AGREEMENT CONCERNING ALLOCATION OF FIDELITY BOND PREMIUMS AND RECOVERIES
AGREEMENT CONCERNING ALLOCATION OF FIDELITY BOND PREMIUMS AND RECOVERIES
This Agreement Concerning Allocation of Fidelity Bond Premiums and Recoveries made as of the 23rd day of April, 2009 by and among the management investment companies listed on Schedule I (each, a “Fund” and collectively, the “Funds”), all of which are named insureds on a certain fidelity bond underwritten by ICI Mutual Insurance Company (the “Insurer”) covering certain acts relating to the Funds (“Joint Fidelity Bond”):
WHEREAS: each of the Funds has registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as either an open-end management investment company or a closed-end management investment company; and
WHEREAS: Rule 17g-1(f) under the 1940 Act requires that a registered management investment company named as an insured on a joint fidelity bond enter into a certain agreement with the other named insureds; and
WHEREAS: the Funds each will benefit from their respective participation in the Joint Fidelity Bond in compliance with this Rule;
NOW, THEREFORE, it is agreed as follows:
1. |
In the event any recovery under the Joint Fidelity Bond is received as a result of a loss sustained by any of the Funds, then each Fund sustaining such loss shall receive an equitable and proportionate share of the recovery, said proportion to be established by the ratio that the claim bears to the total amount claimed by all participants, but at least equal to the amount which each such Fund would have received had it provided and maintained a single insured bond with the minimum coverage required by Rule 17g-1(d)(1) under the 1940 Act (“Separate Bond”). |
2. |
In the event that the claims of loss of the Funds are so related that the Insurer is entitled to assert that the claims must be aggregated with the results that the total amount payable on such claims is limited to the face amount of the Joint Fidelity Bond, the following rules for determining the priorities among the Funds for satisfaction of the claims under the Joint Fidelity Bond shall apply: |
A. First, all claims of each Fund which have been duly proven and established under the Joint Fidelity Bond shall be satisfied up to the minimum amount of a Separate Bond for such Fund; and
B. Second, the remaining amount of insurance, if any, shall then be applied to the claims of the Funds in proportion to the total of the unsatisfied amount of the claims of each Fund.
3. |
Additional Parties to this Agreement: This Agreement is intended to cover all entities insured under the Joint Fidelity Bond. Any insured under the Joint Fidelity Bond that is not currently listed on Schedule I hereto may be added to this Agreement by a written amendment. |
4. |
This Agreement may be executed in multiple counterparts. |
IN WITNESS WHEREOF, each Fund has caused this Agreement to be executed by one of its officers thereunto duly authorized as of the date first above written.
/s/ R. Xxx Xxxxxx |
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R. Xxx Xxxxxx |
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President, each of the Funds listed on Schedule I (except Xxxxxxx Opportunity Fund, Inc.) |
/s/ Xxxxx X. Xxxxxxx |
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Xxxxx X. Xxxxxxx |
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President, Xxxxxxx Opportunity Fund, Inc. |
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SCHEDULE I
Xxxxxxx Opportunity Fund, Inc.
LMP Corporate Loan Fund Inc.
Western Asset High Income Opportunity Fund Inc.
Western Asset Managed High Income Fund Inc.
Western Asset Managed Municipals Fund Inc.
Western Asset Municipal High Income Fund Inc.
LMP Real Estate Income Fund Inc.
Western Asset Intermediate Muni Fund Inc.
Western Asset Zenix Income Fund Inc.
Western Asset High Income Fund Inc.
Western Asset High Income Fund II Inc.
Western Asset 2008 Worldwide Dollar Government Term Trust Inc.
Western Asset Worldwide Income Fund Inc.
Western Asset Global High Income Fund Inc.
Western Asset Emerging Markets Debt Fund Inc.
LMP Capital and Income Fund Inc.
Western Asset Emerging Markets Income Fund Inc.
Western Asset Emerging Markets Income Fund II Inc.
Western Asset Emerging Markets Floating Rate Fund Inc.
Western Asset Global Partners Income Fund Inc.
Western Asset Municipal Partners Fund Inc.
Western Asset Variable Rate Strategic Fund Inc.
Western Asset Inflation Management Fund Inc.
Xxxx Xxxxx Xxxxxx Global Active Strategies Fund
Xxxx Xxxxx Xxxxxx Global Active Strategies Master Fund
Xxxx Xxxxx Xxxxxx Global Active Strategies TEI Fund
Western Asset Municipal Defined Opportunity Trust Inc.
Xxxx Xxxxx Partners Equity Trust
Xxxx Xxxxx Partners 130/30 U.S. Large Cap Equity Fund
Xxxx Xxxxx Partners Aggressive Growth Fund
Xxxx Xxxxx Partners Appreciation Fund
Xxxx Xxxxx Partners Capital and Income Fund
Xxxx Xxxxx Partners Capital Fund
Xxxx Xxxxx Partners Classic Values Fund
Xxxx Xxxxx Partners Convertible Fund
Xxxx Xxxxx Partners Diversified Large Cap Growth Fund
Xxxx Xxxxx Partners Dividend Strategy Fund
Xxxx Xxxxx Partners Emerging Markets Equity Fund
Xxxx Xxxxx Partners Equity Fund
Xxxx Xxxxx Partners Equity Income Builder Fund
Xxxx Xxxxx Partners Financial Services Fund
Xxxx Xxxxx Partners Fundamental Value Fund
Xxxx Xxxxx Partners Global Equity Fund
Xxxx Xxxxx Partners International All Cap Opportunity Fund
Xxxx Xxxxx Partners Investors Value Fund
Xxxx Xxxxx Partners Large Cap Growth Fund
Xxxx Xxxxx Partners Lifestyle Allocation 100%
Xxxx Xxxxx Partners Lifestyle Allocation 30%
Xxxx Xxxxx Partners Lifestyle Allocation 50%
Xxxx Xxxxx Partners Lifestyle Allocation 70%
Xxxx Xxxxx Partners Lifestyle Allocation 85%
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Xxxx Xxxxx Partners Lifestyle Income Fund
Xxxx Xxxxx Partners Mid Cap Core Fund
Xxxx Xxxxx Partners All Cap Fund
Xxxx Xxxxx Partners S&P 500 Index Fund
Xxxx Xxxxx Partners Small Cap Core Fund
Xxxx Xxxxx Partners Small Cap Growth Fund
Xxxx Xxxxx Partners Small Cap Value Fund
Xxxx Xxxxx Partners Social Awareness Fund
Xxxx Xxxxx Partners Target Retirement 2015
Xxxx Xxxxx Partners Target Retirement 2020
Xxxx Xxxxx Partners Target Retirement 2025
Xxxx Xxxxx Partners Target Retirement 2030
Xxxx Xxxxx Partners Target Retirement 2035
Xxxx Xxxxx Partners Target Retirement 2040
Xxxx Xxxxx Partners Target Retirement 2045
Xxxx Xxxxx Partners Target Retirement 2050
Xxxx Xxxxx Partners Target Retirement Fund
Xxxx Xxxxx Partners U.S. Large Cap Equity Fund
Xxxx Xxxxx Xxxxxx Tactical Allocation Fund
Xxxx Xxxxx Partners Income Trust
Xxxx Xxxxx Partners Adjustable Rate Income Fund
Xxxx Xxxxx Partners California Municipals Fund
Xxxx Xxxxx Partners Core Bond Fund
Xxxx Xxxxx Partners Core Plus Bond Fund
Xxxx Xxxxx Partners Diversified Strategic Income Fund
Xxxx Xxxxx Partners Global High Yield Bond Fund
Xxxx Xxxxx Partners Global Income Fund
Xxxx Xxxxx Partners Government Securities Fund
Xxxx Xxxxx Partners High Income Fund
Xxxx Xxxxx Partners Global Inflation Management Fund (f/k/a Xxxx Xxxxx Partners Inflation Management Fund)
Xxxx Xxxxx Partners Intermediate Maturity California Municipals Fund
Xxxx Xxxxx Partners Intermediate Maturity New York Municipals Fund
Xxxx Xxxxx Partners Intermediate-Term Municipals Fund
Xxxx Xxxxx Partners Intermediate-Term U.S. Government Fund (f/k/a Xxxx Xxxxx Partners Short/Intermediate U.S. Government Fund)
Xxxx Xxxxx Partners Corporate Bond Fund (f/k/a Xxxx Xxxxx Partners Investment Grade Bond Fund)
Xxxx Xxxxx Partners Managed Municipals Fund
Xxxx Xxxxx Partners Massachusetts Municipals Fund
Xxxx Xxxxx Partners Municipal High Income Fund
Xxxx Xxxxx Partners New Jersey Municipals Fund
Xxxx Xxxxx Partners New York Municipals Fund
Xxxx Xxxxx Partners Oregon Municipals Fund
Xxxx Xxxxx Partners Pennsylvania Municipals Fund
Xxxx Xxxxx Partners Short Duration Municipal Income Fund
Xxxx Xxxxx Partners Short-Term Bond Fund (f/k/a Xxxx Xxxxx Partners Short-Term Investment Grade Bond Fund)
Western Asset Emerging Markets Debt Portfolio
Western Asset Global High Yield Bond Portfolio
Xxxx Xxxxx Partners Money Market Trust
Citi California Tax Free Reserves
Citi Cash Reserves
Citi Connecticut Tax Free Reserves
Citi New York Tax Free Reserves
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Citi Tax Free Reserves
Citi U.S. Treasury Reserves
Western Asset California Municipal Money Market Fund
Western Asset Massachusetts Municipal Money Market Fund
Western Asset New York Municipal Money Market Fund
Western Asset Money Market Fund
Western Asset Government Money Market Fund
Western Asset Municipal Money Market Fund
Xxxx Xxxxx Partners Institutional Trust
Western Asset Institutional Money Market Fund
Citi Institutional Cash Reserves
Citi Institutional Enhanced Income Fund
Citi Institutional Liquid Reserves
Citi Institutional Tax Free Reserves
Citi Institutional U.S. Treasury Reserves
Western Asset Institutional Government Money Market Fund
Western Asset Institutional Municipal Money Market Fund
SMASh Series C Fund
SMASh Series EC Fund
SMASh Series M Fund
SMASh Series MEC Fund
Xxxx Xxxxx Partners Premium Money Market Trust
Citi Premium Liquid Reserves
Citi Premium U.S. Treasury Reserves
Liquid Reserves Portfolio
U.S. Treasury Reserves Portfolio
Tax Free Reserves Portfolio
Prime Cash Reserves Portfolio
Institutional Enhanced Portfolio
SMASh Series C Portfolio
SMASh Series EC Portfolio
SMASh Series M Portfolio
SMASh Series MEC Portfolio
Government Portfolio
Xxxx Xxxxx Partners Variable Equity Trust
Xxxx Xxxxx Partners Variable Aggressive Growth Portfolio
Xxxx Xxxxx Partners Variable Appreciation Portfolio
Xxxx Xxxxx Partners Variable Dividend Strategy Portfolio
Xxxx Xxxxx Partners Variable Equity Index Portfolio
Xxxx Xxxxx Partners Variable Fundamental Value Portfolio
Xxxx Xxxxx Partners Variable International All Cap Opportunity Portfolio
Xxxx Xxxxx Partners Variable Investors Portfolio
Xxxx Xxxxx Partners Variable Large Cap Growth Portfolio
Xxxx Xxxxx Partners Variable Lifestyle Allocation 50%
Xxxx Xxxxx Partners Variable Lifestyle Allocation 70%
Xxxx Xxxxx Partners Variable Lifestyle Allocation 85%
Xxxx Xxxxx Partners Variable Mid Cap Core Portfolio
Xxxx Xxxxx Partners Variable Capital Portfolio
Xxxx Xxxxx Partners Variable Capital and Income Portfolio
Xxxx Xxxxx Partners Variable Global Equity Portfolio
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Xxxx Xxxxx Partners Variable Small Cap Growth Portfolio
Xxxx Xxxxx Partners Variable Social Awareness Portfolio
Xxxx Xxxxx Partners Variable Income Trust
Xxxx Xxxxx Partners Variable Adjustable Rate Income Portfolio
Xxxx Xxxxx Partners Variable Diversified Strategic Income Portfolio
Xxxx Xxxxx Partners Variable Global High Yield Bond Portfolio
Xxxx Xxxxx Partners Government Portfolio
Xxxx Xxxxx Partners Variable High Income Portfolio
Xxxx Xxxxx Partners Variable Money Market Portfolio
Xxxx Xxxxx Partners Variable Strategic Bond Portfolio
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