Form 17-02-1421 (Ed. 5-98) Page 11 of 19
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 12 of 19
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Conditions and Limitations |
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Specific Exclusions - Applicable To All Insuring Clauses Except Insuring Clause 1.
(continued) |
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f. |
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loss resulting from the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay or deliver funds or other Property to the ASSURED provided further that this
Section 3.f. shall not apply to loss of Property resulting directly from robbery, burglary, misplacement, mysterious unexplainable disappearance, damage, destruction or removal from the possession, custody or control of the
ASSURED. |
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g. |
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loss of Property while in the custody of a Transportation Company, provided however, that this Section 3.g. shall not apply to INSURING CLAUSE 3.; |
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h. |
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loss resulting from entries or changes made by a natural person with authorized access to a Computer System who acts in good faith on instructions, unless such instructions are given to that person by a software
contractor or its partner, officer, or employee authorized by the ASSURED to design, develop, prepare, supply, service, write or implement programs for the ASSUREDs Computer System; or |
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i. |
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loss resulting directly or indirectly from the input of data into a Computer System terminal, either on the premises of the customer of the ASSURED or under the
control of such a customer, by a customer or other person who had authorized access to the customers authentication mechanism. |
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Specific Exclusions - |
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4. |
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This bond does not directly or indirectly cover: |
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Applicable To All Insuring Clauses Except Insuring Clauses 1., 4., And 5. |
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a. |
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loss resulting from the complete or partial non-payment of or default on any loan whether such loan was procured in good faith or through trick, artifice, fraud or false pretenses;
provided, however, this Section 4.a. shall not apply to INSURING CLAUSE 8.; |
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b. |
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loss resulting from forgery or any alteration; |
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c. |
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loss involving a counterfeit provided, however, this Section 4.c. shall not apply to INSURING CLAUSE 5. or 6. |
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Limit Of Liability/Non- Reduction And Non- Accumulation Of Liability |
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5. |
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At all times prior to termination of this Bond, this Bond shall continue in force for the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS, notwithstanding any previous loss for which the COMPANY
may have paid or be liable to pay under this Bond provided, however, that the liability of the COMPANY under this Bond with respect to all loss resulting from: |
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a. |
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any one act of burglary, robbery or hold-up, or attempt thereat, in which no Employee is concerned or implicated, or |
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b. |
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any one unintentional or negligent act on the part of any one person resulting in damage to or destruction or misplacement of Property, or |
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c. |
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all acts, other than those specified in a. above, of any one person, or |
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 13 of 19
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Conditions and Limitations |
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Limit Of Liability/Non- |
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d. |
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any one casualty or event other than those specified in a., b., or c. above, |
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Reduction And Non- Accumulation Of Liability (continued) |
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shall be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 2. 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. |
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All acts, as specified in c. above, of any one person which |
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i. |
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directly or indirectly aid in any way wrongful acts of any other person or persons, or |
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ii. |
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permit the continuation of wrongful acts of any other person or persons |
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whether such acts are committed with or without the knowledge of the wrongful acts of the person so aided, and whether such acts are committed with or without the intent to aid
such other person, shall be deemed to be one loss with the wrongful acts of all persons so aided. |
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Discovery |
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6. |
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This Bond applies only to loss first discovered by an officer of the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of an officer of the ASSURED being aware of: |
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a. |
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facts which may subsequently result in a loss of a type covered by this Bond, or |
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b. |
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an actual or potential claim in which it is alleged that the ASSURED is liable to a third party, |
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regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact
amount or details of loss may not then be known. |
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Notice To Company - Proof - Legal Proceedings Against
Company |
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7. |
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a. |
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The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to exceed sixty (60) days after discovery of loss, in an amount that is in excess of 50% of the applicable DEDUCTIBLE AMOUNT,
as stated in ITEM 2. of the DECLARATIONS. |
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b. |
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The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to, with full particulars within six (6) months after such discovery. |
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c. |
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Securities listed in a proof of loss shall be identified by certificate or bond numbers, if issued with them. |
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d. |
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Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the expiration of sixty (60) days after the proof of loss is filed with the COMPANY or after the expiration of twenty-four
(24) months from the discovery of such loss. |
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e. |
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This Bond affords coverage only in favor of the ASSURED. No claim, suit, action or legal proceedings shall be brought under this Bond by anyone other than the ASSURED. |
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 14 of 19
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Conditions and Limitations |
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Notice To Company -
Proof - Legal Proceedings Against Company (continued) |
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f. |
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Proof of loss involving Voice Initiated Funds Transfer Instruction shall include electronic recordings of such instructions. |
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Deductible Amount |
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8. |
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The COMPANY shall not be liable under any INSURING CLAUSES of this Bond on account of loss unless the amount of such loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the
ASSURED, other than from any Bond or policy of insurance issued by an insurance company and covering such loss, or by the COMPANY on account thereof prior to payment by the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in ITEM
3. of the DECLARATIONS, and then for such excess only, but in no event for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the DECLARATIONS. |
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There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company. |
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Valuation |
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9. |
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BOOKS OF ACCOUNT OR OTHER RECORDS |
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The value of any loss of Property consisting of books of account or other records used by the ASSURED in the conduct of its business shall be the amount paid by the ASSURED for blank books, blank pages, or other
materials which replace the lost books of account or other records, plus the cost of labor paid by the ASSURED for the actual transcription or copying of data to reproduce such books of account or other records. |
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The value of any loss of Property other than books of account or other records used by the ASSURED in the conduct of its business, for which a claim is made shall be determined by the average market value of such
Property on the business day immediately preceding discovery of such loss provided, however, that the value of any Property replaced by the ASSURED with the consent of the COMPANY and prior to the settlement of any claim for such
Property shall be the actual market value at the time of replacement. |
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In the case of a loss of interim certificates, warrants, rights or other securities, the production of which is necessary to the exercise of subscription, conversion, redemption or deposit privileges, the value of them
shall be the market value of such privileges immediately preceding their expiration if said loss is not discovered until after their expiration. If no market price is quoted for such Property or for such privileges, the value shall be fixed
by agreement between the parties. |
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OTHER PROPERTY |
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The value of any loss of Property, other than as stated above, shall be the actual cash value or the cost of repairing or replacing such Property with Property of like quality and value, whichever is
less. |
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 15 of 19
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Conditions and Limitations |
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(continued) |
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Securities Settlement |
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10. |
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In the event of a loss of securities covered under this Bond, the COMPANY may, at its sole discretion, purchase replacement securities, tender the value of the securities in money, or issue its indemnity to effect
replacement securities. |
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The indemnity required from the ASSURED under the terms of this Section against all loss, cost or expense arising from the replacement of securities by the COMPANYS indemnity shall be: |
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a. |
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for securities having a value less than or equal to the applicable DEDUCTIBLE AMOUNT - one hundred (100%) percent; |
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b. |
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for securities having a value in excess of the DEDUCTIBLE AMOUNT but within the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT bears to the value of the securities; |
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c. |
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for securities having a value greater than the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT and portion in excess of the applicable LIMIT OF LIABILITY bears to the value of the
securities. |
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The value referred to in Section 10.a., b., and c. is the value in accordance with Section 9, Valuation, regardless of the value of such securities at the time the loss under the COMPANYS indemnity is
sustained. |
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The COMPANY is not required to issue its indemnity for any portion of a loss of securities which is not covered by this Bond; however, the COMPANY may do so as a courtesy to the ASSURED and at its sole
discretion. |
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The ASSURED shall pay the proportion of the Companys premium charge for the Companys indemnity as set forth in Section 10.a., b., and c. No portion of the LIMIT OF
LIABILITY shall be used as payment of premium for any indemnity purchased by the ASSURED to obtain replacement securities. |
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Subrogation - Assignment Recovery |
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11. |
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In the event of a payment under this Bond, the COMPANY shall be subrogated to all of the ASSUREDS rights of recovery against any person or entity to the extent of such payment. On request, the ASSURED shall deliver
to the COMPANY an assignment of the ASSUREDS rights, title and interest and causes of action against any person or entity to the extent of such payment. |
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Recoveries, whether effected by the COMPANY or by the ASSURED, shall be applied net of the expense of such recovery in the following order: |
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a. |
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first, to the satisfaction of the ASSUREDS loss which would otherwise have been paid but for the fact that it is in excess of the applicable LIMIT OF LIABILITY, |
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b. |
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second, to the COMPANY in satisfaction of amounts paid in settlement of the ASSUREDS claim, |
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c. |
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third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE AMOUNT, and |
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 16 of 19
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Conditions and Limitations |
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Subrogation - Assignment Recovery |
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d. |
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fourth, to the ASSURED in satisfaction of any loss suffered by the ASSURED which was not covered under this Bond. |
(continued) |
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Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a recovery under this section. |
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Cooperation Of Assured |
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12. |
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At the COMPANYS request and at reasonable times and places designated by the COMPANY, the ASSURED shall: |
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a. |
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submit to examination by the COMPANY and subscribe to the same under oath, |
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b. |
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produce for the COMPANYS examination all pertinent records, and |
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c. |
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cooperate with the COMPANY in all matters pertaining to the loss. |
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The ASSURED shall execute all papers and render assistance to secure to the COMPANY the rights and causes of action provided for under this Bond. The ASSURED shall do nothing after
loss to prejudice such rights or causes of action. |
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Termination |
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13. |
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If the Bond is for a sole ASSURED, it shall not be terminated unless written notice shall have been given by the acting party to the affected party and to the Securities and Exchange Commission, Washington, D.C., not
less than sixty (60) days prior to the effective date of such termination. |
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If the Bond is for a joint ASSURED, it shall not be terminated unless written notice shall have been given by the acting party to the affected party, and by the COMPANY to all ASSURED Investment Companies and to
the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination. |
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This Bond will terminate as to any one ASSURED, other than an Investment Company: |
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a. |
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immediately on the taking over of such ASSURED by a receiver or other liquidator or by State or Federal officials, or |
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b. |
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immediately on the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the ASSURED, or assignment for the benefit of creditors of the ASSURED, or |
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c. |
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immediately upon such ASSURED ceasing to exist, whether through merger into another entity, disposition of all of its assets or otherwise. |
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The COMPANY shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the ASSURED or pro rata if terminated for any other reason. |
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 17 of 19
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Conditions and Limitations |
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Termination (continued) |
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If any partner, director, trustee, or officer or supervisory employee of an ASSURED not acting in collusion with an Employee learns of any dishonest act committed by such Employee at any time, whether in
the employment of the ASSURED or otherwise, whether or not such act is of the type covered under this Bond, and whether against the ASSURED or any other person or entity, the ASSURED: |
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a. |
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shall immediately remove such Employee from a position that would enable such Employee to cause the
ASSURED to suffer a loss covered by this Bond; and |
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b. |
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within forty-eight (48) hours of learning that an Employee has committed any dishonest act, shall notify
the COMPANY, of such action and provide full particulars of such dishonest act. |
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The COMPANY may terminate coverage as respects any Employee sixty (60) days after written notice is received by each ASSURED Investment Company and the Securities and
Exchange Commission, Washington, D.C. of its desire to terminate this Bond as to such Employee. |
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Other Insurance |
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14. |
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Coverage under this Bond shall apply only as excess over any valid and collectible insurance, indemnity or suretyship obtained by or on behalf of: |
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a. |
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the ASSURED, |
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b. |
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a Transportation Company, or |
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c. |
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another entity on whose premises the loss occurred or which employed the
person causing the loss or engaged the messenger conveying the Property involved. |
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Conformity |
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15. |
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If any limitation within this Bond is prohibited by any law controlling this Bonds construction, such limitation shall be deemed to be amended so as to equal the minimum
period of limitation provided by such law. |
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Change or Modification |
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16. |
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This Bond or any instrument amending or affecting this Bond may not be changed or modified orally. No change in or modification of this
Bond shall be effective except when made by written endorsement to this Bond signed by an authorized representative of the COMPANY.
If this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after
written notice has been furnished to the Securities and Exchange Commission, Washington, D.C., by the acting party. |
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 18 of 19
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Conditions And Limitations |
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Change or Modification (continued) |
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If this Bond is for a joint ASSURED, no charge or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured Investment
Companies and to the Securities and Exchange Commission, Washington, D.C., by the COMPANY. |
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 19 of 19
IMPORTANT NOTICE TO POLICYHOLDERS
All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter Chubb) distribute their
products through licensed insurance brokers and agents (producers). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link
located at the bottom of the page at www.chubb.com [chubb.com], or by calling 1-866-588-9478. Additional information may
be available from your producer.
Thank you for choosing Chubb.
10-02-1295 (ed. 6/2007)
Important Notice:
The SEC Requires Proof of Your Fidelity Insurance Policy
Your company is
now required to file an electronic copy of your fidelity insurance coverage (Chubbs ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.
Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity
insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.
The electronic copy of your policy is provided by Chubb
solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic
copy, constitute the entire agreement between your company and Chubb.
If you have any questions, please contact your agent or broker.
Form 14-02-12160 (ed. 7/2006)
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ENDORSEMENT/RIDER |
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Effective date of |
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this endorsement/rider: January 31, 2022 |
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FEDERAL INSURANCE COMPANY |
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Endorsement/Rider No. 1 |
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To be attached to and |
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form a part of Policy No. 82210769 |
Issued to: SALIENT MLP & ENERGY INFRASTRUCTURE FUND
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage
provided by this insurance.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of
coverage.
All other terms, conditions and limitations of this Policy shall remain unchanged.
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Authorized Representative |
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14-02-9228 (2/2010)
Page 1
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FEDERAL INSURANCE COMPANY |
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Endorsement No: |
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2 |
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Bond Number: |
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82210769 |
NAME OF ASSURED: SALIENT MLP & ENERGY INFRASTRUCTURE FUND
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:
Salient Midstream & MLP Fund
Salient MLP & Energy Infrastructure
Fund
Salient Tactical Plus Fund
Salient Select Income Fund
Salient Tactical Growth Fund
Salient Global Real Estate Fund
This Endorsement applies to loss discovered after 12:01 a.m. on January 31, 2022.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date:
February 22, 2022
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By |
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Authorized Representative |
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ICAP Bond
Form 17-02-0949 (Rev. 1-97) Page 1
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FEDERAL INSURANCE COMPANY |
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Endorsement No. 3
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Bond Number: 82210769
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NAME OF ASSURED: SALIENT
MLP & ENERGY INFRASTRUCTURE FUND |
REVISE ITEM 2. ENDORSEMENT |
It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and substituting the
following: |
ITEM 2. LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:
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If Not Covered is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference
to such INSURING CLAUSE in this Bond shall be deemed to be deleted.There shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any Investment
Company. |
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INSURING CLAUSE |
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SINGLE LOSS LIMIT OF LIABILITY |
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DEDUCTIBLE
AMOUNT |
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1. Employee |
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$ |
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2,500,000 |
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$ |
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0 |
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2. On Premises |
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$ |
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2,500,000 |
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$ |
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25,000 |
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3. In Transit |
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$ |
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2,500,000 |
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$ |
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25,000 |
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4. Forgery or Alteration |
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$ |
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2,500,000 |
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$ |
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25,000 |
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5. Extended Forgery |
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$ |
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2,500,000 |
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$ |
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25,000 |
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6. Counterfeit Money |
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$ |
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2,500,000 |
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|
$ |
|
|
|
|
25,000 |
|
7. Threats to Person |
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$ |
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|
|
|
Not Covered |
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|
|
|
|
$ |
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|
|
|
Not Covered |
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8. Computer System |
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$ |
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|
|
|
2,500,000 |
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|
|
|
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$ |
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|
|
|
25,000 |
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9. Voice Initiated Funds Transfer Instruction |
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$ |
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|
|
|
2,500,000 |
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|
|
|
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$ |
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|
|
|
25,000 |
|
10. Uncollectible Items of Deposit |
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$ |
|
|
|
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25,000 |
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|
|
|
|
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$ |
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|
|
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5,000 |
|
11. Audit Expense |
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$ |
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|
|
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25,000 |
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|
|
|
|
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$ |
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|
|
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5,000 |
|
12. Unauthorized Signature |
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$ |
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|
|
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25,000 |
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|
|
|
|
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$ |
|
|
|
|
5,000 |
|
13. Fraudulent Transfer Instruction |
|
$ |
|
|
|
|
2,500,000 |
|
|
|
|
|
|
$ |
|
|
|
|
25,000 |
|
This Endorsement applies to loss discovered after 12:01
a.m. on January 31, 2022.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: February 22, 2022
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By |
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Authorized Representative |
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FEDERAL INSURANCE COMPANY |
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Endorsement No.: 4 |
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Bond Number: |
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82210769 |
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NAME OF ASSURED: SALIENT MLP & ENERGY INFRASTRUCTURE FUND |
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UNAUTHORIZED SIGNATURE ENDORSEMENT |
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It is agreed that this Bond is amended as follows: |
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1. By adding the following INSURING CLAUSE: |
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12. Unauthorized Signature |
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Loss resulting directly from the ASSURED having accepted, paid or cashed any check or Withdrawal Order made or
drawn on or against the account of the ASSUREDS customer which bears the signature or endorsement of one other than a person whose name and signature is on file with the ASSURED as a signatory on such account. |
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It shall be a condition precedent to the ASSUREDS right of recovery under this INSURING CLAUSE that the ASSURED
shall have on file signatures of all the persons who are signatories on such account. |
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2. By adding to Section 1., Definitions, the following: |
|
r. Instruction means a written order to the issuer of an
Uncertificated Security requesting that the transfer, pledge or release from pledge of the specified Uncertificated Security be registered. |
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s. Uncertificated Security means a share, participation or other interest in
property of or an enterprise of the issuer or an obligation of the issuer, which is: |
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(1) |
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not represented by an instrument and the transfer of which is registered on books maintained for that purpose by or
on behalf of the issuer, and |
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(2) |
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of a type commonly dealt in on securities exchanges or markets, and |
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(3) |
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either one of a class or series or by its terms divisible into a class or series of shares, participations, interests
or obligations. |
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ICAP Bond |
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Form 17-02-5602 (Ed. 10-03) Page 1 |
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t. Withdrawal Order means a
non-negotiable instrument, other than an Instruction, signed by a customer of the ASSURED authorizing the ASSURED to debit the customers account in the amount of funds stated
therein. |
This Endorsement applies to loss discovered after 12:01 a.m. on January 31, 2022.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: February 22, 2022
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By |
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Authorized Representative |
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ICAP Bond |
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Form 17-02-5602 (Ed. 10-03) Page 2 |
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ENDORSEMENT/RIDER |
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Effective date of |
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this endorsement/rider: January 31, 2022 |
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FEDERAL INSURANCE COMPANY |
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Endorsement/Rider No. |
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5 |
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To be attached to and |
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form a part of Bond No. |
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82210769 |
Issued to: SALIENT MLP &
ENERGY INFRASTRUCTURE FUND
DELETING
VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION
ENDORSEMENT
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In consideration of the premium charged, it is agreed that this Bond is amended as follows: |
1. |
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The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety. |
2. |
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The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with the following: |
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If this Bond is for a joint ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all
insured Investment Companies and the Securities and Exchange Commission, Washington, D.C., by the COMPANY. |
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.
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Authorized Representative |
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17-02-2437 (12/2006) rev.
Page 1
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ENDORSEMENT/RIDER |
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Effective date of |
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this endorsement/rider: January 31, 2022 |
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FEDERAL INSURANCE COMPANY |
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Endorsement/Rider No. |
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6 |
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To be attached to and |
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form a part of Bond No. |
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82210769 |
Issued to: SALIENT MLP &
ENERGY INFRASTRUCTURE FUND
AUTOMATIC
INCREASE IN LIMITS ENDORSEMENT
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In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To Company, is
amended by adding the following subsection: |
Automatic Increase in Limits for Investment Companies |
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If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940 (the Act), due to: |
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(i) |
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the creation of a new Investment Company, other than by consolidation or merger with, or purchase or acquisition of assets or liabilities of, another institution; or |
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(ii) |
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an increase in asset size of current Investment Companies covered under this Bond, |
then the minimum required increase in limits shall take place automatically without payment of additional premium for the remainder of the BOND PERIOD. |
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The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage. |
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All other terms, conditions and limitations of this Bond shall remain unchanged. |
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Authorized Representative |
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14-02-14098 (04/2008)
Page 1
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FEDERAL INSURANCE COMPANY |
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Endorsement No: |
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7 |
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Bond Number: |
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82210769 |
NAME OF ASSURED: SALIENT
MLP & ENERGY INFRASTRUCTURE FUND
TEXAS AMENDATORY ENDORSEMENT
It is agreed that this Bond is
amended by adding an additional paragraph to Section 13., Termination, as follows:
The COMPANY may not terminate or
refuse to renew this Bond solely because the ASSURED is an elected official.
This Endorsement applies to loss discovered after 12:01 a.m. on January 31,
2022.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: February 22, 2022
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By |
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Authorized Representative |
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State Amendatory-General Use Form 17-02-1429 (Ed. 1-97)
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ENDORSEMENT/RIDER |
Effective date of |
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this endorsement/rider: January 31, 2022 |
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FEDERAL INSURANCE COMPANY |
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Endorsement/Rider No. |
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8 |
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To be attached to and |
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form a part of Bond No. |
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82210769 |
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Issued to: |
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SALIENT MLP & ENERGY INFRASTRUCTURE FUND
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FRAUDULENT TRANSFER INSTRUCTIONS ENDORSEMENT |
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(For use with the ICAP bond) |
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In consideration of the premium charged, it is agreed that this bond is amended as follows: |
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(1) |
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The following Insuring Clause is added: |
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FRAUDULENT TRANSFER INSTRUCTIONS |
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Loss resulting directly from the ASSURED having, in good faith, transferred money
on deposit in a Customers account, or a Customers Certificated Security or Uncertificated Security, in reliance upon a fraudulent instruction transmitted to the ASSURED via telefacsimile, telephone or electronic
mail; provided, |
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however, that: |
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A. |
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the fraudulent instruction purports, and reasonably appears, to have originated from: |
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i. |
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such Customer, or |
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ii. |
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an Employee acting on instructions of such Customer, or |
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iii. |
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another financial institution acting on behalf of such Customer with authority to make such instructions;
and |
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B. |
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the sender of the fraudulent instruction verified the instruction with the password, PIN, or other security code of such
Customer; and |
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C. |
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the sender was not, in fact, such Customer, was not authorized to act on behalf of such Customer, and was
not an Employee; and |
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D. |
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the instruction was received by an Employee specifically authorized by the ASSURED to receive and act upon such
instructions; and |
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E. |
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for any transfer exceeding the amount set forth in paragraph (8) of this endorsement, the ASSURED verified the instructions via a call back to a predetermined telephone number set forth in the ASSUREDs written
agreement with such Customer or other verification procedure approved in writing by the COMPANY; andthe ASSURED preserved a contemporaneous record of the call back, if any, and the instruction which verifies use of the authorized password,
PIN or other security code of the Customer. |
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(2) |
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For the purposes of the coverage afforded by this endorsement, the following terms shall have the following
meanings: |
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|
Certificated Security means a share, participation or other interest in property of, or an enterprise of, the
issuer or an obligation of the issuer, which is: |
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(1) |
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represented by an instrument issued in bearer or registered form, and |
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(2) |
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of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued
or dealt in as a medium for investment, and |
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(3) |
|
either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or
obligations. |
14-02-21330 (10/2014)
Page 1 of 3
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Customer means any individual, corporate partnership, proprietor, trust customer, shareholder or subscriber
of an Investment Company which has a written agreement with the ASSURED authorizing the ASSURED to transfer Money on deposit in an account or Certificated Security or Uncertificated Security in reliance upon instructions
transmitted to the ASSURED via telefacsimile, telephone or electronic mail to transmit the fraudulent instruction. |
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Uncertificated Security means a share, participation or other interest in property of or an enterprise of the
issuer or an obligation of the issuer, which is: |
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(1) |
|
not represented by an instrument and the transfer of which is registered on books maintained for that purpose by or
on behalf of the issuer, and |
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(2) |
|
of a type commonly dealt in on securities exchanges or markets, and |
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(3) |
|
either one of a class or series or by its terms divisible into a class or series of shares, participations, interests
or obligations. |
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(3) |
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It shall be a condition precedent to coverage under this Insuring Clause that the ASSURED assert any available claims, offsets or
defenses against such Customer, any financial institution or any other party to the transaction. |
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(4) |
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Solely with respect to the Fraudulent Transfer Instruction Insuring Clause, the following Exclusions are
added: |
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|
A. |
|
Loss resulting directly or indirectly from a fraudulent instruction if the sender, or anyone acting in collusion with the sender, ever had authorized access to such Customers password, PIN or other security
code; |
|
and |
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B. |
|
Loss resulting directly or indirectly from the fraudulent alteration of an instruction to initiate an automated clearing house (ACH) entry, or group of ACH entries, transmitted as an electronic message, or as an
attachment to an electronic message, sent via the internet, unless: |
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i. |
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each ACH entry was individually verified via the call back procedure without regard to the amount of the entry; or |
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ii. |
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the instruction was formatted, encoded or encrypted so that any altercation in the ACH entry or group of ACH entries would be
apparent to the ASSURED. |
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(5 ) |
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Solely with respect to the Fraudulent Transfer Instruction Insuring Clause, Exclusion 2.k. is deleted and replaced
with the following: |
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k. |
|
loss resulting from voice requests or instructions received over the telephone, provided however, this
Section 2.k. shall not apply to INSURING CLAUSE 7. or 9. or the Fraudulent Transfer Instruction Insuring Clause. |
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(6) |
|
For the purposes of the Fraudulent Transfer Instruction Insuring Clause, all loss or losses involving one natural
person or entity, or one group of natural persons or entities acting together, shall be a Single Loss without regard to the number of transfers or the number of instructions involved. |
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(7) |
|
For the purposes of the Fraudulent Transfer Instruction Insuring Clause, the Single Loss Limit of Liability shall be
$ 2,500,000. The Deductible Amount shall be $ 25,000. |
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(8) |
|
The amount of any single transfer for which verification via call back will be required is: $ 25,000. |
14-02-21330 (10/2014)
Page 2 of 3
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.
All other terms, conditions and limitations of this Policy shall remain unchanged.
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Authorized Representative |
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14-02-21330 (10/2014)
Page 3 of 3
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ENDORSEMENT/RIDER |
Effective date of |
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|
this endorsement/rider: January 31, 2022 |
|
FEDERAL INSURANCE COMPANY |
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Endorsement/Rider No. |
|
9 |
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To be attached to and |
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|
form a part of Bond No. |
|
82210769 |
|
Issued to: SALIENT MLP & ENERGY INFRASTRUCTURE FUND
|
|
AMEND DEFINITION OF FORGERY ENDORSEMENT |
|
In consideration of the premium charged, it is agreed that the definition of Forgery set forth in
Section 1, Definitions, of the Conditions and Limitations of this bond is deleted and replaced with the following: |
|
Forgery means: |
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(1) |
|
affixing the handwritten signature, or a reproduction of the handwritten signature, of another natural person without
authorization and with the intent to deceive; or |
(2) |
|
affixing the name of an organization as an endorsement to a check without authority and with the intent to
deceive. |
|
Provided, however, that a signature which consists in whole or in part of ones own name signed with or without
authority, in any capacity, for any purpose is not a Forgery. An electronic or digital signature is not a reproduction of a handwritten signature or the name of an organization. |
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage. |
|
All other terms, conditions and limitations of this Policy shall remain unchanged. |
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Authorized Representative |
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14-02-21353 (11/2014)
Page 1 of 1
SALIENT MF TRUST
FORWARD FUNDS
SALIENT
MIDSTREAM & MLP FUND
Secretarys Certificate
I, Kristen Bayazitoglu, being the duly appointed Secretary of Salient MF Trust, Forward Funds, and Salient
Midstream & MLP Fund (each a Trust and, together, the Trusts), each a Delaware statutory trust, do hereby certify that the following is a true and correct copy of the resolutions unanimously approved by the Boards of
Trustees of the Trusts (together, the Board), including those Trustees who are not interested persons of the Trusts as defined under the Investment Company Act of 1940, as amended (the 1940 Act), at an in person joint meeting
of the Board held on January 27, 2022, at which meeting a quorum was at all times present and acting. I do hereby also certify that such resolutions have not been rescinded, amended or materially modified and on the date hereof are in full
force and effect:
Approval of Insurance Coverage Renewals and Related Joint Agreements
Joint Fidelity Bond and Joint Bond Agreement
|
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RESOLVED: |
|
That the joint Fidelity Bond, issued by Federal Insurance Company, covering each Trustee, Director, officer and employee of
the Trusts, against larceny and embezzlement, in the amount of $2,500,000 for a twelve-month term period ending January 31, 2023 and in the proposed form discussed at the Meeting, after consideration of all factors deemed relevant by the Board,
including, but not limited to, (i) the expected value of the aggregate assets of the Trusts to which any officer or employee of the Trusts may have access, (ii) the type and terms of the arrangements made for the custody and safekeeping of
such assets and (iii) the nature of the securities in the Trusts portfolios, be, and it hereby is, approved; and be it further |
|
|
RESOLVED: |
|
That the portion of the premium for the Fidelity Bond to be paid by each Trust, after consideration of all factors deemed
relevant by the Board, including, but limited to, (i) the number of other parties named as insureds, (ii) the nature of the business activities of such other parties, (iii) the amount of the Fidelity Bond, (iv) the amount of the
premium for such Fidelity Bond, (v) the ratable allocation of the premium among all parties named as insureds and (vi) the extent to which the share of the premium allocated to each Trust is less than the premium the Trust would have had
to pay if it had provided and maintained a single insured bond, be, and it hereby is, approved; and be it further |
|
|
RESOLVED: |
|
That the appropriate officers of the Trusts be, and each of hereby is, authorized to increase the amount of the Fidelity
Bond coverage from time to time to ensure adequate coverage based upon the value of each Trusts assets and to enable the Trusts to remain in compliance with the 1940 Act and the rules promulgated thereunder; and be it
further |
- 1 -
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|
|
RESOLVED: |
|
That the continuation of the Joint Insured Bond Agreement among the Trusts (the Bond Agreement) as listed in
Schedule A to the Bond Agreement, in substantially the form presented at the Meeting, providing in substance that, in the event recovery is received under the Fidelity Bond as a result of a loss sustained by a Trust and any one or more other
named insureds, each Trust shall receive an equitable and proportionate share of the recovery, but in no event less than the amount it would have received had it provided and maintained a single bond with the minimum coverage required by paragraph
(d)(1) of Rule 17g-1 under the 1940 Act, be, and it hereby is approved; and be it further |
|
|
RESOLVED: |
|
That the appropriate officers of the Trusts be, and each of them hereby is, authorized to execute and deliver said Fidelity
Bond in substantially the form discussed at the Meeting; and be it further |
|
|
RESOLVED: |
|
That the appropriate officers of the Trusts be, and each hereby is, authorized to make any and all payments and to do any
and all such further acts, in the name of the Trusts and on its behalf, as they, or any of them, may determine to be necessary or desirable and proper, with the advice of counsel, in connection with or in furtherance of the foregoing
resolutions. |
IN WITNESS WHEREOF, the undersigned has executed this certificate this 25th day of February, 2022.
|
/s/ Kristen Bayazitoglu |
Kristen Bayazitoglu |
Secretary of Salient MF Trust,
Forward Funds and Salient
Midstream & MLP Fund |
- 2 -
FIDELITY BOND AGREEMENT
This Agreement is made as of January 27, 2022 by and among each entity that has executed this Agreement, as listed on
Schedule A hereto (each a Fund and collectively, the Funds).
WITNESSETH:
WHEREAS, the Funds are management investment companies registered under the Investment Company Act of 1940 (the 1940
Act); and
WHEREAS, the Funds jointly hold a fidelity bond required by the 1940 Act and Rule 17g-1 promulgated thereunder under which the Funds are named insureds; and
WHEREAS,
Rule 17g-1 requires that the named insureds under such a bond enter into an agreement with respect to certain matters;
NOW THEREFORE, in consideration of the premises and the terms and provisions hereinafter set forth, the parties hereto agree
as follows:
1. Description of Bond. Federal Insurance Company
(Chubb) has issued a fidelity bond in an amount approved by the Board Members of the Fund and separately a majority of the Board Members who are not interested persons of such Funds, that designates the Funds as named insureds effective
January 31, 2022 (the Bond), with such Bond to be amended and/or adjusted from time to time.
2. Minimum Recovery. In the event recovery is received under the Bond as
a result of loss sustained by one or more of the Funds, each Fund shall receive an equitable and proportionate share of the recovery which shall be at least equal to the amount which each Fund would have received had it provided and maintained a
single insured bond with the minimum coverage required by Rule 17g-1(d)(1).
3. Term. The terms of this Agreement shall commence on the date hereof
and shall terminate upon the termination or cancellation of the Bond or upon notice from any party hereto.
1
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
on the date first written above.
SALIENT MIDSTREAM & MLP FUND
|
|
|
By: |
|
/s/ Kristen Bayazitoglu |
Name: |
|
Kristen Bayazitoglu |
Title: |
|
Secretary |
SALIENT MF TRUST
|
|
|
By: |
|
/s/ Kristen Bayazitoglu |
Name: |
|
Kristen Bayazitoglu |
Title: |
|
Secretary |
FORWARD FUNDS
|
|
|
By: |
|
/s/ Kristen Bayazitoglu |
Name: |
|
Kristen Bayazitoglu |
Title: |
|
Secretary |
2
SCHEDULE A
1. Salient Private Access Master Fund, L.P. - No longer included as of 3/1/21
2. Salient Private Access Registered Fund, L.P. - No longer included as of 3/1/21
3. Salient Private Access TEI Fund, L.P. - No longer included as of 3/1/21
4. Salient Private Access (Offshore) TEI Fund, Ltd. - No longer included as of 3/1/21
5. Salient Private Access Institutional Fund, L.P. - No longer included as of 3/1/21
6. Salient Private Access (Offshore) Fund, Ltd. Closed on 5/1/2018
7. Salient Private Access (Domestic) Fund, L.P.- No longer included as of 3/1/21
8. Salient Private Access (Exempt) Fund II, L.P. Closed on 5/1/2018
9. Salient Private Access (Domestic QP) Fund, L.P. - No longer included as of 3/1/21
10. Salient Private Access (International) Fund, Ltd. - No longer included as of 3/1/21
11. Salient Private Access Institutional TEI Fund W, L.P. Closed on 7/1/16
12. Salient Private Access Institutional TEI Fund W, Ltd. Closed on 7/1/16
13. The Endowment PMF Master Fund, L.P. - No longer included as of 3/1/21
14. PMF Fund, L.P. - No longer included as of 3/1/21
15. PMF International Fund, Ltd. - No longer included as of 3/1/21
16. PMF TEI Fund, L.P. - No longer included as of 3/1/21
17. PMF TEI (Offshore) Fund, Ltd. - No longer included as of 3/1/21
18. Salient Midstream & MLP Fund (SMM)
19. Salient Midstream & MLP Fund, Inc. Closed on 9/30/16
20. Salient MF Trust
Salient
Adaptive Growth Fund Closed on 8/13/18
Salient Adaptive Growth Offshore Fund Ltd. (Cayman Sub) Closed on 8/13/18
Salient MLP & Energy Infrastructure Fund
Salient Tactical Plus Fund
Salient Trend Fund Closed on 8/13/18
Salient Trend Offshore Fund Ltd. (Cayman Sub) Closed on 8/13/18
Salient Alternative Beta Fund Closed October 2015
Salient Alternative Beta Offshore Fund, Ltd. (Cayman Sub) Closed October 2015
Salient MLP Fund Closed November 2015
Salient Global Equity Fund Closed November 2015
21. Salient Alternative Strategies Master Fund (f/k/a Salient Absolute Return Master Fund) Closed on 6/30/16
Salient Alternative Strategies I Fund (f/k/a Salient Absolute Return Institutional Fund) Closed on 6/30/16
Salient Absolute Return Private Fund (Delaware), LLC Closed on 6/30/16
Salient Absolute Return Institutional Fund (Delaware), LLC Closed on 6/30/16
22. Forward Funds
Salient
Adaptive Balanced Fund Closed on 8/13/18
Salient Adaptive Income Fund Closed on 8/13/18
Salient Adaptive US Equity Fund Closed on 8/13/18
A-1
Salient EM Infrastructure Fund Closed on 8/13/18
Salient International Dividend Signal Fund Closed on 8/13/18
Salient Global Real Estate Fund (f/k/a Salient International Real Estate Fund)
Salient International Small Cap Fund Closed on December 12, 2019
Salient Real Estate Fund Closed on 8/13/18
Salient Select Income Fund
Salient Select Opportunity Fund Closed on 8/13/18
Salient Tactical Growth Fund
Salient Tactical Muni & Credit Fund Closed 10/15/18
Salient Tactical Real Estate Fund Merged/Closed 8/21/18
Salient US Dividend Signal Fund Closed on 8/13/18
Salient EM Corporate Debt Fund Closed on 2/28/17
Salient EM Dividend Signal Fund Closed on 2/28/17
Salient High Yield Fund Closed on 2/28/17
Salient Commodity Long/Short Strategy Fund Closed on 12/12/16
Salient Commodity Long/Short Strategy (Cayman) Fund Ltd. Closed on 12/12/16
Salient Frontier Strategy Fund Closed on 12/12/16
Salient Investment Grade Fund Closed on 12/12/16
Forward Balanced Allocation Merged/Closed on 01/22/16
Forward Global Dividend FundClosed on 11/17/15
Forward Growth & Income Allocation Fund Merged/Closed on 01/22/16
Forward Income & Growth Allocation Fund Closed on 08/12/15
Forward Multi-Strategy Fund Merged/Closed on 01/22/16
Forward Select EM Dividend Fund Closed on 12/15/15
Forward Small Cap Equity Fund Closed on 08/12/15
Forward Tactical Enhanced Fund Closed on 12/23/15
Forward U.S. Government Money Fund Closed on 08/26/15
A-2
JOINT PROFESSIONAL LIABILITY INSURANCE AGREEMENT
This Agreement is made as of January 27, 2022 by and among each entity that has executed this Agreement, as listed on
Schedule A hereto (each a Fund and collectively, the Funds).
WHEREAS, the Board Members of
the Funds (each, a Board and collectively, the Boards) have determined that participation in a joint professional liability insurance policy providing coverage against professional and managerial civil liability is in the
best interests of such Funds;
WHEREAS, the Funds are named as insured persons effective January 31, 2022 under the
Professional Liability Insurance Policy (Insurance Policy) issued by Federal Insurance Company, et al, or an affiliate (the Insurer);
WHEREAS, the Boards satisfy the fund governance standards defined in Rule 0-1(a)(7)
under the Investment Company Act of 1940, as amended (the 1940 Act); and
WHEREAS, the Funds desire to
establish criteria by which premiums and recoveries under the Insurance Policy shall be allocated among parties in compliance with Rule 17d-1(d)(7) under the 1940 Act;
NOW THEREFORE, it is hereby agreed as follows:
1. The premium for the Insurance Policy shall be allocated to each Fund based
upon its proportionate share of the sum of the premiums that would have been paid if such Insurance Policy were purchased separately by each Fund.
2. In the event that the claims of loss of two or more Funds under the
Insurance Policy are so related that the Insurer is entitled to assert that the claims must be aggregated, each Fund shall receive a proportionate share of the sum of the recovery that would have been received if such Insurance Policy coverage were
purchased separately by each Fund.
3. The Insurance Policy shall not
exclude coverage for bona fide claims made against any Board Member who is not an interested person (as such term is
1
defined in the 1940 Act) of the Funds (an Independent Board Member), or against any Fund if such Fund is a co-defendant in the claim with the
Independent Board Member, by another person insured under the Insurance Policy.
4. Each Board, including a
majority of the Independent Board Members, shall determine no less frequently than annually that the Insurance Policy is in the best interests of the Funds and that the standards in paragraphs (1) and (2) above have been satisfied.
5. The obligations of each Fund
under this Agreement are not binding upon any of the Board Members of the Funds or any Fund investors individually, but bind only the assets of such Fund.
6. This Agreement may be
executed in two or more counterparts, all of which taken together shall be deemed one and the same instrument.
IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed on the date first written above.
SALIENT MIDSTREAM & MLP FUND
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By: |
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/s/ Kristen Bayazitoglu |
Name: |
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Kristen Bayazitoglu |
Title: |
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Secretary |
SALIENT MF TRUST
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By: |
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/s/ Kristen Bayazitoglu |
Name: |
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Kristen Bayazitoglu |
2
FORWARD FUNDS
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By: |
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/s/ Kristen Bayazitoglu |
Name: |
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Kristen Bayazitoglu |
Title: |
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Secretary |
3
SCHEDULE A
1. Salient Private Access Master Fund, L.P. - No longer included as of 3/1/21
2. Salient Private Access Registered Fund, L.P. - No longer included as of 3/1/21
3. Salient Private Access TEI Fund, L.P. - No longer included as of 3/1/21
4. Salient Private Access (Offshore) TEI Fund, Ltd. - No longer included as of 3/1/21
5. Salient Private Access Institutional Fund, L.P. - No longer included as of 3/1/21
6. Salient Private Access (Offshore) Fund, Ltd. Closed on 5/1/2018
7. Salient Private Access (Domestic) Fund, L.P. - No longer included as of 3/1/21
8. Salient Private Access (Exempt) Fund II, L.P. Closed on 5/1/2018
9. Salient Private Access (Domestic QP) Fund, L.P. - No longer included as of 3/1/21
10. Salient Private Access (International) Fund, Ltd. - No longer included as of 3/1/21
11. Salient Private Access Institutional TEI Fund W, L.P. Closed on 7/1/16
12. Salient Private Access Institutional TEI Fund W, Ltd. Closed on 7/1/16
13. The Endowment PMF Master Fund, L.P. - No longer included as of 3/1/21
14. PMF Fund, L.P. - No longer included as of 3/1/21
15. PMF International Fund, Ltd. - No longer included as of 3/1/21
16. PMF TEI Fund, L.P. - No longer included as of 3/1/21
17. PMF TEI (Offshore) Fund, Ltd. - No longer included as of 3/1/21
18. Salient Midstream & MLP Fund (SMM)
19. Salient Midstream & MLP Fund, Inc. Closed on 9/30/16
20. Salient MF Trust
Salient
Adaptive Growth Fund Closed on 8/13/18
Salient Adaptive Growth Offshore Fund Ltd. (Cayman Sub) Closed on 8/13/18
Salient MLP & Energy Infrastructure Fund
Salient Tactical Plus Fund
Salient Trend Fund Closed on 8/13/18
Salient Trend Offshore Fund Ltd. (Cayman Sub) Closed on 8/13/18
Salient Alternative Beta Fund Closed October 2015
Salient Alternative Beta Offshore Fund, Ltd. (Cayman Sub) Closed October 2015
Salient MLP Fund Closed November 2015
Salient Global Equity Fund Closed November 2015
21. Salient Alternative Strategies Master Fund (f/k/a Salient Absolute Return Master Fund) Closed on 6/30/16
Salient Alternative Strategies I Fund (f/k/a Salient Absolute Return Institutional Fund) Closed on 6/30/16
Salient Absolute Return Private Fund (Delaware), LLC Closed on 6/30/16
Salient Absolute Return Institutional Fund (Delaware), LLC Closed on 6/30/16
22. Forward Funds
Salient
Adaptive Balanced Fund Closed on 8/13/18
Salient Adaptive Income Fund Closed on 8/13/18
Salient Adaptive US Equity Fund Closed on 8/13/18
A-1
Salient EM Infrastructure Fund Closed on 8/13/18
Salient International Dividend Signal Fund Closed on 8/13/18
Salient Global Real Estate Fund (f/k/a Salient International Real Estate Fund)
Salient International Small Cap Fund Closed on December 12, 2019
Salient Real Estate Fund Closed on 8/13/18
Salient Select Income Fund
Salient Select Opportunity Fund Closed on 8/13/18
Salient Tactical Growth Fund
Salient Tactical Muni & Credit Fund Closed 10/15/18
Salient Tactical Real Estate Fund Merged/Closed 8/21/18
Salient US Dividend Signal Fund Closed on 8/13/18
Salient EM Corporate Debt Fund Closed on 2/28/17
Salient EM Dividend Signal Fund Closed on 2/28/17
Salient High Yield Fund Closed on 2/28/17
Salient Commodity Long/Short Strategy Fund Closed on 12/12/16
Salient Commodity Long/Short Strategy (Cayman) Fund Ltd. Closed on 12/12/16
Salient Frontier Strategy Fund Closed on 12/12/16
Salient Investment Grade Fund Closed on 12/12/16
Forward Balanced Allocation Merged/Closed on 01/22/16
Forward Global Dividend FundClosed on 11/17/15
Forward Growth & Income Allocation Fund Merged/Closed on 01/22/16
Forward Income & Growth Allocation Fund Closed on 08/12/15
Forward Multi-Strategy Fund Merged/Closed on 01/22/16
Forward Select EM Dividend Fund Closed on 12/15/15
Forward Small Cap Equity Fund Closed on 08/12/15
Forward Tactical Enhanced Fund Closed on 12/23/15
Forward U.S. Government Money Fund Closed on 08/26/15
A-2
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