CHURCH CAPITAL INVESTMENT TRUST JOINT INSURED FIDELITY BOND AGREEMENT
Agreement
effective as of the 12th
day of
January, 2006, by and among Church Capital Money Market Fund and Church Capital
Value Trust (collectively, the "Funds").
WHEREAS,
Church Capital Investment Trust is a business trust organized under the laws
of
the State of Ohio and registered as a open-end, management investment company
under the Investment Company Act of 1940, as amended (the "Act");
WHEREAS,
each Fund that is a party to this Agreement and the date it became a party
is
set forth on Schedule 1 hereto, as such Schedule may be revised from time
to time;
WHEREAS,
Church Capital Management, LLC is the investment adviser of each of the
Funds;
WHEREAS,
The Board of Trustees of Church Capital Investment Trust (the "Board") has
determined on behalf of each Fund that it be a joint insured under a fidelity
bond (the "Bond") as permitted by Rule 17g-1 under the Act and a party to this
Agreement; and
WHEREAS,
Church Capital Investment Trust and the Funds have entered into this Agreement
in order to comply with Rule 17g-1 promulgated by the Securities and
Exchange Commission under the Act.
NOW
THEREFORE IT IS HEREBY AGREED:
1. That
Church Capital Investment Trust on behalf of each Fund agrees with respect
to
each Fund: (i) to maintain the total amount of the Bond in an
amount at least equal to the aggregate amount of the minimum fidelity insurance
that would be required of each Fund by paragraph (d)(1) of Rule 17g-1 under
the
Act were the Funds not insured under a joint fidelity bond ("minimum coverage");
and (ii) that each Fund will share in each year's premium cost in such amounts
or percentages as shall be determined annually by the Board, as the case may
be,
including a majority of the Trustees who are not "interested persons" of any
of
the Funds, as defined by the Act and the rules thereunder.
2. If
any
recovery is received under the Bond as a result of a loss sustained by a Fund
and one or more other named insureds, such Fund shall receive an equitable
and
proportionate share of the recovery, but such recovery shall at least equal
the
amount that the Fund would have received had it provided and maintained a single
insured bond solely with respect to the Fund the with the minimum coverage
required by paragraph (d)(1) of Rule 17g-1 under the Act.
3. Funds
formed after the date hereof may become parties to this Agreement and be bound
by the terms of this Agreement upon determination by the Board and upon the
addition of any Fund to Schedule 1 hereto.
-2-
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as
of the 12th day of January, 2006.
|
By: /s/Xxxx
Church______________
Xxxx
Xxxxxx
President
Church
Capital Money Market Fund
By: /s/Xxxx
Church______________
Xxxx
Xxxxxx
President
Church
Capital Value Trust
By: /s/Xxxx
Church______________
Xxxx
Xxxxxx
President
|
-3-
SCHEDULE
1
|
Fund
|
Effective
Date
|
|
Church
Capital Money Market Fund
|
1-12-2006
|
|
Church
Capital Value Trust
|
1-12-2006
|
