January 20, 2010
VIA EDGAR
Securities and Exchange Commission
100 F Street NE
Washington, D.C. 20549
RE: Gabelli 787 Fund, Inc. The Gabelli Natural Resources, Gold &
File Nos.: 333-141582/811-22041 Income Trust
The Gabelli Asset Fund File Nos.: 333-152424/ 811-22216
File Nos.: 33-01719/811-04494
The Gabelli Blue Chip Value Fund
File Nos.: 333-80099/811-09377 GAMCO International Growth Fund, Inc.
Gabelli Capital Series Funds, Inc. File Nos.: 33-79994/811-08560
File Nos.: 33-61254/811-07644 Gabelli Investor Funds, Inc.
Comstock Funds, Inc. File Nos.: 33-54016/811-07326
File Nos.: 33-40771/811-05502 The GAMCO Mathers Fund
The Gabelli Convertible and Income File Nos.: 002-23727/811-01311
Securities Fund Inc. The Gabelli Global Utility & Income Trust
File Nos.: 333-24541/811-05715 File Nos.: 333-113621/811-21529
Gabelli Equity Series Funds, Inc. The Gabelli Money Market Funds
File Nos.: 33-41913/811-06367 File Nos.: 33-48220/811-06687
The Gabelli Equity Trust Inc. The Gabelli Dividend & Income Trust
File Nos.: 33-42780/811-04700 File Nos.: 333-148670/811-21423
The Gabelli Global Deal Fund The Gabelli Utilities Fund
File Nos.: 333-138141/811-21969 File Nos.: 333-81209/811-09397
The Gabelli Global Multimedia Trust Inc. The Gabelli Utility Trust
File Nos.: 333-149414/811-08476 File Nos.: 333-72983/811-09243
GAMCO Global Series Funds, Inc. The Gabelli Value Fund Inc.
File Nos.: 33-66262/811-07896 File Nos.: 33-30139/811-05848
GAMCO Gold Fund, Inc. The GAMCO Westwood Funds
File Nos.: 33-79180/811-08518 File Nos.: 33-06790/811-04719
The GAMCO Growth Fund The Gabelli Healthcare & WellnessRx Trust
File Nos.: 33-10583/811-04873 File Nos.: 333-140966/811-22021
The Gabelli Global Gold, Natural Resources The Gabelli SRI Fund, Inc.
& Income Trust File Nos.: 333-141093/811-22026
File Nos.: 333-121998/811-21698 (the "Funds")
-------------------------------------------------------------------------------------
Dear Staff Member:
Pursuant to Rule 17g-1(g)(1) under the Investment Company Act of 1940,
as amended, enclosed for filing on behalf of the above-referenced Funds please
find (i) one copy of their joint fidelity bond (the "Joint Bond") for the policy
period from December 7, 2009 to December 7, 2010, such policy being maintained
through Travelers-St. Paul Fire and Marine Insurance Company, (ii) a Secretary's
Certificate certifying the resolutions adopted by each Fund's Board Members
approving the amount, type, form and coverage of the Joint Bond and the portion
of the premium to be paid by the Funds and (iii) the Amended and Restated Joint
Insured Agreement among the Funds and the other insureds on the Joint Bond.
The Joint Bond premium allocation for these Funds has already been paid
to cover the December 7, 2009 to December 7, 2010 policy period.
Very truly yours,
/s/ Bruce N. Alpert /s/ Agnes Mullady
---------------------------- ------------------
Bruce N. Alpert Agnes Mullady
Secretary Secretary
Gabelli 787 Fund, Inc. The Gabelli Blue Chip Value Fund
The Gabelli Asset Fund The Gabelli Convertible and Income
Gabelli Capital Series Funds, Inc. Securities Fund Inc.
Comstock Funds, Inc. The Gabelli Dividend & Income Trust
Gabelli Equity Series Funds, Inc. The Gabelli Equity Trust Inc.
GAMCO Global Series Funds, Inc. The Gabelli Global Deal Fund
GAMCO Gold Fund, Inc. The Gabelli Global Gold, Natural The
GAMCO Growth Fund Resources & Income Trust
The Gabelli Healthcare & Wellness(Rx) Trust The Gabelli Global Multimedia Trust
GAMCO International Growth Fund, Inc. Inc.
Gabelli Investor Funds, Inc. The Gabelli Global Utility & Income
The GAMCO Mathers Fund Trust
The Gabelli Money Market Funds The Gabelli Natural Resources, Gold &
The Gabelli SRI Fund, Inc. Income Trust
The Gabelli Value Fund Inc. The Gabelli Utilities Fund
The GAMCO Westwood Funds The Gabelli Utility Trust
Enclosures
SECRETARY'S CERTIFICATE
The undersigned hereby certify that the following resolutions have been adopted
first by those Board Member who are not considered to be "interested persons,"
as defined in the Investment Company Act of 1940, as amended (the "1940
Act")("Independent Board Members") voting separately, and then by the entire
Board of each Fund, at the respective meetings duly called and held on November
17 and 18, 2009:
RESOLVED, That the Board hereby approves the renewal of the
Fidelity Bond coverage with Travelers-St. Paul Fire
and Marine Insurance Company in the form submitted
to the Board Members, effective December 7, 2009 for
the ensuing year, which coverage is maintained
jointly on behalf of the Fund and other parties
named as insureds therein and which will provide
coverage in the aggregate amount of $23,300,000 or
such greater amount as the officers of the Fund may
deem appropriate; and further
RESOLVED, That the portion of the premium for the
aforementioned joint fidelity bond to be paid by the
Fund is hereby approved, taking into consideration,
among other things, the number of parties named as
insureds; the nature of the business activities of
such other parties; the amount of coverage under
said fidelity bond; the amount of the premium for
such bond; the ratable allocation of the premium
among all parties named as insureds; and the extent
to which the share of the premium allocated to the
Fund is less than the premium the Fund would have
had to pay if it had provided and maintained a
single insured bond; and further
RESOLVED, That the continuance of the Amended and Restated
Joint Insured Agreement among the Gabelli 787 Fund,
Inc., The Gabelli Asset Fund, The Gabelli Blue Chip
Value Fund, Gabelli Capital Series Funds, Inc.,
Comstock Funds, Inc., The Gabelli Convertible and
Income Securities Fund Inc., The Gabelli Dividend &
Income Trust, Gabelli Equity Series Funds, Inc., The
Gabelli Equity Trust Inc., The Gabelli Global Deal
Fund, The Gabelli Global Gold, Natural Resources &
Income Trust, The Gabelli Global Multimedia Trust
Inc., GAMCO Global Series Funds, Inc., The Gabelli
Global Utility & Income Trust, GAMCO Gold Fund,
Inc., The GAMCO Growth Fund, The Gabelli Healthcare
& WellnessRx Trust, GAMCO International Growth Fund,
Inc., Gabelli Investor Funds, Inc., The GAMCO
Mathers Fund, The Gabelli Money Market Funds, The
Gabelli Natural Resources, Gold & Income Trust,
Gabelli SRI Green Fund, Inc., The Gabelli Utilities
Fund, The Gabelli Utility Trust, The Gabelli Value
Fund Inc., and The GAMCO Westwood Funds ("Amended
and Restated Joint Insured Agreement"), is hereby
approved, and further
RESOLVED, That the Secretary of the Fund is hereby authorized
and directed to prepare, execute and file such
Fidelity Bond and any supplements thereto, and to
take such action as may be necessary or appropriate
in order to conform the terms of the Fidelity Bond
coverage to the provisions of the 1940 Act, and the
rules and regulations promulgated thereunder.
IN WITNESS WHEREOF, the undersigned has hereunto set his/her hand this 20th day
of January, 2010.
/s/ Bruce N. Alpert /s/ Agnes Mullady
---------------------------- ------------------
Bruce N. Alpert Agnes Mullady
Secretary Secretary
Gabelli 787 Fund, Inc. The Gabelli Blue Chip Value Fund
The Gabelli Asset Fund The Gabelli Convertible and Income
Gabelli Capital Series Funds, Inc. Securities Fund Inc.
Comstock Funds, Inc. The Gabelli Dividend & Income Trust
Gabelli Equity Series Funds, Inc. The Gabelli Equity Trust Inc.
GAMCO Global Series Funds, Inc. The Gabelli Global Deal Fund
GAMCO Gold Fund, Inc. The Gabelli Global Gold, Natural
The GAMCO Growth Fund Resources & Income Trust
The Gabelli Healthcare & WellnessRx Trust The Gabelli Global Multimedia Trust
GAMCO International Growth Fund, Inc. Inc.
Gabelli Investor Funds, Inc. The Gabelli Global Utility & Income
The GAMCO Mathers Fund Trust
The Gabelli Money Market Funds The Gabelli Natural Resources, Gold &
The Gabelli SRI Fund, Inc. Income Trust
The Gabelli Value Fund Inc. The Gabelli Utilities Fund
The GAMCO Westwood Funds The Gabelli Utility Trust
Job Name: XP3312I
Print Date and Time: 12/30/09 12:19
File Number: O617O
Business Center/ Original Business Unit:
Policy Number: 490PB2463
Name of insured: The Gabelli Funds, et al
Agency Number: 0642622
Department or Expense Center: 001
Underwriter: 1647310
Underwriting Team:
Data Entry Person: WENZEL,CHRISTINE
Date and Time: 12/30/09 15:30 001
SPECIAL INSTRUCTIONS
Policy Commencement Date: 12/07/09
THIS POLICY CONTAINS FORMS SELECTED THROUGH DOCUMENT SELECT THE FOLLOWING
SELECTED FORMS ARE NOT APPROVED ON THE FORMS STATUS TABLE
FORM NBR EDITION CO STATE TRANS DATE
* MEL2555 03.05 1 NY 2009-12-07*
* MEL7027 09.09 1 NY 2009-12-07*
* MLABL 09.85 1 NY 2009-12-07*
* ND059 11.06 1 NY 2009-12-07*
DELIVERY INVOICE
Company: St. Paul Fire & Marine Insurance Company
I The Gabelli Funds, et al Policy Inception/Effective Date: 12/16/2009
N One Corporate Center Agency Number: 0642622
S Rye, NY 10580
U Transaction Type: Renewal
R Transaction number: 001
E Processing date: 12/16/2009
D Policy Number: 490PB2463
A Marsh USA-Norwalk
G 601 Merritt 7
E Norwalk, CT 06856
N
T
AMOUNT SURTAX/ SURCHARGE
490PB2463 Investment Company Blanket Bond $59,300
40724 Ed.12-90 Printed in U.S.A. INSURED COPY Page 1
40724 Ed.12-90 Printed in U.S.A. INSURED COPY Page 2
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.
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:
o better protects the interests of all parties;
o helps Travelers to try to resolve losses or claims more quickly; and
o 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 questions about coverage.
Here's a list of all forms included in your policy, on the date shown below.
These forms are listed in the same order as they appear in your policy.
TITLE
Policy Form List Investment Company Blanket Bond
Declarations Investment Company Blanket Bond
Insuring Agreements
Named Insured Endorsement
Computer Systems
Unauthorized Signatures
Telefacsimile Transactions
Voice-Initiated Transactions
Definition of Investment Company
Automated Phone Systems
Add Exclusions (n) & (o)
New Statutory Rider
Amend Section 4.-Loss-Notice-Proof-Legal Proceedings-
Designate Persons For Discovery Of Loss
Amend Section 13. Termination
Replace Insuring Agreement (A) Fidelity
FORM NUMBER
40705
ICB001
ICB005
ICB010
ICB011
ICB012
ICB013
ICB014
ICB016
ICB019
ICB026
ICB057
MEL2555
MEL3281
MEL7027
EDITION DATE
05-84
07-04
07-04
07-04
07-04
07-04
07-04
07-04
07-04
07-04
07-04
04-05
03-05
05-05
09-09
THE HARD COPY OF THE BOND ISSUED BY THE UNDERWRITER WILL BE REFERENCED IN THE
EVENT OF A LOSS
NAME OF INSURED POLICY NUMBER 490PB2463
EFFECTIVE DATE 12/07/09
The Gabelli Funds, et al
PROCESSING DATE 12/30/09 15:30 001
40705 Ed.5-84 Form List (C)St.Paul Fire and Marine Insurance Co.1995 Page
Page 2 (C)St.Paul Fire and Marine Insurance Co.1995
INVESTMENT COMPANY BLANKET BOND
St. Paul Fire and Marine Insurance Company
St. Paul, Minnesota 55102-1396
(A Stock Insurance Company, herein called Underwriter)
DECLARATIONS BOND NO. 490PB2463
Item 1. Name of Insured (herein called Insured):
The Gabelli Funds, et al
Principal Address:
One Corporate Center
Rye, NY 10580
The hard copy of the bond issued by the Underwriter will be referenced in the
event of a loss
Item 2. Bond Period from 12:01 a.m. on 12/07/09 to 12:01 a.m. on 12/07/10
the effective date of the termination or cancellation of the bond,
standard time at the Principal Address as to each of said dates.
Item 3. Limit of Liability Subject to Sections 9, 10, and 12 hereof:
Deductible
Limit of Liability Amount
------------------ ----------
Insuring Agreement A - FIDELITY $ 23,300,000 $ 0
Insuring Agreement B - AUDIT EXPENSE $ 50,000 $ 5,000
Insuring Agreement C - PREMISES $ 23,300,000 $ 0
Insuring Agreement D - TRANSIT $ 23,300,000 $ 0
Insuring Agreement E - FORGERY OR ALTERATION $ 23,300,000 $10,000
Insuring Agreement F - SECURITIES $ 23,300,000 $10,000
Insuring Agreement G - COUNTERFEIT CURRENCY $ 23,300,000 $10,000
Insuring Agreement H - STOP PAYMENT $ 25,000 $ 5,000
Insuring Agreement I - UNCOLLECTIBLE ITEMS OF DEPOSIT $ 25,000 $ 5,000
Insuring Agreement J - COMPUTER SYSTEMS INSURING AGREEMENT $ 23,300,000 $25,000
Insuring Agreement K - UAUTHORIZED $ 23,300,000 $ 5,000
Insuring Agreement L - TELEFACSIMILE INSURING AGREEMENT $ 25,000 $10,000
Insuring Agreement M - AUTOMATED PHONE SYSTEMS $ 23,300,000 $10,000
Insuring Agreement N - VOICE INITIATED TRANSACTIONS $ 23,300,000 $10,000
OPTIONAL COVERAGES ADDED BY RIDER:
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 therefrom.
Item 4. Offices or Premises Covered - Offices acquired or established
subsequent to theeffective date of this bond are covered according to
the terms of GeneralAgreement A. All the Insured's offices or premises
in existence at the time this bond becomes effective are covered under
this bond except the offices or premises located as follows: N/A
ICB001 Rev. 7/04
(C) 2004 The Travelers Companies, Inc. Page 1 of 2
Item 5. The liability of the Underwriter is subject to the terms of the
following endorsements or riders attached hereto: Endorsements or
Riders No. 1 through
ICB010 Ed.07/04
ICB011 Ed.07/04
ICB012 Ed.07/04
ICB013 Ed.07/04
ICB014 Ed.
ICB019 Ed.
ICB016 Ed.07/04
ICB026 Ed.07/04
ICB057 Ed.04/05
MEL2555 Ed.03/05
MEL3281 Ed.05/05
MEL7027 Ed.
Item 6. The Insured by the acceptance of this bond gives notice to the
Underwriter terminating or canceling prior bonds or policy(ies) No.(s)
468PB1347 such termination or cancellation to be effective as of the
time this bond becomes effective.
IN WITNESS WHEREOF, the Company has caused this bond to be signed by its
President and Secretary and countersigned by a duly authorized representative of
the Company.
Countersigned: ST. PAUL FIRE AND MARINE INSURANCE COMPANY
/S/BRUCE BACKBERG, SECRETARY
/S/BRIAN MACLEAN, PRESIDENT
(C) 2004 The Travelers Companies, Inc. Page 2 of 2
AUTHORIZED REPRESENTATIVE COUNTERSIGNED AT
COUNTERSIGNATURE DATE
The Underwriter, in consideration of an agreed premium, and subject to the
Declarations made a part hereof, the General Agreements, Conditions and
Limitations and other terms of this bond, agrees with the insured, in accordance
with the Insuring Agreements hereof to which an amount of insurance is
applicable as set forth in Item 3 of the Declarations and with respect to loss
sustained by the Insured at any time but discovered during the Bond Period, to
indemnify and hold harmless the Insured for:
INSURING AGREEMENTS
(A) FIDELITY
Loss resulting from any dishonest or fraudulent act(s), including Larceny
or Embezzlement, committed by an Employee, committed anywhere and whether
committed alone or in collusion with others, including loss of Property
resulting from such acts of an Employee, which Property is held by the
Insured for any purpose or in any capacity and whether so held gratuitously
or not and whether or not the Insured is liable therefor.
Dishonest or fraudulent act(s) as used in this Insuring Agreement shall
mean only dishonest or fraudulent act(s) committed by such Employee with
the manifest intent:
(a) to cause the Insured to sustain such loss; and
(b) to obtain financial benefit for the Employee, or for any other Person
or organization intended by the Employee to receive such benefit,
other than salaries, commissions, fees, bonuses, promotions, awards,
profit sharing, pensions or other employee benefits earned in the
normal course of employment.
(B) AUDIT EXPENSE
Expense incurred by the Insured for that part of the costs of audits or
examinations required by any governmental regulatory authority to be
conducted either by such authority or by an independent accountant by
reason of the discovery of loss sustained by the Insured through any
dishonest or fraudulent act(s), including Larceny or Embezzlement, of any
of the Employees. The total liability of the Underwriter for such expense
by reason of such acts of any Employee or in which such Employee is
concerned or implicated or with respect to any one audit or examination is
limited to the amount stated opposite Audit Expense in Item 3 of the
Declarations; it being understood, however, that such expense shall be
deemed to be a loss sustained by the Insured through any dishonest or
fraudulent act(s), including Larceny or Embezzlement, of one or more of the
Employees, and the liability under this paragraph shall be in addition to
the Limit of Liability stated in Insuring Agreement (A) in Item 3 of the
Declarations.
(C) ON PREMISES
Loss of Property (occurring with or without negligence or violence) through
robbery, burglary, Larceny, theft, holdup, or other fraudulent means,
misplacement, mysterious unexplainable disappearance, damage thereto or
destruction thereof, abstraction or removal from the possession, custody or
control of the Insured, and loss of subscription, conversion, redemption or
deposit privileges through the misplacement or loss of Property, while the
Property is (or is supposed or believed by the Insured to be) lodged or
deposited within any offices or premises located anywhere, except in an
office listed in Item 4 of the Declarations or amendment thereof or in the
mail or with a carrier for hire, other than an armored motor vehicle
company, for the purpose of transportation.
Office and Equipment
(1) loss of or damage to furnishings, fixtures, stationery, supplies or
equipment, within any of the Insured's offices covered under this bond
caused by Larceny or theft in, or by burglary, robbery or hold-up of, such
office, or attempt thereat, or by vandalism or malicious mischief; or
(2) loss through damage to any such office by Larceny or theft in, or by
burglary, robbery or hold-up of, such office, or attempt thereat, or to the
interior of any such office by vandalism or malicious mischief provided, in
any event, that the Insured is the owner of such offices, furnishings,
fixtures, stationery, supplies or equipment or is legally liable for such
loss or damage always excepting, however, all loss or damage through fire.
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB005 Ed. 7-04 1 of 12
(D) IN TRANSIT
Loss of Property (occurring with or without negligence or violence) through
robbery, Larceny, theft, hold-up, misplacement, mysterious unexplainable
disappearance, being lost or otherwise made away with, damage thereto or
destruction thereof, and loss of subscription, conversion, redemption or
deposit privileges through the misplacement or loss of Property, while the
Property is in transit anywhere in the custody of any person or persons
acting as messenger, except while in the mail or with a carrier for hire,
other than an armored motor vehicle company, for the purpose of
transportation, such transit to begin immediately upon receipt of such
Property by the transporting person or persons, and to end immediately upon
delivery thereof at destination.
(E) FORGERY 0R ALTERATION
Loss through Forgery or alteration of or on:
(1) any bills of exchange, checks, drafts, acceptances, certificates of
deposit, promissory notes, or other written promises, orders or
directions to pay sums certain in money, due bills, money orders,
warrants, orders upon public treasuries, letters of credit; or
(2) other written instructions, advices or applications directed to the
Insured, authorizing or acknowledging the transfer, payment, delivery
or receipt of funds or Property, which instructions, advices or
applications purport to have been signed or endorsed by any:
(a) customer of the Insured, or
(b) shareholder or subscriber to shares, whether certificated or
uncertificated, of any Investment Company, or
(c) financial or banking institution or stockbroker,
but which instructions, advices or applications either bear the forged
signature or endorsement or have been altered without the knowledge
and consent of such customer, shareholder or subscriber to shares, or
financial or banking institution or stockbroker; or
(3) withdrawal orders or receipts for the withdrawal of funds or Property,
or receipts or certificates of deposit for Property and bearing the
name of the Insured as issuer, or of another Investment Company for
which the Insured acts as agent, excluding, however, any loss covered
under Insuring Agreement (F) hereof whether or not coverage for
Insuring Agreement (F) is provided for in the Declarations of this
bond.
Any check or draft (a) made payable to a fictitious payee and endorsed
in the name of such fictitious payee or (b) procured in a transaction
with the maker or drawer thereof or with one acting as an agent of
such maker or drawer or anyone impersonating another and made or drawn
payable to the one so impersonated and endorsed by anyone other than
the one impersonated, shall be deemed to be forged as to such
endorsement.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.
(F) SECURITIES
Loss sustained by the Insured, including loss sustained by reason of a
violation of the constitution by-laws, rules or regulations of any Self
Regulatory Organization of which the Insured is a member or which would
have been imposed upon the Insured by the constitution, by-laws, rules or
regulations of any Self Regulatory Organization if the Insured had been a
member thereof,
(1) through the Insured's having, in good faith and in the course of
business, whether for its own account or for the account of others, in
any representative, fiduciary, agency or any other capacity, either
gratuitously or otherwise, purchased or otherwise acquired, accepted
or received, or sold or delivered, or given any value, extended any
credit or assumed any liability, on the faith of, or otherwise acted
upon, any securities, documents or other written instruments which
prove to have been:
(a) counterfeited, or
(b) forged as to the signature of any maker, drawer, issuer,
endorser, assignor, lessee, transfer agent or registrar,
acceptor, surety or guarantor or as to the signature of any
person signing in any other capacity, or
(c) raised or otherwise altered, or lost, or stolen, or
(2) through the Insured's having, in good faith and in the course of
business, guaranteed in writing or witnessed any signatures whether
for valuable consideration or not and whether or not such guaranteeing
or witnessing is ultra vires the Insured, upon any transfers,
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB005 Ed. 7-04 2 of 12
assignments, bills of sale, powers of attorney, guarantees,
endorsements or other obligations upon or in connection with any
securities, documents or other written instruments and which pass or
purport to pass title to such securities, documents or other written
instruments; excluding losses caused by Forgery or alteration of, on
or in those instruments covered under Insuring Agreement (E) hereof.
Securities, documents or other written instruments shall be deemed to mean
original (including original counterparts) negotiable or non-negotiable
agreements which in and of themselves represent an equitable interest,
ownership, or debt, including an assignment thereof, which instruments are,
in the ordinary course of business, transferable by delivery of such
agreements with any necessary endorsement or assignment.
The word "counterfeited" as used in this Insuring Agreement shall be deemed
to mean any security, document or other written instrument which is
intended to deceive and to be taken for an original.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.
(G) COUNTERFEIT CURRENCY
Loss through the receipt by the Insured, in good faith, of any
counterfeited money orders or altered paper currencies or coin of the
United States of America or Canada issued or purporting to have been issued
by the United States of America or Canada or issued pursuant to a United
States of America or Canada statute for use as currency.
(H) STOP PAYMENT
Loss against any and all sums which the Insured shall become obligated to
pay by reason of the liability imposed upon the Insured by law for damages:
For having either complied with or failed to comply with any written notice
of any customer, shareholder or subscriber of the Insured or any Authorized
Representative of such customer, shareholder or subscriber to stop payment
of any check or draft made or drawn by such customer, shareholder or
subscriber or any Authorized Representative of such customer, shareholder
or subscriber, or
For having refused to pay any check or draft made or drawn by any customer,
shareholder or subscriber of the Insured or any Authorized Representative
of such customer, shareholder or subscriber.
(I) UNCOLLECTIBLE ITEMS OF DEPOSIT
Loss resulting from payments of dividends or fund shares, or withdrawals
permitted from any customer's, shareholder's, or subscriber's account based
upon Uncollectible Items of Deposit of a customer, shareholder or
subscriber credited by the Insured or the Insured's agent to such
customer's, shareholder's or subscriber's Mutual Fund Account; or loss
resulting from an Item of Deposit processed through an Automated Clearing
House which is reversed by the customer, shareholder or subscriber and
deemed uncollectible by the Insured.
Loss includes dividends and interest accrued not to exceed 15% of the
Uncollectible Items which are deposited.
This Insuring Agreement applies to all Mutual Funds with "exchange
privileges" if all Fund(s) in the exchange program are insured by the
Underwriter for Uncollectible Items of Deposit. Regardless of the number of
transactions between Fund(s), the minimum number of days of deposit within
the Fund(s) before withdrawal as declared in the Fund(s) prospectus shall
begin from the date a deposit was first credited to any Insured Fund(s).
GENERAL AGREEMENTS
A. ADDITIONAL OFFICES OR EMPLOYEES CONSOLIDATION OR MERGER - NOTICE
(1) If the Insured shall, while this bond is in force, establish any
additional office or offices, such offices shall be automatically
covered hereunder from the dates of their establishment, respectively.
No notice to the Underwriter of an increase during any premium period
in the number of offices or
in the number of Employees at any of the offices covered hereunder
need be given and no additional premium need be paid for the remainder
of such premium period.
(2) If an Investment Company, named as Insured herein, shall, while this
bond is in force, merge or consolidate with, or purchase the assets of
another institution, coverage for such acquisition shall apply
automatically from the date of acquisition. The Insured shall notify
the Underwriter of such acquisition within 60 days of said date, and
an additional premium shall be computed only if such acquisition
involves additional offices or employees.
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB005 Ed. 7-04 3 of 12
B. WARRANTY
No statement made by or on behalf of the Insured, whether contained in the
application or otherwise, shall be deemed to be a warranty of anything
except that it is true to the best of the knowledge and belief of the
person making the statement.
C. COURT COSTS AND ATTORNEYS' FEES
(Applicable to all Insuring Agreements or Coverages now or hereafter
forming part of this bond)
The Underwriter will indemnify the Insured against court costs and
reasonable attorneys' fees incurred and paid by the Insured in defense,
whether or not successful, whether or not fully litigated on the merits and
whether or not settled, of any suit or legal proceeding brought against the
Insured to enforce the Insured's liability or alleged liability on account
of any loss, claim or damage which, if established against the Insured,
would constitute a loss sustained by the Insured covered under the terms of
this bond provided, however, that with respect to Insuring Agreement (A)
this indemnity shall apply only in the event that:
(1) an Employee admits to being guilty of any dishonest or fraudulent
act(s), including Larceny or Embezzlement; or
(2) an Employee is adjudicated to be guilty of any dishonest or fraudulent
act(s), including Larceny or Embezzlement;
(3) in the absence of (1) or (2) above an arbitration panel agrees, after
a review of an agreed statement of facts, that an Employee would be
found guilty of dishonesty if such Employee were prosecuted.
The Insured shall promptly give notice to the Underwriter of any such suit
or legal proceedings and at the request of the Underwriter shall furnish it
with copies of all pleadings and other papers therein. At the Underwriter's
election the Insured shall permit the Underwriter to conduct the defense of
such suit or legal proceeding, in the Insured's name, through attorneys of
the Underwriter's selection. In such event, the Insured shall give all
reasonable information and assistance which the Underwriter shall deem
necessary to the proper defense of such suit or legal proceeding.
If the amount of the Insured's liability or alleged liability is greater
than the amount recoverable under this bond, or if a Deductible Amount is
applicable, or both, the liability of the Underwriter under this General
Agreement is limited to the proportion of court costs and attorneys' fees
incurred and paid by the Insured or by the Underwriter that the amount
recoverable under this bond bears to the total of such amount plus the
amount which is not so recoverable. Such indemnity shall be in addition to
the Limit of Liability for the applicable Insuring Agreement or Coverage.
D. FORMER EMPLOYEE
Acts of an Employee, as defined in this bond, are covered under Insuring
Agreement (A) only while the Employee is in the Insured's employ. Should
loss involving a former Employee of the Insured be discovered subsequent to
the termination of employment, coverage would still apply under Insuring
Agreement (A) if the direct proximate cause of the loss occurred while the
former Employee performed duties within the scope of his/her employment.
THE FOREGOING INSURING AGREEMENTS AND GENERAL
AGREEMENTS ARE SUBJECT TO THE FOLLOWING
CONDITIONS AND LIMITATIONS:
SECTION 1. DEFINITIONS
The following terms, as used in this bond have the respective meanings stated in
this Section:
(a) "Employee" means:
(1) any of the Insured's officers, partners, or employees, and
(2) any of the officers or employees of any predecessor of the Insured
whose principal assets are acquired by the Insured by consolidation or
merger with, or purchase of assets or capital stock of, such
predecessor, and
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(3) attorneys retained by the insured to perform legal services for the
insured and the employees of such attorneys while such attorneys or
employees of such attorneys are performing such services for the
insured, and
(4) guest students pursuing their studies or duties in any of the
insured's offices, and
(5) directors or trustees of the Insured, the investment advisor,
underwriter (distributor), transfer agent, or shareholder accounting
record keeper, or administrator authorized by written agreement to
keep financial and/or other required records, but only while
performing acts coming within the scope of the usual duties of an
officer or employee or while acting as a member of any committee duly
elected or appointed to examine or audit or have custody of or access
to the property of the insured, and
(6) any individual or individuals assigned to perform the usual duties of
an employee within the premises of the insured, by contract, or by any
agency furnishing temporary personnel on a contingent or part-time
basis, and
(7) each natural person, partnership or corporation authorized by written
agreement with the Insured to perform services as electronic data
processor of checks or other accounting records of the Insured, but
excluding any such processor who acts as transfer agent or in any
other agency capacity in issuing checks, drafts or securities for the
Insured, unless included under sub-section (9) hereof, and
(8) those persons so designated in section 15, Central Handling of
securities, and
(9) any officer, partner, or Employee of:
(a) an investment advisor,
(b) an underwriter (distributor),
(c) a transfer agent or shareholder accounting record-keeper, or
(d) an administrator authorized by written agreement to keep
financial and/or other required records,
for an Investment Company named as insured while performing acts coming
within the scope of the usual duties of an officer or Employee of any
investment company named as Insured herein, or while acting as a member of
any committee duly elected or appointed to examine or audit or have custody
of or access to the Property of any such Investment Company, provided that
only Employees or partners of a transfer agent, shareholder accounting
record-keeper or administrator which is an affiliated person, as defined in
the Investment Company act of 1940, of an Investment Company named as
Insured or is an affiliated person of the advisor, underwriter or
administrator of such Investment Company, and which is not a bank, shall be
included within the definition of Employee.
Each employer of temporary personnel or processors as set forth in
sub-sections (6) and (7) of Section 1(a) and their partners, officers and
employees shall collectively be deemed to be one person for all the
purposes of this bond, excepting, however, the last paragraph of section
13.
Brokers, or other agents under contract or representatives of the same
general character shall not be considered Employees.
(b) "Property" means money (i.E. Currency, coin, bank notes, Federal
Reserve notes), postage and revenue stamps, U.S. Savings Stamps,
bullion, precious metals of all kinds and in any form and articles
made therefrom, jewelry, watches, necklaces, bracelets, gems, precious
and semi-precious stones, bonds, securities, evidences of debts,
debentures, scrip, certificates, interim receipts, warrants, rights,
puts, calls, straddles, spreads, transfers, coupons, drafts, bills of
exchange, acceptances, notes, checks, withdrawal orders, money orders,
warehouse receipts, bills of lading, conditional sales contracts,
abstracts of title, insurance policies, deeds, mortgages under real
estate and/or chattels and upon interests therein, and assignments of
such policies, mortgages and instruments, and other valuable papers,
including books of account and other records used by the Insured in
the conduct of its business, and all other instruments similar to or
in the nature of the foregoing including Electronic Representations of
such instruments enumerated above (but excluding all data processing
records) in which the Insured has an interest or in which the Insured
acquired or should have acquired an interest by reason of a
predecessor's declared financial condition at the time of the
Insured's consolidation or merger with, or purchase of the principal
assets of, such predecessor or which are held by the insured for any
purpose or in any capacity and whether so held gratuitously or not and
whether or not the insured is liable therefor.
(c) "Forgery" means the signing of the name of another with intent to
deceive; it does not include the signing of one's own name with or
without authority, in any capacity, for any purpose.
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(d) "Larceny and Embezzlement" as it applies to any named insured means
those acts as set forth in Section 37 of the Investment Company act of
1940.
(e) "Items of Deposit" means any one or more checks and drafts. Items of
Deposit shall not be deemed uncollectible until the insured's
collection procedures have failed.
SECTION 2. EXCLUSIONS THIS BOND, DOES NOT COVER:
(a) loss effected directly or indirectly by means of forgery or alteration
of, on or in any instrument, except when covered by Insuring Agreement
(A), (E), (F) or (G).
(b) loss due to riot or civil commotion outside the United States of
America and Canada; or loss due to military, naval or usurped power,
war or insurrection unless such loss occurs in transit in the
circumstances recited in Insuring Agreement (D), and unless, when such
transit was initiated, there was no knowledge of such riot, civil
commotion, military, naval or usurped power, war or insurrection on
the part of any person acting for the Insured in initiating such
transit.
(c) loss, in time of peace or war, directly or indirectly caused by or
resulting from the effects of nuclear fission or fusion or
radioactivity; provided, however, that this paragraph shall not apply
to loss resulting from industrial uses of nuclear energy.
(d) loss resulting from any wrongful act or acts of any person who is a
member of the Board of Directors of the Insured or a member of any
equivalent body by whatsoever name known unless such person is also an
Employee or an elected official, partial owner or partner of the
Insured in some other capacity, nor, in any event, loss resulting from
the act or acts of any person while acting in the capacity of a member
of such Board or equivalent body.
(e) loss resulting from the complete or partial non-payment of, or default
upon, any loan or transaction in the nature of, or amounting to, a
loan made by or obtained from the Insured or any of its partners,
directors or Employees, whether authorized or unauthorized and whether
procured in good faith or through trick, artifice fraud or false
pretenses, unless such loss is covered under Insuring Agreement (A),
(E) or (F).
(f) loss resulting from any violation by the insured or by any Employee:
(1) of law regulating (a) the issuance, purchase or sale of
securities, (b) securities transactions upon Security Exchanges
or over the counter market, (c) Investment Companies, or (d)
Investment Advisors, or
(2) of any rule or regulation made pursuant to any such law.
unless such loss, in the absence of such laws, rules or regulations,
would be covered under Insuring Agreements (A) or (E).
(g) loss of Property or loss of privileges through the misplacement or
loss of Property as set forth in Insuring Agreement (C) or (D) while
the Property is in the custody of any armored motor vehicle company,
unless such loss shall be in excess of the amount recovered or
received by the Insured under (a) the insured's contract with said
armored motor vehicle company, (b) insurance carried by said armored
motor vehicle company for the benefit of users of its service, and (c)
all other insurance and indemnity in force in whatsoever form carried
by or for the benefit of users of said armored motor vehicle company's
service, and then this bond shall cover only such excess.
(h) potential income, including but not limited to interest and dividends,
not realized by the Insured because of a loss covered under this bond,
except as included under Insuring Agreement (I).
(i) all damages of any type for which the Insured is legally liable,
except direct compensatory damages arising from a loss covered under
this bond.
(j) loss through the surrender of Property away from an office of the
Insured as a result of a threat:
(1) to do bodily harm to any person, except loss of Property in
transit in the custody of any person acting as messenger provided
that when such transit was initiated there was no knowledge by
the Insured of any such threat, or
(2) to do damage to the premises or Property of the Insured, except
when covered under Insuring Agreement (A).
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(k) all costs, fees and other expenses incurred by the Insured in
establishing the existence of or amount of loss covered under this
bond unless such indemnity is provided for under Insuring Agreement
(B).
(l) loss resulting from payments made or withdrawals from the account of a
customer of the Insured, shareholder or subscriber to shares involving
funds erroneously credited to such account, unless such payments are
made to or withdrawn by such depositors or representative of such
person, who is within the premises of the drawee bank of the insured
or within the office of the Insured at the time of such payment or
withdrawal or unless such payment is covered under insuring agreement
(A).
(m) any loss resulting from Uncollectible Items of Deposit which are drawn
from a financial institution outside the fifty states of the United
States of America, District of Columbia, and territories and
possessions of the United States of America, and Canada.
SECTION 3. ASSIGNMENT OF RIGHTS
This bond does not afford coverage in favor of any Employers of Temporary
personnel or of processors as set forth in sub-sections (6) and (7) of Section
1(a) of this bond, as aforesaid, and upon payment to the Insured by the
Underwriter on account of any loss through dishonest or fraudulent act(s)
including larceny or Embezzlement committed by any of the partners, officers or
employees of such Employers, whether acting alone or in collusion with others,
an assignment of such of the Insured's rights and causes of action as it may
have against such Employers by reason of such acts so committed shall, to the
extent of such payment, be given by the Insured to the Underwriter, and the
Insured shall execute all papers necessary to secure to the Underwriter the
rights herein provided for.
SECTION 4. LOSS -NOTICE -PROOF LEGAL PROCEEDINGS
This bond is for the use and benefit only of the Insured named in the
Declarations and the Underwriter shall not be liable hereunder for loss
sustained by anyone other than the insured unless the Insured, in its sole
discretion and at its option, shall include such loss in the Insured's proof of
loss. at the earliest practicable moment after discovery of any loss hereunder
the insured shall give the Underwriter written notice thereof and shall also
within six months after such discovery furnish to the underwriter affirmative
proof of loss with full particulars. if claim is made under this bond for loss
of securities or shares, the Underwriter shall not be liable unless each of such
securities or shares is identified in such proof of loss by a certificate or
bond number or, where such securities or shares are uncertificated, by such
identification means as agreed to by the Underwriter. the Underwriter shall have
thirty days after notice and proof of loss within which to investigate the
claim, but where the loss is clear and undisputed, settlement shall be made
within forty-eight hours; and this shall apply notwithstanding the loss is made
up wholly or in part of securities of which duplicates may be obtained. Legal
proceedings for recovery of any loss hereunder shall not be brought prior to the
expiration of sixty days after such proof of loss is filed with the Underwriter
nor after the expiration of twenty-four months from the discovery of such loss,
except that any action or proceedings to recover hereunder on account of any
judgment against the Insured in any suit mentioned in General Agreement C or to
recover attorneys' fees paid in any such suit, shall be begun within twenty-four
months from the date upon which the judgment in such suit shall become final. If
any limitation embodied in this bond is prohibited by any law controlling the
construction hereof, such limitation shall be deemed to be amended so as to be
equal to the minimum period of limitation permitted by such law.
Discovery occurs when the Insured:
(a) becomes aware of facts, or
(b) receives written notice of an actual or potential claim by a third
party which alleges that the insured is liable under circumstances,
which would cause a reasonable person to assume that a loss covered by the bond
has been or will be incurred even though the exact amount or details of loss may
not be then known.
SECTION 5. VALUATION OF PROPERTY
The value of any Property, except books of accounts or other records used by the
Insured in the conduct of its business, for the loss of which a claim shall be
made hereunder, shall be determined by the average market value of such Propert
on the business day next preceding the discovery of such loss; provided,
however, that the value of any Property replaced by the Insured prior to the
payment of claim therefor shall be the actual market value at the time of
replacement; and further provided that in case of a loss or misplacement of
interim certificates, warrants, rights, or other securities, the production of
which is necessary to the exercise of subscription, conversion, redemption or
deposit privileges, the value thereof shall be the market value of such
privileges
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immediately preceding the expiration thereof if said loss or misplacement is not
discovered until after their expiration. if no market price is quoted for such
property or for such privileges, the value shall be fixed by agreement between
the parties or by arbitration.
In case of any loss or damage to Property consisting of books of accounts or
other records used by the Insured in the conduct of its business, the
Underwriter shall be liable under this bond only if such books or records are
actually reproduced and then for not more than the cost of blank books, blank
pages or other materials plus the cost of labor for the actual transcription or
copying of data which shall have been furnished by the Insured in order to
reproduce such books and other records.
SECTION 6. VALUATION OF PREMISES AND FURNISHINGS
In case of damage to any office of the Insured, or loss of or damage to the
furnishings, fixtures, stationery, supplies, equipment, safes or vaults therein,
the Underwriter shall not be liable for more than the actual cash value thereof,
or for more than the actual cost of their replacement or repair. the Underwriter
may, at its election, pay such actual cash value or make such replacement or
repair. If the Underwriter and the insured cannot agree upon such cash value or
such cost of replacement or repair, such shall be determined by arbitration.
SECTION 7. LOST SECURITIES
If the Insured shall sustain a loss of securities the total value of which is in
excess of the limit stated in Item 3 of the Declarations of this bond, the
liability of the Underwriter shall be limited to payment for, or duplication of,
securities having value equal to the limit stated in Item 3 of the Declarations
of this bond.
If the Underwriter shall make payment to the Insured for any loss of securities,
the Insured shall thereupon assign to the Inderwriter all of the Insured's
rights, title and interest in and to said securities.
With respect to securities the value of which do not exceed the Deductible
Amount (at the time of the discovery of the loss) and for which the Underwriter
may at its sole discretion and option and at the request of the Insured issue a
Lost Instrument Bond or Bonds to effect replacement thereof, the Insured will
pay the usual premium charged therefor and will indemnify the Underwriter
against all loss or expense that the Underwriter may sustain because of the
issuance of such Lost Instrument Bond or Bonds.
With respect to securities the value of which exceeds the Deductible Amount (at
the time of discovery of the loss) and for which the Underwriter may issue or
arrange for the issuance of a Lost Instrument Bond or Bonds to effect
replacement thereof, the Insured agrees that it will pay as premium therefor a
proportion of the usual premium charged therefor, said proportion being equal to
the percentage that the Deductible Amount bears to the value of the securities
upon discovery of the loss, and that it will indemnify the issuer of said Lost
Instrument Bond or Bonds against all loss and expense that is not recoverable
from the Underwriter under the terms and conditions of this Investment Company
Blanket Bond subject to the Limit of Liability hereunder.
SECTION 8. SALVAGE
In case of recovery, whether made by the insured or by the Underwriter, on
account of any loss in excess of the Limit of Liability hereunder plus the
Deductible Amount applicable to such loss, from any source other than
suretyship, insurance, reinsurance, security or indemnity taken by or for the
benefit of the Underwriter, the net amount of such recovery, less the actual
costs and expenses of making same, shall be applied to reimburse the insured in
full for the excess portion of such loss, and the remainder, if any, shall be
paid first in reimbursement of the Underwriter and thereafter in reimbursement
of the Insured for that part of such loss within the Deductible Amount. The
Insured shall execute all necessary papers to secure to the Underwriter the
rights provided for herein.
SECTION 9. NON-REDUCTION AND NONACCUMULATION OF LIABILITY AND TOTAL LIABILITY
At all times prior to termination hereof, this bond shall continue in force for
the limit stated in the applicable sections of Item 3 of the Declarations of
this bond notwithstanding any previous loss for which the Underwriter may have
paid or be liable to pay hereunder; PROVIDED, however, that regardless of the
number of years this bond shall continue in force and the number or premiums
which shall be payable or paid, the liability of the Underwriter under this bond
with respect to all loss resulting from:
(a) any one act of burglary, robbery or holdup, or attempt thereat, in
which no Partner or Employee is concerned or implicated shall be
deemed to be one loss, or
(b) any one unintentional or negligent act on the part of any other person
resulting in damage to or destruction or misplacement of Property,
shall be deemed to be one loss, or
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(c) all wrongful acts, other than those specified in (a) above, of any one
person shall be deemed to be one loss, or
(d) all wrongful acts, other than those specified in (a) above, of one or
more persons (which dishonest act(s) or act(s) of Larceny or
Embezzlement include, but are not limited to, the failure of an
Employee to report such acts of others) whose dishonest act or acts
intentionally or unintentionally, knowingly or unknowingly, directly
or indirectly, aid or aids in any way, or permits the continuation of,
the dishonest act or acts of any other person or persons shall be
deemed to be one loss with the act or acts of the persons aided, or
(e) any one casualty or event other than those specified in (a), (b), (c)
or (d) preceding, shall be deemed to be one loss, and
shall be limited to the applicable limit of liability stated in Item 3 of the
Declarations of this bond irrespective of the total amount of such loss or
losses and shall not be cumulative in amounts from year to year or from period
to period.
Sub-section (c) is not applicable to any situation to which the language of
sub-section (d) applies.
SECTION 10. LIMIT OF LIABILITY
With respect to any loss set forth in the PROVIDED clause of Section 9 of this
bond which is recoverable or recovered in whole or in part under any other bonds
or policies issued by the Underwriter to the Insured or to any predecessor in
interest of the Insured and terminated or cancelled or allowed to expire and in
which the period of discovery has not expired at the time any such loss
thereunder is discovered, the total liability of the underwriter under this bond
and under other bonds or policies shall not exceed, in the aggregate, the amount
carried hereunder on such loss or the amount available to the Insured under such
other bonds or policies, as limited by the terms and conditions thereof, for any
such loss if the latter amount be the larger.
SECTION 11. OTHER INSURANCE
If the Insured shall hold, as indemnity against any loss covered hereunder, any
valid and enforceable insurance or suretyship, the Underwriter shall be liable
hereunder only for such amount of such loss which is in excess of the amount of
such other insurance or suretyship, not exceeding, however, the Limit of
Liability of this bond applicable to such loss.
SECTION 12. DEDUCTIBLE
The Underwriter shall not be liable under any of the Insuring Agreements of this
bond on account of loss as specified, respectively, in sub-sections (a), (b),
(c), (d) and (e) of Section 9, NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY
AND TOTAL LIABILITy, unless the amount of such loss, after deducting the net
amount of all reimbursement and/or recovery obtained or made by the Insured,
other than from any bond or policy of insurance issued by an insurance company
and covering such loss, or by the Underwriter on account thereof prior to
payment by the Underwriter of such loss, shall exceed the Deductible Amount set
forth in Item 3 of the Declarations hereof (herein called Deductible amount),
and then for such excess only, but in no event for more than the applicable
Limit of Liability stated in Item 3 of the Declarations.
The Insured will bear, in addition to the Deductible Amount, premiums on Lost
Instrument Bonds as set forth in Section 7.
There shall be no deductible applicable to any loss under Insuring Agreement A
sustained by any Investment Company named as Insured Herein.
SECTION 13. TERMINATION
The Underwriter may terminate this bond as an entirety by furnishing written
notice specifying the termination date, which cannot be prior to 60 days after
the receipt of such written notice by each Investment Company named as Insured
and the Securities and Exchange Commission, Washington, D.C. The Insured may
terminate this bond as an entirety by furnishing written notice to the
Underwriter. When the insured cancels, the Insured shall furnish written notice
to the Securities and Exchange Commission, Washington, D.C., prior to 60 days
before the effective date of the termination. The Underwriter shall notify all
other Investment Companies named as Insured of the receipt of such termination
notice and the termination cannot be effective prior to 60 days after receipt of
written notice by all other investment Companies. Premiums are earned until the
termination date as set forth herein.
This Bond will terminate as to any one Insured immediately upon taking over of
such insured by a receiver or other liquidator or by State or Federal officials,
or immediately upon the filing of a petition under any State or Federal statute
relative to bankruptcy or reorganization of the Insured, or assignment for the
benefit of creditors of the Insured, or immediately upon such Insured ceasing to
exist, whether through merger into another entity, or by disposition of all of
its assets.
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The Underwriter shall refund the unearned premium computed at short rates in
accordance with the standard short rate cancellation tables if terminated by the
Insured or pro rata if terminated for any other reason.
This bond shall terminate:
(a) as to any Employee as soon as any partner, officer or supervisory
Employee of the Insured, who is not in collusion with such Employee,
shall learn of any dishonest or fraudulent act(s), including Larceny
or Embezzlement on the part of such Employee without prejudice to the
loss of any Property then in transit in the custody of such Employee
(see Section 16(d)), or
(b) as to any Employee 60 days after receipt by each Insured and by the
Securities and Exchange Commission of a written notice from the
Underwriter of its desire to terminate this bond as to such employee,
or
(c) as to any person, who is a partner, officer or employee of any
Electronic Data Processor covered under this bond, from and after the
time that the Insured or any partner or officer thereof not in
collusion with such person shall have knowledge or information that
such person has committed any dishonest or fraudulent act(s),
including Larceny or Embezzlement in the service of the Insured or
otherwise, whether such act be committed before or after the time this
bond is effective.
SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION
At any time prior to the termination or cancellation of this bond as an
entirety, whether by the Insured or the Underwriter, the Insured may give the
Underwriter notice that it desires under this bond an additional period of 12
months within which to discover loss sustained by the insured prior to the
effective date of such termination or cancellation and shall pay an additional
premium therefor.
Upon receipt of such notice from the Insured, the Underwriter shall give its
written consent thereto; provided, however, that such additional period of time
shall terminate immediately:
(a) on the effective date of any other insurance obtained by the Insured,
its successor in business or any other party, replacing in whole or in
part the insurance afforded by this bond, whether or not such other
insurance provides coverage for loss sustained prior to its effective
date, or
(b) upon takeover of the Insured's business by any State or Federal
official or agency, or by any receiver or liquidator, acting or
appointed for this purpose without the necessity of the Underwriter
giving notice of such termination. In the event that such additional
period of time is terminated, as provided above, the Underwriter shall
refund any unearned premium.
The right to purchase such additional period for the discovery of loss may not
be exercised by any State or Federal official or agency, or by a receiver or
liquidator, acting or appointed to take over the Insured's business for the
operation or for the liquidation thereof or for any purpose.
SECTION 15. CENTRAL HANDLING OF SECURITIES
Securities included in the system for the central handling of securities
established and maintained by Depository Trust Company, Midwest Depository Trust
Company, Pacific Securities Depository Trust Company, and Philadelphia
Depository Trust Company, hereinafter called Corporations, to the extent of the
Insured's interest therein as effected by the making of appropriate entries on
the books and records of such Corporations shall be deemed to be Property.
The words "Employee" and 'Employees" shall be deemed to include the officers,
partners, clerks and other employees of the New York Stock Exchange, Boston
Stock Exchange, Midwest Stock Exchange, Pacific Stock Exchange and Philadelphia
Stock Exchange, hereinafter called Exchanges, and of the above named
Corporations, and of any nominee in whose name is registered any security
included within the systems for the central handling of securities established
and maintained by such Corporations, and any employee or any recognized service
company, while such officers, partners, clerks and other employees and employees
of service companies perform services for such Corporations in the operation of
such systems. For the purpose of the above definition a recognized service
company shall be any company providing clerks or other personnel to the said
Exchanges or Corporations on a contract basis.
The underwriter shall not be liable on account of any loss(es) in connection
with the central handling of securities within the systems established and
maintained by such Corporations, unless such loss(es) shall be in excess of the
amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations against such loss(es), and then the Underwriter
shall be liable hereunder
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only for the Insured's share of such excess loss(es), but in no event for more
than the Limit of Liability applicable hereunder.
For the purpose of determining the Insured's share of excess loss(es) it shall
be deemed that the Insured has an interest in any certificate representing any
security included within such systems equivalent to the interest the Insured
then has in all certificates representing the same security included within such
systems and that such Corporations shall use their best judgment in apportioning
the amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations against such loss(es) in connection with the
central handling of securities within such systems among all those having an
interest as recorded by appropriate entries in the books and records of such
Corporations in Property involved in such loss(es) on the basis that each such
interest shall share in the amount(s) so recoverable or recovered in the ratio
that the value of each such interest bears to the total value all such interests
and that the Insured's share of such excess loss(es) shall be the amount of the
Insured's interest in such Property in excess of the amount(s) so apportioned to
the Insured by such Corporations.
This bond does not afford coverage in favor of such Corporations or Exchanges or
any nominee in whose name is registered any security included within the systems
for the central handling of securities established and maintained by such
Corporations, and upon payment to the Insured by the Underwriter on account of
any loss(es) within the systems, an assignment of such of the Insured's rights
and causes of action as it may have against such Corporations or Exchanges shall
to the extent of such payment, be given by the Insured to the Underwriter, and
the Insured shall execute all papers necessary to secure the Underwriter the
rights provided for herein.
SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED
If more than one corporation, co-partnership or person or any combination of
them be included as the insured herein:
(a) the total liability of the Underwriter hereunder for loss or losses
sustained by any one or more or all of them shall not exceed the limit
for which the Underwriter would be liable hereunder if all such loss
were sustained by any one of them;
(b) the one first named herein shall be deemed authorized to make, adjust
and receive and enforce payment of all claims hereunder and shall be
deemed to be the agent of the others for such purposes and for the
giving or receiving of any notice required or permitted to be given by
the terms hereof, provided that the Underwriter shall furnish each
named Investment Company with a copy of the bond and with any
amendment thereto, together with a copy of each formal filing of the
settlement of each such claim prior to the execution of such
settlement;
(c) the Underwriter shall not be responsible for the proper application of
any payment made hereunder to said first named insured;
(d) knowledge possessed or discovery made by any partner, officer of
supervisory Employee of any insured shall for the purposes of Section
4 and Section 13 of this bond constitute knowledge or discovery by all
the Insured; and
(e) if the first named Insured ceases for any reason to be covered under
this bond, then the Insured next named shall thereafter be considered
as the first, named Insured for the purposes of this bond.
SECTION 17. NOTICE AND CHANGE OF CONTROL
Upon the Insured obtaining knowledge of a transfer of its outstanding voting
securities which results in a change in control (as set forth in Section 2(a)
(9) of the Investment Company Act of 1940) of the Insured, the Insured shall
within thirty (30) days of such knowledge give written notice to the Underwriter
setting forth:
(a) the names of the transferors and transferees (or the names of the
beneficial owners if the voting securities are requested in another
name), and
(b) the total number of voting securities owned by the transferors and the
transferees (or the beneficial owners), both immediately before and
after the transfer, and
(c) the total number of outstanding voting securities.
As used in this section, control means the power to exercise a controlling
influence over the management or policies of the Insured.
Failing to give the required notice shall result in termination of coverage of
this bond, effective upon the date of stock transfer for any loss in which any
transferee is concerned or implicated.
Such notice is not required to be given in the case of an insured which is an
Investment Company.
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB005 Ed. 7-04 11 of 12
SECTION 18. CHANGE OR MODIFICATION
This bond or any instrument amending or effecting same may not be changed or
modified orally. No changes in or modification thereof shall be effective unless
made by written endorsement issued to form a part hereof over the signature of
the Underwriter's Authorized Representative. When a bond covers only one
Investment Company no change or modification which would adversely affect the
rights of the Investment Company shall be effective prior to 60 days after
written notification has been furnished to the Securities and Exchange
Commission, Washington, D.C., by the Insured or by the Underwriter. If more than
one Investment Company is named as the Insured herein, the Underwriter shall
give written notice to each Investment Company and to the Securities and
Exchange Commission, Washington, D.C., not less than 60 days prior to the
effective date of any change or modification which would adversely affect the
rights of such Investment Company.
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB005 Ed. 7-04 12 of 12
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the bond or policy have the same inception date.
The hard copy of the bond issued by the Underwriter will be referenced in the
event of a loss
ATTACHED TO AND FORMING DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
490PB2463 12/30/09 12/07/09
* ISSUED TO
THE GABELLI FUNDS, ET AL
Named Insured Endorsement
It is agreed that:
1. From and after the time this rider becomes effective the Insured under the
attached bond are:
The Gabelli ABC Fund
The Gabelli Asset Fund
The Gabelli Blue Chip Value Fund
The Gabelli Capital Asset Fund
Comstock Funds
Comstock Capital Value Fund
Comstock Strategy Fund
Gabelli Enterprise Mergers and Acquisitions Fund
Gabelli Equity Series Fund
The Gabelli Equity Income Fund
The Gabelli Small Cap Growth Fund
The Gabelli Woodland Small Cap Value Fund
The GAMCO Global Series Funds
The GAMCO Global Convertible Securities Fund
The GAMCO Global Growth Fund
The GAMCO Global Opportunity Fund
2. The first named Insured shall act for itself and for each and all of the
Insured for all the purposes of the attached bond.
3. Knowledge possessed or discovery made by any Insured or by any partner or
officer thereof shall for all the purposes of the attached bond constitute
knowledge or discovery by all the Insured.
4. If, prior to the termination of the attached bond in its entirety, the
attached bond is terminated as to any Insured, there shall be no liability
for any loss sustained by such Insured unless discovered before the time
such termination as to such Insured becomes effective.
5. The liability of the Underwriter for loss or losses sustained by any or all
of the Insured shall not exceed the amount for which the Underwriter would
be liable had all such loss or losses been sustained by any one of the
Insured. Payment by the Underwriter to the first named Insured of loss
sustained by any Insured shall fully release the Underwriter on account of
such loss.
6. If the first named Insured ceases for any reason to be covered under the
attached bond, then the Insured next named shall thereafter be considered
as the first named Insured for all the purposes of the attached bond.
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
INSURED
(C) 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
Authorized Representative
ICB010 Ed. 7-04 Page 1 of 1
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
The hard copy of the bond issued by the Underwriter will be referenced in the
event of a loss
ATTACHED TO AND FORMING DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
490PB2463 12/30/09 12/07/09
* ISSUED TO
The Gabelli Funds, et al
Named Insured Endorsement
It is agreed that:
1. From and after the time this rider becomes effective the Insured under the
attached bond are:
The GAMCO Global Telecommunications Fund
GAMCO Gold Fund, Inc.
The GAMCO Growth Fund
GAMCO International Growth Fund, Inc.
The GAMCO Mathers Fund
Gabelli SRI Green Fund, Inc.
The Gabelli U.S. Treasury Money Market Fund
The Gabelli Utilities Fund
The Gabelli Value Fund, Inc.
GAMCO Westwood Funds
GAMCO Westwood Balanced Fund
GAMCO Westwood Equity Fund
GAMCO Westwood Income Fund
GAMCO Westwood Intermediate Bond Fund
GAMCO Westwood Mighty Mites Fund
GAMCO Westwood SmallCap Equity Fund
2. The first named Insured shall act for itself and for each and all of the
Insured for all the purposes of the attached bond.
3. Knowledge possessed or discovery made by any Insured or by any partner or
officer thereof shall for all the purposes of the attached bond constitute
knowledge or discovery by all the Insured.
4. If, prior to the termination of the attached bond in its entirety, the
attached bond is terminated as to any Insured, there shall be no liability
for any loss sustained by such Insured unless discovered before the time
such termination as to such Insured becomes effective.
5. The liability of the Underwriter for loss or losses sustained by any or all
of the Insured shall not exceed the amount for which the Underwriter would
be liable had all such loss or losses been sustained by any one of the
Insured. Payment by the Underwriter to the first named Insured of loss
sustained by any Insured shall fully release the Underwriter on account of
such loss.
6. If the first named Insured ceases for any reason to be covered under the
attached bond, then the Insured next named shall thereafter be considered
as the first named Insured for all the purposes of the attached bond.
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
INSURED
(C) 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
Authorized Representative
ICB010 Ed. 7-04 Page 1 of 1
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss
ATTACHED TO AND FORMING DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
490PB2463 12/30/09 12/07/09
* ISSUED TO
The Gabelli Funds, et al
Named Insured Endorsement
It is agreed that:
1. From and after the time this rider becomes effective the Insured under the
attached bond are:
The Gabelli Convertible & Income Securities Fund, Inc.
The Gabelli Dividend & Income Trust
The Gabelli Equity Trust Inc.
The Gabelli Global Deal Fund
The Gabelli Global Gold, Natural Resources & Income Trust
The Gabelli Global Mutlimedia Trust Inc.
The Gabelli Healthcare & Wellness Rx Trust
The Gabelli Utility Trust
2. The first named Insured shall act for itself and for each and all of the
Insured for all the purposes of the attached bond.
3. Knowledge possessed or discovery made by any Insured or by any partner or
officer thereof shall for all the purposes of the attached bond constitute
knowledge or discovery by all the Insured.
4. If, prior to the termination of the attached bond in its entirety, the
attached bond is terminated as to any Insured, there shall be no liability
for any loss sustained by such Insured unless discovered before the time
such termination as to such Insured becomes effective.
5. The liability of the Underwriter for loss or losses sustained by any or all
of the Insured shall not exceed the amount for which the Underwriter would
be liable had all such loss or losses been sustained by any one of the
Insured. Payment by the Underwriter to the first named Insured of loss
sustained by any Insured shall fully release the Underwriter on account of
such loss.
6. If the first named Insured ceases for any reason to be covered under the
attached bond, then the Insured next named shall thereafter be considered
as the first named Insured for all the purposes of the attached bond.
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
INSURED
(C) 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
Authorized Representative
ICB010 Ed. 7-04 Page 1 of 1
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date. The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ATTACHED TO AND FORMING DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
490PB2463 12/30/09 12/07/09
* ISSUED TO
The Gabelli Funds, et al
Computer Systems
It is agreed that:
1. The attached bond is amended by adding an additional Insuring Agreement as
follows:
INSURING AGREEMENT J COMPUTER SYSTEMS
Loss resulting directly from a fraudulent
(1) entry of data into, or
(2) change of data elements or program within a Computer System listed in
the SCHEDULE below, provided the fraudulent entry or change causes
(a) Property to be transferred, paid or delivered,
(b) an account of the Insured, or of its customer, to be added,
deleted, debited or credited, or
(c) an unauthorized account or a fictitious account to be debited or
credited, and provided further, the fraudulent entry or change is
made or caused by an individual acting with the manifest intent
to
(i) cause the Insured to sustain a loss, and
(ii) obtain financial benefit for that individual or for other
persons intended by that individual to receive financial
benefit.
SCHEDULE
All systems utilized by the Insured
2. As used in this Rider, Computer System means
(a) computers with related peripheral components, including storage
components, wherever located,
(b) systems and applications software,
(c) terminal devices, and
(d) related communication networks
by which data are electronically collected, transmitted, processed, stored
and retrieved.
3. In addition to the exclusions in the attached bond, the following
exclusions are applicable to this Insuring Agreement:
(a) loss resulting directly or indirectly from the theft of
confidential information, material or data; and
(C) 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICB011 Ed. 7-04 Page 1 of 2
(b) loss resulting directly or indirectly from entries or changes
made by an individual authorized to have access to a Computer
System who acts in good faith on instructions, unless such
instructions are given to that individual by a software
contractor (or by a partner, officer or employee thereof)
authorized by the Insured to design, develop, prepare, supply,
service, write or implement programs for the Insured's Computer
System.
4. The following portions of the attached bond are not applicable to this
Rider:
(a) the portion preceding the Insuring Agreements which reads "at any
time but discovered during the Bond Period";
(b) Section 9 NONREDUCTION AND NON-ACCUMULATION OF LIABILITY of the
Conditions and Limitations; and
(c) Section 10 LIMIT OF LIABILITY of the Conditions and Limitations.
5. The coverage afforded by this Rider applies only to loss discovered by the
Insured during the period this Rider is in force.
6. All loss or series of losses involving the fraudulent activity of one
individual, or involving fraudulent activity, in which one individual is
implicated, whether or not that individual is specifically identified,
shall be treated as one loss. A series of losses involving unidentified
individuals but arising from the same method of operation may be deemed by
the Underwriter to involve the same individual and in that event shall be
treated as one loss.
7. The Limit of Liability for the coverage provided by this Rider shall be
Twenty Three Million Three Hundred Thousand
Dollars ($23,300,000 ), it being understood, however, that such liability shall
be a part of and not in addition to the Limit of Liability stated in Item 3 of
the Declarations of the attached bond or any amendment thereof.
8. The Underwriter shall be liable hereunder for the amount by which one loss
exceeds the Deductible Amount applicable to the attached bond, but not in
excess of the Limit of Liability stated above.
9. If any loss is covered under this Insuring Agreement and any other Insuring
Agreement or Coverage, the maximum amount payable for such loss shall not
exceed the largest amount available under any one Insuring Agreement or
Coverage.
10. Coverage under this Rider shall terminate upon termination or cancellation
of the bond to which this Rider is attached. Coverage under this Rider may
also be terminated or canceled without canceling the bond as an entirety
(a) 60 days after receipt by the Insured of written notice from the
Underwriter of its desire to terminate or cancel coverage under this
Rider, or
(b) immediately upon receipt by the Underwriter of a written request from
the Insured to terminate or cancel coverage under this Rider.
The Underwriter shall refund to the Insured the unearned premium for the
coverage under this Rider. The refund shall be computed at short rates if this
Rider be terminated or canceled or reduced by notice from, or at the instance
of, the Insured.
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB011 Ed. 7-04 Page 2 of 2
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss
ATTACHED TO AND FORMING DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
490PB2463 12/30/09 12/07/09
* ISSUED TO
The Gabelli Funds, et al
Unauthorized Signatures
It is agreed that:
1. The attached bond is amended by inserting an additional Insuring Agreement
as follows:
INSURING AGREEMENT K UNAUTHORIZED SIGNATURE
(A) Loss resulting directly from the Insured having accepted, paid or
cashed any check or withdrawal order, draft, made or drawn on a
customer's account which bears the signature or endorsement of one
other than a person whose name and signature is on the application on
file with the Insured as a signatory on such account.
(B) It shall be a condition precedent to the Insured's right of recovery
under this Rider that the Insured shall have on file signatures of all
persons who are authorized signatories on such account.
2. The total liability of the Underwriter under Insuring Agreement K is
limited to the sum of Twenty-Five Thousand Dollars ($25,000 ), it being
understood, however, that such liability shall be part of and not in
addition to the Limit of Liability stated in Item 3 of the Declarations of
the attached bond or amendment thereof.
3. With respect to coverage afforded under this Rider, the Deductible Amount
shall be Five Thousand Dollars ($5,000 ).
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB012 Ed. 7-04
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date. The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
ATTACHED TO AND FORMING DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
490PB2463 12/30/09 12/07/09
* ISSUED TO
The Gabelli Funds, et al
Telefacsimile Transactions
It is agreed that:
1. The attached Bond is amended by adding an additional Insuring Agreement as
follows:
INSURING AGREEMENT L TELEFACSIMILE TRANSACTIONS
Loss caused by a Telefacsimile Transaction, where the request for such
Telefacsimile Transaction is unauthorized or fraudulent and is made with
the manifest intent to deceive; provided, that the entity which receives
such request generally maintains and follows during the Bond Period all
Designated Fax Procedures with respect to Telefacsimile Transactions. The
isolated failure of such entity to maintain and follow a particular
Designated Fax Procedure in a particular instance will not preclude
coverage under this Insuring Agreement, subject to the exclusions herein
and in the Bond.
2. Definitions. The following terms used in this Insuring Agreement shall have
the following meanings:
a. "Telefacsimile System" means a system of transmitting and reproducing
fixed graphic material (as, for example, printing) by means of signals
transmitted over telephone lines.
b. "Telefacsimile Transaction" means any Fax Redemption, Fax Election,
Fax Exchange, or Fax Purchase.
c. "Fax Redemption" means any redemption of shares issued by an
Investment Company which is requested through a Telefacsimile System.
d. "Fax Election" means any election concerning dividend options
available to Fund shareholders which is requested through a
Telefacsimile System.
e. "Fax Exchange" means any exchange of shares in a registered account of
one Fund into shares in an identically registered account of another
Fund in the same complex pursuant to exchange privileges of the two
Funds, which exchange is requested through a Telefacsimile System.
f. "Fax Purchase" means any purchase of shares issued by an Investment
Company which is requested through a Telefacsimile System.
g. "Designated Fax Procedures" means the following procedures:
(1) Retention: All Telefacsimile Transaction requests shall be
retained for at least six (6) months. Requests shall be capable
of being retrieved and produced in legible form within a
reasonable time after retrieval is requested.
(2) Identity Test: The identity of the sender in any request for a
Telefacsimile Transaction shall be tested before executing that
Telefacsimile Transaction, either by requiring the sender to
include on the face of the request a unique identification number
or to include key specific account information. Requests of
Dealers must be on company letterhead and be signed by an
authorized representative. Transactions by occasional users are
to be verified by telephone confirmation.
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB013 Ed. 7-04 Page 1 of 2
(3) Contents: A Telefacsimile Transaction shall not be executed
unless the request for such Telefacsimile Transaction is dated
and purports to have been signed by (a) any shareholder or
subscriber to shares issued by a Fund, or (b) any financial or
banking institution or stockbroker.
(4) Written Confirmation: A written confirmation of each
Telefacsimile Transaction shall be sent to the shareholder(s) to
whose account such Telefacsimile Transaction relates, at the
record address, by the end of the Insured's next regular
processing cycle, but no later than five (5) business days
following such Telefacsimile Transaction.
i. "Designated" means or refers to a written designation signed by a
shareholder of record of a Fund, either in such shareholder's initial
application for the purchase of Fund shares, with or without a
Signature Guarantee, or in another document with a Signature
Guarantee.
j. "Signature Guarantee" means a written guarantee of a signature, which
guarantee is made by an Eligible Guarantor Institution as defined in
Rule 17Ad-15(a)(2) under the Securities Exchange Act of 1934.
3. Exclusions. It is further understood and agreed that this Insuring
Agreement shall not cover:
a. Any loss covered under Insuring Agreement A, "Fidelity," of this Bond;
and
b. Any loss resulting from:
(1) Any Fax Redemption, where the proceeds of such redemption were
requested to be paid or made payable to other than (a) the
shareholder of record, or (b) a person Designated in the initial
application or in writing at least one (1) day prior to such
redemption to receive redemption proceeds, or (c) a bank account
Designated in the initial application or in writing at least one
(1) day prior to such redemption to receive redemption proceeds;
or
(2) Any Fax Redemption of Fund shares which had been improperly
credited to a shareholder's account, where such shareholder (a)
did not cause, directly or indirectly, such shares to be credited
to such account, and (b) directly or indirectly received any
proceeds or other benefit from such redemption; or
(3) Any Fax Redemption from any account, where the proceeds of such
redemption were requested to be sent to any address other than
the record address or another address for such account which was
designated (a) over the telephone or by telefacsimile at least
fifteen (15) days prior to such redemption, or (b) in the initial
application or in writing at least one (1) day prior to such
redemption; or
(4) The intentional failure to adhere to one or more Designated Fax
Procedures; or
(5) The failure to pay for shares attempted to be purchased.
4. The Single Loss Limit of Liability under Insuring Agreement L is limited to
the sum of Twenty Three Million Thre Hundred Thousand Dollars ($23,300,000
) it being understood, however, that such liability shall be part of and
not in addition to the Limit of Liability stated in Item 3 of the
Declarations of the attached Bond or amendments thereof.
5. With respect to coverage afforded under this Rider the applicable Single
loss Deductible Amount is Ten Thousand Dollars ($10,000 ).
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB013 Ed. 7-04 Page 2 of 2
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss
ATTACHED TO AND FORMING DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
490PB2463 12/30/09 12/07/09
* ISSUED TO
The Gabelli Funds, et al
Voice Initiated Transactions
It is agreed that:
1. The attached bond is amended by inserting an additional Insuring Agreement
as follows:
INSURING AGREEMENT N -VOICE-INITIATED TRANSACTIONS
Loss caused by a Voice-initiated Transaction, where the request for such
Voice-initiated Transaction is unauthorized or fraudulent and is made with
the manifest intent to deceive; provided, that the entity which receives
such request generally maintains and follows during the Bond Period all
Designated Procedures with respect to Voice-initiated Redemptions and the
Designated Procedures described in paragraph 2f (1) and (3) of this Rider
with respect to all other Voice-initiated Transactions. The isolated
failure of such entity to maintain and follow a particular Designated
Procedure in a particular instance will not preclude coverage under this
Insuring Agreement, subject to the specific exclusions herein and in the
Bond.
2. Definitions. The following terms used in this Insuring Agreement shall have
the following meanings:
a. "Voice-initiated Transaction" means any Voice-initiated Redemption,
Voice-initiated Election, Voice-initiated Exchange, or Voice-initiated
Purchase.
b. "Voice-initiated Redemption" means any redemption of shares issued by
an Investment Company which is requested by voice over the telephone.
c. "Voice-initiated Election" means any election concerning dividend
options available to Fund shareholders which is requested by voice
over the telephone.
d. "Voice-initiated Exchange" means any exchange of shares in a
registered account of one Fund into shares in an identically
registered account of another Fund in the same complex pursuant to
exchange privileges of the two Funds, which exchange is requested by
voice over the telephone.
(1) Recordings: All Voice-initiated Transaction requests shall be
recorded, and the recordings shall be retained for at least six
(6) months. Information contained on the recordings shall be
capable of being retrieved and produced within a reasonable time
after retrieval of specific information is requested, at a
success rate of no less than 85%.
(2) Identity Test: The identity of the caller in any request for a
Voice-initiated Redemption shall be tested before executing that
Voice-initiated Redemption, either by requesting the caller to
state a unique identification number or to furnish key specific
account information.
(3) Written Confirmation: A written confirmation of each
Voice-initiated Transaction and of each change of the record
address of a Fund shareholder requested by voice over the
telephone shall be mailed to the shareholder(s) to whose account
such Voice-initiated Transaction or change of address relates, at
the original record address (and, in the case of such change of
address, at the changed record address) by the end of the
Insured's next regular processing cycle, but no later than five
(5) business days following such Voice-initiated Transaction or
change of address.
e. "Voice-initiated Purchase" means any purchase of shares issued by an
Investment Company which is requested by voice over the telephone.
f. "Designated Procedures" means the following procedures:
g. "Investment Company" or "Fund" means an investment company registered
under the Investment
The hard copy of the bond issued by the Underwriter will be referenced in the
event of a loss
Company Act of 1940.
(c) 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICB016 Ed. 7-04
h. "Officially Designated" means or refers to a written designation
signed by a shareholder of record of a Fund, either in such
shareholder's initial application for the purchase of Fund shares,
with or without a Signature Guarantee, or in another document with a
Signature Guarantee.
i. "Signature Guarantee" means a written guarantee of a signature, which
guarantee is made by a financial or banking institution whose deposits
are insured by the Federal Deposit Insurance Corporation or by a
broker which is a member of any national securities exchange
registered under the Securities Exchange Act of 1934.
3. Exclusions. It is further understood and agreed that this Insuring
Agreement shall not cover:
a. Any loss covered under Insuring Agreement A, "Fidelity, " of this
Bond; and
b. Any loss resulting from:
(1) Any Voice-initiated Redemption, where the proceeds of such
redemption were requested to be paid or made payable to other
than (a) the shareholder of record, or (b) a person Officially
Designated to receive redemption proceeds, or (c) a bank account
Officially Designated to receive redemption proceeds; or
(2) Any Voice-initiated Redemption of Fund shares which had been
improperly credited to a shareholder's account, where such
shareholder (a) did not cause, directly or indirectly, such
shares to be credited to such account, and (b) directly or
indirectly received any proceeds or other benefit from such
redemption; or
(3) Any Voice-initiated Redemption from any account, where the
proceeds of such redemption were requested to be sent (a) to any
address other than the record address for such account, or (b) to
a record address for such account which was either (i) designated
over the telephone fewer than thirty (30) days prior to such
redemption, or (ii) designated in writing less than on (1) day
prior to such redemption; or
(4) The intentional failure to adhere to one or more Designated
Procedures; or
(5) The failure to pay for shares attempted to be purchased; or
(6) Any Voice-initiated Transaction requested by voice over the
telephone and received by an automated system which receives and
converts such request to executable instructions.
4. The total liability of the Underwriter under Insuring Agreement N is
limited to the sum of Twenty Three Million Three Hundred Thousand Dollars
($23,300,000 ), it being understood, however, that such liability shall be
part of and not in addition to the Limit of Liability stated in Item 3 of
the Declarations of the attached bond or amendment thereof.
5. With respect to coverage afforded under this Rider the applicable
Deductible Amount is Ten Thousand Dollars ($10,000 ).
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB0XX Ed. 7-04
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss
490PB2463 ATTACHED TO 12/30/09 DATE 12/07/09 * EFFECTIVE DATE OF
AND FORMING PART OF ENDORSEMENT ENDORSEMENT OR RIDER 12:01 A.M.
BOND OR POLICY NO. OR RIDER STANDARD TIME AS SPECIFIED IN THE
EXECUTED BOND OR POLICY
* ISSUED TO
The Gabelli Funds, et al
Definition of Investment Company
It is agreed that:
1. Section 1, Definitions, under General Agreements is amended to include the
following paragraph:
(f) Investment Company means an investment company registered under the
Investment Company Act of 1940 and as listed under the names of
Insureds on the Declarations.
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB0XX Ed. 7-04
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
The hard copy of the bond issued by the Underwriter will be referenced in the
event of a loss
ATTACHED TO AND FORMING DATE ENDORSEMENT OR * EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
490PB2463 12/30/09 12/07/09
* ISSUED TO
The Gabelli Funds, et al
Automated Phone Systems
1. The attached Bond is amended by adding an additional Insuring Agreement as
follows:
INSURING AGREEMENT M - AUTOMATED PHONE SYSTEMS ("APS")
Loss caused by an APS Transaction, where the request for such APS
Transaction is unauthorized or fraudulent and is made with the manifest
intent to deceive; provided, that the entity which receives such request
generally maintains and follows during the Bond Period all APS Designated
Procedures with respect to APS Transactions. The isolated failure of such
entity to maintain and follow a particular APS Designated Procedure in a
particular instance will not preclude coverage under this Insuring
Agreement, subject to the exclusions herein and in the Bond.
2. Definitions. The following terms used in this Insuring Agreement shall have
the following meanings:
a. "Automated Phone Systems" or "APS" means an automated system which
receives and converts to executable instructions (1) transmissions by
voice over the telephone, or (2) transmissions over the telephone
through use of a touch-tone keypad or other tone system; and always
excluding transmissions from a Computer System or part thereof.
b. "APS Transaction" means any APS Redemption, APS Election, APS
Exchange, or PAS Purchase.
c. "APS Redemption" means any redemption of shares issued by an
Investment Company which is requested through an Automated Phone
System.
d. "APS Election" means any election concerning dividend options
available to Fund shareholders which is requested through an Automated
Phone System.
e. "APS Exchange" means any exchange of shares in a registered account of
one Fund into shares in an identically registered account of another
Fund in the same complex pursuant to exchange privileges of the two
Funds, which exchange is requested through an Automated Phone System.
f. "APS Purchase" means any purchase of shares issued by an Investment
Company which is requested through an Automated Phone System.
g. "APS Designated Procedures" means the following procedures:
(1) Logging: All APS Transaction requests shall be logged or
otherwise recorded, so as to preserve all of the information
necessary to effect the requested APS Transaction transmitted in
the course of such a request, and the records shall be retained
for at least six months. Information contained in the records
shall be capable of being retrieved and produced within a
reasonable time after retrieval of specific information is
requested, at a success rate of no less than 85 percent.
(2) Identity Test: The identity of the caller in any request for an
APS Transaction shall be tested before executing that APS
Transaction, by requiring the entry by the caller of an
identification number consisting of at least four characters.
(3) Contemporaneous Confirmation: All information in each request for
an APS Transaction which is necessary to effect such APS
Transaction shall be contemporaneously repeated to the caller,
and no such APS Transaction shall be executed unless the caller
has confirmed the accuracy of such information.
(4) Written Confirmation: A written confirmation of each APS
Transaction shall be sent to the shareholder(s) to whose account
such APS Transaction relates, at the record address, by the end
of the Insured's next regular processing cycle, but not later
than five (5) business days following such APS Transaction.
(5) Access to APS Equipment: Physical access to APS equipment shall
be limited to duly authorized personnel.
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB0XX Ed. 7-04
h. "Investment Company" or "Fund" means a investment company registered
under the Investment Company Act of 1940.
i. "Officially Designated" means or refers to a written designation
signed by a shareholder of record of a Fund, either in such
shareholder's initial application for the purchase of Fund shares,
with or without a Signature Guarantee, or in another document with a
Signature Guarantee.
j. "Signature Guarantee" means a written guarantee of a signature, which
guarantee is made by a financial or banking institution whose deposits
are insured by the Federal Deposit Insurance Corporation or by a
broker which is a member of any national securities exchange
registered under the Securities Exchange Act of 1934.
3. Exclusion: It is further understood and agreed that this Insuring Agreement
shall not cover:
a. Any loss covered under Insuring Agreement A, "Fidelity", of this Bond:
and
b. Any loss resulting from:
(1) Any APS Redemption, where the proceeds of such redemption were
requested to be paid or made payable to other than (a) the
shareholder of record, or (b) a person officially Designated to
receive redemption proceeds, or (c) a bank account Officially
Designated to receive redemption proceeds; or
(2) Any APS Redemption of Fund shares which had been improperly
credited to a shareholder's account, where such shareholder (a)
did not cause, directly or indirectly, such shares to be credited
to such account, and (b) directly or indirectly received any
proceeds or other benefit from such redemption; or
(3) Any APS Redemption from any account, where the proceeds of such
redemption were requested to be sent (a) to any address other
than the record address for such account, or (b) to a record
address for such account which was either (i) designated over the
telephone fewer than thirty (30) days prior to such redemption,
or (ii) designated in writing less than one (1) day prior to such
redemption; or
(4) The failure to pay for shares attempted to be purchased, or
(5) The intentional failure to adhere to one or more APS Designated
Procedures.
4. The total liability of the Underwriter under Insuring Agreement M is
limited to the sum of Twenty Three Million Three Hundred Thousand Dollars
($23,300,000 ), it being understood, however, that such liability shall be
part of and not in addition to the Limit of Liability stated in Item 3 of
the Declarations of the attached bond or amendments thereof.
5. With respect to coverage afforded under this Rider, the applicable
Deductible Amount is Ten Thousand Dollars ($10,000 ).
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB0XX Ed. 7-04
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss
490PB2463 12/30/09 DATE 12/07/09 * EFFECTIVE DATE OF
ATTACHED TO AND ENDORSEMENT ENDORSEMENT OR RIDER 12:01 A.M.
FORMING PART OF OR RIDER STANDARD TIME AS SPECIFIED IN THE
BOND OR POLICY EXECUTED BOND OR POLICY
NO.
* ISSUED TO
The Gabelli Funds, et al
Add Exclusions (n) & (o)
It is agreed that:
1. Section 2, Exclusions, under General Agreements, is amended to include the
following sub-sections:
(n) loss from the use of credit, debit, charge, access, convenience,
identification, cash management or other cards, whether such cards
were issued or purport to have been issued by the Insured or by anyone
else, unless such loss is otherwise covered under Insuring Agreement
A.
(o) the underwriter shall not be liable under the attached bond for loss
due to liability imposed upon the Insured as a result of the unlawful
disclosure of non-public material information by the Insured or any
Employee, or as a result of any Employee acting upon such information,
whether authorized or unauthorized.
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB0XX Ed. 7-04
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date. The
hard copy of the bond issued by the Underwriter will be referenced in the event
of a loss
490PB2463 12/30/09 DATE 12/07/09 * EFFECTIVE DATE OF
ATTACHED TO AND ENDORSEMENT ENDORSEMENT OR RIDER 12:01 A.M.
FORMING PART OF OR RIDER STANDARD TIME AS SPECIFIED IN THE
BOND OR POLICY EXECUTED BOND OR POLICY
NO.
* ISSUED TO
The Gabelli Funds, et al
New York Statutory Rider
1. The first paragraph of Section 13. "TERMINATION" under Conditions and
Limitations is amended by adding the following: Cancellation of this bond
by the Underwriter is subject to the following provisions:
If the bond has been in effect for 60 days or less, it may be canceled by
the Underwriter for any reason. Such cancellation shall be effective 60
days after the Underwriter mails a notice of cancellation to the
first-named Insured at the mailing address shown in the bond. However, if
the bond has been in effect for more than 60 days or is a renewal, then
cancellation must be based on one of the followings grounds:
(A) non-payment of premium, however, that a notice of cancellation on
this ground shall inform the insured of the amount due;
(B) conviction of crime arising out of acts increasing the hazard
insured against;
(C) discovery of fraud or material misrepresentation in the obtaining
of the bond or in the presentation of claim thereunder;
(D) after issuance of the bond or after the last renewal date,
discovery of an act or omission, or a violation of any bond
condition that substantially and materially increases the hazard
Insured against, and which occurred subsequent to inception of
the current bond period;
(E) material change in the nature or extent of the risk, occurring
after issuance or last annual renewal anniversary date of the
bond, which causes the risk of loss to be substantially and
materially increased beyond that contemplated at the time the
bond was issued or last renewed;
(F) the cancellation is required pursuant to a determination by the
superintendent that continuation of the present premium volume of
the Insurer would jeopardize the Insurer's solvency or be
hazardous to the interest of the Insureds, the Insurer's
creditors or the public;
(G) a determination by the superintendent that the continuation of
the bond would violate, or would place the Insurer in violation
of, any provision of the New York State Insurance laws.
(H) where the Insurer has reason to believe, in good faith and with
sufficient cause, that there is a possible risk or danger that
the Insured property will be destroyed by the Insured for the
purpose of collecting the insurance proceeds, provided, however,
that:
(i) a notice of cancellation on this ground shall inform the
Insured in plain language that the Insured must act within
ten days if review by the Insurance Department of the State
of New York of the ground for cancellation is desired, and
(ii) notice of cancellation on this ground shall be provided
simultaneously by the Insurer to the Insurance Department of
the State of New York.
(iii) upon written request of the Insured made to the Insurance
Department of the State of New York within ten days from the
Insured's receipt of notice of cancellation on this ground,
the department shall undertake a review of the ground for
cancellation to determine whether or not the Insurer has
satisfied the criteria for cancellation specified in this
subparagraph; if after such review the
department finds not sufficient cause for cancellation on this
ground, the notice of cancellation on
this ground shall be deemed null and void.
Cancellation based on one of the above grounds shall be effective 60 days
after the notice of cancellation is mailed or delivered to the Named
Insured, at the address shown on the bond, and to its authorized agent or
broker.
1. If the Underwriter elects not to replace a bond at the termination of the
Bond Period, it shall notify the Insured not more than 120 days nor less
than 60 days before termination. If such notice is given late, the bond
shall continue in effect for 60 days after such notice is given. The
Aggregate Limit of Liability shall not be increased or reinstated. The
notice not to replace shall be mailed to the Insured and its broker or
agent.
2. If the Underwriter elects to replace the bond, but with a change of limits,
reduced coverage, increased deductible, additional exclusion, or upon
increased premiums in excess of ten percent (exclusive of any premium
increase as a result of experience rating), the Underwriter must mail
written notice to the Insured and its agent or broker not more than 120
days nor less than 60 days before replacement. If such notice is given
late, the replacement bond shall be in effect with the same terms,
conditions and rates as the terminated bond for 60 days after such notice
is given.
3. The Underwriter may elect to simply notify the Insured that the bond will
either be not renewed or renewed with different terms, conditions or rates.
In this event, the Underwriter will inform the Insured that a second notice
will be sent at a later date specifying the Underwriter's exact intention.
The Underwriter shall inform the Insured that, in the meantime, coverage
shall continue on the same terms, conditions and rates as the expiring bond
until the expiration date of the bond or 60 days after the second notice is
mailed or delivered, whichever is later.
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB0XX Ed. 7-04
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
490PB2463 12/30/09 DATE 12/07/09 * EFFECTIVE DATE OF
ATTACHED TO AND ENDORSEMENT ENDORSEMENT OR RIDER 12:01 A.M.
FORMING PART OF OR RIDER LOCAL TIME AS SPECIFIED IN THE
BOND OR POLICY EXECUTED BOND OR POLICY
NO.
* ISSUED TO
The Gabelli Funds, et al
AMEND SECTION 4.
LOSS - NOTICE - PROOF - LEGAL PROCEEDINGS DESIGNATE PERSONS
FOR DISCOVERY OF LOSS
MEL2555 Ed. 3-05 - For use with ICB005 Ed. 7-04
It is agreed that:
Section 4. - Loss - Notice - Proof - Legal Proceedings of the attached bond is
amended by deleting the second subparagraph and replacing it with the following:
Discovery occurs when the Corporate Risk Management Department, Internal
Audit Department,General Counsel's Department, or any Partner or Officer of the
Insured:
(a) first becomes aware of facts, or
(b) receives written notice of an actual or potential claim by a third
party which alleges that the Insured is liable under circumstances,
which would cause a reasonable person to assume that a loss of a type covered
under this bond has been or will be incurred regardless of when the act or acts
causing or contributing to such loss occurred, even though the exact amount or
details of loss may not be then known.
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB0XX Ed. 7-04
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
490PB2463 12/30/09 DATE 12/07/09 * EFFECTIVE DATE OF
ATTACHED TO AND ENDORSEMENT ENDORSEMENT OR RIDER 12:01 A.M.
FORMING PART OF OR RIDER LOCAL TIME AS SPECIFIED IN THE
BOND OR POLICY EXECUTED BOND OR POLICY
NO.
* ISSUED TO
The Gabelli Funds, et al
AMEND SECTION 13. TERMINATION
For use with ICB005 - Ed. 7/04 MEL3281 - Ed. 5/05
It is agreed that:
This Bond is amended by deleting from SECTION 13. TERMINATION, the term "60
days" under the first paragraph and substituting "90 days".
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB0XX Ed. 7-04
490PB2463 12/30/09 DATE 12/07/09 * EFFECTIVE DATE OF
ATTACHED TO AND ENDORSEMENT ENDORSEMENT OR RIDER 12:01 A.M.
FORMING PART OF OR RIDER LOCAL TIME AS SPECIFIED IN THE
BOND OR POLICY EXECUTED BOND OR POLICY
NO.
* ISSUED TO
The Gabelli Funds, et al
The hard copy of the bond issued by the Underwriter will be referenced in
the event of a loss
REPLACE INSURING AGREEMENT (A) FIDELITY
For use with Form ICB005 Ed. 07/04
MEL7027 Ed. 09/09
It is agreed that:
Insuring Agreement (A), FIDELITY is replaced by the following:
FIDELITY
(A) Loss resulting directly from dishonest or fraudulent act(s), including
Larceny and Embezzlement, committed by an Employee, committed anywhere and
whether committed alone or in collusion with others, including loss of
Property resulting from such acts of an Employee, which Property is held by
the Insured for any purpose or in any capacity and whether so held
gratuitously or not and whether or not the Insured is liable therefor.
Such dishonest or fraudulent acts must be committed by the Employee with
the intent:
to cause the Insured to sustain such loss; or
(B) to obtain financial benefit for the Employee or another person or entity.
Notwithstanding the foregoing, however, to the extent that the Insured's loss
results from Loans or Trading it is agreed that this bond covers only loss
resulting directly from dishonest or fraudulent acts committed by an Employee
acting alone or in collusion with others, with the intent:
(a) to cause the Insured to sustain such loss; and
(b) to obtain financial benefit for the Employee or another person or
entity.
As used in this Insuring Agreement, financial benefit does not include any
employee benefits earned in the normal course of employment, including salaries,
commissions, fees, bonuses, promotions, awards, profit sharing or pensions.
The term Loans as used in this Insuring Agreement means all extensions of credit
by the Insured and all transactions creating a creditor relationship in favor of
the Insured and all transactions by which the Insured assumes an existing
creditor relationship.
The term Trading as used in this Insuring Agreement means trading or otherwise
dealing in securities, commodities, futures, options, swaps, foreign or federal
funds, currencies, foreign exchange or other similar means of exchange.
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB0XX Ed. 7-04
AMENDED AND RESTATED
JOINT INSURED AGREEMENT
AGREEMENT dated December 1, 1999, as most recently amended as of
November 17, 2009, among the registered investment companies advised by Gabelli
Funds, LLC, Teton Advisors, Inc. and Gabelli Fixed Income LLC (together, the
"Advisers") which are listed on Schedule A attached hereto (collectively, the
"Funds").
WHEREAS, each of the Funds is named as an insured in an investment
company blanket bond (the "Fidelity Bond") which is intended to be in full
compliance with Rule 17g-1 under the Investment Company Act of 1940, as amended;
and
WHEREAS, the Funds desire to enter into an agreement in order to meet
the requirements of Rule 17g-1 and to assure that premiums payable with respect
to the Fidelity Bond and payments by the Insurer with respect to the Fidelity
Bond are allocated in a fair and equitable manner;
Now, THEREFORE, the Funds do hereby agree as follows:
1. Each Fund shall maintain a minimum amount of fidelity insurance one
level higher than that specified for its asset size by the table contained in
Rule 17g-1(d) (the "Minimum Insurance"). Each Fund shall aggregate the assets of
all of its series to calculate the amount of coverage required by Rule 17g-1(d).
Notwithstanding the foregoing, no Fund shall be required to increase the amount
of its fidelity insurance unless and until the aggregate amount of fidelity
insurance maintained by the Funds exceeds the aggregate amount of fidelity
insurance the Funds are required to maintain pursuant to the table contained in
Rule 17g-1(d) by $2 million or less.
2. The allocation of the premium to each Fund shall be based on the
proportionate share of the sum of the premiums that would have been paid if
fidelity insurance was purchased separately by the Funds, and will be based upon
the relative Minimum Insurance percentages of the Funds as of the quarter ending
prior to the beginning of the first month in the period for which the coverage
is obtained, subject to paragraph 4 below.
3. Each Fund is guaranteed a minimum coverage amount with access to the
remainder of the total coverage of the Fidelity Bond. In the event that any
recovery is received under the Fidelity Bond as a result of the loss sustained
by two or more Funds, each Fund shall receive an equitable and proportionate
share of the recovery, but in no event less than the amount it would have
received had it maintained a single insured bond with minimum coverage.
4. Each Fund may, at any time, increase its allocation described in
paragraph 2 upon payment of the premium required for such additional insurance
provided that the face amount of the Fidelity Bond can increase accordingly or
be supplemented by a policy of excess insurance.
5. Any other registered investment company or additional series of such
an investment company for which the Advisers or their affiliates serves as
investment adviser ("Additional Fund") may become a party to this Agreement by
executing a copy of this Agreement (a copy of which will be furnished to each of
the Funds) and by paying the premium for any required increase in the amount of
the Fidelity Bond if the underwriter of the Fidelity Bond is willing to add such
Additional Fund as an additional insured and increase the amount of total
coverage by the amount of the Minimum Insurance required for such Additional
Fund by the provisions hereof.
6. The Agreement shall remain in effect for as long as two or more of
the Funds (including any Additional Fund) are insured under the terms of the
Fidelity Bond. Any Fund shall, however, have the right to terminate, at any
time, its participation in the Fidelity Bond and in this Agreement provided that
losses incurred prior to such termination shall be governed by the provision of
this Agreement and the amount of any return premium to which such Fund shall be
entitled will be limited to the amount actually obtained from the underwriter in
respect of such termination.
Signed: /s/ Bruce N. Alpert
--------------------------------------------
Bruce N. Alpert
President, The Gabelli Asset Fund
President, The Gabelli Blue Chip Value Fund
President, Gabelli Capital Series Funds, Inc.
Executive Vice President, Comstock Funds, Inc.
President, The Gabelli Convertible and Income Securities Fund Inc.
President, The Gabelli Dividend & Income Trust
President, Gabelli Equity Series Funds, Inc.
President, The Gabelli Equity Trust Inc.
President, The Gabelli Global Deal Fund
President, The Gabelli Global Gold, Natural Resources & Income Trust
President, The Gabelli Global Multimedia Trust Inc.
President, GAMCO Global Series Funds, Inc.
President, The Gabelli Global Utility & Income Trust
President, GAMC Gold Fund, Inc.
President, The GAMCO Growth Fund
President, GAMCO International Growth Fund, Inc. \
President, Gabelli Investor Funds, Inc.
Executive Vice President, The GAMCO Mathers Fund
President, The Gabelli Money Market Funds
President, The Gabelli Natural Resources, Gold & Income Trust
President, The Gabelli SRI Fund, Inc.
President, The Gabelli Utilities Fund
President, The Gabelli Utility Trust
President, The Gabelli Value Fund Inc.
President, The GAMCO Westwood Funds
President, Gabelli 787 Fund, Inc.
Signed: /s/ Agnes Mullady
--------------------------
Agnes Mullady
President, The Gabelli Healthcare & Wellness(Rx) Trust
Schedule A
List of Registered Investment Companies
The Gabelli Asset Fund
The Gabelli Blue Chip Value Fund
The Gabelli Convertible Securities and Income Securities Fund Inc.
The Gabelli Dividend & Income Trust
The Gabelli Equity Trust Inc.
The Gabelli Global Deal Fund
The Gabelli Global Gold, Natural Resources & Income Trust
The Gabelli Healthcare & Wellness(Rx) Trust
The Gabelli Global Multimedia Trust Inc.
The Gabelli Global Utility & Income Trust
GAMCO Gold Fund, Inc.
The GAMCO Growth Fund
GAMCO International Growth Fund, Inc.
The GAMCO Mathers Fund
The Gabelli Natural Resources, Gold & Income Trust
The Gabelli SRI Fund, Inc.
The Gabelli Utilities Fund
The Gabelli Utility Trust
The Gabelli Value Fund Inc.
Gabelli Capital Series Funds, Inc.:
The Gabelli Capital Asset Fund
Comstock Funds, Inc.
Comstock Capital Value Fund
Gabelli Equity Series Funds, Inc.:
The Gabelli Equity Income Fund
The Gabelli Small Cap Growth Fund
The Gabelli Woodland Small Cap Value Fund
GAMCO Global Series Funds, Inc.:
The GAMCO Global Telecommunications Fund
The GAMCO Global Convertible Securities Fund
The GAMCO Global Growth Fund
The GAMCO Global Opportunity Fund
Gabelli Investor Funds, Inc.:
The Gabelli ABC Fund
The Gabelli Money Market Funds:
The Gabelli U.S. Treasury Money Market Fund
The GAMCO Westwood Funds:
GAMCO Westwood Equity Fund
GAMCO Westwood Intermediate Bond Fund
GAMCO Westwood Balanced Fund
GAMCO Westwood SmallCap Equity Fund
GAMCO Westwood Income Fund
GAMCO Westwood Mighty Mites Fund
Gabelli 787 Fund, Inc.
Gabelli Enterprise Mergers and Acquisitions Fund
November 17, 2009