Unified Bond Binder - 40-17G


Gerard Mogan

Assistant Vice President

September 30, 2011

Mr. Matthew McDonald

Marsh USA Inc.

1255 23rd Street NW, Suite 400

Washington, CD 20037



ING Family of Funds

Unified Board Funds

Investment Company Bond

Effective Date: October 1, 2011

Policy No. 314-79-82

Dear Matt:

We are pleased to provide our Binder Letter for the above captioned account. This Binder is conditioned on receiving the following information within 30 days of binding coverage:

No further subjectivities


Carrier:    Great American Insurance Company
AM Best’s Rating:    A         S&P Rating:                 A+
Insured:    ING Family of Funds

7337 E. Doubletree Ranch Rd., Suite 100

Scottsdale, AZ 85258

Term:    October 1, 2011-2012
Form:    Investment Company Policy
COVERAGE:    $25,000,000 Single Loss Limit – Each and Every Loss Basis

Insuring Agreement

   Single Loss Limit      Deductible

Basic Agreements (A) Fidelity, incl. Trading

   $25,000,000      NIL

(B) On Premises,


(C) Transit, & (F) Counterfeit Currency

   $25,000,000      $25,000

(D) Forgery of Alteration

   $25,000,000      $25,000

(E) Securities

   $25,000,000      $25,000

Computer Systems

   $25,000,000      $25,000

Voice Initiated Transfer Fraud

   $25,000,000      $25,000

Telefacsimile Transfer Fraud

   $25,000,000      $25,000

Audit Expense

   $250,000      $5,000

Unauthorized Signatures

   $250,000      $5,000

Uncollectible Items of Deposit

   $250,000      $5,000

Stop Payment Legal Liability

   $250,000      $5,000

Annual Premium - $60,919

Additional Coverages:

Listing of Insureds

90-Day Cancellation, except for non-payment of premium.

Automatic Coverage for Newly created Funds

Claim Reporting Threshold of 50% of Deductible

Computer Systems Fraud rider – All systems utilized by the Named Insureds

Voice Initiated Transfer Fraud – contained in the Computer Systems Fraud Rider – Par. 4

Telefacsimile Transfer Fraud – in Form

Extended Computer Coverages

Worldwide Counterfeit Currency

Amend the Definition of Employee to include ex-employees up to 60 days after termination, except if for reasons of Fraud or Dishonesty

Notice of Cancellation sent to - State of Arkansas, SEC, Midwest Stock Exchange

Amended Discovery – replace “by the Insured” to “by Risk Management Department, Office of the

General Counsel, or Senior Vice President or above of the Insured”

Amended Fidelity Language to provide ‘or” wording, except for Loans or Trading.

Amended Fidelity Language to provide Malicious Destruction of Data

Commission Payable: 16.5%

Matt, please review and call me should you have any questions. Thank you for the order!



Gerard Mogan

Assistant Vice President

Great American Insurance Company

40 Rector Street, 15th Floor

New York, NY 10006

Phone: 212-513-4013

FAX: 212-513-4015

Efax: 513-768-5187