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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Credit Suisse High Yield Bond Fund | AMEX:DHY | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.48% | 2.06 | 2.07 | 2.04 | 2.07 | 445,607 | 00:37:38 |
AON RISK SERVICES NORTHEAST INC. | |||
ATTN: Cara LaTorre | |||
165 BROADWAY 33RD FLOOR | |||
NEW YORK, NY 10006 | |||
INSURED: | CREDIT SUISSE ASSET MANAGEMENT, LLC | ||
PRODUCT: | DFIBond | ||
POLICY NO: | 82413347 | ||
TRANSACTION: | RENL_CORR | ||
ITEM 1. | BOND PERIOD: | from 12:01 a.m. on January 1, 2020 |
to 12:01 a.m. on July 1, 2021 |
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. |
SS | DEDUCTIBLE | |||||||||
INSURING CLAUSE | ABILITY | AMOUNT | ||||||||
1. | Employee | $ | 7,250,000 | $ | 25,000 | |||||
2. | On Premises | $ | 7,250,000 | $ | 25,000 | |||||
3. | In Transit | $ | 7,250,000 | $ | 25,000 | |||||
4. | Forgery or Alteration | $ | 7,250,000 | $ | 25,000 | |||||
5. | Extended Forgery | $ | 7,250,000 | $ | 25,000 | |||||
6. | Counterfeit Money | $ | 7,250,000 | $ | 25,000 | |||||
7. | Threats to Person | $ | 7,250,000 | $ | 25,000 | |||||
8. | Computer System | $ | 7,250,000 | $ | 25,000 | |||||
9. | Voice Initiated Funds Transfer Instruction | $ | 7,250,000 | $ | ||||||
10. | Uncollectible Items of Deposit | $ | 100,000 | $ | 5,000 | |||||
11. | Audit Expense | $ | 25,000 | $ | 0 |
ITEM 3. | THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH: |
1-4 |
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.
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Secretary | President | ||||
Countersigned by | December 18, 2019 |
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Authorized Representative | |||
ICAP Bond (5-98) - Federal
Form 17-02-1421 (Ed. 5-98)
Page 1 of 1
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
Page 1 of 19
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
Page 2 of 19
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
Page 3 of 19
Insuring Clauses | ||||
(continued) |
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)
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
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
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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
|
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;
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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. |
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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 replacing such Property with Property of like quality and value, whichever is less. | |||
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
Page 15 of 19
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 – Recovery | 11. | 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
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
Page 17 of 19
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
ENDORSEMENT/RIDER | |
Effective date of this endorsement/rider: January 1, 2020 | FEDERAL INSURANCE COMPANY |
Endorsement/Rider No. 1 | |
To be attached to and | |
form a part of Policy No. 82413347 |
Issued to: CREDIT SUISSE ASSET MANAGEMENT, LLC
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this Policy shall remain unchanged.
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Authorized Representative |
14-02-9228 (2/2010)
Page 1
ENDORSEMENT/RIDER | ||
Effective date of this endorsement/rider: January 1, 2020 | FEDERAL INSURANCE COMPANY | |
Endorsement/Rider No. | 2 | |
To be attached to and | ||
form a part of Bond No. | 82413347 |
Issued to: CREDIT SUISSE ASSET MANAGEMENT, 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.
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Authorized Representative |
17-02-2437 (12/2006) rev.
Page 1
FEDERAL INSURANCE COMPANY | ||
Endorsement No: | 3 | |
Bond Number: | 82413347 |
NAME OF ASSURED: CREDIT SUISSE ASSET MANAGEMENT, LLC
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:
Credit Suisse Commodity Return Strategy Fund
Credit Suisse Floating Rate High Income Fund
Credit Suisse Multi alternative Strategy Fund
Credit Suisse Managed Futures Strategy Fund
Credit Suisse Strategic Income Fund
Credit Suisse Trust Commodity Return Strategy
Credit Suisse High Yield Bond Fund
Credit Suisse Asset Management Income Fund
This Endorsement applies to loss discovered after 12:01 a.m. on January 1, 2020.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: December 18, 2019 | By |
|
Authorized Representative |
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Page 1
ENDORSEMENT/RIDER | ||
Effective date of this endorsement/rider: January 1, 2020 | FEDERAL INSURANCE COMPANY | |
Endorsement/Rider No. | 4 | |
To be attached to and | ||
form a part of Bond No. | 82413347 |
Issued to: CREDIT SUISSE FUNDS
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 Investment Companies
If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940 (“the Act”), due to:
(i) | the creation of a new Investment Company, other than by consolidation or merger with, or purchase or acquisition of assets or liabilities of, another institution; or |
(ii) | an increase in asset size of current Investment Companies covered under this Bond, |
then the minimum required increase in limits shall take place automatically without payment of additional premium for the remainder of the BOND PERIOD.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.
|
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Authorized Representative |
14-02-14098 (04/2008)
Page 1
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)
Resolutions for All
Funds on Appendix A
RESOLUTIONS
Annual Review and Approval of Fidelity Bond Coverage
RESOLVED, that it is the finding of the Trustees of the Funds that the amount of the fidelity bond written by Chubb Group of Insurance Companies (the “Bond”) covering, among others, officers and employees of the Funds, in accordance with the requirements of Rule 17g-1 (the “Rule”) promulgated by the SEC under Section 17(g) of the 1940 Act, be $7.25 million, plus such additional amounts as required for any new investment companies (or portfolios thereof) added to the Bond or as otherwise required under the 1940 Act, is reasonable in form and amount after having given due consideration to, among other things, the value of the aggregate assets of the Funds to which any person covered under the Bond may have access, the type and terms of the arrangements made for the custody and safekeeping of the Funds’ assets, the nature of the securities in the Funds’ portfolios, the number of other parties named as insured parties under the Bond and the nature of the business activities of the other parties; and further
RESOLVED, that the estimated premium to be paid by each Fund under the Bond be, and hereby is, approved by vote of a majority of the Board of Trustees of a Fund (all Trustees voting) and separately by a majority of the Independent Trustees, after having given due consideration to, among other things, the number of other parties insured under the Bond, the nature of business activities of those other parties, the amount of the Bond and the extent to which the share of the premium allocated to a Fund under the Bond is less than the premium the Fund would have had to pay had it maintained a single insured bond; and further
RESOLVED, that the Bond be, and hereby is, approved by vote of a majority of the Board of Trustees of each Fund (all Trustees voting) and separately by the “Independent” Trustees; and further
RESOLVED, that the officers of each Fund be, and each hereby is, authorized and directed to enter into an agreement, as required by paragraph (f) of the Rule promulgated by the SEC under the 1940 Act, with the other named insureds under the Bond providing that in the event any recovery is received under the Bond as a result of a loss sustained by the Funds and also by one or more of the other named insureds, the Funds shall receive an equitable and proportionate share of the recovery, but in no event less than the amount it would have received had it provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of the Rule; and further
RESOLVED, that the appropriate officers of each Fund be, and they hereby are, authorized and directed to prepare, execute, and file such amendments and supplements to the aforesaid agreement, and to take such other action as may be necessary or appropriate in order to conform to the provisions of the 1940 Act, and the rules and regulations thereunder; and further
RESOLVED, that the Secretary of each Fund shall file the Bond with the SEC and give the notices required under paragraph (g) of the Rule.
Appendix A
Credit Suisse Commodity Strategy Funds
Credit Suisse Commodity Return Strategy Fund
Credit Suisse Opportunity Funds
Credit Suisse Floating Rate High Income Fund
Credit Suisse Managed Futures Strategy Fund
Credit Suisse Multialternative Strategy Fund
Credit Suisse Strategic Income Fund
Credit Suisse Trust
Commodity Return Strategy Portfolio
Credit Suisse Asset Management Income Fund, Inc.
Credit Suisse High Yield Bond Fund
AMENDED AND RESTATED
AGREEMENT CONCERNING ALLOCATION OF
FIDELITY BOND PREMIUMS AND RECOVERIES
Amended and Restated Agreement dated the 1st day of January 2020 among each Fund listed on Schedule A (collectively, the “Funds”).
WHEREAS, each Fund is a named insured under a fidelity bond (the “Bond”) written by Chubb Group of Insurance Companies (the “Insurer”) in the amount of $7.25 million; and
WHEREAS, the Funds desire to enter into an agreement pursuant to Rule 17g-1(f) under the Investment Company Act of 1940, as amended (the “1940 Act”);
NOW, THEREFORE, the Funds do hereby agree as follows:
1. The premium payable on the Bond by each Fund shall be allocated in proportion to each Fund’s average net assets.
2. In the event that recovery is received under the Bond as a result of a loss sustained by a Fund and one or more other Funds, such Fund shall receive a share of the recovery at least equal to the amount which it would have received had it provided and maintained a separate fidelity bond under Rule 17g-1(d) under the 1940 Act (“Separate Bond”).
3. In the event that the claims of loss of the Funds are so related that the Insurer is entitled to assert that the claims must be aggregated with the results that the total amount payable on such claims is limited to the face amount of the Bond, the following rules for determining the priorities among the Funds for satisfaction of the claims under the Bond shall apply:
A. First, all claims of each Fund which have been duly proven and established under the Bond shall be satisfied up to the minimum amount of a Separate Bond for such Fund; and
B. Second, the remaining amount of insurance, if any, shall then be applied to the claims of the Funds in proportion to the total of the unsatisfied amount of the claims of each Fund.
4. If the Funds’ investment adviser, distributor or an affiliate of either in the future serves as investment adviser, sub-investment adviser, administrator or distributor to any other investment company (an “Additional Fund”), and if the Insurer is willing to add the Additional Fund as a named insured under the Bond, such Additional Fund shall become subject to this Agreement upon addition to the Bond and notice of such addition shall be given to each of the Funds hereunder; provided, however, that the amount of the Bond is increased by an amount not less than the minimum amount which would have been required for the Additional Fund to obtain under Rule 17g-1(d) under the 1940 Act.
5. Attached hereto as Schedule B is a list of the assets of each of the Funds as of the end of the respective Fund’s last fiscal quarter, together with an indication of the minimum bond that would be provided and maintained under Rule 17g-1(d) under the 1940 Act for a fund with assets of that amount.
IN WITNESS WHEREOF, each Fund has caused this Agreement to be executed by one of its officers thereunto duly authorized as of the date first above written.
THE FUNDS LISTED ON SCHEDULE A | |||
By: | /s/Karen Regan | ||
Name: | Karen Regan | ||
Title: | Secretary |
Schedule A
Credit Suisse Commodity Strategy Funds
Credit Suisse Commodity Return Strategy Fund
Credit Suisse Opportunity Funds
Credit Suisse Floating Rate High Income Fund
Credit Suisse Managed Futures Strategy Fund
Credit Suisse Multialternative Strategy Fund
Credit Suisse Strategic Income Fund
Credit Suisse Trust
Commodity Return Strategy Portfolio
Credit Suisse Asset Management Income Fund, Inc.
Credit Suisse High Yield Bond Fund
Schedule B
INSURED BOND ANALYSIS
Fidelity Bond Coverage Requirements
9/30/2019
Gross Assets as of | |||||||
Y/E | 9/30/2019 | Insurance Amount | |||||
Open-end Funds | |||||||
October YE | |||||||
Credit Suisse Commodity Return Strategy Fund | 31-Oct | 1,649,915,422.60 | 1,500,000.00 | ||||
Credit Suisse Floating Rate High Income Fund | 31-Oct | 2,544,462,725.44 | 1,900,000.00 | ||||
Credit Suisse Multialternative Strategy Fund | 31-Oct | 78,236,105.30 | 450,000.00 | ||||
Credit Suisse Managed Futures Strategy Fund | 31-Oct | 356,337,741.90 | 750,000.00 | ||||
Credit Suisse Strategic Income Fund | 31-Oct | 353,813,068.74 | 750,000.00 | ||||
December YE | |||||||
Credit Suisse Trust | |||||||
Commodity Return Strategy | 31-Dec | 428,025,750.04 | 750,000.00 | ||||
Sub-total | 5,410,790,814.02 | 6,100,000.00 | |||||
Closed-end Funds | |||||||
Credit Suisse Asset Management Income Fund | 31-Dec | 248,043,775.34 | 600,000.00 | ||||
Credit Suisse High Yield Bond Fund | 31-Oct | 371,789,865.51 | 750,000.00 | ||||
Sub-total | 619,833,640.85 | 1,350,000.00 | |||||
Total | 6,030,624,454.87 | 7,450,000.00 |
1 Year Credit Suisse High Yield Chart |
1 Month Credit Suisse High Yield Chart |
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