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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Equus Total Return Inc | NYSE:EQS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.45 | 1.51 | 1.45 | 1.46 | 2,205 | 01:00:00 |
EQUUS TOTAL RETURN, INC.
KENNETH I. DENOS
SECRETARY & CHIEF COMPLIANCE OFFICER
March 19, 2020
VIA EDGAR
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549-0506
Re: Equus Total Return, Inc. — Rule 17g-1(g) Fidelity Bond Filing
Ladies and Gentlemen:
On behalf of Equus Total Return, Inc. (the “Company”), enclosed herewith for filing, pursuant to Rule 17g-1(g) under the Investment Company Act of 1940, as amended, is a copy of the following materials:
1. | A Certificate of the Secretary of the Company, which attaches a copy of the resolutions of the Board of Directors approving the amount, type, form and coverage of the Fidelity Bond and a statement as to the period for which premiums have been paid; and |
2. | A copy of the Fidelity Bond covering the Company. |
If you have any questions regarding this submission, please do not hesitate to call me at (713) 529-0900.
Very truly yours, | |
/s/ Kenneth I. Denos | |
Kenneth I. Denos | |
Chief Compliance Officer | |
Enclosures
EQUUS TOTAL RETURN, INC.
KENNETH I. DENOS
SECRETARY & CHIEF COMPLIANCE OFFICER
CERTIFICATE OF SECRETARY
The undersigned, Kenneth I. Denos, Secretary of Equus Total Return, Inc., a Delaware corporation (the “Company”), does hereby certify that:
1. This certificate is being delivered to the Securities and Exchange Commission (the “SEC”) in connection with the filing of the Company’s fidelity bond (the “Bond”) pursuant to Rule 17g-1 of the Investment Company Act of 1940, as amended, and the SEC is entitled to rely on this certificate for purposes of the filing.
2. The undersigned is the duly elected, qualified and acting Secretary of the Company, and has custody of the corporate records of the Company and is a proper officer to make this certification.
3. Attached hereto as Exhibit A is a copy of the resolutions approved by the Board of Directors of the Company, including a majority of the Board of Directors who are not “interested persons” of the Company, approving the amount, type, form and coverage of the Bond.
4. Premiums have been paid for the period March 28, 2019 to March 28, 2020.
IN WITNESS WHEREOF, I have executed this certificate as of the 19th day of March, 2020.
EQUUS TOTAL RETURN, INC. | ||
By: | /s/ Kenneth I. Denos | |
Name: | Kenneth I. Denos | |
Title: | Secretary |
EXHIBIT A
Resolutions of the Board of Directors
of Equus Total Return, Inc.
effective as of March 15, 2020
WHEREAS, pursuant to Rule 17g-1 of the Investment Company Act of 1940 (the "1940 Act"), Equus Total Return, Inc. (the "Company") is required to provide and maintain a fidelity bond against larceny and embezzlement, covering each officer and employee of the Company, who may singly or jointly with others, have access to securities or funds of the Company;
WHEREAS, Rule 17g-1 specifies that the bond may be in the form of (i) an individual bond for each covered person, or a schedule or blanket bond covering such persons, (ii) a blanket bond which names the Company as the only insured (a “single insured bond”), or (iii) a bond which names the Company and one or more other parties as insureds (a “joint insured bond”), as permitted by Rule 17g-1; and
WHEREAS, the Board of Directors of the Company (the “Board”) (including a majority of the directors who are not “interested directors” of the Company) has reviewed the Investment Company Bond submitted to it and after due consideration of all relevant factors including, but not limited to, the value of the aggregate assets of the Company to which any covered person may have access, the type and terms of the arrangements made for custody and safekeeping of such assets, and the nature of the Company’s portfolio securities, believes such bond is in reasonable form and amount;
NOW, THEREFORE, BE IT RESOLVED, that the Board of Directors of the Fund hereby determines that a fidelity bond issued by Chubb Group of Insurance Companies covering officers and employers of the Fund in accordance with the requirements of Rule 17g-1 under the 1940 Act, in the amount of $400,000, is reasonable in form and amount, after having given due consideration to the value of the aggregate assets of the Fund to which any such covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, and the nature of the securities in the Fund’s portfolio; and be it further
RESOLVED, that the officers of the Fund are authorized to file the following documents with the SEC (and any actions previously taken in this regard are ratified):
a. A copy of the Fidelity Bond;
b. A copy of the Board resolution approving the Fidelity Bond; and
c. Any other documents required by Rule 17g-1 under the Investment Company Act of 1940; and be it further
RESOLVED, that all actions taken prior hereto by the officers of the Company in the name and on behalf of the Company in connection with the matters related thereto are hereby approved, ratified and confirmed as the acts of the Company as if each such act had been presented to and approved by the Board prior to being taken.
RESOLVED, that the officers of the Company are hereby severally authorized to sign, execute, certify to, verify, acknowledge, deliver, accept, file and record any and all such instruments, agreements and documents and amendments and supplements thereto, and to take or cause to be taken any and all other action, in the name and on behalf of the Company or otherwise, as any such officer shall, in such officer’s sole discretion, deem necessary or desirable and in the best interests of the Company to effect the purposes of the foregoing resolutions, and that any such officer’s signature or such actions taken by such officer shall be conclusive evidence that such officer did deem same to be desirable or necessary and in the best interests of the Company.
ICAP Bond (5-98) - Federal | |
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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 |
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) | |
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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 |
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 |
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)
Policyholder Information Notice | |
IMPORTANT NOTICE | AVISO IMPORTANTE |
To obtain information or make a complaint: | Para obtener información o para someter una |
queja: | |
You may call Chubb's toll-free telephone | Usted puede llamar al número de teléfono gratis de |
number for information or to make a complaint | Chubb's para información o para someter una |
at | queja al |
1-800-36-CHUBB | 1-800-36-CHUBB |
You may contact the Texas Department of | Puede comunicarse con el Departamento de |
Insurance to obtain the information on | Seguros de Texas para obtener información |
companies, coverages, rights or complaints at | acerca de compañias coberturas, derechos o |
quejas al | |
(512) 676-6000 or (800) 578-4677 | (512) 676-6000 or (800) 578-4677 |
You may write the Texas Department of | Puede escribir al Departamento de Seguros de |
Insurance | Texas |
P.O. Box 149104 | P.O. Box 149104 |
Austin, TX 78714-9104 | Austin TX 78714-9104 |
Fax # (512) 475-1771 | FAX # (512) 475-1771 |
You may email the Texas Department of | Puede correo electrónico Departamento de |
Insurance at: | Seguros de Texas al: |
consumerprotection@tdi.texas.gov | consumerprotection@tdi.texas.gov |
You may visit the Texas Department of | Puede visitar el Departamento de Seguros de |
Insurance’s website at: | Texas en el sitio web de: |
www.tdi.texas.gov | www.tdi.texas.gov |
PREMIUM OR CLAIM DISPUTES | DISPUTAS SOBRE PRIMAS O RECLAMOS: |
Should you have a dispute concerning your | Si tiene una disputa concerniente a su prima o a |
premium or about a claim you should contact | un reclamo, debe comunicarse con el agente |
the agent first. If the dispute is not resolved, | primero. Si no se resueve la disputa, puede |
you may contact the Texas Department of | entonces comunicarse con el departamento (TDI). |
Insurance. | |
ATTACH THIS NOTICE TO YOUR POLICY: | UNA ESTE AVISO A SU POLIZA: |
This notice is for information only and does not | Este aviso es solo para proposito de información y |
become a part or condition of the attached | no se convierte en parte o condicion del |
document. | documento adjunto. |
ENDORSEMENT/RIDER | ||||
Effective date of | ||||
this endorsement/rider: March 28, 2020 | FEDERAL INSURANCE COMPANY | |||
Endorsement/Rider No. | 1 | |||
To be attached to and | ||||
form a part of Bond No. | 82050480 | |||
Issued to: EQUUS TOTAL RETURN, INC. | ||||
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
14-02-14098 (04/2008)
Page 1
14-02-9228 (2/2010)
Page 1
Date: March 18, 2020
State Amendatory-General Use Form 17-02-1429 (Ed. 1-97)
1 Year Equus Total Return Chart |
1 Month Equus Total Return Chart |
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