EX-99.1 2 exh99-1.txt
FRANK CRYSTAL & COMPANY FINANCIAL SQUARE o 32 OLD SLIP o NEW YORK, NY 10005 INSURANCE BINDER 72785 (212) 344-2444 o (800) 221-5830 TELEX: 222792 o CABLE: CRYSTINSCOS TELECOPIER: (212) 425-7017 --------------------------------------------------------------------------------------------------------------------------------- Insured's Cornerstone Total Return Fund, Inc. et al Date Typed 9/12/07 Mailing c/o Bear Stearns Funds Management, Inc. By: BK172785 Address 383 Madison Avenue A/E: BK1 New York, NY 10179 Insured's No. --------------------------------------------------------------------------------Telephone Confirmation [X] Company National Union Fire Insurance Company or c/o Marsh Affinity Group Services Date Agency P.O. Box 9234 With Whom Des Moines, IA 50306 --------------------------------------------------------------------------------------------------------------------------------- New Order [ ] Endorsement [X] Renewal [ ] Rewrite [ ] Information Only [ ] Inception or Effective Date 03/23/07 -------------------------------------------------------------------------------- Name (if different from mailing address) Expiration 03/23/08 Policy No. 6214266 --------------------------------------------------------------------------------Company National Union Fire Insurance Co. Location(s) (if different from mailing address) Prepaid Installment [X] -------------------------------------------------------------------------------- Type of Coverage - Registered Management Investment Company Bond Premium $389 [ ] --------------------------------------------------------------------------------------------------------------------------------- SPECIFICATIONS - IT IS HEREBY UNDERSTOOD AND AGREED THAT THE FOLLOWING FUND IS ADDED TO THE ABOVE REFERENCED BOND NO. 6214266, EFFFECTIVE SPETEMBER 7, 2007: - CORNERSTONE PROGRESSIVE RETURN FUND THE ADDITIOANL PREMIUM APPLICABLE TO THIS TRANSACTION IS $389. ALL OTHER TERMS AND CONDITIONS SHALL REMAIN UNCHANGED --------------------------------------------------------------------------------------------------------------------------------- Mortgagee [ ] Loss Payee [ ] Additional Insured [ ] Other [ ] --------------------------------------------------------------------------------------------------------------------------------- Enclosure [ ] The undersigned company agrees, for its respective interests only and to the extent respectively indicated to effect insurance or changes as set forth. This agreement is binding for account of the Assured until acceptance of satisfactory policy and/or endorsement and/or term agreed to by Frank Crystal & Co., Inc. This Binder is issued for a period of 60 days and automatically will be extended for additional --------------------------------------------------------------------------------consecutive periods of 60 days until acceptance Remarks [ ] of the Policy, Bond, and/or Endorsement by the Assured. --------------------------------------------------------------------------------------------------------------------------------- For Frank Crystal & Co., Inc. Name of Underwriter: Refer to: Brian P. Kill (Print or Type) Ida Dominquez Signature --------------------------------------------------------------------------------------------------------------------------------- Admitted [X] Non-Admitted [ ] For (Insurance Company) National Union Fire Insurance Co. Date Signed ---------------------------------------------------------------------------------------------------------------------------------
NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA RIDER NO. #5 To be attached to and form part of Investment Company Blanket Bond No. 6214266 in favor of Cornerstone Total Return Fund. 1. In consideration of the additional premium of $389, it is hereby understood and agreed that Cornerstone Progressive Return Fund is added to the list of the insured under the attached bond and that Item 3 of the Declaration Page is deleted in its entirety and replaced with the following: ITEM 3. Limit of Liability - Subject to Section 9, 10, and 12 hereof: Limit of Liability Deduction Insuring Agreement A - FIDELITY 1525000 Insuring Agreement B - AUDIT EXPENSE 25000 Insuring Agreement C - ON PREMISES 1525000 Insuring Agreement D - IN TRANSIT 1525000 Insuring Agreement E - FORGERY OR ALTERATION 1525000 Insuring Agreement F - SECURITIES 1525000 Insuring Agreement G - COUNTERFEIT CURRENCY 1525000 Insuring Agreement H - STOP PAYMENT 25000 Insuring Agreement I - UNCOLLECTIBLE ITEMS OF DEPOSIT 25000 OPTIONAL COVERAGES ADDED BY RIDER: Insuring Agreement J - COMPUTER SYSTEMS 1525000 Insuring Agreement K - UNAUTHORIZED SIGNATURES 25000 Insuring Agreement L - AUTOMATED PHONE SYSTEMS 0 Insuring Agreement M - TELEFACSIMILE 0 If "Not Covered" is inserted above opposite any specified Insuring Agreement or Coverage, such Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be deleted therefro 2. Nothing herein shall be held to vary, alter, waive or extend any of the terms, limitations, conditions or provisions of the attached bond other than as above stated. 3. This rider shall become effective as of 12:01 a.m. on 09/07/2007 standard time as specified in the attached bond. By: /s/ STEVEN E. LISTON ------------------------- Authorized Representative