David James
PNC Global Investment
Servicing (U.S.) Inc.
Vice President and Counsel
99 High Street, 27th Floor
Boston, MA 02110
(617) 338-4595
(617) 338-4864 - fax
March 5, 2009
VIA EDGAR
Securities and Exchange Commission
100 F Street NE
Washington, D.C. 20549
RE: The 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.: 33-1719/811-4494
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.: 33-61254/811-7644 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.: 33-48220/811-6687
The Gabelli Equity Trust Inc. The Gabelli Dividend & Income Trust
File Nos.: 33-42780/811-4700 File Nos.: 333-108409/811-21423
The Gabelli Global Deal Fund The Gabelli Utilities Fund
File No. 333-138141/811-21969 File Nos.: 333-81209/811-09397
The Gabelli Global Multimedia Trust Inc. The Gabelli Utility Trust
File Nos.: 333-102755/811-08476 File Nos.: 333-72983/811-09243
GAMCO Global Series Funds, Inc. The Gabelli Value Fund Inc.
File Nos.: 33-66262/811-07896 File Nos.: 33-30139/811-5848
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.: 33-10583/811-4873 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, 2008 to December 7, 2009, such policy being maintained
through St. Paul Fire & Marine Insurance Company, (ii) an Assistant 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, 2008 to December 7, 2009 policy period.
Very truly yours,
/s/ David James
------------------------------
David James
Assistant Secretary
Enclosures
ASSISTANT SECRETARY'S CERTIFICATE
I, David James, Assistant Secretary of The 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, The Gabelli SRI Fund, Inc., The Gabelli
Utilities Fund, The Gabelli Utility Trust, The Gabelli Value Fund Inc., and The
GAMCO Westwood Funds (the "Funds"), 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 18 and 19, 2008:
RESOLVED, That the Board hereby approves the renewal of the Fidelity Bond
coverage with St. Paul Fire & Marine Insurance Company, in the form
submitted to the Board Members, effective December 7, 2008 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 $23,575,000 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 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, The Gabelli SRI Fund, Inc.,
The Gabelli Utilities Fund, The Gabelli Utility Trust, The Gabelli
Value Fund Inc., and The GAMCO Westwood Funds is hereby approved;
and further
RESOLVED, That the Assistant 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 hand this
5th day of March, 2009.
/s/ David James
---------------------------
David James
Assistant Secretary
DELIVERY INVOICE
Company: st. Paul Fire and Marine Insurance Company
I TheGabelli Funds, et al Policy Inception/Effective Date: 12/07/08
NOneCorporate Center Agency Number: 1062526
SRyeNY 10580
R Transaction Type:
E New Business
D Transaction number: 001
Processing date: 12/05/08
Policy Number: 468PB1347
A Lockton Companies, LLC
G 3280 Peachtree Road, Suite 800
N Atlanta, GA 30305
T
Policy Surtax/
Number Description Amount Surcharge
--------- ------------------------------- ------- ----------
468PB1347 Investment Company Blanket Bond $60,000
40724 Ed.12-90 Printed in U.S.A. INSURED COPY Page 1
T MeStPauI
40724 Ed.12-90 Printed in U.S.A. INSURED COPY Page 2
IMPORTANT NOTICE REGARDING COMPENSATION DISCLOSURE
For information about how Travelers compensates independent agents, brokers, or
other insurance producers, please visit this website:
http://www.travelers.com/w3c/legal/Producer_Compensation_Disclosure.html
If you prefer, you can call the following toll-free number: 1-866-904-8348. Or
you can write to us at Travelers, Enterprise Development, One Tower Square,
Hartford, CT 06183
D0148 Ed. 5-08 Page 1 of 1
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.
ND044 Rev. 1-08 Page 1 of 1
TRAVELERSJJ
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. 468PB1347
Item 1. Name of Insured (herein called Insured):
The Gabelli Funds, et al
Principal Address:
One Corporate Center
Rye, NJ 10580
Item 2. Bond Period from 12:01 a.m. on 12/07/08 to 12:01 a.m. on 12/07/09 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 $ 23,575,000 $ 0
Insuring Agreement B - AUDIT EXPENSE $ 25,000 $ 5,000
Insuring Agreement C - PREMISES $ 23,575,000 $ 0
Insuring Agreement D - TRANSIT $ 23,575,000 $ 0
Insuring Agreement E - FORGERY OR ALTERATION $ 23,575,000 $ 10,000
Insuring Agreement F - SECURITIES $ 23,575,000 $ 10,000
Insuring Agreement G - COUNTERFEIT CURRENCY $ 23,575,000 $ 10,000
Insuring Agreement H - STOP PAYMENT $ 25,000 $ 5,000
Insuring Agreement I - UNCOLLECTIBLE ITEMS OF DEPOSIT $ 25,000 $ 5,000
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 the effective date of this bond are covered according to
the terms of General Agreement 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:
ICBOO1 Rev. 7/04
(C) 2004 The Travelers Companies, Inc. Page 1 of 2
Item 5. The liability of the Underfwriter is subject to the terms of the
following endorsements or riders attached hereto: Endorsements or Riders
No. 1 through
ICBO10 Ed.07/04
ICBO11 Ed.07/04
ICB012 Ed.07/04
ICB013 Ed.07/04
ICB016 Ed.07/04
ICB026 Ed.07/04
ICB057 Ed.04/05
MEL2555 Ed.03/05
MEL3281 Ed-05/05
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)
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
Countersignature Date
ICB001 Rev. 7/04
0 2004 The Travelers Companies, Inc. Page 2 of 2
INVESTMENT COMPANY BLANKET BOND
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 Liabilitystatedin Insuring Agreement (A) in Item 3 ofthe
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.
(D) IN TRANSIT
2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB005 Ed. 7-04 1 of 12
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 OR 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 inancial f 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 f ictitious payee and
endorsed in the name of such f ictitious 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,
(A) 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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB005 Ed. 7-04 3 of 12
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.
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
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB005 Ed. 7-04 4 of 12
(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
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include the signing of one's own name with or without authority, in any
capacity, for any purpose.
(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.
(]) 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).
(1) 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 Property
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 Underwriter 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 o 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 NON- ACCUMULATION 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 Underwrite, 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.
SECTION 18. CHANGE OR MODIFICATION
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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.
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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.
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
468PB1347 12/05/08 12/07/08
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:
Gabelli Funds, LLC
The Gabelli ABC Fund
The Gabelli Asset Fund
The Gabelli Blue Chip Value Fund
The Gabelli Capital Asset Fund
Gabelli Advisers, Inc.
Comstock Strategy Fund
Comstock Capital Value Fund
The Gabelli Small Cap Value Fund
The Gabelli Equity Income Fund
The Gabelli Woodland Small Cap Value Fund
The GAMCO Global Telecommunications Fund
The GAMCO Global Convertible Securities Fund
The GAMCO Global Growth Fund
The GAMCO Opportunity Fund GAMCO Gold Fund, Inc.
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 that, .s above stated.
By
INSURED
(C) 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICB010 Ed. 7-04 Page I 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.
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
468PB1347 12/05/08 12/07/08
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 Growth Fund
GAMCO International Growth Fund, Inc.
The GAMCO Mathers Fund
The Gabelli Healthcare & Wellness RxTrust
The Gabelli SRI Fund, Inc.
The Gabelli Global Deal Fund
The Gabelli UtilityTrust
The Gabelli U.S. Treasury Money Market Fund
The Gabelli Utilities Fund
The Gabelli Value Fund, Inc.
GAMCO The Westwood Equity Fund
GAMCO Westwood Intermediate Bond Fund
GAMCO Westwood Balance Fund
GAMCO Westwood SmallCap Equity Fund
GAMCO Westwood Income Fund
GAMCO Westwood Mighty Mites 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
(C) 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICBO10 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.
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
468PB1347 12/05/08 12/07/08
----------------
* 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 Gold, Nautral Resources & Income Trust
The Gabelli Global Mutlimedia Trust Inc.
The Gabelli Global Utility & Income 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
0 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
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.
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
468PB1347 12/05/08 12/07/08
* 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 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
9 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.
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 Five Hundred Seventy Five Thousand
Dollars ($23,575,000 ), 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
INSURED
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB011 Ed. 7-04 Page 2 of 2
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.
ATTACHED TO AND FORMING DATE ENDORSEMENT OR EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 AM. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
468PB1347 12/05/08 12/07/08
----------------
* 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 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 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.
O 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICB012 Ed. 7-04
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.
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
468FB1347 12/05/08 12/07/08
* 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 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; pr2vided., 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) Identi Tea: 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.
@ 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICB013 Ed. 7-04 Page 1 of 2
(3) CQ tei ts: 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
Telefaesimile 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.
"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; Dx
(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;
Qr
(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; rir
(4) The intentional failure to adhere to one or more Designated
Fax Procedures; 9r
(5) The failure to pay for shares attempted to be purchased.
4. The Single Loss Limit of Liability under Insuring Agreement is limited to
the sum of Twenty Three Million Five Hundred Seventy Five Thousand Dollars
($23,575,000) 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
INSURED
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB013 Ed. 7-04 Page 2 of 2
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.
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
468PB1347 12/05/08 12/07/08
* 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.
0 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICB016 Ed. 7-04
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.
ATTACHED TO AND FORMING DATE ENDORSEMENT OR r EFFECTIVE DATE OF ENDORSEMENT OR RIDER
RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
PART OF BOND OR POLICY NO. SPECIFIED IN THE BOND OR POLICY
12/05/08 12/07/08
468PB1347
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 - 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; provide , 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.
(C) 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICB019 Ed. 7-04 Page 1 of 2
(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 PS Equipment : Physical access to APS equipment
shall be limited to duly authorized personnel.
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; Q
(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;
2r
(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; Q
(4) The failure to pay for shares attempted to be purchased, Q
(5) The intentional failure to adhere to one or more APS
Designated Procedures.
4. The total liability of the Underwriter under Insuring Agreement is limited
to the sum of 23 Million 575 Thousand Dollars ($23, 5 75,000), 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
INSURED
(C) 2004 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB019 Ed. 7-04 Page 2 of 2
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.
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
468PB1347 12/05/08 12/07/08
* 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
INSURED
0 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICB026 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.
ATTACHED TO AND FORMING DATE ENDORSEMENT OR EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 AM- LOCAL TIME AS
SPECIFIED IN THE BOND OR POLICY
468PB1347 12/05/08 12/07/08
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 sub- paragraph 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) f irst 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
INSURED
(C) 2005 The St. Paul Travelers Companies, Inc. All Rights Reserved
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
A7 (ACHED TO AND FORMING DATE ENDORSEMENT OR EFFECTIVE DATE OF ENDORSEMENT OR RIDER
PART OF BOND OR POLICY N0. RIDER EXECUTED 12:01 A.M. LOCAL TIME AS
SPECIFIED IN THE BOND OR POLICY
468PB1347 12/05/08 12/07/08
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".
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) 2005 The St. Paul Travelers Companies, Inc. All Rights Reserved
The following spaces preceded by an (C) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
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. LOCAL TIME AS
468PB1347 12/05/08 12/07/08 SPECIFIED IN THE BOND OR POLICY
ISSUED TO
The Gabelli Funds, et al
REPLACE INSURING AGREEMENT (A) FIDELITY For use
with ICB005 Ed. 7/04
MEL5530 Ed. 12/07
It is agreed that:
1. Insuring Agreement (A) Fidelity is replaced with the following:
(A) 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 intent:
(a) to cause the Insured to sustain such loss, or
(b) to obtain financial benefit for the Employee or another person
or organization.
Notwithstanding the foregoing, it is agreed that with regard to
Loans and/or Trading this bond covers only loss resulting directly
from dishonest or fraudulent acts committed by an Employee with the
intent to obtain financial benefit and which result in a financial
benefit for the Employee. However, where the proceeds of a fraud
committed by an Employee involving Loans and/or Trading are actually
received by persons with whom the Employee was acting in collusion,
but said Employee fails to derive a financial benefit therefrom,
such a loss will nevertheless be covered hereunder as if the
Employee had obtained such benefit provided the Insured establishes
that the Employee intended to participate therein.
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 and pensions.
"Trading" as used in this Insuring Agreement means trading or
otherwise dealing in securities, commodities, futures, options,
foreign or federal funds, currencies, foreign exchange or other
means of exchange similar to or in the nature of the foregoing.
"Loan" as used in this Insuring Agreement means any extension of
credit by the Insured, any transaction creating a creditor
relationship in favor of the Insured and any transaction by which
the Insured assumes an existing creditor relationship.
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) 2007 The Travelers Companies, Inc. 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.
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
468PB1347 12/18/08 12/07/08
* 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
(C) 2005 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICB057 Ed. 4-05 Page 1 of 2
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.
2. 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.
3. 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.
4. 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
INSURED
(C) 2005 The St. Paul Travelers Companies, Inc. All Right Reserved
ICB057 Ed. 4-05 Page 2 of 2
ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANCES 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.
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
468PB1347 02/09/09 12/07/08
* 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:
Gabelli Funds, LLC
The Gabelli ABC Fund
The Gabelli Asset Fund
The Gabelli Blue Chip Value Fund
The Gabelli Capital Asset Fund
Comstock Strategy Fund Comstock Capital Value Fund
The Gabelli Equity Income Fund
The Gabelli Woodland Small Cap Value Fund
The GAMCO Global. Telecommunications Fund
The GAMCO Global Convertible Securities Fund
The GAMCO Global Growth Fund
The GAMCO Opportunity Fund GAMCO Gold Fund, Inc.
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
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.
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
468PB1347 02/09/09 12/07/08
ISSUED TO
The Gabelli Funds, et al
Named Insured Endorsement
Itis agreed that:
1. From and after the time this rider becomes effective the Insured under the
attached bond are:
The GAMCO Growth Fund
GAMCO International Growth Fund, Inc.
TheGAMCO Mathers Fund
TheGabelli Healthcare & Wellness RxTrust
TheGabelli SRI Fund, Inc.
TheGabelli GlobalDeal Fund
TheGabelli UtilityTrust
TheGabelli U.S. Treasury Money Market Fund
TheGabelli Utilities Fund
TheGabelli Value Fund, Inc.
GAMCO The Westwood Equity Fund
GAMCO Westwood Intermediate Bond Fund
GAMCO Westwood SmallCap Equity Fund
GAMCO Westwood Income Fund
GAMCO Westwood Mighty Mites 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
ICBO1O 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 (5) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
ATTACHED TO AND FORMING DATE ENDORSEMENT OR EFFECTIVE DATE OF ENDORSEMENT OR RIDER
FART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
468PB1347 02/19/09 12/07/08
* ISSUED TO
The Gabelli Funds, et at
Named Insured Endorsement
It is agreed that:
1. From and after the time this rider becomes effective the Insured under the
attached bond are:
TheGabelliConvertible & Income Securities Fund, Inc.
TheGabelliDividend & Income Trust
TheGabelliEquityTrust Inc.
TheGabelliGlobalGold, Nautral Resources & Income Trust
TheGabelliGlobalMutlimedia Trust Inc.
TheGabelliGlobalUtility & Income Trust
Updated 02/09/09
Gabelli Enterprise Mergers and Acquisitions Fund
The Gabelli Natural Resources, Gold and Income Trust The
Gabelli Small Cap Growth Fund
GAMCO Westwood Balanced Fund
Updated 02/19/2009
Teton Advisors, Inc.
Gabelli Advisers, Inc.
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 7
Auth ' ed R'epre'sentative
INSURED
a 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
ICBO10 Ed. 7-04 Page 1 of 1
AMENDED AND RESTATED
JOINT INSURED AGREEMENT
AGREEMENT dated December 1, 1999, as most recently amended as of
November 18, 2008, among the registered investment companies advised by Gabelli
Funds, LLC, Gabelli Advisers, 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, GAMCO 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, The 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
Comstock Strategy 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
THE 787 FUND, INC.
Enterprise Mergers and Acquisitions Fund
November 18, 2008