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
 
 
11550 ASH STREET, SUITE 300
    
Incorporated under the laws of Indiana
  
LEAWOOD, KS 66211
      
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, 2010
      
     
to
12:01 a.m. on
February 25, 2011
      
 
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
      
$ 525,000
$ 10,000
 
2.
On Premises
    
$ 525,000
$ 10,000
 
3.
In Transit
      
$ 525,000
$ 10,000
 
4.
Forgery or Alteration
    
$ 525,000
$ 10,000
 
5.
Extended Forgery
    
$ 525,000
$ 10,000
 
6.
Counterfeit Money
    
$ 525,000
$ 10,000
 
7.
Threats to Person
    
$ Not Covered
$ NA
 
8.
Computer System
    
$ 525,000
$ 10,000
 
9.
Voice Initiated Funds Transfer Instruction
$ 525,000
$ 10,000
 
10.
Uncollectible Items of Deposit
  
$ 525,000
$ 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:
    
 
1-4
                
 
IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be
valid unless also signed by an authorized representative of the Company.
      
 



 

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

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

 
 

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

 
 

 
       
Conditions And
      
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
 

 
 

 
       
Conditions And
      
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
 

 
 

 
   
Conditions And
  
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
 

 
 

 
 
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 (the “Act”), effective
December 26, 2007, this policy makes available to you insurance for losses arising out of
certain acts of 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 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 85% of covered terrorism losses that
exceed the statutorily established deductible to be paid by the insurance company
providing the coverage.
 
However, if aggregate insured losses attributable to terrorist acts certified under the Act
exceed $100 billion in a Program Year (January 1 through December 31), the Treasury
shall not make any payment for any portion of the amount of such losses that exceeds
$100 billion.
 
10-02-1281 (Ed. 1/2003)
 
 

 
 

 
 
If aggregate insured losses attributable to terrorist acts certified under the Act exceed
$100 billion in a Program Year (January 1 through December 31) and we have met our
insurer deductible under the Act, we shall not be liable for the payment of any portion of
the amount of such losses that exceeds $100 billion, and in such case insured losses up
to that amount are subject to pro rata allocation in accordance with procedures
established by the Secretary of the Treasury.
 
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.
 
10-02-1281 (Ed. 1/2003)
 
 

 
 

 
     
TORTOISE CAPITAL RESOURCES CORPORATION
11550 ASH STREET, SUITE 300
LEAWOOD, KS 66211
 
 
Re: Financial Strength
Insuring Company: FEDERAL INSURANCE COMPANY
 
Dear TORTOISE CAPITAL RESOURCES CORPORATION
 
Chubb continues to deliver strong financial performance. Our financial strength, as reflected in
our published reports and our ratings, should give you peace of mind that Chubb will be there
for you when you need us most.
ƒ
Chubb’s financial results during 2009 stand out in the industry.
ƒ
Chubb’s balance sheet is backed with investments that we believe emphasize quality,
 
safety, and liquidity, with total invested assets of $42.0 billion as of September 30, 2009.
ƒ
With 127 years in the business, Chubb is here for the long term, which is why we
 
vigorously guard our financial strength and take what we believe is a prudent approach
 
to assuming risk –on both the asset and liability sides of our balance sheet.
ƒ
Chubb is one of the most highly rated property and casualty companies in the industry,
 
which is a reflection of our overall quality, strong financial condition, and strong capital
 
position.
 
o
Chubb’s financial strength rating is “A++” from A.M. Best Company, “AA” from
   
Fitch, “Aa2” from Moody’s, and “AA” from Standard & Poor’s – the leading
   
independent evaluators of the insurance industry.
 
o
Chubb’s senior unsecured corporate debt rating from Standard & Poor’s was
   
upgraded from “A” to “A+” on December 15, 2008. Standard & Poor’s also
   
reaffirmed all of Chubb’s ratings with a “stable” outlook
 
o
A.M. Best, Fitch, and Moody’s recently affirmed all of Chubb’s ratings with a
   
“stable” outlook. (For reference, A.M. Best reaffirmed us on 12/23/08, Moody’s on
   
2/4/09, and Fitch on 2/13/09.)
 
o
For more than 50 years, Chubb has remained part of an elite group of insurers
   
that have maintained A.M. Best’s highest ratings.
ƒ
Chubb was named to Standard & Poor’s list of S&P 500 Dividend Aristocrats, one of 52
 
companies in the S&P 500 index that have increased dividends every year for at least 25
 
consecutive years.
ƒ
Chubb’s investment portfolio has held up extremely well. Chubb takes what we believe
 
is a conservative approach to selecting and managing our assets. Furthermore, Chubb
 
does not have any direct exposure to the subprime mortgage-backed securities market,
 
and we stopped doing new credit derivative business in 2003 and put existing business
 
in runoff.
 
Rarely has Chubb’s business philosophy – to underwrite conservatively and invest judiciously –
been more important than it is today. By adhering to this philosophy, we now have the capacity
and flexibility to respond to opportunities, especially when you engage us in fully understanding
your business risks.
 
We want you to know that Chubb is well-positioned to continue serving your needs with our
underwriting expertise; broad underwriting appetite across all property, casualty, and specialty
lines; and claim services. If you have any questions, feel free to call your agent or broker or your
local Chubb underwriter. As always, we appreciate the trust you place is us as your insurance
partner.
  
 
99-10-0100 (12/2009)
 
 

 
 

 
 
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)
 
 

 
 

 
 
IMPORTANT NOTICE TO POLICYHOLDERS
 
 
 
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. 6/2007)
 
 

 
 

 
     
Effective date of
    
this endorsement: February 25, 2010
FEDERAL INSURANCE COMPANY
 
Endorsement No.: 1 Bond
 
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: March 10, 2010
 
 
 
 
 
Form 14-02-9228 (Ed. 4/2004)
 
 

 
 

 
       
     
ENDORSEMENT/RIDER
Effective date of
    
this endorsement/rider: February 25, 2010
FEDERAL INSURANCE COMPANY
   
Endorsement/Rider No.
2 Bond
   
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
 

 
 

 
       
   
FEDERAL INSURANCE COMPANY
   
Endorsement No: 3 Bond
   
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
 

 
 

 
   
Bonds In Effect Sixty (60) Days Or Less
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, 2010.
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Date: March 10, 2010
 
 
 
 
   
ICAP Bond
  
Form 17-02-1360 (Rev. 10-99)
Page 3
 

 
 

 
   
FEDERAL INSURANCE COMPANY
Endorsement No.: 4 Bond
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, 2010.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Date: March 10, 2010
 
 
 
 
 
State Amendatory - General Use Form 17-02-1424 (Ed. 1-97)