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: 81952296 
 
 
 
 
 
 TORTOISE CAPITAL RESOURCES CORPORATION 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FEDERAL INSURANCE COMPANY 
 
 
 10801 MASTIN BOULEVARD SUITE 222 
 
 
 
Incorporated under the laws of Indiana 
 
 
 OVERLAND PARK, KS 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 
 
February 25, 2008 
 
 
 
 
 
 
 
 
 
 
 
 
     to 
 
12:01 a.m. on 
 
February 25, 2009 
 
 
 
 
 
 
 
 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 
 
 
 
 
 
 
 
   $ 600,000 
 
$ 10,000 
 
 
 2. 
 
   On Premises 
 
 
 
 
 
   $ 600,000 
 
$ 10,000 
 
 
 3. 
 
   In Transit 
 
 
 
 
 
 
 
   $ 600,000 
 
$ 10,000 
 
 
 4. 
 
   Forgery or Alteration 
 
 
 
 
 
   $ 600,000 
 
$ 10,000 
 
 
 5. 
 
   Extended Forgery 
 
 
 
 
 
   $ 600,000 
 
$ 10,000 
 
 
 6. 
 
   Counterfeit Money 
 
 
 
 
 
   $ 600,000 
 
$ 10,000 
 
 
 7. 
 
   Threats to Person 
 
 
 
 
 
   $ Not Covered 
 
$ N/A 
 
 
 8. 
 
   Computer System 
 
 
 
 
 
   $ 600,000 
 
$ 10,000 
 
 
 9. 
 
   Voice Initiated Funds Transfer Instruction 
 
   $ 600,000 
 
$ 10,000 
 
 
10. 
 
   Uncollectible Items of Deposit 
 
 
 
   $ 600,000 
 
$ 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
 
 
 
 
 
 
 
 
 
(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
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
(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
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
(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
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
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
 
 
 
 
 
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
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
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. 
 
 
 
 
 
Recoveries, whether effected by the COMPANY or by the ASSURED, shall be 
 
 
 
 
applied net of the expense of such recovery in the following order: 
 
 
 
 
 
a. 
 
first, to the satisfaction of the ASSURED'S loss which would otherwise have 
 
 
 
 
 
 
been paid but for the fact that it is in excess of the applicable LIMIT OF 
 
 
 
 
 
 
LIABILITY, 
 
 
 
 
 
b. 
 
second, to the COMPANY in satisfaction of amounts paid in settlement of 
 
 
 
 
 
 
the ASSURED'S claim, 
 
 
 
 
 
c. 
 
third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE 
 
 
 
 
 
 
AMOUNT, and 

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 16 of 19
 
 
 
 
 
 
 
Limitations 
 
 
 
 
 
 
 
Subrogation - Assignment - 
 
 
 
d. 
 
fourth, to the ASSURED in satisfaction of any loss suffered by the 
Recovery 
 
 
 
 
 
ASSURED which was not covered under this Bond. 
(continued) 
 
 
 
Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a 
 
 
 
 
recovery under this section. 
 
 
Cooperation Of Assured 
 
12. 
 
At the COMPANY'S request and at reasonable times and places designated by 
 
 
 
 
the COMPANY, the ASSURED shall: 
 
 
 
 
 
a. 
 
submit to examination by the COMPANY and subscribe to the same under 
 
 
 
 
 
 
oath, 
 
 
 
 
 
b. 
 
produce for the COMPANY'S examination all pertinent records, and 
 
 
 
 
 
c. 
 
cooperate with the COMPANY in all matters pertaining to the loss. 
 
 
 
 
 
The ASSURED shall execute all papers and render assistance to secure to the 
 
 
 
 
COMPANY the rights and causes of action provided for under this Bond. The 
 
 
 
 
ASSURED shall do nothing after loss to prejudice such rights or causes of action. 
 
 
 
Termination 
 
13. 
 
If the Bond is for a sole ASSURED, it shall not be terminated unless written notice 
 
 
 
 
shall have been given by the acting party to the affected party and to the 
 
 
 
 
Securities and Exchange Commission, Washington, D.C., not less than sixty (60) 
 
 
 
 
days prior to the effective date of such termination. 
 
 
 
 
 
If the Bond is for a joint ASSURED, it shall not be terminated unless written notice 
 
 
 
 
shall have been given by the acting party to the affected party, and by the 
 
 
 
 
COMPANY to all ASSURED Investment Companies and to the Securities and 
 
 
 
 
Exchange Commission, Washington, D.C., not less than sixty (60) days prior to 
 
 
 
 
the effective date of such termination. 
 
 
 
 
 
This Bond will terminate as to any one ASSURED, other than an Investment 
 
 
 
 
Company: 
 
 
 
 
 
a. 
 
immediately on the taking over of such ASSURED by a receiver or other 
 
 
 
 
 
 
liquidator or by State or Federal officials, or 
 
 
 
 
 
b. 
 
immediately on the filing of a petition under any State or Federal statute 
 
 
 
 
 
 
relative to bankruptcy or reorganization of the ASSURED, or assignment for 
 
 
 
 
 
 
the benefit of creditors of the ASSURED, or 
 
 
 
 
 
c. 
 
immediately upon such ASSURED ceasing to exist, whether through merger 
 
 
 
 
 
 
into another entity, disposition of all of its assets or otherwise. 
 
 
 
 
 
The COMPANY shall refund the unearned premium computed at short rates in 
 
 
 
 
accordance with the standard short rate cancellation tables if terminated by the 
 
 
 
 
ASSURED or pro rata if terminated for any other reason. 

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 17 of 19
 
 
 
 
 
 
 
Limitations 
 
 
 
 
 
 
 
 
Termination 
 
 
 
If any partner, director, trustee, or officer or supervisory employee of an 
(continued) 
 
 
 
ASSURED not acting in collusion with an Employee learns of any dishonest act 
 
 
 
 
committed by such Employee at any time, whether in the employment of the 
 
 
 
 
ASSURED or otherwise, whether or not such act is of the type covered under this 
 
 
 
 
Bond, and whether against the ASSURED or any other person or entity, the 
 
 
 
 
ASSURED: 
 
 
 
 
a. 
 
shall immediately remove such Employee from a position that would enable 
 
 
 
 
 
 
such Employee to cause the ASSURED to suffer a loss covered by this 
 
 
 
 
 
 
Bond; and 
 
 
 
 
b. 
 
within forty-eight (48) hours of learning that an Employee has committed 
 
 
 
 
 
 
any dishonest act, shall notify the COMPANY, of such action and provide full 
 
 
 
 
 
 
particulars of such dishonest act. 
 
 
 
 
The COMPANY may terminate coverage as respects any Employee sixty (60) 
 
 
 
 
days after written notice is received by each ASSURED Investment Company 
 
 
 
 
and the Securities and Exchange Commission, Washington, D.C. of its desire to 
 
 
 
 
terminate this Bond as to such Employee. 
 
 
Other Insurance 
 
14. 
 
Coverage under this Bond shall apply only as excess over any valid and collectible 
 
 
 
 
insurance, indemnity or suretyship obtained by or on behalf of: 
 
 
 
 
 
a. 
 
the ASSURED, 
 
 
 
 
b. 
 
a Transportation Company, or 
 
 
 
 
 
c. 
 
another entity on whose premises the loss occurred or which employed the 
 
 
 
 
 
 
person causing the loss or engaged the messenger conveying the Property 
 
 
 
 
 
 
involved. 
 
 
Conformity 
 
15. 
 
If any limitation within this Bond is prohibited by any law controlling this Bond's 
 
 
 
 
construction, such limitation shall be deemed to be amended so as to equal the 
 
 
 
 
minimum period of limitation provided by such law. 
 
 
Change or Modification 
 
16. 
 
This Bond or any instrument amending or affecting this Bond may not be changed 
 
 
 
 
or modified orally. No change in or modification of this Bond shall be effective 
 
 
 
 
except when made by written endorsement to this Bond signed by an authorized 
 
 
 
 
representative of the COMPANY. 
 
 
 
 
 
If this Bond is for a sole ASSURED, no change or modification which would 
 
 
 
 
adversely affect the rights of the ASSURED shall be effective prior to sixty (60) 
 
 
 
 
days after written notice has been furnished to the Securities and Exchange 
 
 
 
 
Commission, Washington, D.C., by the acting party. 

 
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 18 of 19
 
 
 
Limitations 
 
 
 
Change or Modification 
 
If this Bond is for a joint ASSURED, no charge or modification which would 
(continued) 
 
adversely affect the rights of the ASSURED shall be effective prior to sixty (60) 
 
 
days after written notice has been furnished to all insured Investment Companies 
 
 
and to the Securities and Exchange Commission, Washington, D.C., by the 
 
 
COMPANY. 

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 19 of 19
 
 
Chubb & Son, div. of Federal Insurance Company
as manager of the member insurers of the
Chubb Group of Insurance Companies

                                               POLICYHOLDER 
                             DISCLOSURE NOTICE OF 
TERRORISM INSURANCE COVERAGE 
(for policies with no terrorism exclusion or sublimit) 

You are hereby notified that, under the Terrorism Risk Insurance Act of 2002 (the “Act”) 
effective November 26, 2002, this policy makes available to you insurance for losses 
arising out of certain acts of international terrorism. Terrorism is defined as any act 
certified by the Secretary of the Treasury, in concurrence with the Secretary of State and 
the Attorney General of the United States, to be an act of terrorism; to be a violent act or 
an act that is dangerous to human life, property or infrastructure; to have resulted in 
damage within the United States, or outside the United States in the case of an air carrier 
or vessel or the premises of a United States Mission; and to have been committed by an 
individual or individuals acting on behalf of any foreign person or foreign interest, as part 
of an effort to coerce the civilian population of the United States or to influence the policy 
or affect the conduct of the United States Government by coercion. 
 
You should know that the insurance provided by your policy for losses caused by acts of 
terrorism is partially reimbursed by the United States under the formula set forth in the 
Act. Under this formula, the United States pays 90% of covered terrorism losses that 
exceed the statutorily established deductible to be paid by the insurance company 
providing the coverage. The portion of your policy’s annual premium that is attributable to 
insurance for such acts of terrorism is: $ -0-. 
 
If you have any questions about this notice, please contact your agent or broker. 

Form 10-02-1281 (Ed. 1/2003) 

 
 
 
 
                   All of the members of the Chubb Group of Insurance companies doing business in the United 
States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents 
(“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on 
US insurance transactions is available under the Producer Compensation link located at the bottom of the 
page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your 
producer. 
 
                   Thank you for choosing Chubb. 

 
10-02-1295 (ed. 5/2007)
 
 
 
Important Notice:
 
The SEC Requires Proof of Your Fidelity Insurance Policy
 
 
Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.
 
 
Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.
 
 
The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb.
 
 
If you have any questions, please contact your agent or broker.
 
 
Form 14-02-12160 (ed. 7/2006)
 
 
 
 
 
 
this endorsement: February 25, 2008 
 
FEDERAL INSURANCE COMPANY 
 
 
Endorsement No.: 1 
 
 
To be attached to and form a part of Bond 
 
 
Number: 
 
81952296 
 
 
Issued to: TORTOISE CAPITAL RESOURCES CORPORATION 
                                           COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER 
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other laws 
or regulations prohibit the coverage provided by this insurance. 
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

 
Date: February 25, 2008
 
 
 
Form 14-02-9228 (Ed. 4/2004)
 
 
 
 
 
 
                                                                                                                           FEDERAL INSURANCE COMPANY 
 
 
 
 
                                                                                                                           Endorsement No: 2 
 
 
 
 
                                                                                                                           Bond Number: 
 
81952296 
NAME OF ASSURED: TORTOISE CAPITAL RESOURCES CORPORATION 
 
 
 
 
 
 
 
 
                             TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT 
It is agreed that this Bond is amended as follows: 
 
 
1. 
 
By adding to Section 13., Termination, the following: 
 
 
 
 
"Termination By The Company 
 
 
 
 
Bonds In Effect For More Than Sixty (60) Days 
 
 
 
 
If this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the 
 
 
COMPANY may terminate by providing written notice of cancellation at least sixty (60) days before the 
 
 
effective date of termination for at least one of the following reasons: 
 
 
 
 
1. 
 
Nonpayment of premium; 
 
 
 
 
2. 
 
Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a 
 
 
 
 
claim thereunder; 
 
 
 
 
3. 
 
Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on the 
 
 
 
 
part of the ASSURED which substantially and materially increases any hazard insured against, 
 
 
 
 
and which occurred subsequent to the inception of the current BOND PERIOD; 
 
 
4. 
 
Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against; 
 
 
5. 
 
Material change in the risk which increases the risk of loss after insurance coverage has been 
 
 
 
 
issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the 
 
 
 
 
change, or contemplated the risk when the contract was written; 
 
 
 
 
6. 
 
Determination by the Commissioner that the continuation of the Bond would jeopardize a 
 
 
 
 
COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any 
 
 
 
 
state; 
 
 
 
 
7. 
 
Determination by the Commissioner that continuation of the present premium volume of the 
 
 
 
 
COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public; 
 
 
8. 
 
Such other reasons that are approved by the Commissioner; 
 
 
 
 
9. 
 
Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to 
 
 
 
 
meet the ASSUREDS needs; 
 
 
 
 
10. 
 
Substantial breaches of contractual duties, conditions or warranties; or 
 
 
11. 
 
Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the 
 
 
 
 
inception of the Bond. 
 
 

ICAP Bond
Form 17-02-1360 (Rev. 10-99) Page 1
 
 
If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY 
may terminate for any reason by providing written notice of termination at least sixty (60) days before 
the effective date of termination. 
 
Notice Of Termination 
 
Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt 
provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if 
any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the 
DECLARATIONS of this Bond. 
 
If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified 
mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30) 
days before the effective date of cancellation. The cancellation notice shall contain information 
regarding the amount of premium due and the due date, and shall state the effect of nonpayment by 
the due date. Cancellation shall not be effective if payment of the amount due is made prior to the 
effective date of cancellation. 
 
All notice of cancellation shall state the reason(s) for cancellation. 
 
There is no liability on the part of, and no cause of action of any nature shall arise against, the 
COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing 
to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement 
made by them in complying or enabling the COMPANY to comply with this Section, for the provision of 
information pertaining thereto, or for statements made or evidence submitted at any hearings 
conducted in connection therewith, if such information was provided in good faith and without malice. 
 
Notice Of Nonrenewal 
 
If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by 
certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last 
known address, at least sixty (60) days before the expiration date or before the anniversary date, if this 
Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the 
ASSURED'S agent or broker, if any. 
 
Such notice shall contain all of the following: 
 
a. 
 
Bond Number: 
 
b. 
 
Date of Notice; 
 
c. 
 
Reason for Cancellation; 
 
d. 
 
Expiration Date of the Bond; 
 
e. 
 
Effective Date and Hour of Cancellation. 
 
Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance 
group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has 
agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to 
nonrenewal, or the Bond is expressly designated as nonrenewable. 

ICAP Bond
Form 17-02-1360 (Rev. 10-99) Page 2
 
 
 
Return Premium Calculations 
 
 
 
Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED 
 
 
on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall 
 
 
be refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the 
 
 
effective date of cancellation, whichever is later. 
 
 
 
Conditional Renewal 
 
 
 
If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates, 
 
 
the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or 
 
 
delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED, 
 
 
notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the 
 
 
COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or 
 
 
premiums do not take effect until sixty (60) days after the notice is mailed or delivered, in which case, 
 
 
the ASSURED may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY 
 
 
does not notify the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond 
 
 
at the expiring terms and premiums until notice is given or until the effective date of replacement 
 
 
coverage is obtained by the ASSURED, whichever occurs first.” 
 
2. 
 
It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence 
 
 
listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this 
 
 
Bond. 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on February 25, 2008. 
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

 
Date: February 25, 2008
 
 
ICAP Bond
Form 17-02-1360 (Rev. 10-99) Page 3
 
                                                                                                                                                         Endorsement No.: 3 
                                                                                                                                                         Bond Number: 
 
81952296 
NAME OF ASSURED: TORTOISE CAPITAL RESOURCES CORPORATION 
 
                                                                             KANSAS AMENDATORY ENDORSEMENT 
 
 
It is agreed that this Bond is amended by deleting paragraph d in its entirety from Section 7., Notice-Proof- 
Legal Proceedings Against Company, and substituting the following: 
 
 
"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 
             five (5) years from the discovery of such loss." 
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on February 25, 2008. 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

 
Date: February 25, 2008
 
 
 
State Amendatory - General Use Form 17-02-1424 (Ed. 1-97)
 
 
 
 
 
 
 
 
 ENDORSEMENT/RIDER 
Effective date of 
 
 
 
 
this endorsement/rider: February 25, 2008 
 
                   FEDERAL INSURANCE COMPANY 
 
 
 
 
                   Endorsement/Rider No. 
 
4 
 
 
 
 
                   To be attached to and 
 
 
 
 
 
 
                   form a part of Bond No. 
 
81952296 
 
 
Issued to: TORTOISE CAPITAL RESOURCES CORPORATION 
 
 
 
 
DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION 
 
 
 
 
ENDORSEMENT 
 
 
In consideration of the premium charged, it is agreed that this Bond is amended as follows: 
1. 
 
The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety. 
2. 
 
The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with 
 
 
the following: 
 
 
 
 
 
 
If this Bond is for a joint ASSURED, no change or modification which would adversely affect the 
 
 
rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been 
 
 
furnished to all insured Investment Companies and the Securities and Exchange Commission, 
 
 
Washington, D.C., by the COMPANY. 
 
 
 
 
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the 
terms and conditions of coverage. 
 
 
 
 
All other terms, conditions and limitations of this Bond shall remain unchanged. 
 
 

 
 
 
 
17-02-2437 (12/2006) rev. Page 1