40-17G 1 dfa17g1.htm dfa17g1.pdf -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
       Chubb Group of Insurance Companies                                   DECLARATIONS 
                                         FINANCIAL INSTITUTION INVESTMENT 
       15 Mountain View Road, Warren, New Jersey 07059                                   COMPANY ASSET PROTECTION BOND 
 
NAME OF ASSURED (including its Subsidiaries):                                   Bond Number: 81906615 
 
DIMENSIONAL FUND ADVISORS     
                                         FEDERAL INSURANCE COMPANY 
 
1299 OCEAN AVENUE, 5TH FLOOR                                     Incorporated under the laws of Indiana 
SANTA MONICA, CA 90401                                       a stock insurance company herein called the COMPANY 
                                         Capital Center, 251 North Illinois, Suite 1100 
                                         Indianapolis, IN 46204-1927 
 
ITEM 1.  BOND PERIOD:  from  12:01 am. on  December 30, 2008 
    to  12:01 a.m. on  October 31, 2009 
ITEM 2.  LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS: 

If 'Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted. There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company.

          DEDUCTIBLE 
   INSURING CLAUSE  LIMIT OF LIABILITY  AMOUNT 
  1.  Employee  $ 25,000,000  $ 250,000 
  2.  On Premises  $ 25,000,000  $ 250,000 
  3.  In Transit  $ 25,000,000  $ 250,000 
  4.  Forgery orAlteration  $ 25,000,000  $ 250,000 
  5.  Extended Forgery  $ 25,000,000  $ 250,000 
  6.  Counterfeit Money  $ 25,000,000  $ 250,000 
  7.  Threats to Person  $ 25,000,000  $ 250,000 
  8.  Computer System  $ 25,000,000  $ 250,000 
  9.  Voice Initiated Funds Transfer Instruction  $ 25,000,000  $ 250,000 
  10.  Uncollectible Items of Deposit  $ 25,000,000  $ 250,000 
  11.  AuditExpense  $ 25,000  $ 5,000 
  12.  Extended Computer Systems  $ 25,000,000  $ 250,000 
  13.  Telefacsimile Instruction  $ 25,000,000  $ 250,000 
  14.  Automated Telephone Transactions  $ 25,000,000  $ 250,000 
  15.  Unauthorized Signature  $ 25,000,000  $ 250,000 
  16.  Claims Expense Coverage  $ 25,000  $ 5000 
ITEM 3.  THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING 
  ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:     
 
  1-11       

IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.

        /s/W. Andrew Macon  /s/Thomas F. Motamed  
               Secretary  President                                               
 
 
Countersigned by   /s/Robert Hamburger  
  Authorized Representative                                                 
 
ICAP Bond (5-98) - Federal     
Form 17-02-1421 (Ed. 5-98)    Page 1 of 1 


  The COMPANY, in consideration of payment of the required premium, and in reliance 
  on the APPLICATON and all other statements made and information furnished to the 
  COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this 
  Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED 
  for:       
 
 
Insuring Clauses         
 
 
Employee  1.  Loss resulting directly from Larceny or Embezzlement committed by any 
Employee, alone or in collusion with others.
 
 
On Premises  2.  Loss of Property resulting directly from robbery, burglary, false pretenses, 
    common law or statutory larceny, misplacement, mysterious unexpIainabe 
    disappearance, damage, destruction or removal, from the possession, custody or 
    control of the ASSURED, while such Property is lodged or deposited at premises 
    located anywhere. 
 
 
In Transit  3.  Loss of Property resulting directly from common law or statutory larceny, 
    misplacement, mysterious unexplainabe disappearance, damage or destruction, 
    while the Property is in transit anywhere: 
 
     a. in an armored motor vehicle, including loading and unloading thereof, 
 
     b. in the custody of a natural person acting as a messenger of the ASSURED, 
      or   
 
    c.  in the custody of a Transportation Company and being transported in a 
      conveyance other than an armored motor vehicle provided, however, that 
      covered Property transported in such manner is limited to the following: 
      (1)  written records, 
 
      (2)  securities issued in registered form, which are not endorsed or are 
restrictively endorsed, or
 
      (3)  negotiable instruments not payable to bearer, which are not endorsed 
        or are restrictively endorsed. 
 
    Coverage under this INSURING CLAUSE begins immediately on the receipt of 
    such Property by the natural person or Transportation Company and ends 
    immediately on delivery to the premises of the addressee or to any representative 
    of the addressee located anywhere. 

CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 1 of 19 


Insuring Clauses         
(continued)         
 
 
Forgery Or Alteration  4.  Loss resulting directly from: 
 
    a.  Forgery on, or fraudulent material alteration of, any bills of exchange, 
      checks, drafts, acceptances, certificates of deposits, promissory notes, due 
      bills,  money orders, orders upon public treasuries, letters of credit, other 
      written promises, orders or directions to pay sums certain in money, or 
      receipts for the withdrawal of Property, or 
 
    b.  transferring, paying or delivering any funds or other Property, or establishing 
      any credit or giving any value in reliance on any written instructions, advices 
      or applications directed to the ASSURED authorizing or acknowledging the 
      transfer, payment, delivery or receipt of funds or other Property, which 
      instructions, advices or applications fraudulently purport to bear the 
      handwritten signature of any customer of the ASSURED, or shareholder or 
      subscriber to shares of an Investment Company, or of any financial 
      institution or Employee but which instructions, advices or applications either 
      bear a Forgery or have been fraudulently materially altered without the 
      knowledge and consent of such customer, shareholder, subscriber, financial 
      institution or Employee; 
 
    excluding, however, under this INSURING CLAUSE any loss covered under 
    INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING 
    CLAUSE 5. is provided for in the DECLARATIONS of this Bond. 
 
    For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile 
    signature is treated the same as a handwritten signature. 
 
 
Extended Forgery  5.  Loss resulting directly from the ASSURED having, in good faith, and in the 
    ordinary course of business, for its own account or the account of others in any 
    capacity:   
 
    a.  acquired, accepted or received, accepted or received, sold or delivered, or 
      given value, extended credit or assumed liability, in reliance on any original 
      Securities, documents or other written instruments which prove to: 
 
      (1)  bear a Forgery or a fraudulently material alteration, 
 
      (2)  have been lost or stolen, or 
 
      (3)  be Counterfeit, or 
 
    b.  guaranteed in writing or witnessed any signatures on any transfer, 
      assignment, bill of sale, power of attorney, guarantee, endorsement or other 
      obligation upon or in connection with any Securities, documents or other 
      written instruments. 

Actual physical possession, and continued actual physical possession if taken as collateral, of such Securities, documents or other written instruments by an Employee, Custodian, or a Federal or State chartered deposit institution of the ASSURED is a condition precedent to the ASSURED having relied on such items. Release or return of such collateral is an acknowledgment by the ASSURED that it no longer relies on such collateral.

CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 2 of 19 


Insuring Clauses         
 
 
Extended Forgery    For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile 
(continued)    signature is treated the same as a handwritten signature. 
 
 
 
 Counterfeit Money 6.   Loss resulting directly from the receipt by the ASSURED in good faith of any
Counterfeit
money. 
 
 
Threats To Person  7.  Loss resulting directly from surrender of Property away from an office of the 
    ASSURED as a result of a threat communicated to the ASSURED to do bodily 
    harm to an Employee as defined in Section i.e. (i), (2) and (5), a Relative or 
    invitee of such Employee, or a resident of the household of such Employee, who 
    is, or allegedly is, being held captive provided, however, that prior to the surrender 
    of such Property: 
 
    a.  the Employee who receives the threat has made a reasonable effort to 
      notify an officer of the ASSURED who is not involved in such threat, and 
    b.  the ASSURED has made a reasonable effort to notify the Federal Bureau of 
      Investigation and local law enforcement authorities concerning such threat. 
    It is agreed that for purposes of this INSURING CLAUSE, any Employee of the 
    ASSURED, as set forth in the preceding paragraph, shall be deemed to be an 
    ASSURED hereunder, but only with respect to the surrender of money, securities 
    and other tangible personal property in which such Employee has a legal or 
    equitable interest. 
 
 
Computer System  8.  Loss resulting directly from fraudulent: 
    a.  entries of data into, or 
    b.  changes of data elements or programs within, 
    a Computer System, provided the fraudulent entry or change causes: 
 
      (1)  funds or other property to be transferred, paid or delivered, 
      (2)  an account of the ASSURED or of its customer to be added, deleted, 
debited or credited, or
      (3)  an unauthorized account or a fictitious account to be debited or 
        credited. 

CAP Bond (5-98)   
Form 17O21421 (Ed. 5-98)  Page 3 of 19 


Insuring Clauses

(continued)

 

Voice Initiated Funds Transfer Instruction     9. Loss resuiting directly from Voice Initiated Funds Transfer Instruction directed to the ASSURED authorizing the transfer of dividends or redemption proceeds of
                                                                    Investment Company shares from a Customers account, provided such Voice Initiated Funds Transfer Instruction was:
 
                                                                   a.      received at the ASSUREDS offices by those Employees of the ASSURED specificauy authorized to receive the Voice Initiated Funds Transfer Instruction,
 
 
                                                                   b.      made by a person purporting to be a Customer, and
 
                                                                   c.      made by said person for the purpose of causing the ASSURED or Customer to sustain a loss or making an improper personal financial gain for such person or any other person.
 

                                              In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated Funds Transfer Instructions must be received and processed in accordance with the Designated Procedures outlined in the APPLICATION furnished to the COMPANY. 


Uncollectible Items of Deposit      10. Loss resulting directly from the ASSURED having credited an account of a customer, shareholder or subscriber on the faith of any Items of Deposit which
                                                        prove to be uncollectible, provided that the crediting of such account causes:
 
                                                                a.      redemptions or withdrawals to be permitted,
 
                                                                b.      shares to be issued, or
 
                                                                c.      dividends to be paid,
 
        from an account of an Investment Company.
 

In order for coverage to apply under this INSURING CLAUSE, the ASSURED must hold Items of Deposit for the minimum number of days stated in the APPLICATION before permitting any redemptions or withdrawals, issuing any shares or paying any dividends with respect to such Items of Deposit.

Items of Deposit shall not be deemed uncollectible until the ASSUREDS standard collection procedures have failed.

Audit Expense                           11.      Expense incurred by the ASSURED for that part of the cost of audits or examinations required by any governmental regulatory authority or self-regulatory organization to be conducted by such authority, organization or their appointee by reason of the discovery of oss sustained by the ASSURED and covered by this Bond.
 
CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 4 of 19 


General Agreements

 

 

Additional Companies Included As Assured   A.      If more than one corporation, or Investment Company, or any combination of them  is included as the ASSURED herein:
 
     
 
  (1)      The total liability of the COMPANY under this Bond for loss or losses sustained by any one or more or all of them shall not exceed the limit for which the COMPANY would be liable under this Bond if all such loss were sustained by any one of them.
 
  (2)      Only the first named ASSURED shall be deemed to be the sole agent of the others for all purposes under this Bond, including but not limited to the giving or receiving of any notice or proof required to be given and for the purpose of effecting or accepting any amendments to or termination of this Bond. The COMPANY shall furnish each Investment Company with a copy of the Bond and with any amendment thereto, together with a copy of each formal filing of claim by any other named ASSURED and notification of the terms of the settlement of each such claim prior to the execution of such settlement.
 
  (3)      The COMPANY shall not be responsible for the proper application of any payment made hereunder to the first named ASSURED.
 
  (4)      Knowledge possessed or discovery made by any partner, director, trustee, officer or supervisory employee of any ASSURED shall constitute knowledge or discovery by all the ASSUREDS for the purposes of this Bond.
 
  (5)      If the first named ASSURED ceases for any reason to be covered under this Bond, then the ASSURED next named on the APPLICATION shall thereafter be considered as the first named ASSURED for the purposes of this Bond.
 
Representation Made By Assured           B.      The ASSURED represents that all information it has furnished in the APPLICATION for this Bond or otherwise is complete, true and correct. Such  APPLICATION
                                                                           and other information constitute part of this Bond.
     
 
         
 
                                                                          The ASSURED must promptly notify the COMPANY of any change in any fact or circumstance which materially affects the risk assumed by the COMPANY under
                                                                           this Bond.
 
                                                                          Any intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the APPLICATION or otherwise, shall be grounds  for     recision  of this Bond.
 
CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 5 of 19 


General Agreements

(continued)

 

Additional Offices Or Employees - Consolidation,
Merger Or Purchase Or Acquisition Of Assets Or
Liabilities
- Notice To CompanyC.
     
If the ASSURED, other than an Investment Company, while this Bond is in force, merges or consolidates with, or purchases or acquires assets or liabilities of
another institution, the ASSURED shall not have the coverage afforded under this Bond for loss which has:
 
 
  (1)      occurred or will occur on premises, or
 
  (2)      been caused or will be caused by an employee, or
 
  (3)      arisen or will arise out of the assets or liabilities,
 
  of      such institution, unless the ASSURED:
 
  a.      gives the COMPANY written notice of the proposed consolidation, merger or purchase or acquisition of assets or liabilities prior to the proposed effective date of such action, and
 
  b.      obtains the written consent of the COMPANY to extend some or all of the coverage provided by this Bond to such additional exposure, and
 
  c.      on obtaining such consent, pays to the COMPANY an additional premium.
 

Change Of Control -                D. Notice                                           To Company

 When the ASSURED learns of a change in control (other than in an Investment Company), as set forth in Section 2(a) (9) of the Investment Company Act of 1940, the ASSURED shall within sixty (60) days give written notice to the COMPANY setting forth:


  (1)      the names of the transferors and transferees (or the names of the beneficial owners if the voting securities are registered in another name),
 
  (2)      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
 
  (3)      the total number of outstanding voting securities.
 
Failure to give the required notice shall result in termination of coverage for any
loss involving a transferee, to be effective on the date of such change in control.
 
Court Costs And Attorneys' Fees   E.      The COMPANY will indemnify the ASSURED for court costs and reasonable attorneys' fees incurred and paid by the ASSURED in defense, whether or not
successful, whether or not fully litigated on the merits and whether or not settled, of any claim, suit or legal proceeding with respect to which the ASSURED would
be entitled to recovery under this Bond. However, with respect to INSURING CLAUSE 1., this Section shall only apply in the event that:
 
  (1)      an Employee admits to being guilty of Larceny or Embezzlement,
 
  (2)      an Employee is adjudicated to be guilty of Larceny or Embezzlement, or
 
CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page6ofl9 


General Agreements     
 
 
Court Costs And  (3)  in the absence of I or 2 above, an arbitration panel agrees, after a review of 
Attorneys' Fees    an agreed statement of facts between the COMPANY and the ASSURED, 
(continued)    that an Employee would be found guilty of Larceny or Embezzlement if 
such Employee were prosecuted.
 
  The ASSURED shall promptly give notice to the COMPANY of any such suit or 
  legal proceeding and at the request of the COMPANY shall furnish copies of all 
  pleadings and pertinent papers to the COMPANY. The COMPANY may, at its 
  sole option, elect to conduct the defense of all or part of such legal proceeding. 
  The defense by the COMPANY shall be in the name of the ASSURED through 
  attorneys selected by the COMPANY. The ASSURED shall provide all reasonable 
  information and assistance as required by the COMPANY for such defense. 
 
  If the COMPANY declines to defend the ASSURED, no settlement without the 
  prior written consent of the COMPANY nor judgment against the ASSURED shall 
  determine the existence, extent or amount of coverage under this Bond. 
 
  If the amount demanded in any such suit or legal proceeding is within the 
  DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court 
  costs and attorneys fees incurred in defending all or part of such suit or legal 
  proceeding. 
 
  If the amount demanded in any such suit or legal proceeding is in excess of the 
  LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable 
  INSURING CLAUSE, the COMPANY'S liability for court costs and attorneys fees 
  incurred in defending all or part of such suit or legal proceedings is limited to the 
  proportion of such court costs and attorney's fees incurred that the LIMIT OF 
  LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING 
  CLAUSE bears to the total of the amount demanded in such suit or legal 
  proceeding. 
 
  If the amount demanded is any such suit or legal proceeding is in excess of the 
  DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM 
  2.  of the DECLARATIONS for the applicable INSURING CLAUSE, the 
  COMPANYS liability for court costs and attorney's fees incurred in defending all or 
  part of such suit or legal proceedings shall be limited to the proportion of such 
  court costs or attorneys fees that the amount demanded that would be payable 
  under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total 
  amount demanded. 
 
  Amounts paid by the COMPANY for court costs and attorneys' fees shall be in 
  addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS. 

ICAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 7 of 19 


Conditions And       
Limitations       
 
 
Definitions  1.  As used in this Bond: 
 
             a.  Computer System means a computer and all input, output, processing, 
    storage, off-line media libraries, and communication facilities which are 
    connected to the computer and which are under the control and supervision 
    of the operating system(s) or application(s) software used by the ASSURED. 
 
  b.  Counterfeit means an imitation of an actual valid original which is intended 
    to deceive and be taken as the original. 
 
             c.  Custodian means the institution designated by an Investment Company to 
    maintain possession and control of its assets. 
 
             d.  Customer means an individual, corporate, partnership, trust customer, 
    shareholder or subscriber of an Investment Company which has a written 
    agreement with the ASSURED for Voice Initiated Funds Transfer 
    Instruction. 
 
             e.  Employee means: 
 
    (1)  an officer of the ASSURED, 
 
    (2)  a natural person while in the regular service of the ASSURED at any of 
      the ASSUREDS premises and compensated directly by the ASSURED 
      through its payroll system and subject to the United States Internal 
      Revenue Service Form W-2 or equivalent income reporting plans of 
      other countries, and whom the ASSURED has the right to control and 
      direct both as to the result to be accomplished and details and means 
      by which such result is accomplished in the performance of such 
      service, 
 
    (3)  a guest student pursuing studies or performing duties in any of the 
ASSUREDS premises,
 
    (4)  an attorney retained by the ASSURED and an employee of such 
      attorney while either is performing legal services for the ASSURED, 
 
    (5)  a natural person provided by an employment contractor to perform 
      employee duties for the ASSURED under the ASSURED'S supervision 
      at any of the ASSUREDS premises, 
 
    (6)  an employee of an institution merged or consolidated with the 
      ASSURED prior to the effective date of this Bond, 
 
    (7)  a director or trustee of the ASSURED, but only while performing acts 
      within the scope of the customary and usual duties of any officer or 
      other employee of the ASSURED or while acting as a member of any 
      committee duly elected or appointed to examine or audit or have 
      custody of or access to Property of the ASSURED, or 

CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 8 of 19 


Conditions And       
Limitations       
 
 
Definitions  (8)  each natural person, partnership or corporation authorized by written 
(continued)    agreement with the ASSURED to perform services as electronic data 
    processor of checks or other accounting records related to such checks but 
    only while such person, partnership or corporation is actually performing 
    such services and not: 
 
    a.  creating, preparing, modifying or maintaining the ASSURED'S 
      computer software or programs, or 
 
    b.  acting as transfer agent or in any other agency capacity in issuing 
      checks, drafts or securities for the ASSURED, 
 
  (9)  any partner, officer or employee of an investment advisor, an underwriter 
    (distributor), a transfer agent or shareholder accounting recordkeeper, or an 
    administrator, for an Investment Company while performing acts coming 
    within the scope of the customary and usual duties of an officer or employee 
    of an Investment Company or acting as a member of any committee duly 
    elected or appointed to examine, audit or have custody of or access to 
    Property of an Investment Company. 
 
    The term Employee shall not include any partner, officer or employee of a 
    transfer agent, shareholder accounting recordkeeper or administrator: 
 
    a.  which is not an "affiliated person" (as defined in Section 2(a) of the 
      Investment Company Act of 1940) of an Investment Company or of 
      the investment advisor or underwriter (distributor) of such Investment 
      Company, or 
 
    b.  which is a "bank" (as defined in Section 2(a) of the Investment 
Company Act of 1940).
 
      This Bond does not afford coverage in favor of the employers of 
      persons as set forth in e. (4), (5) and (8) above, and upon payment to 
      the ASSURED by the COMPANY resulting directly from 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 ASSURED'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 
      ASSURED to the COMPANY, and the ASSURED shall execute all 
      papers necessary to secure to the COMPANY the rights provided for 
      herein. 

Each employer of persons as set forth in e.(4), (5) and (8) above and the partners, officers and other employees of such employers shall collectively be deemed to be one person for all the purposes of this Bond; excepting, however, the fifth paragraph of Section 13.

Independent contractors not specified in e.(4), (5) or (8) above, intermediaries, agents, brokers or other representatives of the same general character shall not be considered Employees.

CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 9 of 19 


Conditions And     
Limitations     
 
 
Definitions  f.  Forgery means the signing of the name of another natural person with the 
(continued)    intent to deceive but does not mean a signature which consists in whole or in 
    part of one's own name, with or without authority, in any capacity for any 
    purpose. 
 
  g.  Investment Company means any investment company registered under the 
    Investment Company Act of 1940 and listed under the NAME OF ASSURED 
    on the DECLARATIONS. 
 
  h.  Items of Deposit means one or more checks or drafts drawn upon a 
    financial institution in the United States of America. 
 
   i. Larceny or Embezzlement means larceny or embezzlement as defined in 
    Section 37 of the Investment Company Act of 1940. 
 
  j.  Property means money, revenue and other stamps; securities; including any 
    note, stock, treasury stock, bond, debenture, evidence of indebtedness, 
    certificate of deposit, certificate of interest or participation in any profit- 
    sharing agreement, collateral trust certificate, preorganization certificate or 
    subscription, transferable share, investment contract, voting trust certificate, 
    certificate of deposit for a security, fractional undivided interest in oil, gas, or 
    other mineral rights, any interest or instruments commonly known as a 
    security under the Investment Company Act of 1940, any other certificate of 
    interest or participation in, temporary or interim certificate for, receipt for, 
    guarantee of, or warrant or right to subscribe to or purchase any of the 
    foregoing; bills of exchange; acceptances; checks; withdrawal orders; money 
    orders; travelers letters of credit; bills of lading; abstracts of title; insurance 
    policies, deeds, mortgages on real estate and/or upon chattels and interests 
    therein; assignments of such policies, deeds or mortgages; other valuable 
    papers, including books of accounts and other records used by the 
    ASSURED in the conduct of its business (but excluding all electronic data 
    processing records); and, all other instruments similar to or in the nature of 
    the foregoing in which the ASSURED acquired an interest at the time of the 
    ASSURED'S consolidation or merger with, or purchase of the principal 
    assets of, a predecessor or which are held by the ASSURED for any 
    purpose or in any capacity and whether so held gratuitously or not and 
    whether or not the ASSURED is liable therefor. 
 
  k.  Relative means the spouse of an Employee or partner of the ASSURED 
    and any unmarried child supported wholly by, or living in the home of, such 
    Employee or partner and being related to them by blood, marriage or legal 
    guardianship. 
 
   l. Securities, documents or other written instruments means original 
    (including original counterparts) negotiable or non-negotiable instruments, or 
    assignments thereof, which in and of themselves represent an equitable 
    interest, ownership, or debt and which are in the ordinary course of business 
    transferable by delivery of such instruments with any necessary 
    endorsements or assignments. 

ICAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 10 of 19 


Conditions And Limitations

 

 Definitions   m.
(continued)   
     
Subsidiary means any organization that, at the inception date of this Bond, is named in the APPLICATION or is created during the BOND PERIOD and of which more than fifty percent (50%) of the outstanding securities or voting rights representing the present right to vote for election of directors is owned or controlled by the ASSURED either directly or through one or more of its subsidiaries.
 
                 n.      Transportation Company means any organization which provides its own or its teased vehicles for transportation or which provides freight forwarding or air express services.
 
                 o.      Voice Initiated Election means any election concerning dividend options available to Investment Company shareholders or subscribers which is
requested by voice over the telephone.
 

                                                        p.      Voice Initiated Redemption means any redemption of shares issued by an Investment Company which is requested by voice over the telephone.
 
  q.      Voice Initiated Funds Transfer Instruction means any Voice Initiated Redemption or Voice Initiated Election.
 
For the purposes of these definitions, the singular includes the plural and the plural includes the singular, unless otherwise indicated.
 
General Exclusions -Applicable
to All Insuring Clauses
2.
     
This bond does not directly or indirectly cover:
 
  a.      Loss not reported to the COMPANY in writing within sixty (60) days after termination of this Bond as an entirety;
 
  b.      loss due to riot or civil commotion outside the United States of America and Canada, or any loss due to military, naval or usurped power, war or insurrection. This Section 2.b., however, shall not apply to loss which occurs in transit in the circumstances recited in INSURING CLAUSE 3., provided that when such transit was initiated there was no knowledge on the part of any person acting for the ASSURED of such riot, civil commotion, military, naval or usurped power, war or insurrection;
 
  c.      loss resulting from the effects of nuclear fission or fusion or radioactivity;
 
  d.      loss of potential income including, but not limited to, interest and dividends not realized by the ASSURED or by any customer of the ASSURED;
 
  e.      damages of any type for which the ASSURED is legally liable, except compensatory damages, but not multiples thereof, arising from a loss covered under this Bond;
 
  f.      costs, fees and expenses incurred by the ASSURED in establishing the existence of or amount of loss under this Bond, except to the extent covered under INSURING CLAUSE 11.;
 
  g.      loss resulting from indirect or consequential loss of any nature;
 
CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 11 of 19 


Conditions And           
Limitations           
 
 
General Exclusions -    h.  loss resulting from dishonest acts by any member of the Board of Directors 
Applicable to All Insuring      or Board of Trustees of the ASSURED who is not an Employee, acting 
Clauses      alone or in collusion with others; 
(continued)    i.  loss,  or that part of any loss, resulting solely from any violation by the 
ASSURED or by any Employee:
      (1)  of any law regulating: 
        a.  the issuance, purchase or sale of securities, 
        b.  securities transactions on security or commodity exchanges or 
          the over the counter market, 
        c.  investment companies, 
        d.  investment advisors, or 
      (2)  of any rule or regulation made pursuant to any such law; or 
    j.  loss of confidential information, material or data; 
    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. 
 
 
Specific Exclusions -  3.  This Bond does not directly or indirectly cover: 
Applicable To All Insuring    a.  loss caused by an Employee, provided, however, this Section 3.a. shall not 
Clauses Except lnsunng      apply to loss covered under INSURING CLAUSE 2. or 3. which results 
Clause 1.      directly from misplacement, mysterious unexplainable disappearance, or 
damage or destruction of Property;
    b.  loss through the surrender of property away from premises of the ASSURED 
      as a result of a threat: 
      (1)  to do bodily harm to any natural person, except loss of Property in 
        transit in the custody of any person acting as messenger of the 
        ASSURED, provided that when such transit was initiated there was no 
        knowledge by the ASSURED of any such threat, and provided further 
        that this Section 3.b. shall not apply to INSURING CLAUSE 7., or 
      (2)  to do damage to the premises or Property of the ASSURED; 
    c.  loss resulting from payments made or withdrawals from any account 
      involving erroneous credits to such account; 
    d.  loss involving Items of Deposit which are not finally paid for any reason 
      provided however, that this Section 3.d. shall not apply to INSURING 
      CLAUSE 10.; 
    e.  loss of property while in the mail; 

ICAP Bond (5-98)   
Form 17O21421 (Ed. 5-98)  Page 12 of 19 


Conditions And       
Limitations       
 
 
Specific Exclusions -    f.  loss resulting from the failure for any reason of a financial or depository 
Applicable To All Insuring      institution, its receiver or other liquidator to pay or deliver funds or other 
Clauses Except Insuring      Property to the ASSURED provided further that this Section 3.f. shall not 
Clause 1.      apply to loss of Property resulting directly from robbery, burglary, 
(continued)      misplacement, mysterious unexplainable disappearance, damage, 
      destruction or removal from the possession, custody or control of the 
      ASSURED. 
 
    g.  loss of Property while in the custody of a Transportation Company, 
      provided however, that this Section 3g. shall not apply to INSURING 
      CLAUSE 3.; 
 
     h. 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, supp'y, service, write or implement programs for 
      the ASSUREDs Computer System; or 
 
     i. 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. 
 
 
Specific Exclusions -  4.  This bond does not directly or indirectly cover: 
Applicable To All Insuring       
Clauses Except lnsunng    a.  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, 
Clauses 1., 4., And 5.      fraud or false pretenses; provided, however, this Section 4.a. shall not apply 
      to INSURING CLAUSE 8.; 
 
    b.  loss resulting from forgery or any alteration; 
 
    c.  loss involving a counterfeit provided, however, this Section 4.c. shall not 
      apply to INSURING CLAUSE 5. or 6. 
 
 
Limit Of Liability/Non-  5.  At all times prior to termination of this Bond, this Bond shall continue in force for 
Reduction And Non-    the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS, 
Accumulation Of Liability    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: 
 
    a.  any one act of burglary, robbery or hold-up, or attempt thereat, in which no 
      Employee is concerned or implicated, 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, or 
 
    c.  all acts, other than those specified in a. above, of any one person, or 

CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 13 of 19 


Conditions And       
Limitations       
 
 
Limit Of Liability/Non- 
Reduction And Non- 
  d.  any one casualty or event other than those specified in a., b., or c. above, 
Accumulation Of Liability    shall be deemed to be one loss and shall be limited to the applicable LIMIT OF 
    LIABLITY stated in ITEM 2. of the DECLARATONS of this Bond irrespective of 
(continued)    the total amount of such loss or losses and shall not be cumulative in amounts 
    from year to year or from period to period. 
 
    All acts, as specified in c. above, of any one person which 
 
    i.  directly or indirectly aid in any way wrongful acts of any other person or 
      persons, or 
 
    ii.  permit the continuation of wrongful acts of any other person or persons 
    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. 
 
 
Discovery  6.  This Bond applies only to loss first discovered by an officer of the ASSURED 
    during the BOND PERIOD. Discovery occurs at the earier of an officer of the 
    ASSURED being aware of: 
 
    a.  facts which may subsequently resut in a loss of a type covered by this Bond, 
      or 
 
    b.  an actual or potential claim in which it is alleged that the ASSURED is liabe 
      to a third party, 
 
    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. 
 
 
Notice To Company -  7.  a.  The ASSURED shall give the COMPANY notice thereof at the earliest 
Proof - Legal Proceedings      practicable moment, not to exceed sixty (60) days after discovery of loss, in 
Against Company      an amount that is in excess of 50% of the applicabe DEDUCTIBLE 
      AMOUNT, as stated in TEM 2. of the DECLARATIONS. 
 
    b.  The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to, 
      with full particulars within six (6) months after such discovery. 
 
    c.  Securities isted in a proof of oss shall be identified by certificate or bond 
      numbers, if issued with them. 
 
    d.  Legal proceedings for the recovery of any loss under this Bond shal 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. 
 
    e.  This Bond affords coverage ony in favor of the ASSURED. No claim, suit, 
      action or legal proceedings shall be brought under this Bond by anyone 
      other than the ASSURED. 

CAP Bond (5-98)   
Form 17-02-1 421 (Ed. 5-98)  Page 14 of 19 


Conditions And       
Limitations       
 
 
Notice To Company -    f.  Proof of loss involving Voice Initiated Funds Transfer Instruction shall 
Proof- Legal Proceedings      include electronic recordings of such instructions. 
Against Company       
(continued)       
 
 
Deductible Amount  8.  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. 
 
    There shall be no deductible applicable to any loss under INSURING CLAUSE I 
    sustained by any Investment Company. 
 
 
Valuation  9.  BOOKS OF ACCOUNT OR OTHER RECORDS 
 
    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. 
 
    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.
 
 
    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. 
 
    OTHER PROPERTY 
 
    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. 

CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 15 of 19 


Conditions And     
Limitations     
(continued)     
 
 
Securities Settlement  10. 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. 
 
             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: 
 
             a.  for securities having a value less than or equal to the applicable 
    DEDUCTIBLE AMOUNT - one hundred (100%) percent; 
 
             b.  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; 
             c.  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. 
             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 COMPANY'S indemnity is sustained. 
 
             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. 
 
             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. 
 
 
Subrogation - Assignment        - 11. In the event of a payment under this Bond, the COMPANY shall be subrogated to 
Recovery             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. 
 
             Recoveries, whether effected by the COMPANY or by the ASSURED, shall be 
             applied net of the expense of such recovery in the following order: 
 
             a.  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, 
 
             b.  second, to the COMPANY in satisfaction of amounts paid in settlement of 
    the ASSURED'S claim, 
 
             c.  third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE 
    AMOUNT, and 

CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 16 of 19 


Conditions And       
Limitations       
 
 
Subrogation - Assignment -    d.  fourth, to the ASSURED in satisfaction of any loss suffered by the 
Recovery      ASSURED which was not covered under this Bond. 
 
(continued)    Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a 
    recovery under this section. 
 
 
Cooperation Of Assured  12.  At the COMPANY'S request and at reasonable times and places designated by 
    the COMPANY, the ASSURED shall: 
 
    a.  submit to examination by the COMPANY and subscribe to the same under 
      oath, 
 
    b.  produce for the COMPANY'S examination all pertinent records, and 
 
    c.  cooperate with the COMPANY in all matters pertaining to the loss. 
 
    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. 
 
 
Termination  13.  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. 
 
    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. 
 
    This Bond will terminate as to any one ASSURED, other than an Investment 
    Company: 
 
    a.  immediately on the taking over of such ASSURED by a receiver or other 
      liquidator or by State or Federal officials, or 
 
    b.  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 
 
    c.  immediately upon such ASSURED ceasing to exist, whether through merger 
      into another entity, disposition of all of its assets or otherwise. 
 
    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. 

CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 17 of 19 


Conditions And       
Limitations       
 
 
Termination    If  any partner, director, trustee, or officer or supervisory employee of an 
(continued)    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: 
 
    a.  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 
 
    b.  within forty-eight (48) hours of learning that an Employee has commifted 
      any dishonest act, shall notify the COMPANY, of such action and provide full 
particulars of such dishonest act.
 
    The COMPANY may terminate coverage as respects any Employee sixty (60) 
    days after wriften 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. 
 
 
Other Insurance  14.  Coverage under this Bond shall apply only as excess over any valid and collectible 
    insurance, indemnity or suretyship obtained by or on behalf of: 
    a.  the ASSURED, 
 
    b.  a Transportation Company, or 
 
    c.  another entity on whose premises the loss occurred or which employed the 
      person causing the loss or engaged the messenger conveying the Property 
      involved. 
 
 
Conformity  15.  If any limitation within this Bond is prohibited by any law controlling this Bond's 
    construction, such limitation shall be deemed to be amended so as to equal the 
    minimum period of limitation provided by such law. 
 
 
Change or Modification  16.  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. 

CAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 18 of 19 


Conditions And   
Limitations   
 
 
Change or Modification  If this Bond is for a joint ASSURED, no charge or modification which would 
(continued)  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 


     POLICYHOLDER DISCLOSURE NOTICE OF

TERRORISM INSURANCE COVERAGE

(for policies with no terrorism exclusion or sublimit)

You are hereby notified that, under the Terrorism Risk Insurance Act (the "Act"), effective December 26, 2007, this policy makes available to you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United States pays 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage.

However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31), the Treasury shall not make any payment for any portion of the amount of such losses that exceeds $100 billion.

10-02-1281 (Ed. 1/2003)


If aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we shall not be Uabe for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.

The portion of your policy's annual premium that is aftributabe to insurance for such acts of terrorism is: $ -0-.

If you have any questions about this notice, please contact your agent or broker.

10-02-1281 (Ed. 1/2003)


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, 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 premium shown on this policy or premium statement may be subject to adjustment in accordance with the provisions of California law recently adopted by ballot initiative. You will be informed about any adjustment as soon as the requirements of the law and their effect on your premium can be determined.

Form 99-1 0-0267 (Ed. 2/98)


IMPORTANT POLICYHOLDER INFORMATION

Inquiries concerning your policy should be directed to your insurance agent. The name, address and telephone number of your agent, if one is involved, is shown on the policy and/or in the material accompanying the policy.

If you require additional information you may contact the California Insurance Department at either the following address or phone number:

  California Insurance Department
300 South Spring Street
Los Angeles, CA 90012
1-800-927-HELP

Form 14-02-1495 (Ed. 1/94)


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 (Chubb's 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 maiied 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)


  FEDERAL INSURANCE COMPANY 
  Endorsement No.: I 
  Bond Number:  81906615 
NAME OF ASSURED: DIMENSIONAL FUND ADVISORS     

AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT
 
It is agreed that this Bond is amended as follows: 
1.  By adding the following INSURING CLAUSE: 
  14. Automated Telephone System Transaction 
 
             Loss resulting directly from the ASSURED having transferred funds on the faith of any 
             Automated Phone System (APS) Transaction, where the request for such APS 
             Transaction is unauthorized or fraudulent and is made with the intent to deceive. In order for 
             coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all 
             APS Designated Procedures. A single failure of the ASSURED to maintain and follow a 
             particular APS Designated Procedure in a particular APS Transaction will not preclude 
             coverage under this INSURING CLAUSE. 
  By adding to Section 1., Definitions, the following: 
 
  r. APS Designated Procedures means all of the following procedures: 
             (1)  No APS Transaction shall be executed unless the shareholder or unitholder to whose 
    account such an APS Transaction relates has previously elected to APS 
    Transactions. (Section in Application) 
 
             (2)  All APS Transactions shall be logged or otherwise recorded and the records shall be 
    retained for at least six (6) months. (Logging) 
    Information contained in the records shall be capable of being retrieved and produced 
    within a reasonable time after retrieval of specific information is requested, at a success 
    rate of no less than 85 percent. 
 
             (3)  The caller in any request for an APS Transaction, before executing that APS 
    Transaction must enter a personal identification number (PIN), social security number 
    and account number. (Identity Test) 
 
    If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be 
    allowed additional attempts during the same telephone caD to enter the PIN. The caller 
    may either be instructed to redia a customer service representative or may be 
    immediately connected to such a representative. (Limited attempts to Enter PIN) 

ICAP Bond   
Form 17-02-2345 (Ed. 10-00)  Page 1 


  (4)  A written confirmation of any APS Transaction or change of address shall be mailed to 
    the shareholder or unitholder to whose account such transaction relates, at the record 
    address, by the end of the insureds next regular processing cycle, but in no event later 
    than five (5) business days following such APS Transaction. (Written Confirmation) 
 
  (5)  Access to the equipment which permits the entity receiving the APS Transaction 
    request to process and effect the transaction shall be limited in the following manner: 
    (Access to APS Equipment) 
 
s.  APS Election means any election concerning various account features available to the 
  shareholder or unitholder which is made through the Automated Phone System by means of 
  information transmitted by an individual caller through use of a Automated Phone System. 
  These features include account statements, auto exchange, auto asset builder, automatic 
  withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and 
  change of address. 
 
t.  APS Exchange means any exchange of shares or units in a registered account of one fund 
  into shares or units in an account with the same tax identification number and same 
  ownership-type code of another fund in the same complex pursuant to exchange privileges of 
  the two funds, which exchange is requested through the Automated Phone System by 
  means of information transmitted by an individual caller through use of an Automated Phone 
  System. 
 
u.  APS Purchase means any purchase of shares or units issued by an Investment Company 
  which is requested through an Automated Phone System. 
 
v.  APS Redemption means any redemption of shares or units issued by an Investment 
  Company which it requested through the telephone by means of information transmitted by 
  an individual caller through use of a Automated Phone System. 
 
w.  APS Transaction means any APS Purchase, APS Redemption, APS Election or APS 
  Exchange. 
 
x.  Automated Phone System means an automated system which receives and converts to 
  executable instructions transmissions through the Automated Phone System through use of 
  a touch-tone keypad or other tone system; and always excluding transmissions from a 
  computer system or part thereof. 
 
3. By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring 
Clauses Except 1., 4., 5.: 
 
Section 4.A Specific Exclusion-Applicable to Insuring Clause 14 
 
This Bond does not directly or indirectly cover under Insuring Clause 14: 
Loss resulting from: 
 
a.  the redemption of shares or units, where the proceeds of such redemption are made payable 
  to other than: 
 
  (1)  the shares or units of record, 
 
  (2)  a person designated to receive redemption proceeds, or 
  (3)  a bank account designated to receive redemption proceeds, or 
 
b.  the redemption of shares or units, where the proceeds of such redemption are paid by check 
  mailed to any address, unless such address has either been designated the shareholder or 
  unitholder by voice through an Automated Phone System or in writing, at least thirty (30) 
  days prior to such redemption, or 

ICAP Bond   
Form 17-02-2345 (Ed. 10-00)  Page 2 


c.      the redemption of shares or units, where shareholder or unitholder of the ASSURED designated bank account of record.
 

This Endorsement applies to loss discovered after 12:01 a.m. on December 30, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2009

By: /s/Robert Hamburger

Authorized Representative

CAP Bond   
Form 17-02-2345 (Ed. 10-00)  Page 3 


    ENDORSEMENT/RIDER 
Effective date of     
this endorsement/rider: December 30, 2008  FEDERAL INSURANCE COMPANY 
  Endorsement/Rider No.   2
  To be attached to and   
  form a part of Bond No.  81906615 
Issued to: DIMENSIONAL FUND ADVISORS     

  DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION 
  ENDORSEMENT 
 
In consideration of the premium charged, it is agreed that this Bond is amended as follows: 
I.   The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety. 
2.  The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced 
  with the following: 
  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.

/s/Robert Hamburger     
Authorized Representative

17-02-2437 (1 2/2006) rev.  Page 1 


  FEDERAL INSURANCE COMPANY 
  Endorsement No.: 3 
  Bond Number:  81906615 
NAME OF ASSURED: DIMENSIONAL FUND ADVISORS     

EXTENDED COMPUTER SYSTEMS ENDORSEMENT
 
It is agreed that this Bond is amended as follows: 
 
1.  By adding the following INSURING CLAUSE: 
  12. Extended Computer Systems 
             A.  Electronic Data, Electronic Media, Electronic Instruction 
    Loss resulting directly from: 
 
    (1)  the fraudulent modification of Electronic Data, Electronic Media or Electronic 
      Instruction being stored within or being run within any system covered under this 
      INSURING CLAUSE, 
 
    (2)  robbery, burglary, larceny or theft of Electronic Data, Electronic Media or 
      Electronic Instructions, 
 
    (3)  the acts of a hacker causing damage or destruction of Electronic Data, 
      Electronic Media or Electronic Instruction owned by the ASSURED or for which 
      the ASSURED is legally liable, while stored within a Computer System covered 
      under this INSURING CLAUSE, or 
 
    (4)  the damage or destruction of Electronic Data, Electronic Media or Electronic 
      Instruction owned by the ASSURED or for which the ASSURED is legally liable 
      while stored within a Computer System covered under INSURING CLAUSE 12, 
      provided such damage or destrucUon was caused by a computer program or 
      similar instruction which was written or altered to intentionally incorporate a hidden 
      instruction designed to damage or destroy Electronic Data, Electronic Media, or 
      Electronic Instruction in the Computer System in which the computer program 
      or instruction so written or so altered is used. 

ICAP2 Bond   
Form 17-02-2976 (Ed. 1-02)  Page 1 


B.  Electronic Communication 
 
  Loss resulting directly from the ASSURED having transferred, paid or delivered any 
  funds or property, established any credit, debited any account or given any value on the 
  faith  of any electronic communications directed to the ASSURED, which were 
  transmitted or appear to have been transmitted through: 
 
  (1)  an Electronic Communication System, 
 
  (2)  an automated clearing house or custodian, or 
  (3)  a Telex, TWX, or similar means of communication, 
 
  directly into the ASSUREDS Computer System or Communication Terminal, and 
  fraudulently purport to have been sent by a customer, automated clearing house, 
  custodian, or financial institution, but which communications were either not sent by said 
  customer, automated clearing house, custodian, or financial institution, or were 
  fraudulently modified during physical transit of Electronic Media to the ASSURED or 
  during electronic transmission to the ASSUREDS Computer System or 
  Communication Terminal. 
 
C.  Electronic Transmission 
 
  Loss resulting directly from a customer of the ASSURED, any automated clearing house, 
  custodian, or financial institution having transferred, paid or delivered any funds or property, 
  established any credit, debited any account or given any value on the faith of any electronic 
  communications, purporting to have been directed by the ASSURED to such customer, 
  automated clearing house, custodian, or financial institution initiating, authorizing, or 
  acknowledging, the transfer, payment, delivery or receipt of funds or property, which 
  communications were transmitted through: 
 
  (1)  an Electronic Communication System, 
 
  (2)  an automated clearing house or custodian, or 
  (3)  a Telex, TWX, or similar means of communication, 
 
  directly into a Computer System or Communicaflon Terminal of said customer, 
  automated clearing house, custodian, or financial institution, and fraudulently purport to 
  have been directed by the ASSURED, but which communications were either not sent 
  by the ASSURED, or were fraudulently modified during physical transit of Electronic 
  Media from the ASSURED or during electronic transmission from the ASSUREDS 
  Computer System or Communication Terminal, and for which loss the ASSURED is 
  held to be legally liable. 

ICAP2 Bond   
Form 17-02-2976 (Ed. 1-02)  Page 2 


2.  By adding to Section 1., Definitions, the following:   
 
  y.  Communication Terminal means a teletype, teleprinter or video display terminal, or similar 
    device capable of sending or receMng information electronically. Communication Terminal 
    does not mean a telephone.   
 
  z.  Electronic Communication System means electronic communication operations by 
    Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide 
    International Financial Telecommunication (SWIFT), similar automated interbank 
    communication systems, and Internet access facilities.   
 
  aa.  Electronic Data means facts or information converted to a form usable in Computer 
Systems and which is stored on Electronic Media for use by computer programs.
  ab.  Electronic Instruction means computer programs converted to a form usable in a Computer 
    System to act upon Electronic Data.   
 
  ac.  Electronic Media means the magnetic tape, magnetic disk, optical disk, or any other bulk 
    media on which data is recorded.   
 
3.  By adding the following Section after Section 4, Specific Exclusions-Applicable to All INSURING 
  CLAUSES except 1., 4., and 5.:   
 
  Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 12 
  This Bond does not directly or indirectly cover:   
 
  a.  loss resulting directly or indirectly from Forged, altered or fraudulent negotiable instruments, 
    securities, documents or written instruments used as source documentation in the preparation 
    of Electronic Data;   
 
  b.  loss of negotiable instruments, securities, documents or written instruments except as 
    converted to Electronic Data and then only in that converted form; 
  c.  loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear 
    or tear, gradual deterioration, electrical disturbance, Electronic Media failure or breakdown or 
    any malfunction or error in programming or error or omission in processing; 
  d.  loss resulting directly or indirectly from the input of Electronic Data at an authorized 
    electronic terminal of an Electronic Funds Transfer System or a Customer 
    Communication System by a person who had authorized access from a customer to that 
    customers authentication mechanism; or   
 
  e.  liability assumed by the ASSURED by agreement under any contract, unless such liability would 
    have attached to the ASSURED even in the absence of such agreement; or 
  f.  loss resulting directly or indirectly from:   
 
    (1)  written instruction unless covered under this INSURING CLAUSE; or 
 
    (2)  instruction by voice over the telephone, unless covered under this INSURING CLAUSE. 

ICAP2 Bond   
Form 17-02-2976 (Ed. 1-02)  Page 3 


4.      By adding to Section 9., Valuation, the following:
 
  Electronic Data, Electronic Media, Or Electronic Instruction
 
  In case of loss of, or damage to, Electronic Data, Electronic Media or Electronic Instruction used by the ASSURED in its business, the COMPANY shall be liable under this Bond only if such items are actually reproduced form other Electronic Data, Electronic Media or Electronic Instruction of the same kind or quality and then for not more than the cost of the blank media and/or the cost of labor for the actual transcription or copying of data which shall have been furnished by the ASSURED in order to reproduce such Electronic Data, Electronic Media or Electronic Instruction subject to the applicable SINGLE LOSS LIMIT OF LIABILITY.
 
  However, if such Electronic Data can not be reproduced and said Electronic Data represents Securities or financial instruments having a value, then the loss will be valued as ndicated in the SECURITIES and OTHER PROPERTY paragraphs of this Section.
 

This Endorsement applies to loss discovered after 12:01 a.m. on December 30, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2009

By: /s/Robert Hamburger
      Authorized Representative

 

ICAP2 Bond   
Form 17-02-2976 (Ed. 1-02)  Page 4 


  FEDERAL INSURANCE COMPANY 
  Endorsement No.:                    4 
  Bond Number:  81906615 
NAME OF ASSURED: DMENSONAL FUND ADVISORS     

TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT
 
It is agreed that this Bond is amended as follows: 
 
                 1. By adding the foflowing INSURING CLAUSE: 
 
                 13.  Teefacsimile Instruction 
 
  Loss resulting directly from the ASSURED having transferred, paid or delivered any 
  funds or other Property or established any credit, debited any account or given any 
  value on the faith of any fraudulent instructions sent by a Customer, finanda institution 
  or another office of the ASSURED by Telefacsimile directly to the ASSURED authorizing 
  or acknowledging the transfer, payment or delivery of funds or Property or the 
  establishment of a credit or the debiting of an account or the giving of value by the 
  ASSURED where such Telefacsimile instructions: 
 
  a.  bear a valid test key exchanged between the ASSURED 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 
 
   b. frauduently purport to have been sent by such Customer or financial institution 
    when such Telefacsimile instructions were transmifted without the knowledge 
    or consent of such Customer or financia' institution by a person other than such 
    Customer or financial institution and which bear a Forgery of a signature, 
    provided that the Telefacsimile instruction was verified by a direct call back to 
    an employee of the financial institution, or a person thought by the ASSURED to 
     be the Customer, or an empbyee of another financial institution. 
 
2. By deleting from Section 1., Definitions, the definition of Customer in its entirety, and substituting 
the following: 
 
  d. Customer means an individual, corporate, partnership, trust customer, shareholder or 
  subscriber of an Investment Company which has a written agreement with the ASSURED 
  for Voice Initiated Funds Transfer Instruction or Telefacsimile Instruction. 

CAP Bond   
Form 1 7-02-2367 (Rev. 1 0-03)  Page 1 


3.  By adding to Section 1., Definitions, the following: 
 
  ad.  Telefacsimile means a system of transmitting written documents by electronic signals 
    over telephone lines to equipment maintained by the ASSURED for the purpose of 
    reproducing a copy of said document. Telefacsimile does not mean electronic 
    communication sent by Telex or simfiar means of communication, or through an 
electronic communication system or through an automated clearing house.

4.      By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring
  Clause      1. the following:
 
  j.      loss resulting directly or indirectly from Telefacsimile instructions provided, however, this exclusion shall not apply to this INSURNG CLAUSE.
 

This Endorsement apphes to oss discovered after 12:01 a.m. on December 30, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2009

By: /s/Robert Hamburger
      Authorized Representative

 

CAP Bond   
Form 17-02-2367 (Rev. 10-03)  Page 2 


FEDERAL INSURANCE COMPANY
                                                                                                                                       Endorsement No:  5 
                                                                                                                                       Bond Number:  81906615 
NAME OF ASSURED: DIMENSIONAL FUND ADVISORS   

  NAME OF ASSURED ENDORSEMENT 
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows: 
       1. Per the list of proposed Insured Investment Companies submitted to the Company on 
  December 2, 2008, and on file with the Company. 
       2.  City of New York Deferred Compensation Plan, with their respects as customers of 
  Dimensional Fund Advisors. 
 
This Endorsement applies to loss discovered after 12:01 a.m. on December 30, 2008. 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: January 6, 2009

By: /s/Robert Hamburger
      Authorized Representative

ICAP Bond
Form 17-02-0949 (Rev. 1-97)

Page 1


FEDERAL INSURANCE COMPANY 
Endorsement No:              6 
Bond Number:  81906615 

NAME OF ASSURED: DIMENSIONAL FUND ADVISORS

PREMIUM ENDORSEMENT
It is agreed that: 
1.  The premium for this Bond for the period December 30, 2008 to October 31, 2009 is: 
  Premium: FIFTY NINE THOUSAND THREE HUNDRED AND FIFTY ONE DOLLARS ($59,351.00) 
2.  It is further agreed that this premium is subject to change during this period if amendments are made to 
  this Bond at the request of the ASSURED. 
This Endorsement applies to loss discovered after 12:01 a.m. on December 30, 2008. 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: January 6, 2009

By: /s/Robert Hamburger
      Authorized Representative

ICAP Bond

Form 1 7-02-0735 (Rev. 1-97)


FEDERAL INSURANCE COMPANY 
Endorsement No.:                  7 
Bond Number:  81906615 

NAME OF ASSURED: DIMENSIONAL FUND ADVISORS

UNAUTHORIZED SIGNATURE ENDORSEMENT
It is agreed that this Bond is amended as follows: 
1.  By adding the following INSURING CLAUSE: 
  15.  Unauthorized Signature 
    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 ASSURED'S 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. 
    It shall be a condition precedent to the ASSURED'S 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. 
2.  By adding to Section 1. Definitions, the following: 
  ae.  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. 
  af.  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: 
    (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 
    (2)  of a type commonly dealt in on securities exchanges or markets, and 
    (3)  either one of a class or series or by its terms divisible into a class or series of shares, 
      participations, interests or obligations. 

ICAP Bond   
Form 17-02-5602 (Ed. 10-03)  Page 1 


ag. Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a customer of the ASSURED authorizing the ASSURED to debit the customer's account in the amount of funds stated therein.

This Endorsement applies to loss discovered after 12:01 a.m. on December 30, 2008.

ALL OTHER TERMS AND CONDIT)ONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2009

By:  /s/Robert Hamburger
       Authorized Representative

CAP Bond   
Form 17-02-5602 (Ed. 10-03)  Page 2 


FEDERAL INSURANCE COMPANY 
Endorsement No.:              8 
Bond Number:  81906615 

NAME OF ASSURED: DIMENSIONAL FUND ADVISORS

CLAIMS EXPENSE ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.      By adding the following INSURING CLAUSE:
 
  16.      Claims Expense
 
    Reasonable expense incurred by the ASSURED, solely for independent firms or individuals to
    determine the amount of loss where:
 
    (1)      the loss is covered under the Bond, and
 
    (2)      the loss is in excess of the applicable DEDUCTIBLE AMOUNT.
 
2.      Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to loss covered under this INSURING CLAUSE.
 
       
 

This Endorsement applies to loss discovered after 12:01 a.m. on December 30, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2009

By: /s/Robert Hamburger
      Authorized Representative

ICAP Bond

Form 17-02-6282 (Ed. 11-04)


FEDERAL INSURANCE COMPANY 
Endorsement No.:                        9 
Bond Number:  81906615 

NAME OF ASSURED: DIMENSIONAL FUND ADVISORS

AMEND DISCOVERY ENDORSEMENT

It is agreed that this Bond is amended by deleting Section 6., Discovery, in its entirety and substituting the following:

 
6. Discovery 

This Bond applies only to loss first discovered by the Office of Risk Manager, General Counsel, Director or Officer of the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the Office of Risk Manager, General Counsel, Director or Officer of the ASSURED being aware of:

     a. facts which may subsequently result in a loss of a type covered by this Bond, or

     b. an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,

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.

This Endorsement applies to loss discovered after 12:01 a.m. on December 30, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2009

By:  /s/Robert Hamburger
      Authorized Representative


ICAP Bond

Form 17-02-6260 (Ed. 6-04)


                                                                             ENDORSEMENT/RIDER 
Effective date of   
this endorsement/rider: December 30, 2008  FEDERAL INSURANCE COMPANY 
  Endorsement/Rider No. 10 
  To be attached to and 
  form a part of Bond No. 81906615 
Issued to: DIMENSIONAL FUND ADVISORS   

AMEND NOTICE TO COMPANY ENDORSEMENT

In consideration of the premium charged, it is agreed Section 7., Notice to Company-Proof-Legal Proceedings Against Company, of the Conditions and Limitations, is amended by deleting paragraph a. and replacing it with the following:

a.      The Office of Risk Manager, General Counsel, Director or Officer of the ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to exceed ninety (90) 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.
 

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.

By: /s/Robert Hamburger           
Authorized Representative

Q07-2394 (10/2007)

Page 1


                                                                             ENDORSEMENT/RIDER 
Effective date of   
this endorsementIrider December 30, 2008  FEDERAL INSURANCE COMPANY 
  Endorsement/Rider No. 11 
  To be attached to and 
  form a part of Bond No. 81906615 
Issued to: DIMENSIONAL FUND ADVISORS   

AMEND NAME OF ASSURED (NEW FUNDS) ENDORSEMENT

In consideration of the premium charged, is agreed that:

1. The Name of Assured, as set forth on the Dedarations of this Bond, shall include, as of the Effective Date, any newly created, registered investment company sponsored by an ASSURED or any newly created portfolio of an ASSURED, but on'y where the total committed capital or total asset size for such newly-created investment company or portfolio is less than five billion dollars ($5,000,000,000). Provided, however, that this provision shall not app'y to a registered investment company that is created as a result of a merger, consolidation or acquisition with another registered investment company.

2. The Name of Assured, as set forth on the Declarations, shall include any newly created registered investment company that is a result of a consolidation, merger, or acquisition with an ASSURED, for a period of thirty (30) days after the Effective Date or until the BOND PERIOD expiration date, as set forth in ITEM 1. of the Declarations, whichever is earlier.

Coverage for such newly created registered investment company as described in this paragraph 2. shall collapse after the thirty (30) day period unless:

a.      the COMPANY receives written notice of such creation along with any information the COMPANY may require in its sole discretion;
 
 b. the ASSURED accepts any bond modifications required by the COMPANY in its sole discretion; and
 
c.      the ASSURED pays the additional premium, if any, required by the COMPANY in its sole discretion.
 
3.      For the purposes of this endorsement, the following definition is added:
 
  Effective Date means the date that the newly created registered investment company or newly created portfolio of an ASSURED is declared effective by the Securities and Exchange Commission.
 
4.      Solely as respects the coverage provided by this Endorsement, the COMPANY shall not be liabe for loss on account of any actual or potential claim based upon, arising from, or in consequence of any fact, circumstance or situation which, prior to the Effective Date, an ASSURED new or should have known could give rise to such a claim under this Bond.
 

Q08-210 (01/2008)

Page 1


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.

/s/Robert Hamburger
       Authorized Representative

Q08-210 (01/2008) 

 

Page 2 


An excerpt from the Minutes of the Meetings of the Boards of Directors/Trustees of The DFA Investment Trust Company, DFA Investment Dimensions Group Inc., Dimensional Investment Group Inc. and Dimensional Emerging Markets Value Fund Inc. held on December 18, 2008

     RESOLVED, that the Trustees have considered all relevant factors relating to the participation of DFAIDG, DIG, DEM, and DFAITC under a joint fidelity bond, including, among other factors, the value of the aggregate assets of the Dimensional Funds, the type and terms of the arrangements made for the custody and safekeeping of such assets, and the nature of the securities in which the Series invest; and

     FURTHER RESOLVED, that the Trustees, including the Independent Trustees, have determined that it would be in the best interests of each Series of DFAIDG, DIG, DEM, and DFAITC to maintain the fidelity bond coverage required under Rule 17g-1 under the 1940 Act, jointly with the other Dimensional Funds, certain non-SEC registered investment companies and trusts, Dimensional, DFAS, and certain other subsidiaries of Dimensional (together, the “Insureds”); and

     FURTHER RESOLVED, that the Fidelity Bond No. 81906615 (the “Fidelity Bond” or “Bond”) issued by Chubb, which Fidelity Bond provides for aggregate coverage for the Insureds in the amount of $25 million, will provide adequate coverage for the Dimensional Funds, and is hereby approved for the Dimensional Funds, taking into consideration all relevant factors, including the number of parties named as Insureds, their respective assets, and the requirements of Rule 17g-1, the nature of the business activities of such other parties who are named as Insureds, the amount of the Fidelity Bond, the amount of the premium for such Bond, the proportionate allocation of the premium for the Fidelity Bond among all parties named as Insureds, the extent to which the share of the premium allocated to each Series is less than the premium the Series would be required to pay to provide and maintain a single insured bond, and the coverage provided under the Fidelity Bond; and

     FURTHER RESOLVED, that the amount of the Fidelity Bond, and the proportionate allocation of the premium for the Fidelity Bond to the Series that are Insureds on the basis of the Series’ net assets, are hereby approved; and

     FURTHER RESOLVED, that the Amended and Restated Joint Bond Agreement between the Insureds under the Fidelity Bond relating to the sharing of premiums and the division of insurance proceeds in the event of a joint fidelity loss, as required by subparagraph (f) of Rule 17g-1, and reflecting the provisions of the Fidelity Bond and the addition of the DFA Short Term Investment Fund LP and Dimensional Funds II PLC as Insureds, as discussed at this Meeting, be, and it hereby is, approved; and

     FURTHER RESOLVED, that the appropriate officers of each Dimensional Fund be, and each of them hereby is, authorized to execute and deliver such documents and to make such regulatory filings as may be necessary to effect the fidelity bond coverage contemplated hereby in accordance with the 1940 Act and the rules thereunder; and

     FURTHER RESOLVED, that the Secretary or an Assistant Secretary of each Dimensional Fund be, and such officer hereby is, designated as the officer to make filings with the SEC and to give notices as may be required, from time to time, pursuant to Rules 17g-1(g) and 17g-1(h) under the 1940 Act.

 


STATEMENT

All premiums have been paid for the period of December 30, 2008 through October 31, 2009 covered by the attached bond.

The amount of the single insured bond that each Fund would have provided and maintained had the fund not been named as an insured under the joint insured bond is as follows:

The DFA Investment Trust Company $2,500,000 
DFA Investment Dimensions Group Inc.  $2,500,000 
Dimensional Emerging Markets Value Fund Inc.  $2,300,000 
Dimensional Investment Group Inc.  $600,000 

Dimensional Fund Advisors LP (SEC File #801-16283) on behalf of:

The DFA Investment Trust Company (SEC File #811-7436)
DFA Investment Dimensions Group Inc. (SEC File #811-3258)
Dimensional Investment Group Inc. (SEC File #811-6067)
Dimensional Emerging Markets Value Fund Inc. (SEC File #811-7440)

By: /s/Catherine L. Newell
Catherine L. Newell
Vice President and Secretary

 

AMENDED AND RESTATED JOINT BOND AGREEMENT

     This Amended and Restated Joint Bond Agreement made this 18th day of December, 2008, by and among DFA Investment Dimensions Group Inc. (“DFAIDG”), Dimensional Emerging Markets Value Fund Inc. (“DEM”), The DFA Investment Trust Company (“DFAITC”), Dimensional Investment Group Inc. (“DIG”), Dimensional Fund Advisors LP (“DFA”), its wholly-owned subsidiaries, DFA Securities Inc. (“DFAS”), Dimensional Fund Advisors Ltd. (“DFAL”), DFA Australia Limited (“DFA Australia”), Dimensional Fund Advisors Canada Inc. (“DFAC”), DFA, on behalf of The DFA Group Trust (the “Group Trust”), Dimensional Funds plc (“DFP”), DFAC, on behalf of the Dimensional Funds (the “Canadian Trusts”), DFA Australia, on behalf of the Dimensional Australian Resident Trusts (the “Australian Trusts”), DFAL, on behalf of Dimensional Funds ICVC (the “OEICs”) and Dimensional Funds II plc (“DFPII”), and Dimensional Partners LLC (“Partners”), on behalf of the DFA Short Term Investment Fund LP (the “STIF”).

WITNESSETH:

     WHEREAS, DFAIDG, DEM, DFAITC, DIG, DFA, DFAS, DFAL, DFA Australia, DFAC, the Group Trust, DFP, DFPII, the Canadian Trusts, the Australian Trusts, the OEICs, and the STIF (sometimes herein referred to collectively as the “Insureds”) jointly maintain a fidelity bond that provides insurance for losses incurred by them as a result of certain acts and omissions of other persons (such fidelity bond and any amendments, supplements or replacements thereof, or successors thereto, being referred to herein as the “Joint Bond”); and

     WHEREAS, the Insureds that are U.S. registered management investment companies (together, the “DFA Funds”) desire: (i) to satisfy the requirements of paragraph (f) of Rule 17g-1 (the “Rule”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as the Rule is in effect on the date hereof; (ii) to confirm the criteria by which recoveries under the Joint Bond should be allocated among the Insureds; and (iii) to secure the benefits afforded by the Joint Bond; and

     WHEREAS, the Board of Directors of each DFA Fund, after giving due consideration to all factors relevant to the Joint Bond’s amount, type, form and coverage, and the apportionment of recoveries and premiums on the Joint Bond, has approved the form, term, and amount of the Joint Bond, the portion of the premiums payable by each DFA Fund, and the manner by which proceeds of a recovery under the Joint Bond, if any, shall be shared by and among the Insureds as hereinafter set forth, such approval having been accomplished by the vote of a majority of such Board’s members, including a majority of those members of the Board who are not “interested persons,” as that term is defined in Section 2(a)(19) of the 1940 Act; and

     WHEREAS, certain of the Insureds previously had entered into a Joint Bond Agreement, dated October 18, 2003, as amended on October 29, 2004, to establish the manner by which proceeds of a recovery under the Joint Bond, if any, shall be shared by and among the Insureds, and the Insureds now desire to amend such agreement and to restate the agreement in its entirety by this Agreement;

     NOW, THEREFORE, intending to be legally bound, the parties hereto agree as follows:

     1. In the event that a recovery is received under the Joint Bond as a result of a loss sustained by any DFA Fund and one or more of the other named Insureds, the DFA Fund, as its interests may appear, shall receive an equitable and proportionate share of the recovery in relation to the respective claims, but at least equal to the amount that the DFA Fund would have received had the DFA Fund


provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of the Rule.

     2. The term “Insured,” as applicable to any DFA Fund hereunder, shall be deemed to include each and every Portfolio or Series of such Insured that is in existence on the date hereof, or that is organized by a DFA Fund hereafter, during the term of this Agreement, provided that for the purpose of paragraph (d)(1) of the Rule, all such Portfolios of any DFA Fund shall be deemed to comprise a single U.S. registered management investment company and all such Series of a DFA Fund shall be deemed to comprise a single U.S. registered management investment company and, in the event that a recovery provided for in paragraph 1 above is received that covers losses incurred by more than one Portfolio or Series, the portion thereof required to be received by the DFA Fund pursuant to such paragraph shall be apportioned among such Portfolios and/or Series by the Board of Directors in a fair and equitable manner that takes into account the respective losses of such Portfolios and/or Series.

     3. This Agreement shall become effective upon approval by DFA, DFAS, DFAL, DFA Australia, DFAC, DFP, Partners and by the Boards of Directors of the DFA Funds, and shall automatically terminate as to any party that ceases to be an Insured under the Joint Bond.

     4. The provisions of paragraph 3 notwithstanding, any recovery received pursuant to the Joint Bond as to which the parties hereto were Insureds and that is subject to the provisions of paragraph 1 herein shall be disbursed in accordance with the provisions of such paragraph.

     5. This Agreement shall apply to the Joint Bond and any renewals or replacements thereof, and shall continue until terminated. So long as this Agreement shall remain in effect, each DFA Fund shall make such filings and take such other actions in respect of the Joint Bond and this Agreement as shall be necessary to comply with the 1940 Act and the rules and regulations promulgated thereunder.

     6. The term “Board of Directors,” as used herein, shall include the Board of Trustees of any DFA Fund that is a statutory trust.

     7. This Agreement shall be governed by the laws of the State of California, to the extent not inconsistent with applicable provisions of the 1940 Act and the rules and regulations promulgated thereunder, including the Rule.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the date first written above.

ATTEST:

DFA INVESTMENT DIMENSIONS GROUP INC.

Name:  /s/ Valerie A. Brown  Name:  /s/Catherine L. Newell 
Title:  Vice President and  Title:  Vice President and Secretary 
  Assistant Secretary     

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ATTEST:

DIMENSIONAL EMERGING MARKETS VALUE FUND INC.


Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/Valerie A. Brown
Valerie A. Brown
 
Title:  Vice President and  Title:  Vice President and Assistant Secretary 
  Secretary     
 
 
ATTEST:  THE DFA INVESTMENT TRUST COMPANY 

Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/David R. Martin
David R. Martin
 
Title:  Vice President and  Title:  Vice President, Chief Financial Officer and Treasurer 
  Secretary     
 
 
ATTEST:  DIMENSIONAL INVESTMENT GROUP INC. 

Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/Julie C. Henderson
Julie C. Henderson
 
Title:  Vice President and  Title:  Vice President and Controller 
  Secretary     
 
 
ATTEST:  DIMENSIONAL FUND ADVISORS LP 
       By: DIMENSIONAL HOLDINGS INC., Its General Partner 

Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/David R. Martin
David R. Martin
 
Title:  Vice President and  Title:  Vice President, Chief Financial Officer and Treasurer 
  Secretary     
 
 
ATTEST:  DFA SECURITIES INC. 

Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/David R. Martin
David R. Martin
 
Title:  Vice President and  Title:  Vice President, Chief Financial Officer and Treasurer 
  Secretary     

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ATTEST:                                             DIMENSIONAL FUND ADVISORS LTD.

Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/David M. Salisbury
David M. Salisbury
 
Title:  Vice President and  Title:  Chairman and Chief Executive Officer 
  Secretary     
 
 
ATTEST:  DFA AUSTRALIA LIMITED 
       For Itself and On Behalf of the 
       Dimensional Australian Resident Trusts 

Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/J. Glenn Crane
J. Glenn Crane
 
Title:  Vice President and  Title:  Chairman and Chief Executive Officer 
  Secretary     
 
 
ATTEST:  DIMENSIONAL FUND ADVISORS CANADA INC. 
    For Itself and On Behalf of the Dimensional Funds 

Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:   /s/Valerie A. Brown
Valerie A. Brown 
Title:  Vice President and  Title:   Vice President and Assistant Secretary 
  Secretary     
 
 
ATTEST:  DIMENSIONAL FUND ADVISORS LP 
       By: DIMENSIONAL HOLDINGS INC., Its General Partner 
      On Behalf of The DFA Group Trust 

Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/David R. Martin
David R. Martin
 
Title:  Vice President and  Title:  Vice President, Chief Financial Officer and Treasurer 
  Secretary     
 
 
ATTEST:  DIMENSIONAL FUNDS PLC 
Name: /s/Catherine L. Newell
           Catherine L. Newell
Name: /s/David M. Salisbury
           David M. Salisbury
Title: Director Title: Director

 

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ATTEST:  DIMENSIONAL FUNDS II PLC 
 
 
 
Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/Garett Quigley
Garrett Quigley
 
Title:  Director  Title:  Director 
 
 
ATTEST:  DIMENSIONAL FUND ADVISORS LTD. 
       On Behalf of Dimensional Funds ICVC 
 
 
 
Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/Garett Quigley
Garrett Quigley
 
Title:  Vice President and  Title:  Vice President 
  Secretary     
 
 
ATTEST:  DFA SHORT TERM INVESTMENT FUND LP 
    By: DIMENSIONAL PARTNERS LLC, Its General Partner 
    By: DIMENSIONAL FUND ADVISORS LP, Its Member 
    By: DIMENSIONAL HOLDINGS INC., Its General 
      Partner 
 
 
 
Name:  /s/Catherine L. Newell
Catherine L. Newell
 
Name:  /s/David R. Martin
David R. Martin
 
Title:  Vice President and  Title:  Vice President, Chief Financial Officer, and Treasurer 
  Secretary     

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