|
Re:
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Harris
& Harris Group, Inc.
File Number
814-176
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(1)
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File
with the SEC within 10 days after receipt of the executed Fidelity Bond,
or any amendment thereof:
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(i)
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a
copy of the Fidelity Bond;
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(ii)
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a
copy of each resolution of the Board of Directors, including a majority of
the directors who are not "interested persons" of the Company, approving
the amount, type, form and coverage of the Fidelity Bond and the premium
to be paid by the Company;
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(iii)
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a
statement as to the period for which premiums have been paid; and
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(iv)
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a
copy of any amendment to such agreement within 10 days after the execution
of such amendment.
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(2)
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File
with the SEC, in writing, within five days after the making of a claim
under the Fidelity Bond by the Company, a statement of the nature and
amount thereof;
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(3)
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File
with the SEC, within five days after the receipt thereof, a copy of the
terms of the settlement of any claim under the Fidelity Bond by the
Company; and
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(4)
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Notify
by registered mail each member of the Board of Directors at his or her
last known residence address of:
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(i)
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any
cancellation, termination or modification of the Fidelity Bond, not less
than 45 days prior to the effective date of the cancellation, termination
or modification;
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(ii)
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the
filing and the settlement of any claim under the Fidelity Bond by the
Company, at the time the filings required by (2) and (3) above are made
with the SEC; and
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(iii)
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the
filing and proposed terms of settlement of any claim under the Fidelity
Bond by any other named insured, within five days of the receipt of a
notice from the issuer of the Fidelity
Bond.
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/s/
Douglas W. Jamison
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/s/
W. Dillaway Ayres, Jr.
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Douglas
W. Jamison (Chairman)
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W.
Dillaway Ayres, Jr.
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/s/ C. Wayne Bardin
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/s/ Phillip A. Bauman
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C.
Wayne Bardin
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Phillip
A. Bauman
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/s/ G. Morgan Browne
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/s/ Dugald A. Fletcher
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G.
Morgan Browne
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Dugald
A. Fletcher
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/s/ Lori D. Pressman
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/s/ Charles E. Ramsey
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Lori
D. Pressman
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Charles
E. Ramsey
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/s/
James E. Roberts
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/s/
Richard P. Shanley
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James
E. Roberts
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Richard
P. Shanley
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[LOGO]
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INSURED
COPY
|
Great
American
|
234-62-24-01
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DECLARATIONS
|
Bond
No. 234-62-24 –
01
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Item 1. Name of Insured (herein called Insured): | Harris & Harris Group, Inc. |
Principal
Address:
|
111
West 57th Street, Suite 1100
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New York, NY 10019 |
Amount
applicable to
|
Limit
of Liability
|
Deductible
|
||
Insuring
Agreement (A)-FIDELITY
|
$6,000,000
|
$0
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||
Insuring
Agreement (B)-ON PREMISES
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$6,000,000
|
$15,000
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||
Insuring
Agreement (C)-IN TRANSIT
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$6,000,000
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$15,000
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||
Insuring
Agreement (D)-FORGERY OR ALTERATION
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$6,000,000
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$15,000
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||
Insuring
Agreement (E)-SECURITIES
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$6,000,000
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$15,000
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||
Insuring
Agreement (F)-COUNTERFEIT CURRENCY
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$6,000,000
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$15,000
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||
Insuring
Agreement (G)-STOP PAYMENT
|
$ 100,000
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$
5,000
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||
Insuring
Agreement (H)-UNCOLLECTIBLE ITEMS OF DEPOSIT
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$ 100,000
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$
5,000
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||
Insuring
Agreement (I)-AUDIT EXPENSE
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$ 100,000
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$
5,000
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||
Insuring
Agreement (J)-TELEFACSIMILE TRANSMISSIONS
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Not
Covered
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N/A
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||
Insuring
Agreement (K)-UNAUTHORIZED SIGNATURES
|
$ 100,000
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$
5,000
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||
Optional Insuring Agreements and Coverages | ||||
Insuring Agreement (L)-COMPUTER SYSTEMS |
$6,000,000
|
$15,000
|
||
Insuring Agreement (M)-AUTOMATED PHONE SYSTEMS |
Not
Covered
|
N/A
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[LOGO]
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INSURED
COPY
|
Great
American
|
234-62-24-01
|
(A)
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FIDELITY
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(a)
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to
cause the Insured to sustain such loss;
and
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(b)
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to
obtain financial benefit for the Employee, or for any other person or
organization intended by the Employee to receive such benefit, other than
salaries, commissions, fees, bonuses, promotions, awards, profit sharing,
pensions or other employee benefits earned in the normal course of
employment.
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(B)
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ON
PREMISES
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(1)
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Loss
of or damage to furnishings, fixtures, stationary, supplies or equipment,
within any of the Insured’s offices covered under this bond caused by
Larceny or theft in, or by burglary, robbery or hold-up of such office, or
attempt thereat, or by vandalism or malicious mischief;
or
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(2)
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loss
through damage to any such office by Larceny or theft in, or by burglary,
robbery or hold-up of such office or attempt
thereat.
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(C)
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IN
TRANSIT
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[LOGO]
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INSURED
COPY
|
Great
American
|
234-62-24-01
|
(D)
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FORGERY
OR ALTERATION
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(E)
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SECURITIES
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(1)
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through
the Insured’s having, in good faith and in the course of business, whether
for its own account or for the account of others, in any representative,
fiduciary, agency or any other capacity, either gratuitously or otherwise,
purchased or otherwise acquired, accepted or received, or sold or
delivered, or given any value, extended any credit or assumed any
liability, on the faith of, or otherwise acted upon, any securities,
documents or other written instruments which prove to have
been
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(a)
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Counterfeited,
or
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(b)
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Forged
as to the signature of any maker, drawer, issuer, endorser, assignor,
lessee, transfer agent or registrar, acceptor, surety or guarantor or as
to the signature of any person signing in any other capacity,
or
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(c)
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Raised
or otherwise altered, or lost, or stolen,
or
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(2)
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through
the Insured’s having, in good faith and in the course of business,
guaranteed in writing or witnessed any signatures whether for valuable
consideration or not and whether or not such guaranteeing or witnessing is
ultra vires the Insured, upon any transfers, assignments, bills of sale,
powers of attorney, guarantees, endorsements or other obligations upon or
in connection with any securities, documents or other written instruments
and which pass or purport to pass title to such securities, documents or
other written instruments; EXCLUDING, losses caused by FORGERY or
ALTERATION of, on or in those instruments covered under Insuring Agreement
(E) hereof.
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[LOGO]
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INSURED
COPY
|
Great
American
|
234-62-24-01
|
(F)
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COUNTERFEIT
CURRENCY
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(G)
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STOP
PAYMENT
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(H)
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UNCOLLECTIBLE
ITEMS OF DEPOSIT
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[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
(I)
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AUDIT
EXPENSE
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(J)
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TELEFACSIMILE
TRANSMISSIONS
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(I)
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bear
a valid test key exchanged between the Insured and a customer or another
financial institution with authority to use such test key for
Telefacsimile instructions in the ordinary course of business, but which
test key has been wrongfully obtained by a person who was not authorized
to initiate, make, validate or authenticate a test key arrangement;
and
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(ii)
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Fraudulently
purport to have been sent by such customer or financial institution, but
which telefacsimile instructions are transmitted without the knowledge or
consent of such customer or financial institution by a person other than
such customer or financial institution and which bear a forged signature.
“Telefacsimile” means a system of transmitting written documents by
electronic signals over telephone lines to equipment maintained by the
Insured within its communication room for the purposes of reproducing a
copy of said document. It does not mean electronic
communication sent by Telex, TWC, or electronic mail, or Automated
Clearing House.
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(K)
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UNAUTHORIZED
SIGNATURES
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[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
(A)
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ADDITIONAL
OFFICES OR EMPLOYEES- CONSOLIDATION OR
MERGER-NOTICE
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(1)
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If
the Insured shall, while this bond is in force, establish any additional
office or offices, such office or offices shall be automatically covered
hereunder from the dates of their establishment,
respectively. No notice to the Underwriter of an increase
during any premium period in the number of offices or in the number of
Employees at any of the offices covered hereunder need be given and no
additional premium need be paid for the remainder of such premium
period.
|
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(2)
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If
an Investment Company, named as insured herein, shall, while this bond is
in force, merge or consolidate with, or purchase the assets of another
institution, coverage for such acquisition shall apply automatically from
the date of acquisition. The Insured shall notify the Underwriter of such
acquisition within 60 days of said date, and an additional premium shall
be computed only if such acquisition involves additional offices or
employees.
|
(B)
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WARRANTY
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(C)
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COURT
COSTS AND ATTORNEYS’ FEES (Applicable to
all Insuring Agreements or Coverages now or hereafter forming part of this
bond)
|
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(1)
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An
Employee admits to being guilty of any dishonest or fraudulent act(s),
including Larceny or Embezzlement;
or
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(2)
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An
Employee is adjudicated to be guilty of any dishonest or fraudulent
act(s), including Larceny or
Embezzlement;
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(3)
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In
the absence of (1) or (2) above an arbitration panel agrees, after a
review of an agreed statement of facts, that an Employee would be found
guilty of dishonesty if such Employee were
prosecuted.
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(D)
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FORMER
EMPLOYEE
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[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
SECTION
1.
|
DEFINITIONS
|
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(a)
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“Employee”
means:
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(1)
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Any
of the Insured’s officers, partners, or employees,
and
|
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(2)
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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
|
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(3)
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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
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(4)
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Guest
students pursuing their studies or duties in any of the Insured’s offices,
and
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(5)
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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
|
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(6)
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any
individual or individuals assigned to perform the usual duties of an
employee within the premises of the Insured by contract, or by any agency
furnishing temporary personnel on a contingent or part-time basis,
and
|
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(7)
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each
natural person, partnership or corporation authorized by written agreement
with the Insured to perform services as electronic data processor of
checks or other accounting records of the Insured, but excluding any such
processor who acts as transfer agent or in any other agency capacity in
issuing checks, drafts or securities for the Insured, unless included
under Sub-section (9) hereof, and
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(8)
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Those
persons so designated in section 15, Central Handling of Securities,
and
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(9)
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Any
officer, partner or Employee of
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a)
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An
investment advisor,
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b)
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An
underwriter (distributor),
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c)
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A
transfer agent or shareholder accounting record-keeper,
or
|
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d)
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an
administrator authorized by written agreement to keep financial and/or
other required records,
|
[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
|
(b)
|
“Property”
means money (i.e. currency, coin, bank notes, Federal Reserve notes),
postage and revenue stamps, U.S. Savings Stamps, bullion, precious metals
of all kinds and in any form and articles made there from, jewelry,
watches, necklaces, bracelets, gems, precious and semi-precious stones,
bonds, securities, evidences of debts, debentures, scrip, certificates,
interim receipts, warrants, rights, puts, calls, straddles, spreads,
transfers, coupons, drafts, bills of exchange, acceptances, notes, checks,
withdrawal orders, money orders, warehouse receipts, bills of lading,
conditional sales contracts, abstracts of title, insurance policies,
deeds, mortgages under real estate and/or chattels and upon interests
therein, and assignments of such policies, mortgages and instruments, and
other valuable papers, including books of account and other records used
by the Insured in the conduct of its business, and all other instruments
similar to or in the nature of the foregoing including electronic
Representations of such Instruments enumerated above (but excluding all
data processing records) in which the Insured has an interest or in which
the Insured acquired or should have acquired an interest by reason of a
predecessor’s declared financial condition at the time of the Insured’s
consolidation or merge with, or purchase of the principal assets of, such
predecessor or which are held by the Insured for any purpose or in any
capacity and whether so held by the Insured for any purpose or in any
capacity and whether so held gratuitously or not and whether or not the
Insured is liable therefore.
|
|
(c)
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“Forgery”
means the signing of the name of another with the intent to deceive; it
does not include the signing of one’s own name with or without authority,
in any capacity, or for any
purpose.
|
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(d)
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“Larceny
and Embezzlement” as it applies to any named Insured means those acts as
set forth in Section 37 of the Investment Company Act of
1940.
|
|
(e)
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“Items
of Deposit” means any one or more checks and
drafts.
|
SECTION
2.
|
EXCLUSIONS
|
|
(a)
|
Loss
effected directly or indirectly by means of forgery or alteration of, on
or in any instrument, except when covered by Insuring Agreement (A), (D),
(E) or (F).
|
|
(b)
|
loss
due to riot or civil commotion outside the United States of America and
Canada; or loss due to military, naval or usurped power, war or
insurrection unless such loss occurs in transit in the circumstances
recited in Insuring Agreement (D), and unless, when such transit was
initiated, there was no knowledge of such riot, civil commotion, military,
naval or usurped power, war or insurrection on the part of any person
acting for the Insured in initiating such
transit.
|
[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
|
(c)
|
loss,
in time of peace or war, directly or indirectly caused by or resulting
from the effects of nuclear fission or fusion or radioactivity; provided,
however, that this paragraph shall not apply to loss resulting from
industrial uses of nuclear energy.
|
|
(d)
|
loss
resulting from any wrongful act or acts of any person who is a member of
the Board of Directors of the Insured or a member of any equivalent body
by whatsoever name known unless such person is also an Employee or an
elected official, partial owner or partner of the Insured in some other
capacity, nor, in any event, loss resulting from the act or acts of any
person while acting in the capacity of a member of such Board or
equivalent body.
|
|
(e)
|
loss
resulting from the complete or partial nonpayment of, or default upon, any
loan or transaction in the nature of, or amounting to, a loan made by or
obtained from the Insured or any of its partners, directors or Employees,
whether authorized or unauthorized and whether
procured in good faith or through trick, artifice, fraud or false
pretenses, unless such loss is covered under Insuring Agreement (A), (E)
or (F).
|
|
(f)
|
Loss
resulting from any violation by the Insured or by any
Employee
|
|
(1)
|
of
law regulating (a) the issuance, purchase or sale of securities, (b)
securities transactions upon Security Exchanges or over the counter
market, (c) Investment Companies, or (d) Investment Advisors,
or
|
|
(2)
|
Of
any rule or regulation made pursuant to any such
law,
|
|
(g)
|
loss
of Property or loss of privileges through the misplacement or loss of
Property as set forth in Insuring Agreement (C) or (D) while the Property
is in the custody of any armored motor vehicle company, unless such loss
shall be in excess of the amount recovered or received by the Insured
under (a) the Insured’s contract with said armored motor vehicle company,
(b) insurance carried by said armored motor vehicle company for the
benefit of users of its service, and (c) all other insurance and indemnity
in force in whatsoever form carried by or for the benefit of users of said
armored motor vehicle company’s service, and then this bond shall cover
only such excess.
|
|
(h)
|
Potential
income, including but not limited to interest and dividends, not realized
by the Insured because of a loss covered under this bond, except as
included under Insuring Agreement
(I).
|
|
(i)
|
all
damages of any type for which the Insured is legally liable, except direct
compensatory damages arising
from a loss covered under this
bond.
|
|
(j)
|
Loss
through the surrender of Property away from an office of the Insured as a
result of a threat
|
|
(1)
|
to
do bodily harm to any person, except loss of Property in transit in the
custody of any person acting as messenger provided that when such transit
was initiated there was no knowledge by the Insured of any such threat,
or
|
|
(2)
|
To
do damage to the premises or Property of the Insured, except when covered
under Insuring Agreement (A).
|
|
(k)
|
All
costs, fees and other expenses incurred by the Insured in establishing the
existence of or amount of loss covered under this bond unless such
indemnity is provided for under Insuring Agreement
(I).
|
|
(l)
|
loss
resulting from payments made or withdrawals from the account of a customer
of the Insured, shareholder or subscriber to shares involving funds
erroneously credited to such account, unless such payments are made to or
withdrawn by such depositor or representative of such person, who is
within the premises of the drawee bank of the Insured or within the office
of the Insured at the time of such payment or withdrawal or unless such
payment is covered under Insuring Agreement
(A).
|
|
(m)
|
Any
loss resulting from Uncollectible Items of Deposit which are drawn from a
financial institution outside the fifty states of the United States of
America, District of Columbia, and territories and possessions of the
United States of America, and
Canada.
|
[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
SECTION
3.
|
ASSIGNMENT
OF RIGHTS
|
SECTION
4.
|
LOSS-NOTICE-PROOF-LEGAL
PROCEEDINGS
|
|
(a)
|
becomes
aware of facts, or
|
|
(b)
|
receives
written notice of an actual or potential claim by a third party which
alleges that the Insured is liable under
circumstance
|
[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
SECTION
5.
|
VALUATION
OF PROPERTY
|
SECTION
6.
|
VALUATION
OF PREMISES AND FURNISHINGS
|
SECTION
7.
|
LOST
SECURITIES
|
[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
SECTION
8.
|
SALVAGE
|
SECTION
9.
|
NON-REDUCTION
AND NON-ACCUMULATION OF LIABILITY AND TOTAL
LIABILITY
|
|
(a)
|
any
one act of burglary, robbery or hold-up, or attempt thereat, in which no
Partner or Employee is concerned or implicated shall be deemed to be one
loss, or
|
|
(b)
|
Any
one unintentional or negligent act on the part of any
one person resulting in damage to or destruction or misplacement of
Property, shall be deemed to be one loss,
or
|
|
(c)
|
All
wrongful acts, other than those specified in (a) above, of any one person
shall be deemed to be one loss, or
|
|
(d)
|
all
wrongful acts, other than those specified in (a) above, of one or more
persons (which dishonest act(s) or act(s) of Larceny or Embezzlement
include, but are not limited to, the failure of an Employee to report such
acts of others) whose dishonest act or acts intentionally or
unintentionally, knowingly or unknowingly, directly or indirectly, aid or
aids in any way, or permits the continuation of, the dishonest act or acts
of any other person or persons shall be deemed to be one loss with the act
or acts of the persons aided, or
|
|
(e)
|
any
one casualty or event other than those specified in (a), (b), (c) or (d)
preceding, shall be deemed to be one loss, and shall be limited to the
applicable Limit of Liability stated in Item 3 of the Declarations of this
bond irrespective of the total amount of such loss or losses and shall not
be cumulative in amounts from year to year or from period to
period.
|
SECTION
10.
|
LIMIT
OF LIABILITY
|
[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
SECTION
11.
|
OTHER
INSURANCE
|
SECTION
12.
|
DEDUCTIBLE
|
SECTION
13.
|
TERMINATION
|
[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
|
(a)
|
as
to any Employee as soon as any partner, officer or supervisory
Employee of the Insured, who is not in collusion with such Employee, shall
learn of any dishonest or fraudulent act(s), including Larceny or
Embezzlement on the part of such Employee without prejudice to the loss of
any Property then in transit in the custody of such Employee and upon the
expiration of ninety (90) days after written notice has been given to the
Securities and Exchange Commission, Washington, D.C. (See Section 16[d])
and to the Insured Investment Company,
or
|
|
(b)
|
as
to any Employee 90 days after receipt by each Insured and by the
Securities and Exchange Commission of a written notice from the
Underwriter of its desire to terminate this bond as to such Employee,
or
|
|
(c)
|
as
to any person, who is a partner, officer or employee
of any Electronic Data Processor covered under this bond, from and after
the time that the Insured or any partner or officer thereof not in
collusion with such person shall have knowledge of information that such
person has committed any dishonest or fraudulent act(s), including Larceny
or Embezzlement in the service of the Insured or otherwise, whether such
act be committed before or after the time this bond is
effective.
|
SECTION
14.
|
RIGHTS
AFTER TERMINATION OR CANCELLATION
|
|
(a)
|
on
the effective date of any other insurance obtained by the Insured, its
successor in business or any other party, replacing in whole or in part
the insurance afforded by this bond, whether or not such other insurance
provides coverage for loss sustained prior to its effective date,
or
|
|
(b)
|
Upon
takeover of the Insured’s business by any State or Federal official or
agency, or by any receiver or liquidator,
acting or appointed for this purpose without the necessity of the
Underwriter giving notice of such termination. In the event
that such additional period of time is terminated, as provided above, the
Underwriter shall refund any unearned
premium.
|
SECTION
15.
|
CENTRAL
HANDLING OF SECURITIES
|
[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
SECTION
16.
|
ADDITIONAL
COMPANIES INCLUDED AS INSURED
|
|
(a)
|
The
total liability of the Underwriter hereunder for loss or losses sustained
by any one or more or all of them shall not exceed the limit for which the
Underwriter would be liable hereunder if all such loss were sustained by
any one of them.
|
|
(b)
|
the
one first named herein shall be deemed authorized to make, adjust and
receive and enforce payment of all claims hereunder and shall be deemed to
be the agent of the others for such purposes and for the giving or
receiving of any notice required or permitted to be given by the terms
hereof, provided that the Underwriter shall furnish each named Investment
Company with a copy of the bond and with any amendment thereto, together
with a copy of each formal filing of the settlement of each such claim
prior to the execution of such
settlement,
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(c)
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The
Underwriter shall not be responsible for the proper application of any
payment made hereunder to said first named
Insured,
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(d)
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knowledge
possessed or discovery made by any partner, officer or supervisory
Employee of any Insured shall for the purpose of Section 4 and Section 13
of this bond constitute knowledge or discovery by all the Insured,
and
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(e)
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If
the first named Insured ceases for any reason to be covered under this
bond, then the Insured next named shall thereafter be considered as the
first named Insured for the purposes of this
bond.
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[LOGO]
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INSURED
COPY
|
Great
American
|
234-62-24-01
|
SECTION
17.
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NOTICE
AND CHANGE OF CONTROL
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(a)
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The
names of the transferors and transferees (or the names of the beneficial
owners if the voting securities are requested in another name),
and
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(b)
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The
total number of voting securities owned by the transferors and the
transferees (or the beneficial owners), both immediately before and after
the transfer, and
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(c)
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The
total number of outstanding voting
securities.
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SECTION
18.
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CHANGE
OR MODIFICATION
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[LOGO]
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INSURED
COPY
|
Great
American
|
234-62-24-01
|
(1)
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Entry
of data into, or
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(2)
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Change
of data elements or programs within
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(a)
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Property
to be transferred paid or
delivered,
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(b)
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An
account of the Insured, or of its customer, to be added, deleted, debited
or credited, or
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(c)
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An
unauthorized account or a fictitious account to be debited or
credited;
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(3)
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Voice
instructions or advices having been transmitted to the Insured or its
agent(s) by telephone;
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(i)
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cause
the Insured or its agent(s) to sustain a loss,
and
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(ii)
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Obtain
financial benefit for that individual or for other persons intended by
that individual to receive financial
benefit,
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(iii)
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and
further provided such voice instructions or
advices:
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(a)
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Were
made by a person who purported to represent an individual authorized to
make such voice instructions or advices;
and
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(b)
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Were
electronically recorded by the Insured or its
agent(s).
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[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
|
(a)
|
Computers
with related peripheral components, including storage components, wherever
located,
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(b)
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Systems
and applications software,
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(c)
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Terminal
devices,
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(d)
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Related
communication networks or customer communication systems,
and
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(e)
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Related
Electronic Funds Transfer Systems,
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(a)
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The
initial paragraph of the bond preceding the Insuring Agreements which
reads “...at any time but discovered during the Bond
Period.”
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(b)
|
Section
9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND
TOTAL
LIABILITY
|
[LOGO]
|
INSURED
COPY
|
Great
American
|
234-62-24-01
|
|
(a)
|
90
days after receipt by the Insured of written notice from the Underwriter
of its desire to terminate or cancel coverage under this Rider,
or
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(b)
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Immediately
upon receipt by the Underwriter of a written request from the Insured to
terminate or cancel coverage under this
Rider.
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