David James
PFPC Inc.
Vice President and Counsel
99 High Street, 27th Floor
Boston, MA 02110
(617) 338-4595
(617) 338-4864 - fax
February 1, 2008
VIA EDGAR
Securities and Exchange Commission
100 F Street NE
Washington, D.C. 20549
RE: The Gabelli Asset Fund GAMCO International Growth Fund, Inc.
File Nos.: 33-1719/811-4494 File Nos.: 33-79994/811-08560
The Gabelli Blue Chip Value Fund Gabelli Investor Funds, Inc.
File Nos.: 333-80099/811-09377 File Nos.: 33-54016/811-07326
Gabelli Capital Series Funds, Inc. The GAMCO Mathers Fund
File Nos.: 33-61254/811-7644 File Nos.: 002-23727/811-01311
Comstock Funds, Inc. The Gabelli Global Utility & Income Trust
File Nos.: 33-40771/811-05502 File Nos.: 333-113621/811-21529
The Gabelli Convertible and Income Securities Fund Inc.
File Nos.: 333-24541/811-05715
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")
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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, 2007 to December 7, 2008, such policy being maintained
through National Union Fire 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 the increase in coverage for
these Funds has already been paid to cover the December 7, 2007 to December 7,
2008 policy period.
Very truly yours,
/s/ David James
-------------------
David James
Assistant Secretary
Enclosures
ASSISTANT SECRETARY'S CERTIFICATE
I, David James, Assistant Secretary of 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 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 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 13 and 14, 2007:
RESOLVED, That the Board hereby approves the
renewal of the Fidelity Bond
coverage with National Union Fire
Insurance Company, in the form
submitted to the Board Members,
effective December 7, 2007 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 $24,600,000 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 insured
bond 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 the joint
insured bond, the amount of the
premium for such bond, the ratable
allocation of the premium among all
parties named as insureds; and the
extent to which the share of the
premium allocated to the Fund is
less than the premium the Fund
would have had to pay if it had
provided and maintained a single
insured bond; and further
RESOLVED, That the continuance of the Amended
and Restated Joint Insured
Agreement among The Gabelli 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 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 1st day of
February, 2008.
/s/ David James
-------------------
David James
Assistant Secretary
POLICYHOLDER NOTICE
Thank you for purchasing insurance from a member company of American
International Group, Inc. (AIG). The AIG member companies generally pay
compensation to brokers and independent agents, and may have paid compensation
in connection with your policy. You can review and obtain information about the
nature and range of compensation paid by AIG member companies to brokers and
independent agents in the United States by visiting our website at
www.aigproducercompensation.com or by calling AIG at 1-800-706-3102.
91222 (7/06)
INVESTMENT COMPANY BLANKET BOND
NATIONAL UNION FIRE INSURANCE COMPANY
OF PITTSBURGH, PA
(A stock Insurance Company, herein Called the Underwriter)
DECLARATIONS
Item 1. Name of Insured
The Gabelli Funds, et al
BOND NUMBER
6214219
Principal Address:
One Corporate Center
401 Theodore Fremd Avenue
Rye NY 10580
(Herein called the Insured)
Item 2. Bond Period from 12:01 am. on 12/07/2007 to 12:01 a.m. on 12/07/2008
The effective date of the termination or cancellation of this bond, standard
time at the Principal Address as to each of the said dates.
Item 3. Limit of Liability
Subject to Section 9, 10 and 12 hereof:
Limit of Liability Deductible Amount
Insuring Agreement A FIDELITY $24,600,000 $0
Insuring Agreement B AUDIT EXPENSE $25,000 $5,000
Insuring Agreement C ON PREMISES $24,600,000 $10,000
Insuring Agreement D IN TRANSIT $24,600,000 $10,000
Insuring Agreement E FORGERY OR ALTERATION $24,600,000 $10,000
Insuring Agreement F SECURITIES $24,600,000 $10,000
Insuring Agreement G COUNTERFEIT CURRENCY $24,600,000 $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:
Insuring Agreement J COMPUTER SYSTEMS $24,600,000 $10,000
Insuring Agreement K UNAUTHORIZED SIGNATURES $25,000 $5,000
Insuring Agreement L AUTOMATED PHONE SYSTEMS $24,600,000 $10,000
Insuring Agreement M TELEFACSIMILE $24,600,000 $10,000
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.
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Item 4. Office 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 other 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:
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No Exceptions
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Item 5. The Liability of the Underwriter is subject to the terms of the
following riders attached hereto:
1-8
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Item 6. The Insured by the acceptance of this bond gives notice to the
Underwriter terminating or cancelling prior bond(s) or policy(ies)
No.(s) N/A such termination or cancellation to be effective as of the
time this bond becomes effective
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By:
Authorized Representative
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 liability stated in Insuring Agreement (A) in Item 3 of the
Declarations.
(C) ON PREMISES
Loss of Property (occurring with or without negligence or violence) through
robbery, burglary, Larceny, theft, holdup, or other fraudulent means,
misplacement, mysterious unexplainable disappearance, damage thereto or
destruction thereof, abstraction or removal from the possession, custody or
control of the Insured, and loss of subscription, conversion, redemption or
deposit privileges through the misplacement or loss of Property, while the
Property is (or is supposed or believed by the Insured to be) lodged or
deposited within any offices or premises located anywhere, except in an office
listed in Item 4 of the Declarations or amendment thereof or in the mail or with
a carrier for hire other than an armored motor vehicle company, for the purpose
of transportation.
Offices 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 holdup 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 holdup 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
Loss of Property (occurring with or without negligence or violence) through
robbery, Larceny, theft, holdup, 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, on or in 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,
written instructions, advices or applications directed to the Insured,
authorizing or acknowledging the transfer, payment, delivery or receipt of funds
or Property, which instructions or advices or applications purport to have been
signed or endorsed by any customer of the Insured, shareholder or subscriber to
shares, whether certificated or uncertificated, of any Investment Company or by
any 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, whether certificated or uncertificated, of an Investment
Company, financial or banking institution or stockbroker, withdrawal orders or
receipts for the withdrawal of funds or Property, or receipts or certificates of
deposit for Property and bearing the name of the Insured as issuer, or of
another Investment Company for which the Insured acts as agent, excluding,
however, any loss covered under Insuring Agreement (F) hereof whether or not
coverage for Insuring Agreement (F) is provided for in the Declarations of this
bond.
Any check or draft (a) made payable to a fictitious payee and endorsed in
the name of such fictitious payee or (b) procured in a transaction with the
maker or drawer thereof or with one acting as an agent of such maker or drawer
or anyone impersonating another and made or drawn payable to the one so
impersonated and endorsed by anyone other than the one impersonated, shall be
deemed to be forged as to such endorsement.
Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.
(F) SECURITIES
Loss sustained by the Insured, including loss sustained by reason of a
violation of the constitution, by-laws, rules or regulations of any Self
Regulatory Organization of which the Insured is a member or which would have
been imposed upon the Insured by the constitution, by-laws, rules or regulations
of any Self Regulatory Organization if the Insured had been a member thereof,
(1) through the Insured's having, in good faith and in the course of
business, whether for its own account or for the account of others, in
any representative, fiduciary, agency or any other capacity, either
gratuitously or otherwise, purchased or otherwise acquired, accepted
or received, or sold or delivered, or given any value, extended any
credit or assumed any liability, on the faith of, or otherwise acted
upon, any securities, documents or other written instruments which
prove to have been
(a) counterfeited, or
(b) forged as to the signature of any maker, drawer, issuer,
endorser, assignor, lessee, transfer agent or registrar,
acceptor, surety or guarantor or as to the signature of any
person signing in any other capacity, or
(c) raised or otherwise altered, or lost, or stolen, or
(2) through the Insured's having, in good faith and in the course of
business, guaranteed in writing or witnessed any signatures whether
for valuable consideration or not and whether or not such guaranteeing
or witnessing is ultra vires the Insured, upon any transfers,
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 produced 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 Canadian 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 any 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 a National
Union Fire Insurance Company of Pittsburgh, PA 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 office or offices shall be
automatically covered hereunder from the dates of their establishment,
respectively. No notice to the
Underwriter of an increase during any premium period in the number of
offices or in the number of Employees at any of the offices covered
hereunder need be given and no additional premium need be paid for the
remainder of such premium period.
2. If an Investment Company, named as Insured herein, shall, while this
bond is in force, merge or consolidate with, or purchase the assets of
another institution, coverage for such acquisition shall apply
automatically from the date of acquisition. The Insured shall notify
the Underwriter of such acquisition within 60 days of said date, and
an additional premium shall be computed only if such acquisition
involves additional offices or employees.
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 proceeding 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, shall 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
(3) attorneys retained by the Insured to perform legal services for
the Insured and the employees of such attorneys while such
attorneys or the 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
adviser, 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 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 by the Insured for any
purpose or in any capacity and whether so held gratuitously or not and
whether or not the Insured is liable therefor.
(c) "Forgery" means the signing of the name of another with intent to
deceive; it does not include the signing of one's own name with or
without authority, in any capacity, for any purpose.
(d) "Larceny and Embezzlement" as it applies to any named Insured means
those acts as set forth in Section 37 of the Investment Company Act of
1940.
(e) "Items of Deposit" means any one or more checks and drafts. Items of
Deposit shall not be deemed uncollectible until the Insured's
collection procedures have failed.
SECTION 2. EXCLUSIONS
THIS BOND DOES NOT COVER:
(a) loss effected directly or indirectly by means of forgery or alteration
of, on or in any instrument, except when covered by Insuring Agreement
(A), (E), (F) or (G).
(b) loss due to riot or civil commotion outside the United States of
America and Canada; or loss due to military, naval or usurped power,
war or insurrection unless such loss occurs in transit in the
circumstances recited in Insuring Agreement (D), and unless, when such
transit was initiated, there was no knowledge of such riot, civil
commotion, military, naval or usurped power, war or insurrection on
the part of any person acting for the Insured in initiating such
transit.
(c) loss, in time of peace or war, directly or indirectly caused by or
resulting from the effects of nuclear fission or fusion or
radioactivity; provided, however, that this paragraph shall not apply
to loss resulting from industrial uses of nuclear energy.
(d) loss resulting from any wrongful act or acts of any person who is a
member of the Board of Directors of the Insured or a member of any
equivalent body by whatsoever name known unless such person is also an
Employee or an elected official, partial owner or partner of the
Insured in some other capacity, nor, in any event, loss resulting from
the act or acts of any person while acting in the capacity of a member
of such Board or equivalent body.
(e) loss resulting from the complete or partial non-payment of, or default
upon, any loan or transaction in the nature of, or amounting to, a
loan made by or obtained from the Insured or any of its partners,
directors or Employees, whether authorized or unauthorized and whether
procured in good faith or through trick, artifice, fraud or false
pretenses. unless such loss is covered under Insuring Agreement (A),
(E) or (F).
(f) loss resulting from any violation by the Insured or by any Employee
(1) of law regulating (a) the issuance, purchase or sale of
securities, (b) securities transactions upon Security Exchanges
or over the counter market, (c) Investment Companies, or (d)
Investment Advisors, or
(2) of any rule or regulation made pursuant to any such law, unless
such loss, in the absence of such laws, rules or regulations,
would be covered under Insuring Agreements (A) or (E).
(g) loss of Property or loss of privileges through the misplacement or
loss of Property as set forth in Insuring Agreement (C) or (D) while
the Property is in the custody of any armored motor vehicle company,
unless such loss shall be in excess of the amount recovered or
received by the Insured under (a) the Insured's contract with said
armored motor vehicle company, (b) insurance carried by said armored
motor vehicle company for the benefit of users of its service, and (c)
all other insurance and indemnity in force in whatsoever form carried
by or for the benefit of users of said armored motor vehicle company's
service, and then this bond shall cover only such excess.
(h) potential income, including but not limited to interest and dividends,
not realized by the Insured because of a loss covered under this bond,
except as included under Insuring Agreement (I).
(i) all damages of any type for which the Insured is legally liable,
except direct compensatory damages arising from a loss covered under
this bond.
(j) loss through the surrender of Property away from an office of the
Insured as a result of a threat
(1) to do bodily harm to any person, except loss of Property in
transit in the custody of any person acting as messenger provided
that when such transit was initiated there was no knowledge by
the Insured of any such threat, or
(2) to do damage to the premises or Property of the Insured, except
when covered under Insuring Agreement (A).
(k) all costs, fees and other expenses incurred by the Insured in
establishing the existence of or amount of loss covered under this
bond unless such indemnity is provided for under Insuring Agreement
(B).
(l) loss resulting from payments made or withdrawals from the account of a
customer of the Insured, shareholder or subscriber to shares involving
funds erroneously credited to such account, unless such payments are
made to or withdrawn by such depositor 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 proceeding 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 circumstance
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
which is necessary to the exercise of subscription, conversion, redemption or
deposit privileges, the value thereof shall be the market value of such
privileges 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 interests in and to said securities.
With respect to securities the value of which do not exceed the Deductible
Amount (at the time of the discovery of the loss) and for which the Underwriter
may at its sole discretion and option and at the request of the Insured issue a
Lost Instrument Bond or Bonds to effect replacement thereof, the Insured will
pay the usual premium charged therefor and will indemnify the Underwriter
against all loss or expense that the Underwriter may sustain because of the
issuance of such Lost Instrument Bond or Bonds.
With respect to securities the value of which exceeds the Deductible Amount
(at the time of discovery of the loss) and for which the Underwriter may issue
or arrange for the issuance of a Lost Instrument Bond or Bonds to effect
replacement thereof, the Insured agrees that it will pay as premium therefor a
proportion of the usual premium charged therefor, said proportion being equal to
the percentage that the Deductible Amount bears to the value of the securities
upon
discovery of the loss, and that it will indemnify the issuer of said Lost
Instrument Bond or Bonds against all loss and expense that is not recoverable
from the Underwriter under the terms and conditions of this INVESTMENT COMPANY
BLANKET BOND subject to the Limit of Liability hereunder.
SECTION 8. SALVAGE
In case of recovery, whether made by the Insured or by the Underwriter, on
account of any loss in excess of the Limit of Liability hereunder plus the
Deductible Amount applicable to such loss from any source other than suretyship,
insurance, reinsurance, security or indemnity taken by or for the benefit of the
Underwriter, the net amount of such recovery, less the actual costs and expenses
of making same, shall be applied to reimburse the Insured in full for the excess
portion of such loss, and the remainder, if any, shall be paid first in
reimbursement of the Underwriter and thereafter in reimbursement of the Insured
for that part of such loss within the Deductible Amount. The Insured shall
execute all necessary papers to secure to the Underwriter the rights provided
for herein.
SECTION 9. NON-REDUCTION AND 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 of 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 one person
resulting in damage to or destruction or misplacement of Property,
shall be deemed to be one loss, or
(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 for 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.
The Underwriter shall refund the unearned premium computed at short rates
in accordance with the standard short rate cancellation tables if terminated by
the Insured or pro rata if terminated for any other reason.
This Bond shall terminate
(a) as to any Employee as soon as any partner, officer or supervisory
Employee of the Insured, who is not in collusion with such Employee,
shall learn of any dishonest or fraudulent act(s), including Larceny
or Embezzlement on the part of such Employee without prejudice to the
loss of any Property then in transit in the custody of such Employee
(See Section 16[d]), or
(b) as to any Employee 60 days after receipt by each Insured and by the
Securities and Exchange Commission of a written notice from the
Underwriter of its desire to terminate this bond as to such Employee,
or
(c) as to any person, who is a partner, officer or employee of any
Electronic Data Processor covered under this bond, from and after the
time that the Insured or any partner or officer thereof not in
collusion with such person shall have knowledge or information that
such person has committed any dishonest or fraudulent act(s),
including Larceny or Embezzlement in the service of the Insured or
otherwise, whether such act be committed before or after the time this
bond is effective.
SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION
At any time prior to the termination or cancellation of this bond as an
entirety, whether by the Insured or the Underwriter, the Insured may give to 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 any receiver
or liquidator, acting or appointed to take over the Insured's business for the
operation or for the liquidation thereof or for any other purpose.
SECTION 15. CENTRAL HANDLING OF SECURITIES
Securities included in the systems 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
effective 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 Ex- change 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 of 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 said
Exchanges or Corporation 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 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 judgement 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 of 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 to 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 or
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's 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.
Failure 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
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.
IN WITNESS WHEREOF, the Underwriter has caused this bond to be executed on the
Declarations Page.
NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA
RIDER NO. 1
To be attached to and form part of Bond No. 6214219
in favor of THE GABEII FUNDS, ET AL)
effective as of 12/07/2007
In consideration of the premium charged for the attached bond, it is hereby
agreed that;
1. From and after the time this rider 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 GROWTH 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 GLOBAL OPPORTUNITY FUND
GAMCO GOLD FUND INC
THE GAMCO GROWTH FUND
GAMCO INTERNATIONAL GROWTH FUND INC
THE GAMCO MATHERS FUND
THE GABELLI HEALTHCARE & WELLNESS RX TRUST
THE GABELLI SRI FUND, INC.
THE GABELLI GLOBAL DEAL FUND
THE GABELLI UTILITY TRUST
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 BALANCED FUND
GAMCO WESTWOOD SMALL CAP EQUITY FUND
GAMCO WESTWOOD INCOME FUND
GAMCO WESTWOOD MIGHTY MITES FUND
THE GABELLI CONVERTIBLE & INCOME SECURITIES FUND, INC.
THE GABELLI DIVIDEND & INCOME TRUST
THE GABELLI EQUITY TRUST INC
THE GABELLI GOLD, NATURAL RESOURCES & INCOME TRUST
THE GABELLI GLOBAL MULTIMEDIA 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 the Corporate Risk Management
Department, internal Audit Department, or General Counsel Department, of 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.
SR 5538
7. The attached bond shall be subject to all its agreements, limitations and
conditions except as herein expressly modified.
8, This rider shall become effective as 12:01 a.m. on 12/07/2007 Signed, Sealed
and dated
By; ______________________________
Authorized Representative
SR 5538
NATIONAL UNION FIRE INSURANCE COMPANIY OF PITTSBURGH, PA
Rider No. 2
AMENDMENT TO TERMINATION
To be attached to and form part of Investment Company Blanket Bond No.6214219 in
favor of Gabelli Funds, LLC et al.
It is agreed that
1. The attached bond is hereby amended by deleting Section 13., TERMINATION. in
its entirety and substituting the following:
The Underwriter may terminate this bond as an entirety by furnishing written
notice specifying the termination date which cannot be prior to 90 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 90 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 90 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, (other than a registered
management investment company), 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 he 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.
This Bond will terminate as to any registered management investment company upon
the expiration of 90 days after written notice has been given to the Securities
and Exchange Commission, Washington, D.C.
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 terminated for any other reason.
This bond shall terminate
a. as to any Employee as soon as the Corporate Risk Management
Department, Internal Audit Department or General Counsel, 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 and upon the expiration of
ninety (90) days after written notice has been given to the Securities
and Exchange Commission, Washington, D.C. (See Section 16(d)) and to
the Insured Investment Company, or
b. as to any Employee 90 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 and upon the expiration of ninety (90) days after written
notice has been given by the Underwriter to the Securities and Exchange
Commission, Washington DC and to the insured Investment Company.
d. The automatic termination is waived with respect to any Employee
provided the fraud/dishonesty did not exceed $10,000; the Employee's
department recommends retention of the Employee; and the
fraud/dishonesty occurred more than three (3) years prior to the
Insured's knowledge and did not occur during the current or any prior
employment of the Employee by the Insured.
2. Nothing herein contained shall be held to vary, alter, waive, or
extend any of the terms, limitations, conditions, or provisions of the
attached bond other than as above stated.
3. This rider is effective as of l201 a.m. on 12/07/07.
By: __________
Authorized Representative
NTIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA
RIDER NO. 3
INSURING AGREEMENT J
To be attached to and form part of Bond NO.6214219 in favor of THE GABEILI
FUNDS, ETAL] It is agreed that:
1. The attached bond is amended by adding an additional insuring agreement as
follows:
COMPUTER SYSTENS
Loss resulting directly from a fraudulent
(1) entry of data into, or
(2) change of data or programs within a Computer System; 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: Cc) an unauthorized account of a fictitious account to be debited
or credited;
(3) voice instructions or advices having been transmitted to the Insured or its
agent(s) by telephone; and provided further, the fraudulent entry or change is
made or caused by an individual acting with the intent to:
(I) cause the Insured or its agent(s) to sustain a loss, and
(ii) obtain financial benefit for that individual or for other persons intended
by that individual to receive financial benefit,
(iii) and further provided such voice instruction or advices:
(a) were made by a person who purported to represent an individual authorized to
make such voice instruction or advices; and
(b) were electronically recorded by the Insured or its agent (S)
(4) It shall be a condition to recovery under the Computer Systems Rider that
the Insured or its agent(s)shall to the best of their ability electronically
record all voice instructions or advices received over telephone. The Insured or
its agent(s) warrant that they shall make their best efforts to maintain the
electronic recording system on a continuous basis. Nothing, however, in this
Rider shall bar the Insured from recovery where no recording is available
because of mechanical failure of the device used in making such recording, or
because of failure of the media used to record conversation from any cause, or
error or omission of any Employee(s) or agent(s) of the Insured.
SCHEDUI.E OF SYSTENS
All computer 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,
Ib) systems and application software,
(c) terminal devices,
Cd) related communication networks or customer communication systems, and Ce)
related Electronic Funds Transfer Systems, 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
(b) loss resulting directly or indirectly from entries or changes made by an
individual authorized to have access to a Computer System who acts in good faith
on instructions, unless such instructions are given to that individual by a
software contractor (or by a partner, officer or employee thereof) authorized by
the Insured to design, develop, prepare, supply service, write or implement
programs for the Insured's Computer System.
4. The following portions of the attached bond are not applicable to this Rider:
(a) the initial paragraph of the bond preceding the Insuring Agreements which
reads `p.. .at any time but discovered during the Bond Period."
(b) Section 9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL
LIABILITY
(c) Section 10--LIMIT OF LIABILITY
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 FOUR MILLION SIX HUNDRED THOUSAND DOLLARS ($24,600,000 ), 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.
S. The Underwriter shall be liable hereunder for the amount by which one loss
shall be in excess of TEN THOUSAND DOLLARS $10,000 ), (herein called the
Deductible amount) 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 cancelled 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 this
coverage under this Rider. The refund shall be computed at short rates if this
Rider is terminated or cancelled or reduced by notice from, or at the instance
of, the Insured.
11. Section 4-LOSS-NOTICE-PROOF-LEGAL PROCEEDING of the Conditions and
Limitations of this bond is amended by adding the following sentence:
"Proof of Loss resulting from Voice Instructions or advices covered under this
bond shall include Electronic Recording of such Voice Instructions or advices."
12. Not withstanding the foregoing, however, coverage afforded by this Rider is
not designed to provide protection against loss covered under a separate
Electronic and Computer Crime Policy by whatever title assigned or by whatever
Underwriter written. Any loss which is covered under such separate Policy is
excluded from coverage under this bond; and the Insured agrees to make claim for
such loss under its separate Policy.
13. This rider shall become effective at 12:01 a.m. Standard time on 12/07/2007
By:
Authorized Representative
sI
National UNION FIRE INSURANCE COANY OF PITTSBURGH, PA
RIDER NO.4
INSURING AGREENENT K
To the attached to and form a part of Investment Company Blanket Bond No.
6214219 in favor of THE GABELLI FUNDS, ETAL.
It is agreed that:
(1) The attached bond is amended by adding an additional Insuring Agreement as
follows;
UNAUTHORIZED SIGNATURES
(2) 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.
(3) It shall be a condition precedent to the Insured's right of recovery under
this rider that the Insured shall have on file signatures all persons who are
authorized signatories on such account.
(4) The Limit of Liability for the coverage provided by this rider shall be
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.
(5) The Underwriter shall not be liable under the Unauthorized Signatures Rider
for any loss on account of any instrument unless the amount of such instrument
shall be excess of FIVE THOUSAND DOLLARS ($5,000 ) (herein called Deductible
Amount) and unless such loss on account of such instrument, after deducting all
recoveries on account of such instrument made prior to the payment of such loss
by the Underwriter, shall be in excess of such Deductible Amount and then for
such excess only, but in no event more than the amount of the attached bond, or
the amount of coverage under the Unauthorized Signatures Rider, if the amount of
such coverage is less than the amount of the attached bond.
(6) Nothing herein contained shall be held to vary, alter, waive, or extend any
of the terms, limitations, conditions, or provisions of the attached bond other
than as above stated.
(7) The rider is effective as of 12:01 a.m. standard time on 07-DEC-2007 as
specified in the bond.
By; _____________________________
Authorized Representative
NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA
RIDER NO. 5
INSURING AGREEMENT L
To be attached to and form part of Bond No, 6214219
Issued to THE GABELLI FUND, ETAL)
It is agreed that:
1. The attached bond is amended by adding an additional Insuring Agreement as
follows:
AUTOMATED PHONE SYSTEM
I. Loss caused by an Automated Phone System ("APS") Transaction, where the
request for such APS Transaction is unauthorized or fraudulent and is made with
the manifest intent to deceive; provided, that the entity which receives such
request generally maintains and follows during the bond Period all APS
Designated Procedures with respect to APS Transactions. The Unintentional
isolated failure of such entity to maintain and follow a particular APS
Designated Procedure in a particular instance shall not preclude coverage under
this Insuring Agreement, subject to the exclusions herein and in the Bond.
1. DEFINITIONS. The following terms used in this Insuring Agreement shall have
the following meanings:
a. "APS Transaction" means any APS Redemption, APS Exchange or APS Election.
b. "APS Redemption" means any redemption of shares issued by an Investment
Company which is requested over the telephone by means of information
transmitted by an individual caller through use of a telephone keypad.
c. APS Election" means any election concerning dividend options available to
Fund Shareholders which is made over the telephone by means of information
transmitted by an individual caller through use of a telephone keypad.
d. "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 over the telephone by means of information transmitted by an
individual caller through use of a telephone keypad.
e. "APS Designated Procedures" means all of the following procedures:
(1) ELECTION IN APPLICATION: No AFS Redemption shall be executed unless the
shareholder to whose account such an APS Redemption relates has previously
elected by Official Designation to permit such APS Redemption.
(2) All APS Transaction requests shall be logged or otherwise recorded, so
as to preserve all of the information transmitted by an individual caller
through use of a telephone keypad in the course of such a request, and the
records shall be retained for at least six months.
(a) Information contained in the records shall be capable of being retrieved
through the following methods: audio tape and or transactions stored on computer
disks
(b) 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.
(3) IDENTITY TEST: The identity of the caller in any request for an APS
Transaction shall be tested before execution of that APS Transaction by
requiring the entry by the caller of a confidential personal identification
number ("PIN")
(a) Limited Attempts to Enter PIN: If the caller fails to enter a correct PIN
within three attempts, the caller must not be allowed additional attempts during
the same (telephone call/twenty-four hour day) to enter the PIN
(4) WRITTEN CONFIRMATION: A written confirmation of any APS Transaction shall be
mailed to the shareholder(s) to whose account such APS Transaction relates, at
the original record address, by the end of the Insured's next regular processing
cycle, but in no event later than five business days following such APS
Transaction.
(5) ACCESS TO APS EQUIPMENT: Access to the equipment which permits the entity
receiving the APS Transaction request to process and effect the transaction
shall be limited in the following manner:
2. EXCLUSIONS. It is further understood and agreed that this extension shall not
cover:
a. Any loss covered under Insuring Agreement A. "Fidelity", of this Bond;
b. Any loss resulting from:
(1) The redemption of shares, where the proceeds of such redemption are made
payable to other than
(i) the shareholder of record, or
(ii) a person officially Designated to receive redemption proceeds, or
(iii) a bank account officially Designated to receive redemption proceeds, or
(2) The redemption of shares, where the proceeds of such redemption are paid by
check mailed to any address, unless such address has either been
(I) designated by voice over the telephone or in writing without a signature
guarantee, in either case at least thirty (30) days prior to such redemption, or
(ii) officially Designated, or
(iii) verified by any other procedures which may be stated below in this Rider,
or
(3) The redemption of shares, where the proceeds of such redemption are paid by
wire transfer to other than the shareholder's officially Designated bank
account, or
(4) the Intentional failure to adhere to one or more APS Designated Procedures.
2. Nothing herein contained shall be held to vary, alter, waive, or extend any
of the terms, limitations, conditions or provisions of the attached bond other
than above stated.
3. This rider shall become effective as of 12:01 a.m. on 12/07/2007 standard
time as specified in the bond.
By:
Authorized Representative
NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA
RIDER NO.6
INSURING AGREEMENT H
TELEFACSIMILE TRANSACTIONS
To be attached to and form part of Investment Company Blanket Bond No. 6214219
issued to THE GABELLI FUNDS , ETAL It is agreed that:
1. The attached bond is amended by adding an additional Insuring Agreement as
follows:
Loss resulting by reason of the Insured having transferred, paid or delivered
any funds or Property, established any credit, debited any account, or given any
value relying on any fraudulent instructions sent by a customer or financial
institution by Telefacsimile Transmission directed to the Insured, authorizing
or acknowledging the transfer, payment, or delivery of funds or property, the
establishment of a credit, debiting of any account, or the giving of value by
the Insured, but only if such telefacsimile instructions:
i) bear a valid test key exchanged between the Insured and a customer or another
financial institution with authority to use such test key for Telefacsimile
instructions in the ordinary course of business, but which test key has been
wrongfully obtained by a person who was not authorized to initiate, make,
validate or authenticate a test key arrangement; and
ii) fraudulently purport to have been sent by such customer or financial
institution, but which telefacsimile instruction were transmitted without the
knowledge or consent of such customer or financial institution by a person other
than such customer or financial institution and which bear a forged signature.
"Telefacsimile" means a system of transmitting written documents by electronic
signals over telephone lines to equipment maintained by the Insured within its
communication room for the purposes of reproducing a copy of said document. It
does not mean electronic communication sent by Telex, TWC, or electronic mail,
or Automated Clearing House.
2. The limit of Liability for the coverage provided by this rider shall be
TWENTY FOUR MILLION SIX HUNDRED THOUSAND DOLLARS ($24,600,000 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 Declaration of the attached bond.
3. The Underwriter shall be liable hereunder for the amount by which a Single
Loss exceeds the Deductible Amount of TEN THOUSAND DOLLARS ($10,000 ), but not
in excess of the Limit of Liability stated above.
4. Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, limitations conditions or agreements of the attached bond other than
as above stated.
5. This rider is effective as of 12:01 a.m. on 07-DEC-2007 standard time as
specified in the attached bond.
By:
Authorized Representative
NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.
Rider No. 7
This rider, effective December 7, 2007 forms a part of bond number 6214219 The
Gabelli Funds, et al.
1. It is agreed that Insuring Agreement (A) FIDELITY is deleted and replaced by
the following:
(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 intent:
(a) to cause the Insured to sustain such loss, or
(b) to obtain thereby an improper financial benefit for the Employee, or for any
person or entity intended by the Employee to receive such benefit.
It is agreed that loss resulting from the intentional transfer of Property to
the benefit of an innocent third party, committed by the Employee in the
knowledge that such third party was not lawfully entitled to such Property and
which Property is not lawfully recoverable by the Insured, shall be deemed to be
a loss which meets the requirements of this Insuring Agreement. Such loss must
result from acts committed by the Employee with the intent to cause the Insured
to sustain such loss.
Notwithstanding the foregoing however, it is agreed that with regard to Loans
and Trading this bond covers only loss resulting directly from dishonest or
fraudulent acts committed by an Employee with the intent to make and which
result in
(i) an improper financial benefit for the Employee, or
(ii) an improper financial benefit for another person or entity with whom the
Employee committing the dishonest or fraudulent act was in collusion, provided
that the Insured establishes that the Employee intended to participate in the
financial benefit.
Salaries, commissions, fees, bonuses, promotions, awards, profit sharing,
pensions or other Employee benefits shall not constitute an improper financial
benefit.
The word "Loan" as used in this Insuring Agreement means all extensions of
credit by the Insured and all transactions creating a creditor relationship in
favor of the Insured and all transactions by which the Insured assumes an
existing creditor relationship.
The word "Trading" as used in this Insuring Agreement means trading or other
dealings in securities, commodities, futures, options, foreign or Federal Funds,
currencies, foreign exchange and the like.
2. Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, limitations, conditions or agreements of the attached bond other than
as above stated.
By:
Authorized Representative
NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.
RIDER No. 8
This rider, effective December 7, 2007 forms a part of bond number 6214219.
AMEND LOSS - NOTICE - PROOF - LEGAL PROCEEDINGS
It is agreed that:
Section 4, Loss--Notice -- Proof-- Legal Proceedings, is amended by deleting the
following:
"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 circumstance 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."
and replacing the above with the following:
"Discovery occurs when the Corporate Risk Management Department, Internal Audit
Department or General Counsel's Department of any Insured or by any partner or
officer of any 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 circumstance 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."
2. Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, limitations, conditions or agreements of the attached bond other than
as above stated.
By:________
AUTHORIZED REPRESENTATIVE
AMENDED AND RESTATED
JOINT INSURED AGREEMENT
AGREEMENT dated December 1, 1999, as most recently amended as of May
15, 2007, 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 SRI Fund, Inc.
President, The Gabelli Utilities Fund
President, The Gabelli Utility Trust
President, The Gabelli Value Fund Inc.
President, The Westwood Funds
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 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 WESTWOOD FUNDS:
Westwood Equity Fund
Westwood Intermediate Bond Fund
Westwood Balanced Fund
Westwood SmallCap Equity Fund
Westwood Income Fund
Westwood Mighty Mites Fund
May 15, 2007