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As Of Filer Filing For·On·As Docs:Size Issuer Agent 11/26/14 World Funds Trust 40-17G 11/26/14 1:42K Avery Publishin… Corp/FA |
Document/Exhibit Description Pages Size 1: 40-17G Fidelity Bond of a Management Investment Company HTML 38K
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 11
| INSURED | BOND NUMBER | ||||
| Commonwealth Shareholder Services, Inc. | 87013113B | ||||
| EFFECTIVE DATE | BOND PERIOD | AUTHORIZED REPRESENTATIVE | |||
| March 31, 2013 to March 31, 2014 | /S/ Swenitha Nalli | ||||
In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item 1 of the Declarations, Name of Insured, shall include the following as of the effective date indicated:
| FUND NAME | EFFECTIVE DATE | |||
| o | REMS International Real Estate Value Opportunity | March 18, 2014 | ||
| Fund, a series of: | ||||
| World Funds Trust | ||||
| B. Riley Asset Management, LLC – 2/10/14 | February 10, 2014 | |||
| B. Riley Diversified Equity Fund | February 10, 2014 | |||
| Virginia Equity Fund | January 24, 2014 | |||
| Virginia Financial Innovation Corp. | January 24, 2014 | |||
Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of this policy other than as above stated.
RN1.1-00 (1/02)
ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 12
| INSURED | BOND NUMBER | ||||
| Commonwealth Shareholder Services, Inc. | 87013113B | ||||
| EFFECTIVE DATE | BOND PERIOD | AUTHORIZED REPRESENTATIVE | |||
| March 31, 2013 to March 31, 2014 | /S/ Swenitha Nalli | ||||
In consideration of the premium charged for this Bond, it is hereby understood and agreed that the expiration date of the Bond Period set forth in Item 2 of the Declarations is hereby amended to be
12:01 a.m. on May 31, 2014
Standard Time at the Principal Address as
set forth in Item 1 of the Declarations.
Except as above stated, nothing herein
shall be held to alter, waive or extend any of the terms of this Bond.
RN9.0-01 (10/08)
An excerpt from the unanimous written consent of the World Funds Trust Board of Trustees dated November 21, 2014:
RESOLVED, that the payment of $3,735.97 ($3,653.76 premium and $82.81 tax)
made by the Trust with regard to the two-month extension period of coverage for the
fidelity bond from the period March 31, 2014 to May 31, 2014 be, and hereby is,
ratified. |
||
AMENDED ALLOCATION AGREEMENT AMONG JOINTLY INSURED PARTIES
THIS AMENDED ALLOCATION AGREEMENT AMONG JOINTLY INSURED PARTIES (the “Agreement”), is entered into by and among the parties identified in Exhibit A to this Agreement. The aforementioned parties are collectively referred to as the “Joint Insureds” for purposes of this Agreement.
WHEREAS, the Joint Insureds desire to be named as joint insureds under a joint fidelity bond issued by ICI Mutual Insurance Company for the period from March 31, 2013 to March 31, 2014, which insures against larceny and embezzlement of officers and employees (the “Fidelity Bond”); and
WHEREAS, the Joint Insureds desire to establish (i) criteria by which recoveries under the Fidelity Bond shall be allocated among the Joint Insureds in compliance with Rule 17g-1 under the Investment Company Act of 1940, as amended (the “Act”), and (ii) the basis on which additional investment companies may be added as named Joint Insured under the Fidelity Bond;
NOW, THEREFORE, IT IS HEREBY AGREED by and among the parties as follows:
1. Allocation of Recoveries
(a) If more than one of the parties hereto is damaged in a single loss for which recovery is received under the Fidelity Bond, each such party shall receive an equitable and proportionate share of the recovery, but investment companies shall receive an amount at least equal to the amount such party would have received had it provided and maintained a single insured bond with the minimum coverage as required by Rule 17g-1 under the Act.
(b) If the recovery is inadequate to indemnify fully each such party sustaining a loss, then the recovery shall be allocated among such parties as follows:
(i) Each such party sustaining a loss shall be allocated an amount equal to the lesser of that party’s actual loss or an amount that would have been received had the party been insured under a single insured bond (determined as of the time of the loss) in accordance with the provisions of Rule 17g-1(d)(1) under the Act.
(ii) The remaining portion of the proceeds shall be allocated to each such party sustaining a loss not fully covered by the allocation under subparagraph 2(b)(i), above, in the proportion that each such party’s last payment of premium bears to the sum of the last such premium payments of all such parties. If such allocation would result in any party that had sustained a loss receiving a portion of the recovery in excess of the loss actually sustained, such excess portion shall be allocated among the other parties whose losses would not be fully indemnified. The allocation shall bear the same proportion as each such party’s last payment of premium bears to the sum of the last premium payments of all parties entitled to receive a share of the excess. Any allocation in excess of a loss actually sustained by any such party shall be reallocated in the same manner.
2. Obligation to Maintain Minimum Coverage
(a) The parties hereto agree that the appropriate officers of the parties hereto that are registered management investment companies (each a Fund and collectively, the “Funds”) will determine, no less frequently than at the end of each calendar quarter, the minimum amount of
1
coverage that each Fund would be required to provide and maintain if covered under a single insured bond as required by Rule 17g-1(d)(1).
(b) In the event that the total amount of the minimum coverages thus determined exceeds the amount of coverage of the then-effective Fidelity Bond, the boards of each Fund will be notified and will determine whether it is necessary or appropriate to increase the total amount of coverage of the Fidelity Bond to an amount not less than the total amount of such minimums, or to secure such excess coverage for one or more of the parties hereto, which, when added to the total coverage of the Fidelity Bond, will equal an amount equal to or greater than such minimums.
3. Prior Agreements; Termination
This Agreement shall supersede all prior agreements relating to an allocation of premium on any joint insured bond and shall apply to the present Fidelity Bond coverage and any renewal or replacement thereof. This Agreement shall continue until terminated by any party hereto upon the giving of not less than sixty (60) days’ notice to the other parties hereto in writing.
4. Governing Law
This Agreement is governed by the laws of the State of Maryland (without reference to such state’s conflict of law rules).
5. Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed an original, but which together shall constitute one and the same instrument.
6. Amendment, Modification, and Waiver
(a) No term or provision of this Agreement may be amended, modified, or waived without the affirmative vote or action by written consent of each of the parties hereto.
(b) Additional parties may be added to the Agreement without the affirmative vote or action by written consent of each of the parties hereto provided that (a) such additional party may be included in the Fidelity Bond pursuant to Rule 17g-1(b) under the Act and (b) such additional party agrees to be bound by the terms of this Agreement and executes and delivers a copy of this Agreement to each Joint Insured.
2
IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly executed by their duly authorized officers as of the dates below.
DGHM INVESTMENT TRUST
THE WORLD FUNDS, INC.; and
WORLD FUNDS TRUST
| By | : /s/ Karen M. Shupe | 5/21/13 | |
| Karen M. Shupe | DATE | ||
| Secretary/Treasurer | |||
COMMONWEALTH FUND ACCOUNTING, INC.;
COMMONWEALTH SHAREHOLDER SERVICES, INC.;
FIRST DOMINION CAPITAL CORPORATION;
COMMONWEALTH FUND SERVICES, INC.; and
| By | : /s/ John Pasco, III | 5/6/13 | |
| John Pasco, III | DATE | ||
| President | |||
COMMONWEALTH CAPITAL MANAGEMENT, LLC
| By | : /s/ John Pasco, III | 5/6/13 | |
| John Pasco, III | DATE | ||
| Managing Member | |||
TOREADOR RESEARCH AND TRADING, LLC
| By | : /s/ David Jones | 6/5/13 | |
| David Jones | DATE | ||
| Chief Compliance Officer | |||
3
REAL ESTATE MANAGEMENT SERVICES GROUP, LLC
| By | : /s/ Joan Beckner | 4/30/13 | |
| Joan Beckner | DATE | ||
| Chief Compliance Officer | |||
AMERICAN GROWTH FUND; and
INVESTMENT
RESEARCH CORPORATION
| By | : /s/ Timothy Taggart | 5/14/13 | |
| Timothy Taggart | DATE | ||
| Chief Compliance Officer | |||
DALTON, GREINER, HARTMAN, MAHER & CO., LLC
| By | : /s/ Thomas Gibson | 5/1/13 | |
| Thomas Gibson | DATE | ||
| Chief Compliance Officer | |||
UNION STREET PARTNERS, LLC
| By | : /s/ Shawn P. McLaughlin | 5/31/13 | |
| Shawn P. McLaughlin | DATE | ||
| Managing Member | |||
PERKINS CAPITAL MANAGEMENT, INC.
| By | : /s/ Daniel S. Perkins | 6/3/13 | |
| Daniel S. Perkins | DATE | ||
| Chief Financial Officer | |||
4
| Exhibit A | |
| |
|
| PARTIES TO THE AMENDED ALLOCATION AGREEMENT | |
| AMONG JOINTLY INSURED PARTIES | |
|
Name of Insured |
Date Added | ||
|
World Funds Trust and its series: • Union Street Partners Value Fund • Perkins Discovery Fund |
03.31.2013 | ||
|
The World Funds, Inc. and its series: • REMS Real Estate Income 50/50 Fund • European Equity Fund • REMS Real Estate Value Opportunity Fund • Toreador International Fund |
03.31.2013 | ||
|
American Growth Fund and its series: • American Growth Fund Series 1 • American Growth Fund Series 11 |
03.31.2013 | ||
|
Union Street Partners, LLC |
03.31.2013 | ||
|
Perkins Capital Management, Inc. |
03.31.2013 | ||
|
Commonwealth Capital Management, LLC |
03.31.2013 | ||
|
Real Estate Management Services Group, LLC |
03.31.2013 | ||
|
Toreador Research and Trading, LLC |
03.31.2013 | ||
|
DGHM Investment Trust and its series: • DGHM All-Cap Value Fund • DGHM V2000 Small Cap Value Fund |
03.31.2013 | ||
|
Dalton, Greiner, Hartman, Maher & Co. LLC |
03.31.2013 | ||
|
Investment Research Corporation |
03.31.2013 | ||
|
First Dominion Capital Corp. |
03.31.2013 | ||
|
Commonwealth Shareholder Services, Inc. |
03.31.2013 | ||
|
Commonwealth Fund Services, Inc. |
03.31.2013 | ||
|
Commonwealth Fund Accounting, Inc. |
03.31.2013 | ||
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| This ‘40-17G’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / Effective on: | 11/26/14 | |||
| 11/21/14 | 497 | |||
| 5/31/14 | N-Q | |||
| 3/31/14 | 24F-2NT, N-CSR, N-CSRS, N-Q, N-Q/A, NSAR-A, NSAR-B | |||
| 3/18/14 | ||||
| 2/10/14 | 485BPOS | |||
| 1/24/14 | ||||
| 3/31/13 | 24F-2NT, N-CSR, N-CSRS, NSAR-A, NSAR-B | |||
| List all Filings | ||||