FILED VIA EDGAR


September 27, 2006


Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street N.W.
Washington, D.C. 20549

Re:  Fidelity Bond Filing pursuant to Rule 17g-1(g)(1)
     Selected American Shares, Inc. ('33 File No. 2-10699, '40 File No. 811-51)
     Selected Special Shares, Inc. ('33 File No. 2-27514, '40 File No. 811-1550)
     Selected Capital Preservation Trust
     ('33 File No. 33-15807, '40 File No. 811-5240)

Dear Sir or Madam:

In accordance with Rule 17g-1(g)(1) of the Investment Company Act of 1940,
enclosed for filing on behalf of the registrants listed above ("Registrants") is
a copy of each of the following documents:

     1.   The insurance binder for joint insured fidelity bond issued by ICI
          Mutual Insurance Company;

     2.   The resolutions adopted by a majority of the Directors who are not
          "interested persons" of the Registrants approving the bond and the
          portion of the premiums to be paid by the Registrants; and

     3.   A copy of the executed Fidelity Bond Agreement among the Registrants.

The Fidelity Bond offers $10 million in coverage. If each of the registrants
covered by the Bond had not been named an insured under a joint insured bond, it
would have provided and maintained a single insured bond in the amount of:

FUND                                                  AMOUNT
---------------------------------------------    ---------------
Davis New York Venture Fund, Inc.                   $2,500,000
Davis Series, Inc.                                  $2,078,000
Davis Variable Account Fund, Inc.                   $1,000,000

Selected American Shares, Inc.                      $2,500,000
Selected Special Shares, Inc.                         $525,000
Selected Capital Preservation Trust                   $525,000

Total for all covered registrants                   $9,128,000

The premiums with respect to the joint insured bond have been paid through the
period ending July 31, 2007.

Sincerely,

/s/ Thomas Tays
------------------
Thomas Tays
Vice President and Secretary
Selected Funds





                                  CERTIFICATION
                                  -------------

I, Thomas Tays, hereby certify that I am the duly elected and acting Secretary
of Selected American Shares, Inc. (a Maryland Corporation), Selected Special
Shares, Inc. (a Maryland Corporation) and Selected Capital Preservation Trust
(an Ohio Business Trust), referred to as a group herein as the "Registrants",
and that the following is a true, correct and complete copy of the resolutions
adopted by a unanimous vote of the directors of each of the Registrants
(including those directors who are not "interested persons" of the Registrants,
as that term is defined in the Investment Company Act of 1940) at a board
meeting held on July 28, 2006:

     WHEREAS, Rule 17g-1 of the Investment Company Act of 1940 (the "Act"),
     requires that a fidelity bond, provided and maintained by a management
     investment company under Section 17(g) of the Act, be in such reasonable
     form and amount as a majority of the Board of Directors of that fund who
     are not "interested persons" of such fund, as defined in Section 2(a)(19),
     shall approve, and

     WHEREAS, Rule 17g-1 further requires that any premium for any joint insured
     fidelity bond to be paid by a registered management company for its
     portion, thereof be approved by a majority of the Board of Directors who
     are not "interested persons," taking into consideration all relevant
     factors; and

     WHEREAS, this meeting has considered the approval or disapproval of Joint
     Fidelity Bonds on behalf of Selected American Shares, Inc., Selected
     Special Shares, Inc., Selected Capital Preservation Trust (the preceding
     are referred to jointly as the "Selected Funds"), and Davis New York
     Venture Fund, Inc., Davis Series, Inc., Davis Variable Account Fund, Inc.
     (the preceding are referred to jointly as the "Davis Funds"),

     WHEREAS, a majority of the Directors of the Selected Funds who are not
     "interested persons" of the Selected Funds or interested persons of any
     party to the transaction are present at the meeting; and

     WHEREAS, such Directors have received and evaluated such information as
     they reasonably believe necessary to evaluate all relevant terms and
     conditions of the proposed Joint Fidelity Bonds, including its form,
     minimum amount, type, and coverage and premium allocations;

     NOW, THEREFORE, BE IT RESOLVED, that the Joint Fidelity Bonds in
     substantially the form and amount discussed in this meeting (form and
     amount must meet the requirements of Rule 17g-1), are hereby approved for a
     period of one year from August 1, 2006; and it is

     FURTHER RESOLVED, that the Chair, with the advise of counsel to the
     Independent Directors, shall determine and approve the final terms and
     amount of the Joint Fidelity Bonds; and it is

     FURTHER RESOLVED, that the Directors have determined that the benefits of
     obtaining a portion of the Joint Fidelity Bonds from ICI Mutual, including
     the opportunity to obtain stable, low-cost insurance coverage from ICI
     Mutual, justify paying the Reserve Premium; and making the commitments for
     additional payments to ICI Mutual, including the acceptance of restrictions
     upon the withdrawal of the Reserve Premium; and it is

     FURTHER RESOLVED, that the portion of the premium to be paid by the
     Selected Funds for such Joint Fidelity Bonds is hereby approved, the
     allocation among the Funds to be consistent with past allocations and meet
     standards established by the SEC; and it is




     FURTHER RESOLVED, that each of the officers of the Selected Funds, be and
     hereby is designated pursuant to the requirement of paragraph (h) of Rule
     17g-1, to make the filings and give the notice required by paragraph (g) of
     that Rule.


     IN WITNESS WHEREOF, I have executed this certification effective 27th day
     of September 2006.



     ---------------------------
     Thomas Tays, Secretary




                    DAVIS/SELECTED FUNDS ERRORS AND OMISSIONS
                         INSURANCE ALLOCATION AGREEMENT


     This is an agreement among Davis New York Venture, Inc., Davis Series, Inc.
and Davis Variable Account Fund, Inc. (collectively, the "Davis Funds") and
Selected American Shares, Inc., Selected Special Shares, Inc. and Selected
Capital Preservation Trust (collectively, the "Selected Funds"), all of which
may be referred to collectively as the "Parties."

     The purpose of this agreement is to provide a manner of allocating the
premiums, and any proceeds received from claims, on a joint errors and omissions
insurance policy dated August 1, 2005, under which the Parties are or hereafter
may be insured (the "Policy"), which initially provides for an aggregate
coverage limit of $40 million.

     The Parties therefore agree that:

     1. Allocation of Insurance Coverage and of Premiums. The "Guaranteed
Coverage" of the Davis Funds is $20 million. The "Guaranteed Coverage" of the
Selected Funds is $20 million. The Davis Funds shall collectively pay 65% of the
annual Policy premium, and the Selected Funds shall collectively pay 35% of the
annual Policy premium. The Davis Funds' share of the premium shall be allocated
among the funds of the three Davis Funds entities in proportion to their
respective net assets (subject to adjustments for new funds or liquidated
funds), and the Selected Funds' share of the premium shall be similarly
allocated among the funds of the three Selected Fund entities.

     2. Allocation of Proceeds.

          (a) As used in this agreement the following terms have the following
meanings:

               (i) "Insured" means a Party or a covered trustee, director or
officer of a Party;

               (ii) "Loss" means a loss (including all related expenses) of an
Insured relating to a particular policy year that is insured under the Policy in
whole or in part;

               (iii) "Net Proceeds" means the insurer proceeds from all Losses
under the Policy relating to a particular policy year;

               (iv) "Gross Coverage" means the sum of Net Proceeds plus all
deductibles and co-insurance applied to Losses; and

               (v) "Unaffiliated Board Member" means a director or trustee of a
Party who was not an "affiliated person" of the Adviser (within the meaning of
Section 2(a)(3) of the Investment Company Act of 1940) at the time of the
occurrence of the event giving rise to the Loss for which coverage is sought
pursuant to this agreement.




          (b) If only one Party incurs a Loss relating to a particular policy
year, the Net Proceeds shall be allocated to that Party.

          (c) If more than one Party incurs a Loss relating to a particular
policy year but the aggregate Losses for the year for all Parties (before
reduction for deductibles and co-insurance) do not exceed the Gross Coverage of
the Policy, the Net Proceeds shall be allocated among the Parties to the extent
of their respective Losses (after reduction for their respective deductibles and
co-insurance).

          (d) If more than one Party incurs a Loss relating to a particular
policy year and the aggregate Losses for the year (before reduction for
deductibles and co-insurance) exceed the Gross Coverage of the Policy:

               (i) There shall be allocated among the Davis Funds and their
Unaffiliated Board Members, according to their respective claims under the
Policy, the Guaranteed Coverage of $20 million (or, if less, the aggregate
amount of their Losses);

               (ii) There shall be allocated among the Selected Funds and their
Unaffiliated Board Members, according to their respective claims under the
Policy, the Guaranteed Coverage of $20 million (or, if less, the aggregate
amount of their Losses); and

               (iii) To the extent, if any, that there is Gross Coverage
remaining after the allocations pursuant to clauses 2(d)(i) and (ii) above, such
remaining Gross Coverage shall be allocated among the Parties and their
Unaffiliated Board Members according to their respective claims under the
Policy.

          (e) If not all of the Losses relating to a particular policy year are
paid at the same time, the Parties claiming Losses relating to that policy year
shall make such provisions as appear to them to be equitable in the particular
circumstances (taking into account the size of any payment received, the size,
nature and expected result of any remaining claims, and all other relevant
factors) to anticipate a possible later reallocation of amounts previously paid,
and the Parties agree so to reallocate in an equitable manner.

     3. Notices. Each Party agrees to give promptly to the insurer all notices
required under the Policy and to send a copy of each such notice to the other
Parties.

     4. Agent. Davis Selected Advisers, L.P. ("DSA") is hereby appointed as the
agent for the Parties, and DSA accepts this appointment, for the purpose of
making, adjusting, receiving and enforcing payment of all claims under the
Policy and otherwise dealing with the insurer concerning the Policy, and for
computation of allocations under this agreement. Any reasonable out-of-pocket
expenses incurred by DSA in its capacity as agent for claims shall be shared by
the Parties in the same manner as above provided.

     5. Annual Review and Continuation. It is contemplated that the parties will
annually review the allocation of insurance coverage and of premiums set forth
in Section 1 of this agreement. However, in the event that the Policy or
subsequent policies jointly insuring the Parties are modified to change the
maximum amount of coverage, each of the Davis Funds and



                                       2


the Selected Funds groups shall be allocated as "Guaranteed Coverage" fifty
percent of the maximum amount of coverage of any modified policy, subject to
Section 6 of this agreement.

     6. Modification and Termination. This agreement may be modified or amended
from time to time, or terminated, by mutual written agreement among the Parties.

     7. Further Assurances. Each Party agrees to perform such further acts and
to execute such further documents as are necessary to effectuate the purposes of
this agreement.

Dated as of August, 2005


SELECTED FUNDS:                            DAVIS FUNDS:
Selected American Shares, Inc.             Davis New York Venture, Inc.
Selected Special Shares, Inc.              Davis Series, Inc.
Selected Capital Preservation Trust        Davis Variable Account Fund, Inc.


By:                                        By:
    -------------------------------            -------------------------------



DAVIS SELECTED ADVISERS, L.P.
(solely for purposes of paragraph 4)


By:
    -------------------------------




                                       3


ICI MUTUAL INSURANCE COMPANY

P.O. Box 730
Burlington, Vermont 05402-0730

INVESTMENT COMPANY BLANKET BOND


ICI MUTUAL INSURANCE COMPANY
P.O. Box 730
Burlington, Vermont 05402-0730

DECLARATIONS

Item 1. Name of Insured (the "Insured")
Bond Number
Davis New York Venture Fund, Inc.                                      87006106B

Principal Address: 2949 East Elvira, Suite 101, Building E, Tucson, AZ 85706

Item 2. Bond Period: from 12:01 a.m. on August 1, 2006, to 12:01 a.m. on August
1, 2007, or the earlier effective date of the termination of this Bond, standard
time at the Principal Address as to each of said dates.

Item 3. Limit of Liability--
        Subject to Sections 9, 10 and 12 hereof:


LIMIT OF LIABILITY
DEDUCTIBLE AMOUNT
Insuring Agreement A-
FIDELITY
$10,000,000
N/A
Insuring Agreement B-
AUDIT EXPENSE
$50,000
$10,000
Insuring Agreement C-
ON PREMISES
$10,000,000
$100,000
Insuring Agreement D-
IN TRANSIT
$10,000,000
$100,000
Insuring Agreement E-
FORGERY OR ALTERATION
$10,000,000
$100,000
Insuring Agreement F-
SECURITIES
$10,000,000
$100,000
Insuring Agreement G-
COUNTERFEIT CURRENCY
$10,000,000
$100,000
Insuring Agreement H-
UNCOLLECTIBLE ITEMS OF DEPOSIT
$25,000
$5,000
Insuring Agreement I-
PHONE/ELECTRONIC TRANSACTIONS




$10,000,000
$100,000

If "Not Covered" is inserted opposite any Insuring Agreement above, such
Insuring Agreement and any reference thereto shall be deemed to be deleted from
this Bond.

OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:
Insuring Agreement J-
COMPUTER SECURITY
$10,000,000
$100,000

Item 4. Offices or Premises Covered--All the Insured's offices or other premises
in existence at the time this Bond becomes effective are covered under this
Bond, except the offices or other premises excluded by Rider. Offices or other
premises acquired or established after the effective date of this Bond are
covered subject to the terms of General Agreement A.

Item 5. The liability of ICI Mutual Insurance Company (the "Underwriter") is
subject to the terms of the following Riders attached hereto:

Riders: 1-2-3-4-5-6-7-8-9

        and of all Riders applicable to this Bond issued during the Bond Period.

By: /S/ John T. Mulligan
Authorized Representative


INVESTMENT COMPANY BLANKET BOND

ICI Mutual Insurance Company (the "Underwriter"), in consideration of an agreed
premium, and in reliance upon the Application and all other information
furnished to the Underwriter by the Insured, and subject to and in accordance
with the Declarations, General Agreements, Provisions, Conditions and
Limitations and other terms of this bond (including all riders hereto) ("Bond"),
to the extent of the Limit of Liability and subject to the Deductible Amount,
agrees to indemnify the Insured for the loss, as described in the Insuring
Agreements, sustained by the Insured at any time but discovered during the Bond
Period.


INSURING AGREEMENTS

A.   FIDELITY

Loss (including loss of Property) caused by any Dishonest or Fraudulent Act or
Theft committed by an Employee anywhere, alone or in collusion with other
persons (whether or not Employees), during the time such Employee has the status
of an Employee as defined herein, and even if such loss is not discovered until
after he or she ceases to be an Employee, EXCLUDING loss covered under Insuring
Agreement B.

B.   AUDIT EXPENSE

Expense incurred by the Insured for that part of audits or examinations required
by any governmental regulatory authority or Self Regulatory Organization to be
conducted by such authority or Organization or by an independent accountant or
other person, by reason of the discovery of loss sustained by the Insured and
covered by this Bond.

C.   ON PREMISES

Loss of Property (including damage thereto or destruction thereof) located or
reasonably believed by the Insured to be located within the Insured's offices or
premises, caused by Theft or by any Dishonest or Fraudulent Act or through




Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A.

D.   IN TRANSIT

Loss of Property (including damage thereto or destruction thereof) while the
Property is in transit in the custody of any person authorized by an Insured to
act as a messenger, except while in the mail or with a carrier for hire (other
than a Security Company), EXCLUDING loss covered under Insuring Agreement A.
Property is "in transit" beginning immediately upon receipt of such Property by
the transporting person and ending immediately upon delivery at the specified
destination.

E.   FORGERY OR ALTERATION

Loss caused by the Forgery or Alteration of or on (1) any bills of exchange,
checks, drafts, or other written orders or directions to pay certain sums in
money, acceptances, certificates of deposit, due bills, money orders, or letters
of credit; or (2) other written instructions, requests or applications to the
Insured, authorizing or acknowledging the transfer, payment, redemption,
delivery or receipt of Property, or giving notice of any bank account, which
instructions or requests or applications purport to have been signed or endorsed
by (a) any customer of the Insured, or (b) any shareholder of or subscriber to
shares issued by any Investment Company, or (c) any financial or banking
institution or stockbroker; or (3) withdrawal orders or receipts for the
withdrawal of 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.

This Insuring Agreement E does not cover loss caused by Forgery or Alteration of
Securities or loss covered under Insuring Agreement A.

F.   SECURITIES

Loss resulting from the Insured, in good faith, in the ordinary course of
business, and in any capacity whatsoever, whether for its own account or for the
account of others, having acquired, accepted or received, or sold or delivered,
or given any value, extended any credit or assumed any liability on the faith of
any Securities, where such loss results from the fact that such Securities (1)
were Counterfeit, or (2) were lost or stolen, or (3) contain a Forgery or
Alteration, and notwithstanding whether or not the act of the Insured causing
such loss violated the constitution, by-laws, rules or regulations of any Self
Regulatory Organization, whether or not the Insured was a member thereof,
EXCLUDING loss covered under Insuring Agreement A.

G.   COUNTERFEIT CURRENCY

Loss caused by the Insured in good faith having received or accepted (1) any
money orders which prove to be Counterfeit or to contain an Alteration or (2)
paper currencies or coin of the United States of America or Canada which prove
to be Counterfeit.

This Insuring Agreement G does not cover loss covered under Insuring Agreement
A.

H.   UNCOLLECTIBLE ITEMS OF DEPOSIT

Loss resulting from the payment of dividends, issuance of Fund shares or
redemptions or exchanges permitted from an account with the Fund as a
consequence of

(1) uncollectible Items of Deposit of a Fund's customer, shareholder or
subscriber credited by the Insured or its agent to such person's Fund account,
or

(2) any Item of Deposit processed through an automated clearing house which is
reversed by a Fund's customer, shareholder or subscriber and is deemed
uncollectible by the Insured;

PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until the
Insured's collection procedures have failed, (b) exchanges of shares between
Funds




with exchange privileges shall be covered hereunder only if all such Funds are
insured by the Underwriter for uncollectible Items of Deposit, and (c) the
Insured Fund shall have implemented and maintained a policy to hold Items of
Deposit for the minimum number of days stated in its Application (as amended
from time to time) before paying any dividend or permitting any withdrawal with
respect to such Items of Deposit (other than exchanges between Funds).
Regardless of the number of transactions between Funds in an exchange program,
the minimum number of days an Item of Deposit must be held shall begin from the
date the Item of Deposit was first credited to any Insured Fund.

This Insuring Agreement H does not cover loss covered under Insuring Agreement
A.

I.   PHONE/ELECTRONIC TRANSACTIONS

Loss caused by a Phone/Electronic Transaction, where the request for such
Phone/Electronic Transaction:

(1) is transmitted to the Insured or its agents by voice over the telephone or
by Electronic Transmission; and

(2) is made by an individual purporting to be a Fund shareholder or subscriber
or an authorized agent of a Fund shareholder or subscriber; and

(3) is unauthorized or fraudulent and is made with the manifest intent to
deceive;

PROVIDED, that the entity receiving such request generally maintains and follows
during the Bond Period all Phone/Electronic Transaction Security Procedures with
respect to all Phone/Electronic Transactions; and

EXCLUDING loss resulting from:

(1) the failure to pay for shares attempted to be purchased; or

(2) any redemption of Investment Company shares which had been improperly
credited to a shareholder's account where such shareholder (a) did not cause,
directly or indirectly, such shares to be credited to such account, and (b)
directly or indirectly received any proceeds or other benefit from such
redemption; or

(3) any redemption of shares issued by an Investment Company where the proceeds
of such redemption were requested to be paid or made payable to other than (a)
the Shareholder of Record, or (b) any other person or bank account designated to
receive redemption proceeds (i) in the initial account application, or (ii) in
writing (not to include Electronic Transmission) accompanied by a signature
guarantee; or

(4) any redemption of shares issued by an Investment Company where the proceeds
of such redemption were requested to be sent to other than any address for such
account which was designated (a) in the initial account application, or (b) in
writing (not to include Electronic Transmission), where such writing is received
at least one (1) day prior to such redemption request, or (c) by voice over the
telephone or by Electronic Transmission at least fifteen (15) days prior to such
redemption; or

(5) the intentional failure to adhere to one or more Phone/Electronic
Transaction Security Procedures; or

(6) a Phone/Electronic Transaction request transmitted by electronic mail or
transmitted by any method not subject to the Phone/Electronic Transaction
Security Procedures; or

(7) the failure or circumvention of any physical or electronic protection
device, including any firewall, that imposes restrictions on the flow of
electronic traffic in or out of any Computer System.

This Insuring Agreement I does not cover loss covered under Insuring Agreement
A, "Fidelity" or Insuring Agreement J, "Computer Security".



GENERAL AGREEMENTS

A. ADDITIONAL OFFICES OR EMPLOYEES--CONSOLIDATION OR MERGER--NOTICE

1. Except as provided in paragraph 2 below, this Bond shall apply to any
additional office(s) established by the Insured during the Bond Period and to
all Employees during the Bond Period, without the need to give notice thereof or
pay additional premiums to the Underwriter for the Bond Period.

2. If during the Bond Period an Insured Investment Company shall merge or
consolidate with an institution in which such Insured is the surviving entity,
or purchase substantially all the assets or capital stock of another
institution, or acquire or create a separate investment portfolio, and shall
within sixty (60) days notify the Underwriter thereof, then this Bond shall
automatically apply to the Property and Employees resulting from such merger,
consolidation, acquisition or creation from the date thereof; provided, that the
Underwriter may make such coverage contingent upon the payment of an additional
premium.

B. WARRANTY

No statement made by or on behalf of the Insured, whether contained in the
Application or otherwise, shall be deemed to be an absolute warranty, but only a
warranty that such statement is true to the best of the knowledge of the person
responsible for such statement.

C. COURT COSTS AND ATTORNEYS' FEES

The Underwriter will indemnify the Insured against court costs and reasonable
attorneys' fees incurred and paid by the Insured in defense of any legal
proceeding brought against the Insured claiming that the Insured is liable for
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 having committed or is adjudicated to have committed a
Dishonest or Fraudulent Act or Theft which caused the loss; or

2. in the absence of such an admission or adjudication, an arbitrator or
arbitrators acceptable to the Insured and the Underwriter concludes, after a
review of an agreed statement of facts, that an Employee has committed a
Dishonest or Fraudulent Act or Theft which caused the loss.

The Insured shall promptly give notice to the Underwriter of any such legal
proceeding and upon request shall furnish the Underwriter 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 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 legal
proceeding.

If the amount of the Insured's liability or alleged liability in any such legal
proceeding is greater than the amount which the Insured would be entitled to
recover under this Bond (other than pursuant to this General Agreement C), or if
a Deductible Amount is applicable, or both, the indemnity liability of the
Underwriter under this General Agreement C is limited to the proportion of court
costs and attorneys' fees incurred and paid by the Insured or by the Underwriter
that the amount which the Insured would be entitled to recover under this Bond
(other than pursuant to this General Agreement C) bears to the sum of such
amount plus the amount which the Insured is not entitled to recover. Such
indemnity shall be in addition to the Limit of Liability for the applicable
Insuring Agreement.




THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS
AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING
PROVISIONS, CONDITIONS AND LIMITATIONS:

SECTION 1. DEFINITIONS

The following terms used in this Bond shall have the meanings stated in this
Section:

A. "Alteration" means the marking, changing or altering in a material way of the
terms, meaning or legal effect of a document with the intent to deceive.

B. "Application" means the Insured's application (and any attachments and
materials submitted in connection therewith) furnished to the Underwriter for
this Bond.

C. "Computer System" means (1) computers with related peripheral components,
including storage components, (2) systems and applications software, (3)
terminal devices, (4) related communications networks or customer communication
systems, and (5) related electronic funds transfer systems; by which data or
monies are electronically collected, transmitted, processed, stored or
retrieved.

D. "Counterfeit" means, with respect to any item, one which is false but is
intended to deceive and to be taken for the original authentic item.

E. "Deductible Amount" means, with respect to any Insuring Agreement, the amount
set forth under the heading "Deductible Amount" in Item 3 of the Declarations or
in any Rider for such Insuring Agreement, applicable to each Single Loss covered
by such Insuring Agreement.

F. "Depository" means any "securities depository" (other than any foreign
securities depository) in which an Investment Company may deposit its Securities
in accordance with Rule 17f-4 under the Investment Company Act of 1940.

G. "Dishonest or Fraudulent Act" means any dishonest or fraudulent act,
including "larceny and embezzlement" as defined in Section 37 of the Investment
Company Act of 1940, committed with the conscious manifest intent (1) to cause
the Insured to sustain a loss and (2) to obtain financial benefit for the
perpetrator or any other person (other than salaries, commissions, fees,
bonuses, awards, profit sharing, pensions or other employee benefits). A
Dishonest or Fraudulent Act does not mean or include a reckless act, a negligent
act, or a grossly negligent act.

H. "Electronic Transmission" means any transmission effected by electronic
means, including but not limited to a transmission effected by telephone tones,
Telefacsimile, wireless device, or over the Internet.

I . "Employee" means:

(1) each officer, director, trustee, partner or employee of the Insured, and

(2) each officer, director, trustee, partner or employee 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) each attorney performing legal services for the Insured and each employee of
such attorney or of the law firm of such attorney while performing services for
the Insured, and

(4) each student who is an authorized intern of the Insured, while in any of the
Insured's offices, and

(5) each officer, director, trustee, partner or employee of

(a) an investment adviser,

(b) an underwriter (distributor),

(c) a transfer agent or shareholder accounting recordkeeper, or

(d) an administrator authorized by written agreement to keep financial and/or
other required records, for an Investment Company named as an Insured, but only
while (i) such officer,




partner or employee is performing acts coming within the scope of the usual
duties of an officer or employee of an Insured, or (ii) such officer, director,
trustee, partner or employee is 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, or (iii) such director or trustee (or anyone acting in a similar
capacity) is acting outside the scope of the usual duties of a director or
trustee; provided, that the term "Employee" shall not include any officer,
director, trustee, partner or employee of a transfer agent, shareholder
accounting recordkeeper or administrator (x) which is not an "affiliated person"
(as defined in Section 2(a) of the Investment Company Act of 1940) of an
Investment Company named as Insured or of the adviser or underwriter of such
Investment Company, or (y) which is a "Bank" (as defined in Section 2(a) of the
Investment Company Act of 1940), and

(6) each individual assigned, by contract or by any agency furnishing temporary
personnel, in either case on a contingent or part-time basis, to perform the
usual duties of an employee in any office of the Insured, and

(7) each individual assigned to perform the usual duties of an employee or
officer of any entity 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 a processor which acts as transfer agent
or in any other agency capacity for the Insured in issuing checks, drafts or
securities, unless included under subsection (5) hereof, and

(8) each officer, partner or employee of

(a) any Depository or Exchange,

(b) any nominee in whose name is registered any Security included in the systems
for the central handling of securities established and maintained by any
Depository, and

(c) any recognized service company which provides clerks or other personnel to
any Depository or Exchange on a contract basis, while such officer, partner or
employee is performing services for any Depository in the operation of systems
for the central handling of securities, and

(9) in the case of an Insured which is an "employee benefit plan" (as defined in
Section 3 of the Employee Retirement Income Security Act of 1974 ("ERISA")) for
officers, directors or employees of another Insured ("In-House Plan"), any
"fiduciary" or other "plan official" (within the meaning of Section 412 of
ERISA) of such In-House Plan, provided that such fiduciary or other plan
official is a director, partner, officer, trustee or employee of an Insured
(other than an In-House Plan).

Each employer of temporary personnel and each entity referred to in subsections
(6) and (7) and their respective partners, officers and employees shall
collectively be deemed to be one person for all the purposes of this Bond.

Brokers, agents, independent contractors, or representatives of the same general
character shall not be considered Employees, except as provided in subsections
(3), (6), and (7).

J. "Exchange" means any national securities exchange registered under the
Securities Exchange Act of 1934.

K. "Forgery" means the physical signing on a document of the name of another
person (whether real or fictitious) with the intent to deceive. A Forgery may be
by means of mechanically reproduced facsimile signatures as well as handwritten
signatures. Forgery does not include the signing of an individual's own name,
regardless of such individual's authority, capacity or purpose.

L. "Items of Deposit" means one or more checks or drafts.

M. "Investment Company" or "Fund" means an investment company registered under
the Investment Company Act of 1940.

N. "Limit of Liability" means, with respect to any Insuring Agreement, the limit
of liability of the Underwriter for any Single Loss covered by such Insuring
Agreement as set forth under the heading "Limit of Liability" in Item 3 of the
Declarations or in any Rider for such Insuring Agreement.




O. "Mysterious Disappearance" means any disappearance of Property which, after a
reasonable investigation has been conducted, cannot be explained.

P. "Non-Fund" means any corporation, business trust, partnership, trust or other
entity which is not an Investment Company.

Q. "Phone/Electronic Transaction Security Procedures" means security procedures
for Phone/Electronic Transactions as provided in writing to the Underwriter.

R. "Phone/Electronic Transaction" means any (1) redemption of shares issued by
an Investment Company, (2) election concerning dividend options available to
Fund shareholders, (3) 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, or (4) purchase of
shares issued by an Investment Company, which redemption, election, exchange or
purchase is requested by voice over the telephone or through an Electronic
Transmission.

S. "Property" means the following tangible items: money, postage and revenue
stamps, precious metals, Securities, bills of exchange, acceptances, checks,
drafts, or other written orders or directions to pay sums certain in money,
certificates of deposit, due bills, money orders, letters of credit, financial
futures contracts, conditional sales contracts, abstracts of title, insurance
policies, deeds, mortgages, and assignments of any of the foregoing, 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 (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.

T. "Securities" means original negotiable or non-negotiable agreements or
instruments which represent an equitable or legal interest, ownership or debt
(including stock certificates, bonds, promissory notes, and assignments
thereof), which are in the ordinary course of business and transferable by
physical delivery with appropriate endorsement or assignment. "Securities" does
not include bills of exchange, acceptances, certificates of deposit, checks,
drafts, or other written orders or directions to pay sums certain in money, due
bills, money orders, or letters of credit.

U. "Security Company" means an entity which provides or purports to provide the
transport of Property by secure means, including, without limitation, by use of
armored vehicles or guards.

V. "Self Regulatory Organization" means any association of investment advisers
or securities dealers registered under the federal securities laws, or any
Exchange.

W. "Shareholder of Record" means the record owner of shares issued by an
Investment Company or, in the case of joint ownership of such shares, all record
owners, as designated (1) in the initial account application, or (2) in writing
accompanied by a signature guarantee, or (3) pursuant to procedures as set forth
in the Application.

X. "Single Loss" means:

(1) all loss resulting from any one actual or attempted Theft committed by one
person, or

(2) all loss caused by any one act (other than a Theft or a Dishonest or
Fraudulent Act) committed by one person, or

(3) all loss caused by Dishonest or Fraudulent Acts committed by one person, or

(4) all expenses incurred with respect to any one audit or examination, or

(5) all loss caused by any one occurrence or event other than those specified in
subsections (1) through (4) above.




All acts or omissions of one or more persons which directly or indirectly aid
or, by failure to report or otherwise, permit the continuation of an act
referred to in subsections (1) through (3) above of any other person shall be
deemed to be the acts of such other person for purposes of this subsection.

All acts or occurrences or events which have as a common nexus any fact,
circumstance, situation, transaction or series of facts, circumstances,
situations, or transactions shall be deemed to be one act, one occurrence, or
one event.

Y. "Telefacsimile" means a system of transmitting and reproducing fixed graphic
material (as, for example, printing) by means of signals transmitted over
telephone lines or over the Internet.

Z. "Theft" means robbery, burglary or hold-up, occurring with or without
violence or the threat of violence.



SECTION 2.  EXCLUSIONS

THIS BOND DOES NOT COVER:

A. Loss resulting from (1) riot or civil commotion outside the United States of
America and Canada, or (2) war, revolution, insurrection, action by armed
forces, or usurped power, wherever occurring; except if such loss occurs in
transit, is otherwise covered under Insuring Agreement D, and when such transit
was initiated, the Insured or any person initiating such transit on the
Insured's behalf had no knowledge of such riot, civil commotion, war,
revolution, insurrection, action by armed forces, or usurped power.

B. Loss in time of peace or war resulting from nuclear fission or fusion or
radioactivity, or biological or chemical agents or hazards, or fire, smoke, or
explosion, or the effects of any of the foregoing.

C. Loss resulting from any Dishonest or Fraudulent Act committed by any person
while acting in the capacity of a member of the Board of Directors or any
equivalent body of the Insured or of any other entity.

D. Loss resulting from any nonpayment or other default of any loan or similar
transaction made by the Insured or any of its partners, directors, officers or
employees, whether or not authorized and whether procured in good faith or
through a Dishonest or Fraudulent Act, unless such loss is otherwise covered
under Insuring Agreement A, E or F.

E. Loss resulting from any violation by the Insured or by any Employee of any
law, or any rule or regulation pursuant thereto or adopted by a Self Regulatory
Organization, regulating the issuance, purchase or sale of securities,
securities transactions upon security exchanges or over the counter markets,
Investment Companies, or investment advisers, unless such loss, in the absence
of such law, rule or regulation, would be covered under Insuring Agreement A, E
or F.

F. Loss of Property while in the custody of any Security Company, unless such
loss is covered under this Bond and is in excess of the amount recovered or
received by the Insured under (1) the Insured's contract with such Security
Company, and (2) insurance or indemnity of any kind carried by such Security
Company for the benefit of, or otherwise available to, users of its service, in
which case this Bond shall cover only such excess, subject to the applicable
Limit of Liability and Deductible Amount.

G. Potential income, including but not limited to interest and dividends, not
realized by the Insured because of a loss covered under this Bond, except when



covered under Insuring Agreement H.

H. Loss in the form of (1) damages of any type for which the Insured is legally
liable, except direct compensatory damages, or (2) taxes, fines, or penalties,
including without limitation two-thirds of treble damage awards pursuant to
judgments under any statute or regulation.

I. Loss resulting from 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 as a result of a threat to do bodily
harm to such person, if the Insured had no knowledge of such threat at the time
such transit was initiated, or

(2) to do damage to the premises or Property of the Insured, unless such loss is
otherwise covered under Insuring Agreement A.

J. All costs, fees and other expenses incurred by the Insured in establishing
the existence of or amount of loss covered under this Bond, except to the extent
certain audit expenses are covered under Insuring Agreement B.

K. Loss resulting from payments made to or withdrawals from any account,
involving funds erroneously credited to such account, unless such loss is
otherwise covered under Insuring Agreement A.

L. Loss resulting from uncollectible Items of Deposit which are drawn upon a
financial institution outside the United States of America, its territories and
possessions, or Canada.

M. Loss resulting from the Dishonest or Fraudulent Acts, Theft, or other acts or
omissions of an Employee primarily engaged in the sale of shares issued by an
Investment Company to persons other than (1) a person registered as a broker
under the Securities Exchange Act of 1934 or (2) an "accredited investor" as
defined in Rule 501(a) of Regulation D under the Securities Act of 1933, which
is not an individual.

N. Loss resulting from the use of credit, debit, charge, access, convenience,
identification, cash management or other cards, whether such cards were issued
or purport to have been issued by the Insured or by anyone else, unless such
loss is otherwise covered under Insuring Agreement A.

O. Loss resulting from any purchase, redemption or exchange of securities issued
by an Investment Company or other Insured, or any other instruction, request,
acknowledgement, notice or transaction involving securities issued by an
Investment Company or other Insured or the dividends in respect thereof, when
any of the foregoing is requested, authorized or directed or purported to be
requested, authorized or directed by voice over the telephone or by Electronic
Transmission, unless such loss is otherwise covered under Insuring Agreement A
or Insuring Agreement I.

P. Loss resulting from any Dishonest or Fraudulent Act or Theft committed by an
Employee as defined in Section 1.I(2), unless such loss (1) could not have been
reasonably discovered by the due diligence of the Insured at or prior to the
time of acquisition by the Insured of the assets acquired from a predecessor,
and (2) arose out of a lawsuit or valid claim brought against the Insured by a
person unaffiliated with the Insured or with any person affiliated with the
Insured.

Q. Loss resulting from the unauthorized entry of data into, or the deletion or
destruction of data in, or the change of data elements or programs within, any
Computer System, unless such loss is otherwise covered under Insuring Agreement
A.




SECTION 3. ASSIGNMENT OF RIGHTS

Upon payment to the Insured hereunder for any loss, the Underwriter shall be
subrogated to the extent of such payment to all of the Insured's rights and
claims in connection with such loss; provided, however, that the Underwriter
shall not be subrogated to any such rights or claims one named Insured under
this Bond may have against another named Insured under this Bond. At the request
of the Underwriter, the Insured shall execute all assignments or other documents
and take such action as the Underwriter may deem necessary or desirable to
secure and perfect such rights and claims, including the execution of documents
necessary to enable the Underwriter to bring suit in the name of the Insured.

Assignment of any rights or claims under this Bond shall not bind the
Underwriter without the Underwriter's written consent.

SECTION 4. LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS

This Bond is for the use and benefit only of the Insured and the Underwriter
shall not be liable hereunder for loss sustained by anyone other than the
Insured, except that if the Insured includes such other loss in the Insured's
proof of loss, the Underwriter shall consider its liability therefor. As soon as
practicable and not more than sixty (60) days after discovery of any loss
covered hereunder, the Insured shall give the Underwriter written notice thereof
and, as soon as practicable and within one year after such discovery, shall also
furnish to the Underwriter affirmative proof of loss with full particulars. The
Underwriter may extend the sixty day notice period or the one year proof of loss
period if the Insured requests an extension and shows good cause therefor.

See also General Agreement C (Court Costs and Attorneys' Fees).

The Underwriter shall not be liable hereunder for loss of Securities unless each
of the Securities is identified in such proof of loss by a certificate or bond
number or by such identification means as the Underwriter may require. The
Underwriter shall have a reasonable period after receipt of a proper affirmative
proof of loss within which to investigate the claim, but where the loss is of
Securities and is clear and undisputed, settlement shall be made within
forty-eight (48) hours even if the loss involves Securities of which duplicates
may be obtained.

The Insured shall not bring legal proceedings against the Underwriter to recover
any loss hereunder prior to sixty (60) days after filing such proof of loss or
subsequent to twenty-four (24) months after the discovery of such loss or, in
the case of a legal proceeding to recover hereunder on account of any judgment
against the Insured in or settlement of any suit mentioned in General Agreement
C or to recover court costs or attorneys' fees paid in any such suit,
twenty-four (24) months after the date of the final judgment in or settlement of
such suit. If any limitation in this Bond is prohibited by any applicable law,
such limitation shall be deemed to be amended to be equal to the minimum period
of limitation permitted by such law.

Notice hereunder shall be given to Manager, Professional Liability Claims, ICI
Mutual Insurance Company, P.O. Box 730, Burlington, Vermont 05402-0730.


SECTION 5.  DISCOVERY

For all purposes under this Bond, a loss is discovered, and discovery of a loss



occurs, when the Insured

(1) becomes aware of facts, or

(2) receives notice of an actual or potential claim by a third party which
alleges that the Insured is liable under circumstances, which would cause a
reasonable person to assume that loss covered by this Bond has been or is likely
to be incurred even though the exact amount or details of loss may not be known.

SECTION 6. VALUATION OF PROPERTY

For the purpose of determining the amount of any loss hereunder, the value of
any Property shall be the market value of such Property at the close of business
on the first business day before the discovery of such loss; except that

(1) the value of any Property replaced by the Insured prior to the payment of a
claim therefor shall be the actual market value of such Property at the time of
replacement, but not in excess of the market value of such Property on the first
business day before the discovery of the loss of such Property;

(2) the value of Securities which must be produced to exercise subscription,
conversion, redemption or deposit privileges shall be the market value of such
privileges immediately preceding the expiration thereof if the loss of such
Securities is not discovered until after such expiration, but if there is no
quoted or other ascertainable market price for such Property or privileges
referred to in clauses (1) and (2), their value shall be fixed by agreement
between the parties or by arbitration before an arbitrator or arbitrators
acceptable to the parties; and

(3) the value of books of accounts or other records used by the Insured in the
conduct of its business shall be limited to the actual cost of blank books,
blank pages or other materials if the books or records are reproduced plus the
cost of labor for the transcription or copying of data furnished by the Insured
for reproduction.

SECTION 7. LOST SECURITIES

The maximum liability of the Underwriter hereunder for lost Securities shall be
the payment for, or replacement of, such Securities having an aggregate value
not to exceed the applicable Limit of Liability. If the Underwriter shall make
payment to the Insured for any loss of securities, the Insured shall assign to
the Underwriter all of the Insured's right, title and interest in and to such
Securities. In lieu of such payment, the Underwriter may, at its option, replace
such lost Securities, and in such case the Insured shall cooperate to effect
such replacement. To effect the replacement of lost Securities, the Underwriter
may issue or arrange for the issuance of a lost instrument bond. If the value of
such Securities does not exceed the applicable Deductible Amount (at the time of
the discovery of the loss), the Insured will pay the usual premium charged for
the lost instrument bond and will indemnify the issuer of such bond against all
loss and expense that it may sustain because of the issuance of such bond.

If the value of such Securities exceeds the applicable Deductible Amount (at the
time of discovery of the loss), the Insured will pay a proportion of the usual
premium charged for the lost instrument bond, equal to the percentage that the
applicable Deductible Amount bears to the value of such Securities upon
discovery of the loss, and will indemnify the issuer of such bond against all
loss and expense that

is not recovered from the Underwriter under the terms and conditions of this
Bond, subject to the applicable Limit of Liability.

SECTION 8. SALVAGE

If any recovery is made, whether by the Insured or the Underwriter, on account
of any loss within the applicable Limit of Liability hereunder, the Underwriter
shall be entitled to the full amount of such recovery to reimburse the
Underwriter for all amounts paid hereunder with respect to such loss. If any
recovery is made, whether by the Insured or the Underwriter, on account of any
loss in excess of the




applicable 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 amount
of such recovery, net of the actual costs and expenses of recovery, shall be
applied to reimburse the Insured in full for the portion of such loss in excess
of such Limit of Liability, and the remainder, if any, shall be paid first to
reimburse the Underwriter for all amounts paid hereunder with respect to such
loss and then to the Insured to the extent of the portion of such loss within
the Deductible Amount. The Insured shall execute all documents which the
Underwriter deems necessary or desirable to secure to the Underwriter the rights
provided for herein.

SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

Prior to its termination, this Bond shall continue in force up to the Limit of
Liability for each Insuring Agreement for each Single Loss, notwithstanding any
previous loss (other than such Single 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 any Single Loss shall be limited to the applicable Limit of
Liability irrespective of the total amount of such Single Loss and shall not be
cumulative in amounts from year to year or from period to period.

SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES

The maximum liability of the Underwriter for any Single Loss covered by any
Insuring Agreement under this Bond shall be the Limit of Liability applicable to
such Insuring Agreement, subject to the applicable Deductible Amount and the
other provisions of this Bond. Recovery for any Single Loss may not be made
under more than one Insuring Agreement. If any Single Loss covered under this
Bond is recoverable or recovered in whole or in part because of an unexpired
discovery period under any other bonds or policies issued by the Underwriter to
the Insured or to any predecessor in interest of the Insured, the maximum
liability of the Underwriter shall be the greater of either (1) the applicable
Limit of Liability under this Bond, or (2) the maximum liability of the
Underwriter under such other bonds or policies.

SECTION 11. OTHER INSURANCE

Notwithstanding anything to the contrary herein, if any loss covered by this
Bond shall also be covered by other insurance or suretyship for the benefit of
the Insured, the Underwriter shall be liable hereunder only for the portion of
such loss in excess of the amount recoverable under such other insurance or
suretyship, but not exceeding the applicable Limit of Liability of this Bond.

SECTION 12. DEDUCTIBLE AMOUNT

The Underwriter shall not be liable under any Insuring Agreement unless the
amount of the loss covered thereunder, after deducting the net amount of all
reimbursement and/or recovery received by the Insured with respect to such loss
(other than from any other bond, suretyship or insurance policy or as an advance
by the Underwriter hereunder) shall exceed the applicable Deductible Amount; in
such case the Underwriter shall be liable only for such excess, subject to the
applicable Limit of Liability and the other terms of this Bond.

No Deductible Amount shall apply to any loss covered under Insuring Agreement A
sustained by any Investment Company named as an Insured.

SECTION 13. TERMINATION

The Underwriter may terminate this Bond as to any Insured or all Insureds only
by




written notice to such Insured or Insureds and, if this Bond is terminated as to
any Investment Company, to each such Investment Company terminated thereby and
to the Securities and Exchange Commission, Washington, D.C., in all cases not
less than sixty (60) days prior to the effective date of termination specified
in such notice.

The Insured may terminate this Bond only by written notice to the Underwriter
not less than sixty (60) days prior to the effective date of the termination
specified in such notice. Notwithstanding the foregoing, when the Insured
terminates this Bond as to any Investment Company, the effective date of
termination shall be not less than sixty (60) days from the date the Underwriter
provides written notice of the termination to each such Investment Company
terminated thereby and to the Securities and Exchange Commission, Washington,
D.C.

This Bond will terminate as to any Insured that is a Non-Fund immediately and
without notice upon (1) the takeover of such Insured's business by any State or
Federal official or agency, or by any receiver or liquidator, or (2) 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.

Premiums are earned until the effective date of termination. The Underwriter
shall refund the unearned premium computed at short rates in accordance with the
Underwriter's standard short rate cancellation tables if this Bond is terminated
by the Insured or pro rata if this Bond is terminated by the Underwriter.

Upon the detection by any Insured that an Employee has committed any Dishonest
or Fraudulent Act(s) or Theft, the Insured shall immediately remove such
Employee from a position that may enable such Employee to cause the Insured to
suffer a loss by any subsequent Dishonest or Fraudulent Act(s) or Theft. The
Insured, within two (2) business days of such detection, shall notify the
Underwriter with full and complete particulars of the detected Dishonest or
Fraudulent Act(s) or Theft.

For purposes of this section, detection occurs when any partner, officer, or
supervisory employee of any Insured, who is not in collusion with such Employee,
becomes aware that the Employee has committed any Dishonest or Fraudulent Act(s)
or Theft.

This Bond shall terminate as to any Employee by written notice from the
Underwriter to each Insured and, if such Employee is an Employee of an Insured
Investment Company, to the Securities and Exchange Commission, in all cases not
less than sixty (60) days prior to the effective date of termination specified
in such notice.

SECTION 14. RIGHTS AFTER TERMINATION

At any time prior to the effective date of termination of this Bond as to any
Insured, such Insured may, by written notice to the Underwriter, elect to
purchase the right under this Bond to an additional period of twelve (12) months
within which to discover loss sustained by such Insured prior to the effective
date of such termination and shall pay an additional premium therefor as the
Underwriter may require.

Such additional discovery period shall terminate immediately and without notice
upon the takeover of such Insured's business by any State or Federal official or
agency, or by any receiver or liquidator. Promptly after such termination the
Underwriter shall refund to the Insured any unearned premium.

The right to purchase such additional discovery period 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.

SECTION 15. CENTRAL HANDLING OF SECURITIES

The Underwriter shall not be liable for loss in connection with the central
handling




of securities within the systems established and maintained by any Depository
("Systems"), unless the amount of such loss exceeds the amount recoverable or
recovered under any bond or policy or participants' fund insuring the Depository
against such loss (the "Depository's Recovery"); in such case the Underwriter
shall be liable hereunder only for the Insured's share of such excess loss,
subject to the applicable Limit of Liability, the Deductible Amount and the
other terms of this Bond.

For determining the Insured's share of such excess loss, (1) the Insured shall
be deemed to have an interest in any certificate representing any security
included within the Systems equivalent to the interest the Insured then has in
all certificates representing the same security included within the Systems; (2)
the Depository shall have reasonably and fairly apportioned the Depository's
Recovery among all those having an interest as recorded by appropriate entries
in the books and records of the Depository in Property involved in such loss, so
that each such interest shall share in the Depository's Recovery in the ratio
that the value of each such interest bears to the total value of all such
interests; and (3) the Insured's share of such excess loss shall be the amount
of the Insured's interest in such Property in excess of the amount(s) so
apportioned to the Insured by the Depository.

This Bond does not afford coverage in favor of any Depository or Exchange or any
nominee in whose name is registered any security included within the Systems.

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one entity is named as the Insured:

A. the total liability of the Underwriter hereunder for each Single Loss shall
not exceed the Limit of Liability which would be applicable if there were only
one named Insured, regardless of the number of Insured entities which sustain
loss as a result of such Single Loss,

B. the Insured first named in Item 1 of the Declarations shall be deemed
authorized to make, adjust, and settle, and receive and enforce payment of, all
claims hereunder as the agent of each other Insured for such purposes and for
the giving or receiving of any notice required or permitted to be given
hereunder; provided, that the Underwriter shall promptly furnish each named
Insured Investment Company with (1) a copy of this Bond and any amendments
thereto, (2) a copy of each formal filing of a claim hereunder by any other
Insured, and (3) notification of the terms of the settlement of each such claim
prior to the execution of such settlement,

C. the Underwriter shall not be responsible or have any liability for the proper
application by the Insured first named in Item 1 of the Declarations of any
payment made hereunder to the first named Insured,

D. for the purposes of Sections 4 and 13, knowledge possessed or discovery made
by any partner, officer or supervisory Employee of any Insured shall constitute
knowledge or discovery by every named Insured,

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, and

F. each named Insured shall constitute "the Insured" for all purposes of this
Bond.

SECTION 17. NOTICE AND CHANGE OF CONTROL

Within thirty (30) days after learning that there has been a change in control
of an Insured by transfer of its outstanding voting securities the Insured shall
give written notice to the Underwriter of:




A. the names of the transferors and transferees (or the names of the beneficial
owners if the voting securities are registered 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.

SECTION 18. CHANGE OR MODIFICATION

This Bond may only be modified by written Rider forming a part hereof over the
signature of the Underwriter's authorized representative. Any Rider which
modifies the coverage provided by Insuring Agreement A, Fidelity, in a manner
which adversely affects the rights of an Insured Investment Company shall not
become effective until at least sixty (60) days after the Underwriter has given
written notice thereof to the Securities and Exchange Commission, Washington,
D.C., and to each Insured Investment Company affected thereby.

IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the
Declarations Page.

ICI MUTUAL INSURANCE COMPANY

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 1


INSURED                                                         BOND NUMBER

Davis New York Venture Fund, Inc.                               87006106B

EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

August 1, 2006     August 1, 2006 to August 1, 2007       /S/ John T. Mulligan

In consideration of the premium charged for this Bond, it is hereby understood
and agreed that Item 1 of the Declarations, Name of Insured, shall include the
following:

Davis New York Venture Fund, Inc., a series fund consisting of:

o    Davis New York Venture Fund

o    Davis Research Fund

o    Davis Global Fund

Davis Series, Inc., a series fund consisting of:

o    Davis Appreciation & Income Fund

o    Davis Financial Fund

o    Davis Government Bond Fund

o    Davis Government Money Market Fund

o    Davis Opportunity Fund

o    Davis Real Estate Fund

Davis Variable Account Fund, Inc., a series fund consisting of:

o    Davis Financial Portfolio

o    Davis Real Estate Portfolio

o    Davis Value Portfolio




o    Selected American Shares, Inc.

o    Selected Special Shares, Inc.

Selected Capital Preservation Trust, a series fund consisting of:

o    Selected Daily Government Fund

o    Clipper Fund

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.



ICI MUTUAL INSURANCE COMPANY

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 2


INSURED                                                       BOND NUMBER

Davis New York Venture Fund, Inc.                             87006106B

EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

August 1, 2006     August 1, 2006 to August 1, 2007      /S/ John T. Mulligan

In consideration of the premium charged for this Bond, it is hereby understood
and agreed that notwithstanding Section 2.Q of this Bond, this Bond is amended
by adding an additional Insuring Agreement J as follows:

J. COMPUTER SECURITY

Loss (including loss of Property) resulting directly from Computer Fraud;
provided, that the Insured has adopted in writing and generally maintains and
follows during the Bond Period all Computer Security Procedures. The isolated
failure of the Insured to maintain and follow a particular Computer Security
Procedure in a particular instance will not preclude coverage under this
Insuring Agreement, subject to the specific exclusions herein and in the Bond.

1. Definitions. The following terms used in this Insuring Agreement shall have
the following meanings:

a. "Authorized User" means any person or entity designated by the Insured
(through contract, assignment of User Identification, or otherwise) as
authorized to use a Covered Computer System, or any part thereof. An individual
who invests in an Insured Fund shall not be considered to be an Authorized User
solely by virtue of being an investor.

b. "Computer Fraud" means the unauthorized entry of data into, or the deletion
or destruction of data in, or change of data elements or programs within, a
Covered Computer System which:

(1) is committed by any Unauthorized Third Party anywhere, alone or in collusion
with other Unauthorized Third Parties; and

(2) is committed with the conscious manifest intent (a) to cause the Insured to
sustain a loss, and (b) to obtain financial benefit for the perpetrator or any
other person; and




(3) causes (x) Property to be transferred, paid or delivered; or (y) an account
of the Insured, or of its customer, to be added, deleted, debited or credited;
or (z) an unauthorized or fictitious account to be debited or credited.

c. "Computer Security Procedures" means procedures for prevention of
unauthorized computer access and use and administration of computer access and
use as provided in writing to the Underwriter.

d. "Covered Computer System" means any Computer System as to which the Insured
has possession, custody and control.

e. "Unauthorized Third Party" means any person or entity that, at the time of
the Computer Fraud, is not an Authorized User.

f. "User Identification" means any unique user name (i.e., a series of
characters) that is assigned to a person or entity by the Insured.

2. Exclusions. It is further understood and agreed that this Insuring Agreement
J shall not cover:

a. Any loss covered under Insuring Agreement A, "Fidelity," of this Bond; and

b. Any loss resulting directly or indirectly from Theft or misappropriation of
confidential or proprietary information, material or data (including but not
limited to trade secrets, computer programs or customer information); and

c. Any loss resulting from the intentional failure to adhere to one or more
Computer Security Procedures; and

d. Any loss resulting from a Computer Fraud committed by or in collusion with:

(1) any Authorized User (whether a natural person or an entity); or

(2) in the case of any Authorized User which is an entity, (a) any director,
officer, partner, employee or agent of such Authorized User, or (b) any entity
which controls, is controlled by, or is under common control with such
Authorized User ("Related Entity"), or (c) any director, officer, partner,
employee or agent of such Related Entity; or

(3) in the case of any Authorized User who is a natural person, (a) any entity
for which such Authorized User is a director, officer, partner, employee or
agent ("Employer Entity"), or (b) any director, officer, partner, employee or
agent of such Employer Entity, or (c) any entity which controls, is controlled
by, or is under common control with such Employer Entity ("Employer-Related
Entity"), or (d) any director, officer, partner, employee or agent of such
Employer-Related Entity;

and

e. Any loss resulting from physical damage to or destruction of any Covered
Computer System, or any part thereof, or any data, data elements or media
associated therewith; and

f. Any loss resulting from Computer Fraud committed by means of wireless access
to any Covered Computer System, or any part thereof, or any data, data elements
or media associated therewith; and

g. Any loss not directly and proximately caused by Computer Fraud (including,
without limitation, disruption of business and extra expense); and

h. Payments made to any person(s) who has threatened to deny or has denied
authorized access to a Covered Computer System or otherwise has threatened to
disrupt the business of the Insured.




For purposes of this Insuring Agreement, "Single Loss," as defined in Section
1.X of this Bond, shall also include all loss caused by Computer Fraud(s)
committed by one person, or in which one person is implicated, whether or not
that person is specifically identified. 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 a Single Loss.

It is further understood and agreed that nothing in this Rider shall affect the
exclusion set forth in Section 2.0 of this Bond.

Coverage under this Insuring Agreement shall terminate upon termination of this
Bond. Coverage under this Insuring Agreement may also be terminated without
terminating this Bond as an entirety:

(a) by written notice from the Underwriter not less than sixty (60) days prior
to the effective date of termination specified in such notice; or

(b) immediately by written notice from the Insured to the Underwriter.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.

ICI MUTUAL INSURANCE COMPANY

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 3


INSURED                                                         BOND NUMBER

Davis New York Venture Fund, Inc.                               87006106B

EFFECTIVE DATE              BOND PERIOD                AUTHORIZED REPRESENTATIVE

August 1, 2006    August 1, 2006 to August 1, 2007       /S/ John T. Mulligan

In consideration of the premium charged for this Bond, it is hereby understood
and agreed that:

1. In the event that a loss is covered under more than one bond issued to Davis
New York Venture Fund, Inc. or any affiliates thereof issued by ICI Mutual
Insurance Company, the total liability of ICI Mutual Insurance Company under all
implicated bonds in combination shall not exceed the applicable Limit of
Liability of the largest of the implicated bonds. In no event shall the
applicable Limits of Liability of each of the implicated bonds be added together
or otherwise combined to determine the total liability of ICI Mutual Insurance
Company.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.


ICI MUTUAL INSURANCE COMPANY

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 4



INSURED                                                         BOND NUMBER

Davis New York Venture Fund, Inc.                               87006106B

EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

August 1, 2006     August 1, 2006 to August 1, 2007      /S/ John T. Mulligan

In consideration of the premium charged for this Bond, it is hereby understood
and agreed that the Deductible Amount for Insuring Agreement E, Forgery or
Alteration, and Insuring Agreement F, Securities, shall not apply with respect
to loss through Forgery of a signature on the following documents:

(1) letter requesting redemption of $50,000 or less payable by check to the
shareholder of record and addressed to the address of record; or,

(2) letter requesting redemption of $50,000 or less by wire transfer to the
record shareholder's bank account of record; or

(3) written request to a trustee or custodian for a Designated Retirement
Account ("DRA") which holds shares of an Insured Fund, where such request (a)
purports to be from or at the instruction of the Owner of such DRA, and (b)
directs such trustee or custodian to transfer $50,000 or less from such DRA to a
trustee or custodian for another DRA established for the benefit of such Owner;

provided, that the Limit of Liability for a Single Loss as described above shall
be $50,000 and that the Insured shall bear 20% of each such loss. This Rider
shall not apply in the case of any such Single Loss which exceeds $50,000; in
such case the Deductible Amounts and Limits of Liability set forth in Item 3 of
the Declarations shall control.

For purposes of this Rider:

(A) "Designated Retirement Account" means any retirement plan or account
described or qualified under the Internal Revenue Code of 1986, as amended, or a
subaccount thereof.

(B) "Owner" means the individual for whose benefit the DRA, or a subaccount
thereof, is established.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.

ICI MUTUAL INSURANCE COMPANY

INVESTMENT COMPANY BLANKET BOND


RIDER NO. 5

INSURED                                                         BOND NUMBER

Davis New York Venture Fund, Inc.                               87006106B

EFFECTIVE DATE                BOND PERIOD              AUTHORIZED REPRESENTATIVE

August 1, 2006      August 1, 2006 to August 1, 2007     /S/ John T. Mulligan




In consideration of the premium charged for this Bond, it is hereby understood
and agreed that this Bond does not cover any loss resulting from or in
connection with the acceptance of any Third Party Check, unless

(1) such Third Party Check is used to open or increase an account which is
registered in the name of one or more of the payees on such Third Party Check,
and

(2) reasonable efforts are made by the Insured, or by the entity receiving Third
Party Checks on behalf of the Insured, to verify all endorsements on all Third
Party Checks made payable in amounts greater than $100,000 (provided, however,
that the isolated failure to make such efforts in a particular instance will not
preclude coverage, subject to the exclusions herein and in the Bond),

and then only to the extent such loss is otherwise covered under this Bond.

For purposes of this Rider, "Third Party Check" means a check made payable to
one or more parties and offered as payment to one or more other parties.

It is further understood and agreed that notwithstanding anything to the
contrary above or elsewhere in the Bond, this Bond does not cover any loss
resulting from or in connection with the acceptance of a Third Party Check
where:

(1) any payee on such Third Party Check reasonably appears to be a corporation
or other entity; or

(2) such Third Party Check is made payable in an amount greater than $100,000
and does not include the purported endorsements of all payees on such Third
Party Check.

It is further understood and agreed that this Rider shall not apply with respect
to any coverage that may be available under Insuring Agreement A, "Fidelity."

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.

ICI MUTUAL INSURANCE COMPANY

INVESTMENT COMPANY BLANKET BOND


RIDER NO. 6

INSURED                                                         BOND NUMBER

Davis New York Venture Fund, Inc.                               87006106B

EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

August 1, 2006     August 1, 2006 to August 1, 2007      /S/ John T. Mulligan

In consideration of the premium charged for this Bond, it is hereby understood
and agreed that, notwithstanding anything to the contrary in General Agreement A
of this Bond, Item 1 of the Declarations shall include any Newly Created
Investment Company or portfolio provided that the Insured shall submit to the
Underwriter within fifteen (15) days after the end of each calendar quarter, a
list of all Newly Created Investment Companies or portfolios, the estimated
annual assets of each Newly Created Investment Company or portfolio, and copies
of any prospectuses and statements of additional




information relating to such Newly Created Investment Companies or portfolios,
unless said prospectuses and statements of additional information have been
previously submitted. Following the end of a calendar quarter, any Newly Created
Investment Company or portfolio created within the preceding calendar quarter
will continue to be an Insured only if the Underwriter is notified as set forth
in this paragraph, the information required herein is provided to the
Underwriter, and the Underwriter acknowledges the addition of such Newly Created
Investment Company or portfolio to the Bond by a Rider to this Bond.

For purposes of this Rider, Newly Created Investment Company or portfolio shall
mean any Investment Company or portfolio for which registration with the SEC has
been declared effective for a time period of less than one calendar quarter.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.

ICI MUTUAL INSURANCE COMPANY

INVESTMENT COMPANY BLANKET BOND


RIDER NO. 7

INSURED                                                         BOND NUMBER

Davis New York Venture Fund, Inc.                               87006106B

EFFECTIVE DATE                 BOND PERIOD             AUTHORIZED REPRESENTATIVE

August 1, 2006      August 1, 2006 to August 1, 2007     /S/ John T. Mulligan

In consideration for the premium charged for this Bond, it is hereby understood
and agreed that, with respect to Insuring Agreement I only, the Deductible
Amount set forth in Item 3 of the Declarations ("Phone/Electronic Deductible")
shall not apply with respect to a Single Loss, otherwise covered by Insuring
Agreement I, caused by:

(1) a Phone/Electronic Redemption requested to be paid or made payable by check
to the Shareholder of Record at the address of record; or

(2) a Phone/Electronic Redemption requested to be paid or made payable by wire
transfer to the Shareholder of Record's bank account of record,

provided, that the Limit of Liability for a Single Loss as described in (1) or
(2) above shall be the lesser of 80% of such loss or $40,000 and that the
Insured shall bear the remainder of each such Loss. This Rider shall not apply
if the application of the Phone/Electronic Deductible to the Single Loss would
result in coverage of greater than $40,000 or more; in such case the
Phone-initiated Deductible and Limit of Liability set forth in Item 3 of the
Declarations shall control.

For purposes of this Rider, "Phone/Electronic Redemption" means any redemption
of shares issued by an Investment Company, which redemption is requested (a) by
voice over the telephone, or (b) through an automated telephone tone or voice
response system.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.





ICI MUTUAL INSURANCE COMPANY

INVESTMENT COMPANY BLANKET BOND


RIDER NO. 8

INSURED                                                         BOND NUMBER

Davis New York Venture Fund, Inc.                               87006106B

EFFECTIVE DATE               BOND PERIOD               AUTHORIZED REPRESENTATIVE

August 1, 2006     August 1, 2006 to August 1, 2007      /S/ John T. Mulligan

In consideration of the premium charged for this Bond, it is hereby understood
and agreed that notwithstanding anything to the contrary in this Bond (including
Insuring Agreement I), this Bond does not cover loss caused by a
Phone/Electronic Transaction requested:

o by transmissions over the Internet (including any connected or associated
intranet or extranet) or utilizing modem or similar connections; or

o by wireless device transmissions over the Internet (including any connected or
associated intranet or extranet); or

o by Telefacsimile,

except insofar as such loss is covered under Insuring Agreement A "Fidelity" of
this Bond. Except as above stated, nothing herein shall be held to alter, waive
or extend any of the terms of this Bond.











ICI MUTUAL INSURANCE COMPANY

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 9


INSURED                                                       BOND NUMBER

Davis New York Venture Fund, Inc.                             87006106B

EFFECTIVE DATE                BOND PERIOD              AUTHORIZED REPRESENTATIVE

August 1, 2006      August 1, 2006 to August 1, 2007     /S/ John T. Mulligan




Most property and casualty insurers, including ICI Mutual Insurance Company
("ICI Mutual"), are subject to the requirements of the Terrorism Risk Insurance
Act of 2002, as amended (the "Act"). The Act establishes a Federal insurance
backstop under which ICI Mutual and these other insurers will be partially
reimbursed for future "insured losses" resulting from certified "acts of
terrorism." (Each of these bolded terms is defined by the Act.) The Act also
places certain disclosure and other obligations on ICI Mutual and these other
insurers.

Pursuant to the Act, any future losses to ICI Mutual caused by certified "acts
of terrorism" will be partially reimbursed by the United States government under
a formula established by the Act. Under this formula, the United States
government will reimburse ICI Mutual for 90% of ICI Mutual's "insured losses" in
excess of a statutorily established deductible until total insured losses of all
participating insurers reach $100 billion. If total "insured losses" of all
property and casualty insurers reach $100 billion during any applicable period,
the Act provides that the insurers will not be liable under their policies for
their portions of such losses that exceed such amount. Amounts otherwise payable
under this bond may be reduced as a result.

This bond has no express exclusion for "acts of terrorism." However, coverage
under this bond remains subject to all applicable terms, conditions and
limitations of the bond (including exclusions) that are permissible under the
Act. The portion of the premium that is attributable to any coverage potentially
available under the bond for "acts of terrorism" is one percent (1%).