December 16, 2008
FILED VIA EDGAR
Securities & Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Ladies and Gentlemen:
Pursuant to the requirements of Rule 17g-1(g)(1) under the Investment Company Act of
1940 (1940 Act), the following documents are enclosed with this letter:
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1.
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a copy of the joint fidelity bond for:
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S&P 500
GEARED Fund Inc. (811-21611)
Defined Strategy Fund Inc. (811-21621)
Dow 30 Premium & Dividend Income Fund Inc. (811-21708)
S&P 500 Covered Call Fund Inc. (811-21672)
Small Cap Premium & Dividend Income Fund Inc.
(811-21746)
Enhanced S&P 500 Covered Call Fund Inc. (811-21787)
Global Income & Currency Fund Inc. (811-21791)
NASDAQ Premium Income & Growth Fund Inc. (811-21983)
Dow 30 Enhanced Premium & Income
Fund Inc. (811-22029)
MLP & Strategic Equity Fund Inc. (811-22040)
IQ Legacy Fund (811-22163)
IQ Investment
Advisors LLC
2. a copy of the resolutions of a majority of the board of directors or trustees, as applicable, who are not interested
persons of the registered management investment companies set out in paragraph (1) above approving the amount, type, form and coverage of the bond and the portion of the premium to be paid by such companies;
3. a statement showing the amount of the single insured bond that each investment company would have provided and maintained had it not been named as an
insured under a joint insured bond (and showing that each registrants investment adviser, IQ Investment Advisors LLC, is also covered by, and pays part of the premium for, the joint fidelity bond); and
December 16, 2008
Page 2
4. a copy of the joint fidelity bond agreement dated as of October 14, 2008 between each of the registrants set out in paragraph
(1) above pursuant to Rule 17g-1(f) under the 1940 Act.
The premium for the joint fidelity bond has been paid for the period of
October 26, 2008 through October 26, 2009.
If you have any questions regarding this filing, please contact James Hillman at
212-236-2066.
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Very truly
yours,
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/s/ James E.
Hillman
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Vice President and
Treasurer
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ICI MUTUAL INSURANCE COMPANY
P.O. Box 730
Burlington, Vermont 05402-0730
INVESTMENT COMPANY BLANKET BOND
ICI MUTUAL INSURANCE COMPANY
P.O. Box 730
Burlington, Vermont 05402-0730
DECLARATIONS
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Item 1.
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Name of Insured (the Insured)
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Bond Number
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S&P 500
®
GEARED
SM
Fund Inc.
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04712108B
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Principal Address: 4 World Financial Center, New York, NY 10080
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Item 2.
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Bond Period: from 12:01 a.m. on
October 26, 2008
, to 12:01 a.m. on
October 26, 2009
, or the earlier effective date of the termination of this Bond, standard time at the Principal Address as to each of said dates.
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Item 3.
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Limit of Liability
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Subject to Sections 9, 10 and 12 hereof:
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LIMIT OF
LIABILITY
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DEDUCTIBLE
AMOUNT
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Insuring Agreement A- FIDELITY
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$
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10,000,000
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N/A
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Insuring Agreement B- AUDIT EXPENSE
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$
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25,000
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$
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5,000
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Insuring Agreement C- ON PREMISES
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$
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10,000,000
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$
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100,000
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Insuring Agreement D- IN TRANSIT
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$
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10,000,000
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$
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100,000
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Insuring Agreement E- FORGERY OR ALTERATION
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$
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10,000,000
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$
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100,000
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Insuring Agreement F- SECURITIES
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$
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10,000,000
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$
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100,000
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Insuring Agreement G- COUNTERFEIT CURRENCY
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$
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10,000,000
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$
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100,000
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Insuring Agreement H- UNCOLLECTIBLE ITEMS OF DEPOSIT
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$
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25,000
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$
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5,000
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Insuring Agreement I- PHONE/ELECTRONIC TRANSACTIONS
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Not Covered
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Not Covered
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If Not Covered is inserted opposite any Insuring Agreement above, such Insuring Agreement and any reference thereto shall be deemed to be deleted from this
Bond.
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OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:
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Insuring Agreement J- COMPUTER SECURITY
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$
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10,000,000
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$
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100,000
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Item 4.
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Offices or Premises CoveredAll the Insureds offices or other premises in existence at the time this Bond becomes effective are
covered under this Bond, except the offices or other premises excluded by Rider. Offices or other premises acquired or established after the effective date of this Bond are covered subject to the terms of General Agreement A.
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Item 5.
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The liability of ICI Mutual Insurance Company (the Underwriter) is subject to the terms
of the following Riders attached hereto:
Riders: 1-2-3-4-5-6
and of all Riders applicable to this Bond issued during the Bond Period.
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By:
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/S/ Catherine Dalton
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Authorized Representative
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Bond (12/03)
INVESTMENT COMPANY BLANKET BOND
ICI Mutual Insurance Company (the Underwriter), in consideration of an agreed premium, and in reliance upon the Application and all other information furnished to the Underwriter by the Insured, and
subject to and in accordance with the Declarations, General Agreements, Provisions, Conditions and Limitations and other terms of this bond (including all riders hereto) (Bond), to the extent of the Limit of Liability and subject to the
Deductible Amount, agrees to indemnify the Insured for the loss, as described in the Insuring Agreements, sustained by the Insured at any time but discovered during the Bond Period.
INSURING AGREEMENTS
Loss (including loss of Property) caused
by any Dishonest or Fraudulent Act or Theft committed by an Employee anywhere, alone or in collusion with other persons (whether or not Employees), during the time such Employee has the status of an Employee as defined herein, and even if such loss
is not discovered until after he or she ceases to be an Employee, EXCLUDING loss covered under Insuring Agreement B.
Expense incurred by the Insured for
that part of audits or examinations required by any governmental regulatory authority or Self Regulatory Organization to be conducted by such authority or Organization or by an independent accountant or other person, by reason of the discovery of
loss sustained by the Insured and covered by this Bond.
Loss of Property (including damage
thereto or destruction thereof) located or reasonably believed by the Insured to be located within the Insureds offices or premises, caused by Theft or by any Dishonest or Fraudulent Act or through Mysterious Disappearance, EXCLUDING loss
covered under Insuring Agreement A.
Loss of Property (including damage
thereto or destruction thereof) while the Property is in transit in the custody of any person authorized by an Insured to act as a messenger, except while in the mail or with a carrier for hire (other than a Security Company), EXCLUDING loss covered
under Insuring Agreement A. Property is in transit beginning immediately upon receipt of such Property by the transporting person and ending immediately upon delivery at the specified destination.
Loss caused by the Forgery
or Alteration of or on (1) any bills of exchange, checks, drafts, or other written orders or directions to pay certain sums in money, acceptances, certificates of deposit, due bills, money orders, or letters of credit; or (2) other written
instructions, requests or applications to the Insured, authorizing or acknowledging the transfer, payment, redemption, delivery or receipt of Property, or giving notice of any bank account, which instructions or requests or applications purport
to have been signed or endorsed by (a) any customer of the Insured, or (b) any shareholder of or subscriber to shares issued by any Investment
Company, or (c) any financial or banking institution or stockbroker; or (3) withdrawal orders or receipts for the withdrawal of Property, or receipts or certificates of deposit for Property and bearing the name of the Insured as issuer or
of another Investment Company for which the Insured acts as agent.
This Insuring Agreement E does not cover loss caused by Forgery or
Alteration of Securities or loss covered under Insuring Agreement A.
Loss resulting from the Insured, in
good faith, in the ordinary course of business, and in any capacity whatsoever, whether for its own account or for the account of others, having acquired, accepted or received, or sold or delivered, or given any value, extended any credit or assumed
any liability on the faith of any Securities, where such loss results from the fact that such Securities (1) were Counterfeit, or (2) were lost or stolen, or (3) contain a Forgery or Alteration, and notwithstanding whether or not the
act of the Insured causing such loss violated the constitution, by-laws, rules or regulations of any Self Regulatory Organization, whether or not the Insured was a member thereof, EXCLUDING loss covered under Insuring Agreement A.
Loss caused by the Insured in
good faith having received or accepted (1) any money orders which prove to be Counterfeit or to contain an Alteration or (2) paper currencies or coin of the United States of America or Canada which prove to be Counterfeit.
This Insuring Agreement G does not cover loss covered under Insuring Agreement A.
H.
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UNCOLLECTIBLE ITEMS OF DEPOSIT
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Loss resulting from
the payment of dividends, issuance of Fund shares or redemptions or exchanges permitted from an account with the Fund as a consequence of
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(1)
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uncollectible Items of Deposit of a Funds customer, shareholder or subscriber credited by the Insured or its agent to such persons Fund account, or
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(2)
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any Item of Deposit processed through an automated clearing house which is reversed by a Funds customer, shareholder or subscriber and is deemed uncollectible by the Insured;
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PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until the Insureds collection procedures
have failed, (b) exchanges of shares between Funds with exchange privileges shall be covered hereunder only if all such Funds are insured by the Underwriter for uncollectible Items of Deposit, and (c) the Insured Fund shall have
implemented and maintained a policy to hold Items of Deposit for the minimum number of days stated in its Application (as amended from time to time) before paying any dividend or permitting any withdrawal with respect to such Items of Deposit (other
than exchanges between Funds). Regardless of the number of transactions between Funds in an exchange program, the minimum number of days an Item of Deposit must be held shall begin from the date the Item of Deposit was first credited to any Insured
Fund.
This Insuring Agreement H does not cover loss covered under Insuring Agreement A.
I.
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PHONE/ELECTRONIC TRANSACTIONS
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Loss caused by a
Phone/Electronic Transaction, where the request for such Phone/Electronic Transaction:
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(1)
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is transmitted to the Insured or its agents by voice over the telephone or by Electronic Transmission; and
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(2)
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is made by an individual purporting to be a Fund shareholder or subscriber or an authorized agent of a Fund shareholder or subscriber; and
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(3)
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is unauthorized or fraudulent and is made with the manifest intent to deceive;
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PROVIDED, that the entity receiving such request generally maintains and follows during the Bond Period all Phone/Electronic Transaction Security Procedures with respect to all Phone/Electronic Transactions; and
EXCLUDING loss resulting from:
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(1)
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the failure to pay for shares attempted to be purchased; or
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(2)
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any redemption of Investment Company shares which had been improperly credited to a shareholders account where such shareholder (a) did not cause, directly or indirectly,
such shares to be credited to such account, and (b) directly or indirectly received any proceeds or other benefit from such redemption; or
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(3)
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any redemption of shares issued by an Investment Company where the proceeds of such redemption were requested to be paid or made payable to other than (a) the Shareholder of
Record, or (b) any other person or bank account designated to receive redemption proceeds (i) in the initial account application, or (ii) in writing (not to include Electronic Transmission) accompanied by a signature guarantee; or
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(4)
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any redemption of shares issued by an Investment Company where the proceeds of such redemption were requested to be sent to other than any address for such account which was
designated (a) in the initial account application, or (b) in writing (not to include Electronic Transmission), where such writing is received at least one (1) day prior to such redemption request, or (c) by voice over the
telephone or by Electronic Transmission at least fifteen (15) days prior to such redemption; or
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(5)
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the intentional failure to adhere to one or more Phone/Electronic Transaction Security Procedures; or
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(6)
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a Phone/Electronic Transaction request transmitted by electronic mail or transmitted by any method not subject to the Phone/Electronic Transaction Security Procedures; or
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(7)
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the failure or circumvention of any physical or electronic protection device, including any firewall, that imposes restrictions on the flow of electronic traffic in or out of any
Computer System.
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This Insuring Agreement I does not cover loss covered under Insuring Agreement A, Fidelity or
Insuring Agreement J, Computer Security.
GENERAL AGREEMENTS
A.
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ADDITIONAL OFFICES OR EMPLOYEESCONSOLIDATION OR MERGERNOTICE
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1.
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Except as provided in paragraph 2 below, this Bond shall apply to any additional office(s) established by the Insured during the Bond Period and to all Employees during the Bond
Period, without the need to give notice thereof or pay additional premiums to the Underwriter for the Bond Period.
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2.
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If during the Bond Period an Insured Investment Company shall merge or consolidate with an institution in which such Insured is the surviving entity, or purchase substantially all
the assets or capital stock of another institution, or acquire or create a separate investment portfolio, and shall within sixty (60) days notify the Underwriter thereof, then this Bond shall automatically apply to the Property and Employees
resulting from such merger, consolidation, acquisition or creation from the date thereof; provided, that the Underwriter may make such coverage contingent upon the payment of an additional premium.
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No statement made by or on behalf of the
Insured, whether contained in the Application or otherwise, shall be deemed to be an absolute warranty, but only a warranty that such statement is true to the best of the knowledge of the person responsible for such statement.
C.
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COURT COSTS AND ATTORNEYS FEES
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The
Underwriter will indemnify the Insured against court costs and reasonable attorneys fees incurred and paid by the Insured in defense of any legal proceeding brought against the Insured claiming that the Insured is liable for any loss, claim or
damage which, if established against the Insured, would constitute a loss sustained by the Insured covered under the terms of this Bond; provided, however, that with respect to Insuring Agreement A this indemnity shall apply only in the event that
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1.
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an Employee admits to having committed or is adjudicated to have committed a Dishonest or Fraudulent Act or Theft which caused the loss; or
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2.
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in the absence of such an admission or adjudication, an arbitrator or arbitrators acceptable to the Insured and the Underwriter concludes, after a review of an agreed statement of
facts, that an Employee has committed a Dishonest or Fraudulent Act or Theft which caused the loss.
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The Insured shall
promptly give notice to the Underwriter of any such legal proceeding and upon request shall furnish the Underwriter with copies of all pleadings and other papers therein. At the Underwriters election the Insured shall permit the Underwriter to
conduct the defense of such legal proceeding in the Insureds name, through attorneys of the Underwriters selection. In such event, the Insured shall give all reasonable information and assistance which the Underwriter shall deem
necessary to the proper defense of such legal proceeding.
If the amount of the Insureds liability or alleged liability in any such
legal proceeding is greater than the amount which the Insured would be entitled to recover under this Bond (other than pursuant to this General Agreement C), or if a Deductible Amount is applicable, or both, the indemnity liability of the
Underwriter under this General Agreement C is limited to the proportion of court costs and attorneys fees incurred and paid by the Insured or by the Underwriter that the amount which the Insured would
be entitled to recover under this Bond (other than pursuant to this General Agreement C) bears to the sum of such amount plus the amount which the Insured is
not entitled to recover. Such indemnity shall be in addition to the Limit of Liability for the applicable Insuring Agreement.
THIS BOND,
INCLUDING THE FOREGOING INSURING AGREEMENTS
AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING
PROVISIONS, CONDITIONS AND LIMITATIONS:
SECTION 1.
DEFINITIONS
The following terms used in this Bond shall have the meanings stated in this Section:
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A.
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Alteration
means the marking, changing or altering in a material way of the terms, meaning or legal effect of a document with the intent to deceive.
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B.
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Application
means the Insureds application (and any attachments and materials submitted in connection therewith) furnished to the Underwriter for this Bond.
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C.
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Computer System
means (1) computers with related peripheral components, including storage components, (2) systems and applications software,
(3) terminal devices, (4) related communications networks or customer communication systems, and (5) related electronic funds transfer systems; by which data or monies are electronically collected, transmitted, processed, stored or
retrieved.
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D.
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Counterfeit
means, with respect to any item, one which is false but is intended to deceive and to be taken for the original authentic item.
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E.
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Deductible Amount
means, with respect to any Insuring Agreement, the amount set forth under the heading Deductible Amount in Item 3 of the
Declarations or in any Rider for such Insuring Agreement, applicable to each Single Loss covered by such Insuring Agreement.
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F.
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Depository
means any securities depository (other than any foreign securities depository) in which an Investment Company may deposit its Securities in
accordance with Rule 17f-4 under the Investment Company Act of 1940.
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G.
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Dishonest or Fraudulent Act
means any dishonest or fraudulent act, including larceny and embezzlement as defined in Section 37 of the Investment
Company Act of 1940, committed with the conscious manifest intent (1) to cause the Insured to sustain a loss and (2) to obtain financial benefit for the perpetrator or any other person (other than salaries, commissions, fees, bonuses,
awards, profit sharing, pensions or other employee benefits). A Dishonest or Fraudulent Act does not mean or include a reckless act, a negligent act, or a grossly negligent act.
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H.
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Electronic Transmission
means any transmission effected by electronic means, including but not limited to a transmission effected by telephone tones,
Telefacsimile, wireless device, or over the Internet.
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(1)
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each officer, director, trustee, partner or employee of the Insured, and
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(2)
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each officer, director, trustee, partner or employee of any predecessor of the Insured whose principal assets are acquired by the Insured by consolidation or merger with, or
purchase of assets or capital stock of, such predecessor, and
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(3)
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each attorney performing legal services for the Insured and each employee of such attorney or of the law firm of such attorney while performing services for the Insured, and
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(4)
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each student who is an authorized intern of the Insured, while in any of the Insureds offices, and
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(5)
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each officer, director, trustee, partner or employee of
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(a)
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an investment adviser,
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(b)
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an underwriter (distributor),
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(c)
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a transfer agent or shareholder accounting recordkeeper, or
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(d)
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an administrator authorized by written agreement to keep financial and/or other required records,
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for an Investment Company named as an Insured, but only while (i) such officer, partner or employee is performing acts coming within the scope of
the usual duties of an officer or employee of an Insured, or (ii) such officer, director, trustee, partner or employee is acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the
Property of the Insured, or (iii) such director or trustee (or anyone acting in a similar capacity) is acting outside the scope of the usual duties of a director or trustee; provided, that the term Employee shall not include any
officer, director, trustee, partner or employee of a transfer agent, shareholder accounting recordkeeper or administrator (x) which is not an affiliated person (as defined in Section 2(a) of the Investment Company Act of 1940)
of an Investment Company named as Insured or of the adviser or underwriter of such Investment Company, or (y) which is a Bank (as defined in Section 2(a) of the Investment Company Act of 1940), and
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(6)
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each individual assigned, by contract or by any agency furnishing temporary personnel, in either case on a contingent or part-time basis, to perform the usual duties of an employee
in any office of the Insured, and
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(7)
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each individual assigned to perform the usual duties of an employee or officer of any entity authorized by written agreement with the Insured to perform services as electronic data
processor of checks or other accounting records of the Insured, but excluding a processor which acts as transfer agent or in any other agency capacity for the Insured in issuing checks, drafts or securities, unless included under subsection
(5) hereof, and
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(8)
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each officer, partner or employee of
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(a)
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any Depository or Exchange,
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(b)
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any nominee in whose name is registered any Security included in the systems for the central handling of securities established and maintained by any Depository, and
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(c)
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any recognized service company which provides clerks or other personnel to any Depository or Exchange on a contract basis,
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while such officer, partner or employee is performing services for any Depository in the operation of systems for the central handling of securities, and
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(9)
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in the case of an Insured which is an employee benefit plan (as defined in Section 3 of the Employee Retirement Income Security Act of 1974 (ERISA)) for
officers, directors or employees of another Insured (In-House Plan), any fiduciary or other plan official (within the meaning of Section 412 of ERISA) of such In-House Plan, provided that such fiduciary or
other plan official is a director, partner, officer, trustee or employee of an Insured (other than an In-House Plan).
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Each employer of temporary personnel and each entity referred to in subsections (6) and (7) and
their respective partners, officers and employees shall collectively be deemed to be one person for all the purposes of this Bond.
Brokers,
agents, independent contractors, or representatives of the same general character shall not be considered Employees, except as provided in subsections (3), (6), and (7).
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J.
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Exchange
means any national securities exchange registered under the Securities Exchange Act of 1934.
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K.
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Forgery
means the physical signing on a document of the name of another person (whether real or fictitious) with the intent to deceive. A Forgery may be by means
of mechanically reproduced facsimile signatures as well as handwritten signatures. Forgery does not include the signing of an individuals own name, regardless of such individuals authority, capacity or purpose.
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L.
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Items of Deposit
means one or more checks or drafts.
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M.
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Investment Company
or
Fund
means an investment company registered under the Investment Company Act of 1940.
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N.
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Limit of Liability
means, with respect to any Insuring Agreement, the limit of liability of the Underwriter for any Single Loss covered by such Insuring Agreement
as set forth under the heading Limit of Liability in Item 3 of the Declarations or in any Rider for such Insuring Agreement.
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O.
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Mysterious Disappearance
means any disappearance of Property which, after a reasonable investigation has been conducted, cannot be explained.
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P.
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Non-Fund
means any corporation, business trust, partnership, trust or other entity which is not an Investment Company.
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Q.
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Phone/Electronic Transaction Security Procedures
means security procedures for Phone/Electronic Transactions as provided in writing to the Underwriter.
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R.
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Phone/Electronic Transaction
means any (1) redemption of shares issued by an Investment Company, (2) election concerning dividend options available to
Fund shareholders, (3) exchange of shares in a registered account of one Fund into shares in an identically registered account of another Fund in the same complex pursuant to exchange privileges of the two Funds, or (4) purchase of shares
issued by an Investment Company, which redemption, election, exchange or purchase is requested by voice over the telephone or through an Electronic Transmission.
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S.
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Property
means the following tangible items: money, postage and revenue stamps, precious metals, Securities, bills of exchange, acceptances,
checks, drafts, or other written orders or directions to pay sums certain in money, certificates of deposit, due bills, money orders, letters of credit, financial futures contracts, conditional sales contracts, abstracts of title, insurance
policies, deeds, mortgages, and assignments of any of the foregoing, and other valuable papers, including books of account and other records used by the Insured in the conduct of its business, and all other instruments similar to or in the nature of
the foregoing (but excluding all data processing records), in which the Insured has an interest or in which the Insured acquired or should have acquired an
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interest by reason of a predecessors declared financial condition at the time of the Insureds consolidation or merger with, or purchase of the
principal assets of, such predecessor or which are held by the Insured for any purpose or in any capacity.
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T.
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Securities
means original negotiable or non-negotiable agreements or instruments which represent an equitable or legal interest, ownership or debt (including
stock certificates, bonds, promissory notes, and assignments thereof), which are in the ordinary course of business and transferable by physical delivery with appropriate endorsement or assignment. Securities does not include bills of
exchange, acceptances, certificates of deposit, checks, drafts, or other written orders or directions to pay sums certain in money, due bills, money orders, or letters of credit.
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U.
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Security Company
means an entity which provides or purports to provide the transport of Property by secure means, including, without limitation, by use of armored
vehicles or guards.
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V.
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Self Regulatory Organization
means any association of investment advisers or securities dealers registered under the federal securities laws, or any Exchange.
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W.
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Shareholder of Record
means the record owner of shares issued by an Investment Company or, in the case of joint ownership of such shares, all record owners, as
designated (1) in the initial account application, or (2) in writing accompanied by a signature guarantee, or (3) pursuant to procedures as set forth in the Application.
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(1)
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all loss resulting from any one actual or attempted Theft committed by one person, or
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(2)
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all loss caused by any one act (other than a Theft or a Dishonest or Fraudulent Act) committed by one person, or
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(3)
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all loss caused by Dishonest or Fraudulent Acts committed by one person, or
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(4)
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all expenses incurred with respect to any one audit or examination, or
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(5)
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all loss caused by any one occurrence or event other than those specified in subsections (1) through (4) above.
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All acts or omissions of one or more persons which directly or indirectly aid or, by failure to report or otherwise, permit the continuation of an act
referred to in subsections (1) through (3) above of any other person shall be deemed to be the acts of such other person for purposes of this subsection.
All acts or occurrences or events which have as a common nexus any fact, circumstance, situation, transaction or series of facts, circumstances, situations, or transactions shall be deemed to be one act, one
occurrence, or one event.
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Y.
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Telefacsimile
means a system of transmitting and reproducing fixed graphic material (as, for example, printing) by means of signals transmitted over telephone
lines or over the Internet.
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Z.
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Theft
means robbery, burglary or hold-up, occurring with or without violence or the threat of violence.
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SECTION 2. EXCLUSIONS
THIS BOND DOES NOT COVER:
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A.
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Loss resulting from (1) riot or civil commotion outside the United States of America and Canada, or (2) war, revolution, insurrection, action by armed forces, or usurped
power, wherever occurring; except if such loss occurs in transit, is otherwise covered under Insuring Agreement D, and when such transit was initiated, the Insured or any person initiating such transit on the Insureds behalf had no knowledge
of such riot, civil commotion, war, revolution, insurrection, action by armed forces, or usurped power.
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B.
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Loss in time of peace or war resulting from nuclear fission or fusion or radioactivity, or biological or chemical agents or hazards, or fire, smoke, or explosion, or the effects of
any of the foregoing.
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C.
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Loss resulting from any Dishonest or Fraudulent Act committed by any person while acting in the capacity of a member of the Board of Directors or any equivalent body of the Insured
or of any other entity.
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D.
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Loss resulting from any nonpayment or other default of any loan or similar transaction made by the Insured or any of its partners, directors, officers or employees, whether or not
authorized and whether procured in good faith or through a Dishonest or Fraudulent Act, unless such loss is otherwise covered under Insuring Agreement A, E or F.
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E.
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Loss resulting from any violation by the Insured or by any Employee of any law, or any rule or regulation pursuant thereto or adopted by a Self Regulatory Organization, regulating
the issuance, purchase or sale of securities, securities transactions upon security exchanges or over the counter markets, Investment Companies, or investment advisers, unless such loss, in the absence of such law, rule or regulation, would be
covered under Insuring Agreement A, E or F.
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F.
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Loss of Property while in the custody of any Security Company, unless such loss is covered under this Bond and is in excess of the amount recovered or received by the Insured under
(1) the Insureds contract with such Security Company, and (2) insurance or indemnity of any kind carried by such Security Company for the benefit of, or otherwise available to, users of its service, in which case this Bond shall
cover only such excess, subject to the applicable Limit of Liability and Deductible Amount.
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G.
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Potential income, including but not limited to interest and dividends, not realized by the Insured because of a loss covered under this Bond, except when covered under Insuring
Agreement H.
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H.
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Loss in the form of (1) damages of any type for which the Insured is legally liable, except direct compensatory damages, or (2) taxes, fines, or penalties, including
without limitation two-thirds of treble damage awards pursuant to judgments under any statute or regulation.
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I.
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Loss resulting from the surrender of Property away from an office of the Insured as a result of a threat
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(1)
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to do bodily harm to any person, except loss of Property in transit in the custody of any person acting as messenger as a result of a threat to do bodily harm to such person, if the
Insured had no knowledge of such threat at the time such transit was initiated, or
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(2)
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to do damage to the premises or Property of the Insured, unless such loss is otherwise covered under Insuring Agreement A.
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J.
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All costs, fees and other expenses incurred by the Insured in establishing the existence of or amount of loss covered under this Bond, except to the extent certain audit expenses
are covered under Insuring Agreement B.
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K.
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Loss resulting from payments made to or withdrawals from any account, involving funds erroneously credited to such account, unless such loss is otherwise covered under Insuring
Agreement A.
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L.
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Loss resulting from uncollectible Items of Deposit which are drawn upon a financial institution outside the United States of America, its territories and possessions, or Canada.
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M.
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Loss resulting from the Dishonest or Fraudulent Acts, Theft, or other acts or omissions of an Employee primarily engaged in the sale of shares issued by an Investment Company to
persons other than (1) a person registered as a broker under the Securities Exchange Act of 1934 or (2) an accredited investor as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, which is not an
individual.
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N.
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Loss resulting from the use of credit, debit, charge, access, convenience, identification, cash management or other cards, whether such cards were issued or purport to have been
issued by the Insured or by anyone else, unless such loss is otherwise covered under Insuring Agreement A.
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O.
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Loss resulting from any purchase, redemption or exchange of securities issued by an Investment Company or other Insured, or any other instruction, request, acknowledgement, notice
or transaction involving securities issued by an Investment Company or other Insured or the dividends in respect thereof, when any of the foregoing is requested, authorized or directed or purported to be requested, authorized or directed by voice
over the telephone or by Electronic Transmission, unless such loss is otherwise covered under Insuring Agreement A or Insuring Agreement I.
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P.
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Loss resulting from any Dishonest or Fraudulent Act or Theft committed by an Employee as defined in Section 1.I(2), unless such loss (1) could not have been reasonably
discovered by the due diligence of the Insured at or prior to the time of acquisition by the Insured of the assets acquired from a predecessor, and (2) arose out of a lawsuit or valid claim brought against the Insured by a person unaffiliated
with the Insured or with any person affiliated with the Insured.
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Q.
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Loss resulting from the unauthorized entry of data into, or the deletion or destruction of data in, or the change of data elements or programs within, any Computer System, unless
such loss is otherwise covered under Insuring Agreement A.
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SECTION 3. ASSIGNMENT OF RIGHTS
Upon payment to the Insured hereunder for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insureds rights
and claims in connection with such loss; provided, however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured under this Bond may have against another named Insured under this Bond. At the request of the
Underwriter, the Insured shall execute all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect such rights and claims, including the execution of documents necessary to enable
the Underwriter to bring suit in the name of the Insured.
Assignment of any rights or claims under this Bond shall not bind the Underwriter without the
Underwriters written consent.
SECTION 4. LOSSNOTICEPROOFLEGAL PROCEEDINGS
This Bond is for the use and benefit only of the Insured and the Underwriter shall not be liable hereunder for loss sustained by anyone other than the
Insured, except that if the Insured includes such other loss in the Insureds proof of loss, the Underwriter shall consider its liability therefor. As soon as practicable and not more than sixty (60) days after discovery of any loss
covered hereunder, the Insured shall give the Underwriter written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative proof of loss with full particulars. The
Underwriter may extend the sixty day notice period or the one year proof of loss period if the Insured requests an extension and shows good cause therefor.
See also General Agreement C (Court Costs and Attorneys Fees).
The Underwriter shall not be liable
hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after
receipt of a proper affirmative proof of loss within which to investigate the claim, but where the loss is of Securities and is clear and undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of
which duplicates may be obtained.
The Insured shall not bring legal proceedings against the Underwriter to recover any loss hereunder prior
to sixty (60) days after filing such proof of loss or subsequent to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account of any judgment against the Insured in or
settlement of any suit mentioned in General Agreement C or to recover court costs or attorneys fees paid in any such suit, twenty-four (24) months after the date of the final judgment in or settlement of such suit. If any limitation in
this Bond is prohibited by any applicable law, such limitation shall be deemed to be amended to be equal to the minimum period of limitation permitted by such law.
Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, P.O. Box 730, Burlington, Vermont 05402-0730.
SECTION 5. DISCOVERY
For all purposes under this Bond, a loss is discovered, and discovery of a loss
occurs, when the Insured
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(1)
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becomes aware of facts, or
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(2) receives notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstances, which would cause a reasonable person to assume that loss covered by this Bond has
been or is likely to be incurred even though the exact amount or details of loss may not be known.
SECTION 6. VALUATION OF PROPERTY
For the purpose of determining the amount of any loss hereunder, the value of any Property shall be the market value of such Property at the close of
business on the first business day before the discovery of such loss; except that
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(1)
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the value of any Property replaced by the Insured prior to the payment of a claim therefor shall be the actual market value of such Property at the time of replacement, but not in
excess of the market value of such Property on the first business day before the discovery of the loss of such Property;
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(2)
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the value of Securities which must be produced to exercise subscription, conversion, redemption or deposit privileges shall be the market value of such privileges immediately
preceding the expiration thereof if the loss of such Securities is not discovered until after such expiration, but if there is no quoted or other ascertainable market price for such Property or privileges referred to in clauses (1) and (2),
their value shall be fixed by agreement between the parties or by arbitration before an arbitrator or arbitrators acceptable to the parties; and
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(3)
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the value of books of accounts or other records used by the Insured in the conduct of its business shall be limited to the actual cost of blank books, blank pages or other materials
if the books or records are reproduced plus the cost of labor for the transcription or copying of data furnished by the Insured for reproduction.
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SECTION 7. LOST SECURITIES
The maximum liability of the Underwriter hereunder for lost Securities shall be the payment for,
or replacement of, such Securities having an aggregate value not to exceed the applicable Limit of Liability. If the Underwriter shall make payment to the Insured for any loss of securities, the Insured shall assign to the Underwriter all of the
Insureds right, title and interest in and to such Securities. In lieu of such payment, the Underwriter may, at its option, replace such lost Securities, and in such case the Insured shall cooperate to effect such replacement. To effect the
replacement of lost Securities, the Underwriter may issue or arrange for the issuance of a lost instrument bond. If the value of such Securities does not exceed the applicable Deductible Amount (at the time of the discovery of the loss), the Insured
will pay the usual premium charged for the lost instrument bond and will indemnify the issuer of such bond against all loss and expense that it may sustain because of the issuance of such bond.
If the value of such Securities exceeds the applicable Deductible Amount (at the time of discovery of the loss), the Insured will pay a proportion of the
usual premium charged for the lost instrument bond, equal to the percentage that the applicable Deductible Amount bears to the value of such Securities upon discovery of the loss, and will indemnify the issuer of such bond against all loss and
expense that is not recovered from the Underwriter under the terms and conditions of this Bond, subject to the applicable Limit of Liability.
SECTION
8. SALVAGE
If any recovery is made, whether by the Insured or the Underwriter, on account of any loss within the applicable Limit of
Liability hereunder, the Underwriter shall be entitled to the full amount of such recovery to reimburse the Underwriter for all amounts paid hereunder with respect to such loss. If any recovery is made, whether by the Insured or the Underwriter, on
account of any loss in excess of the applicable Limit of Liability hereunder plus the Deductible Amount applicable to such loss from any source other than suretyship, insurance, reinsurance, security or indemnity taken by or for the benefit of the
Underwriter, the amount of such recovery, net of the actual costs and expenses of recovery, shall be applied to reimburse the Insured in full for the portion of such loss in excess of such Limit of Liability, and the remainder, if any, shall be paid
first to reimburse the Underwriter for all amounts paid hereunder with respect to such loss and then to the Insured to the extent of the portion of such loss
within the Deductible Amount. The Insured shall execute all documents which the Underwriter deems necessary or desirable to secure to the Underwriter the
rights provided for herein.
SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY
Prior to its termination, this Bond shall continue in force up to the Limit of Liability for each Insuring Agreement for each Single Loss, notwithstanding
any previous loss (other than such Single Loss) for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that regardless of the number of years this Bond shall continue in force and the number of premiums which shall
be payable or paid, the liability of the Underwriter under this Bond with respect to any Single Loss shall be limited to the applicable Limit of Liability irrespective of the total amount of such Single Loss and shall not be cumulative in amounts
from year to year or from period to period.
SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES
The maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement under this Bond shall be the Limit of Liability applicable
to such Insuring Agreement, subject to the applicable Deductible Amount and the other provisions of this Bond. Recovery for any Single Loss may not be made under more than one Insuring Agreement. If any Single Loss covered under this Bond is
recoverable or recovered in whole or in part because of an unexpired discovery period under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest of the Insured, the maximum liability of the
Underwriter shall be the greater of either (1) the applicable Limit of Liability under this Bond, or (2) the maximum liability of the Underwriter under such other bonds or policies.
SECTION 11. OTHER INSURANCE
Notwithstanding anything
to the contrary herein, if any loss covered by this Bond shall also be covered by other insurance or suretyship for the benefit of the Insured, the Underwriter shall be liable hereunder only for the portion of such loss in excess of the amount
recoverable under such other insurance or suretyship, but not exceeding the applicable Limit of Liability of this Bond.
SECTION 12. DEDUCTIBLE AMOUNT
The Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the
net amount of all reimbursement and/or recovery received by the Insured with respect to such loss (other than from any other bond, suretyship or insurance policy or as an advance by the Underwriter hereunder) shall exceed the applicable Deductible
Amount; in such case the Underwriter shall be liable only for such excess, subject to the applicable Limit of Liability and the other terms of this Bond.
No Deductible Amount shall apply to any loss covered under Insuring Agreement A sustained by any Investment Company named as an Insured.
SECTION 13. TERMINATION
The Underwriter may terminate this Bond as to any Insured or all Insureds only by written notice to such
Insured or Insureds and, if this Bond is terminated as to any Investment Company, to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C., in all cases not less than sixty (60) days
prior to the effective date of termination specified in such notice.
The Insured may terminate this Bond only by written notice to the
Underwriter not less than sixty (60) days prior to the effective date of the termination specified in such notice. Notwithstanding the foregoing, when the Insured terminates this Bond as to any Investment Company, the effective date of
termination shall be not less than sixty (60) days from the date the Underwriter provides written notice of the termination to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C.
This Bond will terminate as to any Insured that is a Non-Fund immediately and without notice upon (1) the takeover of such
Insureds business by any State or Federal official or agency, or by any receiver or liquidator, or (2) the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for
the benefit of creditors of the Insured.
Premiums are earned until the effective date of termination. The Underwriter shall refund the
unearned premium computed at short rates in accordance with the Underwriters standard short rate cancellation tables if this Bond is terminated by the Insured or pro rata if this Bond is terminated by the Underwriter.
Upon the detection by any Insured that an Employee has committed any Dishonest or Fraudulent Act(s) or Theft, the Insured shall immediately remove such
Employee from a position that may enable such Employee to cause the Insured to suffer a loss by any subsequent Dishonest or Fraudulent Act(s) or Theft. The Insured, within two (2) business days of such detection, shall notify the Underwriter
with full and complete particulars of the detected Dishonest or Fraudulent Act(s) or Theft.
For purposes of this section, detection occurs
when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such Employee, becomes aware that the Employee has committed any Dishonest or Fraudulent Act(s) or Theft.
This Bond shall terminate as to any Employee by written notice from the Underwriter to each Insured and, if such Employee is an Employee of an Insured
Investment Company, to the Securities and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.
SECTION 14. RIGHTS AFTER TERMINATION
At any time prior to the effective date of termination of this
Bond as to any Insured, such Insured may, by written notice to the Underwriter, elect to purchase the right under this Bond to an additional period of twelve (12) months within which to discover loss sustained by such Insured prior to the
effective date of such termination and shall pay an additional premium therefor as the Underwriter may require.
Such additional discovery
period shall terminate immediately and without notice upon the takeover of such Insureds business by any State or Federal official or agency, or by any receiver or liquidator. Promptly after such termination the Underwriter shall refund to the
Insured any unearned premium.
The right to purchase such additional discovery period may not be exercised by any State or Federal
official or agency, or by any receiver or liquidator, acting or appointed to take over the Insureds business.
SECTION 15. CENTRAL HANDLING OF
SECURITIES
The Underwriter shall not be liable for loss in connection with the central handling of securities within the systems
established and maintained by any Depository (Systems), unless the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or participants fund insuring the Depository against such loss (the
Depositorys Recovery); in such case the Underwriter shall be liable hereunder only for the Insureds share of such excess loss, subject to the applicable Limit of Liability, the Deductible Amount and the other terms of this
Bond.
For determining the Insureds share of such excess loss, (1) the Insured shall be deemed to have an interest in any
certificate representing any security included within the Systems equivalent to the interest the Insured then has in all certificates representing the same security included within the Systems; (2) the Depository shall have reasonably and
fairly apportioned the Depositorys Recovery among all those having an interest as recorded by appropriate entries in the books and records of the Depository in Property involved in such loss, so that each such interest shall share in the
Depositorys Recovery in the ratio that the value of each such interest bears to the total value of all such interests; and (3) the Insureds share of such excess loss shall be the amount of the Insureds interest in such
Property in excess of the amount(s) so apportioned to the Insured by the Depository.
This Bond does not afford coverage in favor of any
Depository or Exchange or any nominee in whose name is registered any security included within the Systems.
SECTION 16. ADDITIONAL COMPANIES INCLUDED
AS INSURED
If more than one entity is named as the Insured:
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A.
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the total liability of the Underwriter hereunder for each Single Loss shall not exceed the Limit of Liability which would be applicable if there were only one named Insured,
regardless of the number of Insured entities which sustain loss as a result of such Single Loss,
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B.
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the Insured first named in Item 1 of the Declarations shall be deemed authorized to make, adjust, and settle, and receive and enforce payment of, all claims hereunder as the
agent of each other Insured for such purposes and for the giving or receiving of any notice required or permitted to be given hereunder; provided, that the Underwriter shall promptly furnish each named Insured Investment Company with (1) a copy
of this Bond and any amendments thereto, (2) a copy of each formal filing of a claim hereunder by any other Insured, and (3) notification of the terms of the settlement of each such claim prior to the execution of such settlement,
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C.
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the Underwriter shall not be responsible or have any liability for the proper application by the Insured first named in Item 1 of the Declarations of any payment made hereunder
to the first named Insured,
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D.
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for the purposes of Sections 4 and 13, knowledge possessed or discovery made by any partner, officer or supervisory Employee of any Insured shall constitute knowledge or discovery
by every named Insured,
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E.
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if the first named Insured ceases for any reason to be covered under this Bond, then the Insured next named shall thereafter be considered as the first named Insured for the
purposes of this Bond, and
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F.
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each named Insured shall constitute the Insured for all purposes of this Bond.
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SECTION 17. NOTICE AND CHANGE OF CONTROL
Within thirty (30) days after learning that there has
been a change in control of an Insured by transfer of its outstanding voting securities the Insured shall give written notice to the Underwriter of:
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A.
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the names of the transferors and transferees (or the names of the beneficial owners if the voting securities are registered in another name), and
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B.
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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
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C.
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the total number of outstanding voting securities.
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As
used in this Section, control means the power to exercise a controlling influence over the management or policies of the Insured.
SECTION
18. CHANGE OR MODIFICATION
This Bond may only be modified by written Rider forming a part hereof over the signature of the
Underwriters authorized representative. Any Rider which modifies the coverage provided by Insuring Agreement A, Fidelity, in a manner which adversely affects the rights of an Insured Investment Company shall not become effective until at least
sixty (60) days after the Underwriter has given written notice thereof to the Securities and Exchange Commission, Washington, D.C., and to each Insured Investment Company affected thereby.
IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the Declarations Page.
ICI MUTUAL INSURANCE COMPANY
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 1
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INSURED
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BOND NUMBER
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S&P 500
®
GEARED
SM
Fund Inc.
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04712108B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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October 26, 2008
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October 26, 2008 to October 26, 2009
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item 1 of the
Declarations, Name of Insured, shall include the following:
Defined Strategy Fund Inc.
Dow 30
SM
Premium & Dividend Income Fund Inc.
S&P 500
®
Covered Call Fund Inc.
Small Cap Premium & Dividend Income Fund Inc.
Enhanced S&P 500
®
Covered Call Fund Inc.
Global Income & Currency Fund Inc.
NASDAQ Premium Income & Growth Fund Inc.
Dow 30
SM
Enhanced Premium & Income Fund Inc.
MLP & Strategic Equity Fund Inc.
IQ Legacy Fund
Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.
RN1.0-00 (1/02)
ICI MUTUAL INSURANCE COMPANY
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 2
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INSURED
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BOND NUMBER
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S&P 500
®
GEARED
SM
Fund Inc.
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04712108B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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October 26, 2008
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October 26, 2008 to October 26, 2009
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that notwithstanding
Section 2.Q of this Bond, this Bond is amended by adding an additional Insuring Agreement J as follows:
Loss (including loss of Property) resulting directly
from Computer Fraud;
provided
, that the Insured has adopted in writing and generally maintains and follows during the Bond Period all Computer Security Procedures. The isolated failure of the Insured to maintain and follow a particular
Computer Security Procedure in a particular instance will not preclude coverage under this Insuring Agreement, subject to the specific exclusions herein and in the Bond.
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1.
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Definitions
. The following terms used in this Insuring Agreement shall have the following meanings:
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a.
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Authorized User means any person or entity designated by the Insured (through contract, assignment of User Identification, or otherwise) as authorized to use a Covered
Computer System, or any part thereof. An individual who invests in an Insured Fund shall not be considered to be an Authorized User solely by virtue of being an investor.
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b.
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Computer Fraud means the unauthorized entry of data into, or the deletion or destruction of data in, or change of data elements or programs within, a Covered Computer
System which:
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(1)
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is committed by any Unauthorized Third Party anywhere, alone or in collusion with other Unauthorized Third Parties;
and
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(2)
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is committed with the conscious manifest intent (a) to cause the Insured to sustain a loss,
and
(b) to obtain financial benefit for the perpetrator or any other
person;
and
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(3)
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causes (x) Property to be transferred, paid or delivered;
or
(y) an account of the Insured, or of its customer, to be added, deleted, debited or credited;
or
(z) an unauthorized or fictitious account to be debited or credited.
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c.
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Computer Security Procedures means procedures for prevention of unauthorized computer access and use and administration of computer access and use as provided in writing
to the Underwriter.
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d.
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Covered Computer System means any Computer System as to which the Insured has possession, custody and control.
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e.
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Unauthorized Third Party means any person or entity that, at the time of the Computer Fraud, is not an Authorized User.
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f.
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User Identification means any unique user name (
i.e.
, a series of characters) that is assigned to a person or entity by the Insured.
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2.
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Exclusions
. It is further understood and agreed that this Insuring Agreement J shall not cover:
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a.
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Any loss covered under Insuring Agreement A, Fidelity, of this Bond;
and
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b.
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Any loss resulting directly or indirectly from Theft or misappropriation of confidential or proprietary information, material or data (including but not limited to trade secrets,
computer programs or customer information);
and
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c.
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Any loss resulting from the intentional failure to adhere to one or more Computer Security Procedures;
and
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d.
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Any loss resulting from a Computer Fraud committed by or in collusion with:
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(1)
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any Authorized User (whether a natural person or an entity);
or
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(2)
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in the case of any Authorized User which is an entity, (a) any director, officer, partner, employee or agent of such Authorized User, or (b) any entity which controls, is
controlled by, or is under common control with such Authorized User (Related Entity), or (c) any director, officer, partner, employee or agent of such Related Entity;
or
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(3)
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in the case of any Authorized User who is a natural person, (a) any entity for which such Authorized User is a director, officer, partner, employee or agent (Employer
Entity), or (b) any director, officer, partner, employee or agent of such Employer Entity, or (c) any entity which controls, is controlled by, or is under common control with such Employer Entity (Employer-Related
Entity), or (d) any director, officer, partner, employee or agent of such Employer-Related Entity;
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and
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e.
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Any loss resulting from physical damage to or destruction of any Covered Computer System, or any part thereof, or any data, data elements or media associated therewith;
and
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f.
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Any loss resulting from Computer Fraud committed by means of wireless access to any Covered Computer System, or any part thereof, or any data, data elements or media associated
therewith;
and
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g.
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Any loss not directly and proximately caused by Computer Fraud (including, without limitation, disruption of business and extra expense);
and
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h.
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Payments made to any person(s) who has threatened to deny or has denied authorized access to a Covered Computer System or otherwise has threatened to disrupt the business of the
Insured.
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For purposes of this Insuring Agreement, Single Loss, as defined in Section 1.X of this Bond, shall also include
all loss caused by Computer Fraud(s) committed by one person, or in which one person is implicated, whether or not that person is specifically identified. A series of losses involving unidentified individuals, but arising from the same method of
operation, may be deemed by the Underwriter to involve the same individual and in that event shall be treated as a Single Loss.
It is further understood
and agreed that nothing in this Rider shall affect the exclusion set forth in Section 2.0 of this Bond.
Coverage under this Insuring Agreement shall
terminate upon termination of this Bond. Coverage under this Insuring Agreement may also be terminated without terminating this Bond as an entirety:
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(a)
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by written notice from the Underwriter not less than sixty (60) days prior to the effective date of termination specified in such notice; or
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(b)
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immediately by written notice from the Insured to the Underwriter.
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Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.
RN19.0-04 (12/03)
ICI MUTUAL INSURANCE COMPANY
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 3
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INSURED
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BOND NUMBER
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S&P 500
®
GEARED
SM
Fund Inc.
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04712108B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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October 26, 2008
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October 26, 2008 to October 26, 2009
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that the Deductible
Amount for Insuring Agreement E, Forgery or Alteration, and Insuring Agreement F, Securities, shall not apply with respect to loss through Forgery of a signature on the following documents:
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(1)
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letter requesting redemption of $50,000 or less payable by check to the shareholder of record and addressed to the address of record; or,
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(2)
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letter requesting redemption of $50,000 or less by wire transfer to the record shareholders bank account of record; or
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(3)
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written request to a trustee or custodian for a Designated Retirement Account (DRA) which holds shares of an Insured Fund, where such request (a) purports to be
from or at the instruction of the Owner of such DRA, and (b) directs such trustee or custodian to transfer $50,000 or less from such DRA to a trustee or custodian for another DRA established for the benefit of such Owner;
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provided
, that the Limit of Liability for a Single Loss as described above shall be $50,000 and that the Insured shall bear 20% of
each such loss. This Rider shall not apply in the case of any such Single Loss which exceeds $50,000; in such case the Deductible Amounts and Limits of Liability set forth in Item 3 of the Declarations shall control.
For purposes of this Rider:
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(A)
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Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount
thereof.
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(B)
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Owner means the individual for whose benefit the DRA, or a subaccount thereof, is established.
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Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.
RN27.0-02 (1/02)
ICI MUTUAL INSURANCE COMPANY
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 4
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INSURED
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BOND NUMBER
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S&P 500
®
GEARED
SM
Fund Inc.
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04712108B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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October 26, 2008
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October 26, 2008 to October 26, 2009
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond does not
cover any loss resulting from or in connection with the acceptance of any Third Party Check, unless
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(1)
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such Third Party Check is used to open or increase an account which is registered in the name of one or more of the payees on such Third Party Check, and
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(2)
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reasonable efforts are made by the Insured, or by the entity receiving Third Party Checks on behalf of the Insured, to verify all endorsements on all Third Party Checks made payable
in amounts greater than $100,000 (provided, however, that the isolated failure to make such efforts in a particular instance will not preclude coverage, subject to the exclusions herein and in the Bond),
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and then only to the extent such loss is otherwise covered under this Bond.
For purposes of this Rider, Third Party Check means a check made payable to one or more parties and offered as payment to one or more other parties.
It is further understood and agreed that notwithstanding anything to the contrary above or elsewhere in the Bond, this Bond does not cover any loss resulting from or in connection with the acceptance of a Third Party
Check where:
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(1)
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any payee on such Third Party Check reasonably appears to be a corporation or other entity; or
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(2)
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such Third Party Check is made payable in an amount greater than $100,000 and does not include the purported endorsements of all payees on such Third Party Check.
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It is further understood and agreed that this Rider shall not apply with respect to any coverage that may be available under Insuring
Agreement A, Fidelity.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.
ICI MUTUAL INSURANCE COMPANY
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 5
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INSURED
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BOND NUMBER
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S&P 500
®
GEARED
SM
Fund Inc.
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04712108B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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October 26, 2008
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October 26, 2008 to October 26, 2009
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/S/ Catherine Dalton
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In consideration of the premium charged for this Bond, it is hereby understood and agreed that, notwithstanding
anything to the contrary in General Agreement A of this Bond, Item 1 of the Declarations shall include any Newly Created Investment Company or portfolio provided that the Insured shall submit to the Underwriter within fifteen (15) days
after the end of each calendar quarter, a list of all Newly Created Investment Companies or portfolios, the estimated annual assets of each Newly Created Investment Company or portfolio, and copies of any prospectuses and statements of additional
information relating to such Newly Created Investment Companies or portfolios, unless said prospectuses and statements of additional information have been previously submitted. Following the end of a calendar quarter, any Newly Created Investment
Company or portfolio created within the preceding calendar quarter will continue to be an Insured
only
if the Underwriter is notified as set forth in this paragraph, the information required herein is provided to the Underwriter, and the
Underwriter acknowledges the addition of such Newly Created Investment Company or portfolio to the Bond by a Rider to this Bond.
For purposes of this
Rider, Newly Created Investment Company or portfolio shall mean any Investment Company or portfolio for which registration with the SEC has been declared effective for a time period of less than one calendar quarter.
Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.
RN33.0-00 (1/02)
ICI MUTUAL INSURANCE COMPANY
INVESTMENT COMPANY BLANKET BOND
RIDER NO. 6
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INSURED
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BOND NUMBER
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S&P 500
®
GEARED
SM
Fund Inc.
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04712108B
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EFFECTIVE DATE
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BOND PERIOD
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AUTHORIZED REPRESENTATIVE
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October 26, 2008
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October 26, 2008 to October 26, 2009
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/S/ Catherine Dalton
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Most property and casualty insurers, including ICI Mutual Insurance Company (ICI Mutual), are subject
to the requirements of the Terrorism Risk Insurance Act of 2002, as amended (the Act). The Act establishes a Federal insurance backstop under which ICI Mutual and these other insurers will be partially reimbursed for future
insured losses
resulting from certified
acts of terrorism.
(Each of these
bolded terms
is defined by the Act.) The Act also places certain disclosure and other obligations on ICI Mutual and these other
insurers.
Pursuant to the Act, any future losses to ICI Mutual caused by certified
acts of terrorism
will be partially reimbursed by
the United States government under a formula established by the Act. Under this formula, the United States government will reimburse ICI Mutual for 90% of ICI Mutuals
insured losses
in excess of a statutorily established
deductible until total insured losses of all participating insurers reach $100 billion. If total insured losses of all property and casualty insurers reach $100 billion during any applicable period, the Act provides that the insurers
will not be liable under their policies for their portions of such losses that exceed such amount. Amounts otherwise payable under this bond may be reduced as a result.
This bond has no express exclusion for
acts of terrorism.
However, coverage under this bond remains subject to all applicable terms, conditions and limitations of the bond (including exclusions)
that are permissible under the Act. The portion of the premium that is attributable to any coverage potentially available under the bond for
acts of terrorism
is one percent (1%).
RN53.0-01 (7/06)
OFFICERS CERTIFICATE
of
S&P 500 GEARED FUND INC.
DEFINED STRATEGY FUND INC.
DOW 30
PREMIUM & DIVIDEND INCOME FUND INC.
S&P 500 COVERED CALL FUND INC.
SMALL CAP PREMIUM & DIVIDEND INCOME FUND INC.
ENHANCED S&P 500 COVERED CALL FUND INC.
GLOBAL INCOME & CURRENCY FUND INC.
NASDAQ PREMIUM INCOME & GROWTH FUND INC.
DOW 30 ENHANCED PREMIUM & INCOME FUND INC.
MLP & STRATEGIC EQUITY FUND INC.
IQ LEGACY FUND
This Officers Certificate is furnished on behalf of S&P 500 GEARED Fund Inc., Defined Strategy Fund Inc., Dow 30 Premium & Dividend Income Fund Inc., S&P 500 Covered Call Fund Inc., Small Cap Premium &
Dividend Income Fund Inc., Enhanced S&P 500 Covered Call Fund Inc., Global Income & Currency Fund Inc., NASDAQ Premium Income & Growth Fund Inc., Dow 30 Enhanced Premium & Income Fund Inc. and MLP & Strategic
Equity Fund Inc., each a Maryland corporation, and IQ Legacy Fund, a Delaware statutory trust (collectively, the Funds) in connection with the filing of a joint fidelity bond for the period of October 26, 2008 through
October 26, 2009 pursuant to Rule 17g-1(g)(1) under the Investment Company Act of 1940.
The undersigned hereby certifies that he is
an officer of the Funds and further certifies on behalf of the Funds that the following resolutions were duly adopted by the board of directors or trustees, as applicable, of each Fund on October 14, 2008, each Board consisting solely of
directors or trustees, as applicable, who are not interested persons of the respective Fund:
RESOLVED, that
each Fund shall be named as an insured under a joint insured fidelity bond (the Bond) having an aggregate coverage of $10 million issued by ICI Mutual, a reputable fidelity insurance company, against larceny and embezzlement and such
other types of losses as are included in standard fidelity bonds, covering the officers and the other employees of the Funds from time to time, containing such
provisions as may be required by the rules promulgated under the 1940 Act; and
FURTHER RESOLVED, that the proposed form and amount of the Bond be, and the same hereby are, approved by the Directors, based on such
factors including, but not limited to the amount of the Bond, the expected value of the assets of the Funds to which any person covered under the Bond may have access, the estimated amount of the premium for such Bond, the type and terms of the
arrangements made for the custody and safekeeping of the Funds assets, and the nature of the securities in the Funds portfolio; and
FURTHER RESOLVED, that the share of the premium to be allocated to each of the Funds and IQ Advisors for the Bond, which is based upon their proportionate share of the sum of the premiums that would have been paid if
such Bond had been purchased separately, be, and the same hereby is, approved by the Directors of the Funds, after having given due consideration to, among other things, the number of other parties insured under the Bond, the nature of the business
activities of those other parties, the amount of the Bond and the amount of the premium and the extent to which the share of the premium allocated to the Funds under the Bond is less than the premium that each Fund would have had to pay had it
maintained a single insured bond; and
FURTHER RESOLVED, that the officers of the Funds be, and each of them hereby is,
authorized and empowered to obtain the Bond and pay the premium therefor; and
FURTHER RESOLVED, that benefits as well as
costs of the joint fidelity bond be split evenly between IQ Advisors and the Funds, with each Fund receiving a portion of the benefits based on that Funds gross assets; and
FURTHER RESOLVED, that the agreement among the Funds and IQ Advisors providing that in the event that any recovery is received under the
Bond as a result of a loss sustained by the Funds and also by any other named insured, each Fund shall receive an equitable and proportionate share of the recovery, but in no event less than the amount it would have received had it provided and
maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1, is approved with such further changes therein as the officers of the Funds may determine to be necessary or desirable and proper with the advice
of Funds counsel, the execution of said Joint Fidelity Bond
Agreement by such officers to be conclusive evidence of such determination; and
FURTHER RESOLVED, that the Secretary of the Funds be, and hereby is, designated as the party responsible for making the necessary filings
and giving of notices with respect to the Bond required by paragraph (g) of Rule 17g-1 under the 1940 Act.
IN WITNESS WHEREOF, the undersigned has executed
this Officers Certificate on this 16
th
day of December, 2008.
S&P 500 GEARED FUND INC.
DEFINED STRATEGY FUND INC.
DOW 30 PREMIUM & DIVIDEND INCOME FUND INC.
S&P 500 COVERED CALL FUND INC.
SMALL CAP PREMIUM & DIVIDEND INCOME FUND INC.
ENHANCED S&P 500 COVERED CALL FUND INC.
GLOBAL INCOME & CURRENCY FUND INC.
NASDAQ PREMIUM INCOME & GROWTH FUND INC.
DOW 30 ENHANCED PREMIUM & INCOME FUND INC.
MLP & STRATEGIC EQUITY FUND INC.
IQ LEGACY FUND
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By:
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/s/ James E. Hillman
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Vice President & Treasurer
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20082009 Fidelity Bond Liability Insurance Premium Allocation
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Fund Name
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Commencement of
Operations
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Fidelity Limit
of Liability
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Gross Assets
as of 09/30/08
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Premium Based
on Limit of Liability
as of 09/30/08
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Liability
Limit
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Policy Period (October 26, 2008October 26, 2009)
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1) S&P 500 GEARED Fund Inc.
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11/1/2004
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$
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400,000
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$
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60,260,036
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$
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1,663
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400,000
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2) Defined Strategy Fund Inc.
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12/28/2004
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$
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525,000
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$
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122,778,550
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$
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2,183
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525,000
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3) Dow 30 Premium & Dividend Income Fund Inc.
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4/29/2005
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$
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600,000
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$
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190,972,605
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$
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2,495
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600,000
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4) S&P 500 Covered Call Fund Inc.
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3/31/2005
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$
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750,000
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$
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264,055,486
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$
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3,118
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750,000
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5) Small Cap Premium & Dividend Income Fund Inc.
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7/29/2005
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$
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600,000
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$
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222,901,606
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$
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2,495
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600,000
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6) Enhanced S&P 500 Covered Call Fund Inc.
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9/30/2005
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$
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525,000
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$
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120,346,167
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$
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2,183
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525,000
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7) Global Income & Currency Fund Inc.
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4/28/2006
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$
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525,000
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$
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122,265,873
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$
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2,183
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525,000
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8) NASDAQ Premium Income & Growth Fund Inc.
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1/30/2007
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$
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750,000
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$
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285,966,202
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$
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3,118
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750,000
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9) Dow 30 Enhanced Premium & Income Fund Inc.
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5/30/2007
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$
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750,000
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$
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360,735,354
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$
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3,118
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750,000
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10) MLP & Strategic Equity Fund Inc.
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6/29/2007
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$
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600,000
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$
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173,798,559
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$
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2,495
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600,000
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11) IQ Legacy Fund *
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6,025,000
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$
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6,025,000
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IQ Funds
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$
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25,050
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IQ Advisors
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$
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25,050
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Annual Premium
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$
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50,100
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Total limit of liability is $10,000,000.
* IQ Legacy Fund has not yet commenced operations and does not pay any premium.
Prepared on October 9, 2008
AMENDED AND RESTATED JOINT FIDELITY BOND AGREEMENT
THIS AMENDED AND RESTATED AGREEMENT (the Agreement) is made as of October 14, 2008 by and between
S&P 500 GEARED Fund Inc.
Defined
Strategy Fund Inc.
S&P 500 Covered Call Fund Inc.
Dow 30 Premium & Dividend Income Fund Inc.
Small Cap Premium & Dividend Income Fund Inc.
Enhanced S&P 500 Covered Call Fund Inc.
Global Income & Currency Fund Inc.
NASDAQ Premium Income & Growth Fund Inc.
Dow 30
SM
Enhanced Premium & Income Fund Inc.
MLP & Strategic Equity Fund Inc.
IQ Legacy Fund
W
I
T
N
E
S
S
E
T
H
WHEREAS, the parties hereby amend and restate the Amended and
Restated Joint Fidelity Bond Agreement dated June 29, 2007 to add IQ Legacy Fund as a party;
WHEREAS, the above-named registered
investment companies (the Insureds) are joint named Insureds under a bond issued by ICI Mutual Insurance Company (the Bond); and
WHEREAS, Rule 17g-1 under the Investment Company Act of 1940 requires that each registered investment company named as an insured on a joint insured bond enter into an agreement with the other named Insureds
containing certain provisions regarding the respective shares to be received by said Insured
in the event recovery is received under the joint insured bond as a result of a loss sustained by them;
NOW, THEREFORE, the parties hereto, in consideration of the premises and the mutual covenants contained herein, hereby agree as follows:
1.
Joint Insured Bond
. The Insureds shall maintain in effect a joint fidelity insurance Bond from one or more reputable fidelity insurance
companies which shall be authorized to do business in the place where the Bond is issued, insuring the Insureds against larceny and embezzlement and covering such of their officers and employees who may, singly or jointly with others, have access,
directly or indirectly, to their securities or funds. The Bond shall name each party as an insured and shall comply with the requirements of such bonds established by Rule 17g-1.
2.
Allocation of Premium.
Each party hereto shall pay a percentage of the total premium of the bonds which equals the portion of the aggregate
amount of coverage allocated to such party.
3.
Allocation of Proceeds.
(a) If one or more parties sustain a single loss for which recovery is received under the Bond, each party shall receive that portion of the recovery
which is sufficient in amount to indemnify that party in full for the loss sustained by it, unless the recovery is inadequate to fully indemnify all parties sustaining a single loss.
-2-
(b) If the recovery is inadequate to indemnify fully all parties sustaining a single loss, the recovery
shall be allocated among the parties as follows:
(i) Each party sustaining a loss shall be allocated an amount equal to the lesser of its
actual loss or the minimum amount of the fidelity Bond coverage which would be required to be maintained by such party under a single insured bond (determined as of the time of the loss in accordance with the provisions of Rule 17g-1); and
(ii) The remaining portion of the recovery (if any) shall be allocated to each party sustaining a loss not fully indemnified by the
allocation under subparagraph (i) in the same proportion as the portion of each partys loss which is not fully indemnified bears to the sum of the unindemnified losses of all parties. If such allocation would result in any partys
receiving a portion of the recovery in excess of the loss actually sustained by it, the aggregate of such excess portion shall be reallocated to the other parties whose losses would not be fully indemnified as a result of the foregoing allocation.
4.
Claims and Settlements.
Each party shall, within ten days after the making of any claim under the Bond, provide the other
parties with written notice of the amount and nature of such claim. Each party shall, within ten days after the receipt thereof, provide the other parties with written notice of the terms of settlement of any claim made under the Bond by such party.
-3-
5.
Modifications and Withdrawal.
Each party hereby consents to additional investment companies
advised by IQ Investment Advisors LLC being named as a joint insured under the Bond and the Agreement. If pursuant to Rule 17g-1 any party shall determine that the coverage described herein should otherwise be modified, it shall so notify the other
parties hereto, indicating the nature of the modification which it believes to be appropriate. The Agreement shall be so modified with the written consent of a majority of the parties. Any party may withdraw from the Agreement that any time and
cease to be a party hereto (except with respect to losses occurring prior to such withdrawal) by giving not less than thirty days prior written notice to the other parties of such withdrawal. Upon withdrawal, such party shall cease to be a named
insured on the Bond and shall be entitled to receive any premium rebated by the fidelity company with respect to such withdrawal.
6.
Governing Law.
The Agreement shall be construed in accordance with the laws of the State of New Jersey.
7.
No Assignment.
The Agreement is not assignable.
8.
Notices.
All Notices and other communications hereunder shall be in writing and shall be
addressed to the appropriate party at P.O. Box 9011, Princeton, NJ 08543-9011.
-4-
IN WITNESS WHEREOF, each of the parties hereto had duly executed the Agreement as of the day and year
first written above.
By
/s/ James E.
Hillman
James E. Hillman, Vice President &
Treasurer
S&P 500 GEARED Fund Inc.;
Defined Strategy Fund Inc.;
S&P 500 Covered Call Fund Inc.;
Dow 30 Premium & Dividend Income Fund Inc.;
Small Cap Premium & Dividend Income Fund Inc.;
Enhanced S&P 500 Covered Call Fund Inc.;
Global Income & Currency Fund Inc.;
NASDAQ Premium Income & Growth Fund Inc.
Dow 30
SM
Enhanced Premium & Income Fund Inc.
MLP & Strategic Equity Fund Inc.
IQ Legacy Fund
-5-
Global Income & Currency Fund Inc. (NYSE:GCF)
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