JOINT FIDELITY BOND AGREEMENT
(v)
THIS AGREEMENT is made as of September 1, 2013, by and among certain registered investment companies (the "Funds") managed and/or administered by ▇▇▇▇▇ ▇▇▇▇▇ Management (“EVM”) or Boston Management and Research (“BMR”), each listed on Appendix A, as amended from time to time; and certain other non-Fund entities affiliated with EVM and/or BMR (collectively the “EV Parties”), each listed on Appendix A, as amended from time to time; all of which are named insureds (the “Insureds”) under a joint insured fidelity bond (the “Bond”) issued by one or more insurance companies (the “Insurer”), which may from time to time be amended or replaced:
WHEREAS, EVM and BMR act as investment adviser, manager and/or administrator of the Funds, and may from time to time hereafter act as investment adviser, manager or administrator of other funds; and ▇▇▇▇▇ ▇▇▇▇▇ Distributors, Inc. acts as principal underwriter or placement agent for certain of the Funds, and may from time to time hereafter act as principal underwriter or placement agent for certain other funds; and
WHEREAS, each Fund has registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a management investment company; and
WHEREAS, Rule 17g-1(f) under the 1940 Act requires registered management investment companies named as an insured on a joint fidelity bond to enter into certain agreements with the other named insureds; and
WHEREAS, the Insureds each will benefit from its participation in the Bond; and
WHEREAS, the Insureds desire to establish the criteria by which (i) the annual premium shall be allocated among the parties, (ii) parties may be added to the Bond, and (iii) losses in excess of the face amount of the Bond shall be allocated among the parties:
NOW, THEREFORE, it is agreed as follows:
1. Allocation of Premiums. The premium payable on the Bond shall be allocated between the Funds and the EV Parties in the manner approved by the Board of Trustees of the Funds, including a majority of those Trustees who are not “interested persons” of the Funds as defined by Section 2 (a) (19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The amount of premium allocated to the Funds shall then be allocated among the Funds in the manner approved by the Board of Trustees of the Funds, including a majority of the Independent Trustees. The amount of premium payable by the EV Parties may be allocated among the EV Parties as mutually agreed by them.
2. Additional Parties to the Agreement. If the Insurer is willing without additional premium to add as an Insured under the Bond (i) any registered investment company for which EVM or BMR hereafter is investment adviser, manager and/or administrator, or (ii) any non-Fund party which qualifies as an insurable party pursuant to Rule 17g-1(b)(3) under the 1940 Act, the parties hereto agree that: (a) such addition may be made, (b) any such registered investment company may become a party to this Agreement and be included within the term “Funds”, and (c) that such affiliate or other party may become a party to this Agreement and be included within the term “EV Parties”; provided that any party added during the term of the Agreement shall be bound by the terms of the Agreement.
BOS-3351538 v2
3. Allocation of Claim Proceeds. In the event that the claims of loss of two or more Insureds under the Bond exceed the face amount of the Bond and are deemed to be a Single Loss as defined under the Bond, the following rules for determining, as among the claimants, the priority of satisfaction of the claims under the Bond shall apply:
| A. | All claims of the Funds that have been duly proved and established under the Bond shall be satisfied in full before satisfaction of any claims of any non-Fund Insured party. However, a Fund (“Investing Fund”) which invests substantially all of its assets in one or more other Funds (“Portfolio”) in a master-feeder or fund-of-funds structure is not entitled to recover on its claim to the extent that the Investing Fund’s actual covered loss is reduced by the satisfaction of a Portfolio’s claim. |
| B. | If the claims of the Funds exceed the face amount of the Bond, the insurance shall be applied to those claims in the following manner: |
(i) each Fund shall receive an equitable and proportionate share of the insurance, but in no event less than the amount it would have received had it provided and maintained a single bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 under the 1940 Act (the “minimum coverage”); and
(ii) any remaining amount of recovery over the minimum coverage shall be applied to the unsatisfied claims of the Funds, in proportion to the relevant Funds’ contributions toward the allocation of the premium paid for the Bond as determined in accordance with Paragraph 1 above.
| C. | If after giving effect to Paragraph A there remains a portion of the insurance under the Bond available for the satisfaction of claims of parties other than the Funds, such remainder shall be applied as EVM shall determine. |
4. Limitations of Liability. All parties hereto agree that any obligation assumed by a business or common law trust hereunder shall be limited to the assets of the trust, and the trustees, shareholders and agents of the trust shall not be liable thereon.
5. Effective Date. This Fidelity Bond Premium Sharing Agreement shall become effective as of September 1, 2013.
IN WITNESS WHEREOF, the parties have hereunto caused this Agreement to be executed by their officers, Directors or Trustees hereunto duly authorized all as of the day and year first above written.
▇▇▇▇▇ ▇▇▇▇▇ MANAGEMENT (as agent for the Insureds listed on Schedule A)
By: /s/ ▇▇▇▇ ▇. ▇’▇▇▇▇
Name: ▇▇▇▇ ▇. ▇’▇▇▇▇
Title: Vice President
| 2 |
Schedule A
Effective October 31, 2023
▇▇▇▇▇ ▇▇▇▇▇ Non-Funds
| · | Advanced Fund Solutions, LLC |
| · | Atlanta Capital Management Company, LLC |
| · | Boston Management and Research |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Acquisitions LLC |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Advisers International Ltd. |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Distributors, Inc. |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Global Management, LLC |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Management |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Management (International) Ltd. |
| · | ▇▇▇▇▇ ▇▇▇▇▇ WaterOak Advisors |
| · | EV LLC |
| · | EV Trust Company |
| · | Fox Asset Management, LLC |
| · | Next Shares Solutions, LLC |
| · | Parametric Portfolio Associates, LLC |
| · | Parametric Risk Advisors, LLC |
▇▇▇▇▇ ▇▇▇▇▇ Growth Trust, a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇-Atlanta Capital Focused Growth Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Atlanta Capital Select Equity Fund
- ▇▇▇▇▇ ▇▇▇▇▇-Atlanta Capital ▇▇▇▇-Cap Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Focused Global Opportunities Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Focused Growth Opportunities Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Focused Value Opportunities Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Greater China Growth Fund
- ▇▇▇▇▇ ▇▇▇▇▇ International Small-Cap Fund
- ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ All Asset Strategy Fund
- ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Equity Strategy Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Worldwide Health Sciences Fund
▇▇▇▇▇ ▇▇▇▇▇ Investment Trust, a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ Floating Rate Municipal Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ National Limited Maturity Municipal Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ New York Municipal Opportunities Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Short Duration Municipal Opportunities Fund
▇▇▇▇▇ ▇▇▇▇▇ Municipals Trust, a series fund consisting of:
| · | ▇▇▇▇▇ ▇▇▇▇▇ Arizona Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ California Municipal Opportunities Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Connecticut Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Georgia Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Maryland Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Massachusetts Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Minnesota Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Missouri Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Municipal Opportunities Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ National Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ New Jersey Municipal Income Fund |
| A-1 |
| · | ▇▇▇▇▇ ▇▇▇▇▇ New York Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ North Carolina Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Ohio Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Oregon Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Pennsylvania Municipal Income Fund |
| · | ▇▇▇▇▇ ▇▇▇▇▇ South Carolina Municipal Income Fund |
· ▇▇▇▇▇ ▇▇▇▇▇ Virginia Municipal Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Municipals Trust II, a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ High Yield Municipal Income Fund
- Parametric TABS Intermediate-Term Municipal Bond Fund
- Parametric TABS Short-Term Municipal Bond Fund
- Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund
- Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund
- Parametric TABS 10-to-20 Year Laddered Municipal Bond Fund
▇▇▇▇▇ ▇▇▇▇▇ Mutual Funds Trust, a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ AMT-Free Municipal Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Emerging and Frontier Countries Equity Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Emerging Markets Debt Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Emerging Markets Local Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Floating-Rate Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Floating-Rate Advantage Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Floating-Rate & High Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Global Bond Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Global Income Builder Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Global Macro Absolute Return Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Global Macro Absolute Return Advantage Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Global Small-Cap Equity Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Government Opportunities Fund
- ▇▇▇▇▇ ▇▇▇▇▇ High Income Opportunities Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Multi-Asset Credit Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Stock Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Short Duration Government Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Short Duration High Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Short Duration Strategic Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Taxable Municipal Bond
- ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Equity Asset Allocation Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Global Dividend Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Tax Managed Growth Fund 1.1
- ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Growth Fund 1.2
- ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Multi-Cap Growth Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Small-Cap Fund
- ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Value Fund
- Parametric Commodity Strategy Fund
- Parametric Dividend Income Fund
- Parametric Emerging Markets Fund
- Parametric International Equity Fund
- Parametric Tax-Managed International Equity Fund
- Parametric Volatility Risk Premium - Defensive Fund
| A-2 |
▇▇▇▇▇ ▇▇▇▇▇ Series Fund, Inc., a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ Emerging Markets Debt Opportunities Fund
▇▇▇▇▇ ▇▇▇▇▇ Series Trust, a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Growth Fund 1.0
▇▇▇▇▇ ▇▇▇▇▇ Series Trust II, a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ Income Fund of Boston
- Parametric Tax-Managed Emerging Markets Fund
▇▇▇▇▇ ▇▇▇▇▇ Special Investment Trust, a series fund consisting of:
· ▇▇▇▇▇ ▇▇▇▇▇ Balanced Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Core Bond Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Dividend Builder Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Greater India Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Growth Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Large-Cap Value Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Multisector Income Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Real Estate Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Short Duration Inflation-Protected Income Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Small-Cap Fund
· ▇▇▇▇▇ ▇▇▇▇▇ Special Equities Fund
▇▇▇▇▇ ▇▇▇▇▇ Variable Trust, a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ VT Floating-Rate Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Next Shares Trust, a series fund consisting of:
| · | ▇▇▇▇▇ ▇▇▇▇▇ Balanced NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Global Income Builder NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Growth NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Large-Cap Value NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ All Asset Strategy NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Equity Strategy NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Small-Cap NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Stock NextShares |
| · | Parametric Emerging Markets NextShares |
· Parametric International Equity NextShares
▇▇▇▇▇ ▇▇▇▇▇ Next Shares Trust II, a series fund consisting of:
| · | ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Global Macro Absolute Return NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ Government Obligations NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ High Income Opportunities NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ High Yield Municipal Income NextShares |
| · | ▇▇▇▇▇ ▇▇▇▇▇ National Municipal Income NextShares |
· ▇▇▇▇▇ ▇▇▇▇▇ TABS 5-to-15 Year Laddered Municipal Bond NextShares
| A-3 |
▇▇▇▇▇ ▇▇▇▇▇ Floating-Rate Opportunities Fund
▇▇▇▇▇ ▇▇▇▇▇ 2021 Target Term Trust
▇▇▇▇▇ ▇▇▇▇▇ California Municipal Bond Fund
▇▇▇▇▇ ▇▇▇▇▇ California Municipal Income Trust
▇▇▇▇▇ ▇▇▇▇▇ Enhanced Equity Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Enhanced Equity Income Fund II
▇▇▇▇▇ ▇▇▇▇▇ Floating-Rate Income Plus Fund
▇▇▇▇▇ ▇▇▇▇▇ Floating-Rate Income Trust
▇▇▇▇▇ ▇▇▇▇▇ Floating-Rate 2022 Target Term Trust
▇▇▇▇▇ ▇▇▇▇▇ High-Income 2022 Target Term Trust
▇▇▇▇▇ ▇▇▇▇▇ Limited Duration Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Municipal Bond Fund
▇▇▇▇▇ ▇▇▇▇▇ Municipal Income 2028 Term Trust
▇▇▇▇▇ ▇▇▇▇▇ Municipal Income Trust
▇▇▇▇▇ ▇▇▇▇▇ National Municipal Opportunities Trust
▇▇▇▇▇ ▇▇▇▇▇ New York Municipal Bond Fund
▇▇▇▇▇ ▇▇▇▇▇ Risk-Managed Diversified Equity Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Senior Floating-Rate Trust
▇▇▇▇▇ ▇▇▇▇▇ Senior Income Trust
▇▇▇▇▇ ▇▇▇▇▇ Short Duration Diversified Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Tax-Advantaged Dividend Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Tax-Advantaged Global Dividend Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Tax-Advantaged Global Dividend Opportunities Fund
▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Buy-Write Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Buy-Write Opportunities Fund
▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Buy-Write Strategy Fund
▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Diversified Equity Income Fund
▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Global Buy-Write Opportunities Fund
▇▇▇▇▇ ▇▇▇▇▇ Tax-Managed Global Diversified Equity Income Fund
5-to-15 Year Laddered Municipal Bond Portfolio
Core Bond Portfolio
Emerging Markets Local Income Portfolio
▇▇▇▇▇ ▇▇▇▇▇ Floating Rate Portfolio
Global Income Builder Portfolio
Global Macro Absolute Return Advantage Portfolio
Global Macro Capital Opportunities Portfolio
Global Macro Portfolio
Global Opportunities Portfolio
Greater India Portfolio
High Income Opportunities Portfolio
High Yield Municipal Income Portfolio
International Income Portfolio
Senior Debt Portfolio
Stock Portfolio
Tax-Managed Growth Portfolio
Tax-Managed International Equity Portfolio
Tax-Managed Multi-Cap Growth Portfolio
Tax-Managed Small-Cap Portfolio
Tax-Managed Value Portfolio
| A-4 |
PSC Commodity Subsidiary, Ltd.
▇▇▇▇▇ ▇▇▇▇▇ GMAP Commodity Subsidiary, Ltd.
▇▇▇▇▇ ▇▇▇▇▇ GMP Commodity Subsidiary, Ltd.
▇▇▇▇▇ ▇▇▇▇▇ GOP Commodity Subsidiary, Ltd.
▇▇▇▇▇ ▇▇▇▇▇ International (Cayman Islands) Funds, Ltd., a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ International (Cayman Islands) Floating-Rate Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ International (Cayman Islands) Emerging Markets Local Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ International (Cayman Islands) Short Duration Strategic Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ International (Cayman Islands) Floating Rate Income Portfolio
▇▇▇▇▇ ▇▇▇▇▇ International (Ireland) Funds plc, a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ International (Ireland) Emerging Market Local Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ International (Ireland) Emerging Markets Debt Opportunities Fund
- ▇▇▇▇▇ ▇▇▇▇▇ International (Ireland) Global Macro Fund
- ▇▇▇▇▇ ▇▇▇▇▇ International (Ireland) Parametric Global Defensive Equity Fund
▇▇▇▇▇ ▇▇▇▇▇ Institutional Funds PLC, a series fund consisting of:
- ▇▇▇▇▇ ▇▇▇▇▇ (Ireland) Floating-Rate Income Fund
- ▇▇▇▇▇ ▇▇▇▇▇ (Ireland) Multi-Asset Credit Fund
| A-5 |