40-17G

EX-1

Dear Carly,

We are pleased to enclose the original and two (2) copies of the captioned policy.

As producer of record, you are responsible for collecting and filing all necessary surplus lines taxes, fees and documentation in accordance with state surplus lines laws and/or regulations, if applicable.

Also, as a reminder, all claim notices under this policy should be provided in writing to the following address:

     ACE Professional Risk P.O. Box 5105 Scranton, PA 18505-0518 Fax Number: 877-746-4641

Email Address for submitting Management LiabilityClaims,Managementliabilityfirstnotice@acegroup.com Email address for all other correspondence, ApolloproRskACEIncoming@acegroup.com

We have reviewed the policy and trust you will find it to be in order. Should you have any questions or concerns, please advise us promptly.

Thank you for working with us on the placement of this risk. We appreciate your support and look forward to working with you in the future.

Regards,

One of the ACE Group of Insurance & Reinsurance Companies

	Excess Liability Insurance
ACE American Insurance Company Westchester Fire Insurance Company	Policy Declarations

This Policy is issued by the stock insurance company listed above (herein "Insurer").

UNLESS OTHERWISE PROVIDED IN THE FOLLOWED POLICY, THIS POLICY IS A CLAIMS MADE POLICY WHICH COVERS ONLY CLAIMS FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD. PLEASE READ THIS POLICY CAREFULLY.

Policy No. DOX G21661612 005
Item 1.		Insured Company:	All Fidelity Funds
82 Devonshire Street, F3D
		Principal Address:	Boston, MA 02109-3605
Item 2.		Coverages Provided:	Excess Mutual Fund Concentric Bond Program
Item 3.		Followed Policy:	Manually Issue Policy
		Insurer:	National Union Fire Insurance Company of Pittsburgh, PA.
		Policy number:	01-986-29-38
Item 4.		Policy Period
		From 12:01 A.M.	07/01/2010	To 12:01 A.M. 07/01/2011
		(Local time at the address shown in Item 1.)
Item 5.		Aggregate Limit of Liability:
	$	10,000,000		for all Loss under all Coverages combined.
Item 6.		Premium: $59,500_
		Discovery Period Premium:		% of the Policy Period Premium

XSDO-002b (02/2005) © ACE USA, 2005 Page 1 of 2

Item 7.

NOTICE TO INSURER

A.	Notice of Claim, Wrongful Act or Loss:
	ACE	Professional Risk
	P.	O. Box 5105
	Scranton,	PA 18505-0518
	Fax	Number: 877-746-4641
B.	All other notices:
	ACE	USA, Professional Risk
	Attention:	Chief Underwriting Officer
	140	Broadway, 40th Floor
	New	York, NY 10005

Item 8. Schedule of Underlying Policies:
	Policy		Primary or	Policy
Insurer	Number	Limits	Excess	Period
National Union Fire Insurance Company	01-986-29-38	15,000,000	Primary	07/01/2010 – 07/01/2011
of Pittsburgh, PA.

THESE DECLARATIONS, TOGETHER WITH THE COMPLETED AND SIGNED APPLICATION AND THE POLICY

FORM ATTACHED HERETO, CONSTITUTE THE INSURANCE POLICY.

Date _	February 18, 2011
	MO/DAY/YR.	Authorized Representative

XSDO-002b (02/2005) © ACE USA, 2005 Page 2 of 2

	Excess Liability
ACE American Insurance Company Westchester Fire Insurance Company	Insurance Policy

I.	INSURING CLAUSE
	In	consideration of the payment of the premium and in reliance upon all statements made in the application
	including	the information furnished in connection therewith, and subject to all terms, definitions, conditions,
	exclusions	and limitations of this policy, the Insurer agrees to provide insurance coverage to the Insureds in
	accordance	with the terms, definitions, conditions, exclusions and limitations of the Followed Policy, except
	as	otherwise provided herein.
II.	LIMIT OF LIABILITY
	A.	It is expressly agreed that liability for any covered Loss shall attach to the Insurer only after the insurers of the Underlying Policies shall have paid, in the applicable legal currency, the full amount of the Underlying Limit and the Insureds shall have paid the full amount of the uninsured retention, if any, applicable to the primary Underlying Policy. The Insurer shall then be liable to pay only covered Loss in excess of such Underlying Limit up to its Aggregate Limit of Liability as set forth in Item 5 of the Declarations, which shall be the maximum aggregate liability of the Insurer under this policy with respect to all Loss on account of all Claims in the Policy Period irrespective of the time of payment by the Insurer.
	B.	In the event and only in the event of the reduction or exhaustion of the Underlying Limit by reason of the insurers of the Underlying Policies paying, in the applicable legal currency, Loss otherwise covered hereunder, then this policy shall, subject to the Aggregate Limit of Liability set forth in Item 5 of the Declarations: (i) in the event of reduction, pay excess of the reduced Underlying Limit, and (ii) in the event of exhaustion, continue in force as primary insurance; provided always that in the latter event this policy shall only pay excess of the retention applicable to the exhausted primary Underlying Policy, which retention shall be applied to any subsequent Loss in the same manner as specified in such primary Underlying Policy.
	C.	Notwithstanding any of the terms of this policy which might be construed otherwise, this policy shall drop down only in the event of reduction or exhaustion of the Underlying Limit and shall not drop down for any other reason including, but not limited to, uncollectibility (in whole or in part) of any Underlying Limits. The risk of uncollectibility of such Underlying Limits (in whole or in part) whether because of financial impairment or insolvency of an underlying insurer or for any other reason, is expressly retained by the Insureds and is not in any way or under any circumstances insured or assumed by the Insurer.
III.	DEFINITIONS
	A.	The terms "Claim" and "Loss” have the same meanings in this policy as are attributed to them in the Followed Policy. The terms "Insurer", "Followed Policy", "Underlying Policies", "Policy Period" and "Aggregate Limit of Liability” have the meanings attributed to them in the Declarations.
	B.	The term "Insureds " means those individuals and entities insured by the Followed Policy.
	C.	The term "Policy Period" means the period set forth in Item 4 of the Declarations, subject to prior termination.
	D.	The term "Underlying Limit" means an amount equal to the aggregate of all limits of liability as set forth in Item 8 of the Declarations for all Underlying Policies, plus the uninsured retention, if any, applicable to the Underlying Policy.

IV. UNDERLYING INSURANCE

XSDO-001b (02/2005) © ACE USA, 2005 Page 1 of 2

	A.	This policy is subject to the same representations as are contained in the Application for any Underlying Policy and the same terms, definitions, conditions, exclusions and limitations (except as regards the premium, the limits of liability, the policy period and except as otherwise provided herein) as are contained in or as may be added to the Followed Policy and, to the extent coverage is further limited or restricted thereby, to any other Underlying Policies. In no event shall this policy grant broader coverage than would be provided by any of the Underlying Policies.
	B.	It is a condition of this policy that the Underlying Policies shall be maintained in full effect with solvent insurers during the Policy Period except for any reduction or exhaustion of the aggregate limits contained therein by reason of Loss paid thereunder (as provided for in Section II (B) above). If the Underlying Policies are not so maintained, the Insurer shall not be liable under this policy to a greater extent than it would have been had such Underlying Policies been so maintained.
	C.	If during the Policy Period or any Discovery Period the terms, conditions, exclusions or limitations of the Followed Policy are changed in any manner, the Insureds shall as a condition precedent to their rights to coverage under this policy give to the Insurer written notice of the full particulars thereof as soon as practicable but in no event later than 30 days following the effective date of such change. This policy shall become subject to any such changes upon the effective date of the changes in the Followed Policy, provided that the Insureds shall pay any additional premium reasonably required by the Insurer for such changes.
	D.	As a condition precedent to their rights under this policy, the Insureds shall give to the Insurer as soon as practicable written notice and the full particulars of (i) the exhaustion of the aggregate limit of liability of any Underlying Policy, (ii) any Underlying Policy not being maintained in full effect during the Policy Period, or (iii) an insurer of any Underlying Policy becoming subject to a receivership, liquidation, dissolution, rehabilitation or similar proceeding or being taken over by any regulatory authority.
V.	GENERAL CONDITIONS
	A.	Discovery Period Premium: If the Insureds elect a discovery period or extended reporting period ("Discovery Period") as set forth in the Followed Policy following the cancellation or non-renewal of this policy, the Insureds shall pay to the Insurer the additional premium set forth in Item 6 of the Declarations.
	B.	Application of Recoveries: All recoveries or payments recovered or received subsequent to a Loss settlement under this policy shall be applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made between the Insureds and the Insurer, provided always that the foregoing shall not affect the time when Loss under this policy shall be payable.
	C.	Notice: All notices under this policy shall be given as provided in the Followed Policy and shall be properly addressed to the appropriate party at the respective address as shown in the Declarations.
	D.	Cooperation: The Insureds shall give the Insurer such information and cooperation as it may reasonably require.
	E.	Claim Participation: The Insurer shall have the right, but not the duty, and shall be given the opportunity to effectively associate with the Insureds in the investigation, settlement or defense of any Claim even if the Underlying Limit has not been exhausted.
	F.	Changes and Assignment: Notice to or knowledge possessed by any person shall not effect waiver or change in any part of this policy or stop the Insurer from asserting any right under the terms of this policy. The terms, definitions, conditions, exclusions, and limitations of this policy shall not be waived or changed, and no assignment of any interest under this policy shall bind the Insurer, except as provided by endorsement issued to form a part hereof, signed by the Insurer or its authorized representative.
	G.	Headings: The descriptions in the headings and sub-headings of this policy are inserted solely for convenience and do not constitute any part of the terms or conditions hereof.

XSDO-001b (02/2005) © ACE USA, 2005 Page 2 of 2

Named Insured			Rider Number
All Fidelity Funds			1
Policy Symbol	Policy Number	Policy Period	Effective Date of Endorsement
DOX	G21661612 005	07/01/2010 to 07/01/2011	07/01/2010
Issued By (Name of Insurance Company)
Westchester Fire Insurance Company
SIGNATURES

THE ONLY SIGNATURES APPLICABLE TO THIS POLICY ARE THOSE REPRESENTING THE COMPANY NAMED

ON THE FIRST PAGE OF THE DECLARATIONS.

By signing and delivering the policy to you, we state that it is a valid contract.

INDEMNITY INSURANCE COMPANY OF NORTH AMERICA

436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703

BANKERS STANDARD FIRE AND MARINE COMPANY

436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703

BANKERS STANDARD INSURANCE COMPANY

436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703

ACE INDEMNITY INSURANCE COMPANY

436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703

ACE AMERICAN INSURANCE COMPANY

436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703

ACE PROPERTY AND CASUALTY INSURANCE COMPANY

436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703

INSURANCE COMPANY OF NORTH AMERICA

436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703

PACIFIC EMPLOYERS INSURANCE COMPANY

436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703

ACE FIRE UNDERWRITERS INSURANCE COMPANY

436 Walnut Street, P.O. Box 1000, Philadelphia, Pennsylvania 19106-3703

WESTCHESTER FIRE INSURANCE COMPANY

1325 Avenue of the Americas, 19th Floor, New York, NY 10019

CC-1K11e (02/06) Ptd. in U.S.A.

	THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
Named Insured			Rider Number
All Fidelity Funds			2
Policy Symbol	Policy Number	Policy Period	Effective Date of Endorsement
DOX	G21661612 005	07/01/2010 to 07/01/2011	07/01/2010
Issued By (Name of Insurance Company)
Westchester Fire Insurance Company
EXCESS ENDORSEMENT

In consideration of the premium paid, Section IV, UNDERLYING INSURANCE, subsection C is amended by adding the following:

If the terms, definitions, conditions, exclusion or limitations of the Followed Policy are changed in any manner during the Policy Period of this policy, or differ in any respect from the binders for such Followed Policy:

1.	It is a condition precedent to coverage under this policy that the Insureds give to the Insurer written notice as soon as practicable of the full particulars thereof. If such written notice is not provided, such changes shall not apply to this Policy. If such written notice is provided,
2.	Such changes shall apply to this policy upon the effective date of the changes to the Followed Policy only if the Insureds pay any reasonable additional premium required by the Insurer.

All other terms and conditions of the Bond remain unchanged.

PF -14370 (06/03) © ACE USA, 2003 Page 1 of 1

	THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
Named Insured			Rider Number
All Fidelity Funds			3
Policy Symbol	Policy Number	Policy Period	Effective Date of Endorsement
DOX	G21661612 005	07/01/2010 to 07/01/2011	07/01/2010
Issued By (Name of Insurance Company)
Westchester Fire Insurance Company
AMEND TO EXCESS BOND FORM

It is agreed that the form is amended as follows:

1.	Wherever the term “policy” appears, it shall be replaced by the term “crime insurance bond.”
2.	The first four lines of the Declarations Page are deleted in their entirety and the following is inserted:
	This Bond is issued by the stock insurance company listed above (herein “Insurer”).
3.	Any reference to a Discovery Period Premium, including within Item 6 of the Declarations, is deleted in its entirety.
4.	Item 7 of the Declarations is deleted in its entirety and the following is inserted;
	Notice To Insurer
	ACE USA, Professional Risk 140 Broadway, 40th Floor New York, NY 10005
5.	Wherever the term “uninsured retention” appears, it shall be replaced by the term “deductible.”
6.	The last sentence of Section II, Limit Of Liability, subsection A, is deleted in its entirety and the following is inserted:
	The Insurer shall then be liable to pay only covered Loss in excess of such Underlying Limit up to its Aggregate Limit of Liability as set forth in Item 5 of the Declarations, which shall be the maximum aggregate liability of the Insurer under this bond with respect to all Loss on account of all claims or occurrences otherwise covered during the Bond Period irrespective of the time of payment by the Insurer.
7.	The first sentence of Section III, Definitions, subsection A, is deleted in its entirety.
8.	Section III, Definitions, subsection D, is amended by replacing the phrase “inapplicable to the Underlying Policy” with “applicable to the Followed Policy”.
9.	Section IV, Underlying Insurance, subsection C, is deleted in its entirety and the following is inserted:
	If during the Bond Period the terms, conditions, exclusions or limitations of the Followed Bond are changed in any manner, or differ in any respect from the binders for such Followed Bond, the Insureds shall as a condition precedent to their rights to coverage under this bond give to the Insurer written notice of the full particulars thereof as soon as practicable but in no event later than 30 days following the effective date of such change. This bond shall become subject to any such changes upon the effective date of the changes in the Followed Bond, provided that the Insureds shall pay any additional premium reasonably required by the Insurer for such changes.
10.	Section V, General Conditions, subsections A and E, are deleted in their entirety.

All other terms and conditions of this form remain unchanged

	THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
Named			Rider Number
All Fidelity Funds			4
Policy Symbol	Policy Number	Policy Period	Effective Date of Endorsement
DOX	G21661612 005	07/01/2010 to 07/01/2011	07/01/2010
Issued By (Name of Insurance Company)
Westchester Fire Insurance Company
ABSOLUTE TIE IN OF LIMITS ENDORSEMENT

It is agreed that Section II, LIMITS OF LIABILITY, is amended by adding the following subsection:

• Notwithstanding any of the terms of this Policy which might be construed otherwise, the maximum aggregate liability of the Insurer and any of its affiliates under this Policy and all other policies listed below, or any direct or indirect renewal or replacement thereof (“Other Policies”), combined, shall be $10,000,000. This is a sublimit which further limits and does not increase the Insurer’s Limit of Liability otherwise set forth under this Policy or the Other Policies.
  Other Policies:

Insurance Company	Named Insured	Policy Number
.
ACE American Insurance Company	All Fidelity Funds	DOX 23656280 003

All other terms and conditions of this Policy remain unchanged.

PF-00000 (11/04) C,P,N, Adv © ACE USA, 2004 Page 1 of 1

	THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
Named			Rider Number
All Fidelity Funds			5
Policy Symbol	Policy Number	Policy Period	Effective Date of Endorsement
DOX	G21661612 005	07/01/2010 to 07/01/2011	07/01/2010
Issued By (Name of Insurance Company)
Westchester Fire Insurance Company

UNDERLYING INSURER OR INSUREDS LIABLE TO PAY ENDORSEMENT

It is agreed that this Policy is amended as follows:

A.	The first sentence of Section II, LIMIT OF LIABILITY, subsection A, is deleted in its entirety and the following is inserted:
	It is expressly agreed that liability for any covered Loss shall attach to the Insurer only after:
1.	the insurer(s) of the Underlying Policies; or
2.	the Insureds: (a) pursuant to an agreement with the insurer(s) of the Underlying Policies; or (b) because of the financial insolvency of the insurer(s) of the Underlying Policies;
	shall have paid, in the applicable legal currency, the full amount of the Underlying Limit and the Insureds shall have paid the full amount of the uninsured retention, if any, applicable to the primary Underlying Policy. Nothing in this subsection shall preclude the Insurer of this Policy from considering any of the other terms, conditions, limitations and exclusions of this Policy, the Followed Policy, or any Underlying Policy, in determining whether any Loss is covered under this Policy. Any payments by the Insureds shall be subject to the same terms and conditions for any such payments by the insurer(s) of the Underlying Policies. Any such payments by the Insureds in any Claim shall not be recognized as reducing or exhausting the Underlying Limits for any other Claim.
B.	Section II, LIMIT OF LIABILITY, subsection B, is deleted in its entirety and the following is inserted:
	In the event and only in the event of the reduction or exhaustion of the Underlying Limit by reason of the insurer(s) of the Underlying Policy paying, or the Insureds, pursuant to subsection A above, paying, in the applicable legal currency, Loss otherwise covered hereunder, then this Policy shall, subject to the Aggregate Limit of Liability set forth in Item 5 of the Declarations: (i) in the event of reduction, pay excess of the reduced Underlying Limit, and (ii) in the event of exhaustion, continue in force as primary insurance; provided always that in the latter event this Policy shall only pay excess of the retention applicable to the exhausted primary Underlying Policy, which retention shall be applied to any subsequent Loss in the same manner as specified in such primary Underlying Policy. Nothing in this subsection shall preclude the Insurer of this Policy from considering any of the other terms, conditions, limitations and exclusions of this Policy, the Followed Policy, or any Underlying
Policy,	in determining whether any Loss is covered under this Policy. Any payments by the Insureds
shall	be subject to the same terms and conditions for any such payments by the insurer(s) of the
Underlying	Policies. Any such payments by the Insureds in any Claim shall not be recognized as
reducing	or exhausting the Underlying Limits for any other Claim.

PF-00000 (03/06) XS

© 2006

Page 1 of 2

C.	Section IV, UNDERLYING INSURANCE, is amended by adding the following subsection:
		Notwithstanding anything in this Policy to the contrary, in the event any insurer of an Underlying Policy reaches an agreement with the Insureds for such insurer to pay covered Loss in an amount less than such insurer’s limit of liability, the Insurer of this Policy shall not be liable for any greater percentage of Loss under this Policy than such insurer of such Underlying Policy is liable for, subject to the Aggregate Limit of Liability set forth in the Declarations and the remaining terms and conditions of this Policy. The Insureds agree to provide to the Insurer of this Policy a copy of such agreement. The Insurer of this Policy shall recognize payment by the Insureds pursuant to an agreement between the Insured and the insurer(s) of the Underlying Policies only if such agreement is limited to issues of coverage under such Underlying Policies, and no other coverage issues, premium amounts, terms or conditions of any other policy.
D.	Section III, DEFINITIONS, is amended by adding the following:
		“Financially Insolvent” means the status of an insurer resulting from (1) the appointment by any state or federal official, agency or court of any receiver, conservator, liquidator, trustee, rehabilitator or similar official to take control of, supervise, manage or liquidate the insurer, or (2) the insurer becoming a debtor-in-possession.

All other terms and conditions of this Policy remain unchanged.

PF-00000 (03/06) XS

© 2006

Page 2 of 2

	THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
Named Insured			Rider Number
All Fidelity Funds			6
Policy Symbol	Policy Number	Policy Period	Effective Date of Endorsement
DOX	G21661612 005	07/01/2010 to 07/01/2011	07/01/2010
Issued By (Name of Insurance Company)
Westchester Fire Insurance Company
TRADE OR ECONOMIC SANCTIONS ENDORSEMENT

This insurance does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit us from providing insurance, including, but not limited to, the payment of claims.

All other terms and conditions of Bond remain unchanged.

_______________________________________
Authorized Agent

ALL-21101 (11/06) Ptd. in U.S.A.

Page 1 of 1

U.S. Treasury Department’s Office

Of Foreign Assets Control (“OFAC”)

Advisory Notice to Policyholders

This Policyholder Notice shall not be construed as part of your policy and no coverage is provided by this Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your policy and review your Declarations page for complete information on the coverages you are provided.

This Notice provides information concerning possible impact on your insurance coverage due to directives issued by OFAC. Please read this Notice carefully.

The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on Presidential declarations of "national emergency". OFAC has identified and listed numerous:

l	Foreign agents;
l	Front organizations;
l	Terrorists;
l	Terrorist organizations; and
l	Narcotics traffickers;

as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States Treasury's web site – http//www.treas.gov/ofac.

In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or entity claiming the benefits of this insurance has violated U.S. sanctions law or is a Specially Designated National and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen contract and all provisions of this insurance are immediately subject to OFAC. When an insurance policy is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made without authorization from OFAC. Other limitations on the premiums and payments also apply.

PF	-17914	(2/05)	Reprinted, in part, with permission of	Page 1 of 1
ISO Properties, Inc.

ACE Producer Compensation Practices & Policies

ACE believes that policyholders should have access to information about ACE's practices and policies related to the payment of compensation to brokers and independent agents. You can obtain that information by accessing our website at http://www.aceproducercompensation.com or by calling the following toll-free telephone number: 1-866-512-2862.

ALL-20887 (10/06)

EX-2

EFI 03 00 06 09

EXCESS FOLLOW-FORM BOND DECLARATIONS

THE POLICY’S LIMIT OF LIABILITY WILL BE REDUCED BY CLAIM EXPENSES.

EVEREST REINSURANCE COMPANY
477 Martinsville Road
P.O. Box 830 Liberty Corner, NJ 07938-0830

BOND NUMBER: FL5FD00012-101		RENEWAL OF: FL5FD00012-091
PRODUCER NAME:	Willis Executive Risk
ADDRESS:	Three Copley Place, Suite 300
	Boston, MA 02116

IN RETURN FOR THE PAYMENT OF THE PREMIUM, AND SUBJECT TO ALL THE TERMS OF THIS

BOND, THE INSURER AGREES TO PROVIDE THIS COVERAGE AS STATED IN THIS BOND.

ITEM 1.	NAMED INSURED: All Fidelity Funds
	ADDRESS:	82 Devonshire Street, Mail Zone F3D
		Boston, MA 02109
ITEM 2:	BOND PERIOD: FROM July 1, 2010 TO July 1, 2011
	12:01 A.M. LOCAL TIME AT THE ADDRESS OF THE NAMED INSURED SHOWN ABOVE.
ITEM 3.	AGGREGATE LIMIT OF LIABILITY:			$	10,000,000
	EXCESS OF:			$	25,000,000
ITEM 4.	SINGLE LOSS LIMIT OF LIABILITY:			$	10,000,000
ITEM 5.	UNDERLYING BOND (Includes all bonds listed under Paragraphs A. and B. below)
	A. PRIMARY BOND
	Bond Issuer		Bond No.	Bond Period			Single Loss Limit		Aggregate Limit
	National Union Fire Insurance		02-986-29-38	07/01/10-07/01/11		$	15,000,000	$	15,000,000
	Co. of Pittsburgh, PA.

B.      UNDERLYING BOND

Bond Issuer	Bond No.	Bond Period		Single Loss Limit		Aggregate Limit
Westchester Fire Ins.Co.	DOX G21661612 005	07/01/10-07/01/11	$	10,000,000	$	10,000,000

EFI 03 00 06 09

Copyright Everest Reinsurance Company, 2009

Page 1 of 5o

EFI 03 00 06 09

	C. TOTAL LIMITS OF ALL UNDERLYING BOND(S) (INCLUDING PRIMARY BOND):
	$25,000,000
ITEM 6.	BOND PREMIUM: $54,570
ITEM 7.	RIDERS APPLICABLE TO THIS BOND ON THE ORIGINAL DATE OF ISSUE:
	Rider	Rider Number
	Absolute Tie-In of Limit	EFI 03 21 06 09

THESE DECLARATIONS, TOGETHER WITH THE EXCESS FOLLOW-FORM DECLARATIONS PAGE AND ANY

ENDORSEMENT(S) AND THE APPLICATION, CONSTITUTE THE ABOVE NUMBERED BOND.

EFI 03 00 06 09

Copyright Everest Reinsurance Company, 2009

Page 2 of 5o

EFI 03 00 06 09

EXCESS FOLLOW-FORM BOND

THE POLICY’S LIMIT OF LIABILITY WILL BE REDUCED BY CLAIM EXPENSES.

PLEASE READ THE ENTIRE POLICY CAREFULLY.

Various provisions in this bond restrict coverage. Read the entire bond carefully to determine rights, duties and what is and is not covered.

Throughout this bond the words "you" and "your" refer to the “Insureds”. The words "we", "us" and "our" refer to the Insurer providing this bond.

It is represented by the “Insureds” and it is agreed by and among the “Insureds” and us that the particulars and statements contained in the information furnished to us or to the issuers of any “Underlying Bond” in connection with underwriting this bond or any “Underlying Bond”, including statements made in the application and its attachments submitted herewith, are true and are the basis of this bond and are considered as incorporated into and constituting a part of this bond.

In consideration of the payment of premium and subject to all terms, definitions, conditions, exclusions, and limitations of this bond (including any endorsements hereto), the “Insurer” and the “Insureds” agree as follows:

SECTION I – INSURING AGREEMENT

We will provide the “Insured” with coverage in excess of the “Underlying Bond” for loss covered during the “Bond Period.” It is expressly agreed that liability for any covered loss shall attach to us only after the issuers of the “Underlying Bond” have paid the full amounts of the applicable limits of insurance of the “Underlying Bond”, and any applicable retention under the “Primary Bond” has been satisfied. Except as otherwise provided in this bond, coverage under this bond shall apply in conformity with and subject to the warranties, limitations, conditions, provisions, and other terms of the “Primary Bond”.

SECTION II - LIMIT OF LIABILITY

A.	Aggregate Limit of Liability
	The amount stated in Item 3. of the Declarations is our maximum Aggregate Limit of Liability under this bond for all covered loss, including all covered costs and expenses . The Aggregate Limit of Liability shall be reduced by the amount of any payment made by us under the terms of this bond.
B.	Single Loss Limit of Liability
	Subject to the Aggregate Limit of Liability under Paragraph A. of this Section, our liability under this bond for each single loss shall not exceed the Single Loss Limit of Liability shown under Item 4. of the Declarations.

SECTION III – DEFINITIONS

A.	“Bond Period” means the period of time identified under Item 2. of the Declarations.
B.	“Insured” means the “Named Insured” and other entities and persons insured under the “Primary Bond”.
C.	“Named Insured” means the entity or person designated under Item 1. of the Declarations.
D.	“Primary Bond” means the bond designated under Item 5.A. of the Declarations.
E.	“Underlying Bond” means all those bonds scheduled under Item 5.A. and Item 5.B. of the Declarations.

SECTION IV – CONDITIONS

A. Maintenance of Limit of Liability of Underlying Bond

The “Underlying Bond(s)” shall be maintained during the “Bond Period” in full force and effect, except for any reduction of the limits of liability of the “Underlying Bond” due to payment of loss. Failure to comply with this requirement will not invalidate this bond, but we will only be liable to the same extent that we would have been had you fully complied with this requirement.

EFI 03 00 06 09

Copyright Everest Reinsurance Company, 2009

Page 3 of 5o

EFI 03 00 06 09

B.	Exhaustion of Limit of Liability of Underlying Bond
	This	bond shall drop down only in the event of reduction or exhaustion of the limit(s) of liability of the
	“Underlying	Bond” by reason of payment of covered loss under the “Underlying Bond”, and shall not drop down
	for	any other reason including, but not limited to, uncollectibility (in whole or in part) of any “Underlying Bond”.
	The	risk of uncollectibility of the “Underlying Bond” (in whole or in part) whether because of financial
	impairment	or insolvency of an underlying insurer or for any other reason, is expressly retained by the
	“Insureds”	and is not in any way or under any circumstances insured or assumed by us.
	Upon	the exhaustion of all the limit(s) of liability of such “Underlying Bond” solely as a result of payment of loss
	thereunder,	the remaining limits available under this bond shall, subject to the other terms, conditions and
	limitations	of this bond, continue for subsequent losses as a primary bond and any single loss deductible
	amount	specified in the Primary Bond shall be imposed under this bond as to each single loss; otherwise no
	single	loss deductible amount shall be imposed under this bond.
C.	Changes to Underlying Bond
	You	must promptly notify us of any changes to the “Underlying Bond” which are made after its inception date.
	Any	changes made to the “Underlying Bond” after its inception shall not affect the terms and conditions of this
	bond,	which shall continue to apply as though no change had been made to the “Underlying Bond”.
D.	Bond Cancellation
	1.	You may cancel this bond. You must mail or deliver advance written notice to us stating when the cancellation is to take effect.
	2.	We may cancel this bond. If we cancel because of non-payment of premium, we must mail or deliver to you not less than ten (10) days advance written notice stating when cancellation is to take effect. If we cancel for any other reason, we must mail or deliver to you not less than ninety (90) days advance written notice, stating when the cancellation is to take effect. Mailing that notice to you at your mailing address shown in the Declarations will be sufficient to prove notice.
	3.	The bond period will end on the day and hour stated in the cancellation notice.
	4.	If we cancel, earned premium will be calculated pro rata based on the time this bond was in force.
	5.	If you cancel, earned premium will be calculated based on short rate tables.
	6.	The first “Named Insured” in Item 1. of the Declarations shall act on behalf of all other “Insureds” with respect to the giving and receiving of notice of cancellation and the receipt of any refund that may become payable under this bond.
	7.	Any of the provisions that conflict with a law that controls the cancellation of this bond is changed by this statement to comply with that law.
E.	Underlying Bond Cancellation
	This	bond is canceled immediately upon the termination of any “Underlying Bond” scheduled in Item 5.A. and
	Item	5.B. of the Declarations, whether by you or the applicable issuers of any “Underlying Bond”. You must
	promptly	notify us of the cancellation of the “Underlying Bond”. Such notice must be made when you send a
	notice	of cancellation of the “Underlying Bond” to, or when you receive such notice from, the issuer of the
	“Underlying	Bond”.
F.	Notice of Loss
	As	a condition precedent to coverage under this bond, you shall provide us with written notice of a loss under
	this	bond or any “Underlying Bond” in the same manner required by the terms and conditions of the “Primary
	Bond”.
	You	shall provide written notice as soon as practicable to the following address:

Everest Reinsurance Company

477      Martinsville Road, P.O. Box 830 Liberty Corner, NJ 07938

G. Claim Participation

We shall have the right, but not the duty, and shall be given the opportunity to effectively associate with the “Insureds” in the investigation, settlement or defense of any claim or loss, even if the “Underlying Bond” has not been exhausted. The “Insureds” shall fully cooperate with us in connection with the investigation of any covered loss and the assertion of any claim for recovery of such loss, and shall provide to us all information and assistance reasonably requested by us.

EFI 03 00 06 09

Copyright Everest Reinsurance Company, 2009

Page 4 of 5o

EFI 03 00 06 09

We shall maintain full and complete claims control as respects coverage under this bond for any loss, and no action by any other bond issuer shall bind us under this bond.

EFI 03 00 06 09

Copyright Everest Reinsurance Company, 2009

Page 5 of 5o

This policy is signed by officers of the Company shown on the Declarations page of this policy.

For: Everest Reinsurance Company

EIL 00 522 03 07 Ó Everest Reinsurance Company, 1997

THIS RIDER CHANGES THE BOND. PLEASE READ IT CAREFULLY.

ABSOLUTE TIE-IN LIMIT

Named Insured:All Fidelity Funds

Policy No.: FL5FD00012-101

Endorsement No.: 1

Effective date of Endorsement: 07/01/10

Issuing Company: Everest Reinsurance Company

     THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. This rider modifies the following: EXCESS FOLLOW FORM BOND

In consideration of the premium charged, the following is added to SECTION II – LIMIT OF LIABILITY:

The maximum aggregate liability of the issuer of this Bond and any of its affiliates under this Bond and the insurance policy(ies) listed below (“Other Policy”), combined, shall be $10,000,000. This Rider further limits and does not increase our maximum liability under this Bond or the Other Policy.

The respective Limits of Liability in Items 3 and 4 of the Declarations for this Bond shall be reduced by any and all amounts paid under any Other Policy.

Other Policy
Insurer	Named Insured	Type of Policy	Policy No.	Policy Period
Everest National	All Fidelity Funds	Excess E&O	FL5EE00035-101	07/01/10-07/01/11
Insurance Company.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

EFI 03 21 06 09

Copyright Everest Reinsurance Company, 2009

Page 1 of 1o

IL P 001 01 04

U.S. TREASURY DEPARTMENT'S OFFICE OF FOREIGN ASSETS CONTROL ("OFAC") ADVISORY NOTICE TO POLICYHOLDERS

No coverage is provided by this Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your policy and review your Declarations page for complete information on the coverages you are provided.

This Notice provides information concerning possible impact on your insurance coverage due to directives issued by OFAC. Please read this Notice carefully.

The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on Presidential declarations of "national emergency". OFAC has identified and listed numerous:

l	Foreign agents;
l	Front organizations;
l	Terrorists;
l	Terrorist organizations; and
l	Narcotics traffickers;

as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States Treasury's web site – http//www.treas.gov/ofac.

In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or entity claiming the benefits of this insurance has violated U.S. sanctions law or is a Specially Designated National and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen contract and all provisions of this insurance are immediately subject to OFAC. When an insurance policy is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made without authorization from OFAC. Other limitations on the premiums and payments also apply.

IL P 001 01 04 © ISO Properties, Inc., 2004 Page 1 of 1

Everest National Insurance Company
Everest Indemnity Insurance Company
Everest Security Insurance Company
Everest Reinsurance Company

Claim Reporting Guidelines

The Everest Claim Department is dedicated to providing prompt, thorough and professional claims service. Timely submission of Loss Notices complies with the terms and conditions of your policy and assists us in providing quality service to our policyholders.

The preferred method for notifying Everest of a claim would be via e-mail. However, Loss Notices may be submitted via mail, facsimile or e-mail. If immediate attention is needed, e-mail notification is strongly recommended.

By E-mail:

Claims E-mail: everestnationalnjclaim@everestre.com

By Mail:

Casualty Claims Department
Everest National Insurance Company

P.	O. Box 830
477	Martinsville Road

Liberty Corner, NJ 07938

By Facsimile:

Fax Claims:

(866) 283-4856

Consult Your Policy for Loss Reporting Requirements

Your policy identifies the information to be submitted with a First Notice of Loss. Additionally, the following information/documentation will always be helpful and often necessary in assisting us with our evaluation:

• Citing Everest’s policy, or claim number, in all correspondence
• Providing a copy of any lawsuit, demand for arbitration or mediation, a governmental agency notice, claim letter or any similar notice
• Sending a copy of any internal reports related to the claim
• Copies of status reports prepared by your defense counsel and/or your claim handler

Everest will acknowledge each First Notice of Loss, initiate contact with you, and will request any additional information that may be needed. Everest will identify the claim professional responsible for handling your reported loss and forward their specific contact information to you. If you become aware of any subsequent information that may impact your claim, you should immediately send it to your assigned claim professional.

If you have questions or would like to discuss a specific loss with one of our claim professionals, please feel free to contact us. Thank you.

This guideline is merely for illustrative purposes and does not purport to address every situation or circumstance that may arise. Notwithstanding any statements made herein, nothing contained in this guideline is intended to replace, modify or waive any terms, conditions or warranties contained in the policy. Everest expressly reserves and does not waive any of its rights and protections afforded under the policy.

Members of the Everest Re Group

EX-3

EX-4

EX-5

	POLICY DISCLOSURE NOTICE -
	TERRORISM RISK INSURANCE ACT 2002
	On December 26, 2007, the President of the United States signed into law amendments to
	the Terrorism Risk Insurance Act of 2002 (the "Act"), which, among other things, extend the
	Act and expand its scope. The Act establishes a program under which the Federal
	Government may partially reimburse "Insured Losses" (as defined in the Act) caused by
	"acts of terrorism". An "act of terrorism" is defined in Section 102(l) of the Act to mean
	any act that is certified by the Secretary of the Treasury - in concurrence with the
	Secretary of State and the Attorney General 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 certain air carriers or vessels 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.
	The Federal Government's share of compensation for Insured Losses is 85% of the amount
	of Insured Losses in excess of each Insurer's statutorily established deductible, subject to
	the "Program Trigger", (as defined in the Act). In no event, however, will the Federal
	Government or any Insurer be required to pay any portion of the amount of aggregate
	Insured Losses occurring in any one year that exceeds $100,000,000,000, provided that such
	Insurer has met its deductible.	If aggregate Insured Losses exceed $100,000,000,000 in any
	one year, your coverage may therefore be reduced.
	Please note that no separate additional premium charge has been made for the terrorism
	coverage required by the Act. The premium charge that is allocable to such coverage is
	inseparable from and imbedded in your overall premium, and does not include any charge
	for the portion of losses covered by the Federal Government under the Act. The charge is
* This is not a certified copy of any policy form. * Actual policy provisions may differ. *	no more than one percent of your premium.
	Name of Insured	Policy Number 469PB0983	Effective Date 07/01/10
	ALL FIDELITY FUNDS	Processing Date 02/22/11 15:43 001
	D0146 Ed. 1-08		Page 1 of 1

• 2008 The Travelers Companies, Inc.

IMPORTANT NOTICE - INDEPENDENT AGENT AND BROKER

COMPENSATION

NO COVERAGE IS PROVIDED BY THIS NOTICE. THIS NOTICE DOES NOT AMEND ANY PROVISION OF YOUR POLICY. YOU SHOULD REVIEW YOUR ENTIRE POLICY CAREFULLY FOR COMPLETE INFORMATION ON THE COVERAGES PROVIDED AND TO DETERMINE YOUR RIGHTS AND DUTIES UNDER YOUR POLICY. PLEASE CONTACT YOUR AGENT OR BROKER IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTICE OR ITS

CONTENTS. IF THERE IS ANY CONFLICT BETWEEN YOUR POLICY AND THIS NOTICE, THE PROVISIONS OF YOUR POLICY PREVAIL.

For information about how Travelers compensates independent agents and brokers, please visit www.travelers.com, call our toll-free telephone number, 1-866-904-8348, or you may request a written copy from Marketing at One Tower Square, 2GSA, Hartford, CT 06183.

*      This is not a certified copy of any policy form. * Actual policy provisions may differ. *

ND044 Rev. 1-08

Page 1 of 1

HOW TO REPORT LOSSES, CLAIMS, OR POTENTIAL CLAIMS TO TRAVELERS

Reporting new losses, claims, or potential claims promptly can be critical. It helps to resolve covered losses or claims as quickly as possible and often reduces the overall cost. Prompt reporting:

• better protects the interests of all parties;
• helps Travelers to try to resolve losses or claims more quickly; and
• often reduces the overall cost of a loss or claim - losses or claims reported more than five days after they happen cost on average 35% more than those reported earlier.

Report losses, claims, or potential claims to Travelers easily and quickly by fax, U S mail, or email.

	FAX
	Use this number to report a loss, claim, or potential claim by fax toll free.
	1-888-460-6622
	US MAIL
	Use this address to report a loss, claim, or potential claim by U S Mail.
	Bond-FPS Claims Department Travelers Mail Code NB08F 385 Washington Street Saint Paul, Minnesota 55102
	EMAIL
	Use this address to report a loss, claim, or potential claim by email.
	Pro.E&O.Claim.Reporting@SPT.com
	This is a general description of how to report a loss, claim, or potential claim under this policy or bond. This description does not replace or add to the terms of this policy or bond. The policy or bond alone determines the scope of coverage. Please read it carefully for complete information on coverage. Contact your agent or broker if you have any
* This is not a certified copy of any policy form. * Actual policy provisions may differ. *	questions about coverage.

ND059 Ed. 11-06

-1-

• 2006 The St. Paul Travelers Companies, Inc. All Rights Reserved

	¨§	ST. PAUL FIRE AND MARINE INSURANCE COMPANY
	¦¥	ST. PAUL MERCURY INSURANCE COMPANY
	¨§	ST. PAUL GUARDIAN INSURANCE COMPANY
		A Capital Stock Company
		EXCESS FOLLOW FORM
		TRAVELERS FORM
DECLARATIONS:		Excess Follow Form Number: 469PB0983

The Company designated above (herein called Underwriter) issues this Excess Follow Form to:

	Item 1.	Named Insured:
		ALL FIDELITY FUNDS
		c/o FMR LLC
		82 Devonshire Street, Mail Zone F3D
		Boston, MA 02109
											(herein called Insured).
	Item 2.	Excess Follow Form Period: The Excess Follow Form Period shall be effective at 12:01 A.M. on
		July 1, 2010				and expire at 12:01 A.M. on July 1, 2011					local time as to each of
		said dates, subject to Section 5. of the Terms, Conditions and Limitations of this Excess Follow Form.
	Item 3.	Single Loss Limit of Liability:					$	10,000,000
	Item 4.	Aggregate Limit of Liability:					$	10,000,000
	Item 5.	Schedule of Underlying Insurance:
		(A)	1	.	Underlying Insurer:			Westchester Fire Insurance Company
			2	.	Bond or Policy Number:			DOX G21661612 005
			3	.	Bond or Policy Period:			From: July 1, 2010		To:	July 1, 2011
			4	.	Limit of Liability:
					Single Loss Limit of Liability $10,000,000
					Aggregate Limit of Liability		$	10,000,000
			5	.	Single Loss Deductible:			N/A
		(B)	1	.	Underlying Insurer:			Everest National Insurance Company
			2	.	Bond or Policy Number:			FL5FD00012-101
			3	.	Bond or Policy Period:			From: July 1, 2010		To:	July 1, 2011
			4	.	Limit of Liability:
					Single Loss Limit of Liability $10,000,000
					Aggregate Limit of Liability		$	10,000,000
		(C)	1	.	Underlying Insurer:			ICI Mutual Insurance Company
			2	.	Bond or Policy Number:			87153310	B
			3	.	Bond or Policy Period:			From: July 1, 2010		To:	July 1, 2011
* This is not a certified copy of any policy form. * Actual policy provisions may differ. *			4	.	Limit of Liability:
					Single Loss Limit of Liability $15,000,000
					Aggregate Limit of Liability		$	15,000,000

XS100 Ed. 5-05

ª 2005 The Travelers Companies, Inc. Page 1 of 5

	(D)	1	.	Underlying Insurer:		Endurance Specialty Insurance Ltd.
		2	.	Bond or Policy Number:		P006738005
		3	.	Bond or Policy Period:		From: July 1, 2010	To: July 1, 2011
		4	.	Limit of Liability:
				Single Loss Limit of Liability $15,000,000
				Aggregate Limit of Liability	$	15,000,000
Item 6.		Total amount of Underlying Single Loss Limit of Liability
		The total amount of Underlying Single Loss Limit of Liability is $65,000,000						plus any Single Loss

Deductible under the Bond or Policy identified in Item 5. (A) of the Declarations of this Excess Follow Form.

	Item 7.	Total amount of Underlying Aggregate Limit of Liability each Excess Follow Form Period
		The total amount of Underlying Aggregate Limit of Liability each Excess Follow Form Period is
		$65,000,000	plus any Single Loss Deductible under the Bond or Policy identified in Item 5. (A) of
		the Declarations of this Excess Follow Form.
	Item 8.	Subject to the Declarations, Insuring Clause, Terms, Conditions and Limitations and Endorsements of
		this Excess Follow Form and as excepted below, this Excess Follow Form follows the form of:
		Insurer's Name:		National Union Fire Insurance Company of
				Pittsburgh, PA
		Bond or Policy Number:		01-986-29-38
		Effective Date:		July 1, 2010
		Except as provided below:
	Item 9.	The Insured, by acceptance of this Excess Follow Form, gives notice to the Underwriter terminating or
		canceling prior Bond or Policy Numbers 469PB0915
		such termination or cancellation to be effective as of the time this Excess Follow Form becomes
		effective.
	Item 10.	The liability of the Underwriter is subject to the terms of the following endorsements attached hereto:
* This is not a certified copy of any policy form. * Actual policy provisions may differ. *		D0146 Ed. 1-08, CM083 Ed. 1-08, MEL0846 Ed. 03-03,
				Secretary
	Executed this 22nd			day of February , 2011.Countersigned

XS100 Ed. 5-05

Page 2 of 5 ª 2005 The Travelers Companies, Inc.

		EXCESS FOLLOW FORM
		Travelers Form
		INSURING CLAUSE			to such alteration(s) and the Insured(s) pay(s) any
					additional premium required by the Underwriter.
	In consideration of the payment of the premium, and in
	reliance upon completeness and accuracy of		the	D.	Except as provided in Sections 2.D. and 2.E.
	statements and disclosures made to the Underwriter				below, in no event shall the Underwriter be liable
	and any issuer of Underlying Insurance by application,				to pay loss under this Excess Follow Form until the
	including all attachments, subject to the Declarations,				total amount of the Underlying Single Loss Limit of
	Insuring Clause, Terms, Conditions and Limitations and				Liability as stated in Item 6. of the Declarations has
	Endorsements of this Excess Follow Form, this Excess				been exhausted solely by reason of the payment of
	Follow Form is subject to the same Insuring Clause(s),				loss by the Underlying Insurer(s) as covered loss
	Terms, Conditions and Limitations and Endorsements				under the applicable Underlying Insurance.
	as provided by the Bond or Policy identified in Item 8.
	of the Declarations of this Excess Follow Form. In no			E.	Any claim, loss or coverage that is subject to a
	event shall this Excess Follow Form provide broader				Sublimit in any Underlying Insurance shall not be
	coverage than would be provided by the most restrictive				considered covered loss	under this Excess Follow
	Underlying Insurance.				Form, but shall, for purposes of this Excess Follow
					Form, reduce or exhaust the Underlying Limit of
	This Excess Follow Form is not subject to the same				Liability to the extent	such payment reduces or
	premium or the Limit of Liability of the Bond or Policy				exhausts the aggregate	limit(s) of liability of such
	identified in Item 8. of the Declarations.				Underlying Insurance.
		TERMS, CONDITIONS AND LIMITATIONS		Section 2. Limit of Liability
	Section 1. Underlying Coverage			A.	Payment by the Underwriter of l osscovered under
					this Excess Follow Form shall reduce the Aggregate
	A.	The Insured(s) shall notify the Underwriter	in		Limit of Liability of this Excess Follow Form set
		writing, as soon as practicable, of a failure	to		forth in Item 4. of the Declarations. In the event of
		maintain in full force and effect, without alteration,			exhaustion of the Aggregate Limit of Liability of
		the coverage and provisions of the Bond(s) or			this Excess Follow Form set forth in Item 4. of the
		Policy(ies) identified in Item 5. of the Declarations.			Declarations, the Underwriter shall be relieved of
					all further liability under this Excess Follow Form.
	B.	In the event there is no recovery available to the
		Insured as a result of the insolvency of any		B.	The Underwriter's maximum liability for a Single
		Underlying Insurer or the Insured's failure	to		Loss covered under this Excess Follow Form shall
		comply with the maintenance of any Underlying			not exceed the amount of the Single Loss Limit of
		Insurance, the coverage hereunder shall apply as			Liability stated in Item 3. of the Declarations.
		excess of the amount of all Underlying Insurance			Also, the Underwriter's maximum liability for all
		plus the amount of any applicable deductible to the			loss(es) in the aggregate covered under this Excess
		same extent as if the Underlying Insurance were			Follow Form shall not exceed the amount of the
		maintained in full force and effect.			Aggregate Limit of Liability stated in Item 4. of the
					Declarations, which shall be the maximum liability
	C.	If the coverage and provisions of the Bond or Policy			of the Underwriter in	the Excess Follow Form
		identified in Item 8. of the Declarations are altered,			Period stated in Item 2. of the Declarations.
		the Insured shall, as soon as practicable, give the
		Underwriter written notice of such alteration(s); and		C.	Except as provided in Sections 2.D. and 2.E.
		upon receipt of written consent to such alteration(s)			below, the Underwriter shall only be liable to make
		from the Underwriter, the Insured shall pay any			payment for a Single Loss covered under this
		additional premium required by the Underwriter.			Excess Follow Form after the total amount of the
* This is not a certified copy of any policy form. * Actual policy provisions may differ. *		This Excess Follow Form shall not follow the form			Underlying Single Loss Limit of Liability as stated
		of any alteration(s) to the Bond or Policy identified			in Item 6. of the Declarations has been paid solely
		in Item 8. of the Declarations unless such written			by reason of the payment of loss by the Underlying
		notice thereof is given by the Insured(s) to the			Insurer(s) as covered loss under the applicable
		Underwriter, the Underwriter gives written consent			Underlying Insurance.

XS100 Ed. 5-05

ª 2005 The Travelers Companies, Inc. Page 3 of 5

D. In the event the total amount of the Underlying Aggregate Limit of Liability as stated in Item 7. of the Declarations is reduced solely by reason of the payment of covered loss by any Underlying Insurer to an amount less than the total amount of the Underlying Single Loss Limit of Liability as stated in Item 6. of the Declarations, this Excess Follow Form shall pay covered loss excess of the reduced total amount of Underlying Aggregate Limit of Liability, but not to exceed the amount of the Single Loss Limit of Liability stated in Item 3. of the Declarations, and subject always to the remaining Aggregate Limit of Liability of this Excess Follow Form.

	E.	In the event of exhaustion of the total amount of
		Underlying Aggregate Limit of Liability as set forth
		in Item 7. of the Declarations, solely by reason of
		the payment of covered loss by the Underlying
		Insurer(s), this Excess Follow Form shall continue
		in force as primary insurance, provided always that
		this policy shall only pay covered loss excess over
		any retention or deductible amount otherwise
		applicable under the Underlying Insurance
		scheduled in Item 5. (A) of the Declarations, such
		amount not to exceed the Single Loss Limit of
		Liability stated in Item 3. of the Declarations and
		subject always to the remaining Aggregate Limit of
Liability of this Excess Follow Form.
	Section 3. Joint Insureds
	If two or more Insureds are covered under this Excess
	Follow Form, the first named Insured shall act for all
	Insureds. Payment by the Underwriter to the first
	named Insured or to any named Insured of loss covered
	under this Excess Follow Form shall fully release the
	Underwriter on account of such loss. The liability of
	the Underwriter for loss(es) sustained by all Insureds
	shall not exceed the amount for which the Underwriter
	would have been liable had all such loss(es) been
	sustained by one Insured.
	Section 4. Notice / Proof of Loss - Legal Proceedings
	Against Underwriter
	A.	The Insured(s) shall, within the time and manner
		prescribed in the Bond or Policy identified in Item
		8. of the Declarations, give the Underwriter notice
		of any loss of the kind covered by this Excess
		Follow Form, whether or not the Underwriter is
		liable therefor in whole or in part, and upon
* This is not a certified copy of any policy form. * Actual policy provisions may differ. *		request of the Underwriter, the Insured(s) shall file
		with the Underwriter a written statement of such
		loss and a copy of all correspondence between the
		Insured(s) and any Insurer identified in Item 5. of
		the Declarations.	Notice given to any Insurer
		identified in Item 5. of the Declarations of this

XS100 Ed. 5-05
Page 4 of 5

Excess Follow Form shall not constitute notice as required under Section 4. of the Terms, Conditions and Limitations of this Excess Follow Form.

B. The Insured(s) shall, within the time and manner prescribed in the Bond or Policy identified in Item 8. of the Declarations, file with the Underwriter a proof of loss for any loss of the kind covered by this Excess Follow Form, whether or not the Underwriter is liable therefore in whole or in part, and upon request of the Underwriter the Insured(s) shall furnish a copy of all documents provided to or made available to any Insurer identified in Item 5. of the Declarations in support of any proof of loss filed with such Insurer. Filing of a proof of loss with any Insurer identified in Item 5. of the Declarations shall not constitute filing a proof of loss with the Underwriter as required in Section 4. of the Terms, Conditions and Limitations of this Excess Follow Form.

C. Legal proceedings against the Underwriter shall be commenced within the time prescribed in the Bond or Policy identified in Item 8. of the Declarations and only after complying with all the Terms, Conditions and Limitations of this Excess Follow Form.

D. Notice and proof of loss under this Excess Follow Form shall be given to the Professional E&O Claim Unit, Mail Code 508F, 385 Washington Street, St.

Paul, MN 55102.

Section 5. Excess Follow Form Period

A. The term Excess Follow Form Period as used in this Excess Follow Form shall mean the lesser of the period stated in Item 2. of the Declarations or the time between the effective date and the termination date of this Excess Follow Form.

B. The Aggregate Limit of Liability set forth in Item. 4. of the Declarations shall not be cumulated regardless of the number of Excess Follow Form Periods this Excess Follow Form has been in force; the number of renewals of this Excess Follow Form by the Underwriter; any extensions of the Excess Follow Form Period of this Excess Follow Form by the Underwriter; the number of and amount of premiums paid by the Insured, or the number of Excess Follow Form Periods of this Excess Follow Form in which the acts giving rise to a loss(es) were committed or occurred.

• 2005 The Travelers Companies, Inc.

Section 6. Single Loss Defined	Underwriter of its desire to cancel this Excess Follow
	Form in accordance with the conditions and limitations
As used herein, Single Loss shall be defined as that	of any Bond or Policy identified in Item 5. of the
term, or any similar term, as defined in the Bond or	Declarations, (b) immediately upon the receipt by the
Policy identified in Item 8. of the Declarations.	Underwriter of a written notice from the Insured of its
	desire to cancel this Excess Follow Form, or (c)
Section 7. Cancellation of this Excess Follow Form	immediately upon	cancellation, termination	or
by the Underwriter or the Insured	nonrenewal of the Underlying Bond or Policy identified
	in Item 8. of the Declarations, whether by the Insured
This Excess Follow Form terminates as an entirety	or the applicable Underwriter.
upon occurrence of any of the following: (a) after the
receipt by the Insured of a written notice from the

In witness whereof, the Underwriter has caused this Excess Follow Form to be executed on the Declarations page.

*      This is not a certified copy of any policy form. * Actual policy provisions may differ. *

XS100 Ed. 5-05

ª 2005 The Travelers Companies, Inc. Page 5 of 5

CAP ON LOSSES FROM CERTIFIED ACTS OF TERRORISM

	It is agreed that:				2. The following is added to the
					Definitions section of the General
	1	.	The following section is added to the		Terms, Conditions and Limitations:
			General Terms, Conditions and
			Limitations:		Certified Act of Terrorism means an act
					that is certified by the Secretary of
			Cap on Losses From Certified Acts of		the Treasury, in concurrence with the
			Terrorism		Secretary of State and the Attorney
					General of the United States, to be an
					act of terrorism pursuant to the federal
			If aggregate insured losses attributable		Terrorism Risk Insurance Act. The
			to Certified Acts of Terrorism exceed		criteria contained in the Terrorism Risk
			$100 billion in a program year (January		Insurance Act for a Certified Act of
			1 through December 31) and the Insurer		Terrorism include the following:
			has met the deductible under the
			Terrorism Risk Insurance Act:		(a) the act resulted in insured losses in
					excess of $5 million in the
			(a) the Insurer will not be responsible		aggregate, attributable to all types
			for the payment of any portion of		of insurance subject to the
			the amount of such losses that		Terrorism Risk Insurance Act; and
			exceeds $100 billion; and		(b) the act is a violent act or an act
					that is dangerous to human life,
			(b) insured losses up to $100 billion		property or infrastructure and is
			will be subject to pro rata		committed by an individual or
			allocation in accordance with		individuals as part of an effort to
			procedures established by the		coerce the civilian population of the
			Secretary of the Treasury.		United States or to influence the
					policy or affect the conduct of the
			The terms and limitations of any		United States Government by
			terrorism exclusion, or the		coercion.
			inapplicability or omission of a
			terrorism exclusion, do not serve to		All other terms remain the same.
			create coverage for any loss which
			would otherwise be excluded under any
* This is not a certified copy of any policy form. * Actual policy provisions may differ. *			Insuring Agreement or this Policy.
	Name of Insured			Policy Number 469PB0983	Effective Date 07/01/10
	ALL FIDELITY FUNDS				Processing Date 02/22/11 15:43 001
	CM083 Ed. 1-08				Endorsement

ª 2008 The Travelers Indemnity Company. All rights reserved. Page 1 of 1

The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Policy have the same inception date.

ATTACHED TO AND FORMING	DATE ENDORSEMENT OR	* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF POLICY NO.	RIDER EXECUTED	12:01 A.M. LOCAL TIME AS
		SPECIFIED IN THE POLICY

ALL FIDELITY FUNDS

COMBINED AGGREGATE LIMIT OF LIABILITY FOR ALL LOSS - SCHEDULED

POLICIES

(For Use with XP001 and XP002)
MEL0846 Ed. 03-03

In consideration of the premium charged, it is understood and agreed that, notwithstanding anything to the contrary in this Policy or any of the Scheduled Policies set forth below, the Insurer's maximum aggregate liability for the combined total of all loss on account of all claims covered under such Scheduled Policies that are first made against the Insureds during the Policy Period, including any discovery period or extended

	reporting period, if exercised, whether covered under one or more Scheduled Policies, shall be the Combined Aggregate Limit of Liability set forth below. The Combined Aggregate Limit of Liability shall be reduced and may be exhausted by payment of loss under any of the Scheduled Policies. Defense costs, or defense expenses, as such term or similar term may be defined in the Primary Policy, shall be part of, and not in addition to, the Combined Aggregate Limit of Liability set forth below, and such defense costs, or defense expenses, shall reduce and may exhaust such Combined Aggregate Total Limit of Liability. If loss arising from a single claim is covered under more than one Scheduled Policy, the applicable Limit of Liability under such Scheduled Policies shall apply separately to each part of such loss, subject to the Combined Aggregate Limit of Liability. The Insurer's obligations for all claims first made against the Insureds during the same Policy Period under each Scheduled Policy shall cease once the applicable Limit of Liability under such Scheduled Policy or the Combined Aggregate Limit of Liability set forth below has been exhausted by payment of loss. The Limit of Liability for any discovery period or extended reporting period, if exercised, shall be part of, and not in addition to, the applicable Scheduled Policy's Limit of Liability and the Combined Aggregate Limit of Liability for the Policy Period. The purchase of any discovery period or extended reporting period shall not increase or reinstate the applicable Scheduled Policy's Limit of Liability or the Combined Aggregate Limit of Liability for the Policy Period. Combined Aggregate Limit of Liability $10,000,000 Scheduled Policies: (list all policies - need coinciding Policy Periods) All Fidelity Funds D&O/E&O policy
	ACCEPTED BY:
* This is not a certified copy of any policy form. * Actual policy provisions may differ. *	DATE: TITLE:

Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than as above stated.

By

Authorized Representative

INSURED

• 2003 The Travelers Companies, Inc.

EX-7

40 Wall Street, New York, NY 10005

February 23, 2011

David M. Goldstein
Willis of Massachusetts, Inc.
Three Copley Place
Suite 300
Boston, MA 02116-6516

Re: All Fidelity Funds Mutual Fund Bond Policy Number 287042220 Expiration Date: 07/01/2011

Dear Mr. Goldstein,

We are pleased to enclose Policy Number 287042220 for All Fidelity Funds. We trust that this policy meets with the specifications outlined in our quotation. Please review it carefully to confirm this. Should you detect any problem, please contact me as soon as possible.

If commissions or other compensation are payable hereunder, Insurance Producer will comply with all applicable federal and state laws, rules, regulations and/or orders governing disclosure by an agent, broker or producer to an insured or prospective insured of commissions or other compensation.

We appreciate the opportunity to do business with All Fidelity Funds and with you. If you should have any comments, questions, or concerns, please do not hesitate to contact me.

Sincerely,

Mark B Equi

Mark B Equi
Underwriting Manager
Phone: (617) 984-4741
Fax: (312) 260-4592
Mark.Equi@cna.com

ME/va

	Policy Transaction Invoice
Producer: David M. Goldstein Willis of Massachusetts, Inc. Three Copley Place Suite 300 Boston, MA 02116-6516 (617)351-7498 Branch Code: 912 Producer Number: 756340	Customer: All Fidelity Funds 82 Devonshire Street, F3D Boston, MA 02109 Customer Number: 40420

Continental Insurance Company hereby submits the following Statement for Policy # 287042220 for All Fidelity Funds

Policy Period: From 07/01/2010 to 07/01/2011.

Policy		Gross		Commission		Counter-		Total		Total		Amount Due
Effective		Premium				Signature		Taxes		Surcharges
Date				0.00% (MFB)		Fee
7/1/2010	$	41,500.00	$	0.00	$	0.00	$	0.00	$	0.00	$	41,500.00

* Please return a copy of this invoice with your payment due 30 days after Policy Effective Date to:

Continental Casualty Company 23453 Network Place Chicago, IL 60673-1234

Please do not send this payment to any other CNA payment site.

Any questions regarding your account please call

CNA Financial Insurance Phone: (617) 984-4741 Fax: (312) 260-4592

FOR BILLING QUESTIONS CONTACT BILLING & COLLECTIONS: 1-877-574-0540

This amount will also appear on the CNA monthly statement for this producer number.

02/23/2011

DECLARATIONS
EXCESS INSURANCE POLICY

NOTICE

THIS IS A CLAIMS–MADE POLICY AND, SUBJECT TO ITS PROVISIONS, APPLIES ONLY TO ANY CLAIM FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD. NO COVERAGE EXISTS FOR CLAIMS FIRST MADE AFTER THE END OF THE POLICY PERIOD UNLESS, AND TO THE EXTENT, THE EXTENDED REPORTING PERIOD APPLIES. PLEASE REVIEW THE POLICY CAREFULLY AND DISCUSS THE COVERAGE WITH YOUR INSURANCE AGENT OR BROKER.

Terms in bold face type have the special meaning. See the definitions sections of this Policy.

		NAMED ENTITY AND ADDRESS			PRODUCER
Item 1.		All Fidelity Funds			Willis of Massachusetts, Inc.
		82 Devonshire Street, F3D			David M. Goldstein
		Boston, MA 02109			Three Copley Place
					Suite 300
Attn:					Boston, MA 02116-6516
		CUSTOMER NUMBER			INSURER
		40420			Continental Insurance Company
		POLICY NUMBER			333 S. Wabash Ave.
		287042220			Chicago, IL 60604
Item 2.	Policy Period: 7/1/2010 to		7/1/2011
	12:01 a.m. local time at the address stated in Item 1.
Item 3.	Limit of Liability:
	$10,000,000 maximum aggregate Limit of Liability under the Policy.
Item 4.	Schedule of Underlying Insurance:
	a.	Primary Policy
Underlying Insurer			Policy No		Limits		Ded/Ret Amount
National Union Fire Insurance
Company of Pittsburgh, PA			01-986-29-38	$	15,000,000	$	400,000
	b.	Underlying Excess Policies:
	SEE UNDERLYING EXCESS POLICY SCHEDULE BELOW
Item 5.	Policy Premium $41,500

G-22076-B(c) (Ed.1-05)

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• CNA All Rights Reserved.

DECLARATIONS
EXCESS INSURANCE POLICY

Item 6.	Notices to Insurer:
	Claims:		All other notices:
	CNA Global Specialty Lines		CNA Global Specialty Lines
	40 Wall Street
	New York, NY 10005
	Attn: GSL Claims Intake Coordinator
	OpenBrokerageNewClaims@cna.com
Item 7.	Endorsements forming a part of this Policy at issuance:
	G-145125-A	Ed.08/03	Policyholder Notice – Economic and Trade Sanctions Condition
	G-145184-A	Ed.06/03	Economic and Trade Sanctions Condition
	GSL2035XX	Ed.08/04	Tie In Limits Endorsement

These Declarations, along with the completed and signed Application, the Policy, and any written endorsements attached shall constitute the contract between the Insureds and the Insurer.

Authorized Representative :

Date: February 23, 2011

G-22076-B(c) (Ed.1-05)

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• CNA All Rights Reserved.

DECLARATIONS
EXCESS INSURANCE POLICY

UNDERLYING EXCESS POLICY SCHEDULE
Name of Carrier	Policy No.			Limits		Excess of
Westchester Fire Insurance Company	DOX G21661612 005		$	10,000,000	$	15,000,000
Everest National Insurance Company	FL5FD00012-101		$	10,000,000	$	25,000,000
ICI Mutual Insurance Company	87153310	B	$	15,000,000	$	35,000,000
Endurance Specialty Insurance Ltd	P006738005		$	15,000,000	$	50,000,000
St. Paul Mercury Insurance Company	469PB0983		$	10,000,000	$	65,000,000

G-22076-B(c) (Ed.1-05)

3

• CNA All Rights Reserved.

EXCESS INSURANCE POLICY

NOTICE: THIS IS A CLAIMS–MADE POLICY AND, SUBJECT TO ITS PROVISIONS, APPLIES ONLY TO ANY CLAIM FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD. NO COVERAGE EXISTS FOR CLAIMS FIRST MADE AFTER THE END OF THE POLICY PERIOD UNLESS, AND TO THE EXTENT, THE EXTENDED REPORTING PERIOD APPLIES. PLEASE REVIEW THE POLICY CAREFULLY AND DISCUSS THE COVERAGE WITH YOUR INSURANCE AGENT OR BROKER.

The Insurer and the Insureds agree as follows, in consideration of the payment of the premium and in reliance upon the

Application:

I.	INSURING AGREEMENT
	The	Insurer shall provide the Insureds with excess coverage over the Underlying Limits during the Policy Period.
	Coverage	hereunder shall attach only after the insurers of the Underlying Insurance shall have paid in legal currency
	the	full amount of the Underlying Limits and the Insureds shall have paid any applicable retentions or deductibles
	thereunder.	Coverage under this Policy shall then apply in conformance with the provisions of the Primary Policy, or
	any	more restrictive provisions of the Underlying Excess Policies, except for the premium, Limit of Liability, and any
	other	provision specifically set forth in this Policy. In no event shall this Policy provide broader coverage than is
	provided	by the most restrictive terms of any Underlying Insurance.
II.	POLICY DEFINITIONS
	1.	Application means any documents, information or material submitted to any underlying insurer or the Insurer, or deemed included within the definition of Application in accordance with any Underlying Insurance Policy’s definition of Application.
	2.	Claim shall have the same meaning in this Policy as that set forth in the Primary Policy or any more restrictive provisions of the Underlying Excess Policies.
	3.	Insureds means those natural persons or entities covered under the Primary Policy or any more restrictive provision of the Underlying Excess Policies.
	4.	Named Entity means the entity named in Item 1 of the Declarations.
	5.	Policy Period means the period from the effective date to the expiration date of this Policy, as set forth in Item 2 of the Declarations, or its earlier cancellation date or termination date, if any. If the Extended Reporting Period is purchased, then such period shall be part of and not in addition to the Policy Period.
	6.	Primary Policy means the policy scheduled in Item 4a of the Declarations.
	7.	Underlying Excess Policies means all policies scheduled in Item 4b of the Declarations.
	8.	Underlying Insurance means all policies scheduled in Item 4 of the Declarations.
	9.	Underlying Limits means an amount equal to the total of all of the aggregate Limits of Liability, as set forth in Item 4 of the Declarations, for all Underlying Insurance.

G-22075-BC (Ed. 1/05)

- 1 -

• CNA All Rights Reserved.

III.	EXTENDED REPORTING PERIOD
	1.	If the Named Entity has, and exercises, the right to purchase a discovery period under every and all of the
		Underlying	Insurance policies, the Named Entity shall also have the right to purchase, upon payment of an
		additional	premium, an extension of this Policy in conformance with the terms, conditions and limitations of the
		discovery	period purchased under the Primary Policy except as set forth in paragraph 2 below. This period shall
		be	referred to herein as the Extended Reporting Period, which shall in no event be longer than the shortest
		discovery	period elected under all of the Underlying Insurance.
	2.	The Limits of Liability for all Claims reported during the Extended Reporting Period shall be part of and not in
		addition	to the Limits of Liability for the Policy Period as set forth in the Declarations and Section IV, Limit of
		Liability	of this Policy.
IV.	LIMIT OF LIABILITY
	1.	The amount set forth in Item 3 of the Declarations shall be the maximum aggregate limit of liability of the Insurer
		for	all loss under this Policy, regardless of the number of Claims made against the Insureds or the time of
		payment.
	2.	If this Policy affords coverage for a Claim against natural person Insureds serving in an “outside position”, as
		such	term, or its equivalent, is used under the most restrictive Underlying Insurance, then payment by the
		Insurer	or any affiliate of the Insurer under another policy as a result of such Claim shall reduce, by the amount of
		such	payment, the Insurer’s Limit of Liability under this Policy with respect to such Claim.
	3.	If the Limit of Liability under this Policy is exhausted by payment of loss, the Insurer's obligations under this Policy
		shall	be deemed completely fulfilled and extinguished.
V.	MAINTENANCE OF THE TERMS AND CONDITIONS OF UNDERLYING INSURANCE
	1.	The Underlying Insurance shall be maintained during the Policy Period (including any applicable Extended
		Reporting	Period) on the same terms and conditions in effect upon the inception date of this Policy, subject to any
		reduction	of the aggregate limits of liability available under the Underlying Insurance solely by reason of
		payment	in legal currency of losses covered thereunder. Except as provided in Section VII below, failure to
		comply	with the foregoing shall not invalidate this Policy but the Insurer shall not be liable to a greater extent than
		if	this condition had been complied with. To the extent that any Underlying Insurance is not maintained during
		the	Policy Period (including any applicable Extended Reporting Period) on the same terms and conditions in
		effect	upon the inception date of this Policy:
		a.	the Insureds shall be deemed to be self-insured for any loss not covered under the Underlying Insurance due to such failure, and
		b.	the Underlying Limits shall not be deemed to be depleted due to any loss payments covered under the Underlying Insurance on account of such changes in terms and conditions of such Underlying Insurance.
	2.	The Named Entity shall notify the Insurer in writing as soon as practicable before the effective date of any
		change	in the terms and conditions of any Underlying Insurance. This Policy shall become subject to such
		changes	only if and to the extent the Insurer agrees thereto in writing, prior to the effective date of such changes,
		and	only if the Insureds pay any additional premium required by the Insurer.

G-22075-BC (Ed. 1/05)

- 2 -

• CNA All Rights Reserved.

VI.	EXHAUSTION OF UNDERLYING LIMITS
	1.	In the event of the exhaustion of the Underlying Limits solely as the result of actual payment in legal currency of losses covered under the Underlying Insurance by the applicable insurers, this Policy subject to the Insurer’s Limit of Liability and to the other terms of this Policy, shall continue for subsequent losses as primary insurance and any retention specified in the Primary Policy shall be imposed under this Policy as provided in the Primary Policy.
	2.	Nothwithstanding paragraph 3 below, if any loss covered under any Underlying Insurance is subject to a sub- limit, then this Policy provides no coverage excess of such Underlying Insurance sub-limits. However, the Underlying Limits shall be deemed depleted by payment of any such sub-limits.
	3.	This Policy only provides coverage excess of the Underlying Limits. This Policy does not provide coverage for any loss not covered by any Underlying Insurance except and to the extent that such loss is not paid under the Underlying Insurance solely by reason of the depletion or exhaustion of the available Underlying Insurance through payment in legal currency of loss covered thereunder. This Policy shall not drop down for any reason other than exhaustion of the Underlying Limits, including, but not limited to, uncollectibility (in whole or in part) of any Underlying Insurance or any Underlying Insurance containing terms and conditions different than the Primary Policy. The risk of uncollectibility of such Underlying Insurance (in whole or in part), whether because of financial impairment or insolvency of an underlying insurer or for any other reason, is expressly retained by the Insureds and is not in any way or under any circumstances insured or assumed by the Insurer.
	4.	In the event the insurer issuing any of the Underlying Insurance fails to pay loss in connection with any Claim covered under the Underlying Insurance as a result of the insolvency, bankruptcy, or liquidation of such insurer, then the Insureds shall be deemed to be self–insured for the amount of the limit of liability of the Underlying Insurance issued by such insurer which is not paid as a result of such insolvency, bankruptcy or liquidation.
VII.	TERMINATION OF UNDERLYING INSURANCE
	1.	This Policy shall terminate immediately and automatically upon the termination of any Underlying Insurance, whether such Underlying Insurance termination is automatic or pursuant to cancellation by the Insureds or the insurer of any of the Underlying Insurance. Notice of termination, cancellation or non–renewal of any of the Underlying Insurance duly given by any insurer of any of the Underlying Insurance shall serve as notice of termination, cancellation or non–renewal of this Policy by the Insurer.
	2.	To the extent that any Underlying Insurance is rescinded in whole or in part, this Policy shall be deemed similarly rescinded.
VIII.	NOTICES TO THE INSURER
	1.	The Insureds shall, as a condition precedent to their rights under this Policy and notwithstanding provisions in the Primary Policy to the contrary, give the Insurer written notice of any Claim in the same manner required by the terms and conditions of the Primary Policy.
	2.	Written notice to the Insurer shall be given to the address specified in Item 6 of the Declarations, which notice shall be effective upon receipt.
	3.	The Insureds shall furnish the Insurer with copies of reports, investigations, pleadings, related papers, and such other information, assistance and cooperation as the Insurer may reasonably request.
	4.	It is a condition precedent to coverage under this Policy that notice to the Insurer shall be provided as soon as practicable and no later than the provision of any notice under any Underlying Insurance.

G-22075-BC (Ed. 1/05)

- 3 -

• CNA All Rights Reserved.

IX.	CLAIM PARTICIPATION
	1.	The Insureds shall not incur or consent to defense costs, admit or assume liability, stipulate or consent to any judgment, agree to any settlement or make any settlement offer with respect to a Claim which reasonably may attach to and be covered under this Policy without the Insurer's prior written consent, such consent not to be unreasonably withheld. The Insurer shall not be liable for any loss incurred by an Insured to the extent the loss results from such Insured incurring or consenting to defense costs, admitting or assuming liability, stipulating or consenting to any judgment, agreeing to any settlement or making any settlement offer without the Insurer's prior written consent.
	2.	The Insureds agree that they shall not knowingly take any action that increases the Insurer's exposure under this Policy.
	3.	The Insurer has the right, but not the obligation, at its sole discretion, to elect to participate in the investigation, settlement, prosecution or defense of any Claim reasonably likely to attach to and be covered under this Policy or any Underlying Insurance, even if the Underlying Limits have not been exhausted.
X.	SUBROGATION AND RECOVERIES
	1.	As this Policy provides only excess coverage, the Insureds' and the Insurer's right of recovery against any natural person or organization may not be exclusively subrogated, however, in the event of any payment under this Policy, the Insurer shall be subrogated to all the Insureds' rights of recovery against any natural person or organization, and the Insureds shall execute and deliver instruments and papers and do whatever else is necessary to secure such rights.
	2.	Any amounts recovered after payment of loss hereunder shall be apportioned so that any interests, including those of the Insureds, that have paid an amount over and above any payment hereunder shall first be reimbursed first up to the amount paid by them. The Insurer shall then be reimbursed out of any remaining balance, up to the amount paid hereunder. The interests, including those of the Insureds, of which this coverage is in excess shall then be reimbursed for the amount of the residue, if any. Expenses necessary to the recovery of any such amounts shall be apportioned between the interests concerned, including those of the Insureds, in the ratio of their respective recoveries as finally settled.
XI.	CHANGES
	Notice	to or knowledge possessed by any agent or other person acting on behalf of the Insurer shall not effect a
	waiver	or a change in any part of this Policy or stop the Insurer from asserting any right under the provisions of this
	Policy,	nor shall the provisions be waived or changed except by written endorsement issued to form a part of this
	Policy.
XII.	COMPANY AUTHORIZATION
	The	Insureds agree that the Named Entity will act on behalf of the Insureds with respect to giving all notices to the
	Insurer,	receipt of notices from the Insurer, payment of premiums, receipt of any return premiums that may become
	due	under this Policy, and the agreement to and acceptance of endorsements.
XIII.	NO ACTION AGAINST INSURER
	1.	No action shall be taken against the Insurer unless, as a condition precedent, there shall have been full compliance with all the provisions of this Policy, nor until the amount of the Insureds obligation to pay shall have

G-22075-BC (Ed. 1/05)

- 4 -

• CNA All Rights Reserved.

	been finally determined either by final and non-appealable judgment against the Insureds after trial, or by written agreement of the Insureds, the claimant and the Insurer.
2.	No person or organization shall have the right under this Policy to join the Insurer as a party to any Claim against the Insureds to determine the Insureds' liability, nor shall the Insurer be impleaded by the Insureds or their legal representatives in any such Claim.

XIV. ASSIGNMENT OF INTEREST

Assignment of interest under this Policy shall not bind the Insurer unless its consent is endorsed to this Policy.

XV.	TERRITORY
	Coverage shall apply worldwide.
XVI.	HEADINGS
	The section headings in this Policy are for expediency only and do not form a part of the terms and conditions of the Policy.

IN WITNESS WHEREOF, the Insurer has caused this Policy to be executed by its Chairman and Secretary, but this Policy shall not be binding upon us unless completed by the attachment of the Declarations.

Chairman

Secretary

G-22075-BC (Ed. 1/05)

- 5 -
• CNA All Rights Reserved.

POLICYHOLDER NOTICE

Ethics and proper business conduct has been the cornerstone of CNA since 1897. While much has changed during the last century, our commitment to these core values has not wavered. We strongly believe that proper business conduct is more than the practice of avoiding wrong; it is also a matter of choosing to do right. Nowhere is this more essential than helping in the fight against terrorism. As such, we are committed to complying with U.S. Department of Treasury Office of Foreign Asset Control (OFAC) requirements.

Through a variety of laws, OFAC administers and enforces economic sanctions against countries and groups of individuals, such as terrorists and narcotics traffickers. These laws prohibit all United States citizens (including corporations and other entities) and permanent residents from engaging in transactions with sanctioned countries and with individuals and entities on the Specially Designated Nationals (SDN) list. Because all U.S. citizens and companies are subject to this law, we wanted to be sure you were aware of its scope and restrictions. If you haven’t already done so, you may want to consider discussing this issue with your legal counsel to ensure you are in compliance.

For insurance companies, accepting premium from, issuing a policy to, insuring property of, or making a claim payment to an individual or entity that is the subject of U.S.-imposed economic sanctions or trade embargoes usually are violations of these laws and regulations. Fines for violating OFAC requirements can be substantial. CNA has established an OFAC compliance program part which includes the use of exclusionary policy language. We believe this makes good business sense for CNA and you.

Our records indicate that you have insurance coverage coming up for renewal with us. The purpose of this letter is to advise you that your renewal policy includes OFAC exclusionary policy language, which may reduce or eliminate certain coverage. Specifically, if it is determined that your policy violates certain Federal or State laws or regulations, such as the U.S. list of Specially Designated Nationals or Blocked Persons (organizations or individuals associated with terrorist groups), any term or condition of your policy will be null and void to the extent it violates the applicable laws or regulations of the United States.

We’re sure you share our commitment to compliance and thank you for your cooperation.

Your policy language reads as follows:

ECONOMIC AND TRADE SANCTIONS CONDITION

The following condition is added to the Policy:

ECONOMIC AND TRADE SANCTIONS CONDITION

In accordance with laws and regulations of the United States concerning economic and trade embargoes, this policy is void from its inception with respect to any term or condition of this policy that violates any laws or regulations of the United States concerning economic and trade embargoes including, but not limited to the following:

1.	Any insured under this Policy, or any person or entity claiming the benefits of such insured, who is or becomes a Specially Designated National or Blocked Person or who is otherwise subject to U.S. economic or trade sanctions;
2.	Any claim or suit that is brought in a Sanctioned Country or by a Sanctioned Country Government, where any action in connection with such claim or suit is prohibited by U.S. economic or trade sanctions;
3.	Any claim or suit that is brought by any Specially Designated National or Blocked Person or any person or entity

who is otherwise subject to U.S. economic or trade sanctions;

_________________________________________________________________________________________________ ENDORSEMENT NUMBER: 1 POLICY NUMBER: 287042220 ISSUED TO: All Fidelity Funds

_________________________________________________________________________________________________

G	-145125	-A	(ED. 08/03)
	Page 1 of 2

4.	Property that is located in a Sanctioned Country or that is owned by, rented to or in the care, custody or control of a Sanctioned Country Government, where any activities related to such property are prohibited by U.S. economic or trade sanctions; or
5.	Property that is owned by, rented to or in the care, custody or control of a Specially Designated National or Blocked Person, or any person or entity who is otherwise subject to U.S. economic or trade sanctions.

As used in this endorsement a Specially Designated National or Blocked Person is any person or entity that is on the list of Specially Designated Nationals and Blocked Persons issued by the U.S. Treasury Department’s Office of Foreign Asset Control (O.F.A.C.) as it may be from time to time amended.

As used in this endorsement a Sanctioned Country is any country that is the subject of trade or economic embargoes imposed by the laws or regulations of the United States of America.

ENDORSEMENT NUMBER: 1
POLICY NUMBER: 287042220
ISSUED TO: All Fidelity Funds
EFFECTIVE DATE OF ENDORSEMENT:

This endorsement, which forms a part of and is for attachment to the Policy issued by the designated Insurers, takes effect on the effective date of said Policy at the hour stated in said Policy and expires concurrently with said Policy unless another effective date is shown above.

By Authorized Representative ___________________________________________________________________________________ (No signature is required if this endorsement is issued with the Policy or if it is effective on the Policy Effective Date)

G	-145125	-A	(ED. 08/03)
	Page 2 of 2

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

ECONOMIC AND TRADE SANCTIONS CONDITION

The following condition is added to the Policy:

ECONOMIC AND TRADE SANCTIONS CONDITION

In accordance with laws and regulations of the United States concerning economic and trade embargoes, this policy is void from its inception with respect to any term or condition of this policy that violates any laws or regulations of the United States concerning economic and trade embargoes including, but not limited to the following:

1.	Any insured under this Policy, or any person or entity claiming the benefits of such insured, who is or becomes a Specially Designated National or Blocked Person or who is otherwise subject to U.S. economic or trade sanctions;
2.	Any claim or suit that is brought in a Sanctioned Country or by a Sanctioned Country Government, where any action in connection with such claim or suit is prohibited by U.S. economic or trade sanctions;
3.	Any claim or suit that is brought by any Specially Designated National or Blocked Person or any person or entity who is otherwise subject to U.S. economic or trade sanctions;
4.	Property that is located in a Sanctioned Country or that is owned by, rented to or in the care, custody or control of a Sanctioned Country Government, where any activities related to such property are prohibited by U.S. economic or trade sanctions; or
5.	Property that is owned by, rented to or in the care, custody or control of a Specially Designated National or Blocked Person, or any person or entity who is otherwise subject to U.S. economic or trade sanctions.

As used in this endorsement a Specially Designated National or Blocked Person is any person or entity that is on the list of Specially Designated Nationals and Blocked Persons issued by the U.S. Treasury Department’s Office of Foreign Asset Control (O.F.A.C.) as it may be from time to time amended.

As used in this endorsement a Sanctioned Country is any country that is the subject of trade or economic embargoes imposed by the laws or regulations of the United States of America.

______________________________________________________________________________________________ ENDORSEMENT NUMBER: 2 POLICY NUMBER: 287042220 ISSUED TO: All Fidelity Funds EFFECTIVE DATE OF ENDORSEMENT:

This endorsement, which forms a part of and is for attachment to the Policy issued by the designated Insurers, takes effect on the effective date of said Policy at the hour stated in said Policy and expires concurrently with said Policy unless another effective date is shown above.

By Authorized Representative _______________________________________________________________________ (No signature is required if this endorsement is issued with the Policy or if it is effective on the Policy Effective Date)

G-145184-A (Ed. 6/03)
Page 1 of 1

Tie In Limits Endorsement

In consideration of the premium paid for this Policy, it is hereby agreed that the aggregate Limit of Liability of this Policy shall be reduced by any amount paid by the Insurer or by any affiliate of the Insurer under Policy Number(s) 287273571 with the Policy Period(s) of 7/1/2010 issued to or for the benefit of 7/1/2011 or any affiliate thereof. In the event that such Limit of Liability stated in the Declarations is exhausted by payment of Loss under this Policy or Policy No. 287273571, any and all obligations of the Insurer under both Policies shall be deemed to be completely fulfilled and extinguished.

All other terms and conditions of the Policy remain unchanged.

This endorsement, which forms a part of and is for attachment to the Policy issued by the designated Insurers, takes effect on the effective date of said Policy at the hour stated in said Policy and expires concurrently with said Policy unless another effective date is shown below.

By Authorized Representative ________________________________________________________________________ (No signature is required if issued with the Policy or if it is effective on the Policy Effective Date)

GSL2035XX (8-04)	Policy No:	287042220
Page 1	Endorsement No:	3
Continental Insurance Company	Effective Date:
Insured Name: All Fidelity Funds

• CNA All Rights Reserved.

EX-8

SECUREXCESS DECLARATIONS

SUBJECT TO THE PROVISIONS OF THE UNDERLYING INSURANCE, THIS POLICY MAY ONLY APPLY TO CLAIMS FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD. THE LIMITS OF LIABILITY AVAILABLE TO PAY DAMAGES OR SETTLEMENT AMOUNTS SHALL BE REDUCED AND MAY BE TOTALLY EXHAUSTED BY PAYMENT OF DEFENSE COSTS. PLEASE READ THIS POLICY CAREFULLY.

COMPANY: Axis Insurance Company		POLICY NUMBER: MBN727586/01/2010
Item 1.	Policyholder:	Item 2. Policy Period:
All Fidelity Funds		a.	Inception Date July 1, 2010
82 Devonshire Street		b.	Expiration Date July 1, 2011
Mailstop F3D		Both dates at 12:01 a.m. at the
Boston, MA 02109		address listed in Item 1.
Item 3.	Limits of Liability (inclusive of defense costs):
a.	Maximum aggregate Limit of Liability for each Claim:

$5,000,000 representing 33%** part of $15,000,000 excess of $85,000,000 of Underlying Insurance

b.      Maximum aggregate Limit of Liability for all Claim(s) during the Policy Period for all Insurance Products:

$5,000,000 representing 33%** part of $15,000,000 excess of $85,000,000 of Underlying Insurance

**33% represents the Insurer's participation on a quota share basis of $0.33 of each dollar of limit of liability and premium expressed hereon and payments hereunder for this layer of insurance; subject always to the Insurer's maximum aggregate Limit of Liability for all Claims for all Insurance Products of $5,000,000.

Item 4.	Underlying Insurance and Insurance Products: See Endorsement No. 1
Item 5.	Endorsements Attached at Inception:	SE1000, MU1013, SE0427, MU7042 & MU7048.
Item 6.	Notices to Insurer:
Notice of Claim(s) To Be Sent To:		All Other Notices To Be Sent To:
Axis Financial Insurance Solutions Claims		Axis Financial Insurance Solutions
Address: Connell Corporate Park		Address: Connell Corporate Park
	300 Connell Drive	300 Connell Drive
	P.O. Box 357	P.O. Box 357
	Berkeley Heights, NJ 07922-0357	Berkeley Heights, NJ 07922-0357
Item 7.	Pending or Prior Claim Date: N/A	Item 8. Terrorism Coverage Premium:
		N/A

SE 0103 (Ed. 0707)

Page 1 of 2

Printed in USA

The Insurer has caused this Policy to be signed and attested by its authorized officers, but it shall not be valid unless also signed by another duly authorized representative of the Insurer.

	October 6, 2010
Authorized Representative	Date

Gregory W. Springer President Andrew Weissert Secretary

SE 0103 (Ed. 0707)

Page 2 of 2

Printed in USA

SECUREXCESS POLICY

In consideration of the payment of the premium, and in reliance on all statements made in the application(s) for this Policy and the Underlying Insurance and all information provided to the Insurer and any or all of the Underlying Insurers, and subject to the provisions of this Policy, the Insurer and the Policyholder, on its own behalf and on behalf of all Insureds, agree as follows.

I.	INSURING AGREEMENT
	With	respect to each Insurance Product, the Insurer shall provide the Insureds with insurance during the
	Policy	Period excess of all applicable Underlying Insurance. Except as specifically set forth in the
	provisions	of this Policy, the insurance afforded hereunder shall apply in conformance with the provisions of
	the	applicable Primary Policy and, to the extent coverage is further limited or restricted thereby, to any other
	applicable	Underlying Insurance. In no event shall this Policy grant broader coverage than would be
	provided	by the most restrictive policy constituting part of the applicable Underlying Insurance.
	The	insurance afforded under this Policy shall apply only after all applicable Underlying Insurance with
	respect	to an Insurance Product has been exhausted by actual payment under such Underlying
	Insurance,	and shall only pay excess of any retention or deductible amounts provided in the Primary Policy
	and	other exhausted Underlying Insurance.
II.	DEFINITIONS
	A.	Claim(s) means the event(s) which take place during the Policy Period and which trigger(s) coverage under the insuring agreement(s) of the Underlying Insurance.
	B.	Insurance Product means each separate type of insurance identified as an "Insurance Product" in Endorsement No. 1 to this Policy.
	C.	Insured(s) means any person(s) or entity(ies) that may be entitled to coverage under the Primary Policy at its inception.
	D.	Insurer means the company identified as "Insurer" in the Declarations.
	E.	Policy Period means the period from the inception date to the expiration date of this Policy stated in Item 2. in the Declarations, or its earlier cancellation or termination date, if any.
	F.	Policyholder means the person(s) or entity(ies) identified in Item 1. in the Declarations.
	G.	Primary Policy means the specific policy identified as the "Primary Policy" under the applicable Insurance Product listed in Endorsement No. 1 to this Policy.
	H.	Sublimit means any Underlying Limits which:
		1.	applies only to a particular grant of coverage under such Underlying Insurance; and
		2.	reduces and is part of the otherwise applicable limits of liability of such Underlying Insurance set forth in Item 4 of the Declarations.
	I.	Underlying Insurance means each insurance policy which constitutes all or part of an Insurance Product, as scheduled in Endorsement No. 1 to this Policy.
	J.	Underlying Insurers means any or all of the companies who issued the policies of Underlying Insurance.
	K.	Underlying Limits means, with respect to each Insurance Product, an amount equal to the aggregate of all limits of liability for each Insurance Product stated in Endorsement No. 1 to this Policy, plus the

SE 0001 (Ed. 10 05)

Page 1 of 4

Printed in U.S.A.

	uninsured retention or deductible, if any, applicable to the Primary Policy under such Insurance Product.
III.	CONDITIONS OF COVERAGE
	A.	For purposes of determining when insurance under this Policy shall attach and the limitations under
		which	such insurance shall apply:
		1.	All of the Underlying Insurance in effect as of the inception date of the Policy Period shall be maintained in full effect with solvent insurers throughout the Policy Period except for any reduction or exhaustion of the Underlying Limits as provided in Section IV. below; and
		2.	All Insureds shall comply fully with all of the provisions of this Policy.
	B.	As a condition precedent to coverage under this Policy, the Insured shall give to the Insurer as soon as
		practicable,	but in no event later than thirty (30) days thereafter, written notice and the full particulars of i)
		the	exhaustion of the aggregate limit of liability of any Underlying Insurance, ii) any Underlying
		Insurance	not being maintained in full effect during the Policy Period, or iii) an Underlying Insurer
		becoming	subject to a receivership, liquidation, dissolution, rehabilitation or similar proceeding or being
		taken	over by any regulatory authority.
	C.	If during the Policy Period the provisions of the Primary Policy are changed in any manner, as a
		condition	precedent to coverage under this Policy, the Insured shall give written notice to the Insurer of
		the	full particulars of such change as soon as practicable but in no event later than thirty (30) days
		following	the effective date of such change. No amendment to any Primary Policy or Underlying
		Insurance	during the Policy Period shall be effective in broadening or extending the coverage afforded
		by	this Policy or extending or increasing the limits of liability afforded by this Policy unless the Insurer so
		agrees	in writing. The Insurer may, in its sole discretion, condition its agreement to follow any changes
		to	the Primary Policy or the Underlying Insurance on the Insured paying any additional premium
		required	by the Insurer for such change.
		As	soon as practicable, but in no event later than thirty (30) days thereafter, the Policyholder must give
		the	Insurer written notice of any additional or return premiums charged or allowed in connection with any
		Underlying	Insurance.
IV.	REDUCTION OR EXHAUSTION OF UNDERLYING LIMITS
	A.	If the Underlying Limits are partially reduced solely due to actual payment under the Underlying
		Insurance,	this Policy shall continue to apply as excess insurance over the remaining Underlying
		Limits.
	B.	If the Underlying Limits are wholly exhausted solely due to actual payment under the Underlying
		Insurance,	this Policy shall continue to apply as primary insurance with respect to the applicable
		Insurance	Product(s) and the retention or deductible, if any, applicable under the Primary Policy(ies)
		shall	apply under this Policy.
	C	If any Underlying Limits are subject to a Sublimit then coverage hereunder shall not apply to any
		Claim	which is subject to such Sublimit, provided however, that the Underlying Limit shall be
		recognized	hereunder as depleted to the extent of any payment of such Claim subject to such Sublimit.
V.	LIMITS OF LIABILITY
	A.	The amount stated in Item 3.a. in the Declarations shall be the maximum limit of the Insurer's liability for
		each	Claim under the applicable Primary Policy, and shall be the maximum amount payable by the
		Insurer	under this Policy for a single Claim, which amount shall be part of, and not in addition to, the
		amount	stated in Item 3.b. in the Declarations.

SE 0001 (Ed. 10 05)

Page 2 of 4

Printed in U.S.A.

	B.	The amount stated in Item 3.b. in the Declarations shall be the maximum aggregate amount payable by the Insurer under this Policy with respect to all Claims during the Policy Period for all Insurance Products.
	C.	This Policy does not provide coverage for any Claim not covered by the Underlying Insurance, and shall drop down only to the extent that payment is not made under the Underlying Insurance solely by reason of exhaustion of the Underlying Insurance through payments thereunder, and shall not drop down for any other reason. If any Underlying Insurer fails to make payments under such Underlying Insurance for any reason whatsoever, including without limitation the insolvency of such Underlying Insurer, then the Insureds shall be deemed to have retained any such amounts which are not so paid. If the Underlying Insurance is not so maintained, the Insurer shall not be liable under this Policy to a greater extent than it would have been had such Underlying Insurance been so maintained.
	D.	Payment by the Insurer of any amount, including but not limited to defense costs, shall reduce the limits of liability available under this Policy.
VI.	SETTLEMENTS AND DEFENSE
	A.	No Insured under this Policy may, without the Insurer's prior written consent, which consent shall not be unreasonably withheld, admit liability for or settle any matter for which insurance may be sought under this Policy.
	B.	The Insurer may, at its sole discretion, elect to participate in the investigation, defense and/or settlement of any claim under this Policy, regardless of whether the applicable Underlying Insurance has been exhausted.
	C.	The Insured, and not the Insurer, has the duty to defend all Claims under this Policy.
VII.	SUBROGATION
	A.	In the event of payment under this Policy, the Insurer shall be subrogated to all rights of recovery of each and all Insureds against any person or organization, and the Insureds shall do whatever is necessary to secure those rights to the satisfaction of the Insurer, including the execution of such documents necessary to enable the Insurer effectively to bring suit in the name of such Insureds.
	B.	Any amount recovered after payment under this Policy and any Underlying Insurance policies shall be apportioned among the Insurer and the Underlying Insurers net of the expense of such recovery in the reverse order of actual payment. The expenses attendant to such recovery shall be apportioned among those benefiting from the recovery in proportion to the amount of benefit to each party.
VIII.	AUTHORIZATION
	Except	as stated in paragraph IX.A. below, the Policyholder shall be the sole agent of all Insureds with
	respect	to all matters, including but not limited to giving and receiving notices and other communications,
	effecting	or accepting any endorsements to or notices of cancellation of this Policy, the payment of premium
	and	the receipt of any return premiums.
IX.	NOTICE
	A.	With respect to any Claim, situation that could give rise to a Claim, or other matter as to which insurance may be sought under this Policy, the Policyholder or any Insured must give the Insurer written notice contemporaneously with and in the identical manner required by the applicable Primary Policy.
	B.	All notices under this Policy shall be sent to the Insurer at the address set forth in Item 6. in the Declarations.

SE 0001 (Ed. 10 05)

Page 3 of 4

Printed in U.S.A.

X.	MODIFICATION, CANCELLATION AND NONRENEWAL
	A.	No modification of this Policy shall be effective unless made by endorsement signed by an authorized representative of the Insurer.
	B.	The Policyholder may cancel this Policy at any time by written notice stating when thereafter such cancellation is to be effective.
	C.	The Insurer may cancel this Policy only for nonpayment of premium, and only by delivering or mailing to the Policyholder written notice stating when, not less than ten (10) days thereafter, such cancellation shall become effective. The delivery or mailing of such notice shall be sufficient proof thereof and this Policy and the Policy Period shall terminate at the date and hour specified in the notice.
	D.	The Insurer shall refund the unearned premium, computed at the customary short rate, if the Policy is cancelled by the Policyholder.
	E.	The Insurer shall have no obligation to renew this Policy upon its expiration. If the Insurer decides not to renew this Policy, the Insurer shall provide written notice to the Policyholder by messenger, express delivery or first class mail at least sixty (60) days prior to the expiration of the Policy.
XI.	EXCLUSIONS
	The	Insurer shall not be liable for any amount in any Claim taking place during the Policy Period and
	arising	under any Insurance Product, which is based upon, arising out of, directly or indirectly resulting
	from,	in consequence of or in any way involving:
	A.	Any demand, suit or other proceeding pending, or order, decree or judgment entered, against any Insured on or prior to the Pending or Prior Claim Date set forth in Item 7 of the Declarations or any wrongful act, fact, circumstance or situation underlying or alleged therein; or
	B.	Any other wrongful act, fact, circumstance or situation whenever occurring, which together with a wrongful act, fact, circumstance or situation described in (a) above are causally or logically interrelated by a common nexus.

SE 0001 (Ed. 10 05)

Page 4 of 4

Printed in U.S.A.

Endorsement No. 1

Effective date of this endorsement: 12:01 a.m. on: July 1, 2010

To be attached to and form part of Policy Number: MBN727586/01/2010 Issued to: All Fidelity Funds By: Axis Insurance Company

SCHEDULE OF UNDERLYING INSURANCE AND INSURANCE PRODUCTS

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

This endorsement modifies insurance provided under the following:

SECUREXCESS POLICY

The Schedule of Underlying Insurance and Insurance Products is as follows:

A. Insurance Product:			Investment Company Bond
1	.	Primary Policy
		Insurer	Policy Number			Limits	Policy Period
		National Union Fire	01-986-29-38		$	15,000,000	07/01/2010 - 07/01/2011
		Insurance Company of
		Pittsburgh, PA
2	.	Other Underlying Policies
		Insurer	Policy Number			Limits	Policy Period
		Westchester Fire	DOX G21661612 005		$	10,000,000	07/01/2010 - 07/01/2011
		Insurance Company
		Everest Indemnity	FL5FD00012-101		$	10,000,000	07/01/2010 - 07/01/2011
		Insurance Company
		ICI Mutual Insurance	87153110	D	$	15,000,000	07/01/2010 - 07/01/2011
		Company
		Endurance Specialty	P008816003		$	15,000,000	07/01/2010 - 07/01/2011
		Insurance Ltd
		St. Paul Mercury	469PB0983		$	10,000,000	07/01/2010 - 07/01/2011
		Insurance Company
		Continental Casualty	287273571		$	10,000,000	07/01/2010 - 07/01/2011
		Company
All other provisions remain unchanged.

Authorized Representative

October 6, 2010

Date

SE 1000 (Ed. 0203)

Page 1 of 1

Printed in USA

Endorsement No. 2

Effective date of this endorsement: 12:01 a.m. on July 1, 2010

To be attached to and form part of Policy Number: MBN727586/01/2010 Issued to: All Fidelity Funds By: Axis Insurance Company

TIE IN LIMITS ENDORSEMENT

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

This endorsement modifies insurance provided under the following:

SECUREXCESS POLICY

In consideration of the premium charged, the Insureds and the Insurer hereby agree that this Policy has been issued in conjunction with Axis Insurance Company – MBN741646/01/2010 (the "Other Policy(ies)") with the intention that this Policy and all the Other Policy(ies) would share a single aggregate limit of liability. Accordingly, any payments by the Insurer under this Policy shall reduce, and possibly exhaust, the limit of liability available for the payment of claims under the Other Policy(ies).

Similarly, any payments by the Insurer or an affiliate thereof under the Other Policy(ies) shall reduce and possibly exhaust the limit of liability available for the payment of Claims under this Policy.

In all events, the Insurer's maximum limit of liability under this Policy is $5,000,000. Additionally, when the sum total of Claims paid under this Policy and claims under the Other Policy(ies), equals $5,000,000, then the Insurer's obligations under this Policy as well as all of the Other Policy(ies) shall be completed fulfilled and extinguished.

All other provisions remain unchanged.

Authorized Representative

October 6, 2010
_______________________________________
Date

MU 1013 (Ed. 2/2003)

Page 1 of 1

Printed in USA

Endorsement No. 3

Effective date of this endorsement: 12:01 a.m. on July 1, 2010

To be attached to and form part of Policy Number: MBN727586/01/2010 Issued to: All Fidelity Funds By: Axis Insurance Company

MASSACHUSETTS AMENDATORY ENDORSEMENT

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

This endorsement modifies insurance provided under the following:

SECUREXCESS POLICY

1.	Section X. MODIFICATION, CANCELLATION AND NONRENEWAL, paragraph B. is amended by the addition of the following:
	Such notice of cancellation shall be delivered or mailed by first class mail, postage prepaid.
2.	Section X. MODIFICATION, CANCELLATION AND NONRENEWAL, paragraph C. is deleted and replaced by the following:

The Insurer may cancel this Policy only for nonpayment of premium, and only by delivering or mailing to the Policyholder written notice stating when, not less than ten (10) days thereafter, such cancellation shall become effective. The notice of cancellation shall be delivered to the Policyholder, or be left at its last address as shown on the Insurer’s records or, if its records contain no such address, at its last address known to the Insurer, or be mailed to the address of the Policyholder by first class mail, postage prepaid. No written notice of cancellation shall be deemed effective when mailed by the Insurer unless the Insurer obtains a certificate of mailing receipt from the U.S. Postal Service showing the name and address of the Policyholder as stated in the Policy. The affidavit of any officer, agent or employee of the Insurer, duly authorized for that purpose, that such notice has been served shall be prima facie evidence that cancellation has been duly effected. If the Policy is made payable to a mortgagee or any person other than the Policyholder, notice must also be given to the mortgagee or other person in the manner provided above.

All other provisions remain unchanged.

Authorized Representative

October 6, 2010
______________________________________
Date

SE 0427 (Ed. 1005)

Page 1 of 1

Printed in U.S.A.

Endorsement No. 4

Effective date of this endorsement: 12:01 a.m. on July 1, 2010

To be attached to and form part of Policy Number: MBN727586/01/2010 Issued to: All Fidelity Funds By: Axis Insurance Company

POLICYHOLDER NOTICE – MASSACHUSETTS

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

This endorsement modifies insurance provided under the following:

SECUREXCESS POLICY

IMPORTANT NOTICE TO ALL MASSACHUSETTS POLICYHOLDERS:

In the event of a complaint, please contact us at:

Axis U.S. Insurance
Legal Department
11680 Great Oaks Way
Suite 500
Alpharetta, Georgia 30022
Fax No.: 1 (678) 746-9317

If you have been unable to contact or obtain satisfaction from the Insurer, you may contact the Massachusetts Division of Insurance to obtain information or make a complaint at:

Commonwealth of Massachusetts
Division of Insurance
One South Station, 5^th Floor
Boston, MA 02110-2208

MU 7042 (Ed. 04 05)

Page 1 of 1

AXIS Insurance Company

303 West Madison
Suite 500
Chicago, IL 60606

MU 7048 (Ed. 0306)

Printed in USA

EX-9

Starr Indemnity & Liability Company 399 Park Avenue

8^th Floor

New York, NY 10022

CVS FL 10571 EX (8/09)

399 Park Avenue, 8^th Floor
New York, NY 10022

2/18/11

Mary Coughlin
Willis Executive Risks
Three Copley Place, Suite 300
Boston, MA 02116

RE: All Fidelity Funds SISIXFL21025310

Dear Mary:

Enclosed please find an electronic copy of the above captioned policy. Please let me know if you would like the hard copies, as well.

Thank you for your business, and please do not hesitate to contact me with any questions or concerns.

Regards,

Starr Indemnity & Liability Company

399 Park Avenue
New York, NY 10022
(646) 227-6377

EXCESS INSURANCE
FOLLOWING FORM POLICY

POLICY NUMBER: SISIXFL21025310
RENEWAL OF: N/A

NOTICE: EXCEPT TO SUCH EXTENT AS MAY OTHERWISE BE PROVIDED HEREIN, THE COVERAGE OF THIS POLICY MAY ONLY APPLY TO THOSE CLAIMS THAT ARE FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD AND REPORTED IN WRITING TO THE INSURER PURSUANT TO THE TERMS HEREIN.

NOTICE: THE LIMIT OF LIABILITY AVAILABLE TO PAY JUDGMENTS OR SETTLEMENTS SHALL BE REDUCED AND MAY BE EXHAUSTED BY AMOUNTS INCURRED FOR DEFENSE COSTS. AMOUNTS INCURRED FOR DEFENSE COSTS SHALL BE APPLIED AGAINST THE RETENTION AMOUNT, IF ANY.

NOTICE: PLEASE READ THIS POLICY CAREFULLY AND DISCUSS THE COVERAGE HEREUNDER WITH YOUR INSURANCE AGENT OR BROKER.

_____________________________________________________________________________________

DECLARATIONS

ITEM 1:	NAMED INSURED:			All Fidelity Funds
	ADDRESS:			82 Devonshire Street, F3D
				Boston, MA 02109
ITEM 2:	POLICY PERIOD:			From: July 1, 2010			To: July 1, 2011
				(12:01 a.m. Standard Time at the address stated in Item 1)
ITEM 3:	LIMIT OF LIABILITY:		$	10,000,000 part of $15,000,000 excess of $85,000,000
				aggregate for all coverages combined (including Defense Costs)
ITEM 4:	UNDERLYING COVERAGES, UNDERLYING POLICIES & UNDERLYING INSURERS:
	COVERAGE: Excess Investment Company Bond
Primary Policy:
Insurer		Policy Number				Limits	Policy Period
National Union Fire		01-986-29-38			$	15,000,000	July 1, 2010-
Insurance Company of							July 1, 2011
Pittsburgh, Pa.

CVS FL 11000 EX (10/08)

1

DECLARATIONS (continued)								POLICY NO.: SISIXFL21025310
Excess Policy(ies):
Insurer				Policy Number				Limits	Policy Period
Westchester Fire				DOX G21661612 005				$10,000,000 excess of	July 1, 2010-
Insurance Company							$	15,000,000	July 1, 2011
Everest National				FL5FD00012-101				$10,000,000 excess of	July 1, 2010-
Insurance Company							$	25,000,000	July 1, 2011
ICI Mutual Insurance				87153310	B			$15,000,000 excess of	July 1, 2010-
Company							$	35,000,000	July 1, 2011
Endurance Specialty				P006738005				$15,000,000 excess of	July 1, 2010-
Insurance Ltd.							$	50,000,000	July 1, 2011
St. Paul Mercury				469PB0983				$10,000,000 excess of	July 1, 2010-
Insurance Company							$	65,000,000	July 1, 2011
Continental Casualty				287042220				$10,000,000 excess of	July 1, 2010
Company							$	75,000,000	July 1, 2011
ITEM 5:	PENDING OR PRIOR DATE:					August 1, 2008
ITEM 6:	PREMIUM:		$	41,500
ITEM 7:	A.	DISCOVERY PERIOD/EXTENDED
		REPORTING PERIOD PREMIUM:						150% of premium set forth in Item 6 above
	B.	DISCOVERY PERIOD/EXTENDED
		REPORTING PERIOD:						12 months
ITEM 8:	ADDRESS OF INSURER AND ITS AUTHORIZED AGENTS FOR
	NOTICES UNDER THIS POLICY

A.	Claims-Related Notices
	LVL	CLAIMS SERVICES, LLC
	111	JOHN STREET
	SUITE	1500
	NEW	YORK, NEW YORK 10038
	e-mail:	notice@lvlclaims.com
B.	All Other Notices
	To	the Insurer:
		STARR INDEMNITY & LIABILITY COMPANY ATTN: FINANCIAL LINES DEPARTMENT 399 PARK AVE. 8TH FLOOR
		NEW YORK, NY 10022

CVS FL 11000 EX (10/08)

2

DECLARATIONS (continued)

POLICY NO.:SISIXFL21025310

In Witness Whereof, the Insurer has caused this policy to be executed and attested, but this policy shall not be valid unless countersigned by a duly authorized representative of the Insurer.

CVS FL 11000 EX (10/08)

3

Starr Indemnity & Liability Company

EXCESS INSURANCE

FOLLOWING FORM POLICY

In consideration of premium paid and subject to the Declarations and Endorsements made a part hereof and the terms, conditions and limitations set forth herein and therein, Starr Indemnity & Liability Company (herein referred to as the “Insurer”), agrees as follows:

I.	INSURING CLAUSE
	The	Insurer shall pay the individuals and entities insured under the Primary Policy (also referred to
	herein	as the “Insured”) for loss after exhaustion by payments of all applicable underlying limits
	solely	as a result of payment of losses covered thereunder by either the Underlying Insurers as
	specified	in Item 4 of the Declarations or the Insureds, subject to:
	A.	the terms and conditions of the Primary Policy as in effect the first day of the Policy Period;
	B.	the Limit of Liability as stated in Item 3 of the Declarations; and
	C.	the terms and conditions of, and the endorsements attached to, this Policy.
	Notwithstanding	the above, this Policy shall not provide coverage broader than that provided by any
	Underlying	Policy listed in Item 4 of the Declarations, unless such broader coverage is specifically
	agreed	to in writing by the Insurer herein or in a written endorsement attached hereto.
II.	TERMS AND CONDITIONS
	A.	DEFINITIONS
		Terms defined in the Primary Policy are used in this Policy with the meaning assigned to them in the Primary Policy unless otherwise indicated.
		“Claim” shall have the same meaning as defined in the Primary Policy.
		“Defense Costs” shall have the same meaning as the following defined term in the Primary Policy: Defense Costs; Defense Expenses; or Claims Expenses.
	B.	PUNITIVE DAMAGES COVERAGE
		This Policy shall cover punitive damages to the same extent punitive damages are covered under the Primary Policy.
	C.	PENDING OR PRIOR EXCLUSION
		This Policy shall follow any exclusion in the Primary Policy regarding pending or prior litigation, administrative, regulatory or other proceedings, investigations, demands, suits, orders, decrees or judgments. The applicable date for determining whether any such matter is “pending or prior” for the purpose of such exclusion in this Policy shall be the Pending or Prior Date set forth in Item 5 of the Declarations.

CVS FL 11001 EX (10/08)

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D.	LOSS PROVISIONS
	1.	This Policy shall follow the notice of Claim provisions of the Primary Policy, except as stated otherwise herein.
	2.	Notice hereunder shall be given to the Insurer’s authorized agent identified in Item 8 of the Declarations.
	3.	The Insured shall provide the Insurer with such information, assistance and cooperation as the Insurer may reasonably request and as shall be in the Insured’s power to provide and shall do nothing that may prejudice the Insurer’s position or potential rights of recovery.
	4.	The Insurer shall have the sole right to investigate, adjust, and settle its portion of any Claims or losses arising under this Policy and it shall not be bound by the Claim or loss decisions made by any other insurer. The Insurer shall have the right, in its sole discretion, but not the obligation, to effectively associate with the Insured in the defense and settlement of any Claim that appears to be reasonably likely to involve this Policy, including but not limited to effectively associating in the negotiation of a settlement. Only those settlements, stipulated judgments and Defense Costs which have been consented to by the Insurer shall be recoverable as loss under the terms of this Policy. The Insurer's consent shall not be unreasonably withheld, provided that the Insurer shall be entitled to effectively associate in the defense and the negotiation of any settlement of any Claim in order to reach a decision as to reasonableness.
E.	REPRESENTATIONS AND WARRANTY STATEMENTS
	It	is a condition precedent to the Insurer’s obligations under this Policy, and the Insured agrees,
	that	all applications, warranty statements, together with attachments and any other materials
	submitted	for this Policy and any Underlying Policy, shall be deemed attached to and made a part
	of	this Policy. The Insurer has relied on all such materials, representations and information as
	being	accurate and complete in issuing this Policy.
F.	FOLLOWING FORM
	1.	This Policy, except as herein stated, is subject to all terms, conditions, agreements and limitations of the Primary Policy in all respects as in effect on the date hereof. The Insured shall furnish to the Insurer copies of all proposed rewrites or changes by endorsement or otherwise to the Primary Policy. The Insured agrees that should any change to the Primary Policy or any Underlying Policy made by rewrite, endorsement or otherwise, this Policy shall not be changed without the prior written consent of the Insurer, which consent shall be at the sole discretion of the Insurer. It is further agreed that should any change of this Policy be consented to by the Insurer, then the premium hereon may be adjusted accordingly.
	2.	In the event of the depletion of the limits of liability of the Underlying Policy(ies) solely as a result of payment of losses covered thereunder, by the Underlying Insurers and/or the Insureds, this Policy shall, subject to the Limit of Liability set forth in Item 3 of the Declarations and to the other terms of this Policy, continue to apply for subsequent losses as excess insurance over the amount of insurance remaining under such Underlying Policy. In the event of the exhaustion of all of the limits of liability of such Underlying Policy(ies) solely as a result of payment of losses covered thereunder, by the Underlying Insurers and/or the Insureds, the remaining limits available under this Policy shall, subject to the Limit of Liability as set forth in Item 3 of the Declarations and to the other terms of this Policy,

CVS FL 11001 EX (10/08)

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	continue for subsequent losses as primary insurance and any retention specified in the Underlying Policy shall be imposed under this Policy.
	3.	The Insurer’s obligations under this Policy shall not be increased, expanded or otherwise changed, nor shall the Insurer drop down for any reason, including but not limited to the receivership, insolvency, or inability or refusal to pay of any Underlying Insurer, the cancellation of any Underlying Policy or the existence of a sub-limit of liability in any Underlying Policy. In the event of the receivership, insolvency, or inability or refusal to pay of any Underlying Insurer, or the cancellation of any Underlying Policy, the Insured may pay any losses otherwise payable under such Underlying Policy and such payments by the Insured shall be deemed to apply toward exhaustion of the limits of liability of the Underlying Policy for purposes of coverage under this Policy. In the event a sub-limit of liability exists in the Underlying Policy, any payments of loss that are subject to such a sub-limit shall be deemed to apply toward exhaustion of the limits of liability of the Underlying Policy for purposes of coverage under this Policy.
G.	CANCELLATION OF UNDERLYING POLICY
	The	Insured shall give notice to the Insurer as soon as practicable of the cancellation of any
	Underlying	Policy.
	In	the event any Underlying Policy shall be cancelled by the insurer thereon (other than for non-
	payment	of premium), this Policy shall continue in full force and effect for the remainder of the
	Policy	Period and the Insurer shall be liable to the same extent that it would have been liable if
	such	Underlying Policy had remained in effect.
H.	CANCELLATION CLAUSE
	This	Policy shall follow the cancellation terms of the Primary Policy except that in the event the
	Insurer	cancels this Policy for non-payment of premium, this Policy shall be void as of the
	inception	date of the Policy Period.
I.	DISPUTE RESOLUTION PROCESS
	In	the event of any disputes or differences which may arise under or in connection with this
	Policy,	whether arising before or after termination of this Policy, including any determination of
	the	amount of loss, the Insurer and the Insured agree to participate in a non-binding mediation
	process	to resolve such disputes or differences. Either party shall have the right to commence a
	judicial	proceeding or, if the parties agree, a binding arbitration proceeding to resolve such
	disputes	or differences. However, such judicial or arbitration proceeding shall not be commenced
	until	at least ninety (90) days after the date the non-binding mediation shall be deemed concluded
	or	terminated.
	Any	binding arbitration proceeding commenced pursuant to this paragraph I. shall be submitted to
	the	American Arbitration Association under or in accordance with its then-prevailing Commercial
	Arbitration	Rules, in which the arbitration panel shall be composed of three disinterested
	individuals.	In either mediation or arbitration, the mediator(s) or arbitrators shall have knowledge
	of	the legal, corporate management, or insurance issues relevant to the matters in dispute. Each
	party	shall share equally the expenses of the non-binding mediation or binding arbitration.

CVS FL 11001 EX (10/08)

3

Endorsement No.: 1

This endorsement, effective: July 1, 2010

(at 12:01 a.m. Standard Time at the address stated in Item 1 of the Declarations)

Forms a part of Policy No.: SISIXFL21025310
Issued to: All Fidelity Funds
By: Starr Indemnity and Liability Company

OFAC EXCLUSION

It is understood and agreed that Clause II., TERMS AND CONDITIONS, is amended by adding the following exclusion:

OFAC EXCLUSION

This policy shall not cover any loss in connection with any Claim in the event that such coverage would not be in compliance with any United States of America economic or trade sanctions, laws or regulations, including but not limited to the U.S. Treasury Department’s Office of Foreign Assets Control, or any similar foreign, federal, state or statutory law or common law.

All other terms and conditions of this Policy remain unchanged.

CVS FL 10301 EX (10/08)

Endorsement No.: 2

This endorsement, effective: July 1, 2010

(at 12:01 a.m. Standard Time at the address stated in Item 1 of the Declarations)

Forms a part of Policy No.: SISIXFL21025310
Issued to: All Fidelity Funds
By: Starr Indemnity and Liability Company

NUCLEAR EXCLUSION

It is understood and agreed that Clause II., TERMS AND CONDITIONS, is amended by adding the following exclusion:

This Policy shall not cover any Loss in connection with any Claim alleging, arising out of, based upon or attributable to nuclear fission, nuclear fusion, radioactive contamination or the hazardous properties of any nuclear materials.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

CVS FL 10373 EX (06-09)

Endorsement No.: 3

This endorsement, effective: July 1, 2010

(at 12:01 a.m. Standard Time at the address stated in Item 1 of the Declarations)

Forms a part of Policy No.: SISIXFL21025310
Issued to: All Fidelity Funds
By: Starr Indemnity and Liability Company

RELIANCE ENDORSEMENT
(other applications)

In granting coverage under this Policy, it is understood and agreed that the Insurer has relied upon the statements, representations and warranties contained in all applications, warranty statements, together with attachments and any other materials submitted for this Policy (including all such previous policy applications, and their attachments and materials, for which this Policy is a renewal or succeeds in time), as being accurate and complete. It is further understood and agreed that the Insureds warrant and represent to the Insurer that the statements, representations and warranties made in such application(s) were accurate on the date such statements and representations were so given. All such statements and representations in such application(s) are the basis of this Policy and are to be considered as incorporated into this Policy.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

CVS FL 10305 EX (10/08)

Endorsement No.: 4

This endorsement, effective: July 1, 2010

(at 12:01 a.m. Standard Time at the address of the Named Insured as shown in Item 1 of the Declarations)

Form a part of Policy No.: SISIXFL21025310
Issued to: All Fidelity Funds
By: Starr Indemnity and Liability Company

MASSACHUSETTS AMENDATORY ENDORSEMENT

This endorsement modifies insurance coverage provided under the EXCESS INSURANCE FOLLOWING FORM POLICY.

It is understood and agreed that paragraph H. CANCELLATION CLAUSE of Clause II. TERMS AND

CONDITIONS is deleted and replaced by the following:

H.	CANCELLATION AND NON-RENEWAL CLAUSE
1.	The Insurer may only cancel this Policy for non-payment of premium. The Insurer shall mail or deliver written notice of cancellation to the Named Insured not less than ten (10) days prior to the effective date of cancellation. Notice of cancellation shall be delivered or mailed to the Named Insured, at the Named Insured’s last known address, and the agent of record for the Named Insured, if applicable. No written notice of cancellation shall be deemed effective unless the Insurer obtains a certificate of mailing receipt from the U.S. Postal Service showing the name and address of the Named Insured as stated in the Policy. The affidavit of any officer, agent or employee of the Insurer, duly authorized for that purpose, that such notice has been served shall be prima facie evidence that cancellation has been duly effected. If the Policy is made payable to a mortgagee or any person other than the Named Insured, notice shall be given to the mortgagee or other person in the manner provided above.
2.	If the Insurer decides not to renew this Policy the Insurer shall mail or deliver written notice to the Named Insured at least forty-five (45) days prior to the expiration of the Policy Period.

All other provisions remain unchanged.

CVS FL 10570 EX (8/09)

Endorsement No.: 5

This endorsement, effective: July 1, 2010

(at 12:01 a.m. Standard Time at the address stated in Item 1 of the Declarations)

Forms a part of Policy No.: SISIXFL21025310
Issued to: All Fidelity Funds
By: Starr Indemnity and Liability Company

TIE-IN OF LIMITS ENDORSEMENT –
SPECIFIED OTHER POLICIES

It is understood and agreed that the Insurer’s combined and maximum Limit of Liability under this policy and the Listed Policies shall be $10,000,000.

This policy’s Limit of Liability shall be reduced in an amount equal to any payment of loss made under the Listed Policies. The Listed Policies’ limits of liability are part of, and not in addition to, this policy’s Limit of Liability.

This endorsement shall not serve to increase the Limit of Liability of this policy or of any of the Listed Policies.

Solely as used in this endorsement, the term “Listed Policies” shall mean the following policies issued by the Insurer:

Named Insured All Fidelity Funds Policy Number SISIXFL21025410

“Listed Policies” shall also mean any policy issued by the Insurer: (i) that has been replaced by, or has preceded, any of the above policies; or (ii) for which any of the above policies is a renewal.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

CVS FL 10888 EX (5/10)

Endorsement No.: 6

This endorsement, effective: July 1, 2010

(at 12:01 a.m. Standard Time at the address stated in Item 1 of the Declarations)

Forms a part of Policy No.: SISIXFL21025310
Issued to: All Fidelity Funds
By: Starr Indemnity and Liability Company

QUOTA SHARE ENDORSEMENT

It is agreed:

1.      This Policy is part of a quota share layer of insurance coverage for the Insured, which consists of the following participants:

Insurer		Limit of Liability
Starr Indemnity & Liability Company	$	10,000,000
Axis Insurance Company	$	5,000,000

	Total Quota Share Layer Limit of Liability: $15,000,000 excess of $85,000,000
	The Insurer shall be liable only for such portion of any covered loss as this Policy’s Aggregate Limit of Liability as set forth above bears to the total quota share layer limit of liability as set forth above. In no event shall the Insurer be liable for an amount greater than such portion of covered Loss, whether or not the other insurers in the quota share layer pay their respective portion of such loss.
2.	The Insurer shall separately have all of the rights granted to the Insurer under this Policy and/or any Underlying Policy with respect to any Claim, including without limitation the right to consent to any Defense Costs, settlement or other loss and the right to participate in the investigation, settlement or defense of any covered Claim. No other insurer shall exercise any such rights on behalf of the Insurer without the express written consent of the Insurer. In addition, the Insured shall give any notice under this Policy to the Insurer, and any notice given to any other insurer shall not constitute notice to the Insurer.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

CVS FL 10930 EX (7-10)

Endorsement No.: 7

This endorsement, effective: July 1, 2010

(at 12:01 a.m. Standard Time at the address of the Named Insured as shown in Item 1 of the Declarations)

Form a part of Policy No.: SISIXFL21025310
Issued to: All Fidelity Funds
By: Starr Indemnity and Liability Company

MASSACHUSETTS POLICYHOLDER NOTICE

IMPORTANT NOTICE TO ALL MASSACHUSETTS POLICYHOLDERS:

In the event of a complaint, please contact us at:

Starr Indemnity & Liability Company
Attn: Financial Lines Department
399 Park Avenue
8th Floor
New York, NY 10022
Phone: 646.227.6377

If you have been unable to contact or obtain satisfaction from the Insurer, you may contact the Massachusetts Division of Insurance to obtain information or make a complaint at:

Commonwealth of Massachusetts

Division of Insurance

One South Station, 5^th Floor

Boston, MA 02110-2208

CVS FL 10569 EX (8/09)