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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eagle Capital Growth Fund Inc | AMEX:GRF | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.40 | 0 | 01:00:00 |
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: 82302675
|
|
EAGLE CAPITAL GROWTH FUND INC
|
FEDERAL INSURANCE COMPANY
|
|
205 E WISCONSIN AVENUE SUITE 120
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Incorporated under the laws of Indiana
|
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MILWAUKEE, WI 53202
|
a stock insurance company herein called the COMPANY
|
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Capital Center, 251 North Illinois, Suite 1100
|
||
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Indianapolis, IN 46204-1927
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ITEM 1.
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BOND PERIOD: from 12:01 a.m. on January 1, 2011 to 12:01 a.m. on January 1, 2012
|
ITEM 2.
|
LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:
|
INSURING CLAUSE |
LIMIT OF LIABILITY
|
DEDUCTIBLE AMOUNT
|
|||||||
1. Employee
|
$ | 300,000 | $ | 5,000 | |||||
2. On Premises
|
$ | 300,000 | $ | 5,000 | |||||
3. In Transit
|
$ | 300,000 | $ | 5,000 | |||||
4. Forgery or Alteration
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$ | 300,000 | $ | 5,000 | |||||
5. Extended Forgery
|
$ | 300,000 | $ | 5,000 | |||||
6. Counterfeit Money
|
$ | 300,000 | $ | 5,000 | |||||
7. Threats to Person
|
$ | N/A | $ | N/A | |||||
8. Computer System
|
$ | 300,000 | $ | 5,000 | |||||
9. Voice Initiated Funds Transfer Instruction
|
$ | 300,000 | $ | 5,000 | |||||
10. Uncollectible Items of Deposit
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$ | N/A | $ | N/A | |||||
11. Audit Expense
|
$ | N/A | $ | N/A |
ITEM 3.
|
THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
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||
Secretary
|
President
|
||
Countersigned by
|
|
|
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Authorized Representative
|
Form 17-02-1421 (Ed. 5-98)
|
Page 1 of 1
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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
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3.
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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,
|
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b.
|
in the custody of a natural person acting as a messenger of the ASSURED,
|
|
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,
|
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(2)
|
securities issued in registered form, which are not endorsed or are
restrictively endorsed, or
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(3)
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negotiable instruments not payable to bearer, which are not endorsed
or are restrictively endorsed.
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Form 17-02-1421 (Ed. 5-98)
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Page 1 of 19
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Forgery Or Alteration
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4
.
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Loss resulting directly from:
|
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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
;
|
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.
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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:
|
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(1)
|
bear a
Forgery
or a fraudulently material alteration,
|
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(2)
|
have been lost or stolen, or
|
|
(3)
|
be
Counterfeit
, or
|
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b.
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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
.
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Form 17-02-1421 (Ed. 5-98)
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Page 2 of 19
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(continued)
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For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
signature is treated the same as a handwritten signature.
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Counterfeit Money
|
6
.
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Loss resulting directly from the receipt by the ASSURED in good faith of any
Counterfeit
money.
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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
|
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b.
|
the ASSURED has made a reasonable effort to notify the Federal Bureau of Investigation and local law enforcement authorities concerning such threat.
|
Computer System
|
8
.
|
Loss resulting directly from fraudulent:
|
|
a.
|
entries of data into, or
|
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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
|
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(3
)
|
an unauthorized account or a fictitious account to be debited or credited.
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Form 17-02-1421 (Ed. 5-98)
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Page 3 of 19
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Transfer Instruction
|
9
.
|
Loss resulting directly from
Voice Initiated Funds Transfer Instruction
directed
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
,
|
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b.
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made by a person purporting to be a
Customer
, and
|
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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.
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Deposit
|
10
.
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Loss resulting directly from the ASSURED having credited an account of acustomer, shareholder or subscriber on the faith of any
Items of Deposit
which
prove to be uncollectible, provided that the crediting of such account causes:
|
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a.
|
redemptions or withdrawals to be permitted,
|
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b.
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shares to be issued, or
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c.
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dividends to be paid,
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Audit Expense
|
11
.
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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.
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Form 17-02-1421 (Ed. 5-98)
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Page 4 of 19
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Included As Assured
|
A.
|
If more than one corporation, or
Investment Company
, or any combination of
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.
|
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(2
)
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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.
|
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(3
)
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The COMPANY shall not be responsible for the proper application of any
payment made hereunder to the first named ASSURED.
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(4
)
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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.
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(5
)
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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.
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By Assured
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B.
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The ASSURED represents that all information it has furnished in the
APPLICATION for this Bond or otherwise is complete, true and correct. Such
APPLICATION and other information constitute part of this Bond.
|
Form 17-02-1421 (Ed. 5-98)
|
Page 5 of 19
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Additional Offices Or
Employees –
Consolidation,
Merger Or Purchase
Or
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C.
|
If the ASSURED, other than an
Investment Company
, while this Bond is in force,
merges or consolidates with, or purchases or acquires assets or liabilities of
another institution, the ASSURED shall not have the coverage afforded under this
Bond for loss which has:
|
Or
|
(1
)
|
occurred or will occur on premises, or
|
Company
|
(2
)
|
been caused or will be caused by an employee, or
|
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(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
|
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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
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c.
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on obtaining such consent, pays to the COMPANY an additional premium.
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Notice To Company
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D.
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When the ASSURED learns of a change in control (other than in an
Investment
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.
|
Attorneys’ Fees
|
E.
|
The COMPANY will indemnify the ASSURED for court costs and reasonable
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
|
Form 17-02-1421 (Ed. 5-98)
|
Page 6 of 19
|
(continued)
|
(3)
|
in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
an agreed statement of facts between the COMPANY and the ASSURED,
that an
Employee
would be found guilty of
Larceny or Embezzlement
if
such
Employee
were prosecuted.
|
Form 17-02-1421 (Ed. 5-98)
|
Page 7 of 19
|
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.
|
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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
|
Form 17-02-1421 (Ed. 5-98)
|
Page 8 of 19
|
(continued)
|
(8
)
|
each natural person, partnership or corporation authorized by written
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
.
|
|
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).
|
Form 17-02-1421 (Ed. 5-98)
|
Page 9 of 19
|
(continued)
|
f.
|
Forgery
means the signing of the name of another natural person with the
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.
|
Form 17-02-1421 (Ed. 5-98)
|
Page 10 of 19
|
(continued)
|
m.
|
Subsidiary
means any organization that, at the inception date of this Bond,
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
.
|
Clauses
|
2
.
|
This bond does not directly or indirectly cover:
|
|
a.
|
loss not reported to the COMPANY in writing within sixty (60) days after
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;
|
Form 17-02-1421 (Ed. 5-98)
|
Page 11 of 19
|
(continued)
|
h.
|
loss resulting from dishonest acts by any member of the Board of Directors
or Board of Trustees of the ASSURED who is not an
Employee
, acting
alone or in collusion with others;
|
|
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.
|
Clause 1.
|
3
.
|
This Bond does not directly or indirectly cover:
|
|
a.
|
loss caused by an
Employee
, provided, however, this Section 3.a. shall not
apply to loss covered under INSURING CLAUSE 2. or 3. which results
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;
|
Form 17-02-1421 (Ed. 5-98)
|
Page 12 of 19
|
(continued)
|
f.
|
loss resulting from the failure for any reason of a financial or depository
institution, its receiver or other liquidator to pay or deliver funds or other
Property
to the ASSURED provided further that this Section 3.f. shall not
apply to loss of
Property
resulting directly from robbery, burglary,
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.
|
Clauses 1., 4., And 5.
|
4
.
|
This bond does not directly or indirectly cover:
|
|
a.
|
loss resulting from the complete or partial non-payment of or default on any
loan whether such loan was procured in good faith or through trick, artifice,
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.
|
Liability
|
5
.
|
At all times prior to termination of this Bond, this Bond shall continue in force for
the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
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
|
Form 17-02-1421 (Ed. 5-98)
|
Page 13 of 19
|
(continued)
|
d.
|
any one casualty or event other than those specified in a., b., or c. above,
shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
the total amount of such loss or losses and shall not be cumulative in amounts
from year to year or from period to period.
|
|
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
|
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,
|
|
b.
|
an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,
|
Against Company
|
7
.
|
a.
|
The ASSURED shall give the COMPANY notice thereof at the earliest
practicable moment, not to exceed sixty (60) days after discovery of loss, in
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.
|
Form 17-02-1421 (Ed. 5-98)
|
Page 14 of 19
|
(continued)
|
f.
|
Proof of loss involving
Voice Initiated Funds Transfer Instruction
shall
include electronic recordings of such instructions.
|
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.
|
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.
|
Form 17-02-1421 (Ed. 5-98)
|
Page 15 of 19
|
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.
|
|
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.
|
Recovery
|
11.
|
In the event of a payment under this Bond, the COMPANY shall be subrogated to
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.
|
|
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
|
Form 17-02-1421 (Ed. 5-98)
|
Page 16 of 19
|
(continued)
|
d.
|
fourth, to the ASSURED in satisfaction of any loss suffered by the
ASSURED which was not covered under this Bond.
Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
recovery under this section.
|
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.
|
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.
|
|
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.
|
Form 17-02-1421 (Ed. 5-98)
|
Page 17 of 19
|
(continued)
|
If any partner, director, trustee, or officer or supervisory employee of an
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.
|
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.
|
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.
|
Form 17-02-1421 (Ed. 5-98)
|
Page 18 of 19
|
(continued)
|
If this Bond is for a joint ASSURED, no charge 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 to the Securities and Exchange Commission, Washington, D.C., by the
COMPANY.
|
Form 17-02-1421 (Ed. 5-98)
|
Page 19 of 19
|
ENDORSEMENT/RIDER
|
||
Effective date of
|
||
this endorsement/rider: January 1, 2011
|
FEDERAL INSURANCE COMPANY
|
|
Endorsement/Rider No.
|
1
|
|
To be attached to and
|
||
form a part of Bond No.
|
82302675
|
FEDERAL INSURANCE COMPANY
|
||
Endorsement No:
|
2
|
|
Bond Number:
|
82302675
|
1
.
|
By adding to Section 13., Termination, the following:
|
|
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.
|
Form 17-02-1360 (Rev. 10-99)
|
Page 1
|
a.
|
Bond Number:
|
b.
|
Date of Notice;
|
c.
|
Reason for Cancellation;
|
d.
|
Expiration Date of the Bond;
|
e.
|
Effective Date and Hour of Cancellation.
|
Form 17-02-1360 (Rev. 10-99)
|
Page 2
|
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.
|
By
|
|
Authorized Representative
|
Form 17-02-1360 (Rev. 10-99)
|
Page 3
|
Dear
|
EAGLE CAPITAL GROWTH FUND INC
|
ƒ
|
Chubb’s financial results during 2010 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 $43 billion as of September 30, 2010.
|
ƒ
|
With 128 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
|
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 3/17/10, Fitch on 2/13/09, and Moody’s on 2/4/09.)
|
|
o
|
Forbes
named Chubb one of the “100 Most Trustworthy Companies” in 2010, based on Chubb’s
“transparent and conservative accounting practices and prudent management.”
|
|
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
|
Fitch ranked Chubb #1 for five- and 10-year financial performance in a 6/10/10 report.
|
ƒ
|
On the 2010 Fortune 500 list, Chubb ranks #176 in revenue, #85 in assets, #80 in 1999-2009 annual growth
rate, #64 in profits, and #39 in profit as a percentage of revenue.
|
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.
|
EAGLE CAPITAL GROWTH FUND, INC.
|
|||
By:
|
/s/ David C. Sims
|
||
David C. Sims
|
|||
Treasurer
|
|||
Date:
|
December 28, 2010
|
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