-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J5BNS1v1DL98u7jOg5WSz639ZaGtqh82mIsJ3Bk+DyNFq399XKq7ryUaAwl26Mvm L1EofQURez9VMij/2SS9EA== 0001347652-08-000060.txt : 20080630 0001347652-08-000060.hdr.sgml : 20080630 20080630144641 ACCESSION NUMBER: 0001347652-08-000060 CONFORMED SUBMISSION TYPE: 40-17G/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20080630 DATE AS OF CHANGE: 20080630 EFFECTIVENESS DATE: 20080630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TORTOISE GAS & OIL CORP CENTRAL INDEX KEY: 0001406906 IRS NUMBER: 260302306 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 40-17G/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-22097 FILM NUMBER: 08925361 BUSINESS ADDRESS: STREET 1: 11550 ASH STREET, SUITE 300 CITY: LEAWOOD STATE: KS ZIP: 66211 BUSINESS PHONE: 913-981-1020 MAIL ADDRESS: STREET 1: 11550 ASH STREET, SUITE 300 CITY: LEAWOOD STATE: KS ZIP: 66211 40-17G/A 1 tgoform40_17g.htm FORM 40-17G/A tgoform40_17g.htm




 
June 30, 2008



VIA EDGAR


United States Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549-0505

RE:  Tortoise Gas and Oil Corporation (File No. 811-22097)

To the Commission:

Tortoise Gas and Oil Corporation (the “Company”), in accordance with Rule 17g-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), hereby provides the following in connection with the Company’s fidelity bond for the 2007-2008 year:

1.      A copy of the bond coverage for the Company (the “Bond”) (attached as EX99.1).

2.      A copy of the Board resolutions of the Company, which were adopted by the Board, and a majority of the members thereof who are not “interested persons” (as defined in the 1940 Act)
        of the Company (attached as EX99.2).
 
      3.      A copy of the Name of Assured Endorsement agreeing that the name of assured in the declarations is amended to reflect the Company's new address (attached as EX99.3).
         
The premium for the Bond was paid for the policy period from July 16, 2007 to July 16, 2008.

Please contact the undersigned at 913-981-1020 if you have any questions concerning this filing.


Sincerely,



 /s/ Terry Matlack
Terry Matlack
Chief Financial Officer


EX-99.1 2 tgoex99_1.htm DECLARATIONS tgoex99_1.htm

 
EX99.1
       
Chubb Group of Insurance Companies
     
DECLARATIONS
       
                       
FINANCIAL INSTITUTION INVESTMENT
       
15 Mountain View Road, Warren, New Jersey 07059
 
COMPANY ASSET PROTECTION BOND
 
 
NAME OF ASSURED (including its Subsidiaries):
     
Bond Number: 81952319
       
 
TORTOISE GAS AND OIL CORPORATION
                   
                       
FEDERAL INSURANCE COMPANY
 
 
10801 MASTIN BOULEVARD SUITE 222
     
Incorporated under the laws of Indiana
   
OVERLAND PARK, KAN 66210
         
a stock insurance company herein called the COMPANY
                       
Capital Center, 251 North Illinois, Suite 1100
                       
Indianapolis, IN 46204-1927
       
 
 
ITEM 1.
 
BOND PERIOD:
 
from
 
12:01 a.m. on
 
July 16, 2007
               
           
to
 
12:01 a.m. on
 
July 16, 2008
               
 
ITEM 2.
 
LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:
               
 
   
If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and
   
any other reference shall be deemed to be deleted. There shall be no deductible applicable to any loss
   
under INSURING CLAUSE 1. sustained by any Investment Company.
       
 
                               
DEDUCTIBLE
   
INSURING CLAUSE
         
LIMIT OF LIABILITY
 
AMOUNT
   
1.
 
Employee
             
$ 450,000
 
$ 10,000
   
2.
 
On Premises
         
$ 450,000
 
$ 10,000
   
3.
 
In Transit
             
$ 450,000
 
$ 10,000
   
4.
 
Forgery or Alteration
         
$ 450,000
 
$ 10,000
   
5.
 
Extended Forgery
         
$ 450,000
 
$ 10,000
   
6.
 
Counterfeit Money
         
$ 450,000
 
$ 10,000
   
7.
 
Threats to Person
         
$ Not Covered
 
$ N/A
   
8.
 
Computer System
         
$ 450,000
 
$ 10,000
   
9.
 
Voice Initiated Funds Transfer Instruction
 
$ 450,000
 
$ 10,000
   
10.
 
Uncollectible Items of Deposit
     
$ 450,000
 
$ 10,000
   
11.
 
Audit Expense
         
$ 25,000
 
$ 10,000
 
 
ITEM 3.
 
THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
   
ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
       
   
1,2,3,4
                           
 
IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be
valid unless also signed by an authorized representative of the Company.
           
 
 
 
ICAP Bond (5-98) - Federal
   
Form 17-02-1421 (Ed. 5-98)
 
Page 1 of 1
 

 
 

 
   
The COMPANY, in consideration of payment of the required premium, and in reliance
   
on the APPLICATION and all other statements made and information furnished to the
   
COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this
   
Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED
   
for:
           
 
 
Insuring Clauses
               
 
 
Employee
 
1.
 
Loss resulting directly from Larceny or Embezzlement committed by any
       
Employee, alone or in collusion with others.
 
 
 
On Premises
 
2.
 
Loss of Property resulting directly from robbery, burglary, false pretenses,
       
common law or statutory larceny, misplacement, mysterious unexplainable
       
disappearance, damage, destruction or removal, from the possession, custody or
       
control of the ASSURED, while such Property is lodged or deposited at premises
       
located anywhere.
 
 
In Transit
 
3.
 
Loss of Property resulting directly from common law or statutory larceny,
       
misplacement, mysterious unexplainable disappearance, damage or destruction,
       
while the Property is in transit anywhere:
 
       
a.
 
in an armored motor vehicle, including loading and unloading thereof,
 
       
b.
 
in the custody of a natural person acting as a messenger of the ASSURED,
           
or
   
 
       
c.
 
in the custody of a Transportation Company and being transported in a
           
conveyance other than an armored motor vehicle provided, however, that
           
covered Property transported in such manner is limited to the following:
 
           
(1)
 
written records,
 
           
(2)
 
securities issued in registered form, which are not endorsed or are
               
restrictively endorsed, or
 
           
(3)
 
negotiable instruments not payable to bearer, which are not endorsed
               
or are restrictively endorsed.
 
       
Coverage under this INSURING CLAUSE begins immediately on the receipt of
       
such Property by the natural person or Transportation Company and ends
       
immediately on delivery to the premises of the addressee or to any representative
       
of the addressee located anywhere.
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 1 of 19
 

 
 

 
Insuring Clauses
               
(continued)
               
 
Forgery Or Alteration
 
4.
 
Loss resulting directly from:
 
       
a.
 
Forgery on, or fraudulent material alteration of, any bills of exchange,
           
checks, drafts, acceptances, certificates of deposits, promissory notes, due
           
bills, money orders, orders upon public treasuries, letters of credit, other
           
written promises, orders or directions to pay sums certain in money, or
           
receipts for the withdrawal of Property, or
 
       
b.
 
transferring, paying or delivering any funds or other Property, or establishing
           
any credit or giving any value in reliance on any written instructions, advices
           
or applications directed to the ASSURED authorizing or acknowledging the
           
transfer, payment, delivery or receipt of funds or other Property, which
           
instructions, advices or applications fraudulently purport to bear the
           
handwritten signature of any customer of the ASSURED, or shareholder or
           
subscriber to shares of an Investment Company, or of any financial
           
institution or Employee but which instructions, advices or applications either
           
bear a Forgery or have been fraudulently materially altered without the
           
knowledge and consent of such customer, shareholder, subscriber, financial
           
institution or Employee;
 
       
excluding, however, under this INSURING CLAUSE any loss covered under
       
INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING
       
CLAUSE 5. is provided for in the DECLARATIONS of this Bond.
 
       
For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
       
signature is treated the same as a handwritten signature.
 
 
Extended Forgery
 
5.
 
Loss resulting directly from the ASSURED having, in good faith, and in the
       
ordinary course of business, for its own account or the account of others in any
       
capacity:
   
 
       
a.
 
acquired, accepted or received, accepted or received, sold or delivered, or
           
given value, extended credit or assumed liability, in reliance on any original
           
Securities, documents or other written instruments which prove to:
 
           
(1)
 
bear a Forgery or a fraudulently material alteration,
 
           
(2)
 
have been lost or stolen, or
 
           
(3)
 
be Counterfeit, or
 
       
b.
 
guaranteed in writing or witnessed any signatures on any transfer,
           
assignment, bill of sale, power of attorney, guarantee, endorsement or other
           
obligation upon or in connection with any Securities, documents or other
           
written instruments.
 
       
Actual physical possession, and continued actual physical possession if taken as
       
collateral, of such Securities, documents or other written instruments by an
       
Employee, Custodian, or a Federal or State chartered deposit institution of the
       
ASSURED is a condition precedent to the ASSURED having relied on such items.
       
Release or return of such collateral is an acknowledgment by the ASSURED that it
       
no longer relies on such collateral.
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 2 of 19
 

 
 

 
Insuring Clauses
               
 
Extended Forgery
     
For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
(continued)
     
signature is treated the same as a handwritten signature.
 
 
Counterfeit Money
 
6.
 
Loss resulting directly from the receipt by the ASSURED in good faith of any
       
Counterfeit money.
 
 
Threats To Person
 
7.
 
Loss resulting directly from surrender of Property away from an office of the
       
ASSURED as a result of a threat communicated to the ASSURED to do bodily
       
harm to an Employee as defined in Section 1.e. (1), (2) and (5), a Relative or
       
invitee of such Employee, or a resident of the household of such Employee, who
       
is, or allegedly is, being held captive provided, however, that prior to the surrender
       
of such Property:
       
a.
 
the Employee who receives the threat has made a reasonable effort to
           
notify an officer of the ASSURED who is not involved in such threat, and
 
       
b.
 
the ASSURED has made a reasonable effort to notify the Federal Bureau of
           
Investigation and local law enforcement authorities concerning such threat.
       
It is agreed that for purposes of this INSURING CLAUSE, any Employee of the
       
ASSURED, as set forth in the preceding paragraph, shall be deemed to be an
       
ASSURED hereunder, but only with respect to the surrender of money, securities
       
and other tangible personal property in which such Employee has a legal or
       
equitable interest.
 
 
Computer System
 
8.
 
Loss resulting directly from fraudulent:
       
a.
 
entries of data into, or
 
       
b.
 
changes of data elements or programs within,
       
a Computer System, provided the fraudulent entry or change causes:
 
           
(1)
 
funds or other property to be transferred, paid or delivered,
 
           
(2)
 
an account of the ASSURED or of its customer to be added, deleted,
               
debited or credited, or
 
           
(3)
 
an unauthorized account or a fictitious account to be debited or
               
credited.
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 3 of 19
 

 
 

 
Insuring Clauses
           
(continued)
           
 
Voice Initiated Funds
 
9.
 
Loss resulting directly from Voice Initiated Funds Transfer Instruction directed
Transfer Instruction
     
to the ASSURED authorizing the transfer of dividends or redemption proceeds of
       
Investment Company shares from a Customer's account, provided such Voice
       
Initiated Funds Transfer Instruction was:
 
       
a.
 
received at the ASSURED'S offices by those Employees of the ASSURED
           
specifically authorized to receive the Voice Initiated Funds Transfer
           
Instruction,
 
       
b.
 
made by a person purporting to be a Customer, and
 
       
c.
 
made by said person for the purpose of causing the ASSURED or Customer
           
to sustain a loss or making an improper personal financial gain for such
           
person or any other person.
       
In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated
       
Funds Transfer Instructions must be received and processed in accordance with
       
the Designated Procedures outlined in the APPLICATION furnished to the
       
COMPANY.
 
 
Uncollectible Items of
 
10.
 
Loss resulting directly from the ASSURED having credited an account of a
Deposit
     
customer, shareholder or subscriber on the faith of any Items of Deposit which
       
prove to be uncollectible, provided that the crediting of such account causes:
 
       
a.
 
redemptions or withdrawals to be permitted,
       
b.
 
shares to be issued, or
 
       
c.
 
dividends to be paid,
       
from an account of an Investment Company.
 
       
In order for coverage to apply under this INSURING CLAUSE, the ASSURED must
       
hold Items of Deposit for the minimum number of days stated in the
       
APPLICATION before permitting any redemptions or withdrawals, issuing any
       
shares or paying any dividends with respect to such Items of Deposit.
 
       
Items of Deposit shall not be deemed uncollectible until the ASSURED'S
       
standard collection procedures have failed.
 
 
Audit Expense
 
11.
 
Expense incurred by the ASSURED for that part of the cost of audits or
       
examinations required by any governmental regulatory authority or self-regulatory
       
organization to be conducted by such authority, organization or their appointee by
       
reason of the discovery of loss sustained by the ASSURED and covered by this
       
Bond.
 

 
 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 4 of 19
 

 
 

 
General Agreements
           
 
Additional Companies
 
A.
 
If more than one corporation, or Investment Company, or any combination of
Included As Assured
     
them is included as the ASSURED herein:
       
(1)
 
The total liability of the COMPANY under this Bond for loss or losses
           
sustained by any one or more or all of them shall not exceed the limit for
           
which the COMPANY would be liable under this Bond if all such loss were
           
sustained by any one of them.
 
       
(2)
 
Only the first named ASSURED shall be deemed to be the sole agent of the
           
others for all purposes under this Bond, including but not limited to the giving
           
or receiving of any notice or proof required to be given and for the purpose of
           
effecting or accepting any amendments to or termination of this Bond. The
           
COMPANY shall furnish each Investment Company with a copy of the
           
Bond and with any amendment thereto, together with a copy of each formal
           
filing of claim by any other named ASSURED and notification of the terms of
           
the settlement of each such claim prior to the execution of such settlement.
 
       
(3)
 
The COMPANY shall not be responsible for the proper application of any
           
payment made hereunder to the first named ASSURED.
 
       
(4)
 
Knowledge possessed or discovery made by any partner, director, trustee,
           
officer or supervisory employee of any ASSURED shall constitute knowledge
           
or discovery by all the ASSUREDS for the purposes of this Bond.
 
       
(5)
 
If the first named ASSURED ceases for any reason to be covered under this
           
Bond, then the ASSURED next named on the APPLICATION shall thereafter
           
be considered as the first named ASSURED for the purposes of this Bond.
 
 
Representation Made By
 
B.
 
The ASSURED represents that all information it has furnished in the
Assured
     
APPLICATION for this Bond or otherwise is complete, true and correct. Such
       
APPLICATION and other information constitute part of this Bond.
 
       
The ASSURED must promptly notify the COMPANY of any change in any fact or
       
circumstance which materially affects the risk assumed by the COMPANY under
       
this Bond.
 
       
Any intentional misrepresentation, omission, concealment or incorrect statement of
       
a material fact, in the APPLICATION or otherwise, shall be grounds for recision of
       
this Bond.
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 5 of 19
 

 
 

 
General Agreements
           
(continued)
           
 
 
Additional Offices Or
 
C.
 
If the ASSURED, other than an Investment Company, while this Bond is in force,
Employees - Consolidation,
     
merges or consolidates with, or purchases or acquires assets or liabilities of
Merger Or Purchase Or
     
another institution, the ASSURED shall not have the coverage afforded under this
Acquisition Of Assets
     
Bond for loss which has:
OrLiabilities - Notice To
     
(1)
 
occurred or will occur on premises, or
Company
           
       
(2)
 
been caused or will be caused by an employee, or
       
(3)
 
arisen or will arise out of the assets or liabilities,
       
of such institution, unless the ASSURED:
       
a.
 
gives the COMPANY written notice of the proposed consolidation, merger or
           
purchase or acquisition of assets or liabilities prior to the proposed effective
           
date of such action, and
       
b.
 
obtains the written consent of the COMPANY to extend some or all of the
           
coverage provided by this Bond to such additional exposure, and
       
c.
 
on obtaining such consent, pays to the COMPANY an additional premium.
 
 
Change Of Control -
 
D.
 
When the ASSURED learns of a change in control (other than in an Investment
Notice To Company
     
Company), as set forth in Section 2(a) (9) of the Investment Company Act of
       
1940,
 
the ASSURED shall within sixty (60) days give written notice to the
       
COMPANY setting forth:
       
(1)
 
the names of the transferors and transferees (or the names of the beneficial
           
owners if the voting securities are registered in another name),
       
(2)
 
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
       
(3)
 
the total number of outstanding voting securities.
       
Failure to give the required notice shall result in termination of coverage for any
       
loss involving a transferee, to be effective on the date of such change in control.
 
 
Court Costs And
 
E.
 
The COMPANY will indemnify the ASSURED for court costs and reasonable
Attorneys’ Fees
     
attorneys' fees incurred and paid by the ASSURED in defense, whether or not
       
successful, whether or not fully litigated on the merits and whether or not settled,
       
of any claim, suit or legal proceeding with respect to which the ASSURED would
       
be entitled to recovery under this Bond. However, with respect to INSURING
       
CLAUSE 1., this Section shall only apply in the event that:
       
(1)
 
an Employee admits to being guilty of Larceny or Embezzlement,
       
(2)
 
an Employee is adjudicated to be guilty of Larceny or Embezzlement, or
 

 
 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 6 of 19
 

 
 

 
General Agreements
       
 
Court Costs And
 
(3)
 
in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
Attorneys’ Fees
     
an agreed statement of facts between the COMPANY and the ASSURED,
(continued)
     
that an Employee would be found guilty of Larceny or Embezzlement if
       
such Employee were prosecuted.
 
   
The ASSURED shall promptly give notice to the COMPANY of any such suit or
   
legal proceeding and at the request of the COMPANY shall furnish copies of all
   
pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
   
sole option, elect to conduct the defense of all or part of such legal proceeding.
   
The defense by the COMPANY shall be in the name of the ASSURED through
   
attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
   
information and assistance as required by the COMPANY for such defense.
 
   
If the COMPANY declines to defend the ASSURED, no settlement without the
   
prior written consent of the COMPANY nor judgment against the ASSURED shall
   
determine the existence, extent or amount of coverage under this Bond.
 
   
If the amount demanded in any such suit or legal proceeding is within the
   
DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
   
costs and attorney's fees incurred in defending all or part of such suit or legal
   
proceeding.
 
   
If the amount demanded in any such suit or legal proceeding is in excess of the
   
LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
   
INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees
   
incurred in defending all or part of such suit or legal proceedings is limited to the
   
proportion of such court costs and attorney's fees incurred that the LIMIT OF
   
LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING
   
CLAUSE bears to the total of the amount demanded in such suit or legal
   
proceeding.
 
   
If the amount demanded is any such suit or legal proceeding is in excess of the
   
DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
   
2.
 
of the DECLARATIONS for the applicable INSURING CLAUSE, the
   
COMPANY'S liability for court costs and attorney's fees incurred in defending all or
   
part of such suit or legal proceedings shall be limited to the proportion of such
   
court costs or attorney's fees that the amount demanded that would be payable
   
under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
   
amount demanded.
 
   
Amounts paid by the COMPANY for court costs and attorneys' fees shall be in
   
addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 7 of 19
 

 
 

 
Conditions And
               
Limitations
               
 
Definitions
 
1.
 
As used in this Bond:
       
a.
 
Computer System means a computer and all input, output, processing,
           
storage, off-line media libraries, and communication facilities which are
           
connected to the computer and which are under the control and supervision
           
of the operating system(s) or application(s) software used by the ASSURED.
 
       
b.
 
Counterfeit means an imitation of an actual valid original which is intended
           
to deceive and be taken as the original.
 
       
c.
 
Custodian means the institution designated by an Investment Company to
           
maintain possession and control of its assets.
 
       
d.
 
Customer means an individual, corporate, partnership, trust customer,
           
shareholder or subscriber of an Investment Company which has a written
           
agreement with the ASSURED for Voice Initiated Funds Transfer
           
Instruction.
 
       
e.
 
Employee means:
 
           
(1)
 
an officer of the ASSURED,
 
           
(2)
 
a natural person while in the regular service of the ASSURED at any of
               
the ASSURED'S premises and compensated directly by the ASSURED
               
through its payroll system and subject to the United States Internal
               
Revenue Service Form W-2 or equivalent income reporting plans of
               
other countries, and whom the ASSURED has the right to control and
               
direct both as to the result to be accomplished and details and means
               
by which such result is accomplished in the performance of such
               
service,
 
           
(3)
 
a guest student pursuing studies or performing duties in any of the
               
ASSURED'S premises,
 
           
(4)
 
an attorney retained by the ASSURED and an employee of such
               
attorney while either is performing legal services for the ASSURED,
 
           
(5)
 
a natural person provided by an employment contractor to perform
               
employee duties for the ASSURED under the ASSURED'S supervision
               
at any of the ASSURED'S premises,
 
           
(6)
 
an employee of an institution merged or consolidated with the
               
ASSURED prior to the effective date of this Bond,
 
           
(7)
 
a director or trustee of the ASSURED, but only while performing acts
               
within the scope of the customary and usual duties of any officer or
               
other employee of the ASSURED or while acting as a member of any
               
committee duly elected or appointed to examine or audit or have
               
custody of or access to Property of the ASSURED, or
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 8 of 19
 

 
 

 
Conditions And
           
Limitations
           
 
Definitions
 
(8)
 
each natural person, partnership or corporation authorized by written
(continued)
     
agreement with the ASSURED to perform services as electronic data
       
processor of checks or other accounting records related to such checks but
       
only while such person, partnership or corporation is actually performing
       
such services and not:
 
       
a.
 
creating, preparing, modifying or maintaining the ASSURED'S
           
computer software or programs, or
 
       
b.
 
acting as transfer agent or in any other agency capacity in issuing
           
checks, drafts or securities for the ASSURED,
 
   
(9)
 
any partner, officer or employee of an investment advisor, an underwriter
       
(distributor), a transfer agent or shareholder accounting recordkeeper, or an
       
administrator, for an Investment Company while performing acts coming
       
within the scope of the customary and usual duties of an officer or employee
       
of an Investment Company or acting as a member of any committee duly
       
elected or appointed to examine, audit or have custody of or access to
       
Property of an Investment Company.
 
       
The term Employee shall not include any partner, officer or employee of a
       
transfer agent, shareholder accounting recordkeeper or administrator:
 
       
a.
 
which is not an "affiliated person" (as defined in Section 2(a) of the
           
Investment Company Act of 1940) of an Investment Company or of
           
the investment advisor or underwriter (distributor) of such Investment
           
Company, or
 
       
b.
 
which is a "bank" (as defined in Section 2(a) of the Investment
           
Company Act of 1940).
 
           
This Bond does not afford coverage in favor of the employers of
           
persons as set forth in e. (4), (5) and (8) above, and upon payment to
           
the ASSURED by the COMPANY resulting directly from 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 ASSURED'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 ASSURED to the COMPANY, and the ASSURED shall execute
           
all papers necessary to secure to the COMPANY the rights provided
           
for herein.
 
       
Each employer of persons as set forth in e.(4), (5) and (8) above and the
       
partners, officers and other employees of such employers shall collectively
       
be deemed to be one person for all the purposes of this Bond; excepting,
       
however, the fifth paragraph of Section 13.
 
       
Independent contractors not specified in e.(4), (5) or (8) above,
       
intermediaries, agents, brokers or other representatives of the same general
       
character shall not be considered Employees.
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 9 of 19
 

 
 

 
Conditions And
       
Limitations
       
 
Definitions
 
f.
 
Forgery means the signing of the name of another natural person with the
(continued)
     
intent to deceive but does not mean a signature which consists in whole or in
       
part of one's own name, with or without authority, in any capacity for any
       
purpose.
 
   
g.
 
Investment Company means any investment company registered under the
       
Investment Company Act of 1940 and listed under the NAME OF ASSURED
       
on the DECLARATIONS.
 
   
h.
 
Items of Deposit means one or more checks or drafts drawn upon a
       
financial institution in the United States of America.
 
   
i.
 
Larceny or Embezzlement means larceny or embezzlement as defined in
       
Section 37 of the Investment Company Act of 1940.
 
   
j.
 
Property means money, revenue and other stamps; securities; including any
       
note, stock, treasury stock, bond, debenture, evidence of indebtedness,
       
certificate of deposit, certificate of interest or participation in any profit-
       
sharing agreement, collateral trust certificate, preorganization certificate or
       
subscription, transferable share, investment contract, voting trust certificate,
       
certificate of deposit for a security, fractional undivided interest in oil, gas, or
       
other mineral rights, any interest or instruments commonly known as a
       
security under the Investment Company Act of 1940, any other certificate of
       
interest or participation in, temporary or interim certificate for, receipt for,
       
guarantee of, or warrant or right to subscribe to or purchase any of the
       
foregoing; bills of exchange; acceptances; checks; withdrawal orders; money
       
orders; travelers' letters of credit; bills of lading; abstracts of title; insurance
       
policies, deeds, mortgages on real estate and/or upon chattels and interests
       
therein; assignments of such policies, deeds or mortgages; other valuable
       
papers, including books of accounts and other records used by the
       
ASSURED in the conduct of its business (but excluding all electronic data
       
processing records); and, all other instruments similar to or in the nature of
       
the foregoing in which the ASSURED acquired an interest at the time of the
       
ASSURED'S consolidation or merger with, or purchase of the principal
       
assets of, a predecessor or which are held by the ASSURED for any
       
purpose or in any capacity and whether so held gratuitously or not and
       
whether or not the ASSURED is liable therefor.
 
   
k.
 
Relative means the spouse of an Employee or partner of the ASSURED
       
and any unmarried child supported wholly by, or living in the home of, such
       
Employee or partner and being related to them by blood, marriage or legal
       
guardianship.
 
   
l.
 
Securities, documents or other written instruments means original
       
(including original counterparts) negotiable or non-negotiable instruments, or
       
assignments thereof, which in and of themselves represent an equitable
       
interest, ownership, or debt and which are in the ordinary course of business
       
transferable by delivery of such instruments with any necessary
       
endorsements or assignments.
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 10 of 19
 

 
 

 
Conditions And
           
Limitations
           
 
 
Definitions
     
m.
 
Subsidiary means any organization that, at the inception date of this Bond,
(continued)
         
is named in the APPLICATION or is created during the BOND PERIOD and
           
of which more than fifty percent (50%) of the outstanding securities or voting
           
rights representing the present right to vote for election of directors is owned
           
or controlled by the ASSURED either directly or through one or more of its
           
subsidiaries.
 
       
n.
 
Transportation Company means any organization which provides its own
           
or its leased vehicles for transportation or which provides freight forwarding
           
or air express services.
 
       
o.
 
Voice Initiated Election means any election concerning dividend options
           
available to Investment Company shareholders or subscribers which is
           
requested by voice over the telephone.
 
       
p.
 
Voice Initiated Redemption means any redemption of shares issued by an
           
Investment Company which is requested by voice over the telephone.
 
       
q.
 
Voice Initiated Funds Transfer Instruction means any Voice Initiated
           
Redemption or Voice Initiated Election.
 
       
For the purposes of these definitions, the singular includes the plural and the
       
plural includes the singular, unless otherwise indicated.
 
 
General Exclusions -
 
2.
 
This bond does not directly or indirectly cover:
Applicable to All Insuring
     
a.
 
loss not reported to the COMPANY in writing within sixty (60) days after
Clauses
         
termination of this Bond as an entirety;
 
       
b.
 
loss due to riot or civil commotion outside the United States of America and
           
Canada, or any loss due to military, naval or usurped power, war or
           
insurrection. This Section 2.b., however, shall not apply to loss which occurs
           
in transit in the circumstances recited in INSURING CLAUSE 3., provided
           
that when such transit was initiated there was no knowledge on the part of
           
any person acting for the ASSURED of such riot, civil commotion, military,
           
naval or usurped power, war or insurrection;
 
       
c.
 
loss resulting from the effects of nuclear fission or fusion or radioactivity;
 
       
d.
 
loss of potential income including, but not limited to, interest and dividends
           
not realized by the ASSURED or by any customer of the ASSURED;
 
       
e.
 
damages of any type for which the ASSURED is legally liable, except
           
compensatory damages, but not multiples thereof, arising from a loss
           
covered under this Bond;
 
       
f.
 
costs, fees and expenses incurred by the ASSURED in establishing the
           
existence of or amount of loss under this Bond, except to the extent covered
           
under INSURING CLAUSE 11.;
 
       
g.
 
loss resulting from indirect or consequential loss of any nature;
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 11 of 19
 

 
 

 
Conditions And
                   
Limitations
                   
 
General Exclusions -
     
h.
 
loss resulting from dishonest acts by any member of the Board of Directors
Applicable to All Insuring
         
or Board of Trustees of the ASSURED who is not an Employee, acting
Clauses
         
alone or in collusion with others;
(continued)
     
i.
 
loss, or that part of any loss, resulting solely from any violation by the
           
ASSURED or by any Employee:
           
(1)
 
of any law regulating:
               
a.
 
the issuance, purchase or sale of securities,
               
b.
 
securities transactions on security or commodity exchanges or
                   
the over the counter market,
               
c.
 
investment companies,
               
d.
 
investment advisors, or
           
(2)
 
of any rule or regulation made pursuant to any such law; or
       
j.
 
loss of confidential information, material or data;
       
k.
 
loss resulting from voice requests or instructions received over the
           
telephone, provided however, this Section 2.k. shall not apply to INSURING
           
CLAUSE 7. or 9.
 
 
Specific Exclusions -
 
3.
 
This Bond does not directly or indirectly cover:
Applicable To All Insuring
     
a.
 
loss caused by an Employee, provided, however, this Section 3.a. shall not
Clauses Except Insuring
         
apply to loss covered under INSURING CLAUSE 2. or 3. which results
Clause 1.
         
directly from misplacement, mysterious unexplainable disappearance, or
           
damage or destruction of Property;
       
b.
 
loss through the surrender of property away from premises of the ASSURED
           
as a result of a threat:
           
(1)
 
to do bodily harm to any natural person, except loss of Property in
               
transit in the custody of any person acting as messenger of the
               
ASSURED, provided that when such transit was initiated there was no
               
knowledge by the ASSURED of any such threat, and provided further
               
that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
           
(2)
 
to do damage to the premises or Property of the ASSURED;
       
c.
 
loss resulting from payments made or withdrawals from any account
           
involving erroneous credits to such account;
       
d.
 
loss involving Items of Deposit which are not finally paid for any reason
           
provided however, that this Section 3.d. shall not apply to INSURING
           
CLAUSE 10.;
       
e.
 
loss of property while in the mail;
 

 
 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 12 of 19
 

 
 

 
Conditions And
           
Limitations
           
 
Specific Exclusions -
     
f.
 
loss resulting from the failure for any reason of a financial or depository
Applicable To All Insuring
         
institution, its receiver or other liquidator to pay or deliver funds or other
Clauses Except Insuring
         
Property to the ASSURED provided further that this Section 3.f. shall not
Clause 1.
         
apply to loss of Property resulting directly from robbery, burglary,
(continued)
         
misplacement, mysterious unexplainable disappearance, damage,
           
destruction or removal from the possession, custody or control of the
           
ASSURED.
       
g.
 
loss of Property while in the custody of a Transportation Company,
           
provided however, that this Section 3.g. shall not apply to INSURING
           
CLAUSE 3.;
       
h.
 
loss resulting from entries or changes made by a natural person with
           
authorized access to a Computer System who acts in good faith on
           
instructions, unless such instructions are given to that person by a software
           
contractor or its partner, officer, or employee authorized by the ASSURED to
           
design, develop, prepare, supply, service, write or implement programs for
           
the ASSURED's Computer System; or
       
i.
 
loss resulting directly or indirectly from the input of data into a Computer
           
System terminal, either on the premises of the customer of the ASSURED
           
or under the control of such a customer, by a customer or other person who
           
had authorized access to the customer's authentication mechanism.
 
 
Specific Exclusions -
 
4.
 
This bond does not directly or indirectly cover:
Applicable To All Insuring
     
a.
 
loss resulting from the complete or partial non-payment of or default on any
Clauses Except Insuring
         
loan whether such loan was procured in good faith or through trick, artifice,
Clauses 1., 4., And 5.
         
fraud or false pretenses; provided, however, this Section 4.a. shall not apply
           
to INSURING CLAUSE 8.;
 
       
b.
 
loss resulting from forgery or any alteration;
 
       
c.
 
loss involving a counterfeit provided, however, this Section 4.c. shall not
           
apply to INSURING CLAUSE 5. or 6.
 
 
Limit Of Liability/Non-
 
5.
 
At all times prior to termination of this Bond, this Bond shall continue in force for
Reduction And Non-
     
the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability
     
notwithstanding any previous loss for which the COMPANY may have paid or be
       
liable to pay under this Bond provided, however, that the liability of the COMPANY
       
under this Bond with respect to all loss resulting from:
 
       
a.
 
any one act of burglary, robbery or hold-up, or attempt thereat, in which no
           
Employee is concerned or implicated, 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, or
 
       
c.
 
all acts, other than those specified in a. above, of any one person, or
 

 
 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 13 of 19
 

 
 

 
Conditions And
           
Limitations
           
 
Limit Of Liability/Non-
     
d.
 
any one casualty or event other than those specified in a., b., or c. above,
Reduction And Non-
     
shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
Accumulation Of Liability
     
LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
(continued)
     
the total amount of such loss or losses and shall not be cumulative in amounts
       
from year to year or from period to period.
 
       
All acts, as specified in c. above, of any one person which
 
       
i.
 
directly or indirectly aid in any way wrongful acts of any other person or
           
persons, or
 
       
ii.
 
permit the continuation of wrongful acts of any other person or persons
 
       
whether such acts are committed with or without the knowledge of the wrongful
       
acts of the person so aided, and whether such acts are committed with or without
       
the intent to aid such other person, shall be deemed to be one loss with the
       
wrongful acts of all persons so aided.
 
 
Discovery
 
6.
 
This Bond applies only to loss first discovered by an officer of the ASSURED
       
during the BOND PERIOD. Discovery occurs at the earlier of an officer of the
       
ASSURED being aware of:
 
       
a.
 
facts which may subsequently result in a loss of a type covered by this Bond,
           
or
 
       
b.
 
an actual or potential claim in which it is alleged that the ASSURED is liable
           
to a third party,
 
       
regardless of when the act or acts causing or contributing to such loss occurred,
       
even though the amount of loss does not exceed the applicable DEDUCTIBLE
       
AMOUNT, or the exact amount or details of loss may not then be known.
 
 
 
Notice To Company -
 
7.
 
a.
 
The ASSURED shall give the COMPANY notice thereof at the earliest
Proof - Legal Proceedings
         
practicable moment, not to exceed sixty (60) days after discovery of loss, in
Against Company
         
an amount that is in excess of 50% of the applicable DEDUCTIBLE
           
AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
 
       
b.
 
The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,
           
with full particulars within six (6) months after such discovery.
 
       
c.
 
Securities listed in a proof of loss shall be identified by certificate or bond
           
numbers, if issued with them.
 
       
d.
 
Legal proceedings for the recovery of any loss under this Bond shall not be
           
brought prior to the expiration of sixty (60) days after the proof of loss is filed
           
with the COMPANY or after the expiration of twenty-four (24) months from
           
the discovery of such loss.
 
       
e.
 
This Bond affords coverage only in favor of the ASSURED. No claim, suit,
           
action or legal proceedings shall be brought under this Bond by anyone
           
other than the ASSURED.
 

 
 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 14 of 19
 

 
 

 
Conditions And
           
Limitations
           
 
Notice To Company -
     
f.
 
Proof of loss involving Voice Initiated Funds Transfer Instruction shall
Proof - Legal Proceedings
         
include electronic recordings of such instructions.
Against Company
           
(continued)
           
 
 
Deductible Amount
 
8.
 
The COMPANY shall not be liable under any INSURING CLAUSES of this Bond
       
on account of loss unless the amount of such loss, after deducting the net amount
       
of all reimbursement and/or recovery obtained or made by the ASSURED, other
       
than from any Bond or policy of insurance issued by an insurance company and
       
covering such loss, or by the COMPANY on account thereof prior to payment by
       
the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in
       
ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event
       
for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
       
DECLARATIONS.
 
       
There shall be no deductible applicable to any loss under INSURING CLAUSE 1.
       
sustained by any Investment Company.
 
 
Valuation
 
9.
 
BOOKS OF ACCOUNT OR OTHER RECORDS
       
The value of any loss of Property consisting of books of account or other records
       
used by the ASSURED in the conduct of its business shall be the amount paid by
       
the ASSURED for blank books, blank pages, or other materials which replace the
       
lost books of account or other records, plus the cost of labor paid by the
       
ASSURED for the actual transcription or copying of data to reproduce such books
       
of account or other records.
 
       
The value of any loss of Property other than books of account or other records
       
used by the ASSURED in the conduct of its business, for which a claim is made
       
shall be determined by the average market value of such Property on the
       
business day immediately preceding discovery of such loss provided, however,
       
that the value of any Property replaced by the ASSURED with the consent of the
       
COMPANY and prior to the settlement of any claim for such Property shall be the
       
actual market value at the time of replacement.
 
       
In the case of a loss of interim certificates, warrants, rights or other securities, the
       
production of which is necessary to the exercise of subscription, conversion,
       
redemption or deposit privileges, the value of them shall be the market value of
       
such privileges immediately preceding their expiration if said loss 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.
       
OTHER PROPERTY
 
       
The value of any loss of Property, other than as stated above, shall be the actual
       
cash value or the cost of repairing or replacing such Property with Property of
       
like quality and value, whichever is less.
 

 
ICAP Bond (5-98)Form 17-02-1421 (Ed. 5-98) Page 15 of 19
 

 
 

 
Conditions And
           
Limitations
           
(continued)
           
 
Securities Settlement
 
10.
 
In the event of a loss of securities covered under this Bond, the COMPANY may,
       
at its sole discretion, purchase replacement securities, tender the value of the
       
securities in money, or issue its indemnity to effect replacement securities.
 
       
The indemnity required from the ASSURED under the terms of this Section
       
against all loss, cost or expense arising from the replacement of securities by the
       
COMPANY'S indemnity shall be:
 
       
a.
 
for securities having a value less than or equal to the applicable
           
DEDUCTIBLE AMOUNT - one hundred (100%) percent;
 
       
b.
 
for securities having a value in excess of the DEDUCTIBLE AMOUNT but
           
within the applicable LIMIT OF LIABILITY - the percentage that the
           
DEDUCTIBLE AMOUNT bears to the value of the securities;
 
       
c.
 
for securities having a value greater than the applicable LIMIT OF LIABILITY
           
- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of
           
the applicable LIMIT OF LIABILITY bears to the value of the securities.
 
       
The value referred to in Section 10.a., b., and c. is the value in accordance with
       
Section 9, VALUATION, regardless of the value of such securities at the time the
       
loss under the COMPANY'S indemnity is sustained.
 
       
The COMPANY is not required to issue its indemnity for any portion of a loss of
       
securities which is not covered by this Bond; however, the COMPANY may do so
       
as a courtesy to the ASSURED and at its sole discretion.
 
       
The ASSURED shall pay the proportion of the Company's premium charge for the
       
Company's indemnity as set forth in Section 10.a., b., and c. No portion of the
       
LIMIT OF LIABILITY shall be used as payment of premium for any indemnity
       
purchased by the ASSURED to obtain replacement securities.
 
 
Subrogation – Assignment - 11.
 
In the event of a payment under this Bond, the COMPANY shall be subrogated to
Recovery
     
all of the ASSURED'S rights of recovery against any person or entity to the extent
       
of such payment. On request, the ASSURED shall deliver to the COMPANY an
       
assignment of the ASSURED'S rights, title and interest and causes of action
       
against any person or entity to the extent of such payment.