combined, with respect to such Single Loss shall be the largest
of such applicable Limits of Liability.
The Limits of Liability described in subparagraphs (i) and (ii) above
are sublimits which further limit and do not increase the Insurer's
maximum liability under such Coverage Part.
MPGT 001 (04/99) Page 3 of 9
The Limit of Liability for the Discovery Period, if exercised, shall be
part of and not in addition to the Limit of Liability for the Limit Period.
The purchase of the Discovery Period shall not increase or reinstate the
applicable Limit of Liability, which shall be the maximum liability of the
Insurer for such Limit Period and Discovery Period, combined.
Defense Costs shall be part of and not in addition to the applicable Limits
of Liability set forth in the Declarations, and Defense Costs shall reduce
such Limit of Liability. If the Limit of Liability with respect to the
entire Policy or any Coverage Part is exhausted by payment of Loss, the
Insurer's obligations under the entire Policy or such Coverage Part,
respectively, shall be completely fulfilled and extinguished. The Insurer
is entitled to pay Loss as it becomes due and payable by the Insureds,
without consideration of other future payment obligations.
Except as otherwise provided in this Subsection 5, the Insurer's liability
with respect to Loss arising from each Claim covered under one or more
Liability Coverage Parts, and each Single Loss covered under the Commercial
Crime or Bond Coverage Part, if purchased, shall apply only to that part of
Loss which is excess of the applicable Retention Amount set forth in the
Declarations for such Coverage Part(s), and such Retention Amount shall be
borne by the Insureds uninsured and at their own risk. If different parts
of a single Claim or Single Loss are subject to different Retentions, the
applicable Retentions will be applied separately to each part of such Loss,
but the sum of such Retentions shall not exceed the largest applicable
Retention.
Any Retention for Indemnified Loss under a Liability Coverage Part shall
apply only to (i) Loss which is incurred by Insured Persons and is
indemnified by the Company, and (ii) Loss which is incurred by all other
Insureds. No Retention shall apply to Loss which is incurred by Insured
Persons and is not indemnified by the Company.
If the Company is permitted or required by common or statutory law to
ultimately indemnify the Insured Persons for any Loss, or to advance
Defense Costs on their behalf, under any Liability Coverage Part and does
not in fact do so other than for reasons of Financial Impairment, then the
Company shall reimburse and hold harmless the Insurer for the Insurer's
payment or advancement of such Loss up to the amount of the Retention for
Indemnified Loss under the applicable Liability Coverage Part.
6. NOTICE
------
The Insureds shall, as a condition precedent to their rights under any
Liability Coverage Part, give to the Insurer written notice of any Claim
made against the Insureds as soon as practicable after any Executive
Officer or the Company's risk manager first learns of such Claim, but in no
event later than ninety (90) days after expiration of the Policy Period or,
if exercised, during the Discovery Period.
The Insureds shall, as a condition precedent to their rights under the
Commercial Crime or Bond Coverage Part, give to the Insurer written notice
of any Loss within 90 days after such Loss is first discovered by any
Executive Officer or the Company's risk manager.
If during the Policy Period or the Discovery Period, if exercised, the
Insureds first become aware of a specific Wrongful Act which may reasonably
give rise to a future Claim covered under a Liability Coverage Part and
during such Policy Period or Discovery Period give written notice to the
Insurer of:
a. the names of the potential claimants and a description of the specific
Wrongful Act which forms the basis of their potential claim,
b. the identity of the specific Insureds allegedly responsible for such
specific Wrongful Act,
c. the consequences which have resulted or may result from such specific
Wrongful Act,
d. the nature of the potential monetary damages or non-monetary relief
which may be sought in consequence of such specific Wrongful Act, and
MPGT 001 (04/99) Page 4 of 9
e. the circumstances by which the Insureds first became aware of such
specific Wrongful Act, then any Claim which arises out of such
Wrongful Act shall be deemed to have been first made during the Limit
Period or Discovery Period, if exercised, in which such written notice
was received by the Insurer. No coverage is provided for fees and
expenses incurred prior to the time such notice results in a Claim.
All notices under any provision of this Policy shall be in writing and
given by prepaid express courier, certified mail or fax properly addressed
to the appropriate party. Notice to the Insureds may be given to the Parent
Company at the address as shown in Item 1 of the Declarations. Notice to
the Insurer of any Claim, Wrongful Act or Loss shall be given to the
Insurer at the address set forth in Item 6(A) of the Declarations. All
other notices to the Insurer under this Policy shall be given to the
Insurer at the address set forth in Item 6(B) of the Declarations. Notice
given as described above shall be deemed to be received and effective upon
actual receipt thereof by the addressee or one day following the date such
notice is sent, whichever is earlier.
Any notice to the Insurer of any Claim, Wrongful Act or Loss shall
designate the Coverage Part(s) under which the notice is being given and
shall be treated as notice under only the Coverage Part(s) so designated.
7. DEFENSE AND SETTLEMENT
----------------------
Subject to this Subsection 7, it shall be the duty of the Insureds and not
the duty of the Insurer to defend any Claim.
The Insureds agree not to settle or offer to settle any Claim, incur any
Defense Costs or otherwise assume any contractual obligation or admit any
liability with respect to any Claim without the Insurer's written consent.
The Insurer shall not be liable for any settlement, Defense Costs, assumed
obligation or admission to which it has not consented. The Insureds shall
promptly send to the Insurer all settlement demands or offers received by
the Insureds from the claimant(s). However, if the Insureds are able to
settle all Claims which are subject to a single Retention for an aggregate
amount, including Defense Costs, not exceeding such Retention., the
Insurer's consent shall not be required for the settlement of such Claims.
With respect to any Claim submitted for coverage under this Policy, the
Insurer shall have the right and shall be given the opportunity to
effectively associate with, and shall be consulted in advance by, the
Insureds regarding (1) the selection of appropriate defense counsel, (2)
substantive defense strategies, including without limitation decisions
regarding the filing and content of substantive motions, and (3) settlement
negotiations.
The Insureds agree to provide the Insurer with all information, assistance
and cooperation which the Insurer reasonably requests and agree that in the
event of a Claim or Loss the Insureds will do nothing that shall prejudice
the Insurer's position or its potential or actual rights of recovery. The
Insurer may make any investigation it deems necessary.
Subject to Subsection 8 of these General Conditions and Limitations, the
Insurer shall advance on behalf of the Insureds covered Defense Costs which
the Insureds have incurred in connection with Claims made against them,
prior to disposition of such Claims, provided that to the extent it is
finally established that any such Defense Costs are not covered under this
Policy, the Insureds, severally according to their interests, agree to
repay the Insurer such Defense Costs.
The Insurer and the Insureds shall not unreasonably withhold any consent
referenced in this Subsection 7.
8. ALLOCATION
----------
If in any Claim under a Liability Coverage Part the Insureds who are
afforded coverage for such Claim incur Loss jointly with others (including
Insureds) who are not afforded coverage for such Claim, or incur an amount
consisting of both Loss covered by this Policy and loss not covered by this
Policy because such Claim includes both covered and uncovered matters, then
the Insureds and the Insurer shall allocate such amount between covered
Loss and uncovered loss based upon the relative legal exposures of the
parties to covered and uncovered matters.
If there can be an agreement on an allocation of Defense Costs, the Insurer
shall advance on a current basis Defense Costs allocated to covered Loss.
If there can be no agreement on an allocation of Defense Costs,
MPGT 001 (04/99) Page 5 of 9
the Insurer shall advance on a current basis Defense Costs which the
Insurer believes to be covered under this Policy until a different
allocation is negotiated, arbitrated or judicially determined. Any
advancement of Defense Costs shall be subject to, and conditioned upon
receipt by the Insurer of, a written undertaking by the Insureds that such
advanced amounts shall be repaid to the Insurer by the Insureds severally
according to their respective interests if and to the extent the Insureds
shall not be entitled under the terms and conditions of this Policy to
coverage for such Defense Costs.
Any negotiated, arbitrated or judicially determined allocation of Defense
Costs on account of a Claim shall be applied retroactively to all Defense
Costs on account of such Claim, notwithstanding any prior advancement to
the contrary. Any allocation or advancement of Defense Costs on account of
a Claim shall not apply to or create any presumption with respect to the
allocation of other Loss on account of such Claim or any other Claim.
9. OTHER INSURANCE
---------------
If any Loss under this Policy is insured under any other valid and
collectible policy(ies), prior or current, then this Policy shall cover
such Loss, subject to its limitations, conditions, provisions and other
terms, only to the extent that the amount of such Loss is in excess of the
amount of such other insurance whether such other insurance is stated to be
primary, contributory, excess, contingent or otherwise, unless such other
insurance is written only as specific excess insurance over the Limits of
Liability provided in this Policy.
10. TRANSACTIONS CHANGING COVERAGE
------------------------------
a. Acquisition or Creation of Another Organization or Plan
If, during the Policy Period, the Company:
i. acquires voting securities in another organization or creates
another organization, which as a result of such acquisition or
creation becomes a Subsidiary;
ii. acquires any organization by merger into or consolidation with
the Company; or
iii. with respect to the Fiduciary Liability Coverage Part if
purchased, creates a Plan,
then, subject to all terms and conditions of this Policy, such
organization, Plan and its Insureds shall be covered under this Policy
but only with respect to covered Wrongful Acts (under a Liability
Coverage Part) taking place or covered Loss (under the Commercial
Crime or Bond Coverage Part, if purchased) sustained after such
acquisition or creation unless the Insurer agrees to provide coverage
by endorsement for Wrongful Acts taking place or Loss sustained prior
to such acquisition or creation.
If the total assets of such acquired organization as reflected in the
organization's then most recent consolidated financial statements
exceeds twenty-five percent (25%) of the total assets of the Parent
Company as reflected in the Parent Company's then most recent
consolidated financial statements, the Parent Company, as a condition
precedent to coverage with respect to such Insureds, shall give
written notice of such acquisition or creation to the Insurer as soon
as practicable and shall pay any reasonable additional premium
required by the Insurer.
b. Acquisition of Parent Company
If, during the Policy Period, any of the following events occurs:
i. the acquisition of the Parent Company, or of all or substantially
all of its assets, by another entity, or the merger or
consolidation of the Parent Company into or with another entity
such that the Parent Company is not the surviving entity; or
ii. the obtaining by any person, entity or affiliated group of
persons or entities of the right to elect, appoint or designate
at least fifty percent (50%) of the directors of the Parent
Company;
then coverage under this Policy will continue in full force and effect
until termination of this Policy, but only with respect to Claims for
covered Wrongful Acts (under a Liability Coverage Part) taking place
or
MPGT 001 (04/99) Page 6 of 9
covered Loss (under the Commercial Crime or Bond Coverage Part, if
purchased) sustained before such event. Coverage under this Policy
will cease as of the effective date of such event with respect to
Claims for Wrongful Acts (under a Liability Coverage Part) taking
place and Loss (under the Commercial Crime or Bond Coverage Part, if
purchased) sustained after such event.
If such event occurs, the Insureds shall have the right, upon payment
of the additional premium described below, to an extension of the
coverage described in the preceding paragraph for either a 1 year, 3
year, or 6 year Discovery Period following the termination of the
Policy Period; but the Insurer may, in its sole discretion and subject
to any additional terms, conditions and premiums required by the
Insurer, agree by written endorsement to this Policy to any other
Discovery Period requested by the Insureds. This extension of coverage
shall apply to those Coverage Parts with respect to which the Insureds
elect the coverage extension. This right of extension shall lapse
unless written notice of such election, together with payment of the
additional premium due, is given by the Insureds to the Insurer within
forty-five (45) days following the effective date of such event.
Upon request from any Insured, the Insurer shall notify such Insured
of the additional premium amount for this extension of coverage.
The Insureds shall not be entitled to elect this extension of coverage
if a Discovery Period is elected pursuant to Subsection 4 of these
General Conditions and Limitations.
c. Cessation of Subsidiaries
If before or during the Policy Period an organization ceases to be a
Subsidiary, coverage with respect to such Subsidiary and its Insureds
shall continue until termination of this Policy. Such coverage
continuation shall apply only with respect to Claims for covered
Wrongful Acts (under a Liability Coverage Part) taking place and
covered Loss (under the Commercial Crime or Bond Coverage Part, if
purchased) sustained prior to the date such organization ceased to be
a Subsidiary.
d. Termination of Plan
If before or during the Policy Period a Plan is terminated, coverage
with respect to such Plan and its Insureds under the Fiduciary
Liability Coverage Part (if purchased) shall continue until
termination of this Policy. Such coverage continuation shall apply
with respect to Claims for Wrongful Acts taking place prior to or
after the date the Plan was terminated.
11. REPRESENTATIONS AND SEVERABILITY
--------------------------------
The Insureds represent and acknowledge that the statements contained in the
Application and any materials submitted or required to be submitted
therewith (all of which shall be maintained on file by the Insurer and be
deemed attached to and incorporated into this Policy as if physically
attached), are true and: (i) are the basis of this Policy and are to be
considered as incorporated into and constituting a part of this Policy; and
(ii) shall be deemed material to the acceptance of this risk or the hazard
assumed by the Insurer under this Policy. This Policy is issued in reliance
upon the truth of such representations.
In the event the Application, including materials submitted or required to
be submitted therewith, contains any misrepresentation or omission:
a. made with the intent to deceive, or
b. which materially affects either the acceptance of the risk or the
hazard assumed by the Insurer under this Policy;
this Policy shall be void ab initio as to (i) any Company and any Plan if
any Executive Officer knew the facts that were not truthfully disclosed in
the Applications, and (ii) any Insured Persons who knew the facts that were
not truthfully disclosed in the Application, whether or not such Executive
Officer or Insured Person knew the Application contained such
misrepresentation or omission. Such knowledge shall not be imputed to any
other Insured Persons.
MPGT 001 (04/99) Page 7 of 9
12. TERMINATION OF POLICY
---------------------
This Policy shall terminate at the earliest of the following times:
a. the effective date of termination specified in a prior written notice
by the Parent Company to the Insurer, provided this Policy may not be
terminated by the Parent Company (i) after the effective date of an
event described in Subsection 10(b) of these General Conditions and
Limitations, or (ii) if the Policy Period is longer than one (1) year;
b. upon expiration of the Policy Period as set forth in Item 2(A) of the
Declarations;
c. twenty (20) days after receipt by the Parent Company of a written
notice of termination from the Insurer for failure to pay a premium
when due, unless the premium is paid within such twenty (20) days
period; or
d. at such other time as may be agreed upon by the Insurer and the Parent
Company.
The Insurer may not terminate this Policy prior to expiration of the Policy
Period, except as provided above for non-payment of a premium. The Insurer
shall refund the unearned premium computed pro rata. Payment or tender of
any unearned premium by the Insurer shall not be a condition precedent to
the effectiveness of such termination, but such payment shall be made as
soon as practicable.
13. TERRITORY AND VALUATION
-----------------------
All premiums, limits, retentions, Loss and other amounts under this Policy
are expressed and payable in the currency of the United States of America.
If judgment is rendered, settlement is denominated or another element of
Loss under any Liability Coverage Part is stated in a currency other than
United States of America dollars, payment under this Policy shall be made
in United States dollars at the rate of exchange as of 12:01 A.M. on the
date the final judgment is reached, the amount of the settlement is agreed
upon or the other element of Loss is due, respectively.
Coverage under this Policy shall extend to Wrongful Acts taking place or
Claims made or Loss sustained anywhere in the world.
14. SUBROGATION
-----------
In the event of any payment under this Policy, the Insurer shall be
subrogated to the extent of such payment to all the Insureds' rights of
recovery, including without limitation the Insured Persons' rights to
indemnification or advancement from the Company. The Insureds shall execute
all papers required and shall do everything necessary to secure and
preserve such rights, including the execution of such documents necessary
to enable the Insurer effectively to bring suit or otherwise pursue
subrogation rights in the name of the Insureds.
15. ACTION AGAINST THE INSURER
--------------------------
No action shall lie against the Insurer unless, as a condition precedent
thereto, there shall have been full compliance with all the terms of this
Policy. No person or organization shall have any right under this Policy to
join the Insurer as a party to any action against Insureds to determine the
Insured's liability nor shall the Insurer be impleaded by the Insureds or
their legal representatives. Bankruptcy or insolvency of an Insured or of
the estate of any Insured Person shall not relieve the Insurer of its
obligations nor deprive the Insurer of its rights or defenses under this
Policy.
16. AUTHORIZATION CLAUSE
--------------------
By acceptance of this Policy, the Parent Company agrees to act on behalf of
the Insureds with respect to the giving and receiving of notice of Claim or
Loss or termination, the payment of premiums and the receiving of any
return premiums that may become due under this Policy, the agreement to and
acceptance of endorsements, and the giving or receiving of any notice
provided for in this Policy (except the giving of notice to apply for the
Discovery Period), and the Insureds agree that the Parent Company shall act
on their behalf.
MPGT 001 (04/99) Page 8 of 9
17. ALTERATION, ASSIGNMENT AND HEADINGS
-----------------------------------
No change in, modification of, or assignment of interest under this Policy
shall be effective except when made by a written endorsement to this Policy
which is signed by an authorized representative of the Insurer.
The titles and headings to the various parts, sections, subsections and
endorsements of the Policy are included solely for ease of reference and do
not in any way limit, expand or otherwise affect the provisions of such
parts, sections, subsections or endorsements.
18. ARBITRATION
-----------
Only if requested by the Insureds, the Insurer shall submit any dispute,
controversy or claim arising out of or relating to this Policy or the
breach, termination or invalidity thereof to final and binding arbitration
pursuant to such rules and procedures as the parties may agree. If the
parties cannot so agree, the arbitration shall be administered by the
American Arbitration Association in accordance with its then prevailing
commercial arbitration rules. The arbitration panel shall consist of one
arbitrator selected by the Insureds, one arbitrator selected by the
Insurer, and a third independent arbitrator selected by the first two
arbitrators. In any such arbitration, each party will bear its own legal
fees and expenses.
MPGT 001 (04/99) Page 9 of 9
INVESTMENT COMPANY BOND
[LOGO] ACE AMERICAN INSURANCE COMPANY COVERAGE PART
DECLARATIONS
------------
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POLICY NO. DON G21648425 005
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ITEM 1. ITEM 2.
COVERAGES PURCHASED AND SINGLE
COVERAGE LOSS LIMITS LIABILITY SINGLE LOSS DEDUCTIBLES:
------------------------------------------------------------------------------------------------------------------------------------
A. Employee Dishonesty - Insured Indemnity $15,000,000 $50,000
------------------------------------------------------------------------------------------------------------------------------------
B. Employee Dishonesty - Employee Benefit Plan $15,000,000 $50,000
Indemnity
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C. Property $15,000,000 $50,000
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D. Financial Documents $15,000,000 $50,000
------------------------------------------------------------------------------------------------------------------------------------
E. Defective Signatures $15,000,000 $50,000
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F. Servicing Contractors Nil Nil
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G. Computer Fraud/Fraudulent $15,000,000 $50,000
Transfer Instructions
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H. Claims Expense $100,000 $0
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I. Stop Payment Order Liability $50,000 $5,000
------------------------------------------------------------------------------------------------------------------------------------
J. Uncollectible Items of Deposit $100,000 $5,000
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K. Unauthorized Signature $15,000,000 $50,000
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ITEM 3. Endorsements to this Coverage Part Effective at Inception:
1-15
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ITEM 4. Effective Date: 09/01/2006
------------------------------------------------------------------------------------------------------------------------------------
ITEM 5. Aggregate Limit of Liability:
$15,000,000 for all Loss in Limit Period under all Insuring Clauses combined.
-----------
------------------------------------------------------------------------------------------------------------------------------------
Date: 10/24/06 /s/John J. Lupica
------------------------- JOHN J. LUPICA, President
-------------------------------
Authorized Representative
MPAB 002 (12/99)
INVESTMENT COMPANY BOND
[LOGO] ACE AMERICAN INSURANCE COMPANY COVERAGE PART
I. INSURING CLAUSES
The Insurer agrees with the Insured, that in accordance with the Insuring
Clauses for which coverage is granted in Item 1 of the Declarations, and
subject to all terms, Definitions, Exclusions and Conditions of this
Investment Company Bond Coverage Part, to indemnify the Insured for:
A. Employee Dishonesty
Loss resulting directly from dishonest or fraudulent acts by an
Employee acting alone or in collusion with others, which acts were
committed by the Employee with the intent to cause the Insured to
sustain the loss or to obtain an Improper Personal Gain.
B. Employee Dishonesty - Employee Benefit Plan
Loss of funds or other property intended to be used by an Employee
Benefit Plan to pay benefits resulting directly from dishonest or
fraudulent acts committed by an Employee or plan fiduciary (as defined
in ERISA) while handling those funds or property.
C. Property
Loss of Property resulting directly from Theft, False Pretense,
misplacement, mysterious unexplainable disappearance, physical damage
thereto or destruction thereof, wherever situated including in
transit.
D. Financial Documents
Loss resulting directly from the Insured having in good faith:
a. relied on a Forgery or Alteration;
b. relied on an Original Financial Document that was, at the time
the Insured acted upon it, lost or stolen;
c. relied on a Financial Document that was a Counterfeit; or
d. guaranteed in writing or witnessed any endorsement or signature
on an assignment, bill of sale, guarantee, or power of attorney
which transferred a Financial Document or uncertificated
security.
Actual physical possession, and continued actual physical possession
if taken as collateral, of the Financial Document by:
(1) the Insured or its authorized custodial agent, or
(2) a financial institution, or its authorized custodial
agent to which (a) the Insured sold, in whole or in
part, a loan for which the Financial Document
represents collateral, and (b) the Insured remains
liable to repurchase the loan pursuant to a written
contract.
is a condition precedent to the Insured having relied on a
Financial Document.
MPAB 001 (12/99) Page 1 of 17
E. Defective Signatures
Loss resulting directly from the Insured having in good faith, in
connection with any loan, relied on any:
a. deed conveying real property;
b. mortgage, deed of trust, or like instrument, pertaining to real
property; or
c. assignment of such instruments
which is defective because the signature of any person thereon was
obtained through trick, artifice, fraud or false pretenses.
F. Servicing Contractors
Loss resulting directly from dishonest or fraudulent acts committed by
any Servicing Contractor, if the acts:
a. were committed with the intent to:
(1) cause the Insured to sustain that loss; and
(2) obtain an Improper Personal Gain for the Servicing
Contractor, and
b. resulted in an Improper Personal Gain for the Servicing
Contractor.
G. Computer Fraud/Fraudulent Funds Transfer
Loss resulting directly from the Insured having in good faith
transferred funds or Property or otherwise given value because of:
a. the fraudulent modification or destruction of Electronic Data or
Electronic Computer Instructions, including that caused by
Computer Virus, (1) within a Computer System operated by the
Insured; or (2) while being electronically transmitted through
communication lines, including satellite links, from a Computer
System operated by the Insured to a Computer System operated by a
customer while the Insured is acting as a Service Bureau for that
customer, if the fraudulent acts were committed by a person with
the intent to obtain an improper financial benefit;
b. the fraudulent preparation or modification of Electronic Computer
Instructions by a person with the intent to cause the loss to the
Insured and to obtain an improper financial benefit;
c. The fraudulent entry of data into a Computer System or
Communications Terminal operated by the Insured or an Electronic
Communication Customer, but which data was not in fact sent by
the Insured or the Electronic Communication Customer, or which
data were fraudulently modified during transit (physical or
electronic) between Computer Systems or Communications Terminals;
d. a fraudulent voice initiated funds transfer instruction, directed
to the Insured by telephone from or purportedly from an
Electronic Communication Customer, if the instruction was not
made by or at the direction of a person who is authorized to
initiate a transfer according to the written agreement between
Insured and the Electronic Communication Customer and the
instruction was Tested; or
e. a fraudulent communication by Fax or other Tested written
communication sent or apparently sent between the Insured and an
Electronic Communication Customer if the communication was either
not sent by the Insured or the Electronic Communication Customer,
or it was fraudulently modified during transit between the
Insured and the Electronic Communication Customer.
MPAB 001 (12/99) Page 2 of 17
H. Claims Expense
Necessary and reasonable professional fees and expenses incurred and
paid by the Insured, with prior approval of the Insurer, to determine
the existence, amount and extent of a loss in excess of the retention
if the loss is in fact covered under any other Insuring Clause of this
Investment Company Bond Coverage Part.
I. Stop Payment Order Liability
Loss which the Insured is legally obligated to pay and pays to a
customer resulting directly from:
a. compliance with or failure to comply with the request of the
customer, or an authorized agent of the customer, to stop payment
on any draft made or drawn upon or against the Insured by the
customer or by an authorized agent of the customer; or
b. refusal to pay any draft made or drawn upon or against the
Insured by the customer or by an authorized agent of the
customer.
J. Uncollectible Items of Deposit
Loss resulting from payments of dividends or fund shares, or
withdrawals permitted from any customer's, shareholder's or
subscriber's account based upon Uncollectible Items of Deposit of a
customer, shareholder or subscriber credited by the Insured or the
Insured's agent to such customer's shareholder's or subscriber's
Mutual Fund Account; or
Loss resulting from any Item of Deposit processed through an Automated
Clearing House which is reversed by the customer, shareholder or
subscriber and deemed uncollectible by the Insured.
Loss includes dividends and interest accrued not to exceed 15% of the
Uncollectible Items which are deposited.
This Insuring Clause applies to all Mutual Funds with "exchange
privileges" if all Funds in the exchange program are insured by the
Insurer for Uncollectible Items of Deposit. Regardless of the number
of transactions between Funds, the minimum number of days of deposit
within the Funds before withdrawal as declared in the Funds prospectus
shall begin from the date a deposit was first credited to any Insured
Fund.
K. Unauthorized Signatures
Loss resulting directly from the Insured having accepted, paid or
cashed any check, withdrawal order or draft, made or drawn on a
customer's account which bears the signature or endorsement of one
other than a person whose name and signature is on the application on
file with the Insured as a signatory of such account.
It shall be a condition precedent to the Insured's right to recovery
under this Insuring Clause that the Insured shall have on file
signatures of all persons who are authorized signatories on such
account.
II. DEFINITIONS
For purposes of coverage under this Investment Company Bond Coverage Part:
A. ALTERATION means material modification of an Original Financial
Document for a fraudulent purpose by a person other than the person
who prepared the Original Financial Document.
B. AUTOMATED CLEARING HOUSE means any corporation or association which
operates an electronic clearing and transfer mechanism for the
transfer of preauthorized recurring debits and credits between
financial institutions on behalf of the financial institutions'
customers.
MPAB 001 (12/99) Page 3 of 17
C. CENTRAL DEPOSITORY means any clearing corporation, including any
Federal Reserve Bank of the United States, where as the direct result
of an electronic clearing and transfer mechanism entries are made on
the books reducing the account of the transferor, pledgor or pledgee
and increasing the account of the transferee, pledgee or pledgor by
the amount of the obligation or the number of shares or rights
transferred, pledged or released.
D. COMPUTER SYSTEM means computers with related peripheral components,
including storage components wherever located; systems and
applications software; terminal devices; and related local or wide
area communication networks, but not the Internet; by which data are
electronically collected, transmitted, processed, stored and
retrieved.
E. COMMUNICATIONS TERMINAL means any teletype, teleprinter or video
display terminal or similar device capable of sending or receiving
information electronically and equipped with a keyboard.
F. COMPUTER VIRUS means a set of unauthorized instructions, programmatic
or otherwise, that propagate themselves through a Computer System
operated by the Insured and which were maliciously introduced into the
system by a person other than by an identifiable Employee.
G. COUNTERFEIT means:
a. with respect to certificated securities: an imitation which is
intended to deceive, and resembles or apparently intends to
resemble or to be taken as the original; or
b. with respect to other Financial Documents: an imitation which is
intended to deceive, and to be taken as the original.
H. ELECTRONIC COMMUNICATION means any communication initiated through a
Computer System, a Fax, Telex, TWX and any other electronically
transmitted communication.
I. ELECTRONIC COMMUNICATION CUSTOMER means:
a. a natural person or entity authorized by written agreement with
the Insured to initiate funds transfer by Fax or other Electronic
Communication or by telephone;
b. an Automated Clearing House;
c. an office of the Insured;
d. a financial institution; and
e. a Central Depository handling Electronic Securities.
J. ELECTRONIC COMMUNICATION SYSTEM means electronic communication
operations by Fedwire, Clearing House Inter bank Payment System
(CHIPS), Society for Worldwide Interbank Financial Telecommunication
(SWIFT), Clearing House Automated Payment System (CHAPS), an Automated
Clearing House Association which is a member of the National Automated
Clearing House Association and similar automated communication systems
in use by the Insured.
K. ELECTRONIC COMPUTER INSTRUCTIONS means computer programs, for example,
facts or statements converted to a form usable in a Computer System to
act upon Electronic Data.
L. ELECTRONIC DATA means facts or information converted to a form usable
in a Computer System and which are stored on Electronic Data
Processing Media for use by computer programs.
M. ELECTRONIC DATA PROCESSING MEDIA means the punched cards, magnetic
tapes, punched tapes or magnetic discs or other bulk media on which
Electronic Data are recorded.
MPAB 001 (12/99) Page 4 of 17
N. ELECTRONIC SECURITY means a share, participation or other interest in
property of or an enterprise of the issuer or an obligation of the
issuer which:
a. is a type commonly dealt in upon securities exchanges or markets;
and
b. is either one of a class or series or by its terms is divisible
into a class or series of shares, participation's, interests or
obligations; and
c. (1) is not represented a paper certificate, or
(2) is part of a master or global paper certificate, or
(3) represents a paper certificate that has been surrendered by
a financial institution and has been combined into a master
depository note with the paper certificates being
immobilized and individually shown as an electronic entry on
the account of the transferor, pledgor or pledgee on the
books of a Central Depository.
O. EMPLOYEE means
a. any of the Insured's officers, partners, or employees; and
b. any of the officers or employees of any predecessor of the
Insured whose principal assets are acquired by the Insured by
consolidation or merger with, or purchase of assets of capital
stock of, such predecessor; and
c. attorneys retained by the Insured to perform legal services for
the Insured and the employees of such attorneys while such
attorneys or the employees of such attorneys are performing such
services for the Insured; and
d. guest students pursuing their studies or duties in any of the
Insured's offices; and
e. directors or trustees of the Insured, the investment advisor,
underwriter (distributor), transfer agent, or shareholder
accounting record-keeper, or administrator authorized by written
agreement to keep financial and/or other required records, but
only while performing acts coming within the scope of the usual
duties of an officer or employee or while acting as a member of
any committee duly elected or appointed to examine or audit or
have custody of or access to the Property of the Insured; and
f. any individual or individuals assigned to perform the usual
duties of an employee within the premises of the Insured by
contract, or by an agency furnishing temporary personnel on a
contingent or part-time basis; and
g. each natural person, partnership or corporation authorized by
written agreement with the Insured to perform services as
electronic data processor of checks or other accounting records
of the Insured, but excluding any such processor who acts as
transfer agent or in any other agency capacity in issuing checks,
drafts or securities for the Insured, unless included under
sub-section (i) hereof; and
h. those persons so designated in Condition N. Central Handling of
Securities; and
i. any officer, partner or Employee of
a) an investment advisor,
b) an underwriter (distributor),
c) a transfer agent or shareholder accounting record-keeper, or
d) an administrator authorized by written agreement to keep
financial and/or other required records,
MPAB 001 (12/99) Page 5 of 17
for an Investment Company named as Insured, while performing acts
coming within the scope of the usual duties of an officer or Employee
of any Investment Company named as Insured herein, or while acting as
a member of any committee duly elected or appointed to examine or
audit or have custody of or access to the Property of any such
Investment Company, provided that only Employees or partners of a
transfer agent, shareholder accounting record-keeper or administrator
which is an affiliated person as defined in the Investment Company Act
of 1940, of an Investment Company named as Insured or is an affiliated
person of the advisor, underwriter or administrator of such Investment
Company, and which is not a bank, shall be included within the
definition of Employee.
Each employer of temporary personnel or processors as set forth in
sub-sections (f) and (g) of the definition of Employee and their
partners, officers and employees shall collectively be deemed to be
one person for all the purposes of this Investment Company Bond
Coverage Part, excepting, however, Condition L.
Brokers, or other agents under contract or representatives of the same
general character shall not be considered Employees.
P. EMPLOYEE BENEFIT PLAN means a benefit plan subject to the requirements
of ERISA which is sponsored solely by the Insured for its Employees.
Q. FALSE PRETENSE means the transfer of Property as the direct result of
a fraudulent representation made by a person to the Insured, which
must be in possession of the Property at the time of the fraudulent
representation and the transfer of the Property.
R. FAX means a facsimile communication system or similar communication
system utilizing teleprocessed imagery that produces a paper copy of a
document, but does not mean an Electronic Communication sent by Telex,
TWX or an Electronic Communication System.
S. FINANCIAL DOCUMENT means a physical document which:
a. is a Negotiable Instrument;
b. is a letter of credit;
c. is a written instruction directed to the Insured from, or
purportedly from, a customer, Employee or financial institution,
of a type customarily prepared by a customer, Employee or
financial institution, and upon which the Insured ordinarily acts
to cause a deposit, withdrawal or transfer of funds;
d. is considered as a matter of law to be primary evidence of:
(1) the right to ownership or possession of property; or
(2) a debt owed directly or contingently;
e. creates or discharges a lien on property;
f. ordinarily has value transferred by endorsement or assignment
coupled with delivery; or
g. is Money
but does not include: (1) traveler's checks; (2) data which exists in
a Computer System in electronic form, and (3) bills of lading, dock
warrants, dock receipts, warehouse receipts or orders for the delivery
of goods including without limitation, any document which evidences or
purports to evidence that the holder is entitled to receive, hold and
dispose of the document and the goods it covered.
MPAB 001 (12/99) Page 6 of 17
T. FORGERY means the signing on an Original Financial Document of the
name of another person or organization, including a facsimile
signature, without authority with intent to deceive; it does not
include a signature consisting in whole or in part of one's own name,
signed with or without authority, in any capacity, for any purpose.
U. IMPROPER PERSONAL GAIN means an unlawful financial benefit obtained
by:
a. an Employee or Servicing Contractor; or
b. persons with whom the Employee was acting in collusion, provided
that the Insured establishes that the Employee intended to
participate in such benefit; and
c. an innocent third party, provided that the Insured establish that
the Employee transferred funds or Property to the benefit of such
third party with the knowledge that such third party was not
entitled to such funds or Property, and the funds or Property are
not recoverable by the Insured.
The term does not include any type of benefits earned in the course of
employment, including salary, salary increases, commissions, fees,
bonuses, promotions, awards, profit sharing, pensions or other
emoluments, nor any benefit which any officer or director of the
Insured not in collusion with the Employee was aware that the Employee
was receiving.
V. INSURED means the Parent Company and the Subsidiaries. Insured as used
in Insuring Clause B. includes any Employee Benefit Plan.
W. ITEMS OF DEPOSIT means one or more checks or drafts.
X. MONEY means a medium of exchange in current use authorized or adopted
by a domestic or foreign government as part of its currency.
Y. NEGOTIABLE INSTRUMENT means any document which
a. is signed by the maker or drawer;
b. contains an unconditional promise or order to pay a sum certain
in money and no other promise, order, obligation or power given
by the maker or drawer;
c. is payable on demand or at a definite time; and
d. is payable to order or bearer.
Z. ORIGINAL FINANCIAL DOCUMENT means a Financial Document which has been
completed, with or without signature, by natural persons who were
acting with authority in completing the document at the time it was
completed.
AA. PROPERTY means Financial Documents, Electronic Data Processing Media,
Electronic Data, gems, jewelry, precious metals in bars or ingots, and
all other tangible items of personal property owned by the Insured, or
for which the Insured is legally liable other than as lessee.
BB. SERVICE BUREAU means a person or entity authorized by written
agreement to perform data processing services for others using
Computer Systems.
CC. SERVICING CONTRACTOR means any person or entity (other than an
Employee) authorized by the Insured to act for the Insured in the
capacity of:
a. servicer of real estate mortgage or home improvement loans made,
held by or assigned to the Insured; or
MPAB 001 (12/99) Page 7 of 17
b. manager of real property owned by or under the supervision or
control of the Insured as evidenced by a written contract
customarily used by the Insured for that purpose, and only while
the person or entity is acting within the general scope of those
duties. The partners, officers, directors and employees of a
Servicing Contractor shall collectively be deemed to be one
person for all purposes of this Coverage Part.
DD. SINGLE LOSS means all covered loss, including Claims Expense covered
under Insuring Clause H., resulting from:
a. any one act or series of related acts of Theft, False Pretense or
attempt thereat, in which no Employee is implicated, or
b. any one act or series of related unintentional or negligent acts
or omissions on the part of any person (whether an Employee or
not) resulting in damage to or destruction or misplacement of
Property, or
c. all acts or omissions other than those specified in (a) and (b)
preceding, caused by any person (whether an Employee or not) or
in which such person is implicated, or
d. any one casualty or event not specified in (a), (b) or (c)
preceding.
EE. TESTED means:
a. As respects Fax, Telex, TWX or other means of written
communication: a method of authenticating the contents of the
written communication by affixing to it a valid test key that has
been exchanged between the Insured and a customer, an office of
the Insured or another financial institution; and
b. as respects voice: a call-back prior to acting on the instruction
to a person authorized by written agreement with the Insured to
authenticate the instruction, other than a call to the person who
purportedly initiated the instruction, provided the instruction
and call-back are recorded.
FF. THEFT means robbery, burglary, and any other unlawful taking not
accomplished by trick or false representation.
III. EXCLUSIONS
A. This Investment Company Bond Coverage Part does not apply to:
1. loss resulting directly or indirectly from dishonest or
fraudulent acts by any Employee, except when covered under
Insuring Clauses A. or B.;
2. loss resulting directly or indirectly from trading whether or not
committed by an Employee and whether or not in the name of the
Insured and whether or not in a genuine or fictitious account;
3. loss of trade secrets, confidential processing methods, customer
lists, or other confidential or proprietary information of any
kind;
4. loss to one or more of the Insureds which benefits another of the
Insureds;
5. loss caused by a customer after discovery by a director or
officer of the Insured of an actual or potential loss of the type
covered hereunder caused by that customer;
6. a loss resulting directly or indirectly from:
MPAB 001 (12/99) Page 8 of 17
(1) riot or civil commotion outside any country in which the
Insured has an office which is permanently staffed by an
Employee, or loss due to war or insurrection, except for
loss of Property in transit, if when such transit was
initiated, there was no knowledge of such riot, civil
commotion, war or insurrection on the part of the Insured in
initiating such transit;
(2) the effect of nuclear fission or fusion or radioactivity;
(3) any event with respect to which notice has been given prior
to the Effective Date set forth in Item 4. of the
Declarations of this Investment Company Bond Coverage Part
under any policy or bond providing the same or similar
coverage to that afforded under this Investment Company Bond
Coverage Part;
(4) any event which is not discovered during the Policy Period,
and not reported in the form and substance provided in
Subsection 6. of the General Conditions and Limitations of
this Policy;
(5) circumstances or occurrences known to any Executive Officer
or the Company's risk manager prior to the inception of this
Investment Company Bond Coverage Part;
7. loss which could have been recovered, but was not recovered, due
to the failure of the Insured to pursue reasonable efforts to
make recovery from persons responsible for causing it;
8. damages of any type for which the Insured is legally liable,
except compensatory damages, but not multiples thereof, arising
directly from a loss covered under this Investment Company Bond
Coverage Part;
9. loss of use of funds or Property;
10. potential income, including but not limited to interest and
dividends, not realized by the Insured;
11. the insolvency of another financial or depository institution.
B. Exclusions Applicable to Insuring Clause A. Only
a. Insuring Clause A. does not apply to loss resulting directly or
indirectly from:
(1) acts of any Employee which are committed after any
director or officer of the Insured, not in collusion
with the Employee, learns of any dishonest or
fraudulent act committed by the Employee, whether in
the employment of the Insured or otherwise, and
whether or not of the type covered under this
Insuring Clause, unless the acts occurred prior to
the Employee's employment with the Insured and
involved a loss of less than $10,000; or
(2) any transaction which is or purports to be a loan or
other extension of credit to or from the Insured,
including the acquisition of false or genuine
accounts, invoices, notes or agreement;
b. Insuring Clause A. does not apply to loss covered under Insuring
Clause B.
C. Exclusions Applicable to Insuring Clause B. Only
Insuring Clause B. does not apply to loss resulting directly or
indirectly from acts of any Employee which are committed after any
director or officer of the Insured, not in collusion with the
Employee, learns of any dishonest or fraudulent act committed by the
Employee, whether in the employment of the Insured or otherwise, and
whether or not of the type covered under this Insuring Clause, unless
the acts occurred prior to the Employee's employment with the Insured
and involved a loss of less than $10,000.
MPAB 001 (12/99) Page 9 of 17
D. Exclusions Applicable to Insuring Clause C. Only
Insuring Clause C. does not apply to loss:
a. of Property while in customers' safe deposit boxes;
b. of Property surrendered away from an office or premises of the
Insured as a result of a threat:
(1) to do bodily harm to any person, except loss of Property in
transit in the custody of any person acting as messenger
provided that when such transit was initiated there was no
knowledge by the Insured of any such threat; or
(2) to do damage to the offices, premises or property of the
Insured.
c. of Property lost while in the mail;
d. of Electronic Data Processing Media or Electronic Data lost in
transit other than by armored motor vehicle;
e. of personal property not specifically enumerated in the
definition of Property, for which the Insured is legally liable
if the Insured has any other insurance, regardless of amount,
under which the property is covered; and in all events after 60
days from the date the Insured became legally liable for the
property; or
f. resulting directly or indirectly from:
(1) any forgery, alteration or counterfeiting;
(2) erroneous credits to a depositor's account, unless payment
or withdrawal is physically received by the depositor or
representative of the depositor who is within the office of
the Insured at the time of the payment or withdrawal;
(3) items of deposit which are not finally paid for any reason,
including but not limited to forgery or any other fraud;
(4) Electronic Communications or telephonic communications; or
(5) any transaction which is or purports to be a loan or other
extension of credit to or from the Insured, including the
acquisition of false or genuine accounts, invoices, notes or
agreements;
E. Exclusions Applicable to Insuring Clause D. Only
Insuring Clause D. does not apply to loss resulting directly or
indirectly from:
a. any document presented as a copy;
b. items of deposit which are not finally paid, or for which
provisional credit it is otherwise properly revoked, for any
reason, including but not limited to forgery or any other fraud;
or
c. a fraudulent entry of Data into, or change, modification, or
destruction of data elements or programs within a Computer System
operated or used by the Insured.
F. Exclusion Applicable to Insuring Clause E. Only
Insuring Clause E. does not apply to loss resulting directly or
indirectly from any document presented as a copy.
MPAB 001 (12/99) Page 10 of 17
G. Exclusions Applicable to Insuring Clause F. Only
Insuring Clause F. does not apply to loss resulting directly or
indirectly from:
a. any transaction which is or purports to be a loan or other
extension of credit to a Servicing Contractor, including
"warehousing" of mortgage loans, whether procured in good faith
or through fraud or false pretenses;
b. the failure of any Servicing Contractor to collect or receive
Money for the account of the Insured, notwithstanding any
agreement between the Servicing Contractor and the Insured; or
c. the failure to remit Money collected or received for the account
of the Insured by any Servicing Contractor unless the Servicing
Contractor is legally liable to the Insured for loss of the
Money.
H. Exclusions Applicable to Insuring Clause G. Only
Insuring Clause G. does not apply to loss resulting directly or
indirectly from:
a. liability assumed by the Insured under any contract unless such
liability would have attached to the Insured in the absence of
such agreement;
b. a threat to do bodily harm to any person, or to do damage to the
premises or property of the Insured;
c. forged, altered or fraudulent Financial Documents used as source
documentation in the preparation of Electronic Data or manually
keyed in a Communication Terminal;
d. Financial Documents except as converted to Electronic Data and
then only in such converted form;
e. resulting directly or indirectly from the accessing of any
confidential information, including but not limited to trade
secret information, computer programs or customer information;
f. resulting from mechanical failure, faulty construction, error in
design, latent defect, wear or tear, gradual deterioration,
electrical disturbance, Electronic Data Processing Media failure
or breakdown, any malfunction or error in programming, or errors
or omissions in processing;
g. the input of Electronic Data at an authorized terminal of an
electronic funds transfer system or a customer communication
system by a customer or other person who had authorized access to
the customer's authentication mechanism; or
h. fraudulent features contained in Electronic Computer Instructions
developed for sale to, or that are sold to, multiple customers at
the time of their acquisition from a vendor or consultant.
I. Exclusion Applicable to Insuring Clause J. Only
Insuring Clause J. does not apply to loss resulting from Uncollectible
Items of Deposit which are drawn from a financial institution outside
the fifty states of the United States of America, District of
Columbia, and territories and possessions of the United States of
America, and Canada.
IV. OTHER CONDITIONS
A. DISCOVERY
This Investment Company Bond Coverage Part applies to loss discovered
by the Insured during the Policy Period. Discovery occurs when any
Executive Officer or the Company's risk manager first becomes aware of
facts which would cause a reasonable person to assume that a loss of a
type covered by this Investment Company Bond Coverage Part has been or
will be incurred, regardless of when the acts or acts causing or
contributing to such loss occurred, even though the exact amount or
details of loss may not then be known.
MPAB 001 (12/99) Page 11 of 17
Discovery also occurs when any Executive Officer or the Company's risk
manager receives notice of an actual or potential claim in which it is
alleged that the Insured is liable to a third party under
circumstances which, if true, would constitute a Loss under this
Investment Company Bond Coverage Part.
B. LIMIT OF LIABILITY
With respect to this Investment Company Bond Coverage Part only, and
notwithstanding anything to the contrary in General Condition and
Limitation No. 5 of this Policy, the payment of any loss under this
Investment Company Bond Coverage Part shall not reduce the liability
of the Insurer for other losses covered under this Investment Company
Bond Coverage Part. If a single aggregate Limit of Liability for all
Coverage Parts is granted as provided in Item 3(A) of the Declarations
of this Policy, the payment of loss under this Investment Company Bond
Coverage Part shall reduce the liability of the Insurer for losses
covered under any LIABILITY COVERAGE PARTS.
The most the Insurer will pay for loss resulting from any SINGLE LOSS
is the applicable Limit of Liability shown in Item 3 of the
Declarations; provided, however, that regardless of the number of
years this Investment Company Bond Coverage Part remains in force or
the number of premiums paid, no Limit of Liability cumulates from year
to year or period to period.
C. SINGLE LOSS COVERED BY SINGLE INSURING CLAUSE
The Insurer will pay for loss resulting from a SINGLE LOSS under only
a single Insuring Clause. If two or more Insuring Clauses of this
Investment Company Bond Coverage Part apply to a SINGLE LOSS, the
INSURED may elect the Insuring Clause under which it will seek
coverage. In no event will the Insurer pay more than the applicable
Limit of Liability under the applicable Insuring Clause in respect of
such SINGLE LOSS.
D. DEDUCTIBLE
The Insurer will not pay for loss resulting from a SINGLE LOSS unless
the amount of such loss exceeds the applicable SINGLE LOSS deductible
shown in Item 2 of the Declarations. The Insurer will then pay the
amount in excess of such deductible, subject to the applicable Limit
of Liability.
There shall be no deductible applicable to any loss under Insuring
Clause A. sustained by any Investment Company named as Insured herein.
E. NOTICE/PROOF-LEGAL PROCEEDINGS AGAINST THE INSURER
(a) Within six (6) months after such discovery, the Insured shall
furnish to the Insurer proof of loss, duly sworn to, with full
particulars;
(b) Lost Certificated Securities listed in a proof of loss shall be
identified by certificate or bond numbers if such securities were
issued therewith;
(c) Legal proceedings for the recovery of any Loss hereunder shall
not be brought prior to the expiration of sixty (60) days after
the original proof of loss is filed with the Insurer or after the
expiration of twenty-four (24) months from the discovery of such
Loss;
(d) If any limitation embodied in this Investment Company Bond
Coverage Part is prohibited by any law controlling the
construction hereof, such limitation shall be deemed to be
amended so as to equal the minimum period of limitation provided
by such law;
(e) This Investment Company Bond Coverage Part affords coverage only
in favor of the Insured. No suit, action or legal proceedings
shall be brought hereunder by any one other than the named
Insured.
MPAB 001 (12/99) Page 12 of 17
F. VALUATION
(1) Money
Any loss of Money, or loss payable in Money, shall be paid, at
the option of the Insured, in the Money of the country in which
the loss was sustained or in the United States of America dollar
equivalent thereof determined at the rate of exchange as of 12:01
a.m. on the date of discovery of the loss.
(2) Electronic Data Processing Media
In case of loss of, or damage to Electronic Data Processing Media
used by the Insured in its business, the Insurer shall be liable
only if such items are actually reproduced by other Electronic
Data Processing Media of the same kind or quality and then for
not more than the cost of the blank media plus the cost of labor
for the actual transcription or copying of data which shall have
been furnished by the Insured in order to reproduce such
Electronic Data Processing Media, subject to the applicable Limit
of Liability.
(3) Books of Account and Other Records
In case of loss of, or damage to, any books of account or other
records used by the Insured in its business, the Insurer shall be
liable only if such books or record are actually reproduced and
then for not more than the cost of the blank books, blank pages
or other materials plus the cost of labor for the actual
transcription or copying of data which shall have been furnished
by the Insured in order to reproduce such books and other
records.
(4) Property other than Money, Securities, Records, or Media
In case of loss of, or damage to, any Property other than Money,
securities, books of account or other records or Electronic Data
Processing Media, the Insurer shall not be liable for more than
the actual cash value, with proper deduction for depreciation, of
such Property. The Insurer may, at its election, pay the actual
cash value of, replace or repair such property. Disagreement
between the Insurer and the Insured as to the cash value or as to
the adequacy of repair or replacement shall be resolved by
arbitration.
(5) Electronic Data
In case of loss of Electronic Data the Insurer shall be liable
under Insuring Clause C. of this Investment Company Bond Coverage
Part only if such data is actually reproduced by other Electronic
Data of the same kind or quality and then for not more than the
cost of labor for the actual transcription or copying of data
which shall have been furnished by the Insured in order to
reproduce such Electronic Data.
However, if such Electronic Data cannot be reproduced and said
Electronic Data represents securities, or financial instruments
having a value, then the loss will be valued as indicated in
paragraph 5 of this Condition.
(6) Set-Off
Any loss covered under this Investment Company Bond Coverage Part
shall be reduced by all money and property received by the
Insured from any source in connection with any matter from which
a loss has arisen, including payment of principal, interest,
dividends, commissions and the like, whenever and however paid.
Any loss covered under this Investment Company Bond Coverage Part
shall be reduced by a set-off consisting of any amount owed to
the Employee (or to his or her assignee) causing the loss if such
loss is covered under Insuring Clause A.
MPAB 001 (12/99) Page 13 of 17
G. SECURITIES SETTLEMENT AND VALUATION
In the event of a loss of securities covered under Insuring Clause C.
of this Investment Company Bond Coverage Part, the Insured shall,
subject to the conditions stated below, first attempt to replace the
lost securities by use of a letter of indemnity issued by it. In the
event that it is unable to replace the lost securities by a letter of
indemnity, the Insured shall, subject to the Insurer's prior consent,
secure a lost instrument bond for the purpose of obtaining the
issuance of duplicate securities.
It is further agreed that the Insurer will indemnify the Insured for
such sum, in excess of the applicable Deductible stated in the
Declarations, not exceeding the amount of the Single Loss Limit of
Liability stated in the Declarations, remaining available for the
payment of any loss at the time of the execution by the Insured of a
letter of indemnity or the securing of the lost instrument bond, which
the Insured may be required to pay either during the Policy Period or
any time thereafter by reason of any indemnifying agreement executed
by the Insured or delivered by the Insured to the company issuing the
lost instrument bond.
It is further agreed that the Insured shall bear the cost of obtaining
such letter of indemnity or lost instrument bond for that portion of
the loss which falls within the applicable Deductible or which is in
excess of the Single Loss Limit of Liability remaining available for
the payment of said loss.
The Insurer shall bear the cost of obtaining such letter of indemnity
or lost instrument bond for that loss which would be covered under
Insuring Clause C. of this Investment Company Bond Coverage Part and
which exceeds the Deductible and is within the Single Loss Limit of
Liability remaining available for the payment of any loss.
In the event the Insured sustains a loss of securities covered under
Insuring Clause C. of this Investment Company Bond Coverage Part but
the securities are valued at an amount in excess of the Single Loss
Limit of Liability, the Insured may apply any portion of the
applicable Single Loss Limit of Liability, up to an amount not to
exceed 50% of that limit, to the purchase of a lost instrument bond
under its own indemnity to replace some or all of those securities. In
the event the Insured elects to do so, the Single Loss Limit of
Liability shall be reduced by the amount used to purchase the lost
instrument bond and the remainder of the Single Loss Limit of
Liability shall be applied to settlement of loss.
Any lost instrument bond purchased pursuant to this section will be
purchased from the Insurer, or its affiliates, unless the Insurer and
its affiliates decline to issue it.
Under this Insuring Clause only, loss includes the value of
subscription, conversion, redemption or deposit privileges for
Financial Documents unless they are lost while in the mail or with a
carrier for hire other than an armored motor vehicle company for the
purpose of transportation. The privileges shall be valued as of the
date immediately preceding the expiration thereof, as determined by
arbitration or agreement.
The Insurer is not required to issue its indemnity for any portion of
a loss of securities which is not covered by this Investment Company
Bond Coverage Part.
H. ASSIGNMENT - SUBROGATION - RECOVERY - COOPERATION
(1) In the event of payment under this Investment Company Bond
Coverage Part, the Insured shall deliver, if so requested by the
Insurer, an assignment of such of the Insured's rights, title and
interest and causes of action as it has against any person or
entity to the extent of the loss payment.
(2) In the event of payment under this Investment Company Bond
Coverage Part, the Insurer shall be subrogated to all of the
Insured's rights of recovery therefor against any person or
entity to the extent of such payment.
MPAB 001 (12/99) Page 14 of 17
(3) Recoveries, whether effected by the Insurer or by the Insured,
shall be applied net of the expense of such recovery first to the
satisfaction of the Insured's loss which would otherwise have
been paid but for the fact that it is in excess of either the
Single Loss Limit of Liability, secondly, to the Insurer as
reimbursement of amounts paid in settlement of the Insured's
claim, and thirdly, to the Insured in satisfaction of any
Deductible Amount. Recovery on account of loss of securities as
set forth in Subsection E. of the Conditions of this Investment
Company Bond Coverage Part or recovery from reinsurance or
indemnity of the Insurer shall not be deemed a recovery as used
herein.
(4) Upon the Insurer's request and at reasonable times and places
designated by the Insurer the Insured shall:
(a) submit to examination by the Insurer and subscribe to the
same under oath; and
(b) produce for the Insurer's examination all pertinent records;
and
(c) cooperate with the Insurer in all matters pertaining to the
loss.
(5) The Insured shall execute all papers and render assistance to
secure the Insurer the rights and causes of action provided for
herein. The Insured shall do nothing after discovery of loss to
prejudice such rights or causes of action.
I. OWNERSHIP
This Investment Company Bond Coverage Part shall apply to loss of
Property or Electronic Data Processing Media and Electronic Data (1)
owned by the Insured, (2) held by the Insured in any capacity, or (3)
for which the Insured is legally liable.
J. TERMINATION OF THIS Investment Company Bond Coverage Part
In addition to any termination pursuant to Subsection 12. of the
General Conditions and Limitations of this Policy, this Investment
Company Bond Coverage Part shall also terminate in its entirety:
(1) upon the voluntary liquidation or dissolution of the Parent
Company;
(2) upon the appointment of (1) a receiver, trustee or other
fiduciary of the property of the Parent Company, or (2) a
committee for the dissolution thereof; or
(3) as to any Insured other than the Parent Company upon the
appointment of (1) a receiver, trustee or other or fiduciary of
the property of said Insured or (2) a committee for the
dissolution thereof.
K. ACTION AGAINST SERVICING CONTRACTOR, SERVICE BUREAU OR CUSTOMER
This Investment Company Bond Coverage Part does not afford coverage in
favor of any Servicing Contractor, Service Bureau or customers of
aforesaid, and upon payment to the Insured by the Insurer on account
of any loss through fraudulent or dishonest acts committed by any of
the partners, directors, officers or employees of such Servicing
Contractor, Service Bureau or customers whether acting alone or in
collusion with others, an assignment of such of the Insured's rights
and causes of action as they may have against such Servicing
Contractor, Service Bureau, or customers by reason of such acts so
committed shall, to the extent of such payment, but given by the
Insured to the Insurer, and the Insured shall execute all papers
necessary to secure to the Insurer, the rights provided herein.
L. TERMINATION OR CANCELLATION AS TO ANY EMPLOYEE, SERVICING CONTRACTOR
OR SERVICE BUREAU
MPAB 001 (12/99) Page 15 of 17
This Investment Company Bond Coverage Part terminates as to any
Employee or Servicing Contractor as soon as any Executive Officer or
the Company's risk manager learns of any dishonest or fraudulent act
committed by such person at any time, whether in the employment of the
Insured or otherwise, whether or not of the type covered under the
Insuring Clauses A. or B., against the Insured or any other person or
entity, without prejudice to the Loss of any Property then in transit
in the custody of such person. Termination of coverage as to any
Insured terminates liability for any Loss sustained by such Insured
which is discovered after the effective date of such termination.
This Investment Company Bond Coverage Part terminates as to any
Service Bureau as soon as any Executive Officer or the Company's risk
manager, shall learn of any dishonest or fraudulent act committed by
any partner, director, officer or employee of any such Service Bureau
at any time against the Insured or any other person or entity, without
prejudice to the Loss of any Property then in transit in the custody
of such person.
M. ERISA WARRANTY
The Insurer warrants that the coverage afforded by this Investment
Company Bond Coverage Part will be equal to that required of the
Insured by regulations properly promulgated under the ERISA with
respect to losses caused by fraudulent or dishonest acts of Employees
and sustained by Employment Benefit Plans.
N. CENTRAL HANDLING OF SECURITIES
Securities included in the systems for the central handling of
securities established and maintained by Depository Trust Company,
Midwest Depository Trust Company, Pacific Securities Depository Trust
Company, and Philadelphia Depository Trust Company, hereinafter called
Corporations, to the extent of the Insured's interest therein as
effective by the making of appropriate entries on the books and
records of such Corporations shall be deemed to be Property.
The words "Employee" and "Employees" shall be deemed to include the
officers, partners, clerks and other employees of the New York Stock
Exchange, Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock
Exchange and Philadelphia Stock Exchange, hereinafter called
Exchanges, and of the above named Corporations, and of any nominee in
whose name is registered any security included within the systems for
the central handling of securities established and maintained by such
Corporations, and any employee of any recognized service company,
while such officers, partners, clerks and other employees and
employees of service companies perform services for such Corporations
in the operation of such systems. For the purpose of the above
definition, a recognized service company shall be any company
providing clerks or other personnel to said Exchanges or Corporations
on a contract basis.
The Insurer shall not be liable on account of any loss (es) in
connection with the central handling of securities within the systems
established and maintained by such Corporations, unless such loss (es)
shall be in excess of the amount(s) recoverable or recovered under any
bond or policy of insurance indemnifying such Corporations, against
such loss (es), and then the Insurer shall be liable hereunder only
for the Insured's share of such excess loss (es), but in no event for
more than the Limit of Liability applicable hereunder.
For the purpose of determining the Insured's share of excess loss (es)
it shall be deemed that the Insured has an interest in any certificate
representing any security included within such systems equivalent to
the interest that the Insured then has in all certificates
representing the same security included within such systems and that
such Corporations shall use their best judgment in apportioning the
amount(s) recoverable and recovered under any bond or policy of
insurance indemnifying such Corporations against such loss(es) in
connection with the central handling of securities within such systems
among all those having an interest as recorded by appropriate entries
in the books and records of such Corporations in Property involved in
such loss(es) on the basis that each such interest shall share in the
amount(s) so recoverable or recovered in the ratio that the value of
each such interest bears to the total value of all such interests and
that the Insured's share of such excess loss(es) shall be the amount
of the Insured's interest in such Property in excess of the amount(s)
so apportioned to the Insured by such Corporations.
MPAB 001 (12/99) Page 16 of 17
This Investment Company Bond Coverage Part does not afford coverage in
favor of such Corporations or Exchanges or any nominee in whose name
is registered any security included within the systems for the central
handling of securities established and maintained by such
Corporations, and upon payment to the Insured by the Underwriter on
account of any loss (es) within the systems, an assignment of such of
the Insured's rights and causes of action as it may have against such
Corporations or Exchanges shall to the extent of such payment, be
given by the Insured to the Insurer, and the Insured shall execute all
papers necessary to secure to the Insurer the rights provided for
herein.
MPAB 001 (12/99) Page 17 of 17
SIGNATURES
--------------------------------------------------------------------------------
Named Insured Endorsement Number
PHOENIX INVESTMENT PARTNERS, LTD. 1
--------------------------------------------------------------------------------
Effective Date
Policy Symbol Policy Number Policy Period of Endorsement
DON G21648425 005 09/01/2006 to 09/01/2007 09/01/2006
--------------------------------------------------------------------------------
Issued By (Name of Insurance Company)
ACE AMERICAN INSURANCE COMPANY
--------------------------------------------------------------------------------
THE ONLY SIGNATURES APPLICABLE TO THIS POLICY ARE THOSE REPRESENTING THE COMPANY
NAMED ON THE FIRST PAGE OF THE DECLARATIONS.
By signing and delivering the policy to you, we state
that it is a valid contract.
INDEMNITY INSURANCE COMPANY OF NORTH AMERICA
436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703
BANKERS STANDARD FIRE AND MARINE COMPANY
436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703
BANKERS STANDARD INSURANCE COMPANY
436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703
ACE INDEMNITY INSURANCE COMPANY
436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703
ACE AMERICAN INSURANCE COMPANY
436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703
ACE PROPERTY AND CASUALTY INSURANCE COMPANY
436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703
INSURANCE COMPANY OF NORTH AMERICA
436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703
PACIFIC EMPLOYERS INSURANCE COMPANY
436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703
ACE FIRE UNDERWRITERS INSURANCE COMPANY
436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703
/s/George D. Mulligan /s/John J. Lupica
GEORGE D. MULLIGAN, Secretary JOHN J. LUPICA, President
WESTCHESTER FIRE INSURANCE COMPANY
1325 Avenue of the Americas, 19th Floor, New York, NY 10019
/s/George D. Mulligan /s/Dennis A. Crosby, Jr.
GEORGE D. MULLIGAN, Secretary DENNIS A. CROSBY, JR., President
/s/John J. Lupica
JOHN J. LUPICA, President
---------------------------------
Authorized Agent
CC-1K11e (02/06) Ptd. in U.S.A.
CONNECTICUT CHANGES - CANCELLATION AND NONRENEWAL
--------------------------------------------------------------------------------
Named Insured Endorsement Number
PHOENIX INVESTMENT PARTNERS, LTD. 2
------------------------- ------------------------ -----------------------------
Effective Date
Policy Symbol Policy Number Policy Period of Endorsement
DON G21648425 005 09/01/2006 to 09/01/2007 09/01/2006
--------------------------------------------------------------------------------
Issued By (Name of Insurance Company)
ACE AMERICAN INSURANCE COMPANY
--------------------------------------------------------------------------------
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
If the policy or coverage part to which this endorsement applies contains
cancellation or nonrenewal provisions more favorable to the Named Insured than
this endorsement, then those provisions apply.
The Cancellation Condition is replaced by the following:
CANCELLATION
A. The first Named Insured shown in the Declarations may cancel this
policy by mailing or delivering to us advance written notice of
cancellation.
B. Cancellation of policies in effect for less than 60 days
If this policy has been in effect for less that 60 days and is not a
renewal of a policy we issued, we may cancel this policy for any
reason by giving you written notice of cancellation at least:
1. 10 days before the effective date of cancellation if we cancel for
nonpayment of premium; or
2. 30 days before the effective date of cancellation if we cancel for
any other reason.
C. Cancellation of policies in effect for 60 days or more.
1. If this policy has been in effect for 60 days or more or this is
a renewal of a policy we issued, we may cancel this policy by
giving you written notice of cancellation at least:
a. 10 days before the effective date of cancellation if we
cancel for one or more of the following reasons:
(1) Nonpayment of premium:
(2) Conviction of a crime arising out of acts increasing
the hazard insured against;
(3) Discovery of fraud or material misrepresentation by you
in obtaining the policy or in perfecting any claim
thereunder;
(4) Discovery of any willful or reckless act or omission by
you increasing the hazard insured against; or
(5) A determination by the Commissioner that continuation
of the policy would violate or place us in violation of
the law; or
b. 60 days before the effective date of cancellation if we
cancel for one or more of the following reasons:
(1) Physical changes in the property which increase the
hazard insured against;
(2) A material increase in the hazard insured against; or
(3) A substantial loss of reinsurance by us affecting this
particular line of insurance.
2. We may not cancel policies in effect for 60 days or more or
renewal policies for any reason other than the reasons described
in Paragraph C.1. above.
3. If we cancel for nonpayment of premium, you may continue the
coverage and avoid the effect of the cancellation by payment in
full at any time prior to the effective date of cancellation.
LD-2S55 (3/92) Printed in U.S.A. Page 1 of 2
4. Notice of Cancellation will be delivered sent by:
(a) Registered mail;
(b) Certified mail; or
(c) Mail evidenced by a United States Post Office certificate of
mailing.
D. We will give notice to you at your last mailing address known to us.
E. Notice of cancellation will state the effective date of cancellation.
The policy period will end on that date.
F. If this policy is cancelled, we will send the first Named Insured any
premium refund due. If we cancel, the refund will be pro rata. If the
first Named Insured cancels, the refund may be less than pro rata. The
cancellation will be effective even if we have not made or offered a
refund.
G. If notice is mailed, proof of mailing will be sufficient proof of
notice.
The following is added and supersedes any other provision to the contrary:
WHEN WE DO NOT RENEW
A. If we decide not to renew this policy, we will mail or deliver to you
a written notice of nonrenewal, stating the reason for nonrenewal, at
least 60 days before the expiration date of this policy. The notice
will be sent to your address last known to us.
B. This notice will be delivered or sent by:
1. Registered mail
2. Certified mail; or
3. Mail evidence by a certificate of mailing.
If notice is mailed, proof of mailing is sufficient proof of notice.
C. However, we are not required to send this notice if nonrenewal is due
to your failure to pay any advance premium required for renewal.
D. With respect to automobile liability insurance policies only, your
policy shall terminate on the effective date of any other insurance
policy you purchase with respect to any automobile designated in both
policies.
/s/John J. Lupica
JOHN J. LUPICA, President
-------------------------------
Authorized Agent
LD-2S55 (3/92) Printed in U.S.A. Page 2 of 2
CONNECTICUT AMENDATORY ENDORSEMENT
--------------------------------------------------------------------------------
Named Insured Endorsement Number
PHOENIX INVESTMENT PARTNERS, LTD. 3
--------------------------------------------------------------------------------
Effective Date
Policy Symbol Policy Number Policy Period of Endorsement
DON G21648425 005 09/01/2006 to 09/01/2007 09/01/2006
--------------------------------------------------------------------------------
Issued By (Name of Insurance Company)
ACE AMERICAN INSURANCE COMPANY
--------------------------------------------------------------------------------
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
THIS ENDORSEMENT MODIFIES INSURANCE PROVIDED UNDER THE FOLLOWING:
1. Section II. DEFINITIONS is amended by the addition of the following:
"Q. "Termination of Coverage" means the Policy expiration date set forth in
Item 2 of the Declarations, or its earlier cancellation date, if any."
2. Section III. EXTENDED REPORTING PERIOD A. and B. are deleted and replaced
with the following:
"A Automatic and Additional Extended Reporting Period
1. If the Named Entity cancels or non-renews this Policy, or if the
Insurer cancels this Policy for non-payment of premium or decides
not to renew this Policy, a new exclusion, or any other change in
coverage less favorable to the Named Entity, then, without any
additional premium being required, there shall be an automatic
extension of this Policy for a period of 30 days immediately
following the Termination of Coverage, but only with respect to
any Wrongful Act committed before the earlier of the Termination
of Coverage or the effective date of any Takeover. This period
shall be referred to as the "Automatic Extended Reporting
Period."
2. If the Named Entity cancels or non-renews this Policy or if the
Insurer cancels this Policy for non-payment of premium or decides
not to renew this Policy, the Insureds shall have the right to
purchase, upon payment of an additional premium of 75% of the
total premium for this Policy, an extension of this Policy for a
period of 11 calendar months immediately following the expiration
of the Automatic Extended Reporting Period, but only with respect
to any Wrongful Act committed before the earlier of the
Termination of Coverage or the effective date of any Takeover.
This period shall be referred to as the "Additional Extended
Reporting Period." The Automatic Extended Reporting Period and
the Additional Extended Reporting Period shall be referred to
collectively as the "Extended Reporting Period."
3. The Insurer must provide written notice advising the Named Entity
of the Automatic Extended Reporting Period and the availability
of, the premium for, and the importance of, purchasing the
Additional Extended Reporting Period. Such notice must be mailed
or delivered no earlier than the date of notification of
cancellation or non-renewal, nor later than 15 days after the
Termination of Coverage.
B. As a condition precedent to the right to purchase the Additional
Extended Reporting Period, the total premium for this Policy must have
been paid. The right to purchase the Additional Extended Reporting
Period shall end unless written notice and full payment of the premium
for such period is received by the Insurer within 30 days after the
Policy expiration date or 15 days after the date of the mailing or
delivery of the written notice provided pursuant to Clause A.3. above,
whichever is greater."
3. Section III. EXTENDED REPORTING PERIOD C. is amended by the insertion of
the word "Additional" immediately before the phrase "Extended Reporting
Period."
All the provisions of the Policy remain unchanged.
/s/John J. Lupica
JOHN J. LUPICA, President
-------------------------------
Authorized Agent
MPP2Z78 (12/99) Printed in U.S.A.
U.S. TREASURY DEPARTMENT'S OFFICE
OF FOREIGN ASSETS CONTROL ("OFAC")
[GRAPHIC OMITTED][GRAPHIC OMITTED] ADVISORY NOTICE TO POLICYHOLDERS
This Policyholder Notice shall not be construed as part of your policy and no
coverage is provided by this Policyholder Notice nor can it be construed to
replace any provisions of your policy. You should read your policy and review
your Declarations page for complete information on the coverages you are
provided.
This Notice provides information concerning possible impact on your insurance
coverage due to directives issued by OFAC. PLEASE READ THIS NOTICE CAREFULLY.
The Office of Foreign Assets Control (OFAC) administers and enforces sanctions
policy, based on Presidential declarations of "national emergency". OFAC has
identified and listed numerous:
o Foreign agents;
o Front organizations;
o Terrorists;
o Terrorist organizations; and
o Narcotics traffickers;
as "Specially Designated Nationals and Blocked Persons". This list can be
located on the United States Treasury's web site - http//www.treas.gov/ofac.
In accordance with OFAC regulations, if it is determined that you or any other
insured, or any person or entity claiming the benefits of this insurance has
violated U.S. sanctions law or is a Specially Designated National and Blocked
Person, as identified by OFAC, this insurance will be considered a blocked or
frozen contract and all provisions of this insurance are immediately subject to
OFAC. When an insurance policy is considered to be such a blocked or frozen
contract, no payments nor premium refunds may be made without authorization from
OFAC. Other limitations on the premiums and payments also apply.
PF-17914 (2/05) Reprinted, in part, with permission of Page 1 of 1
ISO Properties, Inc.
INVESTMENT COMPANY BOND
COVERAGE PART
[LOGO] ACE AMERICAN INSURANCE COMPANY
DECLARATIONS
------------
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POLICY NO. DON G21648425 005
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ITEM 1. ITEM 2.
COVERAGES PURCHASED AND SINGLE
COVERAGE LOSS LIMITS LIABILITY SINGLE LOSS DEDUCTIBLES:
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A. Employee Dishonesty - Insured Indemnity $15,000,000 $50,000
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B. Employee Dishonesty - Employee Benefit Plan $15,000,000 $50,000
Indemnity
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C. Property $15,000,000 $50,000
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D. Financial Documents $15,000,000 $50,000
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E. Defective Signatures $15,000,000 $50,000
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F. Servicing Contractors Nil Nil
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G. Computer Fraud/Fraudulent $15,000,000 $50,000
Transfer Instructions
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H. Claims Expense $100,000 $0
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I. Stop Payment Order Liability $50,000 $5,000
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J. Uncollectible Items of Deposit $100,000 $5,000
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K. Unauthorized Signature $15,000,000 $50,000
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ITEM 3. Endorsements to this Coverage Part Effective at Inception:
1-15
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ITEM 4. Effective Date: 09/01/2006
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ITEM 5. Aggregate Limit of Liability:
$15,000,000 for all Loss in Limit Period under all Insuring Clauses combined.
-----------
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/s/John J. Lupica
Date: 09/01/2006 JOHN J. LUPICA, President
---------------------------------- -----------------------------
RIDER #1
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners,Ltd.
IT IS UNDERSTOOD AND AGREED THAT THE NAME OF INSURED SHALL INCLUDE THE FOLLOWING:
Phoenix Investment Partners, Ltd
Phoenix Investment Counsel, Inc.
Phoenix Equity Planning Corporation
PXP Institutional Markets Group (fka National Securities & Research Corporation)
Duff & Phelps Investment Management Co.
Phoenix Variable Advisors
Pasadena Capital Corporation
Roger Engemann & Associates, Inc.
Pasadena National Trust Company
Seneca Capital Management, LLC
Capital West Asset Management, LLC
PXP Securities Corp.
Rutherford Financial Corporation
Walnut Asset Management, LLC
Rutherford Brown & Catherwood, LLC
Phoenix-Zweig Advisers LLC (as adviser to The Zweig Fund and The Zweig Total Return Fund)
Kayne Anderson Rudnick Investment Management LLC
Worldwide Phoenix Limited
Phoenix-Aberdeen Worldwide Opportunities Fund
Phoenix-Goodwin California Tax Exempt Bond Fund
Phoenix Duff & Phelps Institutional Mutual Funds
Phoenix Duff & Phelps Institutional Managed Bond Portfolio
Phoenix Duff & Phelps Institutional Growth Stock Portfolio
Phoenix Edge Series Fund (The)
Phoenix-Aberdeen International Series
Phoenix-Duff & Phelps Real Estate Series
Phoenix-Engemann Small & Mid-Cap Growth Series
Phoenix-Engemann Capital Growth Series
Phoenix-Goodwin Money Market Series
Phoenix-Goodwin Multi-Sector Fixed Income Series
Phoenix-Hollister Value Equity Series
Phoenix-Kayne Large-Cap Core Series
Phoenix-Kayne Small-Cap Quality Value Series
Phoenix-Oakhurst Growth & Income Series
Phoenix-Oakhurst Strategic Allocation Series
Phoenix-Seneca Strategic Theme Series
Phoenix-Seneca Mid Cap Growth Series
Phoenix-AIM Mid-Cap Equity Series
Phoenix-Alliance/Bernstein Growth & Value Series
Phoenix-Alliance Bernstein Research Enhanced Index Series (fka Phoenix-J. P. Morgan Research
Enhanced Index Series
1
Phoenix-Janus Flexible Income Series
Phoenix-Lord Abbett Large-Cap Value Series
Phoenix-Lord Abbett Mid-Cap Value Series
Phoenix-Lord Abbett Bond-Debenture Series
Phoenix-Lazard International Equity Select Series
Phoenix-Lazard Small-Cap Value Series
Phoenix-Lazard U.S. Multi-Cap Series
Phoenix-MFS Investors Growth Stock Series (fka Phoenix-Janus Growth Series - merged into
Phoenix-MFS Investors Growth Stock Series 2/14/03)
Phoenix-MFS Investors Trust Series
Phoenix-MFS Value Series
Phoenix-Northern Dow 30 Series (fka Phoenix-Deutsche Dow 30 Series)
Phoenix-Northern NASDAQ 100 Series (fka Phoenix-Deutsche NASDAQ 100 Series)
Phoenix-Sanford Bernstein Mid-Cap Value Series (fka Phoenix-Schafer Mid-Cap Value Series)
Phoenix-Sanford Bernstein Global Value Series
Phoenix-Sanford Bernstein Small-Cap Value Series
Phoenix-State Street Research Small-Cap Growth Series
Phoenix-Engemann Funds (The)
Phoenix-Engemann Balanced Return Fund
Phoenix-Engemann Focus Growth Fund
Phoenix-Engemann Nifty Fifty Fund
Phoenix-Engemann Small & Mid Cap Fund
Phoenix Equity Series Fund
Phoenix-Duff & Phelps Core Equity Fund
Phoenix-Oakhurst Growth & Income Fund
Phoenix Investment Trust 97
Phoenix-Hollister Value Equity Fund
Phoenix-Hollister Small Cap Value Fund
Phoenix-Kayne Funds
Phoenix-Kayne Large Cap Fund
Phoenix-Kayne Small-Mid Cap
Phoenix-Kayne International Fund
Phoenix-Kayne Intermediate Total Return Bond Fund
Phoenix-Kayne California Intermediate Tax-Free Bond Fund
Phoenix Multi-Portfolio Fund
Phoenix-Goodwin Emerging Markets Bond Portfolio
Phoenix-Aberdeen International Portfolio
Phoenix-Seneca Tax Sensitive Growth Fund (liquidated 7/25/03)
Phoenix-Duff & Phelps Real Estate Securities Portfolio
Phoenix-Goodwin Tax-Exempt Bond Portfolio
Phoenix Multi-Series Trust
Phoenix-Goodwin Multi-Sector Fixed Income Fund
Phoenix-Goodwin Multi-Sector Short Term Bond Fund
Phoenix-Oakhurst Income & Growth Fund
Phoenix-Oakhurst Strategic Allocation Fund
2
Phoenix Partner Select Funds
Phoenix Partner Select Wealth Builder Fund
Phoenix Partner Select Wealth Guardian Fund
Phoenix-Seneca Funds
Phoenix-Seneca Bond Fund
Phoenix-Seneca Mid Cap "EDGE" Fund
Phoenix-Seneca Real Estate Securities Fund
Phoenix Series Fund
Phoenix-Engemann Aggressive Growth Fund Series
Phoenix-Oakhurst Balanced Fund Series
Phoenix-Engemann Capital Growth Fund Series
Phoenix-Goodwin High Yield Series
Phoenix-Goodwin Money Market Series
Phoenix-Duff & Phelps Core Bond Fund
Phoenix Strategic Equity Series Fund
Phoenix-Seneca Growth Fund
Phoenix-Seneca Strategic Theme Fund
DTF Tax-Free Income, Inc.
Duff & Phelps Utility and Corporate Bond Trust, Inc.
DNP Select Income Fund, Inc.
The Zweig Fund, Inc.
The Zweig Total Return Fund, Inc.
/s/ John J. Lupica
JOHN J. LUPICA, President
--------------------------------
Authorized Representative
3
RIDER 2
To be attached to and form part of Financial Institution Bond, Standard
Form No.14 , No. G21658425 004 in favor of PHOENIX INVESTMENT PARTNERS, LTD.
It is agreed that:
1. The Underwriter will mark its records to indicate that the National
Association of Securities Dealers, Inc. is to be notified promptly concerning
the cancelation or substantial modification of the attached bond, whether at the
request of the Insured or the Underwriter, and will use its best efforts to so
notify said Association but failure to so notify said Association shall not
impair or delay the effectiveness of any such cancelation or modification.
2. This rider shall become effective as of 12:01 a.m. on SEPTEMBER 1,
2006
/s/ John J. Lupica
By: JOHN J. LUPICA, President
---------------------------------
Authorized Representative
CANCELATION RIDER
FOR USE WITH FINANCIAL INSTITUTION BOND, STANDARD FORM NO. 14, WHEN ISSUED TO
THOSE MEMBER FIRMS OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS WHO HAVE
EMPLOYEES AND ARE REQUIRED TO JOIN THE SECURITIES INVESTOR PROTECTION
CORPORATION, AND WHO ARE SUBJECT TO RULE 15C3-1 UNDER THE SECURITIES EXCHANGE
ACT OF 1934, TO PROVIDE FOR NOTICE OF CANCELATION OR SUBSTANTIAL MODIFICATION TO
SUCH ASSOCIATION.
REVISED TO JUNE, 1990.
SR 5969a Printed in U.S.A.
RIDER #3
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. In the event of a loss applicable to two or more of the following policies
which are subject to varying Single Loss Deductible Amounts,
DON G21648437 003 W.S. Griffith Securities, Inc.; and, DON G21648383 003 -
The Phoenix Companies, Inc., the largest Single Loss Deductible Amount, as
set forth in the Declarations Page of the above bond(s), shall apply to the
entire combined loss.
2. Nothing herein contained shall be held to vary, alter, waive, or extend the
terms, limitations, conditions or agreements of the attached policy other
than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #4
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. Section IV A (Discovery) of the Other Conditions of the attached Bond, is
deleted in its entirety and replaced by the following:
a) At the earliest practicable moment, not to exceed sixty (60) days
after Discovery is ascertained by the Insured's Risk Management
Department, concerning any loss which is either known or expected to be
larger than $25,000 of the Single Loss Deductible amount, the Insured
sh,dl give the Underwriter notice thereof.
2. Nothing herein shall be held to vary, alter, waive or extend any of the
terms, limitations, conditions or agreements of the attached policy other than
as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #5
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. The attached bond is amended by adding to the Section which provides for
cancellation of this bond, as an entirety, an additional paragraph as
follows:
No cancellation of this bond, as an entirety, whether by or at the request
of the Insured or by the Company or Underwriter, shall take effect prior to
the expiration of 30 days after written notice of such cancellation has been
filed with the Arkansas Securities Department, Heritage West Building, 3rd
Floor, 201 E. Markham, Little Rock, AR 72201.
2. Nothing herein contained shall be held to vary, alter, waive or extend any
of the terms, limitations, conditions or agreements of the attached policy
other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #6
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
The General Terms and Conditions No.10A, Transactions Changing Coverage, is
deleted in its entirety and replaced by the following:
10. A) If the Insured shall, while this bond is in force, consolidates or merge
with, or purchase or acquire assets or liabilities of, another institution
(herein referred to as "Transaction"), and such transaction involves assets
and liabilities in an amount less than 10% of the consolidated assets and
liabilities of all Insured's, The Phoenix Companies, Inc., et al; Phoenix
Investment Partners, Ltd., and W.S. Griffith Securities, Inc. on the day
immediately proceeding the Transaction, the Insured shall have such
coverages as is afforded under this bond for loss which:
a. has occurred or will occur in offices or premises or
b. has been caused or will be caused by an employee or employees of such
institution, or
c. has arisen or will arise out of the assets or liabilities acquired by the
Insured as a result of such Transaction.
Otherwise, if the Transaction involves assets and liabilities in an amount
greater than 10%, the Insured will not have such coverage as is afforded under
this bond unless the Insured shall give the Underwriter written notice of the
proposed Transaction within 60 days after the effective date of such
Transaction. An additional premium shall be computed only if such Transaction
involves additional offices or employees.
B) Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, limitations, conditions or agreements of the attached policy other
than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #7
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. Delete Insuring Clause A in its entirety
2. In lieu of Insuring Clause, substitute the following:
A. Loss resulting directly from dishonest or fraudulent acts committed
by an Employee acting alone or in collusion with others. Such dishonest
or fraudulent acts must be committed by the Employee with the intent:
a) to cause the Insured to sustain such loss or
b) to obtain financial benefit for the Employee, or another
person or entity.
As used throughout this Insuring Agreement, financial
benefit does not include employee benefits including:
salaries, commissions, fees bonuses, promotions,
awards, profit sharing or pensions.
3. Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, limitations, conditions, or provisions of the attached bond other
than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #8
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. "Employee" as defined in Definition (0) of the attached bond shall also
include:
J) "Leased" employees while under the supervision of Phoenix Investment
Partners, Ltd. or the Phoenix Companies, Inc. employee and on a Phoenix
Investment Partners, Ltd. or The Phoenix Companies, Inc. Premises.
K) "Non-Compensated" Directors / Officers
2. This rider applies to loss through any dishonest or fraudulent act of any
Employee added to the coverage of the attached bond by Paragraph 1 of this
rider.
3. Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, conditions, provisions, agreements, or limitations of the
above-mentioned policy, other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #9
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
I) Section l0B of the attached bond entitled (ACQUISITION OF PARENT
COMPANY) is hereby amended by changing the first paragraph to read as
follows:
Upon the Risk Management Department obtaining knowledge of a
transfer of its outstanding voting securities which results in
a change in control (as set forth in Section 2(a)(9) of the
Investment Company Act of 1940) of the Insured, it shall give
written notice to the Underwriter setting forth.
Nothing herein contained shall be held to vary, alter, waive or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned policy, other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #10
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. The attached bond is hereby amended by deleting General Terms and Conditions
12, TERMINATION OF POLICY, in its entirety and substituting the following:
The Underwriter may terminate this bond as an entirety by furnishing written
notice specifying the termination date which cannot be prior to ninety (90)
days after the receipt of such written notice by each Investment Company
named as Insured and the Securities and Exchange Commission, Washington DC.
The insured may terminate this bond as an entirety by furnishing written
notice to the Underwriter. When the Insured cancels, the Insured shall
furnish written notice to the Securities and Exchange Commission,
Washington, DC prior to sixty (60) days before the effective date of
termination. The Underwriter shall notify all other Investment Companies
named as Insured of the receipt of such termination notice and the
termination cannot be effective prior to sixty (60) days after receipt of
written notice by all other Investment Companies. Premiums are earned until
the termination date as set forth herein.
This bond will terminate as to anyone Insured, [other than a registered
management investment company], immediately upon-taking over of such Insured
by a receiver or other liquidator or by State or Federal officials, or
immediately upon the filing of a petition under any State or Federal statute
relative to bankruptcy or reorganization of the Insured, or assignment for
the benefit of creditors of the Insured, or immediately upon such Insured
ceasing to exists, whether through merger into another entity or by
disposition of all of its assets.
The Underwriter shall refund the unearned premium computed at short rates in
accordance with the standard short rate cancellation tables if terminated by
the Insured or pro rata if terminated for any other reason.
This bond shall terminate:
a. as to any Employee sixty (60) days after the Insured's Risk Manager or
Risk Management Department discovers any dishonest or fraudulent act(s),
including Larceny or Embezzlement on the part of such Employee which, when
aggregated exceeds $25,000, and upon the expiration of sixty (60) days after
written notice has been given to the Securities and Exchange Commission,
Washington DC (See Section (16)); or
RIDER #10 (CONTINUED)
b. as to any Employee sixty (60) days after receipt by each Insured and by the
Securities and Exchange Commission of a written notice from the Underwriter
of its desire to terminate this bond as to such Employee, or
c. as to any person, who is a partner, officer or employee of any Electronic
Data Processor covered under this bond, sixty (60) days after the time that
the Insured's Risk Manager or Risk Management Department shall have knowledge
or information that such person has committed any dishonest or fraudulent
act(s), including Larceny or Embezzlement in the service of the Insured or
otherwise, when aggregated exceeds $25,000, whether such act be committed
before or after the time this bond is effective.
2. Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, conditions, provisions, agreements or limitations of the above
mentioned bond or policy, other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #11
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
SIGNATURE GUARANTEE COVERAGE
Loss resulting directly from the Insured having, in good faith, for its own
account or for the account of others purportedly guaranteed in writing or
witnessed any signature on any transfer, assignment, bill of sale, power of
attorney, guarantee, certificated security, deed, mortgage, or other instrument
conveying title to , or creating or discharging a lien upon real property, or
evidence of debt which purported guarantee was effected by unauthorized use of a
stamp or medallion of or belonging to the Insured which was lost, stolen, or
counterfeited and for which loss the Insured is legally liable.
(A) The Limit of Liability of the Underwriter under this Insuring
Agreement is limited to the sum of Fifteen Million Dollars
($15,000,000).
(B) This Insuring Agreement is subject to a deductible of Twenty Five
Thousand Dollars ($25,000).
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #12
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. Section IV D - NOTICE / PROOF - LEGAL PROCEEDINGS AGAINST THE INSURER is
deleted in its entirety and replaced with the following:
The Underwriter shall indemnify the Insured against court costs and
reasonable attorney's fees incurred and paid by the Insured in defending any
suit or legal proceeding brought against the Insured to determine the
Insured's liability or alleged liability on account of any loss, claim or
damage which, if established against the Insured, would constitute a valid
and collectible loss under the Bond in excess of the applicable Single Loss
Deductible Amount.
The Risk Manager or Risk Management Department shall notify the Underwriter
at the earliest practicable moment, not to exceed 60 days after notice
thereof, concerning any such suit or legal proceeding and at the request of
the Underwriter shall furnish copies of all pleadings and other pertinent
papers thereto. At the Underwriter's decision, the Insured shall permit the
Underwriter to conduct the defense of such suit or legal proceeding. Such
defense by the Underwriter shall be in the Insured's name through attorneys
selected by the Underwriter. The Insured shall provide all reasonable
information and assistance, other than pecuniary, required by the
Underwriter for such defense.
If the amount of the Insured's liability or alleged is greater than the
amount recoverable under this Bond or the applicable Single Loss Deductible
Amount, or both, the liability of the Underwriter with respect to this
General Agreement is limited to the proportion of court costs and attorney's
fees incurred and paid by the Insured or by the Underwriter that the amount
recoverable under this Bond bears to the total of such amount plus the
remaining amount which is not so recoverable.
Such indemnity for court costs and attorneys' fees shall be part of the
Single Loss Limit of Liability pertaining to the applicable Insuring
Agreement or Coverage.
If the Underwriter pays court costs and attorneys' fees exceeding
proportionate share thereof, the Insured shall promptly reimburse the
Underwriter for such excess.
RIDER #12 (CONTINUED)
With respect to this rider, General Agreement C applies upon the entry of
such judgment or the occurrence of such settlement instead of upon discovery
of loss.
2. Nothing herein contained shall be held to vary, alter, waive or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned bond or policy, other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #13
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
1. The attached bond is amended by adding Insuring Agreement (L) as follows:
TRADING LOSS COVERAGE
Loss resulting directly or indirectly from trading, with or without the
knowledge of the Insured, whether or not represented by any indebtedness or
balance shown to be due the Insured on any customer's account, actual or
fictitious, and notwithstanding any act or omission on the part of any
Employee in connection with any account relating to such trading,
indebtedness, or balance, except when covered under Insuring Agreements (D)
or, if coverage is carried there under, of Insuring Agreement (A) to the
extent that the loss does not exceed the Single Loss Limit for Trading Loss
Coverage set forth on the Declarations page or the amendment thereto.
2. Nothing herein contained shall be held to vary, alter, waive or extend any
of the terms, limitations, conditions or provisions of the attached bond
other than above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #14
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. The attached bond is amended by adding to Section IV A (Discovery) the
following:
Knowledge possessed or discovery made by the Insured's Risk Manager of a
loss exceeding $25,000 shall for the purpose of this Section IV and Section
12 of the General Terms and Conditions of this bond constitute knowledge or
discovery by all the Insureds.
2. Nothing herein contained shall be held to vary, alter, waive or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned bond or policy, other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER 15
To be attached to and form part of Financial Institution Bond, Standard Form
No. 24, No. G21648425 005 in favor of PHOENIX INVESTMENT PARTNERS, LTD.
It is agreed that:
1. The attached bond is amended by adding an Insuring Agreement as follows:
TELEFACSIMILE TRANSFER FRAUD
Loss resulting directly from the Insured having, in good faith, transferred
or delivered Funds, Certificated Securities or Uncertificated Securities
through a Computer System covered under the terms of the Computer System
Fraud Insuring Agreement in reliance upon a fraudulent instruction received
through a Telefacsimile Device, and which instruction.
(1) purports and reasonably appears to have originated from
(a) a Customer of the Insured.
(b) another financial institution, or
(a) another office of the Insured
but, in fact, was not originated by the Customer or entity whose
identification it bears and
(2) contains a valid test code which proves to have been used by a person
who was not authorized to make use of it and,
(3) contains the name of a person authorized to initiate such transfer;
and provided that, if the transfer was in excess of $50,000____________,
the instruction was verified by a call-back according to a prearranged
procedure.
In this Insuring Agreement, Customer means an entity or individual which has
a written agreement with the insured authorizing the Insured to rely on
Telefacsimile Device instructions to initiate transfers and has provided the
Insured with the names of persons authorized to initiate such transfers, and
with which the Insured has established an instruction verification mechanism,
and Funds means Money on deposit in an account.
2. In addition to the Conditions and Limitations in the bond and Computer
Systems Fraud Insuring Agreement rider, the following provisions are
applicable to the Telefacsimile Transfer Fraud Insuring Agreement:
Telefacsimile Device means a machine capable of sending or receiving a
duplicate image of a document by means of electronic impulses transmitted
through a telephone line and which reproduces the duplicate image on paper.
This Insuring Agreement does not cover loss resulting directly or indirectly
from the assumption of liability by the Insured by contract unless the
liability arises from a loss covered by the Telefacsimile Transfer Fraud
Insuring Agreement and would be imposed on the Insured regardless of the
existence of the contract.
Proof of loss for claim under the Telefacsimile Transfer Fraud Insuring
Agreement must include a copy of the document reproduced by the Telefacsimile
Device.
3. The exclusion below, as found in the attached bond, does not apply to the
Telefacsimile Transfer Fraud Insuring Agreement.
"loss involving any Uncertificated Security except an Uncertificated Security
of any Federal Reserve Bank of the United States or when covered under
Insuring Agreement (A);"
4. This rider shall become effective as of 12:01 a.m. on SEPTEMBER 1, 2006
Accepted: /s/ John J. Lupica
By: JOHN J. LUPICA, President
--------------------------
TELEFACSIMILE TRANSFER FRAUD INSURING AGREEMENT
FOR USE WITH FINANCIAL INSTITUTION BOND, STANDARD FORM NO. 24,
ADOPTED DECEMBER, 1993
SR 6195 Printed in U.S.A.
RIDER #16
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. Section B. Exclusions, subsections A.(1) and C. are amended by deleting the
words "less than $10,000" and inserting "less than $25,000".
2. Section B. Exclusions, subsections A.(1) and C. are amended by deleting the
words "any director or officer" and inserting "the Insurance Manager"
3. Nothing herein contained shall be held to vary, alter, waive, or extend the
terms, limitations, conditions or agreements of the attached policy other than
as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #17
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
To be attached to and form part of the Financial Institution Bond, Standard Form
No. 14, No. DON G21648425 005 in favor of the Phoenix Investment Partners, Ltd.
It is agreed that:
1. Any reference to "Standard Form No. 24" in Rider #15 is deleted and
replaced with "Standard Form No. 14".
2. Nothing herein contained shall be held to vary, alter, waive, or extend
the terms, limitations, conditions or agreements of the attached policy
other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #18
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
To be attached to and form part of the Financial Institution Bond, Standard Form
No. 14, No. G21648425 005 in favor of the Phoenix Investment Partners, Ltd.
It is agreed that the Policy is amended as follows:
1. The second paragraph of Section 6, Notice, of the General Conditions And
Limitations, is deleted in its entirety and the following is inserted:
The Insureds shall, as a condition precedent to their rights under the
Commercial Crime or Bond Coverage part, give to the Insurer written
notice of any Loss within 90 days after such Loss is first discovered
by the senior officer charged with the purchase of corporate insurance.
2. Section IV, Other Conditions, subsection A, Discovery, of the Investment
Company Bond Coverage part, is deleted in its entirety and the following is
inserted:
This Investment Company Bond Coverage Part applies to loss discovered
by the Insured during the Policy Period. Discovery occurs when the
senior officer charged with the purchase of corporate insurance first
becomes aware of facts which would cause a reasonable person to assume
that a loss of a type covered by this Investment Company Bond Coverage
Part has been or will be incurred, regardless of when the acts or acts
causing or contributing to such loss occurred, even though the exact
amount or details of loss may not then be known.
Discovery also occurs when the senior officer charged with the purchase
of corporate insurance receives notice of an actual or potential claim
in which it is alleged that the Insured is liable to a third party
under circumstances which, if true, would constitute a Loss under this
Investment Company Bond Coverage Part.
3. Section IV, Other Conditions, subsection L, Termination Or Cancellation As
To Any Employee, Servicing Contractor Or Service Bureau, is deleted in its
entirety and the following is inserted:
This Investment Company Bond Coverage Part terminates as to any
Employee or Servicing Contractor as soon as the senior officer
charged with the purchase of corporate insurance learns of any
dishonest or fraudulent act committed by such person at any time,
whether in the employment of the Insured or otherwise, whether or
not of the type covered under the Insuring Clauses A. or B.,
against the Insured or any other person or entity, without
prejudice to the Loss of any Property then in transit in the
custody of such person. Termination of coverage as to any Insured
terminates liability for any Loss sustained by such Insured which
is discovered after the effective date of such termination.
This Investment Company Bond Coverage Part terminates as to any
Service Bureau as soon as the senior officer charged with the
purchase of corporate insurance learns of any dishonest or
fraudulent act committed by any partner, director, officer or
employee of any such Service Bureau at any time against the
Insured or any other person or entity, without prejudice to the
Loss of any Property then in transit in the custody of such
person.
4. Nothing herein contained shall be held to vary, alter, waive, or extend
the terms, limitations, conditions or agreements of the attached policy
other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #1 (REVISED)
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
Named Insured under this attached bond means Phoenix Investment Partners, Ltd.
and any subsidiaries, affiliates, or other entities or financial interests of
Phoenix Investment Partners, Ltd. which may have existed, now exist or may
hereafter, including but not limited to the following:
Phoenix Investment Partners, Ltd.
Phoenix Investment Counsel, Inc.
Phoenix Equity Planning Corporation
PXP Institutional Markets Group (fka National Securities & Research Corporation)
Duff & Phelps Investment Management Co.
Phoenix Variable Advisors
Pasadena Capital Corporation
Roger Engemann & Associates, Inc.
Pasadena National Trust Company
Seneca Capital Management, LLC
Capital West Asset Management, LLC
PXP Securities Corp.
Rutherford Financial Corporation
Walnut Asset Management, LLC
Rutherford Brown & Catherwood, LLC
Phoenix-Zweig Advisers LLC (as adviser to The Zweig Fund and The Zweig Total
Return Fund)
Kayne Anderson Rudnick Investment Management LLC
Worldwide Phoenix Limited
Phoenix-Aberdeen Worldwide Opportunities Fund
Phoenix-Goodwin California Tax Exempt Bond Fund
Phoenix Duff & Phelps Institutional Mutual Funds
Phoenix Duff & Phelps Institutional Managed Bond Portfolio
Phoenix Duff & Phelps Institutional Growth Stock Portfolio
Phoenix Edge Series Fund (The) Phoenix-Aberdeen International Series
Phoenix-Duff & Phelps Real Estate Series
Phoenix-Engemann Small & Mid-Cap Growth Series
Phoenix-Engemann Capital Growth Series
Phoenix-Goodwin Money Market Series
Phoenix-Goodwin Multi-Sector Fixed Income Series
Phoenix-Hollister Value Equity Series
Phoenix-Kayne Large-Cap Core Series
Phoenix-Kayne Small-Cap Quality Value Series
Phoenix-Oakhurst Growth & Income Series
Phoenix-Oakhurst Strategic Allocation Series
Phoenix-Seneca Strategic Theme Series
Phoenix-Seneca Mid Cap Growth Series
Phoenix-AIM Mid-Cap Equity Series
1
Phoenix-Alliance/Bernstein Growth & Value Series
Phoenix-Alliance Bernstein Research Enhanced Index Series
(fka Phoenix-J.P. Morgan Research Enhanced Index Series)
Phoenix-Janus Flexible Income Series
Phoenix-Lord Abbett Large-Cap Value Series
Phoenix-Lord Abbett Mid-Cap Value Series
Phoenix-Lord Abbett Bond-Debenture Series
Phoenix-Lazard International Equity Select Series
Phoenix-Lazard Small-Cap Value Series
Phoenix-Lazard U.S. Multi-Cap Series
Phoenix-MFS Investors Growth Stock Series (fka Phoenix-Janus Growth
Series - merged into Phoenix-MFS Investors Growth Stock
Series 2/14/03)
Phoenix-MFS Investors Trust Series
Phoenix-MFS Value Series
Phoenix-Northern Dow 30 Series (fka Phoenix-Deutsche Dow 30 Series)
Phoenix-Northern NASDAQ 100 Series (fka Phoenix-Deutsche NASDAQ 100
Series)
Phoenix-Sanford Bernstein Mid-Cap Value Series (fka Phoenix-Schafer
Mid-Cap Value Series)
Phoenix-Sanford Bernstein Global Value Series
Phoenix-Sanford Bernstein Small-Cap Value Series
Phoenix-State Street Research Small-Cap Growth Series
Phoenix-Engemann Funds (The)
Phoenix-Engemann Balanced Return Fund
Phoenix-Engemann Focus Growth Fund
Phoenix-Engemann Nifty Fifty Fund
Phoenix-Engemann Small & Mid Cap Fund
Phoenix Equity Series Fund
Phoenix-Duff & Phelps Core Equity Fund
Phoenix-Oakhurst Growth & Income Fund
Phoenix Investment Trust 97
Phoenix-Hollister Value Equity Fund
Phoenix-Hollister Small Cap Value Fund
Phoenix-Kayne Funds
Phoenix-Kayne Large Cap Fund
Phoenix-Kayne Small-Mid Cap
Phoenix-Kayne International Fund
Phoenix-Kayne Intermediate Total Return Bond Fund
Phoenix-Kayne California Intermediate Tax-Free Bond Fund
Phoenix Multi-Portfolio Fund
Phoenix-Goodwin Emerging Markets Bond Portfolio
Phoenix-Aberdeen International Portfolio
Phoenix-Seneca Tax Sensitive Growth Fund (liquidated 7/25/03)
Phoenix-Duff & Phelps Real Estate Securities Portfolio
Phoenix-Goodwin Tax-Exempt Bond Portfolio
Phoenix Multi-Series Trust
Phoenix-Goodwin Multi-Sector Fixed Income Fund
Phoenix-Goodwin Multi-Sector Short Term Bond Fund
Phoenix-Oakhurst Income & Growth Fund
2
Phoenix-Oakhurst Strategic Allocation Fund
Phoenix Partner Select Funds
Phoenix Partner Select Wealth Builder Fund
Phoenix Partner Select Wealth Guardian Fund
Phoenix-Seneca Funds
Phoenix-Seneca Bond Fund
Phoenix-Seneca Mid Cap "EDGE" Fund
Phoenix-Seneca Real Estate Securities Fund
Phoenix Series Fund
Phoenix-Engemann Aggressive Growth Fund Series
Phoenix-Oakhurst Balanced Fund Series
Phoenix-Engemann Capital Growth Fund Series
Phoenix-Goodwin High Yield Series
Phoenix-Goodwin Money Market Series
Phoenix-Duff & Phelps Core Bond Fund
Phoenix Strategic Equity Series Fund
Phoenix-Seneca Growth Fund
Phoenix-Seneca Strategic Theme Fund
DTF Tax-Free Income, Inc.
Duff & Phelps Utility and Corporate Bond Trust, Inc.
DNP Select Income Fund, Inc.
The Zweig Fund, Inc.
The Zweig Total Return Fund, Inc.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
3
RIDER #1 (2ND REVISED)
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
Named Insured under this attached bond means Phoenix Investment Partners, Ltd.
and any subsidiaries, affiliates, or other entities or financial interests of
Phoenix Investment Partners, Ltd. which may have existed, now exist or may
hereafter, including but not limited to the following:
Phoenix Investment Partners, Ltd. (PXP)
Phoenix Investment Counsel, Inc.
Phoenix Equity Planning Corporation
PXP Institutional Markets Group Ltd.
Duff & Phelps Investment Management Co.
Euclid Advisors LLC
Phoenix Variable Advisors
Pasadena Capital Corporation
Engemann Asset Management
Seneca Capital Management, LLC
PXP Securities Corp.
Rutherford Financial Corporation
Walnut Asset Management, LLC
Rutherford Brown & Catherwood, LLC.
Phoenix/Zweig Advisors, LLC
Kayne Anderson Rudnick Investment Management LLC
PHOENIX ASSET TRUST (FKA PHOENIX-KAYNE FUNDS)
Phoenix Rising Dividends Fund
Phoenix Small-Mid Cap Fund
Phoenix CA Intermediate Tax-Free Bond Fund (fka Phoenix-Kayne California
Intermediate Tax-Free Bond Fund)
PHOENIX ADVISER TRUST
Phoenix Focused Value Fund
Phoenix Foreign Opportunities Fund
THE PHOENIX EDGE SERIES FUND
Phoenix-Aberdeen International Series
Phoenix-AIM Growth
Phoenix-Alliance Bernstein Enhanced Index Series
Phoenix-Duff & Phelps Real Estate Securities Series
Phoenix Capital Growth Series
Phoenix-Engemann Small-Cap Growth Series
Phoenix-Goodwin Money Market Series
Phoenix-Goodwin Multi-Sector Fixed-Income Series
Phoenix-Goodwin Multi-Sector Short Term Bond Series
Phoenix-Kayne Rising Dividends Series
Phoenix-Kayne Small Cap Quality Value Series
Phoenix-Lazard International Equity Series
Phoenix-Northern Dow 30 Series
Phoenix-Northern NASDAQ-100 Index Series
Phoenix-Engemann Growth and Income Series
1
Phoenix-Engemann Strategic Allocation Series
Phoenix-Van Kampen Comstock series (fka Phoenix-Engemann Value Equity Series)
Phoenix-Sanford Bernstein Mid-Cap Value Series
Phoenix-Sanford Bernstein Small-Cap Value Series
Phoenix Mid-Cap Growth Series
Phoenix Strategic Theme Series
Phoenix-Alger Small-Cap Growth Series
Phoenix-S&P Dynamic Asset Allocation Series: Aggressive Growth
Phoenix-S&P Dynamic Asset Allocation Series: Growth
Phoenix-S&P Dynamic Asset Allocation Series: Moderate
Phoenix-S&P Dynamic Asset Allocation Series: Moderate Growth
PHOENIX EQUITY TRUST
Phoenix Worldwide Strategies Fund
Phoenix Mid Cap Value Fund
Phoenix Pathfinder Fund
Phoenix Relative Value Fund
Phoenix Total Value Fund
PHOENIX EQUITY SERIES FUND
Phoenix Growth & Income Fund
PHOENIX CA TAX EXEMPT BOND FUND
PHOENIX INSIGHT FUNDS TRUST (FKA HARRIS INSIGHT FUNDS TRUST - ADOPTED 5/18/2006)
Phoenix Insight Balanced Fund
Phoenix Insight Bond Fund
Phoenix Insight Core Equity Fund
Phoenix Insight Emerging Markets Fund
Phoenix Insight Equity Fund
Phoenix Insight High Yield Bond Fund
Phoenix Insight Index Fund
Phoenix Insight Intermediate Goverment Bond Fund
Phoenix Insight Intermediate Tax-Exempt Bond Fund
Phoenix Insight International Fund
Phoenix Insight Short/Intermediate Bond Fund
Phoenix Insight Small-Cap Growth Fund
Phoenix Insight Small-Cap Opportunity Fund
Phoenix Insight Small-Cap Value Fund
Phoenix Insight Tax-Exempt Bond Fund
Phoenix Insight Governmemt Money Market Fund
Phoenix Insight Money Market Fund
Phoenix Insight Tax-Exempt Money Market Fund
PHOENIX INVESTMENT SERIES FUND
Phoenix Income & Growth Fund
Phoenix Global Utilities Fund
PHOENIX INVESTMENT TRUST 97
Phoenix Small Cap Value Fund
Phoenix Value Equity Fund
Phoenix Quality Small-Cap Fund (effective 6/28/2006)
Phoenix Small-Cap Sustainable Growth Fund (effective 6/28/2006)
2
PHOENIX INVESTMENT TRUST 06 (FKA PHOENIX-ENGEMANN FUNDS)
Phoenix All-Cap Growth Fund (fka Phoenix-Engemann Focus Growth Fund)
Phoenix Nifty Fifty Fund
Phoenix Small Cap Growth Fund
PHOENIX INSTITUTIONAL MUTUAL FUNDS
Phoenix Institutional Bond Fund
Phoenix Low Duration Core Plus Bond Fund
PHOENIX MULTI-PORTFOLIO FUND
Phoenix International Strategies Fund
Phoenix Real Estate Securities Fund
Phoenix Emerging Markets Bond Fund
Phoenix Tax-Exempt Bond Fund
PHOENIX MULTI-SERIES TRUST
Phoenix Multi-Sector Fixed Income Fund
Phoenix Multi-Sector Short Term Bond Fund
Phoenix High Yield Securities Fund
PHOENIX PHOLIOS (FKA PHOENIX PARTNER SELECT FUNDS)
Phoenix Wealth Builder PHOLIO
Phoenix Wealth Guardian PHOLIO
Phoenix Wealther Accumulator PHOLIO
Phoenix Wealth Preserver PHOLIO
Phoenix Conservative Income PHOLIO
Phoenix Diversifier PHOLIO
Phoenix International PHOLIO
PHOENIX PORTFOLIOS
Phoenix Market Neutral Fund
PHOENIX OPPORTUNITIES TRUST (FKA PHOENIX-SENECA FUNDS)
Phoenix Bond Fund
Phoenix Earnings Driven Growth Fund (fka Phoenix-Seneca Mid-Cap "EDGE" Fund)
Phoenix Growth Opportunities Fund (effective 5/19/2006)
PHOENIX SERIES FUND
Phoenix Core Bond Fund
Phoenix Mid-Cap Growth Fund
Phoenix Capital Growth Fund
Phoenix High Yield Fund
Phoenix Money Market Fund
Phoenix Balanced Fund
PHOENIX STRATEGIC EQUITY SERIES FUND
Phoenix Strategic Growth Fund
Phoenix Large-Cap Growth Fund
Phoenix Dynamic Growth Fund
Phoenix Fundamental Growth Fund
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST, INC.
DNP SELECT INCOME FUND, INC.
3
DTF TAX FREE INCOME, INC.
THE ZWEIG FUND, INC.
THE ZWEIG TOTAL RETURN FUND, INC.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
4
RIDER #2 (REVISED)
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
To be attached to and form part of the Financial Institution Bond, Standard Form
No. 14, No. DON G21648425 005 in favor of the Phoenix Investment Partners, Ltd.
It is agreed that:
1. The Underwriter will mark its records to indicate that the National
Association of Securities Dealers, Inc. is to be notified promptly
concerning the cancellation or substantial modification of the attached
bond, whether at the request of the Insured or the Underwriter, and will
use its best efforts to so notify said Association but failure to notify
said Association shall not impair or delay the effectiveness of any such
cancellation or modification.
2. Nothing herein contained shall be held to vary, alter, waive, or extend
the terms, limitations, conditions or agreements of the attached policy
other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #3 (REVISED)
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1.In the event of a loss applicable to two or more of the following policies
which are subject to varying Single Loss Deductible Amounts, DON G21648383
005 - The Phoenix Companies, Inc., the largest Single Loss Deductible Amount,
as set forth in the Declarations Page of the above bond(s), shall apply to
the entire combined loss.
2.Nothing herein contained shall be held to vary, alter, waive, or extend the
terms, limitations, conditions or agreements of the attached policy other
than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #4 (REVISED)
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1. Section IV A (Discovery) of the Other Conditions of the attached Bond, is
deleted in its entirety and replaced by the following:
a) At the earliest practicable moment, not to exceed sixty (60) days
after Discovery is ascertained by the Insured's Risk Management
Department, concerning any loss which is either known or expected to be
larger than $25,000 of the Single Loss Deductible amount, the Insured
shall give the Underwriter notice thereof.
2. Nothing herein shall be held to vary, alter, waive or extend any of the
terms, limitations, conditions or agreements of the attached policy other than
as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
RIDER #12 (REVISED)
This rider effective 12:01am September 1, 2006 forms a part of
Bond number DON G21648425 005
Issued to Phoenix Investment Partners, Ltd.
By ACE American Insurance Company
It is agreed that:
1.Section IV E - NOTICE / PROOF - LEGAL PROCEEDINGS AGAINST THE INSURER is
deleted in its entirety and replaced with the following:
The Underwriter shall indemnify the Insured against court costs and
reasonable attorney's fees incurred and paid by the Insured in defending any
suit or legal proceeding brought against the Insured to determine the
Insured's liability or alleged liability on account of any loss, claim or
damage which, if established against the Insured, would constitute a valid
and collectible loss under the Bond in excess of the applicable Single Loss
Deductible Amount.
The Risk Manager or Risk Management Department shall notify the Underwriter
at the earliest practicable moment, not to exceed 60 days after notice
thereof, concerning any such suit or legal proceeding and at the request of
the Underwriter shall furnish copies of all pleadings and other pertinent
papers thereto. At the Underwriter's decision, the Insured shall permit the
Underwriter to conduct the defense of such suit or legal proceeding. Such
defense by the Underwriter shall be in the Insured's name through attorneys
selected by the Underwriter. The Insured shall provide all reasonable
information and assistance, other than pecuniary, required by the Underwriter
for such defense.
If the amount of the Insured's liability or alleged is greater than the
amount recoverable under this Bond or the applicable Single Loss Deductible
Amount, or both, the liability of the Underwriter with respect to this
General Agreement is limited to the proportion of court costs and attorney's
fees incurred and paid by the Insured or by the Underwriter that the amount
recoverable under this Bond bears to the total of such amount plus the
remaining amount which is not so recoverable.
Such indemnity for court costs and attorneys' fees shall be part of the
Single Loss Limit of Liability pertaining to the applicable Insuring
Agreement or Coverage.
If the Underwriter pays court costs and attorneys' fees exceeding
proportionate share thereof, the Insured shall promptly reimburse the
Underwriter for such excess.
RIDER #12 (CONTINUED)
With respect to this rider, General Agreement C applies upon the entry of
such judgment or the occurrence of such settlement instead of upon discovery
of loss.
2.Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, conditions, provisions, agreements or limitations of the above
mentioned bond or policy, other than as above stated.
/s/ John J. Lupica
JOHN J. LUPICA, President
----------------------------
Authorized Representative
-------------------------------------------------------------------------------------------------------------------------------
THE [GRAPHIC OMITTED] THE HARTFORD
HARTFORD UNIVERSAL EXCESS(TM) POLICY FI 0237719
POLICY NUMBER
TWIN CITY FIRE INSURANCE COMPANY,
a stock insurance company, herein called
the Insurer
o AGENCY CODE, NAME & ADDRESS:
02-020137
HILB ROGAL & HOBBS OF CT, LLC
2321 WHITNEY AVENUE, 3RD FL.
HAMDEN CT 06518
NOTICE: THIS IS A CLAIMS MADE POLICY. EXCEPT AS MAY BE OTHERWISE PROVIDED HEREIN, THE COVERAGE OF THIS POLICY IS LIMITED TO
LIABILITY FOR ACTS COVERED BY UNDERLYING INSURANCE (ITEM D.) FOR WHICH CLAIMS ARE FIRST MADE AGAINST THE INSURED(S)
WHILE THE POLICY IS IN FORCE. THIS POLICY DOES NOT PROVIDE FOR THE UNDERWRITERS TO DEFEND THE INSURED, AND ANY
DEFENSE COSTS AND OTHER CLAIM EXPENSE COVERED UNDER THE POLICY IS PART OF AND NOT IN ADDITION TO THE LIMIT OF
LIABILITY. PLEASE READ AND REVIEW THE POLICY CAREFULLY.
-------------------------------------------------------------------------------------------------------------------------------
DECLARATIONS
ITEM A. NAME OF INSURED: (hereinafter called the "Insured") ADDRESS OF INSURED:
Phoenix Investment Partners, Ltd. 56 Prospect Street
Hartford, CT 06103
ITEM B. POLICY PERIOD: From 12:01 a.m. on 09/01/2006 To 12:01 a.m. on 09/01/2007
(Standard Time at the address stated in Item A)
ITEM C. LIMIT OF LIABILITY: $ See End't UE00H081 Aggregate each Policy Period, Including claim expense.
ITEM D. SCHEDULE OF UNDERLYING INSURANCE:
(1) Primary Policy: See End't UE00H081
Company:
Policy Number:
Limit of Liability: $
(2) Underlying Excess Policy(ies):
ITEM E. ENDORSEMENTS EFFECTIVE AT INCEPTION: UE00H002; RN00N026; UE00H081; UE00H076; UE00H059; UE06H016
ITEM F. TERMINATION OF PRIOR POLICY(IES): See End't UE00H081
ITEM G. DISCOVERY CLAUSE: See End't UE00H081
(1) Additional Premium:
(2) Additional Period:
ITEM H. POLICY PERIOD PREMIUM: $ 34,122.00
February 9, 2007
----------------------------------------------------- ----------------
Authorized Representative Date
UE 00 H001 00 1004 (C) 2003, The Hartford Page 1 of 2
THE HARTFORD
UNIVERSAL EXCESS(TM) POLICY
I. INSURING AGREEMENT
The Insurer designated in the Declarations (a Stock Insurance Company
herein called the "Underwriters"), in consideration of the payment of the
premium and in reliance upon any application, materials or information
made available by or on behalf of the Insured(s) to the Underwriters
during the application or proposal process, and subject to all of the
terms, conditions and exclusions of this policy, agrees with the
Insured(s) as follows:
The Underwriters shall provide the Insured(s) with insurance during the
Policy Period which is in excess of the total limits of liability and any
retention/deductible under all Underlying Insurance, as set forth in Item
D of the Declarations, whether collectible or not.
II. LIMIT OF LIABILITY
A. It is expressly agreed that liability for any loss shall attach to
the Underwriters only after the Primary and Underlying Excess
insurers shall have paid the full amount of their respective
liability (hereinafter referred to as the "Underlying Insurance") or
the Insured(s) shall have paid the full amount of such liability due
to the financial insolvency of an insurer of the Underlying
Insurance. The Underwriters shall then be liable to pay only such
additional amounts up to the Limit of Liability set forth in Item C
of the Declarations, which shall be the maximum liability of the
Underwriters in each Policy Period.
B. In the event of the reduction or exhaustion of the aggregate limits
of liability under the Primary and Underlying Excess Policy(ies) by
reason of losses paid thereunder for claims first made while this
policy is in force, this policy shall:
(1) in the event of such reduction, continue in force excess of
the reduced Primary and Underlying Insurance; or
(2) in the event of exhaustion, continue in force as primary
insurance, subject to the Underwriters' Limit of Liability and
to the other terms, conditions and exclusions of this policy,
provided always that in the latter event this policy shall only pay
excess of the retention/deductible applicable to such primary
insurance as set forth in the Primary Policy, which shall be applied
to any subsequent loss in the same manner specified in such primary
insurance. Notice of exhaustion of Underlying Insurance shall be
given the Underwriters upon such exhaustion. Nothing herein shall be
construed to provide for any duty on the part of the Underwriters to
defend any Insured or to pay defense or any claim expenses in
addition to the Limit of Liability set forth in Item C of the
Declarations.
C. If the Primary Policy contains a specific grant of coverage that is
subject to a sub-limit of liability, then coverage under this policy
shall not apply to any claim which is subject to such sub-limit of
liability. However, any such claim shall be recognized under this
policy solely for purposes of reducing or exhausting, to any extent,
the Underlying Insurance.
III. PRIMARY AND UNDERLYING INSURANCE
A. This policy is subject to the same warranties, terms, conditions,
definitions, exclusions and endorsements (except as regards the
premium, the amount and limits of liability, and duty to defend, and
except as otherwise provided herein) as are contained in or as may
be added to the Primary Policy, together with all the warranties,
terms, conditions, exclusions and limitations contained in or added
by endorsement to any Underlying Excess Policy(ies). In no event
shall this policy grant broader coverage than is provided by the
most restrictive Primary or Underlying Excess Policy(ies).
B. It is a condition precedent to this policy that the policy(ies) of
the Primary and Underlying Excess Insurers shall be maintained in
full effect while this policy is in force except for any reduction
of the aggregate limits contained therein (as provided for in
Section II., B. above).
C. Failure of the Insured to comply with the foregoing shall not
invalidate this policy, but in the event of such failure, the
Underwriters shall be liable only to the extent that it would have
been liable had the Insured complied therewith. To the extent that
any Underlying Insurance is not maintained in full effect while this
policy is in force, the Insured(s) shall be deemed to be
self-insured for the amount of the limit of liability of the
Underlying Insurance which is not maintained as set forth above.
UE 00 H002 00 1004 (C) 2004, The Hartford Page 1
IV. COSTS, CHARGES, EXPENSES AND COOPERATION
A. No costs, charges or expenses for investigation or defense of claims
shall be incurred, or settlements made, without the Underwriters'
written consent, such consent not to be unreasonably withheld;
however, in the event of such consent being given, the Underwriters
will pay, subject to the provisions of Section II., such costs,
settlements, charges or expenses.
B. The Underwriters may, at their sole option, elect to participate in
the investigation, settlement or defense of any claim even if the
Underlying Insurance has not been exhausted. The Insured(s) shall,
as a condition precedent to their rights under this policy, give to
the Underwriters all information and cooperation as the Underwriters
may reasonably require and shall do nothing that may prejudice the
Underwriters' position or its potential or actual rights of
recovery.
V. GENERAL CONDITIONS
A. Definitions
1. Insured(s) means those individuals and/or entities insured under
the Underlying Insurance.
2. Primary Policy means the policy scheduled in Item D(1) of the
Declarations.
3. Underlying Excess Policy(ies) means the policy(ies) scheduled in
Item D(2) of the Declarations.
4. Underlying Insurance means all those policies scheduled in Item
D of the Declarations.
5. Policy Period means the period set forth in Item B of the
Declarations, subject to prior cancellation pursuant to Section
V. C.
B. Discovery Clause
If the Insured(s) elect and are granted a discovery period or
extended reporting period under the Underlying Insurance, then the
Insured(s) shall have the same ability to elect a discovery period
or extended reporting period under this policy by: (i) satisfying
the conditions as set forth in the Underlying Insurance; and (ii)
paying the additional premium set forth in Item G(1) of the
Declarations. If elected, the discovery period or extended
reporting period shall be for the period of time set forth in Item
G(2) of the Declarations.
C. Cancellation Clause
The Underwriter may cancel this policy for non-payment of premium
by sending not less than ten (10) days notice to the Insured(s) at
their last known address. The Underwriter may not otherwise cancel
this policy. This policy may be cancelled by the Insured(s) in
accordance with the conditions of the Underlying Insurance. If the
policy shall be cancelled by the Insured(s), the Underwriters
shall retain the customary short rate proportion of the premium
hereon.
D. Termination of Prior Policy(ies)
The taking effect of this policy shall terminate, if not already
terminated, the policy(ies) specified in Item F of the Declarations.
E. Notice
The Underwriters shall be given notice in writing as soon as
practicable: (a) in the event of the cancellation or non-renewal of
any Underlying Insurance; and (b) of any additional or return
premiums charged or paid in connection with any Underlying
Insurance.
Any changes in coverage in the Underlying Insurance or any changes
in the Insured(s) that would require notice under the Underlying
Insurance shall be reported to the Underwriters as soon as
practicable and the Insured(s) shall, upon request, furnish the
Underwriters with copies of such changes. The Underwriters shall not
be subject to such changes without the Underwriter's consent, such
consent not to be unreasonably withheld.
In the event any claim is made against any Insured, written notice
shall be given to the Underwriters in the same manner as given to
the Primary Policy at 2 Park Ave, 5th Floor, New York, NY 10016,
ATTN: Hartford Financial Products Claims Division [Fax # (917)
464-5972], and otherwise pursuant to all appropriate notice
provisions contained in the Underlying Insurance.
UE 00 H002 00 1004 (C) 2004, The Hartford Page 2
THE [GRAPHIC OMITTED]
HARTFORD
IN WITNESS WHEREOF, the Company has caused this policy to be executed and
attested, and if required by state law, this policy shall not be valid unless
countersigned by a duly authorized representative of the Company.
TWIN CITY FIRE INSURANCE COMPANY
HOME OFFICE - INDIANAPOLIS, INDIANA
ADMINISTRATIVE OFFICES - HARTFORD, CONNECTICUT
(A STOCK INSURANCE COMPANY MEMBER OF THE HARTFORD)
/s/ Brian S. Becker /s/David Zwiener
Brian S. Becker, Secretary David Zwiener, President
RN 00 N026 00 0593
ILBP 83 01 05 89 RN
ENDORSEMENT NO: 1
THIS ENDORSEMENT, EFFECTIVE 12:01 AM, 09/01/2006 FORMS PART OF
POLICY NUMBER FI 0237719
ISSUED TO: PHOENIX INVESTMENT PARTNERS, LTD.
BY: TWIN CITY FIRE INSURANCE COMPANY
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
EXCESS FIDELITY AMEND DECLARATIONS ENDORSEMENT
(AGGREGATE LIMITS OF LIABILITY)
This endorsement modifies insurance provided under the following:
UNIVERSAL EXCESS POLICY
It is agreed that the DECLARATIONS is amended as follows:
NOTICE is deleted and replaced with the following:
NOTICE: THE COMPANY AGREES WITH THE INSURED NAMED BELOW THAT THE COVERAGE
AFFORDED BY THIS POLICY SHALL FOLLOW ALL OF THE TERMS AND
CONDITIONS OF THE PRIMARY COVERAGE LISTED IN THE SCHEDULE OF
UNDERLYING INSURANCE SET FORTH IN ITEM D. BELOW SUBJECT, HOWEVER,
TO THE SPECIAL CONDITIONS APPLICABLE TO THIS POLICY AND ANY
ENDORSEMENTS ATTACHED HERETO.
ITEM C. LIMIT OF LIABILITY is deleted and replaced with the following:
ITEM C. LIMIT OF LIABILITY:
COVERAGE DESCRIPTION LIMIT OF LIABILITY
A Employee Dishonesty - Insured Indemnity $15,000,000.
B Employee Dishonesty - Employee Benefit Plan Indemnity $15,000,000.
C Property $15,000,000.
D Financial Documents $15,000,000.
E Defective Signatures $15,000,000.
F Servicing Contractors Not Covered
G Computer Fraud/Fraudulent Transfer Instructions $15,000,000.
H Claims Expense Not Covered
I Stop Payment Order Liability Not Covered
J Uncollectible Items of Deposit Not Covered
K Unauthorized Signature $15,000,000.
Subject to an Aggregate Limit of Liability each Bond or Policy Period,
applicable to all Insuring Agreements of $15,000,000.
-----------
UE 00 H081 00 0706 (C) 2006, The Hartford Page 1 of 3
The Company's Limit of Liability for each Coverage for which an amount is
inserted above shall be in excess of all Underlying Insurance shown in the
Schedule of Underlying Insurance below plus any Deductible Amount shown as
applicable to the Primary Coverage.
ITEM D. SCHEDULE OF UNDERLYING INSURANCE is deleted and replaced with the
following:
ITEM D. SCHEDULE OF UNDERLYING INSURANCE
PRIMARY COVERAGE Carrier: ACE American Insurance Company
Policy No.: DON G21648425 005
COVERAGE DESCRIPTION LIMIT OF LIABILITY DEDUCTIBLE
A Employee Dishonesty - Insured $15,000,000. $50,000.
Indemnity
B Employee Dishonesty - Employee $15,000,000. $50,000.
Benefit Plan Indemnity
C Property $15,000,000. $50,000.
D Financial Documents $15,000,000. $50,000.
E Defective Signatures $15,000,000. $50,000.
F Servicing Contractors Nil Nil
G Computer Fraud/Fraudulent Transfer $15,000,000. $50,000.
Instructions
H Claims Expense $100,000. $5,000.
I Stop Payment Order Liability $50,000. $5,000.
J Uncollectible Items of Deposit $100,000. $5,000.
K Unauthorized Signature $15,000,000. $50,000.
Subject to an Aggregate Limit of Liability each Bond or Policy Period,
applicable to all Insuring Agreements of $15,000,000.
-----------
OTHER UNDERLYING COVERAGE [X] None [ ] See Schedule Below
EXCESS LAYER Carrier:
Policy No.:
COVERAGE DESCRIPTION LIMIT OF LIABILITY
$
$
$
$
$
Subject to an Aggregate Limit of Liability each Bond or Policy Period,
applicable to all Insuring Agreements of $________________
EXCESS LAYER Carrier:
Policy No.:
COVERAGE DESCRIPTION LIMIT OF LIABILITY
$
$
$
$
$
Subject to an Aggregate Limit of Liability each Bond or Policy Period,
applicable to all Insuring Agreements of $________________
EXCESS LAYER Carrier:
Policy No.:
COVERAGE DESCRIPTION LIMIT OF LIABILITY
$
$
$
UE 00 H081 00 0706 (C) 2006, The Hartford Page 2 of 3
$
$
Subject to an Aggregate Limit of Liability each Bond or Policy Period,
applicable to all Insuring Agreements of $________________
EXCESS LAYER Carrier:
Policy No.:
COVERAGE DESCRIPTION LIMIT OF LIABILITY
$
$
$
$
$
Subject to an Aggregate Limit of Liability each Bond or Policy Period,
applicable to all Insuring Agreements of $________________
EXCESS LAYER Carrier:
Policy No.:
COVERAGE DESCRIPTION LIMIT OF LIABILITY
$
$
$
$
$
Subject to an Aggregate Limit of Liability each Bond or Policy Period,
applicable to all Insuring Agreements of $________________
ITEM F. TERMINATION OF PRIOR POLICY(IES):
The Insured by the acceptance of the Policy gives notice to the Company
terminating or canceling prior bond(s) or policy(ies) No.(s) 02BBFBY2195 such
termination or cancellation to be effective as of the time this Policy becomes
effective.
ITEM G. DISCOVERY CLAUSE is deleted in its entirety.
All other terms and conditions remain unchanged.
/s/David Zwiener February 9, 2007
David Zwiener, President ----------------
Date
UE 00 H081 00 0706 (C) 2006, The Hartford Page 3 of 3
ENDORSEMENT NO: 2
THIS ENDORSEMENT, EFFECTIVE 12:01 AM, 09/01/2006 FORMS PART OF
POLICY NUMBER FI 0237719
ISSUED TO: PHOENIX INVESTMENT PARTNERS, LTD.
BY: TWIN CITY FIRE INSURANCE COMPANY
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
EXCESS FIDELITY ENDORSEMENT WHEN PRIMARY POLICY IS AGGREGATE LIMIT
POLICY
This endorsement modifies insurance provided under the following:
UNIVERSAL EXCESS POLICY
It is agreed that II. LIMIT OF LIABILITY is amended by adding the following:
Excess coverage shall only apply to those Insuring Clauses noted on the
Declarations.
It is agreed that IV. COSTS, CHARGES, EXPENSES AND COOPERATION is deleted in its
entirety:
It is agreed that V. GENERAL CONDITIONS B. is deleted.
It is agreed that V. GENERAL CONDITIONS C. is deleted and replaced with the
following:
C. The Underwriter may cancel this policy for non-payment of premium
by sending not less than ten (10) days notice to the Insured(s) at
their last known address. In the event of cancellation,
termination or non-renewal of the Primary Policy, this Policy
shall be deemed to be canceled as of the effective date of
cancellation, termination or non-renewal of such Primary Policy.
It is agreed that the last paragraph of V. GENERAL CONDITIONS E. is deleted and
replaced with the following:
In the event any claim is made against any Insured, written notice
shall be given to the Underwriters in the same manner as given to
the Primary Policy at: Hartford Financial Products Bond Claims
Division, T-4, 690 Asylum Avenue, Hartford, CT 06115 [Fax # (860)
757-5835 or (860) 547-8265], and otherwise pursuant to all
appropriate notice provisions contained in the Underlying
Insurance.
All other terms and conditions remain unchanged.
/s/ David Zweiner
DAVID ZWIENER, PRESIDENT
UE 00 H076 1205 (C) 2005, The Hartford Page 1 of 1
ENDORSEMENT NO: 3
THIS ENDORSEMENT, EFFECTIVE 12:01 AM, 09/01/2006 FORMS PART OF
POLICY NUMBER FI 0237719
ISSUED TO: PHOENIX INVESTMENT PARTNERS, LTD.
BY: TWIN CITY FIRE INSURANCE COMPANY
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
EXCESS COVERAGE OVER SPECIFIED INSURING AGREEMENTS
This endorsement modifies insurance provided under the following:
UNIVERSAL EXCESS POLICY
Section III. PRIMARY AND UNDERLYING INSURANCE, A., is amended by the addition of
the following:
This policy provides coverage solely in excess of the following insuring
agreements and/or coverage parts of the Primary Policy (the "Followed
Insuring Agreement(s)"):
Followed Insuring Agreement(s): Form No.:
Employee Dishonesty - Insured Indemnity; Employee Dishonesty - Employee
Benefit Plan Indemnity; Property; Financial Documents; Defective
Signatures; Computer Fraud/Fraudulent Transfer Instructions; Unauthorized
Signature
The Underwriters shall not be liable to make any payment for loss in
excess of any insuring agreements and/or coverage parts of the Primary
Policy other than the Followed Insuring Agreement(s).
Notwithstanding that this policy provides coverage solely in excess of
the Followed Insuring Agreement(s) of the Primary Policy, this policy
shall recognize all covered losses paid under the Primary and Underlying
Excess Policy(ies) in calculating the reduction or exhaustion of the
aggregate limits of liability under such Policies.
All other terms and conditions remain unchanged.
/s/ David Zwiener
David Zwiener, President
UE 00 H059 01 0205 (C) 2005, The Hartford Page 1 of 1
ENDORSEMENT NO: 4
THIS ENDORSEMENT, EFFECTIVE 12:01AM, 09/01/2006 FORMS PART OF
POLICY NUMBER FI 0237719
ISSUED TO: PHOENIX INVESTMENT PARTNERS, LTD.
BY: TWIN CITY FIRE INSURANCE COMPANY
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
CONNECTICUT NONRENEWAL ENDORSEMENT
Wherever used in this endorsement: 1) "Insurer" means the insurance company
which issued this policy; and 2) "Insured" means the Name of Insured, Name of
Company, Name of Partnership, Parent Company, Name of Insured Plan or Trust,
Name of Insured Entity, Named Entity, Named Real Estate Investment Trust(s),
Name of Sponsor Company or Insured stated in ITEM A or ITEM 1 of the
Declarations Page.
The Cancellation provision of the Policy is amended to include the following:
NOTICE OF NONRENEWAL
--------------------
A. If the INSURER decides not to renew this Policy the INSURER will send by
certified or registered mail or deliver to the INSURED, at the last address
known, a written Notice of Nonrenewal at least sixty (60) days before the
expiration date or anniversary date of this Policy. The Notice of
Nonrenewal will state the reason for nonrenewal.
B. The advance notice period for a Notice of Nonrenewal shall be ninety (90)
days for a professional liability policy. Professional Liability is defined
in the Connecticut Statutes to mean professional liability contracts for
the following: physicians and surgeons; hospitals; lawyers; dentists;
architects and engineers; chiropractors; licensed natureopaths;
podiatrists; and, advanced practice registered nurses.
C. The INSURER is not required to send this Notice if Nonrenewal is due to
nonpayment of premium or due to the INSURED'S failure to pay any advance
premium required for renewal.
All other terms and conditions remain unchanged.
/s/ David Zwiener
David Zwiener, President
UE 06 H016 00 1204 (C) 2004, The Hartford Page 1 of 1