INVESTMENT COMPANY BOND
GREAT AMERICAN INSURANCE COMPANY
(A Stock Insurance Company, Herein Called the Underwriter)
DECLARATIONS Bond No. 379-29-10 - 05
Item 1. Name of Insured (herein called Insured): CBRE Clarion Global Real Estate
Income Fund
Principal Address: 201 King of Prussia, Suite 600
Radnor, PA 19087
Item 2. Bond Period from 12:01 a.m. 09/19/2011 to 12:01 a.m. 09/19/2012 the
effective date of the termination or cancellation of this bond, standard time at
the Principal Address as to each of said dates.
Item 3. Limit of Liability - Subject to Sections 9, 10 and 12 hereof, Amount
applicable to Limit of Liability Deductible
Insuring Agreement (A)-FIDELITY $ 2,000,000 $ 0
Insuring Agreement (B)-ON PREMISES $ 2,000,000 $ 25,000
Insuring Agreement (C)-IN TRANSIT $ 2,000,000 $ 25,000
Insuring Agreement (D)-FORGERY OR ALTERATION $ 2,000,000 $ 25,000
Insuring Agreement (E)-SECURITIES $ 2,000,000 $ 25,000
Insuring Agreement (F)-COUNTERFEIT CURRENCY $ 2,000,000 $ 25,000
Insuring Agreement (G)-STOP PAYMENT $ 100,000 $ 5,000
Insuring Agreement (H)-UNCOLLECTIBLE ITEMS OF DEPOSIT $ 100,000 $ 5,000
Insuring Agreement (I)-AUDIT EXPENSE $ 100,000 $ 5,000
Insuring Agreement (J)-TELEFACSIMILE TRANSMISSIONS $ 2,000,000 $ 25,000
Insuring Agreement (K)-UNAUTHORIZED SIGNATURES $ 100,000 $ 5,000
Optional Insuring Agreements and Coverages
Insuring Agreement (L)-COMPUTER SYSTEMS $ 2,000,000 $ 25,000
Insuring Agreement (M)-AUTOMATED PHONE SYSTEMS Not Covered N/A
If "Not Covered" is inserted above opposite any specified Insuring
Agreement or Coverage, such Insuring Agreement or Coverage and any other
reference thereto in this bond shall be deemed to be deleted therefrom.
Item 4. Offices or Premises Covered-Offices acquired or established subsequent
to the effective date of this bond are covered according to the terms of General
Agreement A. All the Insured's offices or premises in existence at the time this
bond becomes effective are covered under this bond except the offices or
premises located as follows: N/A
Item 5. The liability of the Underwriter is subject to the terms of the
following riders attached hereto: Riders No. 1, 2, & 3
Item 6. The Insured by the acceptance of this bond gives to the Underwriter
terminating or cancelling prior bond(s) or policy(ies) No.(s) 379-29-10 - 04
such termination or cancellation to be effective as of the time this bond
becomes effective.
INVESTMENT COMPANY BOND
The Underwriter, in consideration of an agreed premium, and subject to
the Declarations made a part hereof, the General Agreements, Conditions and
Limitations and other terms of this bond, agrees with the Insured, in accordance
with Insuring Agreements hereof to which an amount of insurance is applicable as
set forth in Item 3 of the Declarations and with respect to loss sustained by
the Insured at any time but discovered during the Bond period, to indemnify and
hold harmless the Insured for:
INSURING AGREEMENTS
(A) FIDELITY
Loss resulting from any dishonest or fraudulent act(s), including
Larceny or Embezzlement committed by an Employee, committed anywhere and whether
committed alone or in collusion with others, including loss of Property
resulting from such acts of an Employee, which Property is 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 therefor.
Dishonest or fraudulent act(s) as used in this Insuring Agreement shall
mean only dishonest or fraudulent act(s) committed by such Employee with the
manifest intent:
(a) to cause the Insured to sustain such loss; and
(b) 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.
(B) ON PREMISES
Loss of Property (occurring with or without negligence or violence)
through robbery, burglary, Larceny, theft, holdup, or other fraudulent means,
misplacement, mysterious unexplainable disappearance, damage thereto or
destruction thereof, abstraction or removal from the possession, custody or
control of the Insured, and loss of subscription, conversion, redemption or
deposit privileges through the misplacement or loss of Property, while the
Property is (or is supposed or believed by the Insured to be) lodged or
deposited within any offices or premises located anywhere, except in an office
listed in Item 4 of the Declarations or amendment thereof or in the mail or with
a carrier for hire other than an armored motor vehicle company, for the purpose
of transportation.
Offices and Equipment
(1) 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
(2) 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.
(C) IN TRANSIT
Loss of Property (occurring with or without negligence or violence)
through robbery, Larceny, theft, hold-up, misplacement, mysterious unexplainable
disappearance, being lost or otherwise made away with, damage thereto or
destruction thereof, and loss of subscription, conversion, redemption or deposit
privileges through the misplacement or loss of Property, while the Property is
in transit anywhere in the custody of any person or persons acting as messenger,
except while in the mail or with a carrier for hire, other than an armored motor
vehicle company, for the purpose of transportation, such transit to begin
immediately upon receipt of such Property by the transporting person or persons,
and to end immediately upon delivery thereof at destination.
(D) FORGERY OR ALTERATION
Loss through FORGERY or ALTERATION of, on or in any bills of exchange,
checks, drafts, acceptances, certificates of deposit, promissory notes, or other
written promises, orders or directions to pay sums certain in money due bills,
money orders, warrants, orders upon public treasuries, letters of credit,
written instructions, advices or applications directed to the Insured,
authorizing or acknowledging the transfer, payment, delivery or receipt of funds
or Property, which instructions or advices or applications purport to have been
signed or endorsed by any customer of the Insured, shareholder or subscriber to
shares, whether certificated or uncertificated, of any Investment Company or by
any financial or banking institution or stock-broker but which instructions,
advices or applications either bear the forged signature or endorsement or have
been altered without the knowledge and consent of such customer, shareholder or
subscriber to shares, whether certificated or uncertificated, of an Investment
Company, financial or banking institution or stockbroker, withdrawal orders or
receipts for the withdrawal of funds or Property, or receipts or certificates of
deposit for Property and bearing the name of the Insured as issuer, or of
another Investment Company for which the Insured acts as agent, excluding,
however, any loss covered under Insuring Agreement (F) hereof whether or not
coverage for Insuring Agreement (F) is provided for in the Declarations of this
bond.
Any check or draft (a) made payable to a fictitious payee and endorsed
in the name of such fictitious payee or (b) procured in a transaction with the
maker or drawer thereof or
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with one acting as an agent of such maker or drawer or anyone impersonating
another and made or drawn payable to the one so impersonated and endorsed by
anyone other than the one impersonated, shall be deemed to be forged as to such
endorsement.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.
(E) SECURITIES
Loss sustained by the Insured, including loss sustained by reason of a
violation of the constitution, by-laws, rules or regulations of any Self
Regulatory Organization of which the Insured is a member or which would have
been imposed upon the Insured by the constitution, by-laws, rules or regulations
of any Self Regulatory Organization if the Insured had been a member thereof,
(1) 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
(a) counterfeited, or
(b) 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
(c) raised or otherwise altered, or lost, or stolen, or
(2) 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.
Securities, documents or other written instruments shall be deemed to
mean original (including original counterparts) negotiable or non-negotiable
agreements which in and of themselves represent an equitable interest,
ownership, or debt, including an assignment thereof which instruments are in the
ordinary course of business, transferable by delivery of such agreements with
any necessary endorsement or assignment.
The word "counterfeited" as used in this Insuring Agreement shall be
deemed to mean any security, document or other written instrument which is
intended to deceive and to be taken for an original.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.
(F) COUNTERFEIT CURRENCY
Loss through the receipt by the Insured, in good faith, of any
counterfeited money orders or altered paper currencies or coin of the United
States of America or Canada issued or purporting to have been issued by the
United States of America or Canada or issued pursuant to a United States of
America or Canadian statute for use as currency.
(G) STOP PAYMENT
Loss against any and all sums which the Insured shall become obligated
to pay by reason of the Liability imposed upon the Insured by law for damages:
For having either complied with or failed to comply with any written
notice of any customer, shareholder or subscriber of the Insured or any
Authorized Representative of such customer, shareholder or subscriber to stop
payment of any check or draft made or drawn by such customer, shareholder or
subscriber or any Authorized Representative of such customer, shareholder or
subscriber, or
For having refused to pay any check or draft made or drawn by any
customer, shareholder or subscriber of the Insured, or any Authorized
Representative of such customer, shareholder or subscriber.
(H) UNCOLLECTIBLE ITEMS OF DEPOSIT
Loss resulting from payments of dividends or fund shares, or withdrawals
permitted from any customer's, shareholder's or subscriber's account based upon
Uncollectible items of Deposit of a customer, shareholder or subscriber credited
by the Insured or the Insured's agent to such customer's, shareholder's or
subscriber's Mutual Fund Account: or loss resulting from any item of Deposit
processed through an Automated Clearing House which is reversed by the customer,
shareholder or subscriber and deemed uncollectible by the Insured.
Loss includes dividends and interest accrued not to exceed 15% of the
Uncollectible items which are deposited.
This Insuring Agreement applies to all Mutual Funds with "exchange
privileges" if all Fund(s) in the exchange program are insured by a Great
American Insurance Company of Cincinnati, OH for Uncollectible Items of Deposit.
Regardless of the number of transactions between Fund(s) the minimum number of
days of deposit within the Fund(s) before withdrawal as declared in the Fund(s)
prospectus shall begin from the date a deposit was first credited to any Insured
Fund(s).
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(I) AUDIT EXPENSE
Expense incurred by the Insured for that part of the costs of audits or
examinations required by any governmental regulatory authority to be conducted
either by such authority or by an independent accountant by reason of the
discovery of loss sustained by the Insured through any dishonest or fraudulent
act(s), including Larceny or Embezzlement of any of the Employees. The total
liability of the Underwriter for such expense by reason of such acts of any
Employee or in which such Employee is concerned or implicated or with respect to
any one audit or examination is limited to the amount stated opposite Audit
Expense in Item 3 of the Declarations; it being understood, however, that such
expense shall be deemed to be a loss sustained by the Insured through any
dishonest or fraudulent act(s), including Larceny or Embezzlement of one or more
of the Employees and the liability under this paragraph shall be in addition to
the Limit of Liability stated in Insuring Agreement (A) in Item 3 of the
Declarations.
(J) TELEFACSIMILE TRANSMISSIONS
Loss resulting by reason of the Insured having transferred, paid or
delivered any funds or Property, established any credit, debited any account, or
given any value relying on any fraudulent instructions sent by a customer or
financial institution by Telefacsimile Transmission directed to the Insured,
authorizing or acknowledging the transfer, payment, or delivery of funds or
property, the establishment of a credit, debiting of any account, or the giving
of value by the Insured, but only if such telefacsimile instructions:
(i) 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
(ii) 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.
(K) UNAUTHORIZED SIGNATURES
Loss resulting directly from the Insured having accepted, paid or cashed
any check or withdrawal order, draft, made or drawn on a customer's account
which bears the signature or endorsement of one other than a person whose name
and signature is on the application on file with the Insured as a signatory on
such account.
It shall be a condition precedent to the Insured's right to recovery
under this Insuring Agreement that the Insured shall have on file signatures of
all persons who are authorized signatories on such account.
GENERAL AGREEMENTS
(A) ADDITIONAL OFFICES OR EMPLOYEES-CONSOLIDATION OR MERGER-NOTICE
(1) 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.
(2) 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) WARRANTY
No statement made by or on behalf of the Insured, whether contained in
the application or otherwise, shall be deemed to be a warranty of anything
except that it is true to the best of the knowledge and belief of the person
making the statement.
(C) COURT COSTS AND ATTORNEYS' FEES (Applicable to all Insuring Agreements
or Coverages now or hereafter forming part of this bond)
The Underwriter will Indemnify the Insured against court costs and
reasonable attorneys' fees incurred and paid by the Insured in defense, whether
or not successful, whether or not fully litigated on the merits and whether or
not settled of any suit or legal proceeding brought against the Insured to
enforce the Insured's liability or alleged liability on account of any loss,
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claim or damage which, if established against the Insured, would constitute a
loss sustained by the Insured covered under the terms of this bond provided,
however, that with respect to Insuring Agreement (A) this indemnity shall apply
only in the event that
(1) an Employee admits to being guilty of any dishonest or
fraudulent act(s), including Larceny or Embezzlement; or
(2) an Employee is adjudicated to be guilty of any dishonest or
fraudulent act(s), including Larceny or Embezzlement;
(3) 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.
The Insured shall promptly give notice to the Underwriter of any such
suit or legal proceeding and at the request of the Underwriter shall furnish it
with copies of all pleadings and other papers therein. At the Underwriter's
election the Insured shall permit the Underwriter to conduct the defense of such
suit or legal proceeding, in the Insured's name, through attorneys of the
Underwriter's selection. In such event, the Insured shall give all reasonable
information and assistance which the Underwriter shall deem necessary to the
proper defense of such suit or legal proceeding.
If the Insured's liability or alleged liability is greater than the
amount recoverable under this bond, or if a Deductible Amount is applicable, the
liability of the Underwriter under this General Agreement is limited to that
percentage of litigation expense determined by pro ration of the bond limit of
liability to the amount claimed, after the application of any deductible. This
litigation expense will be in addition to the Limit of Liability for the
applicable Insuring Agreement.
(D) FORMER EMPLOYEE
Acts of Employee, as defined in this bond, are covered under Insuring
Agreement (A) only while the Employee is in the Insured's employ. Should loss
involving a former Employee of the Insured be discovered subsequent to the
termination of employment, coverage would still apply under Insuring Agreement
(A) if the direct proximate cause of the loss occurred while the former Employee
performed duties within the scope of his/her employment.
THE FOREGOING INSURING AGREEMENTS AND GENERAL AGREEMENTS ARE SUBJECT TO THE
FOLLOWING CONDITIONS AND LIMITATIONS:
SECTION 1. DEFINITIONS
The following terms, as used in this bond, shall have the respective
meanings stated in this Section:
(a) "Employee" means:
(1) any of the Insured's officers, partners, or employees, and
(2) 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
(3) 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
(4) guest students pursuing their studies or duties in any of the
Insured's offices, and
(5) 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
(6) 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
(7) 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
(8) those persons so designated in section 15, Central Handling of
Securities, and
(9) any officer, partner or Employee of
a) an investment advisor,
b) an underwriter (distributor),
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c) a transfer agent or shareholder accounting record-keeper, or
d) an administrator authorized by written agreement to keep
financial and/or other required records, for an Investment Company, named as
Insured while performing acts coming within the scope of the usual duties of an
officer or Employee of any Investment Company named as Insured herein, or while
acting as a member of any committee duly elected or appointed to examine or
audit or have custody of or access to the Property of any such Investment
Company, provided that only Employees or partners of a transfer agent,
shareholder accounting record- keeper or administrator which is an affiliated
person as defined in the Investment Company Act of 1940, of an Investment
Company named as Insured or is an affiliated person of the adviser, underwriter
or administrator of such Investment Company, and which is not a bank, shall be
included within the definition of Employee.
Each employer of temporary personnel or processors as set forth in
Sub-Sections (6) and (7) of Section 1 (a) and their partners, officers and
employees shall collectively be deemed to be one person for all the purposes of
this bond, excepting, however, the last paragraph of Section 13. Brokers, or
other agents under contract or representatives of the same general character
shall not be considered Employees.
(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 therefrom,
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
therefor.
(c) "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.
(d) "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) "Items of Deposit" means any one or more checks and drafts.
SECTION 2. EXCLUSIONS
THIS BOND DOES NOT COVER:
(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.
(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
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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. unless
such loss, in the absence of such laws, rules or regulations, would be covered
under Insuring Agreements (A) or (E).
(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.
SECTION 3. ASSIGNMENT OF RIGHTS
This bond does not afford coverage in favor of any Employers of
temporary personnel or of processors as set forth in sub-sections (6) and (7) of
Section 1(a) of this bond, as aforesaid, and upon payment to the insured by the
Underwriter on account of any loss through dishonest or fraudulent act(s)
including Larceny or Embezzlement committed by any of the partners, officers or
employees of such Employers, whether acting alone or in collusion with others,
an assignment of such of the Insured's rights and causes of action as it may
have against such Employers by reason of such acts so committed shall, to the
extent of such payment, be given by the Insured to the Underwriter, and the
Insured shall execute all papers necessary to secure to the Underwriter the
rights herein provided for.
SECTION 4. LOSS-NOTICE-PROOF-LEGAL PROCEEDINGS
This bond is for the use and benefit only of the Insured named in the
Declarations and the Underwriter shall not be liable hereunder for loss
sustained by anyone other than the Insured unless the Insured, in its sole
discretion and at its option, shall include such loss in the Insured's proof of
loss. At the earliest practicable moment after discovery of any loss hereunder
the Insured shall give the Underwriter written notice thereof and shall also
within six months after such discovery furnish to the Underwriter affirmative
proof of loss with full particulars. If claim is made under this bond for loss
of securities or shares, the Underwriter shall not be liable unless each of such
securities or shares is identified in such proof of loss by a certificate or
bond number or, where such securities or shares are uncertificated, by such
identification means as agreed to by the Underwriter. The Underwriter shall have
thirty days after notice and proof of loss within which to investigate the
claim, and this shall apply notwithstanding the loss is made up wholly or in
part of securities of which duplicates may be obtained. Legal proceedings for
recovery of any loss hereunder shall not be brought prior to the expiration of
sixty days after such proof of loss is filed with the Underwriter nor after the
expiration of twenty-four months from the discovery of such loss, except that
any action or proceeding to recover hereunder
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on account of any judgment against the Insured in any suit mentioned in General
Agreement C or to recover attorneys' fees paid in any such suit, shall be begun
within twenty-four months from the date upon which the judgment in such suit
shall become final. If any limitation embodied in this bond is prohibited by any
law controlling the construction hereof, such limitation shall be deemed to be
amended so as to be equal to the minimum period of limitation permitted by such
law.
Discovery occurs when the Insured
(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 which
would cause a reasonable person to assume that a loss covered by the bond has
been or will be incurred even though the exact amount or details of loss may not
be then known.
SECTION 5. VALUATION OF PROPERTY
The value of any Property, except books of accounts or other records
used by the Insured in the conduct of its business, for the loss of which a
claim shall be made hereunder, shall be determined by the average market value
of such Property on the business day next preceding the discovery of such loss;
provided, however, that the value of any Property replaced by the Insured prior
to the payment of claim therefor shall be the actual market value at the time of
replacement; and further provided that in case of a loss or misplacement of
interim certificates, warrants, rights, or other securities, the production
which is necessary to the exercise of subscription, conversion, redemption or
deposit privileges, the value thereof shall be the market value of such
privileges immediately preceding the expiration thereof if said loss or
misplacement 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 or by arbitration.
In case of any loss or damage to Property consisting of books of
accounts or other records used by the Insured in the conduct of its business,
the Underwriter shall be liable under this bond only if such books or records
are actually reproduced and then for not more than the cost of blank books,
blank pages or other materials plus the cost of labor for the actual
transcription or copying of data which shall have been furnished by the Insured
in order to reproduce such books and other records.
SECTION 6. VALUATION OF PREMISES AND FURNISHINGS
In case of damage to any office of the Insured, or loss of or damage to
the furnishings, fixtures, stationary, supplies, equipment, safes or vaults
therein, the Underwriter shall not be liable for more than the actual cash value
thereof, or for more than the actual cost of their replacement or repair. The
Underwriter may, at its election, pay such actual cash value or make such
replacement or repair. If the Underwriter and the Insured cannot agree upon such
cash value or such cost or replacement or repair, such shall be determined by
arbitration.
SECTION 7. LOST SECURITIES
If the Insured shall sustain a loss of securities the total value of
which is in excess of the limit stated in Item 3 of the Declarations of this
bond, the liability of the Underwriter shall be limited to payment for, or
duplication of, securities having value equal to the limit stated in Item 3 of
the Declarations of this bond.
If the Underwriter shall make payment to the Insured for any loss of
securities, the Insured shall thereupon assign to the Underwriter all of the
Insured's rights, title and interests in and to said securities.
With respect to securities the value of which do not exceed the
Deductible Amount (at the time of the discovery of the loss) and for which the
Underwriter may at its sole discretion and option and at the request of the
Insured issue a Lost Instrument Bond or Bonds to effect replacement thereof, the
Insured will pay the usual premium charged therefor and will indemnify the
Underwriter against all loss or expense that the Underwriter may sustain because
of the issuance of such Lost Instrument Bond or Bonds.
With respect to securities the value of which exceeds the Deductible
Amount (at the time of discovery of the loss) and for which the Underwriter may
issue or arrange for the issuance of a Lost Instrument Bond or Bonds to effect
replacement thereof, the Insured agrees that it will pay as premium therefor a
proportion of the usual premium charged therefor, said proportion being equal to
the percentage that the Deductible Amount bears to the value of the securities
upon discovery of the loss, and that it will indemnify the issuer of said Lost
Instrument Bond or Bonds against all loss and expense that is not recoverable
from the Underwriter under the terms and conditions of this INVESTMENT COMPANY
BOND subject to the Limit of Liability hereunder.
SECTION 8. SALVAGE
In case of recovery, whether made by the Insured or by the Underwriter,
on account of any loss in excess of the Limit of Liability hereunder plus the
Deductible Amount applicable to such loss from any source other than suretyship,
insurance, reinsurance, security or indemnity taken by or for the benefit of the
Underwriter, the net amount of such recovery, less the actual costs and expenses
of making same, shall be applied to reimburse the Insured in full for the excess
portion of such loss, and the remainder, if any, shall be paid first in
reimbursement of the Underwriter and thereafter in reimbursement of the Insured
for that part of such loss within the Deductible Amount. The Insured shall
execute all necessary papers to secure to the Underwriter the rights provided
for herein.
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SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY
At all times prior to termination hereof this bond shall continue in
force for the limit stated in the applicable sections of Item 3 of the
Declarations of this bond notwithstanding any previous loss for which the
Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that
regardless of the number of years this bond shall continue in force and the
number of premiums which shall be payable or paid, the liability of the
Underwriter under this bond with respect to all loss resulting form
(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.
Sub-section (c) is not applicable to any situation to which the language
of sub-section (d) applies.
SECTION 10. LIMIT OF LIABILITY
With respect to any loss set forth in the PROVIDED clause of Section 9
of this bond which is recoverable or recovered in whole or in part under any
other bonds or policies issued by the Underwriter to the Insured or to any
predecessor in interest of the Insured and terminated or cancelled or allowed to
expire and in which the period for discovery has not expired at the time any
such loss thereunder is discovered, the total liability of the Underwriter under
this bond and under other bonds or policies shall not exceed, in the aggregate,
the amount carried hereunder on such loss or the amount available to the Insured
under such other bonds, or policies, as limited by the terms and conditions
thereof, for any such loss if the latter amount be the larger.
SECTION 11. OTHER INSURANCE
If the Insured shall hold, as indemnity against any loss covered
hereunder, any valid and enforceable insurance or suretyship, the Underwriter
shall be liable hereunder only for such amount of such loss which is in excess
of the amount of such other insurance or suretyship, not exceeding, however, the
Limit of Liability of this bond applicable to such loss.
SECTION 12. DEDUCTIBLE
The Underwriter shall not be liable under any of the Insuring Agreements
of this bond on account of loss as specified, respectively, in sub-sections (a),
(b), (c), (d) and (e) of Section 9, NON-REDUCTION AND NONACCUMULATION OF
LIABILITY AND TOTAL LIABILITY, unless the amount of such loss, after deducting
the net amount of all reimbursement and/or recovery obtained or made by the
insured, other than from any bond or policy of insurance issued by an insurance
company and covering such loss, or by the Underwriter on account thereof prior
to payment by the Underwriter of such loss, shall exceed the Deductible Amount
set forth in Item 3 of the Declarations hereof (herein called Deductible Amount)
and then for such excess only, but in no event for more than the applicable
Limit of Liability stated in Item 3 of the Declarations.
The Insured will bear, in addition to the Deductible Amount, premiums on
Lost Instrument Bonds as set forth in Section 7.
There shall be no deductible applicable to any loss under Insuring
Agreement A sustained by any Investment Company named as Insured herein.
SECTION 13. TERMINATION
The Underwriter may terminate this bond as an entirety by furnishing
written notice specifying the termination date which cannot be prior to 90 days
after the receipt of such written notice by each Investment Company named as
Insured and the Securities and Exchange Commission, Washington, D.C. The Insured
may terminate this bond as an entirety by furnishing written notice to the
Underwriter. When the Insured cancels, the Insured shall furnish written notice
to the Securities and Exchange Commission, Washington, D.C. prior to 90 days
before the effective date of the termination. The Underwriter shall notify all
other Investment Companies named as Insured of the receipt of such termination
notice and the termination cannot be effective prior to 90 days after receipt of
written notice by all other Investment Companies. Premiums are earned until the
termination date as set forth herein.
Page 8 of 10
This Bond will terminate as to any one Insured, (other than a registered
management investment company), immediately upon taking over of such Insured by
a receiver or other liquidator or by State or Federal officials, or immediately
upon the filing of a petition under any State or Federal statute relative to
bankruptcy or reorganization of the Insured, or assignment for the benefit of
creditors of the Insured, or immediately upon such Insured ceasing to exist,
whether through merger into another entity, or by disposition of all of its
assets.
This Bond will terminate as to any registered management investment
company upon the expiration of 90 days after written notice has been given to
the Securities and Exchange Commission, Washington, D.C.
The Underwriter shall refund the unearned premium computed as short
rates in accordance with the standard short rate cancellation tables if
terminated by the Insured or pro rata if terminated for any other reason.
This Bond shall terminate
(a) as to any Employee 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
At any time prior to the termination or cancellation of this bond as an
entirety, whether by the Insured or the Underwriter, the Insured may give to the
Underwriter notice that if desires under this bond an additional period of 12
months within which to discover loss sustained by the Insured prior to the
effective date of such termination or cancellation and shall pay an additional
premium therefor.
Upon receipt of such notice from the Insured, the Underwriter shall give
its written consent thereto: provided, however, that such additional period of
time shall terminate immediately;
(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.
The right to purchase such additional period for the discovery of loss
may not be exercised by any State or Federal official or agency, or by any
receiver or liquidator, acting or appointed to take over the Insured's business
for the operation or for the liquidation thereof or for any other purpose.
SECTION 15. CENTRAL HANDLING OF SECURITIES
Securities included in the systems for the central handling of
securities established and maintained by Depository Trust Company, Midwest
Depository Trust Company, Pacific Securities Depository Trust Company, and
Philadelphia Depository Trust Company, hereinafter called Corporations, to the
extent of the Insured's interest therein as effective by the making of
appropriate entries on the books and records of such Corporations shall be
deemed to be Property.
The words "Employee" and "Employees" shall be deemed to include the
officers, partners, clerks and other employees of the New York Stock Exchange,
Boston Stock Exchange, Midwest Stock Exchange, Pacific Stock Exchange and
Philadelphia Stock Exchange, hereinafter called Exchanges, and of the above
named Corporations, and of any nominee in whose name is registered any security
included within the systems for the central handling of securities established
and maintained by such Corporations, and any employee of any recognized service
company, while such officers, partners, clerks and other employees and employees
of service companies perform services for such Corporations in the operation of
such systems. For the purpose of the above definition a recognized service
company shall be any company providing clerks or other personnel to said
Exchanges or Corporation on a contract basis.
The Underwriter shall not be liable on account of any loss(es) in
connection with the central handling of securities within the systems
established and maintained by such Corporations, unless such loss(es) shall be
in excess of the amount(s) recoverable or recovered under any bond or policy if
insurance indemnifying such Corporations, against such loss(es), and then the
Underwriter shall be liable hereunder only
Page 9 of 10
for the Insured's share of such excess loss(es), but in no event for more than
the Limit of Liability applicable hereunder.
For the purpose of determining the Insured's share of excess loss(es) it
shall be deemed that the Insured has an interest in any certificate representing
any security included within such systems equivalent to the interest the Insured
then has in all certificates representing the same security included within such
systems and that such Corporation shall use their best judgment in apportioning
the amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations against such loss(es) in connection with the
central handling of securities within such systems among all those having an
interest as recorded by appropriate entries in the books and records of such
Corporations in Property involved in such loss(es) on the basis that each such
interest shall share in the amount(s) so recoverable or recovered in the ratio
that the value of each such interest bears to the total value of all such
interests and that the Insured's share of such excess loss(es) shall be the
amount of the Insured's interest in such Property in excess of the amount(s) so
apportioned to the Insured by such Corporations.
This bond does not afford coverage in favor of such Corporations or
Exchanges or any nominee in whose name is registered any security included
within the systems for the central handling of securities established and
maintained by such Corporations, and upon payment to the Insured by the
Underwriter on account of any loss(Es) within the systems, an assignment of such
of the Insured's rights and causes of action as it may have against such
Corporations or Exchanges shall to the extent of such payment, be given by the
Insured to the Underwriter, and the Insured shall execute all papers necessary
to secure to the Underwriter the rights provided for herein.
SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED
If more than one corporation, co-partnership or person or any
combination of them be included as the Insured herein:
(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,
(c) the Underwriter shall not be responsible for the proper
application of any payment made hereunder to said first named Insured,
(d) 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
(e) if the first named Insured ceases for any reason to be covered
under this bond, then the Insured next named shall thereafter be considered as
the first named Insured for the purposes of this bond.
SECTION 17. NOTICE AND CHANGE OF CONTROL
Upon the Insured's obtaining knowledge of a transfer of its outstanding
voting securities which results in a change in control (as set forth in Section
2(a) (9) of the Investment Company Act of 1940) of the Insured, the Insured
shall within thirty (30) days of such knowledge give written notice to the
Underwriter setting forth:
(a) the names of the transferors and transferees (or the names of
the beneficial owners if the voting securities are requested in another name),
and
(b) the total number of voting securities owned by the transferors
and the transferees (or the beneficial owners), both immediately before and
after the transfer, and
(c) the total number of outstanding voting securities.
As used in this section, control means the power to exercise a
controlling influence over the management or policies of the Insured.
Failure to give the required notice shall result in termination of
coverage of this bond, effective upon the date of stock transfer for any loss in
which any transferee is concerned or implicated.
Such notice is not required to be given in the case of an Insured which
is an Investment Company.
SECTION 18. CHANGE OR MODIFICATION
This bond or any instrument amending or effecting same may not be
changed or modified orally. No changes in or modification thereof shall be
effective unless made by written endorsement issued to form a part hereof over
the signature of the Underwriter's Authorized Representative. When a bond covers
only one Investment Company no change or modification which would adversely
affect the rights of the Investment Company shall be effective prior to 60 days
after written notification has been furnished to the Securities and Exchange
Commission, Washington, D. C. by the Insured or by the Underwriter. If more than
one Investment Company is named as the Insured herein, the Underwriter shall
give written notice to each Investment Company and to the Securities and
Exchange Commission, Washington, D.C. not less than 60 days prior to the
effective date of any change or modification which would adversely affect the
rights of such Investment Company.
IN WITNESS WHEREOF, the Underwriter has caused this bond to be executed on the
Declarations Page.
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RIDER NO. 1
INSURING AGREEMENT L
To be attached to and form part of Bond No. 379-29-10 - 05 in favor of CBRE
Clarion Global Real Estate Income Fund It is agreed that:
1. The attached bond is amended by adding an additional Insuring Agreement
as follows:
COMPUTER SYSTEMS
Loss resulting directly from a fraudulent
(1) entry of data into, or
(2) change of data elements or programs within
a Computer System; provided that fraudulent entry or change causes
(a) Property to be transferred, paid or delivered,
(b) an account of the Insured, or of its customer, to be added,
deleted, debited or credited, or
(c) an unauthorized account or a fictitious account to be debited or
credited;
(3) voice instruction or advices having been transmitted to the Insured or
its agent(s) by telephone;
and provided further, the fraudulent entry or change is made or caused by an
individual acting with the manifest intent to:
(i) cause the Insured or its agent(s) to sustain a loss, and
(ii) obtain financial benefit for that individual or for other
persons intended by that individual to receive financial benefit,
(iii) and further provided such voice instructions or advices:
(a) were made by a person who purported to represent an individual
authorized to make such voice instructions or advices; and
(b) were electronically recorded by the Insured or its agent(s).
(4) It shall be a condition to recovery under the Computer Systems Rider
that the Insured or its agent(s) shall to the best of their ability
electronically record all voice instructions or advices received over telephone.
The Insured or its agent(s) warrant that they shall make their best efforts to
maintain the electronic recording system on a continuous basis. Nothing,
however, in this Rider shall bar the Insured from recovery where no recording is
available because of mechanical failure of the device used in making such
recording, or because of failure of the media used to record a conversation from
any cause, or error omission of any Employee(s) or agent(s) of the Insured.
Page 1 of 3
SCHEDULE OF SYSTEMS
Insureds Proprietary System
2. As used in this Rider, Computer System means:
(a) computers with related peripheral components, including storage
components, wherever located,
(b) systems and applications software,
(c) terminal devices,
(d) related communication networks or customer communication
systems, and
(e) related Electronic Funds Transfer Systems,
by which data are electronically collected, transmitted, processed, stored, and
retrieved.
3. In addition to the exclusion in the attached bond, the following
exclusions are applicable to this Insuring Agreement:
(a) loss resulting directly or indirectly from the theft of
confidential information, material or data: and (b) loss resulting directly or
indirectly from entries or changes made by an individual authorized to have
access to a Computer System who acts in good faith on instructions, unless such
instructions are given to that individual by a software contractor (or by a
partner, officer or employee thereof) authorized by the Insured to design,
develop, prepare, supply service, write or implement programs for the Insured's
Computer System.
4. The following portions of the attached bond are not applicable to this
Rider:
(a) the initial paragraph of the bond preceding the Insuring
Agreements which reads "...at any time but discovered during the Bond Period."
(b) Section 9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND
TOTAL LIABILITY
(c) Section 10-LIMIT OF LIABILITY
5. The coverage afforded by this rider applies only to loss discovered by
the Insured during the period this Rider is in force.
6. All loss or series of losses involving the fraudulent activity of one
individual, or involving fraudulent activity in which one individual is
implicated, whether or not that individual is specifically identified, shall be
treated as one loss. A series of losses involving unidentified individuals but
arising from the same method of operation may be deemed by the Underwriter to
involve the same individual and in that event shall be treated as one loss.
7. The Limit of Liability for the coverage provided by this Rider shall be
Dollars, $2,000,000.
8. The Underwriter shall be liable hereunder for the amount by which one
loss shall be in excess of $25,000 (herein called the Deductible Amount) but not
in excess of the Limit of Liability stated above.
Page 2 of 3
9. If any loss is covered under this Insuring Agreement and any other
Insuring Agreement or Coverage, the maximum amount payable for such loss shall
not exceed the largest amount available under any one Insuring Agreement or
Coverage.
10. Coverage under this Rider shall terminate upon termination or
cancellation of the bond to which this Rider is attached. Coverage under this
rider may also be terminated or cancelled without cancelling the bond as an
entirety:
(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
(b) immediately upon receipt by the Underwriter of a written request
from the Insured to terminate or cancel coverage under this Rider.
The Underwriter shall refund to the Insured the unearned premium for this
coverage under this Rider. The refund shall be computed at shore rates if this
Rider is terminated or cancelled or reduces by notice from, or at the instance
of the Insured.
11. Section 4-LOSS-NOTICE-PROOF-LEGAL PROCEEDING of the Conditions and
Limitations of this bond is amended by adding the following sentence:
"Proof of Loss resulting from Voice Instructions or advices covered under this
bond shall include Electronic Recording of such Voice Instructions of advices."
12. Notwithstanding the foregoing, however, coverage afforded by the Rider
is not designed to provide protection against loss covered under a separate
Electronic and Computer Crime Policy by whatever title assigned or by whatever
Underwriter written. Any loss which is covered under such separate Policy is
excluded from coverage under this bond; and the Insured agrees to make claim for
such loss under its separate Policy.
13. This rider shall become effective as of 12:01 a.m. on 09/19/2011
standard time.
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RIDER NO. 2
To be attached to and form part of the Investment Company Bond Bond No.
379-29-10 - 05 in favor of CBRE Clarion Global Real Estate Income Fund
It is agreed that:
1. Insuring Agreement (F), Counterfeit Currency is deleted in its entirety and
replaced by the following:
COUNTERFEIT CURRENCY
(F) Loss resulting directly form the receipt by the Insured, in good faith of
any counterfeit money.
2. Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, conditions, provisions, agreements or limitations of the above
mentioned bond, other than as stated herein.
3. This rider shall become effective as of 12:01 a.m. on 09/19/2011 standard
time.
RIDER NO. 3
REVISION TO INSURING AGREEMENT A
To be attached to and form part of Investment Company Bond Bond No. 379-29-10 -
05 In favor of CBRE Clarion Global Real Estate Income Fund
It is agreed that:
1. Insuring Agreement A (Fidelity) is deleted in its entirety, and the
following is substituted in lieu thereof:
(A) Loss resulting directly from dishonest or fraudulent acts
committed by an Employee acting alone or in collusion with others.
Such dishonest or fraudulent acts must be committed by the Employee with
the manifest intent:
(a) to cause the Insured to sustain such loss, or
(b) to obtain financial benefit for the Employee or another person
or entity.
Notwithstanding the foregoing, it is agreed that with regard to Trading this
bond covers only loss resulting directly from dishonest or fraudulent acts
committed by an Employee with the manifest intent to cause the Insured to
sustain such loss and which results in a financial benefit for the Employee.
However, where the proceeds of a dishonest or fraudulent act committed by an
Employee arising from Trading are actually received by persons with whom the
Employee was acting in collusion, but said Employee fails to derive a financial
benefit therefrom, such a loss will nevertheless be covered hereunder as if the
Employee had obtained such benefit provided the Insured establishes that the
Employee intended to participate therein.
The term "Trading" as used in this Insuring Agreement shall be deemed to mean
buying or selling or other dealings in securities, commodities, futures,
options, foreign or federal funds, currencies, foreign exchange and the like.
Page 1 of 2
(B) Loss resulting from the malicious destruction of or the malicious damage to
property, electronic data or electronic data processing media committed by an
employee, where committed alone or in collusion with others, which acts are
committed with the manifest intent to cause the Insured to sustain a loss.
As used throughout this Insuring Agreement financial benefit does not include
any employee benefits earned in the normal course of employment, including
salaries, commissions, fees, bonuses, promotions, awards, profit sharing or
pensions.
2. Nothing herein contained shall be held to vary, alter, waive or extend
any of the terms, conditions, provisions, agreements or limitations of the above
mentioned bond, other than as stated herein.
3. This rider shall become effective as of 12:01 a.m. on 09/19/2011
standard time.
Page 2 of 2
INSURED COPY
379-29-10 - 05
INSURED COPY
379-29-10 - 05
APPROVAL OF FIDELITY BOND COVERAGE
RESOLVED, that the proper officers be, and they hereby are, authorized
to execute, with the advice of legal counsel to the Trust, a Fidelity Bond on
behalf of the Trust, having aggregate coverage of $2,000,000 issued by Great
American Insurance Company against larceny and embezzlement and such other types
of losses as are included in standard fidelity bonds, containing such provisions
as may be required by the votes promulgated under the Investment Company Act of
1940, as amended.
RESOLVED, that the form and amount of Fidelity Bond coverage and the
payment by the Trust of the premium related thereto are approved after
consideration of all factors deemed relevant by the Board, including, but not
limited to, the amount of the Fidelity Bond, the existing and projected value of
the assets of the Trust, the type and terms of the arrangements made for the
custody and safekeeping of the Trust's assets, and the nature of the securities
in the Trust's portfolio;
RESOLVED, that the officers of the Trust are hereby directed to:
(1) File with the Securities and Exchange Commission ("SEC")
within 10 days after execution of any fidelity bond or amendment
thereof (i) a copy of the bond, (ii) a copy of each resolution
of the Board of Trustees, including a majority of the Trustees
who are not "interested persons," approving the amount, type,
form and coverage of each such bond and, (iii) a statement as to
the period for which the premiums for such bond have been paid;
(2) File with the SEC, in writing, within five days after the
making of a claim under the bond by the Trust, a statement of
the nature and amount thereof;
(3) File with the SEC, within five days after the receipt
thereof, a copy of the terms of the settlement of any claim
under the bond of the Trust;
(4) Notify by registered mail each member of the Board of
Trustees at his or her last known residence of (i) any
cancellation, termination or modification of the bond, not less
than 45 days prior to the effective date of the cancellation,
termination or modification, (ii) the filing and the settlement
of any claims under the bond by the Trust at any time the
filings required under (2) and (3) above are made with the SEC,
and (iii) the filing and proposed terms of settlement of any
claim under the bond by any other named insured, within five
days of the receipt of a notice from the fidelity insurance
company; and
(5) The proper officers of the Trust be, and each of them hereby
is, authorized to make any and all payments and do any and all
such further acts, in the name of the Trust 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.
[LOGO] BNY MELLON ASSET SERVICING
SECURITIES AND EXCHANGE COMMISSION
100 F Street NE
Washington, DC 20549
Attention: Filings - Form 40-17G
October 3, 2011
Re: Fidelity Bond Filing on Form 40-17G/SEC File No. 811-21465
CBRE Clarion Global Real Estate Income Fund (the "Fund")
Ladies and Gentlemen:
Rule 17g-1 (the "Rule") of the Investment Company Act of 1940, as
amended, requires that each registered management investment company provide and
maintain a bond that shall be issued by a reputable fidelity insurance company
authorized to do business in the place where the bond is issued, against larceny
and embezzlement. In accordance with the Rule and the rules and regulations of
the Securities and Exchange Commission, electronically transmitted for filing
pursuant to the Rule, is the bond between the Fund and Great American Insurance
Company, with a copy of the resolutions of the Board of Trustees, including a
majority of Trustees who are not "interested persons" of the Fund, approving the
form and amount of the bond. Please be advised that the premium has been paid
for the period of September 19, 2011 through September 19, 2012.
Should you have any questions or comments regarding the enclosed, please
do not hesitate to contact me via telephone at (212) 298-1644 or via e-mail at
lisa.grosswirth@bnymellon.com.
Sincerely yours,
/s/ Lisa R. Grosswirth
----------------------
Lisa R. Grosswirth
Vice President
THE BANK OF NEW YORK MELLON
Enclosures
cc: Kathleen Schilke, CBRE Clarion