AGENDA

OCTOBER 27, 2017

RESOLUTIONS – FIDELITY BOND COVERAGE
($40 Million Joint Fidelity Bond)



WHEREAS, this Board of Trustees/Directors has considered the form of the joint insured broker's blanket bond for the Delaware Funds by Macquarie, and the amount of such joint insured broker's blanket bond, and has considered the value of the aggregate assets of the Funds to which any covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of the assets of each of the Fund's Series, the nature of the securities in each Series' portfolios and the higher cost that would have to be paid to purchase a comparable single insured bond for each Fund; and

WHEREAS, the Board, including all of the Trustees/Directors who were not then interested persons with respect to the Fund, has concluded that the Fund's participation in the proposed joint insured broker's blanket bond is in the best interest of the Fund.

NOW, THEREFORE, IT IS RESOLVED, that the officers of the Fund are authorized and directed to cause each of its Series to participate in the joint insured broker's blanket bonds in the aggregate amount of $40,000,000, which also covers the other Delaware Funds by Macquarie, and that the Fund shall pay its share of the premium determined in accordance with the allocation methodology discussed with the Trustees/Directors; and it is further

RESOLVED, that the officers of the Fund are hereby authorized and directed to execute an agreement under Section 17(g) of the 1940 Act with the other insureds listed on the broker's blanket bond (the "Agreement"), whereby the Fund will bear its proportionate share of the premium and coverage of the bond, and the share of the premium and coverage of the other Funds shall, if appropriate, be proportionately adjusted; and it is further

RESOLVED, that the Secretary of the Fund is hereby authorized and directed to file with the Securities and Exchange Commission ("SEC") a copy of the bond and a copy of the resolutions approving the amount, type, form and coverage of the bond and the portion of the premium to be paid by each of the Fund's Series, a statement showing the amount of the single insured bond which the Fund would have provided and maintained had it not been named as an insured under the broker's blanket bond described herein, a statement of the period for which premiums have been paid and a copy of the Agreement, all pursuant to Section 17(g) of the 1940 Act, and that the Secretary of the Fund or his appropriate

designee be designated as the officer directed to make all necessary filings; and it is further

RESOLVED, that this Board, including those Trustees/Directors who do not have control over or access to any of the portfolio securities, funds or other assets of the Fund's Series, hereby conclude that the amount, scope and coverage of the fidelity bond of the Fund are adequate; and it is further

RESOLVED, that this Board, taking all relevant factors into consideration, hereby determines that it is in the best interest of the Fund and the Fund's shareholders for the Fund and each Series to participate in the joint insured broker's blanket bond described at this meeting, and that the proposed premium allocation to the Fund and to each Series is fair and reasonable to the Fund and each Series based upon a consideration of the relative higher premium that would have been paid if comparable insurance coverage were purchased separately by the insured parties.


MARSH USA, INC  
ATTN: Chris Cancro  
1166 AVE OF AMERICAS 37F
NEW YORK, NY 10036  
 
 
 
 
INSURED: MACQUARIE MANAGEMENT HOLDING COMPANY
PRODUCT: DFIBond
POLICY NO: 81951478
TRANSACTION: RENL


 
  Chubb Group of Insurance Companies     DECLARATIONS
  202B Hall’s Mill Road     FINANCIAL INSTITUTION INVESTMENT
  Whitehouse Station, NJ 08889     COMPANY ASSET PROTECTION BOND
 
NAME OF ASSURED (including its Subsidiaries):     Bond Number: 81951478
 
MACQUARIE MANAGEMENT HOLDING COMPANY        
 
 
2005 MARKET STREET       FEDERAL INSURANCE COMPANY
PHILADELPHIA, PA 19103       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 October 31, 2017    
      to 12:01 a.m. on October 31, 2018    
 
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.    
 
          SINGLE LOSS   DEDUCTIBLE
  INSURING CLAUSE   LIMIT OF LIABILITY AMOUNT
 
  1 . Employee   $ 40,000,000   $ 0
  2 . On Premises   $ 40,000,000   $ 50,000
  3 . In Transit   $ 40,000,000   $ 50,000
  4 . Forgery or Alteration $ 40,000,000   $ 50,000
  5 . Extended Forgery $ 40,000,000   $ 50,000
  6 . Counterfeit Money $ 40,000,000   $ 50,000
  7 . Threats to Person $ 40,000,000   $ 50,000
  8 . Computer System $ 40,000,000   $ 50,000
  9 . Voice Initiated Funds Transfer          
      Instruction   $ 40,000,000   $ 50,000
  10 . Uncollectible Items of Deposit $ 50,000   $ 10,000
  11 . Audit Expense   $ 100,000   $ 0
 
ITEM 3. THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
  ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:    
 
  1 - 17                
 
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.
 
 
 
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, 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     For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
(continued)     signature is treated the same as a handwritten signature.
 
 
Counterfeit Money 6 . Loss resulting directly from the receipt by the ASSURED in good faith of any
      Counterfeit money.
 
 
Threats To Person 7 . Loss resulting directly from surrender of Property away from an office of the
      ASSURED as a result of a threat communicated to the ASSURED to do bodily
      harm to an Employee as defined in SECTION 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 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 10 . Loss resulting directly from the ASSURED having credited an account of a
Deposit     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 A. If more than one corporation, or Investment Company, or any combination of
Included As Assured   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 B. The ASSURED represents that all information it has furnished in the
Assured   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 C. If the ASSURED, other than an Investment Company, while this Bond is in force,
Employees - Consolidation,   merges or consolidates with, or purchases or acquires assets or liabilities of
     
Merger Or Purchase Or   another institution, the ASSURED shall not have the coverage afforded under this
Acquisition Of Assets Or   Bond for loss which has:
Liabilities -    
Notice To   (1 ) occurred or will occur on premises, or
Company        
    (2 ) been caused or will be caused by an employee, or
         
    (3 ) arisen or will arise out of the assets or liabilities,
        of such institution, unless the ASSURED:
   
    a.   gives the COMPANY written notice of the proposed consolidation, merger or
        purchase or acquisition of assets or liabilities prior to the proposed effective
        date of such action, and
         
    b.   obtains the written consent of the COMPANY to extend some or all of the
        coverage provided by this Bond to such additional exposure, and
         
    c.   on obtaining such consent, pays to the COMPANY an additional premium.
 
 
Change Of Control - D. When the ASSURED learns of a change in control (other than in an Investment
Notice To Company   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 E. The COMPANY will indemnify the ASSURED for court costs and reasonable
Attorneys’ attorneys' fees incurred and paid by the ASSURED in defense, whether or not
Fees   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   (3)   in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
Attorneys’ Fees       an agreed statement of facts between the COMPANY and the ASSURED,
(continued)       that an Employee would be found guilty of Larceny or Embezzlement if
        such Employee were prosecuted.
 
    The ASSURED shall promptly give notice to the COMPANY of any such suit or
    legal proceeding and at the request of the COMPANY shall furnish copies of all
    pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
    sole option, elect to conduct the defense of all or part of such legal proceeding.
    The defense by the COMPANY shall be in the name of the ASSURED through
    attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
    information and assistance as required by the COMPANY for such defense.
 
    If the COMPANY declines to defend the ASSURED, no settlement without the
    prior written consent of the COMPANY nor judgment against the ASSURED shall
    determine the existence, extent or amount of coverage under this Bond.
 
    If the amount demanded in any such suit or legal proceeding is within the
    DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
    costs and 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 (8 ) each natural person, partnership or corporation authorized by written
(continued)     agreement with the ASSURED to perform services as electronic data
      processor of checks or other accounting records related to such checks but
      only while such person, partnership or corporation is actually performing
      such services and not:
 
      a. creating, preparing, modifying or maintaining the ASSURED'S
        computer software or programs, or
 
      b. acting as transfer agent or in any other agency capacity in issuing
        checks, drafts or securities for the ASSURED,
 
  (9 ) any partner, officer or employee of an investment advisor, an underwriter
      (distributor), a transfer agent or shareholder accounting recordkeeper, or an
      administrator, for an Investment Company while performing acts coming
      within the scope of the customary and usual duties of an officer or employee
      of an Investment Company or acting as a member of any committee duly
      elected or appointed to examine, audit or have custody of or access to
      Property of an Investment Company.
 
      The term Employee shall not include any partner, officer or employee of a
      transfer agent, shareholder accounting recordkeeper or administrator:
 
      a. which is not an "affiliated person" (as defined in Section 2(a) of the
        Investment Company Act of 1940) of an Investment Company or of
        the investment advisor or underwriter (distributor) of such Investment
        Company, or
 
      b. which is a "bank" (as defined in Section 2(a) of the Investment
        Company Act of 1940).
 
        This Bond does not afford coverage in favor of the employers of
        persons as set forth in e. (4), (5) and (8) above, and upon payment to
        the ASSURED by the COMPANY resulting directly from Larceny or
        Embezzlement committed by any of the partners, officers or
        employees of such employers, whether acting alone or in collusion with
        others, an assignment of such of the ASSURED'S rights and causes of
        action as it may have against such employers by reason of such acts
        so committed shall, to the extent of such payment, be given by the
        ASSURED to the COMPANY, and the ASSURED shall execute all
        papers necessary to secure to the COMPANY the rights provided for
        herein.
 
      Each employer of persons as set forth in e.(4), (5) and (8) above and the
      partners, officers and other employees of such employers shall collectively
      be deemed to be one person for all the purposes of this Bond; excepting,
      however, the fifth paragraph of Section 13.
 
      Independent contractors not specified in e.(4), (5) or (8) above,
      intermediaries, agents, brokers or other representatives of the same general
      character shall not be considered Employees.

 

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

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

 

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

Conditions and        
Limitations        
 
 
Definitions     m. Subsidiary means any organization that, at the inception date of this Bond,
(continued)       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 - 2 . This bond does not directly or indirectly cover:
Applicable to All Insuring      
Clauses     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 -     h. loss resulting from dishonest acts by any member of the Board of Directors
Applicable to All Insuring       or Board of Trustees of the ASSURED who is not an Employee, acting
Clauses       alone or in collusion with others;
(continued)        
    i. loss, or that part of any loss, resulting solely from any violation by the
        ASSURED or by any Employee:
        (1 ) of any law regulating:
             
            a. the issuance, purchase or sale of securities,
               
            b. securities transactions on security or commodity exchanges or
              the over the counter market,
               
            c. investment companies,
               
            d. investment advisors, or
               
        (2 ) of any rule or regulation made pursuant to any such law; or
             
      j. loss of confidential information, material or data;
         
      k. loss resulting from voice requests or instructions received over the
        telephone, provided however, this Section 2.k. shall not apply to INSURING
        CLAUSE 7. or 9.
 
 
Specific Exclusions - 3 . This Bond does not directly or indirectly cover:
Applicable To All Insuring      
Clauses Except Insuring     a. loss caused by an Employee, provided, however, this Section 3.a. shall not
Clause 1.       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 -     f. loss resulting from the failure for any reason of a financial or depository
Applicable To All Insuring       institution, its receiver or other liquidator to pay or deliver funds or other
Clauses Except Insuring       Property to the ASSURED provided further that this Section 3.f. shall not
Clause 1.       apply to loss of Property resulting directly from robbery, burglary,
(continued)       misplacement, mysterious unexplainable disappearance, damage,
        destruction or removal from the possession, custody or control of the ASSURED.
               
      g. loss of Property while in the custody of a Transportation Company,
        provided however, that this Section 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 - 4 . This bond does not directly or indirectly cover:    
Applicable To All Insuring          
Clauses Except Insuring     a. loss resulting from the complete or partial non-payment of or default on any
Clauses 1., 4., And 5.       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- 5 . At all times prior to termination of this Bond, this Bond shall continue in force for
Reduction And Non-     the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability     notwithstanding any previous loss for which the COMPANY may have paid or be
      liable to pay under this Bond provided, however, that the liability of the COMPANY
      under this Bond with respect to all loss resulting from: 
 
      a. any one act of burglary, robbery or hold-up, or attempt thereat, in which no
        Employee is concerned or implicated, or  
 
      b. any one unintentional or negligent act on the part of any one person
        resulting in damage to or destruction or misplacement of Property, or
 
      c. all acts, other than those specified in a. above, of any one person, or

 

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

Conditions and        
Limitations        
 
 
Limit Of Liability/Non-     d. any one casualty or event other than those specified in a., b., or c. above,
Reduction And Non-     shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
Accumulation Of Liability     LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
(continued)     the total amount of such loss or losses and shall not be cumulative in amounts
      from year to year or from period to period.
 
      All acts, as specified in c. above, of any one person which
 
      i. directly or indirectly aid in any way wrongful acts of any other person or
        persons, or
 
      ii.
permit the continuation of wrongful acts of any other person or persons
        whether such acts are committed with or without the knowledge of the wrongful
        acts of the person so aided, and whether such acts are committed with or without
        the intent to aid such other person, shall be deemed to be one loss with the
        wrongful acts of all persons so aided.
              
 
Discovery 6 . This Bond applies only to loss first discovered by an officer of the ASSURED
      during the BOND PERIOD. Discovery occurs at the 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 - 7 . a. The ASSURED shall give the COMPANY notice thereof at the earliest
Proof - Legal Proceedings       practicable moment, not to exceed sixty (60) days after discovery of loss, in
Against Company       an amount that is in excess of 50% of the 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 -     f. Proof of loss involving Voice Initiated Funds Transfer Instruction shall
Proof - Legal Proceedings       include electronic recordings of such instructions.
Against Company        
(continued)        
 
 
Deductible Amount 8 . The COMPANY shall not be liable under any INSURING CLAUSES of this Bond
      on account of loss unless the amount of such loss, after deducting the net amount
      of all reimbursement and/or recovery obtained or made by the ASSURED, other
      than from any Bond or policy of insurance issued by an insurance company and
      covering such loss, or by the COMPANY on account thereof prior to payment by
      the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in
      ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event
      for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
      DECLARATIONS.
 
      There shall be no deductible applicable to any loss under INSURING CLAUSE 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 11.   In the event of a payment under this Bond, the COMPANY shall be subrogated to
Recovery     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     d. fourth, to the ASSURED in satisfaction of any loss suffered by the
Recovery       ASSURED which was not covered under this Bond.
(continued)       Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
        recovery under this section.
      
 
Cooperation Of Assured 12 . At the COMPANY'S request and at reasonable times and places designated by
      the COMPANY, the ASSURED shall:
 
      a. submit to examination by the COMPANY and subscribe to the same under
        oath,
 
      b. produce for the COMPANY'S examination all pertinent records, and
 
      c. cooperate with the COMPANY in all matters pertaining to the loss.
 
      The ASSURED shall execute all papers and render assistance to secure to the
      COMPANY the rights and causes of action provided for under this Bond. The
      ASSURED shall do nothing after loss to prejudice such rights or causes of action.
 
 
Termination 13 . If the Bond is for a sole ASSURED, it shall not be terminated unless written notice
      shall have been given by the acting party to the affected party and to the
      Securities and Exchange Commission, Washington, D.C., not less than sixty (60)
      days prior to the effective date of such termination.
 
      If the Bond is for a joint ASSURED, it shall not be terminated unless written notice
      shall have been given by the acting party to the affected party, and by the
      COMPANY to all ASSURED Investment Companies and to the Securities and
      Exchange Commission, Washington, D.C., not less than sixty (60) days prior to
      the effective date of such termination.
 
      This Bond will terminate as to any one ASSURED, other than an Investment
      Company:
 
      a. immediately on the taking over of such ASSURED by a receiver or other
        liquidator or by State or Federal officials, or
 
      b. immediately on the filing of a petition under any State or Federal statute
        relative to bankruptcy or reorganization of the ASSURED, or assignment for
        the benefit of creditors of the ASSURED, or
 
      c. immediately upon such ASSURED ceasing to exist, whether through merger
        into another entity, disposition of all of its assets or otherwise.
 
      The COMPANY shall refund the unearned premium computed at short rates in
      accordance with the standard short rate cancellation tables if terminated by the
      ASSURED or pro rata if terminated for any other reason.

 

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

Conditions and        
Limitations        
 
 
Termination     If any partner, director, trustee, or officer or supervisory employee of an
(continued)     ASSURED not acting in collusion with an Employee learns of any dishonest act
      committed by such Employee at any time, whether in the employment of the
      ASSURED or otherwise, whether or not such act is of the type covered under this
      Bond, and whether against the ASSURED or any other person or entity, the
      ASSURED:
 
      a. shall immediately remove such Employee from a position that would enable
        such Employee to cause the ASSURED to suffer a loss covered by this
        Bond; and
 
      b. within forty-eight (48) hours of learning that an Employee has 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 If this Bond is for a joint ASSURED, no charge or modification which would
(continued) adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
  days after written notice has been furnished to all insured Investment Companies
  and to the Securities and Exchange Commission, Washington, D.C., by the
  COMPANY.

 

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

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)


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)


POLICYHOLDER
DISCLOSURE NOTICE OF
TERRORISM INSURANCE COVERAGE
(for policies with no terrorism exclusion or sublimit)
Insuring Company: FEDERAL INSURANCE
COMPANY
 
You are hereby notified that, under the Terrorism Risk Insurance Act (the “Act”), 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 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. Beginning in 2016, the Federal share will be reduced by 1% per
year until it reaches 80%, where it will remain.
 
However, if aggregate insured losses attributable to terrorist acts certified under the Act
exceed $100 billion in a calendar year, the Treasury shall not make any payment for
any portion of the amount of such losses that exceeds $100 billion.

 

10-02-1281 (Ed. 03/2015)


If aggregate insured losses attributable to terrorist acts certified under the Act exceed
$100 billion in a calendar year 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. 03/2015)


FEDERAL INSURANCE COMPANY 
 
Endorsement No: 1 Bond
 
Bond Number: 81951478 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY  
 
  NAME OF ASSURED ENDORSEMENT  
 
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:  
 
Delaware Group Adviser Funds    
Delaware Group Cash Reserve    
Delaware Group Equity Funds I    
Delaware Group Equity Funds II    
Delaware Group Equity Funds III    
Delaware Group Equity Funds IV    
Delaware Group Equity Funds V    
Delaware Group Foundation Funds    
Delaware Group Limited-Term Government Funds    
Delaware Group Global & International Funds    
Delaware Group Government Funds    
Delaware Group Income Funds    
Delaware VIP Trust    
Delaware Group State Tax-Free Income Trust    
Delaware Group Tax-Free Fund    
Delaware Group Tax-Free Money Fund    
Delaware Pooled Trust    
Voyageur Insured Funds    
Voyageur Intermediate Tax Free Funds    
Voyageur Mutual Funds    
Voyageur Mutual Funds II    
Voyageur Mutual Funds III    
Voyageur Tax-Free Funds    
Delaware Investments Dividend and Income Fund, Inc.    
Delaware Investments Global Dividend and Income Fund, Inc.    
Delaware Investments Arizona Municipal Income Fund, Inc.    
Delaware Investments Colorado Municipal Income Fund, Inc.    
Delaware Investments National Municipal Income Fund    
Delaware Investments Minnesota Municipal Income Fund II, Inc.    
Delaware Enhanced Global Dividend and Income Fund    
and any other fund(s) now existing in the Delaware Investments Family of Funds  

 

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

This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: November 1, 2017


ICAP Bond  
Form 17-02-0949 (Ed. 1-97) Page 2

          FEDERAL INSURANCE COMPANY
 
          Endorsement No.: 2 Bond
 
          Bond Number: 81951478
 
 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY
 
 TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
 
1 . By adding the following INSURING CLAUSE:  
 
    12 . 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 October 31, 2017.
  
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: November 1, 2017


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

        FEDERAL INSURANCE COMPANY
 
        Endorsement No.: 3 Bond
 
        Bond Number: 81951478
 
 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY 
 
 AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
   
1 . By adding the following INSURING CLAUSE:  
       
    13. Automated Telephone System Transaction  
    Loss resulting directly from the ASSURED having transferred funds on the faith of any
    Automated Phone System (APS) Transaction, where the request for such APS
    Transaction is unauthorized or fraudulent and is made with the intent to deceive. In order for
    coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all
    APS Designated Procedures. A single failure of the ASSURED to maintain and follow a
    particular APS Designated Procedure in a particular APS Transaction will not preclude
    coverage under this INSURING CLAUSE.  
       
2 . By adding to Section 1., Definitions, the following:  
       
    s. APS Designated Procedures means all of the following procedures:
 
    (1 ) No APS Transaction shall be executed unless the shareholder or unitholder to whose
        account such an APS Transaction relates has previously elected to APS Transactions.
        (Election in Application)  
           
    (2 ) All APS Transactions shall be logged or otherwise recorded and the records shall be
        retained for at least six (6) months. (Logging)  
           
        Information contained in the records shall be capable of being retrieved and produced
        within a reasonable time after retrieval of specific information is requested, at a success
        rate of no less than 85 percent.  
           
    (3 ) The caller in any request for an APS Transaction, before executing that APS
        Transaction must enter a personal identification number (PIN), social security number
        and account number. (Identity Test)  
           
        If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be
        allowed additional attempts during the same telephone call to enter the PIN. The caller
        may either be instructed to redial a customer service representative or may be
        immediately connected to such a representative. (Limited attempts to Enter PIN)

 

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

      (4 ) A written confirmation of any APS Transaction or change of address shall be mailed to
          the shareholder or unitholder to whose account such transaction relates, at the record
          address, by the end of the insured's next regular processing cycle, but in no event later
          than five (5) business days following such APS Transaction. (Written Confirmation)
 
      (5 ) Access to the equipment which permits the entity receiving the APS Transaction
          request to process and effect the transaction shall be limited in the following manner:
          (Access to APS Equipment)
           
    t. APS Election means any election concerning various account features available to the
      shareholder or unitholder which is made through the Automated Phone System by means of
      information transmitted by an individual caller through use of a Automated Phone System.
      These features include account statements, auto exchange, auto asset builder, automatic
      withdrawal, dividend/capital gain options, dividend sweep, telephone balance consent and
      change of address.
       
    u. APS Exchange means any exchange of shares or units in a registered account of one fund
      into shares or units in an account with the same tax identification number and same
      ownership-type code of another fund in the same complex pursuant to exchange privileges of
      the two funds, which exchange is requested through the Automated Phone System by
      means of information transmitted by an individual caller through use of an Automated Phone
      System.
 
    v. APS Purchase means any purchase of shares or units issued by an Investment Company
      which is requested through an Automated Phone System.
 
    w. APS Redemption means any redemption of shares or units issued by an Investment
      Company which it requested through the telephone by means of information transmitted by an
      individual caller through use of a Automated Phone System.
 
    x. APS Transaction means any APS Purchase, APS Redemption, APS Election or APS
      Exchange.
 
    y. Automated Phone System means an automated system which receives and converts to
      executable instructions transmissions through the Automated Phone System through use of
      a touch-tone keypad or other tone system; and always excluding transmissions from a
      computer system or part thereof.
     
3 . By adding the following Section after Section 4., Specific Exclusions-Applicable To All Insuring
    Clauses Except 1., 4., 5.:
    Section 4.A Specific Exclusion-Applicable to Insuring Clause 13
    This Bond does not directly or indirectly cover under Insuring Clause 13:
    Loss resulting from:
     
    a. the redemption of shares or units, where the proceeds of such redemption are made payable
      to other than:
       
      (1 ) the shares or units of record,
           
      (2 ) a person designated to receive redemption proceeds, or
           
      (3 ) a bank account designated to receive redemption proceeds, or
           
    b. the redemption of shares or units, where the proceeds of such redemption are paid by check
      mailed to any address, unless such address has either been designated the shareholder or
      unitholder by voice through an Automated Phone System or in writing, at least thirty (30) days
      prior to such redemption, or

 

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

 
c. the redemption of shares or units, where shareholder or unitholder of the ASSURED
  designated bank account of record.      
  
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.   
       
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.   

 

Date: November 1, 2017

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

              FEDERAL INSURANCE COMPANY 
              Endorsement No.: 4 Bond
              Bond Number: 81951478 
 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY  
 
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:    
           
    14 . 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 14    
      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 October 31, 2017.  
   
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.  

 

Date: November 1, 2017


ICAP Bond

Form 17-02-2365 (Ed. 10-00)


            FEDERAL INSURANCE COMPANY
            Endorsement No.: 5 Bond
            Bond Number: 81951478
 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY 
 
UNAUTHORIZED SIGNATURE ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
   
1 . By adding the following INSURING CLAUSE:  
       
    15 . Unauthorized Signature  
           
        Loss resulting directly from the ASSURED having accepted, paid or cashed any check or
        Withdrawal Order made or drawn on or against the account of the ASSURED’S customer
        which bears the signature or endorsement of one other than a person whose name and signature
        is on file with the ASSURED as a signatory on such account.  
        It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING
        CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories
        on such account.  
           
2 . By adding to Section 1., Definitions, the following:  
       
    z.   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.
         
    aa.   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

bb. 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 October 31, 2017.
   
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: November 1, 2017

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

          FEDERAL INSURANCE COMPANY
 
          Endorsement No.: 6 Bond
 
          Bond Number: 81951478
 
 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY 
 
 EXTENDED COMPUTER SYSTEMS ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
 
1 . By adding the following INSURING CLAUSE:  
       
    16. Extended Computer Systems  
       
    A. Electronic Data, Electronic Media, Electronic Instruction  
      Loss resulting directly from:  
         
      (1 ) the fraudulent modification of Electronic Data, Electronic Media or Electronic
          Instruction being stored within or being run within any system covered under this
          INSURING CLAUSE,  
             
      (2 ) robbery, burglary, larceny or theft of Electronic Data, Electronic Media or
          Electronic Instructions,  
 
      (3 ) the acts of a hacker causing damage or destruction of Electronic Data, Electronic
          Media or Electronic Instruction owned by the ASSURED or for which the
          ASSURED is legally liable, while stored within a Computer System covered under
          this INSURING CLAUSE, or  
             
      (4 ) the damage or destruction of Electronic Data, Electronic Media or Electronic
          Instruction owned by the ASSURED or for which the ASSURED is legally liable
          while stored within a Computer System covered under INSURING CLAUSE 16,
          provided such damage or destruction was caused by a computer program or
          similar instruction which was written or altered to intentionally incorporate a hidden
          instruction designed to damage or destroy Electronic Data, Electronic Media, or
          Electronic Instruction in the Computer System in which the computer program
          or instruction so written or so altered is used.  

 

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

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

 

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

2 . By adding to Section 1., Definitions, the following:
 
    cc. Communication Terminal means a teletype, teleprinter or video display terminal, or similar
      device capable of sending or receiving information electronically. Communication Terminal
      does not mean a telephone.
       
    dd. Electronic Communication System means electronic communication operations by Fedwire,
      Clearing House Interbank Payment System (CHIPS), Society of Worldwide International
      Financial Telecommunication (SWIFT), similar automated interbank communication systems,
      and Internet access facilities.
       
    ee. Electronic Data means facts or information converted to a form usable in Computer
      Systems and which is stored on Electronic Media for use by computer programs.
    ff. Electronic Instruction means computer programs converted to a form usable in a Computer
      System to act upon Electronic Data.
 
    gg. Electronic Media means the magnetic tape, magnetic disk, optical disk, or any other bulk
      media on which data is recorded.
     
3 . By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING
    CLAUSES except 1., 4., and 5.:
 
    Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 16
 
    This Bond does not directly or indirectly cover:
 
    a. loss resulting directly or indirectly from Forged, altered or fraudulent negotiable instruments,
      securities, documents or written instruments used as source documentation in the preparation
      of Electronic Data;
       
    b. loss of negotiable instruments, securities, documents or written instruments except as
      converted to Electronic Data and then only in that converted form;
       
    c. loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear or
      tear, gradual deterioration, electrical disturbance, Electronic Media failure or breakdown or
      any malfunction or error in programming or error or omission in processing;
       
    d. loss resulting directly or indirectly from the input of Electronic Data at an authorized electronic
      terminal of an Electronic Funds Transfer System or a Customer Communication System
      by a person who had authorized access from a customer to that customer's authentication
      mechanism; or
       
    e. liability assumed by the ASSURED by agreement under any contract, unless such liability would
      have attached to the ASSURED even in the absence of such agreement; or
 
    f. loss resulting directly or indirectly from:
 
      (1) written instruction unless covered under this INSURING CLAUSE; or
 
      (2) instruction by voice over the telephone, unless covered under this INSURING CLAUSE.

 

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

4 . By adding to Section 9., Valuation, the following:
 
    Electronic Data, Electronic Media, Or Electronic Instruction
 
    In case of loss of, or damage to, Electronic Data, Electronic Media or Electronic Instruction used
    by the ASSURED in its business, the COMPANY shall be liable under this Bond only if such items are
    actually reproduced form other Electronic Data, Electronic Media or Electronic Instruction of the
    same kind or quality and then for not more than the cost of the blank media and/or the cost of labor for
    the actual transcription or copying of data which shall have been furnished by the ASSURED in order to
    reproduce such Electronic Data, Electronic Media or Electronic Instruction subject to the
    applicable SINGLE LOSS LIMIT OF LIABILITY.
 
    However, if such Electronic Data can not be reproduced and said Electronic Data represents
    Securities or financial instruments having a value, then the loss will be valued as indicated in the
    SECURITIES and OTHER PROPERTY paragraphs of this Section.
 
  
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.
 
 ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: November 1, 2017


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

FEDERAL INSURANCE COMPANY
Endorsement No.: 7  Bond
Bond Number: 81951478
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY 
 
NON-CUMULATIVE ENDORSEMENT
 
It is agreed that in the event of a loss covered under this Bond and also covered under FEDERAL
INSURANCE COMPANY'S bond No. 81951477 issued to DELAWARE MANAGEMENT HOLDINGS, INC.,
the SINGLE LOSS LIMIT OF LIABILITY under this Bond shall be reduced by any payment under bond No.
81951477 and only the remainder, if any, shall be applicable to such loss hereunder.
 
Name and Address of Assured:  
MACQUARIE MANAGEMENT HOLDING COMPANY
 
PHILADELPHIA, PA 19103  
 
Signature of Assured’s Representative
Position/Title  
Date  
   
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

 

Date: November 1, 2017


ICAP Bond

Form 17-02-0955 (Rev. 1-97)


      FEDERAL INSURANCE COMPANY 
      Endorsement No.: 8 
      Bond Number: 81951478 Bond
       
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY  
 
 AMEND DISCOVERY ENDORSEMENT
 
It is agreed that this Bond is amended by deleting Section 6., Discovery, in its entirety and substituting the  
following:     
       
6 . Discovery    
         
    This Bond applies only to loss first discovered by the General Counsel or Risk Management of the  
    ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the General Counsel or  
    Risk Management of the ASSURED being aware of:    
         
    a. facts which may subsequently result in a loss of a type covered by this Bond, or  
         
    b. an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,  
      regardless of when the act or acts causing or contributing to such loss occurred, even though the  
      amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or  
      details of loss may not then be known.  
        
       
  
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.  
  
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

 

Date: November 1, 2017


ICAP Bond

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


        FEDERAL INSURANCE COMPANY 
        Endorsement No.: 9 Bond
        Bond Number: 81951478 
 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY  
 
CLAIMS EXPENSE ENDORSEMENT
 
It is agreed that this Bond is amended as follows:    
     
1 . By adding the following INSURING CLAUSE:    
         
    17. Claims Expense    
         
    Reasonable expense incurred by the ASSURED, solely for independent firms or individuals to  
    determine the amount of loss where:    
         
    (1 ) the loss is covered under the Bond, and    
             
    (2 ) the loss is in excess of the applicable DEDUCTIBLE AMOUNT.    
             
2 . Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to loss  
    covered under this INSURING CLAUSE.    
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.  
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.  

 

Date: November 1, 2017


ICAP Bond

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


        FEDERAL INSURANCE COMPANY
 
        Endorsement No. 10 Bond 
 
        Bond Number: 81951478 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY    
   
REVISE ITEM 2. ENDORSEMENT
 
It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and
substituting the following:        
 
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 to such INSURING CLAUSE in this Bond shall be deemed to be deleted. There
shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any
Investment Company.        
 
      SINGLE LOSS DEDUCTIBLE
INSURING CLAUSE LIMIT OF LIABILITY AMOUNT
1 . Employee $ 40,000,000 $ 0
2 . On Premises $ 40,000,000 $ 50,000
3 . In Transit $ 40,000,000 $ 50,000
4 . Forgery or Alteration $ 40,000,000 $ 50,000
5 . Extended Forgery $ 40,000,000 $ 50,000
6 . Counterfeit Money $ 40,000,000 $ 50,000
7 . Threats to Person $ 40,000,000 $ 50,000
8 . Computer System $ 40,000,000 $ 50,000
9 . Voice Initiated Funds Transfer Instruction $ 40,000,000 $ 50,000
10 . Uncollectible Items of Deposit $ 50,000 $ 10,000
11 . Audit Expense $ 100,000 $ 0
12 . Telefacsimile Instruction Fraud $ 40,000,000 $ 50,000
13 . Automated Telephone Transaction $ 40,000,000 $ 50,000
14 . Stop Payment Order or Refusal to Pay Check $ 40,000,000 $ 50,000
15 . Unauthorized Signature $ 50,000 $ 10,000
16 . Extended Computer Systems $ 40,000,000 $ 50,000
17 . Claims Expense $ 100,000 $ 0
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.  
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.  

 

Date: November 1, 2017

Authorized Representative

 

ICAP Bond  
Form 17-02-1582 (Ed. 5-98) Page 2

      FEDERAL INSURANCE COMPANY
      Endorsement No.: 11 Bond
      Bond Number: 81951478
 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY
 
AMENDING DEFINITION OF EMPLOYEE-FORMER EMPLOYEES ENDORSEMENT
 
It is agreed that this Bond is amended by adding to the definition of Employee in Section 1., Definitions, the
following:  
 
(10 ) a natural person who resigns, retires or is terminated from the service of the ASSURED during the
    BOND PERIOD provided that this applies:  
       
    a. for a period of ninety (90) days subsequent to such resignation, retirement or termination but
      not beyond the date of expiration or termination of the Bond; and
       
    b. if such resignation, retirement or termination has not arisen from or in connection with the
      discovery by the ASSURED of any actual or alleged dishonest, fraudulent or criminal act(s) of
      such person.  
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: November 1, 2017


ICAP Bond

Form 17-02-2335 (Ed. 10-00)


  ENDORSEMENT/RIDER
 
Effective date of  
this endorsement/rider: October 31, 2017 FEDERAL INSURANCE COMPANY
  Endorsement/Rider No. 12
  To be attached to and
  form a part of Policy No. 81951478
 
 
Issued to: MACQUARIE MANAGEMENT HOLDING COMPANY
 
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.

 

14-02-9228 (2/2010)

Page 1


        ENDORSEMENT/RIDER 
Effective date of      
this endorsement/rider: October 31, 2017 FEDERAL INSURANCE COMPANY 
      Endorsement/Rider No. 13 Bond
      To be attached to and  
      form a part of Bond No. 81951478 
 
 
Issued to: MACQUARIE MANAGEMENT HOLDING COMPANY   
       
    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.  

 

17-02-2437 (12/2006) rev.

Page 1


      ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: October 31, 2017 FEDERAL INSURANCE COMPANY
    Endorsement/Rider No. 14
    To be attached to and 
    form a part of Bond No. 81951478
     
Issued to: MACQUARIE MANAGEMENT HOLDING COMPANY 
 
AMENDED NOTICE ENDORSEMENT
 
It is agreed Section 7., Notice to Company-Proof-Legal Proceedings Against Company, is amended by deleting in
its entirety paragraph a. and substituting the following:  
   
a. The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to
    exceed ninety (90) days after discovery of loss, in an amount that is in excess of 50% of the applicable
  DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS.  
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.    
     
All other terms, conditions and limitations of this Bond shall remain unchanged.

 

14-02-12867 (02/2007)

Page 1


      ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: October 31, 2017 FEDERAL INSURANCE COMPANY
    Endorsement/Rider No. 15
    To be attached to and 
    form a part of Bond No. 81951478
       
Issued to: MACQUARIE MANAGEMENT HOLDING COMPANY 
  
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.

 

14-02-14098 (04/2008)

Page 1


      FEDERAL INSURANCE COMPANY  
      Endorsement No.: 16 Bond
      Bond Number: 81951478  
 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY  
 
AUTOMATIC ACQUISITION PERCENTAGE THRESHOLD ENDORSEMENT
It is agreed that this Bond is amended by deleting in its entirety General Agreement C., Additional Offices  
or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities-Notice To  
Company, and substituting the following:    
     
C. Additional Offices or Employees-Consolidation, Merger or Purchase or Acquisition Of Assets or  
  Liabilities-Notice to Company    
       
  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,    
           
  (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.  
         
  Notwithstanding anything stated above to the contrary, the COMPANY hereby agrees to provide  
  coverage which shall be effective on the date of acquisition under this Bond for those acquired  
  institutions in which the ASSURED owns greater than fifty percent (50%) of the voting stock or voting  
  rights either directly or through one or more of its subsidiaries for the remainder of the BOND  
  PERIOD, with no additional premium, provided the acquired institution meets all of the following  
  conditions:    
       
  i.   the assets shall not exceed twenty five percent (25%) of the ASSURED’S assets,  
         
  ii.   there shall be neither any paid nor pending Bond claim for the three (3) year period prior to the  
      date of acquisition, and    
           
  iii.   the ASSURED is not aware of any disciplinary action or proceeding by State or Federal  
      officials involving the acquired institution as of the date of acquisition.  

 

ICAP Bond  
Form 17-02-6247 (Ed. 3-04) Page 1

The COMPANY further agrees that as respects any acquisition that involves a State or Federal
regulatory assisted acquisition or assumption of assets and/or liabilities, coverage shall be provided
under this Bond for the remainder of the BOND PERIOD as long as conditions i. and ii. above are
met. As respects such acquisition or assumption of assets and/or liabilities, coverage applies only to
a Single Loss fully sustained by the ASSURED on or after the date of such acquisition or
assumption. All of the circumstances, conditions or acts causing or contributing to a Single Loss
must occur on or after the date of such acquisition or assumption for coverage to apply regardless of
the time such loss is discovered by the ASSURED.
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.
   
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: November 1, 2017


ICAP Bond  
Form 17-02-6247 (Ed. 3-04) Page 2

      FEDERAL INSURANCE COMPANY  
 
      Endorsement No.: 17 Bond
 
      Bond Number: 81951478  
 
 
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY  
 
CO-SURETY ENDORSEMENT
 
It is agreed that this Bond is amended as follows:    
 
1 . By adding to Section 1., Definitions, the following:    
 
    hh. Controlling Company means FEDERAL INSURANCE COMPANY.    
 
    ii. Company means, unless otherwise specified, each insurance company, including the  
      Controlling Company, executing this Endorsement.    
 
    jj. Companies means, unless otherwise specified, all of the insurance companies, including the  
      Controlling Company, executing this Endorsement.”    
 
2 . By adding to Section 5., Limit of Liability/Non-Reduction and Non-Accumulation of Liability, the  
    following:    
 
    “Each COMPANY shall be liable only for such proportion of any Single Loss as the LIMIT OF  
    LIABILITY underwritten by such Company, as specified in this Endorsement, bears to the LIMIT OF  
    LIABILITY as stated in ITEM 2. of the DECLARATIONS, but in no event shall any Company be liable  
    for an amount greater than that underwritten by it.”    
 
3 . By adding to Section 7., Notice To Company-Proof-Legal Proceedings Against Company, the following:  
 
    g. In the absence of a request from any Company to pay premiums directly to it, premiums for this  
      Bond may be paid to the Controlling Company for the account of all Companies.  
 
    h. In the absence of a request from any Company that notice of claim and proof of loss be given to  
      or filed directly with it, the ASSURED giving such notice to and the filing of such proof with the  
      Controlling Company shall be deemed to be in compliance with the conditions of this Bond for  
      the giving of notice of loss and the filing of proof of loss, if given and filed in accordance with said  
      conditions.”    
 
4 . By adding to Section 13., Termination, the following:    
 
    “The Controlling Company may give notice in accordance with the terms of this Bond terminating the  
    Bond as an entirety or as to any Employee or ASSURED, and any notice so given shall terminate the  
    liability of all Companies as an entirety or as to such Employee or ASSURED, as the case may be.  
 
    Any Company other than the Controlling Company may give notice in accordance with the terms of  
    this Bond, terminating the entire liability of such other Company under this Bond or as to any person or  
    entity.    
 
    In the absence of a request from any Company that notice of termination by the ASSURED of this  
    Bond in its entirety may be given to or filed directly with it, the giving of such notice in accordance with  
    the terms of this Bond to the Controlling Company shall terminate the liability of all Companies as an  
    entirety. The ASSURED may terminate the entire liability of any Company, under this Bond by giving  
    notice of such termination to that Company and by sending a copy of such notice to the Controlling  
    Company.    

 

ICAP Bond  
Form 17-02-2836 (Ed. 5-02) Page 1

    In the event of the termination of this Bond as an entirety, no Company shall be liable to the ASSURED
    for a greater proportion of any return premium due the ASSURED than the LIMIT OF LIABILITY
    underwritten by that Company bears to the LIMIT OF LIABILITY as stated in ITEM 2. of the
    DECLARATIONS.  
 
    In the event of the termination of this Bond as to any Company, such Company alone shall be liable to
    the ASSURED for any return premium due the ASSURED on account of such termination. The
    termination of the attached Bond as to any Company other than the Controlling Company shall not
    terminate or otherwise affect the liability of the other Companies under this Bond.”
 
5 . By adding the following Section:  
 
    “Section 17. Controlling Company  
 
    The execution by the Controlling Company of the DECLARATIONS, Endorsements 1-16, shall
    constitute execution by all the Companies signing this Endorsement.
 
    In the event this Bond is modified during the BOND PERIOD, the Controlling Company shall notify
    the Companies or their respective representatives, in writing, of such change. Each Company shall
    be deemed to agree to such modification, unless such Company notifies the Controlling Company or
    the Controlling Company’s representative in writing, that they do not agree to such modification. If a
    Company fails to object to a modification within fifteen (15) days of receipt of notice from the
    Controlling Company, such Company shall be deemed to agree to such modification.”
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Underwritten for a SINGLE LOSS FEDERAL INSURANCE COMPANY
LIMIT OF LIABILITY of $25,000,000 Controlling Company
        CHUBB & SON
        A division of Federal Insurance Company
        Manager

 

Date: November 1, 2017


Underwritten for a SINGLE LOSS St. Paul Fire & Marine Insurance Company
LIMIT OF LIABILITY of $15,000,000  
Part of $40,000,000  
 
 
  By
  Attorney-in-Fact

 

ICAP Bond  
Form 17-02-2836 (Ed. 5-02) Page 2

MARSH USA, INC  
ATTN: Chris Cancro  
1166 AVE OF AMERICAS 37F
NEW YORK, NY 10036  
 
 
 
 
INSURED: MACQUARIE MANAGEMENT HOLDING COMPANY
PRODUCT: DFIBond
POLICY NO: 81951478
TRANSACTION: ENDT


FEDERAL INSURANCE COMPANY  
Endorsement No.: 18 Bond
Bond Number: 81951478  
   
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY  
 
DELETE AN ENDORSEMENT    
It is agreed that this Bond is amended by deleting Endorsement Number(s) 1 in it's entirety.  
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.  
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.  

 

Date: November 29, 2017



FEDERAL INSURANCE COMPANY  
 
Endorsement No: 19 Bond
 
Bond Number: 81951478  
 
NAME OF ASSURED: MACQUARIE MANAGEMENT HOLDING COMPANY  
  
NAME OF ASSURED ENDORSEMENT    
 
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:  
 
Delaware Group Adviser Funds    
Delaware Group Cash Reserve    
Delaware Group Equity Funds I    
Delaware Group Equity Funds II    
Delaware Group Equity Funds III    
Delaware Group Equity Funds IV    
Delaware Group Equity Funds V    
Delaware Group Foundation Funds    
Delaware Group Limited-Term Government Funds    
Delaware Group Global & International Funds    
Delaware Group Government Funds    
Delaware Group Income Funds    
Delaware VIP Trust    
Delaware Group State Tax-Free Income Trust    
Delaware Group Tax-Free Fund    
Delaware Group Tax-Free Money Fund    
Delaware Pooled Trust    
Voyageur Insured Funds    
Voyageur Intermediate Tax Free Funds    
Voyageur Mutual Funds    
Voyageur Mutual Funds II    
Voyageur Mutual Funds III    
Voyageur Tax-Free Funds    
Delaware Investments Dividend and Income Fund, Inc.    
Delaware Investments Global Dividend and Income Fund, Inc.    
Delaware Investments Arizona Municipal Income Fund, Inc.    
Delaware Investments Colorado Municipal Income Fund, Inc.    
Delaware Investments National Municipal Income Fund    
Delaware Investments Minnesota Municipal Income Fund II, Inc.    
Delaware Enhanced Global Dividend and Income Fund    
and any other fund(s) now existing in Delaware Funds by Macquarie”  

This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2017.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: November 29, 2017


JOINT INSURANCE AGREEMENT

THIS JOINT INSURANCE AGREEMENT, dated as of October 31, 2017, is by and among the funds comprising the Delaware Funds by Macquarie (listed on Attachment I hereto) (the "Funds").
 
BACKGROUND

THIS AGREEMENT is entered into with the following background:
 
A.       Section 17(g) of the Investment Company Act of 1940 (the "Act") authorizes the Securities and Exchange Commission ("SEC") to require that the officers and employees of registered management investment companies be bonded against larceny and embezzlement, and the SEC has promulgated Rule 17g-1 requiring such coverage in specified minimum amounts.
 
B.       The Funds have obtained and maintain the bonds and policies of insurance providing coverage against larceny and embezzlement by their officers and employees set forth in Attachment I hereto (the "Joint Bonds").
 
C.       The Board of Trustees/Directors of each Fund, by vote of a majority of its members including a majority of those members of the Board of each Fund who are not "interested persons" as defined by Section 2 (a) (19) of the Act, has given due consideration to all factors relevant to the amount, type, form, coverage and apportionment of recoveries and premiums on the Joint Bonds and has approved the form, term and amount of the Joint Bonds, the portion of the premiums payable by each Fund, and the manner in which recovery on the Joint Bonds ("Joint Bond Proceeds"), if any, shall be shared by and among the parties hereto as hereinafter set forth.
1

NOW, THEREFORE, IT IS HEREBY AGREED by and among the parties hereto as follows:
 
1.       ALLOCATION OF PROCEEDS
 
a.       In the event a single party suffers a loss or losses covered under the Joint Bonds, the party suffering such loss or losses shall be entitled to be indemnified up to the full amount of the Joint Bond Proceeds.
 
b.       If more than one party is damaged in a single loss for which Joint Bond Proceeds are received, each such party shall receive that portion of the Joint Bond Proceeds which represents the loss sustained by that party, unless the recovery is inadequate to indemnify fully each such party.  If the recovery is inadequate to indemnify fully each such party sustaining a loss, the Joint Bond Proceeds shall be allocated among such parties as follows:
 
(1)       Each party sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or the minimum amount of bond coverage then allocated to such party in accordance with Rule 17g-1.  Any party not fully indemnified for its insurable losses as a result of this allocation is hereafter referred to as an "Unindemnified Party".
 
(2)       The remaining portion of the Joint Bond Proceeds, if any, shall be allocated to each Unindemnified Party in the same proportion as such party's allocation of minimum bond coverage (in accordance with Rule 17g-1) bears to the aggregate of the minimum bond coverage amounts for all Unindemnified Parties, provided that no party shall receive Joint Bond Proceeds in excess of its actual insurable losses.
2

2.       ALLOCATION OF PREMIUMS
 
a.       The premiums payable with respect to the Joint Bonds shall be allocated to each of the parties hereto on an annual basis (and, in the event any increased or additional premium is required to be paid during the year, as of the date such increased or additional premium is due) in the same proportion as each party's minimum amount of bond coverage as then reflected on Attachment II hereto shall bear to the total of such minimum coverage.
 
3.       BOND COVERAGE REQUIREMENTS AND CHANGES
 
a.       Each party hereto has determined that the minimum amount of fidelity bond coverage deemed appropriate to be maintained by it as of the date of this Agreement is as set forth opposite its name in Attachment II hereto.  Each of the Funds represents and warrants to each of the other parties hereto that the minimum amount of coverage required of it under Rule 17g-1(d)(1) as of the date hereof is not more than the amount reflected opposite its name in Attachment II hereto.  Each of the Funds further agrees that it will promptly take such steps as may be necessary, from time to time, to increase its minimum coverage as set forth in Attachment II hereto (and, if necessary, the face amount of the Joint Bonds) so that its minimum coverage as therein set forth shall at no time be less than the minimum coverage required of it under Rule 17g-1(d)(1).
 
b.       The parties hereto may, from time to time hereafter, agree to modify Attachment II hereto to reflect changes in allocation of premium and coverage.  All references in this Agreement to "Attachment II" shall be to such Attachment as amended as of the relevant date on which premiums are to be allocated or losses are sustained.
 
4.       ADDITION OF NEW FUNDS AND OTHER ENTITIES
 
The parties to this Agreement contemplate that additional funds or other related entities permitted by Rule 17g-1 ("Additional Entities") may be added to Delaware Funds by
3

Macquarie from time to time after the date of this Agreement.  In the event an Additional Entity is organized, such Entity may be included as an additional party to this Agreement if the Board of Trustees/Directors of each of the Funds (including an Additional Fund if it is being added) approve such addition and establish a revised minimum allocation of bond coverage.  The inclusion of an Additional Entity as a party to this Agreement shall be evidenced by such Entity's execution of the Addendum to this Agreement and all references herein to the "Funds" shall include any such Additional Entities.
 
5.       TERM OF AGREEMENT
 
This Agreement shall apply to the present fidelity bond coverage and any renewals or replacements thereof and shall continue until terminated by any party hereto upon the giving of not less than sixty days written notice to the other parties.
 
6.       DISPUTES
 
Any dispute arising under this Agreement shall be submitted to arbitration in the City of Philadelphia, Pennsylvania under the Rules of the American Arbitration Association, and the decision rendered therein shall be final and binding upon the parties hereto.
 
7.       GOVERNING LAW
 
This Agreement shall be governed by, and construed in accordance with the laws of the Commonwealth of Pennsylvania, to the extent not inconsistent with applicable provisions of the Act and the rules and regulations promulgated thereunder by the SEC.
4

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this Agreement to be executed by a duly authorized officer or representative as of the date first written above.

 
   
DELAWARE FUNDS BY MACQUARIE on behalf of those Funds listed
on Attachment I
         
         
   
By:          
Shawn Lytle
 
     
President                                                                                               
 

5

ATTACHMENT I TO JOINT INSURANCE
AGREEMENT DATED AS OF OCTOBER 31, 2017
DELAWARE FUNDS BY MACQUARIE
FUND
Delaware Group® Adviser Funds
  Delaware Diversified Income Fund
  Delaware Global Real Estate Opportunities Fund
  Delaware U.S. Growth Fund
     
Delaware Group® Cash Reserve
  Delaware Investments Ultrashort Fund
   (formerly Delaware Cash Reserve® Fund)
  
Delaware Group® Equity Funds I
  Delaware Mid Cap Value Fund
     
Delaware Group® Equity Funds II
  Delaware Value® Fund
     
Delaware Group® Equity Funds IV
  Delaware Healthcare Fund
  Delaware Small Cap Growth Fund
  Delaware Smid Cap Growth Fund
     
Delaware Group® Equity Funds V
  Delaware Small Cap Core Fund
  Delaware Small Cap Value Fund
  Delaware Wealth Builder Fund
 
(formerly, Delaware Dividend Income Fund)
   
Delaware Group® Foundation Funds
(Delaware Foundation Funds®)
  Delaware Foundation® Conservative Allocation Fund
  Delaware Foundation® Growth Allocation Fund*
 
*To be reorganized into Delaware Wealth Builder Fund 4th Quarter 2017.
  Delaware Foundation® Moderate Allocation Fund
     
Delaware Group® Global & International Funds
  Delaware Asia Select Fund*
 
*To be liquidated 4th Quarter 2017.
  Delaware Emerging Markets Fund
  Delaware Global Value Fund
  Delaware International Small Cap Fund
 
(formerly, Delaware Focus Global Growth Fund)
  Delaware International Value Equity Fund
     
Delaware Group® Government Fund
  Delaware Emerging Markets Debt Fund
  Delaware Strategic Income Fund
 
(formerly, Delaware Core Plus Bond Fund)
     
Delaware Group® Income Funds
  Delaware Corporate Bond Fund
  Delaware Extended Duration Bond Fund
  Delaware Floating Rate Fund
 
(formerly, Delaware Diversified Floating Rate Fund)
  Delaware High-Yield Opportunities Fund
1

FUND
Delaware Group® Limited-Term Government Funds
  Delaware Limited-Term Diversified Income Fund
   
Delaware Group® State Tax-Free Income Trust
  Delaware Tax-Free Pennsylvania Fund
     
Delaware Group® Tax-Free Fund
  Delaware Tax-Free USA Fund
  Delaware Tax-Free USA Intermediate Fund
     
Delaware Pooled® Trust
  Macquarie Core Plus Bond Portfolio
 
(formerly, The Core Plus Fixed Income Portfolio)
  Macquarie Emerging Markets Portfolio
 
(formerly, The Emerging Markets Portfolio)
  Macquarie Emerging Markets Portfolio II
 
(formerly, The Emerging Markets Portfolio II)
  Macquarie High Yield Bond Portfolio
 
(formerly, The High-Yield Bond Portfolio)
  Macquarie Labor Select International Equity Portfolio
 
(formerly, The Labor Select International Equity Portfolio)
  Macquarie Large Cap Value Portfolio
 
(formerly, The Large-Cap Value Equity Portfolio)
  Delaware REIT Fund
 
(formerly known as The Real Estate Investment Trust Portfolio)
     
Delaware VIP® Trust5
  Delaware VIP® Diversified Income Series
  Delaware VIP® Emerging Markets Series
  Delaware VIP® High Yield Series
  Delaware VIP® International Value Equity Series
  Delaware VIP® Limited-Term Diversified Income Series
  Delaware VIP® REIT Series
  Delaware VIP® Small Cap Value Series
  Delaware VIP® Smid Cap Core Series
 
(formerly, Delaware VIP® Smid Cap Growth Series)
 Delaware VIP® U.S. Growth Series
 Delaware VIP® Value Series
     
Voyageur Insured Funds
  Delaware Tax-Free Arizona Fund
     
Voyageur Intermediate Tax Free Funds
  Delaware Tax-Free Minnesota Intermediate Fund
     
Voyageur Mutual Funds
  Delaware Minnesota High-Yield Municipal Bond Fund
  Delaware National High-Yield Municipal Bond Fund
  Delaware Tax-Free California Fund
  Delaware Tax-Free Idaho Fund
  Delaware Tax-Free New York Fund
     
Voyageur Mutual Funds II
  Delaware Tax-Free Colorado Fund


2

FUND
Voyageur Mutual Funds III
  Delaware Select Growth Fund
   
Voyageur Tax Free Funds
  Delaware Tax-Free Minnesota Fund
   
Delaware Enhanced Global Dividend and Income Fund
   
Delaware Investments Dividend and Income Fund, Inc.
   
Delaware Investments Colorado Municipal Income Fund, Inc.
   
Delaware Investments Minnesota Municipal Income Fund II, Inc.
   
Delaware Investments National Municipal Income Fund
3

ATTACHMENT II TO JOINT INSURANCE
AGREEMENT DATED AS OF OCTOBER 31, 2017
DELAWARE FUNDS BY MACQUARIE
 
   
FUND
Minimum Amount of Fidelity Bond Coverage (000's)
Delaware Group® Adviser Funds
 
Delaware Diversified Income Fund
2,500
Delaware Global Real Estate Opportunities Fund
 
Delaware U.S. Growth Fund
 
   
Delaware Group® Cash Reserve
 
Delaware Investments Ultrashort Fund
450
(formerly, Delaware Cash Reserve® Fund)
 
   
Delaware Group® Equity Funds I
 
Delaware Mid Cap Value Fund
200
   
Delaware Group® Equity Funds II
 
Delaware Value® Fund
2,500
   
Delaware Group® Equity Funds IV
 
Delaware Healthcare Fund
1,250
Delaware Smid Cap Growth Fund
 
Delaware Small Cap Growth Fund
 
   
Delaware Group® Equity Funds V
 
Delaware Wealth Builder Fund
 
(formerly, Delaware Dividend Income Fund)
 
Delaware Small Cap Core Fund
2,500
Delaware Small Cap Value Fund
 
   
Delaware Group® Foundation Funds
 
(Delaware Foundation Funds®)
 
Delaware Foundation® Conservative Allocation Fund
750
Delaware Foundation® Growth Allocation Fund*
 
*To be reorganized into Delaware Wealth Builder Fund 4th Quarter 2017.
 
Delaware Foundation® Moderate Allocation Fund
 
   
Delaware Group® Global & International Funds
 
Delaware Asia Select Fund*
 
*To be liquidated 4th Quarter 2017.
 
Delaware Emerging Markets Fund
 
Delaware Global Value Fund
 
Delaware International Small Cap Fund
2,500
(formerly, Delaware Focus Global Growth Fund)
 
Delaware International Value Equity Fund
 
   
Delaware Group® Government Fund
 
Delaware Emerging Markets Debt Fund
525
Delaware  Strategic Income Fund
 
(formerly, Delaware Core Plus Bond Fund)
 

1

FUND
Minimum Amount of Fidelity Bond Coverage (000's)
Delaware Group® Income Funds
 
Delaware Corporate Bond Fund
1,700
Delaware Extended Duration Bond Fund
 
Delaware Floating Rate Fund
 
(formerly, Delaware Diversified Floating Rate Fund)
 
Delaware High-Yield Opportunities Fund
 
   
Delaware Group® Limited-Term Government Funds
 
Delaware Limited-Term Diversified Income Fund
1,000
   
Delaware Group® State Tax-Free Income Trust
 
Delaware Tax-Free Pennsylvania Fund
750
   
Delaware Group® Tax-Free Fund
 
Delaware Tax-Free USA Fund
1,250
Delaware Tax-Free USA Intermediate Fund
 
   
Delaware Pooled® Trust
 
Macquarie Core Plus Bond Portfolio
1,250
(formerly, The Core Plus Fixed Income Portfolio)
 
Macquarie Emerging Markets Portfolio
 
(formerly, The Emerging Markets Portfolio)
 
Macquarie Emerging Markets Portfolio II
 
(formerly, The Emerging Markets Portfolio II)
 
Macquarie High Yield Bond Portfolio
 
(formerly, The High-Yield Bond Portfolio)
 
Macquarie Labor Select International Equity Portfolio
 
(formerly, The Labor Select International Equity Portfolio)
 
Macquarie Large Cap Value Portfolio
 
(formerly, The Large-Cap Value Equity Portfolio)
 
Delaware REIT Fund
 
(formerly known as The Real Estate Investment Trust Portfolio)
 
   
Delaware VIP® Trust
 
Delaware VIP® Diversified Income Series
 
Delaware VIP® Emerging Markets Series
 
Delaware VIP® High Yield Series
 
Delaware VIP® International Value Equity Series
2,500
Delaware VIP® Limited-Term Diversified Income Series
 
Delaware VIP® REIT Series
 
Delaware VIP® Small Cap Value Series
 
Delaware VIP® Smid Cap Core Series
 
(formerly, Delaware VIP® Smid Cap Growth Series)
 
Delaware VIP® U.S. Growth Series
 
Delaware VIP® Value Series
 
   
Voyageur Insured Funds
 
Delaware Tax-Free Arizona Fund
450
   
Voyageur Intermediate Tax Free Funds
 
Delaware Tax-Free Minnesota Intermediate Fund
450
   

2


Voyageur Mutual Funds
 
Delaware Minnesota High-Yield Municipal Bond Fund
 
Delaware National High-Yield Municipal Bond Fund
 
Delaware Tax-Free California Fund
1,500
Delaware Tax-Free Idaho Fund
 
Delaware Tax-Free New York Fund
 
   
Voyageur Mutual Funds II
 
Delaware Tax-Free Colorado Fund
600
   
Voyageur Mutual Funds III
 
Delaware Select Growth Fund
750
   
Voyageur Tax Free Funds
 
Delaware Tax-Free Minnesota Fund
900
   
Delaware Enhanced Global Dividend and Income Fund
600
   
Delaware Investments Dividend and Income Fund, Inc.
450
     
Delaware Investments Colorado Municipal Income Fund, Inc.
400
     
Delaware Investments Minnesota Municipal Income Fund II, Inc.
600
   
Delaware Investments National Municipal Income Fund
400
   

3