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 liable 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 attributable 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. 5/2007)
Important Notice:
The SEC Requires Proof of Your Fidelity
Insurance Policy
Your company is now required to file an electronic copy
of your fidelity insurance coverage (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 mailed to you, which are the same as
those set forth in the electronic copy, constitute the
entire agreement between your company and Chubb.
If you have any questions, please contact your
agent or broker.
Form 14-02-12160 (ed. 7/2006)
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: 70437027
PROFUND ADVISORS LLC
FEDERAL INSURANCE COMPANY
7501 WISCONSIN AVENUE STE 1000
BETHESDA, MD 20814
Incorporated under the laws of Indiana
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 a.m. on March 31, 2008
to 12:01 a.m. on March 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.
LIMIT DEDUCTIBLE
INSURING CLAUSE OF LIABILITY AMOUNT
1. Employee $ 5,600,000 $ 10,000
2. On Premises $ 5,600,000 $ 10,000
3. In Transit $ 5,600,000 $ 10,000
4. Forgery or
Alteration $ 5,600,000 $ 10,000
5. Extended Forgery $ 5,600,000 $ 10,000
6. Counterfeit Money $ 5,600,000 $ 10,000
7. Threats to Person $ 5,600,000 $ 10,000
8. Computer System $ 5,600,000 $ 10,000
9. Voice Initiated Funds
Transfer Instruction $ 5,600,000 $ 10,000
10. Uncollectible Items
of Deposit $ 25,000 $ 10,000
11. Audit Expense $ 25,000 $ 10,000
12. Stop Payment $ 25,000 $ 10,000
13. Telefacsimile $ 5,600,000 $ 10,000
14. Unauthorized
Signature $ 5,600,000 $ 10,000
|
ITEM 3. THE LIABILITY OF THE COMPANY IS ALSO
SUBJECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS
EXECUTED SIMULTANEOUSLY HEREWITH:
1 - 8
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 Mason /s/Thomas F. Motamed
------------------- --------------------
Secretary President
Countersigned /s/ Robert Hamburger
------------------
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 APPLICATION
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 unexplainable
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
unexplainable 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.
ICAP 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.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 2 of 19
Insuring Clauses
Extended Forgery
(continued)
For the purpose of this INSURING CLAUSE, a
mechanically reproduced facsimile 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
1.e. (1), (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.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 3 of 19
Insuring Clauses
(continued)
Voice Initiated Funds
Transfer Instruction
9. Loss resulting directly from Voice Initiated Funds
Transfer Instruction directed Transfer Instruction to
the ASSURED authorizing the transfer of dividends or
redemption proceeds of Investment Company shares from
a Customer's account, provided such Voice Initiated
Funds Transfer Instruction was:
a. received at the ASSURED'S offices by those Employees
of the ASSURED specifically 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 ASSURED'S 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 loss sustained by the ASSURED and
covered by this Bond.
ICAP 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.
ICAP 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 Company
C. 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 - Notice To Company
D. 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
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 6 of 19
General Agreements
Court Costs And Attorneys' Fees (continued)
(3) in the absence of 1 or 2 above, an arbitration
panel agrees, after a review of an agreed statement
of facts between the COMPANY and the ASSURED, 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 attorney's 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 attorney's 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 COMPANY'S 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 attorney's 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 ASSURED'S 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 ASSURED'S 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 ASSURED'S
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
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 8 of 19
Conditions And
Limitations
Definitions (continued)
(8) each natural person, partnership or corporation
authorized by written 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.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 9 of 19
Conditions And
Limitations
Definitions (continued)
f. Forgery means the signing of the name of another
natural person with the 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 (continued)
m. 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 leased 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;
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 11 of 19
Conditions And
Limitations
General Exclusions - Applicable to All Insuring Clauses
(continued)
h. loss resulting from dishonest acts by any member of
the Board of Directors or Board of Trustees of the
ASSURED who is not an Employee, acting alone or in
collusion with others;
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 - Applicable To All Insuring
Clauses Except Insuring Clause 1.
3. This Bond does not directly or indirectly cover:
a. loss caused by an Employee, provided, however, this
Section 3.a. shall not apply to loss covered under
INSURING CLAUSE 2. or 3. which results 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 17-02-1421 (Ed. 5-98) Page 12 of 19
Conditions And
Limitations
Specific Exclusions - Applicable To All Insuring
Clauses Except Insuring Clause 1. (continued)
f. loss resulting from the failure for any reason of
a financial or depository institution, its receiver
or other liquidator to pay or deliver funds or other
Property to the ASSURED provided further that this
Section 3.f. shall not apply to loss of Property
resulting directly from robbery, burglary,
misplacement, mysterious unexplainable disappearance,
damage, destruction or removal from the possession,
custody or control of the ASSURED.
g. loss of Property while in the custody of a
Transportation Company, provided however, that this
Section 3.g. shall not apply to INSURING CLAUSE 3.;
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, supply, service, write or implement
programs for the ASSURED's 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
customer's authentication mechanism.
Specific Exclusions - Applicable To All Insuring
Clauses Except Insuring Clauses 1., 4., And 5.
4. This bond does not directly or indirectly cover:
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, 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-Reduction And
Non-Accumulation Of Liability
5. At all times prior to termination of this Bond,
this Bond shall continue in force for the limit
stated in the applicable sections of ITEM 2. of
the DECLARATIONS, notwithstanding any previous
loss for which the COMPANY may have paid or be
liable to pay under this Bond provided, however,
that the liability of the COMPANY under this
Bond with respect to all loss resulting from:
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
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 13 of 19
Conditions And
Limitations
Limit Of Liability/Non-Reduction And
Non-Accumulation Of Liability (continued)
d. any one casualty or event other than those
specified in a., b., or c. above, shall be deemed
to be one loss and shall be limited to the applicable
LIMIT OF LIABILITY stated in ITEM 2. of the
DECLARATIONS of this Bond irrespective of the total
amount of such loss or losses and shall not be
cumulative in amounts from year to year or from
period to period.
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 earlier of an 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.
Notice To Company - Proof - Legal Proceedings
Against Company
7.
a. The ASSURED shall give the COMPANY notice thereof
at the earliest practicable moment, not to exceed
sixty (60) days after discovery of loss, in an amount
that is in excess of 50% of the applicable DEDUCTIBLE
AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
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 listed in a proof of loss shall be
identified by certificate or bond numbers, if issued
with them.
d. Legal proceedings for the recovery of any loss
under this Bond shall not be brought prior to the
expiration of sixty (60) days after the proof of
loss is filed with the COMPANY or after the
expiration of twenty-four (24) months from the
discovery of such loss.
e. This Bond affords coverage only in favor of the
ASSURED. No claim, suit, action or legal proceedings
shall be brought under this Bond by anyone other
than the ASSURED.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 14 of 19
Conditions And
Limitations
Notice To Company - Proof - Legal Proceedings
Against Company (continued)
f. Proof of loss involving Voice Initiated Funds Transfer
Instruction shall include electronic recordings of such
instructions.
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 1.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 like quality and value, whichever is less.
ICAP 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 COMPANY'S 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 Company's premium charge for the
Company's 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. Recovery
In the event of a payment under this Bond, the COMPANY
shall be subrogated to all of the ASSURED'S 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 ASSURED'S 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 ASSURED'S 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
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 16 of 19
Conditions And
Limitations
Subrogation - Assignment - 11. Recovery (continued)
d. fourth, to the ASSURED in satisfaction of any loss
suffered by the ASSURED which was not covered under this
Bond. 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.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 17 of 19
Conditions And
Limitations
Termination (continued)
If any partner, director, trustee, or officer or
supervisory employee of an ASSURED not acting in
collusion with an Employee learns of any dishonest act
committed by such Employee at any time, whether in the
employment of the ASSURED or otherwise, whether or not
such act is of the type covered under this Bond, and
whether against the ASSURED or any other person or entity,
the ASSURED:
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 committed 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 written
notice is received by each ASSURED Investment Company and
the Securities and Exchange Commission, Washington, D.C.
of its desire to terminate this Bond as to such Employee.
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.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 18 of 19
Conditions And
Limitations
Change or Modification (continued)
If this Bond is for a joint ASSURED, no charge or
modification which would adversely affect the rights of
the ASSURED shall be effective prior to sixty (60) days
after written notice has been furnished to all insured
Investment Companies and to the Securities and Exchange
Commission, Washington, D.C., by the COMPANY.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 19 of 19
---------------------------------------------------------
FEDERAL INSURANCE COMPANY
Endorsement No.: 1
Bond Number: 70437027
NAME OF ASSURED: PROFUND ADVISORS LLC
|
STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT
It is agreed that this Bond is amended as follows:
1. By adding the following INSURING CLAUSE:
"12. Stop Payment Order or Refusal to Pay Check Loss
resulting directly from the ASSURED being legally
liable to pay compensatory damages for:
a. complying or failing to comply with notice from
any customer of the ASSURED or any authorized
representative of such customer, to stop payment on
any check or draft made or drawn upon or against the
ASSURED by such customer or by any authorized
representative of such customer, or
b. refusing to pay any check or draft made or drawn
upon or against the ASSURED by any customer of the
ASSURED or by any authorized representative of such
customer."
2. By adding the following Specific Exclusion:
"Section 4.A. Specific Exclusions - Applicable to
INSURING CLAUSE 12
This Bond does not directly or indirectly cover:
a. 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,
b. loss arising out of:
(1) libel, slander, wrongful entry, eviction,
defamation, false arrest, false imprisonment,
malicious prosecution, assault or battery,
(2) sickness, disease, physical bodily harm, mental
or emotional distress or anguish, or death of any
person, or
(3) discrimination."
This Endorsement applies to loss discovered
after 12:01 a.m. on March 31, 2008.
ALL OTHER TERMS AND CONDITIONS OF THIS
BOND REMAIN UNCHANGED.
Date: April 1, 2008 /s/ Robert Hamburger
-----------------
Authorized Representative
ICAP Bond
Form 17-02-2365 (Ed. 10-00)
|
FEDERAL INSURANCE COMPANY
Endorsement No.: 2
Bond Number: 70437027
NAME OF ASSURED: PROFUND ADVISORS LLC
|
TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT
It is agreed that this Bond is amended as follows:
1. By adding the following INSURING CLAUSE:
13. Telefacsimile 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, financial
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. fraudulently purport to have been sent by such
Customer or financial institution when such
Telefacsimile instructions were transmitted without
the knowledge or consent of such Customer or financial
institution by a person other than such Customer or
financial institution and which bear a 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 employee 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.
ICAP Bond
Form 17-02-2367 (Rev. 10-03) Page 1
3. By adding to Section 1., Definitions, the following:
r. 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
similar 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 INSURING CLAUSE.
This Endorsement applies to loss discovered after
12:01 a.m. on March 31, 2008.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND
REMAIN UNCHANGED.
Date: April 1, 2008 /s/ Robert Hamburger
-----------------
Authorized Representative
|
ICAP Bond
Form 17-02-2367 (Rev. 10-03) Page 2
---------------------------------------------------
FEDERAL INSURANCE COMPANY
Endorsement No.: 3
|
Bond Number: 70437027
NAME OF ASSURED: PROFUND ADVISORS LLC
UNAUTHORIZED SIGNATURE ENDORSEMENT
It is agreed that this Bond is amended as follows:
1. By adding the following INSURING CLAUSE:
14. 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:
s. 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.
t. 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
u. 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 March 31, 2008.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN
UNCHANGED.
Date: April 1, 2008 /s/ Robert Hamburger
-----------------
Authorized Representative
|
ICAP Bond
Form 17-02-5602 (Ed. 10-03) Page 2
---------------------------------------------------
FEDERAL INSURANCE COMPANY
|
Endorsement No: 4
Bond Number: 70437027
NAME OF ASSURED: PROFUND ADVISORS LLC
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the
DECLARATIONS is amended to read as follows:
ProFunds
Access One Trust
ProShares Trust
Any Investment Company or Trust registered under
the Investment Company Act of 1940 or under similar
international law governing such investment company
or trust which is listed in the schedule of funds
attached to and forming part of this bond. Any series
or portfolios of any such investment company or trust
existing as of the effective date of this bond. Any
investment company or trust created or sponsored by
any fund during the policy period.
This Endorsement applies to loss discovered after
12:01 a.m. on March 31, 2008.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND
REMAIN UNCHANGED.
Date: April 1, 2008 /s/ Robert Hamburger
-----------------
Authorized Representative
|
ICAP Bond
Form 17-02-0949 (Rev. 1-97) Page 1
ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: March 31, 2008
FEDERAL INSURANCE COMPANY
Endorsement/Rider No. 5
To be attached to and
form a part of Bond No. 70437027
Issued to: PROFUND ADVISORS LLC
AUTOMATIC INCREASE IN LIMITS ENDORSEMENT
In consideration of the premium charged, it is
agreed that GENERAL AGREEMENTS, Section C. Additional
Offices Or Employees-Consolidation, Merger Or
Purchase Or Acquisition Of Assets Or Liabilities-
Notice To Company, is amended by adding the
following subsection:
Automatic Increase in Limits for Newly Created
Investment Companies or Increases in Assets
If an increase in bonding limits is required pursuant
to rule 17g-1 of the Investment Company Act of 1940
("the Act"), including an increase due to the
creation of a new registered management investment
company, the minimum required increase in limits
shall take place automatically without payment of
additional premium for the remainder of the Bond
Period, provided that the total combined Limit of
Liability for all ASSUREDS under this Bond does not
exceed $6,000,000 as a result of such increase. If
the Act requires bonding limits in excess of
$6,000,000, then the increase in limits shall not
occur unless the COMPANY has agreed in writing to
do so.
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.
Date: April 1, 2008 /s/ Robert Hamburger
-----------------
Authorized Representative
|
14-02-11919 (03/2006) Page 1
Effective date of this endorsement: March 31, 2008
FEDERAL INSURANCE COMPANY
Endorsement No.: 6
To be attached to and form a part of Bond
Number: 70437027
Issued to: PROFUND ADVISORS LLC
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER
It is agreed that this insurance does not apply to
the extent that trade or economic sanctions or
other laws or regulations prohibit the coverage
provided by this insurance.
ALL OTHER TERMS AND CONDITIONS OF THIS
REMAIN UNCHANGED.
Date: April 1, 2008 /s/ Robert Hamburger
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Authorized Representative
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Form 14-02-9228 (Ed. 4/2004)
ENDORSEMENT/RIDER
Effective date of this endorsement/rider:
March 31, 2008
FEDERAL INSURANCE COMPANY
Endorsement/Rider No. 7
To be attached to and
form a part of Bond No. 70437027
Issued to: PROFUND ADVISORS LLC
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:
1. 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.
Date: April 1, 2008 /s/ Robert Hamburger
-----------------
Authorized Representative
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17-02-2437 (12/2006) rev. Page 1
FEDERAL INSURANCE COMPANY
Endorsement No: 8
Bond Number: 70437027
NAME OF ASSURED: PROFUND ADVISORS LLC
TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT
It is agreed that this Bond is amended as follows:
1. By adding to Section 13., Termination, the
following:
"Termination By The Company Bonds In Effect For
More Than Sixty (60) Days If this Bond has been in
effect for more than sixty (60) days, or, if this
Bond is a renewal, the COMPANY may terminate by
providing written notice of cancellation at least
sixty (60) days before the effective date of
termination for at least one of the following
reasons:
1. Nonpayment of premium;
2. Discovery of fraud or material misrepresentation
in obtaining this Bond or in the presentation of a
claim thereunder;
3. Discovery of willful or reckless acts or omissions
or violation of any provision of this Bond on the
part of the ASSURED which substantially and materially
increases any hazard insured against, and which
occurred subsequent to the inception of the current
BOND PERIOD;
4. Conviction of the ASSURED of a crime arising out
of acts increasing the hazard insured against;
5. Material change in the risk which increases the
risk of loss after insurance coverage has been issued
or renewed, except to the extent that the COMPANY
should reasonably have foreseen the change, or
contemplated the risk when the contractwas written;
6. Determination by the Commissioner that the
continuation of the Bond would jeopardize a COMPANY'S
solvency or would place the COMPANY in violation of
the insurance laws of any state;
7. Determination by the Commissioner that continuation
of the present premium volume of the COMPANY would
jeopardize the COMPANY'S policyholders, creditors or
the public;
8. Such other reasons that are approved by the
Commissioner;
9. Determination by the Commissioner that the COMPANY
no longer has adequate reinsurance to meet the
ASSUREDS needs;
10. Substantial breaches of contractual duties,
conditions or warranties; or
11. Unfavorable underwriting facts, specific to the
ASSURED, existing that were not present at the
inception of the Bond.
Date: April 1, 2008 /s/ Robert Hamburger
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Authorized Representative
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ICAP Bond
Form 17-02-1360 (Rev. 10-99) Page 1
Bonds In Effect Sixty (60) Days Or Less
If this Bond has been in effect for sixty (60) days or
less, and it is not a renewal Bond, the COMPANY may
terminate for any reason by providing written notice
of termination at least sixty (60) days before the
effective date of termination.
Notice Of Termination
Notice of termination under this Section shall be
mailed or delivered, by certified mail, return
receipt provided by the United States Postal Service,
to the ASSURED and to the authorized agent or broker,
if any, at least sixty (60) days prior to the
effective date of cancellation at the address shown
on the DECLARATIONS of this Bond. If this Bond is
cancelled for nonpayment of premium, the COMPANY will
mail or deliver, by certified mail, return receipt
provided by the United States Postal Service, a
written notice at least thirty (30) days before the
effective date of cancellation. The cancellation
notice shall contain information regarding the amount
of premium due and the due date, and shall state the
effect of nonpayment by the due date. Cancellation
shall not be effective if payment of the amount due
is made prior to the effective date of cancellation.
All notice of cancellation shall state the reason(s)
for cancellation. There is no liability on the part
of, and no cause of action of any nature shall arise
against, the COMPANY, its authorized representatives,
its employees, or any firm, person or corporation
furnishing to the COMPANY, information relating to
the reasons for cancellation or nonrenewal, for any
statement made by them in complying or enabling the
COMPANY to comply with this Section, for the provision
of information pertaining thereto, or for statements
made or evidence submitted at any hearings conducted
in connection therewith, if such information was
provided in good faith and without malice.
Notice Of Nonrenewal
If the COMPANY elects not to renew this Bond, the
COMPANY shall mail or deliver written notice, by
certified mail, return receipt, provided by the
United States Postal Service, to the ASSURED, at
his last known address, at least sixty (60) days
before the expiration date or before the anniversary
date, if this Bond has been written for a term of
more than one (1) year. Such notice shall also be
mailed to the ASSURED'S agent or broker, if any.
Such notice shall contain all of the following:
a. Bond Number:
b. Date of Notice;
c. Reason for Cancellation;
d. Expiration Date of the Bond;
e. Effective Date and Hour of Cancellation.
Notice of nonrenewal shall not be required if the
COMPANY or a COMPANY within the same insurance
group has offered to issue a renewal Bond, the
ASSURED has obtained replacement coverage or has
agreed in writing to obtain replacement coverage,
the ASSURED has requested or agreed to nonrenewal,
or the Bond is expressly designated as nonrenewable.
ICAP Bond
Form 17-02-1360 (Rev. 10-99) Page 2
Return Premium Calculations
Any unearned premiums which have been paid by the
ASSURED shall be refunded to the ASSURED on a pro
rata basis if terminated by the COMPANY or the
ASSURED. The unearned premiums shall be refunded
to the ASSURED within forty-five (45) days of
receipt of the request for cancellation or the
effective date of cancellation, whichever is later.
Conditional Renewal
If the COMPANY offers or purports to renew the
Bond, but on less favorable terms or at higher
rates, the new terms or higher premiums may take
effect on the renewal date, if the COMPANY mails
or delivers by certified mail, return receipt
provided by the United States Postal Service, to
the ASSURED, notice of the new terms or premiums
at least sixty (60) days prior to the renewal date.
If the COMPANY notifies the ASSURED within sixty
(60) days prior to the renewal date, the new terms
or premiums do not take effect until sixty (60) days
after the notice is mailed or delivered, in which
case, the ASSURED may elect to cancel the renewal
Bond within the sixty (60) day period. If the COMPANY
does not notify the ASSURED of the new terms or
premiums, the COMPANY shall continue the Bond at the
expiring terms and premiums until notice is given or
until the effective date of replacement coverage is
obtained by the ASSURED, whichever occurs first."
2. It is further understood and agreed that for the
purposes of Section 13., Termination, any occurrence
listed in this Section shall be considered to be a
request by the ASSURED to immediately terminate this
Bond.
This Endorsement applies to loss discovered after
12:01 a.m. on March 31, 2008.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND
REMAIN UNCHANGED.
Date: April 1, 2008 /s/ Robert Hamburger
-----------------
Authorized Representative
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ICAP Bond
Form 17-02-1360 (Rev. 10-99) Page 3
Grafico Azioni ProShares Short S&P500 (AMEX:SH)
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Grafico Azioni ProShares Short S&P500 (AMEX:SH)
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