<SEC-DOCUMENT>0000950123-11-031828.txt : 20110401
<SEC-HEADER>0000950123-11-031828.hdr.sgml : 20110401
<ACCEPTANCE-DATETIME>20110401100225
ACCESSION NUMBER:		0000950123-11-031828
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20110401
DATE AS OF CHANGE:		20110401
EFFECTIVENESS DATE:		20110401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli Natural Resources, Gold & Income Trust
		CENTRAL INDEX KEY:			0001438893
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22216
		FILM NUMBER:		11729009

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Gold & Income Trust
		DATE OF NAME CHANGE:	20080630
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>b85764b6e40v17g.htm
<DESCRIPTION>THE GABELLI NATURAL RESOURCES, GOLD AND INCOME TRUST
<TEXT>
<HTML>
<HEAD>
<TITLE>The Gabelli Natural Resources, Gold and Income Tru</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">April&nbsp;1, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>VIA EDGAR</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
100 F Street NE<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RE:</TD>
    <TD>&nbsp;</TD>
    <TD>Gabelli 787 Fund, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-22041<br>
The Gabelli Asset Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-04494<br>
The Gabelli Blue Chip Value Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-09377<br>
Gabelli Capital Series&nbsp;Funds, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-07644<br>
Comstock Funds, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-05502<br>
The Gabelli Convertible and Income Securities Fund Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-05715<br>
Gabelli Equity Series&nbsp;Funds, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-06367<br>
The Gabelli Equity Trust Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-04700<br>
The GDL Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-21969<br>
The Gabelli Global Multimedia Trust Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-08476<br>
GAMCO Global Series&nbsp;Funds, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-07896<br>
GAMCO Gold Fund, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-08518<br>
The GAMCO Growth Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-04873<br>
The Gabelli Global Gold, Natural Resources &#038; Income Trust<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-21698<br>
The Gabelli Natural Resources, Gold &#038; Income Trust<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-22216<br>
GAMCO International Growth Fund, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-08560<br>
Gabelli Investor Funds, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-07326<br>
The GAMCO Mathers Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-01311<br>
The Gabelli Global Utility &#038; Income Trust<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-21529<br>
The Gabelli Money Market Funds<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-06687<br>
The Gabelli Dividend &#038; Income Trust<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; File No.: 811-21423<br>
The Gabelli Utilities Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-09397<br>
The Gabelli Utility Trust<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-09243<br>
The Gabelli Value Fund Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-05848<br>
The GAMCO Westwood Funds<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-04719<br>
The Gabelli Healthcare &#038; Wellness<SUP style="FONT-size: 85%; vertical-align: text-top">Rx</SUP> Trust<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-22021<br>
The Gabelli SRI Green Fund, Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.: 811-22026<br>
(the &#147;Funds&#148;)<br></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Staff Member:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule&nbsp;17g-1(g)(1) under the Investment Company Act of 1940, as amended, enclosed
for filing on behalf of the above-referenced Funds please find (i)&nbsp;one copy of their joint fidelity
bond (the &#147;Joint Bond&#148;) for the policy period from December&nbsp;7, 2010 to December&nbsp;7, 2011, such
policy being maintained through Travelers-St. Paul Fire and Marine Insurance Company, (ii)&nbsp;a
Secretary&#146;s Certificate certifying the resolutions adopted by each Fund&#146;s Board Members approving
the amount, type, form and coverage of the Joint Bond and the portion of the premium to be paid by
the Funds and (iii)&nbsp;the Amended and Restated Joint Insured Agreement among the Funds and the other
insureds on the Joint Bond.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Joint Bond premium allocation for these Funds has already been paid to cover the December
7, 2010 to December&nbsp;7, 2011 policy period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Very truly yours,
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Helen A. Robichaud
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Helen A. Robichaud <BR>
Assistant Secretary<br><BR style="font-size: 6pt">
Gabelli 787 Fund, Inc.<br>
The Gabelli Asset Fund<br>
Gabelli Capital Series&nbsp;Funds, Inc.<br>
Comstock Funds, Inc.<br>
Gabelli Equity Series&nbsp;Funds, Inc.<br>
GAMCO Global Series&nbsp;Funds, Inc.<br>
GAMCO Gold Fund, Inc.<br>
The GAMCO Growth Fund<br>
The Gabelli Healthcare &#038; Wellness<SUP style="FONT-size: 85%; vertical-align: text-top">Rx</SUP> Trust<br>
GAMCO International Growth Fund, Inc.<br>
Gabelli Investor Funds, Inc.<br>
The GAMCO Mathers Fund<br>
The Gabelli Money Market Funds<br>
The Gabelli SRI Green Fund, Inc.<br>
The Gabelli Value Fund Inc.<br>
The GAMCO Westwood Funds<br>
The Gabelli Blue Chip Value Fund<br>
The Gabelli Convertible and Income Securities Fund Inc.<br>
The Gabelli Dividend &#038; Income Trust<br>
The Gabelli Equity Trust Inc.<br>
The GDL Fund<br>
<FONT style="white-space: nowrap">The Gabelli Global Gold, Natural Resources &#038; Income Trust</FONT><br>
The Gabelli Global Multimedia Trust Inc.<br>
The Gabelli Global Utility &#038; Income Trust<br>
The Gabelli Utilities Fund<br>
The Gabelli Utility Trust<br>
The Gabelli Natural Resources, Gold &#038; Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<p>
<DIV align="left" style="font-size: 10pt">Enclosures</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="b85764b6b8576401.gif" alt="(TRAVELERS LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESTMENT COMPANY BLANKET BOND<BR>
St. Paul Fire and Marine Insurance Company</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 1pt">St. Paul, Minnesota 55102-1396<BR>
(A Stock Insurance Company, herein called Underwriter)
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>DECLARATIONS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>BOND NO. </B>490PB2794</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left"><A NAME="B85764000"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 4pt">Item&nbsp;1. Name of Insured (herein called Insured):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; MARGIN-LEFT: 3%">The Gabelli Asset Fund</div>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; MARGIN-LEFT: 3%">Principal
Address:</div>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; MARGIN-LEFT: 3%">One
Corporate Center<BR>
Rye, NY 10580</div>





<!-- link2 "Item&nbsp;2. Bond Period from 12:01&nbsp;a.m. on 12/07/10 to 12:01&nbsp;a.m. on 12/07/2011 the effective date of the termination or cancellation of the bond, standard time at the Principal Address as to each of said dates" -->
<DIV align="left"><A NAME="B85764001"></A></DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Item&nbsp;2.</TD>
    <TD>&nbsp;</TD>
    <TD>Bond Period from 12:01&nbsp;a.m. on 12/07/10 to 12:01&nbsp;a.m. on 12/07/2011 the
effective date of the termination or cancellation of the bond, standard time at the Principal
Address as to each of said dates.</TD>
</TR>
</TABLE>
</DIV>



<!-- link2 "Item&nbsp;3. Limit of Liability" -->
<DIV align="left"><A NAME="B85764002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item&nbsp;3. Limit of Liability
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; MARGIN-LEFT: 3%">Subject to Sections&nbsp;9, 10, and 12 hereof:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deductible</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Limit of Liability</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement A &#151; FIDELITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement B &#151; AUDIT EXPENSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement C &#151; PREMISES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement D &#151; TRANSIT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement E &#151; FORGERY OR ALTERATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement F &#151; SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement G &#151; COUNTERFEIT CURRENCY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement H &#151; STOP PAYMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement I &#151; UNCOLLECTIBLE ITEMS OF
DEPOSIT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OPTIONAL COVERAGES ADDED BY RIDER:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement J&#150;Computer Systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement K&#150;Uauthorized Signatures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement L&#150;Telefacsimile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement M&#150;Automated Phone Systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement N&#150;Voice Initiated Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Not Covered&#148; is inserted above opposite any specified Insuring Agreement or Coverage, such
Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be
deleted therefrom.
</DIV>



<!-- link2 "Item&nbsp;4. Offices or Premises Covered &#151; Offices acquired or established subsequent to the effective date of this bond are covered according to the terms of General Agreement A. All the Insured&#146;s offices or premises in existence at the time this bond becomes effective are covered under this bond except the offices or premises located as follows" -->
<DIV align="left"><A NAME="B85764003"></A></DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR style="font-size:1pt">
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Item&nbsp;4.</TD>
    <TD>&nbsp;</TD>
    <TD>Offices or Premises Covered &#151; Offices acquired or established subsequent to the effective
date of this bond are covered according to the terms of General Agreement A. All the Insured&#146;s
offices or premises in existence at the time this bond becomes effective are covered under this
bond except the offices or premises located as follows: N/A</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB001 Rev. 7/04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>

<!-- link2 "Item&nbsp;5." -->

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Item&nbsp;5.</TD>
    <TD>&nbsp;</TD>
    <TD>The liability of the Underwriter is subject to the terms of the following
endorsements or riders attached hereto: Endorsements or Riders No.&nbsp;1 through
ICB010 Ed. 07/04, ICB011 Ed. 02/10, ICB012 Ed. 07/04, ICB013 Ed. 07/04, ICB014 Ed. 07/04, ICB016
Ed. 07/04, ICB019 Ed. 07/04, ICB026 Ed. 07/04, ICB042 Ed. 07/04, ICB057 Ed. 04/05, MEL1676 Ed. 07/04,
MEL2555 Ed. 03/05, MEL4212 Ed. 05/06, MEL4276 Ed. 05/06, MEL6141 Ed. 09/08, MEL7027 Ed. 09/09,
MEL7843 Ed. 12/10, MEL7844 Ed. 12/10, MEL7845 Ed. 12/10, MEL7846 Ed. 12/10</TD>
</TR>
</TABLE>
</DIV>



<!-- link2 "Item&nbsp;6." -->

<DIV align="left" style="margin-top: 5pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR style="font-size:1pt">
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Item&nbsp;6.</TD>
    <TD>&nbsp;</TD>
    <TD>The Insured by the acceptance of this bond gives notice to the Underwriter terminating
or canceling prior bonds or policy(ies) No.(s) 490PB2463 such termination or cancellation to be
effective as of the time this bond becomes effective.</TD>
</TR>
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the Company has caused this bond to be signed by its President and
Secretary and countersigned by a duly authorized representative of the Company.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><b>Countersigned:</b>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="left" valign="top"><B>ST. PAUL FIRE AND MARINE INSURANCE COMPANY</B></TD>

</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">Authorized Representative &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Countersigned At</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> <IMG src="b85764b6b8576402.gif" alt="(SIGNATURE)"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> <IMG src="b85764b6b8576403.gif" alt="(SIGNATURE)"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top"><I>President</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Secretary</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Countersignature Date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB001 Rev. 7/04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INVESTMENT COMPANY BLANKET BOND</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter, in consideration of an agreed premium, and subject to the Declarations made a
part hereof, the General Agreements, Conditions and Limitations and other terms of this bond,
agrees with the Insured, in accordance with the Insuring Agreements hereof to which an amount of
insurance is applicable as set forth in Item&nbsp;3 of the Declarations and with respect to loss
sustained by the Insured at any time but discovered during the Bond Period, to indemnify and hold
harmless the Insured for:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INSURING AGREEMENTS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FIDELITY</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting from any dishonest or fraudulent act(s), including Larceny or Embezzlement,
committed by an Employee, committed anywhere and whether committed alone or in collusion with
others, including loss of Property resulting from such acts of an Employee, which Property is held
by the Insured for any purpose or in any capacity and whether so held gratuitously or not and
whether or not the Insured is liable therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean only dishonest or
fraudulent act(s) committed by such Employee with the manifest intent:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cause the Insured to sustain such loss; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain financial benefit for the Employee, or for any other Person or organization intended
by the Employee to receive such benefit, other than salaries, commissions, fees, bonuses,
promotions, awards, profit sharing, pensions or other employee benefits earned in the normal course
of employment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AUDIT EXPENSE</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expense incurred by the Insured for that part of the costs of audits or examinations required by
any governmental regulatory authority to be conducted either by such authority or by an independent
accountant by reason of the discovery of loss sustained by the Insured through any dishonest or
fraudulent act(s), including Larceny or Embezzlement, of any of the Employees. The total liability
of the Underwriter for such expense by reason of such acts of any Employee or in which such
Employee is concerned or implicated or with respect to any one audit or examination is limited to
the amount stated opposite Audit Expense in Item&nbsp;3 of the Declarations; it being understood,
however, that such expense shall be deemed to be a loss sustained by the Insured through any
dishonest or fraudulent act(s), including Larceny or Embezzlement, of one or more of the Employees,
and the liability under this paragraph shall be in addition to the Limit of Liability stated in
Insuring Agreement (A)&nbsp;in Item&nbsp;3 of the Declarations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ON PREMISES</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss of Property (occurring with or without negligence or violence) through robbery, burglary,
Larceny, theft, holdup, or other fraudulent means, misplacement, mysterious unexplainable
disappearance, damage thereto or destruction thereof, abstraction or removal from the possession,
custody or control of the Insured, and loss of subscription, conversion, redemption or deposit
privileges through the misplacement or loss of Property, while the Property is (or is supposed or
believed by the Insured to be) lodged or deposited within any offices or premises located anywhere,
except in an office listed in Item&nbsp;4 of the Declarations or amendment thereof or in the mail or
with a carrier for hire, other than an armored motor vehicle company, for the purpose of
transportation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Office and Equipment
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of or damage to furnishings, fixtures, stationery, supplies or equipment, within any of
the Insured&#146;s offices covered under this bond caused by Larceny or theft in, or by burglary,
robbery or hold-up of, such office, or attempt thereat, or by vandalism or malicious mischief; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss through damage to any such office by Larceny or theft in, or by burglary, robbery or
hold-up of, such office, or attempt thereat, or to the interior of any such office by vandalism or
malicious mischief provided, in any event, that the Insured is the owner of such offices,
furnishings, fixtures, stationery, supplies or equipment or is legally liable for such loss or
damage always excepting, however, all loss or damage through fire.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>IN TRANSIT</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB005 Ed. 7-04<BR>
&#169; 2004 The Travelers Companies, Inc.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> 1 of 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss of Property (occurring with or without negligence or violence) through robbery,
Larceny, theft, hold-up, misplacement, mysterious unexplainable disappearance, being lost or
otherwise made away with, damage thereto or destruction thereof, and loss of subscription,
conversion, redemption or deposit privileges through the misplacement or loss of Property, while
the Property is in transit anywhere in the custody of any person or persons acting as messenger,
except while in the mail or with a carrier for hire, other than an armored motor vehicle company,
for the purpose of transportation, such transit to begin immediately upon receipt of such Property
by the transporting person or persons, and to end immediately upon delivery thereof at destination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FORGERY OR ALTERATION</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss through Forgery or alteration of or on:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any bills of exchange, checks, drafts, acceptances, certificates of deposit, promissory notes,
or other written promises, orders or directions to pay sums certain in money, due bills, money
orders, warrants, orders upon public treasuries, letters of credit; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other written instructions, advices or applications directed to the Insured, authorizing or
acknowledging the transfer, payment, delivery or receipt of funds or Property, which instructions,
advices or applications purport to have been signed or endorsed by any:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>customer of the Insured, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shareholder or subscriber to shares, whether certificated or uncertificated, of any Investment
Company, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial or banking institution or stockbroker,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>but which instructions, advices or applications either bear the forged signature or endorsement or
have been altered without the knowledge and consent of such customer, shareholder or subscriber to
shares, or financial or banking institution or stockbroker; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>withdrawal orders or receipts for the withdrawal of funds or 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,</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>excluding, however, any loss covered under
Insuring Agreement (F)&nbsp;hereof whether or not coverage for Insuring Agreement (F)&nbsp;is provided for in
the Declarations of this bond.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any check or draft (a)&nbsp;made payable to a fictitious payee and endorsed in the name of such
fictitious payee or (b)&nbsp;procured in a transaction with the maker or drawer thereof or with one
acting as an agent of such maker or drawer or anyone impersonating another and made or drawn
payable to the one so impersonated and endorsed by anyone other than the one impersonated, shall be
deemed to be forged as to such endorsement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mechanically reproduced facsimile signatures are treated the same as handwritten signatures.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(F)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECURITIES</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss sustained by the Insured, including loss sustained by reason of a violation of the
constitution by-laws, rules or regulations of any Self Regulatory Organization of which the Insured
is a member or which would have been imposed upon the Insured by the constitution, by-laws, rules
or regulations of any Self Regulatory Organization if the Insured had been a member thereof,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the Insured&#146;s having, in good faith and in the course of business, whether for its own
account or for the account of others, in any representative, fiduciary, agency or any other
capacity, either gratuitously or otherwise, purchased or otherwise acquired, accepted or received,
or sold or delivered, or given any value, extended any credit or assumed any liability, on the
faith of, or otherwise acted upon, any securities, documents or other written instruments which
prove to have been:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>counterfeited, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forged as to the signature of any maker, drawer, issuer, endorser, assignor, lessee, transfer
agent or registrar, acceptor, surety or guarantor or as to the signature of any person signing in
any other capacity, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>raised or otherwise altered, or lost, or stolen, or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the Insured&#146;s having, in good faith and in the course of business, guaranteed in
writing or witnessed any signatures whether for valuable consideration or not and whether or not
such guaranteeing or witnessing is ultra vires the Insured, upon any transfers,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB005 Ed. 7-04<BR>
&#169; 2004 The Travelers Companies, Inc.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> 2 of 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assignments, bills of sale, powers of attorney, guarantees, endorsements or other obligations upon
or in connection with any securities, documents or other written instruments and which pass or
purport to pass title to such securities, documents or other written instruments; excluding losses
caused by Forgery or alteration of, on or in those instruments covered under Insuring Agreement (E)
hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities, documents or other written instruments shall be deemed to mean original (including
original counterparts) negotiable or non-negotiable agreements which in and of themselves represent
an equitable interest, ownership, or debt, including an assignment thereof, which instruments are,
in the ordinary course of business, transferable by delivery of such agreements with any necessary
endorsement or assignment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The word &#147;counterfeited&#148; as used in this Insuring Agreement shall be deemed to mean any security,
document or other written instrument which is intended to deceive and to be taken for an original.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mechanically reproduced facsimile signatures are treated the same as handwritten signatures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(G)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>COUNTERFEIT CURRENCY</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss through the receipt by the Insured, in good faith, of any counterfeited money orders or
altered paper currencies or coin of the United States of America or Canada issued or purporting to
have been issued by the United States of America or Canada or issued pursuant to a United States of
America or Canada statute for use as currency.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(H)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>STOP PAYMENT</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss against any and all sums which the Insured shall become obligated to pay by reason of
the liability imposed upon the Insured by law for damages:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div style="margin-left: 2%">For having either complied with or failed to comply with any written notice of any customer,
shareholder or subscriber of the Insured or any Authorized Representative of such customer,
shareholder or subscriber to stop payment of any check or draft made or drawn by such customer,
shareholder or subscriber or any Authorized Representative of such customer, shareholder or
subscriber, or</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div style="margin-left: 2%">For having refused to pay any check or draft made or drawn by any customer, shareholder or
subscriber of the Insured or any Authorized Representative of such customer, shareholder or
subscriber.</div></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(I)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>UNCOLLECTIBLE ITEMS OF DEPOSIT</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting from payments of dividends or fund shares, or withdrawals permitted from any
customer&#146;s, shareholder&#146;s, or subscriber&#146;s account based upon Uncollectible Items of Deposit of a
customer, shareholder or subscriber credited by the Insured or the Insured&#146;s agent to such
customer&#146;s, shareholder&#146;s or subscriber&#146;s Mutual Fund Account; or loss resulting from an Item of
Deposit processed through an Automated Clearing House which is reversed by the customer,
shareholder or subscriber and deemed uncollectible by the Insured.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss includes dividends and interest accrued not to exceed 15% of the Uncollectible Items which are
deposited.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Insuring Agreement applies to all Mutual Funds with &#147;exchange privileges&#148; if all Fund(s) in
the exchange program are insured by the Underwriter for Uncollectible Items of Deposit. Regardless
of the number of transactions between Fund(s), the minimum number of days of deposit within the
Fund(s) before withdrawal as declared in the Fund(s) prospectus shall begin from the date a deposit
was first credited to any Insured Fund(s).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GENERAL AGREEMENTS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADDITIONAL OFFICES OR EMPLOYEES &#151; CONSOLIDATION OR
MERGER &#151; NOTICE</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Insured shall, while this bond is in force, establish any additional office or offices,
such offices shall be automatically covered hereunder from the dates of their establishment,
respectively. No notice to the Underwriter of an increase during any premium period in the number
of offices or in the number of Employees at any of the offices covered hereunder need be given and
no additional premium need be paid for the remainder of such premium period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Investment Company, named as Insured herein, shall, while this bond is in force, merge or
consolidate with, or purchase the assets of another institution, coverage for such acquisition
shall apply automatically</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB005 Ed. 7-04<BR>
&#169; 2004 The Travelers Companies, Inc.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> 3 of 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>from the date of acquisition. The Insured shall notify the Underwriter of such acquisition
within 60&nbsp;days of said date, and an additional premium shall be computed only if such acquisition
involves additional offices or employees.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>WARRANTY</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No statement made by or on behalf of the Insured, whether contained in the application or
otherwise, shall be deemed to be a warranty of anything except that it is true to the best of the
knowledge and belief of the person making the statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>COURT COSTS AND ATTORNEYS&#146; FEES</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(Applicable to all Insuring Agreements or Coverages now or hereafter forming part of this bond)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter will indemnify the Insured against court costs and reasonable attorneys&#146; fees
incurred and paid by the Insured in defense, whether or not successful, whether or not fully
litigated on the merits and whether or not settled, of any suit or legal proceeding brought against
the Insured to enforce the Insured&#146;s liability or alleged liability on account of 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)&nbsp;this indemnity shall apply only in the event that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Employee admits to being guilty of any dishonest or fraudulent act(s), including Larceny or
Embezzlement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Employee is adjudicated to be guilty of any dishonest or fraudulent act(s), including
Larceny or Embezzlement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the absence of (1)&nbsp;or (2)&nbsp;above an arbitration panel agrees, after a review of an agreed
statement of facts, that an Employee would be found guilty of dishonesty if such Employee were
prosecuted.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Insured shall promptly give notice to the Underwriter of any such suit or legal proceedings and
at the request of the Underwriter shall furnish it with copies of all pleadings and other papers
therein. At the Underwriter&#146;s election the Insured shall permit the Underwriter to conduct the
defense of such suit or legal proceeding, in the Insured&#146;s name, through attorneys of the
Underwriter&#146;s 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 suit or legal
proceeding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the amount of the Insured&#146;s liability or alleged liability is greater than the amount
recoverable under this bond, or if a Deductible Amount is applicable, or both, the liability of the
Underwriter under this General Agreement is limited to the proportion of court costs and attorneys&#146;
fees incurred and paid by the Insured or by the Underwriter that the amount recoverable under this
bond bears to the total of such amount plus the amount which is not so recoverable. Such indemnity
shall be in addition to the Limit of Liability for the applicable Insuring Agreement or Coverage.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FORMER EMPLOYEE</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acts of an Employee, as defined in this bond, are covered under Insuring Agreement (A)&nbsp;only while
the Employee is in the Insured&#146;s employ. Should loss involving a former Employee of the Insured be
discovered subsequent to the termination of employment, coverage would still apply under Insuring
Agreement (A)&nbsp;if the direct proximate cause of the loss occurred while the former Employee
performed duties within the scope of his/her employment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE FOREGOING INSURING AGREEMENTS AND GENERAL<BR>
AGREEMENTS ARE SUBJECT TO THE FOLLOWING<BR>
CONDITIONS AND LIMITATIONS:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 1. DEFINITIONS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following terms, as used in this bond have the respective meanings stated in this Section:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employee&#148; means:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the Insured&#146;s officers, partners, or employees, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the officers or employees 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</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB005 Ed. 7-04<BR>
&#169; 2004 The Travelers Companies, Inc.

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> 4 of 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>attorneys retained by the Insured to perform legal services for the Insured and the
employees of such attorneys while such attorneys or employees of such attorneys are performing such
services for the Insured, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>guest students pursuing their studies or duties in any of the Insured&#146;s offices, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directors or trustees of the Insured, the investment advisor, underwriter (distributor),
transfer agent, or shareholder accounting record keeper, or administrator authorized by written
agreement to keep financial and/or other required records, but only while performing acts coming
within the scope of the usual duties of an officer or employee or while 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, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any individual or individuals assigned to perform the usual duties of an employee within the
premises of the Insured, by contract, or by any agency furnishing temporary personnel on a
contingent or part-time basis, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each natural person, partnership or corporation 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 any such processor who acts as transfer agent or in any other agency
capacity in issuing checks, drafts or securities for the Insured, unless included under sub-section
(9)&nbsp;hereof, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>those persons so designated in Section&nbsp;15, Central Handling of Securities, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any officer, partner, or Employee of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an investment advisor,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an underwriter (distributor),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transfer agent or shareholder accounting record-keeper, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an administrator authorized by written agreement to keep financial and/or other required
records,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for an Investment Company named as Insured while performing acts coming within the scope of the
usual duties of an officer or Employee of any investment Company named as Insured herein, or while
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 any such Investment Company, provided that only Employees or
partners of a transfer agent, shareholder accounting record-keeper or administrator which is an
affiliated person, as defined in the Investment Company Act of 1940, of an Investment Company named
as Insured or is an affiliated person of the advisor, underwriter or administrator of such
Investment Company, and which is not a bank, shall be included within the definition of Employee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each employer of temporary personnel or processors as set forth in sub-sections (6)&nbsp;and (7)&nbsp;of
Section 1(a) and their partners, officers and employees shall collectively be deemed to be one
person for all the purposes of this bond, excepting, however, the last paragraph of Section&nbsp;13.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Brokers, or other agents under contract or representatives of the same general character shall not
be considered Employees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Property&#148; means money (i.e. currency, coin, bank notes, Federal Reserve notes), postage and
revenue stamps, U.S. Savings Stamps, bullion, precious metals of all kinds and in any form and
articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semi-precious
stones, bonds, securities, evidences of debts, debentures, scrip, certificates, interim receipts,
warrants, rights, puts, calls, straddles, spreads, transfers, coupons, drafts, bills of exchange,
acceptances, notes, checks, withdrawal orders, money orders, warehouse receipts, bills of lading,
conditional sales contracts, abstracts of title, insurance policies, deeds, mortgages under real
estate and/or chattels and upon interests therein, and assignments of such policies, mortgages and
instruments, 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 including Electronic Representations of such instruments enumerated above (but
excluding all data processing records) in which the Insured has an interest or in which the Insured
acquired or should have acquired an interest by reason of a predecessor&#146;s declared financial
condition at the time of the Insured&#146;s 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 and
whether so held gratuitously or not and whether or not the Insured is liable therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Forgery&#148; means the signing of the name of another with intent to deceive; it does not</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB005 Ed. 7-04<BR>
&#169; 2004 The Travelers Companies, Inc.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> 5 of 12<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>include the signing of one&#146;s own name with or without authority, in any capacity, for any purpose.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Larceny and Embezzlement&#148; as it applies to any named Insured means those acts as set forth in
Section&nbsp;37 of the Investment Company Act of 1940.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Items of Deposit&#148; means any one or more checks and drafts. Items of Deposit shall not be
deemed uncollectible until the Insured&#146;s collection procedures have failed.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 2. EXCLUSIONS <BR><BR style="font-size: 6pt">
THIS BOND, DOES NOT COVER:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss effected directly or indirectly by means of forgery or alteration of, on or in any
instrument, except when covered by Insuring Agreement (A), (E), (F)&nbsp;or (G).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss due to riot or civil commotion outside the United States of America and Canada; or loss
due to military, naval or usurped power, war or insurrection unless such loss occurs in transit in
the circumstances recited in Insuring Agreement (D), and unless, when such transit was initiated,
there was no knowledge of such riot, civil commotion, military, naval or usurped power, war or
insurrection on the part of any person acting for the Insured in initiating such transit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss, in time of peace or war, directly or indirectly caused by or resulting from the effects
of nuclear fission or fusion or radioactivity; provided, however, that this paragraph shall not
apply to loss resulting from industrial uses of nuclear energy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from any wrongful act or acts of any person who is a member of the Board of
Directors of the Insured or a member of any equivalent body by whatsoever name known unless such
person is also an Employee or an elected official, partial owner or partner of the Insured in some
other capacity, nor, in any event, loss resulting from the act or acts of any person while acting
in the capacity of a member of such Board or equivalent body.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from the complete or partial non-payment of, or default upon, any
loan or transaction in the nature of, or amounting to, a loan made by or obtained from the
Insured or any of its partners, directors or Employees, whether authorized or unauthorized and
whether procured in good faith or through trick, artifice fraud or false pretenses, unless such
loss is covered under Insuring Agreement (A), (E)&nbsp;or (F).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from any violation by the Insured or by any Employee:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of law regulating (a)&nbsp;the issuance, purchase or sale of securities, (b)&nbsp;securities transactions
upon Security Exchanges or over the counter market, (c)&nbsp;Investment Companies, or (d)&nbsp;Investment
Advisors, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of any rule or regulation made pursuant to any such law.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unless such loss, in the absence of such laws, rules or regulations, would be covered under
Insuring Agreements (A)&nbsp;or (E).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of Property or loss of privileges through the misplacement or loss of Property as set
forth in Insuring Agreement (C)&nbsp;or (D)&nbsp;while the Property is in the custody of any armored motor
vehicle company, unless such loss shall be in excess of the amount recovered or received by the
Insured under (a)&nbsp;the Insured&#146;s contract with said armored motor vehicle company, (b)&nbsp;insurance
carried by said armored motor vehicle company for the benefit of users of its service, and (c)&nbsp;all
other insurance and indemnity in force in whatsoever form carried by or for the benefit of users of
said armored motor vehicle company&#146;s service, and then this bond shall cover only such excess.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential income, including but not limited to interest and dividends, not realized by the
Insured because of a loss covered under this bond, except as included under Insuring Agreement (I).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all damages of any type for which the Insured is legally liable, except direct compensatory
damages arising from a loss covered under this bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss through the surrender of Property away from an office of the Insured as a result of a
threat:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do bodily harm to any person, except loss of Property in transit in the custody of any
person acting as messenger provided that when such transit was initiated there was no knowledge by
the Insured of any such threat, or</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB005 Ed. 7-04<BR>
&#169; 2004 The Travelers Companies, Inc.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> 6 of 12<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* <b><I>Provided for internal review purposes only.</I></B> * <b><I>This policy is neither issued nor certified. </I></b>*
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do damage to the premises or Property of the Insured, except when covered under
Insuring Agreement (A).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all costs, fees and other expenses incurred by the Insured in establishing the existence of or
amount of loss covered under this bond unless such indemnity is provided for under Insuring
Agreement (B).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from payments made or withdrawals from the account of a customer of the Insured,
shareholder or subscriber to shares involving funds erroneously credited to such account, unless
such payments are made to or withdrawn by such depositors or representative of such person, who is
within the premises of the drawee bank of the Insured or within the office of the Insured at the
time of such payment or withdrawal or unless such payment is covered under Insuring Agreement (A).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss resulting from Uncollectible Items of Deposit which are drawn from a financial
institution outside the fifty states of the United States of America, District of Columbia, and
territories and possessions of the United States of America, and Canada.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3. ASSIGNMENT OF RIGHTS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This bond does not afford coverage in favor of any Employers of temporary personnel or of
processors as set forth in sub-sections (6)&nbsp;and (7)&nbsp;of Section 1(a) of this bond, as aforesaid, and
upon payment to the Insured by the Underwriter on account of any loss through dishonest or
fraudulent act(s) including Larceny or Embezzlement committed by any of the partners, officers or
employees of such Employers, whether acting alone or in collusion with others, an assignment of
such of the Insured&#146;s rights and causes of action as it may have against such Employers by reason
of such acts so committed shall, to the extent of such payment, be given by the Insured to the
Underwriter, and the Insured shall execute all papers necessary to secure to the Underwriter the
rights herein provided for.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION
4. LOSS &#151; NOTICE &#151; PROOF &#151; LEGAL PROCEEDINGS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This bond is for the use and benefit only of the Insured named in the Declarations and the
Underwriter shall not be liable hereunder for loss sustained by anyone other than the Insured
unless the Insured, in its sole discretion and at its option, shall include such loss in the
Insured&#146;s proof of loss. At the earliest practicable moment after discovery of any loss hereunder
the Insured shall give the
Underwriter written notice thereof and shall also within six months after such discovery furnish to
the Underwriter affirmative proof of loss with full particulars. If claim is made under this bond
for loss of securities or shares, the Underwriter shall not be liable unless each of such
securities or shares is identified in such proof of loss by a certificate or bond number or, where
such securities or shares are uncertificated, by such identification means as agreed to by the
Underwriter. The Underwriter shall have thirty days after notice and proof of loss within which to
investigate the claim, but where the loss is clear and undisputed, settlement shall be made within
forty-eight hours; and this shall apply notwithstanding the loss is made up wholly or in part of
securities of which duplicates may be obtained. &nbsp;Legal proceedings for recovery of any loss
hereunder shall not be brought prior to the expiration of sixty days after such proof of loss is
filed with the Underwriter nor after the expiration of twenty-four months from the discovery of
such loss, except that any action or proceedings to recover hereunder on account of any judgment
against the Insured in any suit mentioned in General Agreement C or to recover attorneys&#146; fees paid
in any such suit, shall be begun within twenty-four months from the date upon which the judgment in
such suit shall become final. If any limitation embodied in this bond is prohibited by any law
controlling the construction hereof, such limitation shall be deemed to be amended so as to be
equal to the minimum period of limitation permitted by such law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery occurs when the Insured:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes aware of facts, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receives written notice of an actual or potential claim by a third party which alleges that the
Insured is liable under circumstances,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which would cause a reasonable person to assume that a loss covered by the bond has been or will be
incurred even though the exact amount or details of loss may not be then known.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5. VALUATION OF PROPERTY
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The value of any Property, except books of accounts or other records used by the Insured in the
conduct of its business, for the loss of which a claim shall be made hereunder, shall be determined
by the average market value of such Property on the business day next preceding the discovery of
such loss; provided, however, that the value of any Property replaced by the Insured prior to the
payment of claim therefor shall be the actual market value at the time of replacement; and further
provided that in case of a loss or misplacement of interim certificates, warrants,
</DIV>

 <DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ICB005 Ed. 7-04
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; 2004 The Travelers Companies, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->7 of 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* <b><I>Provided for internal review purposes only.</I></B> * <b><I>This policy is neither issued nor certified. </I></b>*
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">rights, or other securities, the production of which is necessary to the exercise of subscription,
conversion, redemption or deposit privileges, the value thereof shall be the market value of such
privileges immediately preceding the expiration thereof if said loss or misplacement is not
discovered until after their expiration. If no market price is quoted for such Property or for such
privileges, the value shall be fixed by agreement between the parties or by arbitration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case of any loss or damage to Property consisting of books of accounts or other records used by
the Insured in the conduct of its business, the Underwriter shall be liable under this bond only if
such books or records are actually reproduced and then for not more than the cost of blank books,
blank pages or other materials plus the cost of labor for the actual transcription or copying of
data which shall have been furnished by the Insured in order to reproduce such books and other
records.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6. VALUATION OF PREMISES AND FURNISHINGS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case of damage to any office of the Insured, or loss of or damage to the furnishings, fixtures,
stationery, supplies, equipment, safes or vaults therein, the Underwriter shall not be liable for
more than the actual cash value thereof, or for more than the actual cost of their replacement or
repair. The Underwriter may, at its election, pay such actual cash value or make such replacement
or repair. If the underwriter and the Insured cannot agree upon such cash value or such cost of
replacement or repair, such shall be determined by arbitration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 7. LOST SECURITIES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Insured shall sustain a loss of securities the total value of which is in excess of the
limit stated in Item&nbsp;3 of the Declarations of this bond, the liability of the Underwriter shall be
limited to payment for, or duplication of, securities having value equal to the limit stated in
Item&nbsp;3 of the Declarations of this bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Underwriter shall make payment to the Insured for any loss of securities, the Insured shall
thereupon assign to the Underwriter all of the Insured&#146;s rights, title and interest in and to said
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to securities the value of which do not exceed the Deductible Amount (at the time of
the discovery of the loss) and for which the Underwriter may at its sole discretion and option and
at the request of the Insured issue a Lost Instrument Bond or Bonds to effect replacement thereof,
the Insured will pay the usual premium charged therefor and will indemnify the Underwriter against all loss or expense that the Underwriter may sustain because of
the issuance of such Lost Instrument Bond or Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to securities the value of which exceeds the Deductible Amount (at the time of
discovery of the loss) and for which the Underwriter may issue or arrange for the issuance of a
Lost Instrument Bond or Bonds to effect replacement thereof, the Insured agrees that it will pay as
premium therefor a proportion of the usual premium charged therefor, said proportion being equal to
the percentage that the Deductible Amount bears to the value of the securities upon discovery of
the loss, and that it will indemnify the issuer of said Lost Instrument Bond or Bonds against all
loss and expense that is not recoverable from the Underwriter under the terms and conditions of
this Investment Company Blanket Bond subject to the Limit of Liability hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 8. SALVAGE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In case of recovery, whether made by the Insured or by the Underwriter, on account of any loss in
excess of the 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 net amount of such recovery, less the actual costs and expenses of
making same, shall be applied to reimburse the Insured in full for the excess portion of such loss,
and the remainder, if any, shall be paid first in reimbursement of the Underwriter and thereafter
in reimbursement of the Insured for that part of such loss within the Deductible Amount. The
Insured shall execute all necessary papers to secure to the Underwriter the rights provided for
herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At all times prior to termination hereof, this bond shall continue in force for the limit stated in
the applicable sections of Item&nbsp;3 of the Declarations of this bond notwithstanding any previous
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 or premiums
which shall be payable or paid, the liability of the Underwriter under this bond with respect to
all loss resulting from:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one act of burglary, robbery or holdup, or attempt thereat, in which no Partner or Employee
is concerned or implicated shall be deemed to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one unintentional or negligent act on the part of any other person resulting in damage</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ICB005 Ed. 7-04
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; 2004 The Travelers Companies, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->8 of 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* <b><I>Provided for internal review purposes only.</I></B> * <b><I>This policy is neither issued nor certified. </I></b>*
</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to or destruction or misplacement of Property, shall be deemed to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all wrongful acts, other than those specified in (a)&nbsp;above, of any one person shall be deemed
to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all wrongful acts, other than those specified in (a)&nbsp;above, of one or more persons (which
dishonest act(s) or act(s) of Larceny or Embezzlement include, but are not limited to, the failure
of an Employee to report such acts of others) whose dishonest act or acts intentionally or
unintentionally, knowingly or unknowingly, directly or indirectly, aid or aids in any way, or
permits the continuation of, the dishonest act or acts of any other person or persons shall be
deemed to be one loss with the act or acts of the persons aided, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one casualty or event other than those specified in (a), (b), (c)&nbsp;or (d)&nbsp;preceding, shall
be deemed to be one loss, and</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be limited to the applicable Limit of Liability stated in Item&nbsp;3 of the Declarations of this
bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts
from year to year or from period to period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sub-section (c)&nbsp;is not applicable to any situation to which the language of sub-section (d)
applies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10. LIMIT OF LIABILITY
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to any loss set forth in the PROVIDED clause of Section&nbsp;9 of this bond which is
recoverable or recovered in whole or in part under any other bonds or policies issued by the
Underwriter to the Insured or to any predecessor in interest of the Insured and terminated or
cancelled or allowed to expire and in which the period of discovery has not expired at the time any
such loss thereunder is discovered, the total liability of the Underwriter under this bond and
under other bonds or policies shall not exceed, in the aggregate, the amount carried hereunder on
such loss or the amount available to the Insured under such other bonds or policies, as limited by
the terms and conditions thereof, for any such loss if the latter amount be the larger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11. OTHER INSURANCE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Insured shall hold, as indemnity against any loss covered hereunder, any valid and
enforceable insurance or suretyship, the Underwriter shall be liable hereunder only for such amount
of such loss which is in excess of the amount of such other insurance or suretyship, not exceeding,
however, the Limit of Liability of this bond applicable to such loss.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 12. DEDUCTIBLE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter shall not be liable under any of the Insuring Agreements of this bond on account of
loss as specified, respectively, in sub-sections (a), (b), (c), (d)&nbsp;and (e)&nbsp;of Section&nbsp;9,
NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY, unless the amount of such
loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the
Insured, other than from any bond or policy of insurance issued by an insurance company and
covering such loss, or by the Underwriter on account thereof prior to payment by the Underwriter of
such loss, shall exceed the Deductible Amount set forth in Item&nbsp;3 of the Declarations hereof
(herein called Deductible Amount), and then for such excess only, but in no event for more than the
applicable Limit of Liability stated in Item&nbsp;3 of the Declarations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Insured will bear, in addition to the Deductible Amount, premiums on Lost Instrument Bonds as
set forth in Section&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There shall be no deductible applicable to any loss under Insuring Agreement A sustained by any
Investment Company named as Insured herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 13. TERMINATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter may terminate this bond as an entirety by furnishing written notice specifying the
termination date, which cannot be prior to 60&nbsp;days after the receipt of such written notice by each
Investment Company named as Insured and the Securities and Exchange Commission, Washington, D.C.
The Insured may terminate this bond as an entirety by furnishing written notice to the Underwriter.
When the Insured cancels, the Insured shall furnish written notice to the Securities and Exchange
Commission, Washington, D.C., prior to 60&nbsp;days before the effective date of the termination. The
Underwriter shall notify all other Investment Companies named as Insured of the receipt of such
termination notice and the termination cannot be effective prior to 60&nbsp;days after receipt of
written notice by all other Investment Companies. Premiums are earned until the termination date as
set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Bond will terminate as to any one Insured immediately upon taking over of such Insured by a
receiver or other liquidator or by State or Federal officials, or immediately upon 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, or immediately upon such
Insured ceasing to exist, whether through merger into another entity, or by disposition of all of
its assets.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ICB005 Ed. 7-04
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; 2004 The Travelers Companies, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->9 of 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* <b><I>Provided for internal review purposes only.</I></B> * <b><I>This policy is neither issued nor certified. </I></b>*
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter shall refund the unearned premium computed at short rates in accordance with
the standard short rate cancellation tables if terminated by the Insured or pro rata if terminated
for any other reason.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Bond shall terminate:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee as soon as any partner, officer or supervisory Employee of the Insured, who
is not in collusion with such Employee, shall learn of any dishonest or fraudulent act(s),
including Larceny or Embezzlement on the part of such Employee without prejudice to the loss of any
Property then in transit in the custody of such Employee (see Section&nbsp;16(d)), or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee 60&nbsp;days after receipt by each Insured and by the Securities and Exchange
Commission of a written notice from the Underwriter of its desire to terminate this bond as to such
Employee, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any person, who is a partner, officer or employee of any Electronic Data Processor
covered under this bond, from and after the time that the Insured or any partner or officer thereof
not in collusion with such person shall have knowledge or information that such person has
committed any dishonest or fraudulent act(s), including Larceny or Embezzlement in the service of
the Insured or otherwise, whether such act be committed before or after the time this bond is
effective.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At any time prior to the termination or cancellation of this bond as an entirety, whether by the
Insured or the Underwriter, the Insured may give the Underwriter notice that it desires under this
bond an additional period of 12&nbsp;months within which to discover loss sustained by the Insured prior
to the effective date of such termination or cancellation and shall pay an additional premium
therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon receipt of such notice from the Insured, the Underwriter shall give its written consent
thereto; provided, however, that such additional period of time shall terminate immediately:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on the effective date of any other insurance obtained by the Insured, its successor in business
or any other party, replacing in whole or in part the insurance afforded by this bond, whether or
not such other insurance provides coverage for loss sustained prior to its effective date, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon takeover of the Insured&#146;s business by any State or Federal official or agency, or by any
receiver or liquidator, acting or appointed for this purpose without the necessity of the
Underwriter giving notice of such termination. In the event that such additional period of time is
terminated, as provided above, the Underwriter shall refund any unearned premium.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The right to purchase such additional period for the discovery of loss may not be exercised by any
State or Federal official or agency, or by a receiver or liquidator, acting or appointed to take
over the Insured&#146;s business for the operation or for the liquidation thereof or for any purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 15. CENTRAL HANDLING OF SECURITIES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities included in the system for the central handling of securities established and maintained
by Depository Trust Company, Midwest Depository Trust Company, Pacific Securities Depository Trust
Company, and Philadelphia Depository Trust Company, hereinafter called Corporations, to the extent
of the Insured&#146;s interest therein as effected by the making of appropriate entries on the books and
records of such Corporations shall be deemed to be Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The words &#147;Employee&#148; and &#147;Employees&#148; shall be deemed to include the officers, partners, clerks and
other employees of the New York Stock Exchange, Boston Stock Exchange, Midwest Stock Exchange,
Pacific Stock Exchange and Philadelphia Stock Exchange, hereinafter called Exchanges, and of the
above named Corporations, and of any nominee in whose name is registered any security included
within the systems for the central handling of securities established and maintained by such
Corporations, and any employee or any recognized service company, while such officers, partners,
clerks and other employees and employees of service companies perform services for such
Corporations in the operation of such systems. For the purpose of the above definition a recognized
service company shall be any company providing clerks or other personnel to the said Exchanges or
Corporations on a contract basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter shall not be liable on account of any loss(es) in connection with the central
handling of securities within the systems established and maintained by such Corporations, unless
such loss(es) shall be in excess of the amount(s) recoverable or recovered under any bond or policy
of insurance indemnifying such Corporations against such loss(es), and then the Underwriter shall
be liable hereunder
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ICB005 Ed. 7-04
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; 2004 The Travelers Companies, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->10 of 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* <b><I>Provided for internal review purposes only.</I></B> * <b><I>This policy is neither issued nor certified. </I></b>*
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">only for the Insured&#146;s share of such excess loss(es), but in no event for more than the Limit of
Liability applicable hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purpose of determining the Insured&#146;s share of excess loss(es) it shall be deemed that the
Insured has an interest in any certificate representing any security included within such systems
equivalent to the interest the Insured then has in all certificates representing the same security
included within such systems and that such Corporations shall use their best judgment in
apportioning the amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations against such loss(es) in connection with the central handling of
securities within such systems among all those having an interest as recorded by appropriate
entries in the books and records of such Corporations in Property involved in such loss(es) on the
basis that each such interest shall share in the amount(s) so recoverable or recovered in the ratio
that the value of each such interest bears to the total value all such interests and that the
Insured&#146;s share of such excess loss(es) shall be the amount of the Insured&#146;s interest in such
Property in excess of the amount(s) so apportioned to the Insured by such Corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This bond does not afford coverage in favor of such Corporations or Exchanges or any nominee in
whose name is registered any security included within the systems for the central handling of
securities established and maintained by such Corporations, and upon payment to the Insured by the
Underwriter on account of any loss(es) within the systems, an assignment of such of the Insured&#146;s
rights and causes of action as it may have against such Corporations or Exchanges shall to the
extent of such payment, be given by the Insured to the Underwriter, and the Insured shall execute
all papers necessary to secure the Underwriter the rights provided for herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If more than one corporation, co-partnership or person or any combination of them be included as
the Insured herein:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total liability of the Underwriter hereunder for loss or losses sustained by any one or
more or all of them shall not exceed the limit for which the Underwriter would be liable hereunder
if all such loss were sustained by any one of them;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the one first named herein shall be deemed authorized to make, adjust and receive and enforce
payment of all claims hereunder and shall be deemed to be the agent of the others for such purposes
and for the giving or receiving of any notice required or permitted to be given by the terms hereof, provided that the
Underwriter shall furnish each named Investment Company with a copy of the bond and with any
amendment thereto, together with a copy of each formal filing of the settlement of each such claim
prior to the execution of such settlement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriter shall not be responsible for the proper application of any payment made
hereunder to said first named Insured;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>knowledge possessed or discovery made by any partner, officer of supervisory Employee of any
Insured shall for the purposes of Section&nbsp;4 and Section&nbsp;13 of this bond constitute knowledge or
discovery by all the Insured; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 17. NOTICE AND CHANGE OF CONTROL
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the Insured obtaining knowledge of a transfer of its outstanding voting securities which
results in a change in control (as set forth in Section 2(a) (9)&nbsp;of the Investment Company Act of
1940) of the Insured, the Insured shall within thirty (30)&nbsp;days of such knowledge give written
notice to the Underwriter setting forth:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the names of the transferors and transferees (or the names of the beneficial owners if the
voting securities are requested in another name), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total number of outstanding voting securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As used in this section, control means the power to exercise a controlling influence over the
management or policies of the Insured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failing to give the required notice shall result in termination of coverage of this bond, effective
upon the date of stock transfer for any loss in which any transferee is concerned or implicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such notice is not required to be given in the case of an Insured which is an Investment Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 18. CHANGE OR MODIFICATION
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ICB005 Ed. 7-04
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; 2004 The Travelers Companies, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->11 of 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* <b><I>Provided for internal review purposes only.</I></B> * <b><I>This policy is neither issued nor certified. </I></b>*
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This bond or any instrument amending or effecting same may not be changed or modified orally. No
changes in or modification thereof shall be effective unless made by written endorsement issued to
form a part hereof over the signature of the Underwriter&#146;s Authorized Representative. When a bond
covers only one Investment Company no change or modification which would adversely affect the
rights of the Investment Company shall be effective prior to 60&nbsp;days after written notification has
been furnished to the Securities and Exchange Commission, Washington, D.C., by the Insured or by the Underwriter. If
more than one Investment Company is named as the Insured herein, the Underwriter shall give written
notice to each Investment Company and to the Securities and Exchange Commission, Washington, D.C.,
not less than 60&nbsp;days prior to the effective date of any change or modification which would
adversely affect the rights of such Investment Company.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ICB005 Ed. 7-04
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#169; 2004 The Travelers Companies, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->12 of 12<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following spaces proceeded by an (*) need not be completed if this endorsement or
rider and the Bond or Policy have the same inception date.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Attached to and Forming Part</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date Endorsement or Rider</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">* Effective Date of Endorsement or Rider</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">of Bond Or Policy No.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executed
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>490PB2794</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>3/23/11</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>12/7/10</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. Standard Time as</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specified in the Bond or Policy</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
        <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>

    <TD>&nbsp;ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

    <TD colspan="2"><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Named Insured Endorsement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From and after the time this rider becomes effective the Insured under the attached bond
are:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comstock Funds, Inc.</B><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comstock Capital Value Fund<br>
<B>Gabelli Capital Series&nbsp;Funds, Inc.</B><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabelli Capital Asset Fund<br>
<B>Gabelli Equity Series&nbsp;Funds, Inc.</B><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Equity Income Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Small Cap Growth Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Woodland Small Cap Value Fund<br>
<B>Gabelli Investor Funds, Inc.</B><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli ABC Fund<br>
<B>The Gabelli </B><B>787</B> <B>Fund, Inc.</B><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabelli Enterprise Mergers and Acquisitions Fund<br>
The Gabelli Asset Fund<br>
The Gabelli Blue Chip Value Fund<br>
The Gabelli Convertible and Income Securities Fund Inc.<br>
The Gabelli Dividend &#038; Income Trust<br>
The Gabelli Equity Trust Inc.<br>
The GDL Fund*<br>
The Gabelli Global Gold, Natural Resources &#038; Income Trust<br>
The Gabelli Global Multimedia Trust Inc.<br>
The Gabelli Global Utility &#038; Income Trust<br>
The Gabelli Healthcare &#038; Wellness<SUP style="FONT-size: 85%; vertical-align: text-top">Rx</SUP> Trust<br>
<B>The Gabelli Money Market Funds</B><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli US Treasury Money Market Fund<br>
The Gabelli Natural Resources, Gold &#038; Income Trust<br>
The Gabelli SRI Green Fund, Inc.<br>
The Gabelli Utilities Fund<br>
The Gabelli Utility Trust<br>
The Gabelli Value Fund, Inc.<br>
<B>The GAMCO Global Series&nbsp;Funds, Inc.</B><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The GAMCO Vertumnus Fund**<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The GAMCO Global Growth Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The GAMCO Global Opportunity Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The GAMCO Global Telecommunications Fund<br>
The GAMCO Growth Fund<br>
GAMCO Gold Fund, Inc.<br>
GAMCO International Growth Fund, Inc.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ICB010 Ed. 7/04
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The GAMCO Mathers Fund<br>
<B>GAMCO Westwood Funds</B><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAMCO Westwood Balanced Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAMCO Westwood Equity Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAMCO Westwood Income Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAMCO Westwood Intermediate Bond Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAMCO Westwood Mighty Mites Fund<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAMCO Westwood SmallCap Equity Fund<br></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>name changed from &#147;The Gabelli Global Deal Fund&#148; effective 01/14/2011</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>name changed from &#147;The GAMCO Global Convertible Securities Fund&#148; effective 02/07/2011</TD>
</TR>

</TABLE>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>And any Investment Company now existing or hereafter created or
acquired during the Bond Period, which is advised, sub-advised and/or
administered by Gabelli Funds, LLC or by Teton Advisors, Inc. or by any entity
now or hereafter majority owned or management controlled by Gabelli Funds, LLC or
by Teton Advisors, Inc. subject to General Agreement A. <BR><BR style="font-size: 6pt">
As used herein, the term
&#147;majority owned&#148; shall mean ownership of greater than 50% of the total equity
interest of such entity and the term &#147;management control&#148; shall mean the right to
elect, appoint or designate a majority of the board of directors, management
committee or management board of an entity that is not majority owned.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first named Insured shall act for itself and for each and all of the Insured for all the
purposes of the attached bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Knowledge possessed or discovery made by any Insured or by any partner or officer thereof
shall for all the purposes of the attached bond constitute knowledge or discovery by all the
Insured.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, prior to the termination of the attached bond in its entirety, the attached bond is
terminated as to any Insured, there shall be no liability for any loss sustained by such
Insured unless discovered before the time such termination as to such Insured becomes
effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The liability of the Underwriter for loss or losses sustained by any or all of the Insured
shall not exceed the amount for which the Underwriter would be liable had all such loss or
losses been sustained by any one of the Insured. Payment by the Underwriter to the first
named Insured of loss sustained by any Insured shall fully release the Underwriter on account
of such loss.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the first named Insured ceases for any reason to be covered under the attached bond, then
the Insured next named shall thereafter be considered as the first named Insured for all the
purposes of the attached bond.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized
Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ICB010 Ed. 7/04
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I><B>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</B></I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD  align="center" valign="top">ATTACHED TO AND FORMING PART OF</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="BOTTOM">
    <TD  align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>OR RIDER EXECUTED
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>490PB2794</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>03/16/11</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>12/07/10</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. LOCAL TIME AS<BR>
SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>

    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>

    <TD>&nbsp;ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD colspan="2"><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPUTER SYSTEMS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an additional Insuring Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INSURING AGREEMENT&nbsp;J&nbsp;COMPUTER SYSTEMS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting directly from a fraudulent</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entry of data into, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change of data elements or program within,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Computer System listed in the SCHEDULE below, provided the fraudulent entry or change
causes</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Property to be transferred, paid or delivered,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an account of the Insured, or of its customer, to be added, deleted, debited or
credited, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an unauthorized account or a fictitious account to be debited or credited,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and provided further, the fraudulent entry or change is made or caused by an
individual acting with the manifest intent to</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause the Insured to sustain a loss, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain financial benefit for that individual or for other
persons intended by that individual to receive financial benefit.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Systems Utilized by the Insured</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As used in this Rider, Computer System means</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>computers with related peripheral components, including storage components,
wherever located,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>systems and applications software,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminal devices, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>related communication networks</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by which data are electronically collected, transmitted, processed, stored and
retrieved.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the exclusions in the attached bond, the following
exclusions are applicable to the Computer Systems Insuring Agreement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting directly or indirectly from the theft of confidential information,
material or data; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting directly or indirectly from entries or changes
made by an individual authorized to have access to a Computer System who
acts in good faith on instructions, unless such instructions are given to
that individual by a software contractor (or by a partner, officer or
employee thereof) authorized by</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">ICB011 Rev. 2-10</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&#169; 2010 The Travelers Indemnity Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 1 of 2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I><B>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</B></I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Insured to design, develop, prepare, supply, service, write or
implement programs for the Insured&#146;s Computer System; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss discovered by the Insured before this Rider is
executed or after coverage under this Rider terminates.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Solely with respect to the Computer Systems Insuring Agreement, the following
replaces SECTION 9, NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL
LIABILITY, (a) &#151; (e), of the CONDITIONS AND LIMITATIONS:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all fraudulent activity of any one person, or in which any one
person is implicated, whether or not that person is specifically identified,
shall be deemed to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a series of losses involving unidentified persons but arising from
the same method of operation shall be deemed to be one loss, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is added to the OPTIONAL COVERAGE ADDED BY RIDER section of
Item&nbsp;3. of the DECLARATIONS:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Limit of Liability</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deductible Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring
Agreement J Computer Systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is added to the CONDITIONS AND LIMITATIONS:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any loss is covered under the Computer Systems Insuring Agreement and any other
Insuring Agreement or Coverage, the maximum amount payable for such loss shall not
exceed the largest amount available under any one such Insuring Agreement or Coverage.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is added to SECTION 13. TERMINATION of the CONDITIONS AND LIMITATIONS:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coverage under this Rider may also be terminated or canceled without canceling the bond as
an entirety</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>60&nbsp;days after receipt by the Insured of written notice from the
Underwriter of its desire to terminate or cancel coverage under this Rider, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon receipt by the Underwriter of a written request
from the Insured to terminate or cancel coverage under this Rider.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall refund to the Insured the unearned premium for the coverage under
this Rider. The refund shall be computed at short rates if this Rider be terminated or
canceled or reduced by notice from, or at the instance of, the Insured.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned Bond or
Policy, other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Authorized Representative</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ICB011 Rev.2-10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&#169; 2010 The Travelers Indemnity Company</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I><B>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</B></I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">ATTACHED TO AND FORMING PART OF</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD  align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>OR RIDER EXECUTED
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. STANDARD TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>490PB2794</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>03/16/11</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>12/07/10</b></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>

    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>

    <TD>&nbsp;ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

    <TD colspan="2"><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUTHORIZED SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by inserting an additional Insuring Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INSURING AGREEMENT K UNAUTHORIZED SIGNATURE</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting directly from the Insured having accepted,
paid or cashed any check or withdrawal order, draft, made or drawn on a
customer&#146;s account which bears the signature or endorsement of one other
than a person whose name and signature is on the application on file
with the Insured as a signatory on such account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It shall be a condition precedent to the Insured&#146;s right of
recovery under this Rider that the Insured shall have on file signatures
of all persons who are authorized signatories on such account.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total liability of the Underwriter under Insuring Agreement K is limited to the
sum of Twenty Five Thousand Dollars ($25,000), it being understood, however, that such liability shall be part of and not in
addition to the Limit of Liability stated in Item&nbsp;3 of the Declarations of
the attached bond or amendment thereof.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to coverage afforded under this Rider, the
Deductible Amount shall be Five Thousand Dollars ($5,000).</TD>
</TR>



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of
the terms, conditions, provisions, agreements or limitations of the above
mentioned Bond or Policy, other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized
Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB012 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I><B>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</B></I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The following spaces preceded by an (*) need not be completed if this endorsement
or rider and the Bond or Policy have the same inception date.</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">ATTACHED TO AND FORMING PART OF</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>OR RIDER EXECUTED</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. STANDARD TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>490PB2794</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<B>03/16/11</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>12/07/10</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>

    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>

    <TD>&nbsp;ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD colspan="2"><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TELEFACSIMILE TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached Bond is amended by adding an additional
Insuring Agreement as follows:</TD>
</TR>

<TR>
    <TD style="font-size: 18pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3" align="center"><B>INSURING AGREEMENT L </B><B>TELEFACSIMILE TRANSACTIONS</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss caused by a Telefacsimile Transaction, where the request for such Telefacsimile
Transaction is unauthorized or fraudulent and is made with the manifest intent to
deceive; <U>provided,</U> that the entity which receives such request generally
maintains and follows during the Bond Period all Designated Fax Procedures with
respect to Telefacsimile Transactions. The isolated failure of such entity to
maintain and follow a particular Designated Fax Procedure in a particular instance
will not preclude coverage under this Insuring Agreement, subject to the exclusions
herein and in the Bond.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Definitions.</U> The following terms used in this Insuring Agreement shall have the
following meanings:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Telefacsimile System&#148; means a system of transmitting and
reproducing fixed graphic material (as, for example, printing) by means
of signals transmitted over telephone lines.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Telefacsimile Transaction&#148; means any Fax Redemption, Fax Election, Fax Exchange, or
Fax Purchase.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Fax Redemption&#148; means any redemption of shares issued by an
Investment Company which is requested through a Telefacsimile System.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Fax Election&#148; means any election concerning dividend options
available to Fund shareholders which is requested through a Telefacsimile
System.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Fax Exchange&#148; means any 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, which
exchange is requested through a Telefacsimile System.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Fax Purchase&#148; means any purchase of shares issued by an
Investment Company which is requested through a Telefacsimile System.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Designated Fax Procedures&#148; means the following procedures:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Retention:</U> All Telefacsimile Transaction requests
shall be retained for at least six (6)&nbsp;months. Requests shall be capable of
being retrieved and produced in legible form within a reasonable time after
retrieval is requested.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Identity Test:</u> The identity of the sender in any
request for a Telefacsimile Transaction shall be tested before executing
that Telefacsimile Transaction, either by requiring the sender to include on
the face of the request a unique identification number or to include key
specific account information. Requests of Dealers must be on company
letterhead and be signed by an authorized representative. Transactions by
occasional users are to be verified by telephone confirmation.</TD>
</TR>







</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB013 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I><B>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</B></I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Contents:</U> A Telefacsimile Transaction shall not be executed
unless the request for such Telefacsimile Transaction is dated and purports to
have been signed by (a)&nbsp;any shareholder or subscriber to shares issued by a Fund,
or (b)&nbsp;any financial or banking institution or stockbroker.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Written</U><u> Confirmation:</u> A written confirmation of each
Telefacsimile Transaction shall be sent to the shareholder(s) to whose account
such Telefacsimile Transaction relates, at the record address, by the end of
the Insured&#146;s next regular processing cycle, but no later than five (5)
business days following such Telefacsimile Transaction.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Designated&#148; means or refers to a written designation signed by a
shareholder of record of a Fund, either in such shareholder&#146;s initial application
for the purchase of Fund shares, with or without a Signature Guarantee, or in
another document with a Signature Guarantee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Signature Guarantee&#148; means a written guarantee of a signature, which
guarantee is made by an Eligible Guarantor Institution as defined in Rule
17Ad-15(a)(2) under the Securities Exchange Act of 1934.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exclusions.</U> It is further understood and agreed that this Insuring Agreement shall
not cover:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any loss covered under Insuring Agreement A,
&#147;Fidelity,&#148; of this Bond; <u>and</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any loss resulting from:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Fax Redemption, where the proceeds of such redemption were
requested to be paid or made payable to other than (a)&nbsp;the shareholder of
record, or (b)&nbsp;a person Designated in the initial application or in writing at
least one (1)&nbsp;day prior to such redemption to receive redemption proceeds, or
(c)&nbsp;a bank account Designated in the initial application or in writing at least
one (1)&nbsp;day prior to such redemption to receive redemption proceeds; <u>or</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Fax Redemption of Fund shares which had been improperly
credited to a shareholder&#146;s account, where such shareholder (a)&nbsp;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; <u>or</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Fax Redemption from any account, where the proceeds of such
redemption were requested to be sent to any address other than the record
address or another address for such account which was designated (a)&nbsp;over the
telephone or by telefacsimile at least fifteen (15)&nbsp;days prior to such
redemption, or (b)&nbsp;in the initial application or in writing at least one (1)
day prior to such redemption; <u>or</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The intentional failure to adhere to one or more Designated Fax Procedures; <u>or</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The failure to pay for shares attempted to be purchased.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Single Loss Limit of Liability under Insuring Agreement L
is limited to the sum of Twenty Four Million Eight Hundred Thousand
Dollars ($24,800,000) it being understood, however, that such liability shall be part of and not in
addition to the Limit of Liability stated in Item&nbsp;3 of the Declarations of the
attached Bond or amendments thereof.</TD>
</TR>



<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to coverage afforded under this Rider the applicable
Single loss Deductible Amount is
Ten Thousand Dollars ($10,000).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned Bond or
Policy, other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized
Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB013 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I><B>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</B></I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">ATTACHED TO AND FORMING PART OF</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>OR RIDER EXECUTED
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. STANDARD TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>490PB2794</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<B>03/16/11</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>12/07/10</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>

    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>

    <TD>&nbsp;&nbsp;ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
       <TD colspan="2"><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VOICE INITIATED TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by inserting an additional Insuring Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INSURING AGREEMENT N &#151; VOICE-INITIATED TRANSACTIONS</B></div>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss caused by a Voice-initiated Transaction, where the request for such
Voice-initiated Transaction is unauthorized or fraudulent and is made with the
manifest intent to deceive; <U>provided,</U> that the entity which receives such
request generally maintains and follows during the Bond Period all Designated
Procedures with respect to Voice-initiated Redemptions and the Designated Procedures
described in paragraph 2f (1)&nbsp;and (3)&nbsp;of this Rider with respect to all other
Voice-initiated Transactions. The isolated failure of such entity to maintain and
follow a particular Designated Procedure in a particular instance will not preclude
coverage under this Insuring Agreement, subject to the specific exclusions herein and
in the Bond.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Definitions.</U> The following terms used in this Insuring Agreement shall have the
following meanings:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Voice-initiated Transaction&#148; means any Voice-initiated
Redemption, Voice-initiated Election, Voice-initiated Exchange, or
Voice-initiated Purchase.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Voice-initiated Redemption&#148; means any redemption of shares issued by
an Investment Company which is requested by voice over the telephone.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Voice-initiated Election&#148; means any election concerning dividend
options available to Fund shareholders which is requested by voice over the
telephone.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Voice-initiated Exchange&#148; means any 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, which exchange is requested by voice over the telephone.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Voice-initiated Purchase&#148; means any purchase of shares issued
by an Investment Company which is requested by voice over the telephone.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Designated Procedures&#148; means the following procedures:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Recordings:</U> All Voice-initiated Transaction requests
shall be recorded, and the recordings shall be retained for at least six (6)
months. Information contained on the recordings shall be capable of being
retrieved and produced within a reasonable time after retrieval of specific
information is requested, at a success rate of no less than 85%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Identity Test:</u> The identity of the caller in any
request for a Voice-initiated Redemption shall be tested before executing
that Voice-initiated Redemption, either by requesting the caller to state a
unique identification number or to furnish key specific account information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Written Confirmation:</U> A written confirmation of each
Voice-initiated Transaction and of each change of the record address of a
Fund shareholder requested by voice over the telephone shall be mailed to the
shareholder(s) to whose account such Voice-initiated Transaction or change of
address relates, at the original record address (and, in the case of such
change of address, at the changed record address) by the end of the Insured&#146;s
next regular processing cycle, but no later than five (5)&nbsp;business days
following such Voice-initiated Transaction or change of address.</TD>
</TR>





</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB014 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I><B>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</B></I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Investment Company&#148; or &#147;Fund&#148; means an investment company
registered under the Investment Company Act of 1940.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Officially Designated&#148; means or refers to a written designation
signed by a shareholder of record of a Fund, either in such shareholder&#146;s
initial application for the purchase of Fund shares, with or without a
Signature Guarantee, or in another document with a Signature Guarantee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Signature Guarantee&#148; means a written guarantee of a signature,
which guarantee is made by a financial or banking institution whose deposits
are insured by the Federal Deposit Insurance Corporation or by a broker which
is a member of any national securities exchange registered under the
Securities Exchange Act of 1934.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exclusions.</U> It is further understood and agreed that this Insuring Agreement shall
not cover:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any loss covered under Insuring Agreement A, &#147;Fidelity,&#148; of this Bond; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any loss resulting from:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Voice-initiated Redemption, where the proceeds of such
redemption were requested to be paid or made payable to other than (a)&nbsp;the
shareholder of record, or (b)&nbsp;a person Officially Designated to receive
redemption proceeds, or (c)&nbsp;a bank account Officially Designated to receive
redemption proceeds; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Voice-initiated Redemption of Fund shares which had been
improperly credited to a shareholder&#146;s account, where such shareholder (a)
did not cause, directly or indirectly, such shares to be credited to such
account, and (b)&nbsp;directly or indirectly received any proceeds or other
benefit from such redemption; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Voice-initiated Redemption from any account, where the
proceeds of such redemption were requested to be sent (a)&nbsp;to any address
other than the record address for such account, or (b)&nbsp;to a record address
for such account which was either (i)&nbsp;designated over the telephone fewer
than thirty (30)&nbsp;days prior to such redemption, or (ii)&nbsp;designated in
writing less than on (1)&nbsp;day prior to such redemption; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The intentional failure to adhere to one or more Designated Procedures; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The failure to pay for shares attempted to be purchased; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Voice-initiated Transaction requested by voice over the
telephone and received by an automated system which receives and converts
such request to executable instructions.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total liability of the Underwriter under Insuring Agreement N is limited to the sum
of Twenty Four Million Eight Hundred Thousand Dollars ($24,800,000), it being understood, however, that such liability shall be part of and not
in addition to the Limit of Liability stated in Item&nbsp;3 of the Declarations of the
attached bond or amendment thereof.</TD>
</TR>



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to coverage afforded under this Rider the
applicable Deductible Amount is Ten Thousand Dollars ($10,000).</TD>
</TR>


</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned Bond
or Policy, other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized
Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB014 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>*&nbsp;Provided for internal review purposes only. * This policy is neither issued nor certified.&nbsp;*</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following spaces preceded by an (*) need not be completed if this endorsement or
rider and the Bond or Policy have the same inception date.</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>ATTACHED TO AND FORMING PART OF</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OR RIDER EXECUTED
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. STANDARD TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<TR valign="bottom">

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>490PB2794</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-0px"><B>03/16/11</B></div>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>12/07/10</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD colspan="3" nowrap align="left"><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DEFINITION OF INVESTMENT COMPANY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;1, Definitions, under General Agreements is amended to include the following
paragraph:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investment Company means an investment company registered under the Investment
Company Act of 1940 and as listed under the names of Insureds on the Declarations.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy,
other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB016 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>*&nbsp;Provided for internal review purposes only. * This policy is neither issued nor certified.&nbsp;*</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following spaces preceded by an (*) need not be completed if this endorsement or
rider and the Bond or Policy have the same inception date.</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>ATTACHED TO AND FORMING PART OF</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OR RIDER EXECUTED
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. STANDARD TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<TR valign="bottom">

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>490PB2794</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-0px"><B>03/16/11</B></div>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>12/07/10</B></TD>
    <TD>&nbsp;</TD>
<TD align="left" valign="top">&nbsp;</TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD colspan="3" nowrap align="left"><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTOMATED PHONE SYSTEMS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached Bond is amended by adding an additional Insuring Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">
<B>INSURING AGREEMENT M &#151; AUTOMATED PHONE SYSTEMS (&#147;APS&#148;)</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss caused by an APS Transaction, where the request for such APS Transaction is
unauthorized or fraudulent and is made with the manifest intent to deceive; <U>provided,</U>
that the entity which receives such request generally maintains and follows during the Bond
Period all APS Designated Procedures with respect to APS Transactions. The isolated failure of
such entity to maintain and follow a particular APS Designated Procedure in a particular
instance will not preclude coverage under this Insuring Agreement, subject to the exclusions
herein and in the Bond.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Definitions.</U> The following terms used in this Insuring Agreement shall have the
following meanings:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Automated Phone Systems&#148; or &#147;APS&#148; means an automated system which receives and
converts to
executable instructions (1)&nbsp;transmissions by voice over the telephone, or (2)&nbsp;transmissions
over the
telephone through use of a touch-tone keypad or other tone system; and always excluding
transmissions
from a Computer System or part thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;APS Transaction&#148; means any APS Redemption, APS Election, APS Exchange, or PAS Purchase.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;APS Redemption&#148; means any redemption of shares issued by an Investment Company which
is requested
through an Automated Phone System.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;APS Election&#148; means any election concerning dividend options available to Fund
shareholders which is
requested through an Automated Phone System.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;APS Exchange&#148; means any 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, which exchange is requested through an Automated Phone System.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;APS Purchase&#148; means any purchase of shares issued by an Investment Company
which is requested
through an Automated Phone System.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">g.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;APS Designated Procedures&#148; means the following procedures:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Logging:</U> All APS Transaction requests shall be logged or otherwise
recorded, so as to preserve all of
the information necessary to effect the requested APS Transaction transmitted in the
course of such a
request, and the records shall be retained for at least six months. Information contained
in the records
shall be capable of being retrieved and produced within a reasonable time after retrieval
of specific
information is requested, at a success rate of no less than 85&nbsp;percent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Identity Test:</U> The identity of the caller in any request for an APS
Transaction shall be tested before
executing that APS Transaction, by requiring the entry by the caller of an identification
number
consisting of at least four characters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Contemporaneous Confirmation:</U> All information in each request for an
APS Transaction which is
necessary to effect such APS Transaction shall be contemporaneously repeated to the caller, and no
such APS Transaction shall be executed unless the caller has confirmed the accuracy of such
information.</TD>
</TR>

</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB019 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>*&nbsp;Provided for internal review purposes only. * This policy is neither issued nor certified.&nbsp;*</I></B>

</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Written Confirmation:</U> A written confirmation of each APS Transaction shall be
sent to the
shareholder(s) to whose account such APS Transaction relates, at the record address, by
the end of the
Insured&#146;s next regular processing cycle, but not later than five (5)&nbsp;business days
following such APS
Transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Access to APS Equipment:</U> Physical access to APS equipment shall be
limited to duly authorized
personnel.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">h.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Investment Company&#148; or &#147;Fund&#148; means a investment company registered under
the Investment Company Act of 1940.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Officially Designated&#148; means or refers to a written designation signed by a
shareholder of record of a Fund, either in such shareholder&#146;s initial application for the
purchase of Fund shares, with or without a Signature Guarantee, or in another document with
a Signature Guarantee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">j.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Signature Guarantee&#148; means a written guarantee of a signature, which guarantee is
made by a financial or banking institution whose deposits are insured by the Federal
Deposit Insurance Corporation or by a broker which is a member of any national securities
exchange registered under the Securities Exchange Act of 1934.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exclusion:</U> It is further understood and agreed that this Insuring Agreement shall not
cover:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any loss covered under Insuring Agreement A,
&#147;Fidelity&#148;, of this Bond: <u>and</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any loss resulting from:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any APS Redemption, where the proceeds of such redemption were requested to be
paid or made
payable to other than (a)&nbsp;the shareholder of record, or (b)&nbsp;a person officially
Designated to receive
redemption proceeds, or (c)&nbsp;a bank account Officially Designated to receive redemption
proceeds; <u>or</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any APS Redemption of Fund shares which had been improperly credited to a
shareholder&#146;s account,
where such shareholder (a)&nbsp;did not cause, directly or indirectly, such shares to be
credited to such
account, and (b)&nbsp;directly or indirectly received any proceeds or other benefit from such
redemption; <u>or</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any APS Redemption from any account, where the proceeds of such redemption were
requested to be
sent (a)&nbsp;to any address other than the record address for such account, or (b)&nbsp;to a
record address for
such account which was either (i)&nbsp;designated over the telephone fewer than thirty (30)
days prior to
such redemption, or (ii)&nbsp;designated in writing less than one (1)&nbsp;day prior to such
redemption; <u>or</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The failure to pay for shares attempted to be purchased, <u>or</u></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The intentional failure to adhere to one or more APS Designated Procedures.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total liability of the Underwriter under Insuring Agreement M is limited to the sum of
Twenty Four Million Eight Hundred Thousand Dollars ($24,800,000), it
being understood, however, that such liability shall be part of and not in addition to the
Limit of Liability stated in Item&nbsp;3 of the Declarations of the attached bond or amendments
thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to coverage afforded under this Rider, the applicable
Deductible Amount is Ten Thousand Dollars ($10,000).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other
than as above stated.
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB019 Ed. 7-04<BR>
&#169; 2004 The 1 Travelers Companies, Inc.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>*&nbsp;Provided for internal review purposes only. * This policy is neither issued nor certified.&nbsp;*</I></B>

</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following spaces preceded by an (*) need not be completed if this endorsement or
rider and the Bond or Policy have the
same inception date.</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>ATTACHED TO AND FORMING PART OF</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OR RIDER EXECUTED
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. STANDARD TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<TR valign="bottom">

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>490PB2794</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-0px"><B>03/16/11</B></div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>12/07/10</B></TD>

    <TD>&nbsp;</TD>
<TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>


</TABLE>
 <DIV align="left" style="font-size: 10pt; margin-top: 1pt"><B>The Gabelli Asset Fund</B></div>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADD EXCLUSIONS (N) &#038; (O)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;2, Exclusions, under General Agreements, is amended to include the following
sub-sections:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss 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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the underwriter shall not be liable under the attached bond for loss due to
liability imposed upon the Insured as a result of the unlawful disclosure of
non-public material information by the Insured or any Employee, or as a result of any
Employee acting upon such information, whether authorized or unauthorized.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy,
other than as above stated.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB026 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>*
Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>

</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following spaces preceded by an (*) need not be completed if this endorsement or
rider and the Bond or Policy have the
same inception date.</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>ATTACHED TO AND FORMING PART OF</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OR RIDER EXECUTED
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. STANDARD TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<TR valign="bottom">

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><b>490PB2794</b>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-0px"><b>03/16/11</b></div>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>12/07/10</b></TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
 </TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 1pt"><b>The Gabelli Asset Fund</b></div>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CO-SURETY RIDER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Underwriter&#148; as used in the attached Bond shall be construed to mean, unless
otherwise specified in
this Rider, all the Companies executing the attached Bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of said Companies shall be liable only for such proportion of any Single Loss
under the attached Bond as
the amount underwritten by such Company as specified in the Schedule forming a part hereof,
bears to the
Limit of Liability of the attached Bond, but in no event shall any of said Companies be
liable for an amount
greater than that underwritten by it.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the absence of a request from any of said Companies to pay premiums directly to it,
premiums for the
attached Bond may be paid to the Controlling Company for the account of all of said
Companies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the absence of a request from any of said Companies that notice of claim and proof
of loss be given to or
filed directly with it, the giving of such notice to and the filing of such proof with the
Controlling Company
shall be deemed to be in compliance with the conditions of the attached Bond for the giving
of notice of loss
and the filing of proof of loss, if given and filed in accordance with said conditions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Controlling Company may give notice in accordance with the terms of the attached
Bond, terminating or
canceling the attached Bond as an entirety or as to any Employee, and any notice so given
shall terminate or
cancel the liability of all said Companies as an entirety or as to such Employee, as the
case may be.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Company other than the Controlling Company may give notice in accordance with the
terms of the
attached Bond, terminating or canceling the entire liability of such other Company under
the attached Bond or
as to any Employee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the absence of a request from any of said Companies that notice of termination or
cancellation by the
Insured of the attached Bond in its entirety be given to or filed directly with it, the
giving of such notice in
accordance with the terms of the attached Bond to the Controlling Company shall terminate
or cancel the
liability of all of said Companies as an entirety. The Insured may terminate or cancel the
entire liability of any
Company, other than the Controlling Company under the attached Bond by giving notice of
such termination
or cancellation to such other Company, and shall send copy of such notice to the
Controlling Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of the termination or cancellation of the attached Bond as an entirety, no
Company shall be liable
to the Insured for a greater proportion of any return premium due the Insured than the
amount underwritten
by such Company bears to the Limit of Liability of the attached Bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of the termination or cancellation of the attached Bond as to any Company,
such Company alone
shall be liable to the Insured for any return premium due the Insured on account of such termination or
cancellation. The termination or cancellation of the attached Bond as to any Company other than the
Controlling Company shall not terminate, cancel or otherwise affect the liability of the other Companies under
the attached Bond.</TD>
</TR>

</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB042 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>*&nbsp;Provided for internal review purposes only. * This policy is neither issued nor certified.&nbsp;*</I></B>

</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Underwritten for the
Sum of $20,000,000<BR>
$24,800,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>part of
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controlling Company <br>
St. Paul Fire &#038; Marine Insurance Company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Underwritten for the Sum
of $4,800,000<BR>
$24,800,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">part of
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Carriers Name<br>
Great American Insurance Company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Underwritten for the Sum
of $
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">part of
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Carriers Name</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3">Nothing herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned Bond or
Policy, other than as above stated.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB042 Ed. 7-04<BR>
&#169; 2004 The Travelers Indemnity Company. All rights reserved.

</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page 2 of 2
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ENDORSEMENT OR RIDER NO.<BR>
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following spaces preceded by an (*) need not be completed if this endorsement or
rider and the Bond or Policy have the same inception date.</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="5%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center">ATTACHED TO AND FORMING PART OF</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="4" style="border-bottom: 1px solid #ffffff">* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #ffffff">BOND OR POLICY NO.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #ffffff">OR RIDER EXECUTED&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">12:01 A.M. STANDARD TIME AS</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">SPECIFIED IN THE BOND OR POLICY</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>490PB2794</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>03/16/11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12/07/10</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD colspan="3" nowrap align="left"><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NEW YORK STATUTORY RIDER</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first paragraph of Section&nbsp;13. &#147;TERMINATION&#148; under Conditions and Limitations is
amended by adding the following:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cancellation of this bond by the Underwriter is subject to the following provisions:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the bond has been in effect for 60&nbsp;days or less, it may be canceled by the Underwriter for
any reason. Such cancellation shall be effective 60&nbsp;days after the Underwriter mails a notice
of cancellation to the first-named Insured at the mailing address shown in the bond. However,
if the bond has been in effect for more than 60&nbsp;days or is a renewal, then cancellation must be
based on one of the followings grounds:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>non-payment of premium, however, that a notice of cancellation on this ground shall
inform the insured of the amount due;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conviction of crime arising out of acts increasing the hazard insured against;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discovery of fraud or material misrepresentation in the obtaining of the bond or in the
presentation of claim thereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after issuance of the bond or after the last renewal date, discovery of an act or
omission, or a violation of any bond condition that substantially and materially increases the hazard Insured against,
and which occurred subsequent to inception of the current bond period;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>material change in the nature or extent of the risk, occurring after issuance or
last annual renewal anniversary date of the bond, which causes the risk of loss to be substantially and
materially increased beyond that contemplated at the time the bond was issued or last renewed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(F)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cancellation is required pursuant to a determination by the superintendent that
continuation of the present premium volume of the Insurer would jeopardize the Insurer&#146;s solvency or be
hazardous to the interest of the Insureds, the Insurer&#146;s creditors or the public;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(G)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a determination by the superintendent that the continuation of the bond would
violate, or would place the Insurer in violation of, any provision of the New York State Insurance laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(H)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where the Insurer has reason to believe, in good faith and with sufficient cause,
that there is a possible risk or danger that the Insured property will be destroyed by the
Insured for the purpose of collecting the insurance proceeds, provided, however, that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a notice of cancellation on this ground shall inform the Insured in
plain language that the Insured must act within ten days if review by the Insurance
Department of the State of New York of the ground for cancellation is desired, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notice of cancellation on this ground shall be provided
simultaneously by the Insurer to the Insurance Department of the State of New
York.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon written request of the Insured made to the Insurance Department of the
State of New York within ten days from the Insured&#146;s receipt of notice of cancellation
on this ground, the department shall undertake a review of the ground for cancellation
to determine whether or not the Insurer has satisfied the criteria for cancellation
specified in this subparagraph; if after such review the</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB057 Ed. 4-05<BR>
&#169; 2005 The Travelers Indemnity Company. All rights reserved.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 1 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">department finds not sufficient cause for cancellation on this ground, the notice of
cancellation on this ground shall be deemed null and void.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cancellation based on one of the above grounds shall be effective 60&nbsp;days after the notice of
cancellation is mailed or delivered to the Named Insured, at the address shown on the bond, and
to its authorized agent or broker.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Underwriter elects not to replace a bond at the termination of the Bond Period, it
shall notify the Insured not more than 120&nbsp;days nor less than 60&nbsp;days before termination. If such notice is given late,
the bond shall continue in effect for 60&nbsp;days after such notice is given. The Aggregate Limit of Liability
shall not be increased or reinstated. The notice not to replace shall be mailed to the Insured and its broker or agent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Underwriter elects to replace the bond, but with a change of limits, reduced coverage,
increased deductible, additional exclusion, or upon increased premiums in excess of ten percent (exclusive
of any premium increase as a result of experience rating), the Underwriter must mail written notice to
the Insured and its agent or broker not more than 120&nbsp;days nor less than 60&nbsp;days before replacement. If such
notice is given late, the replacement bond shall be in effect with the same terms, conditions and rates as
the terminated bond for 60&nbsp;days after such notice is given.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter may elect to simply notify the Insured that the bond will either be not
renewed or renewed with different terms, conditions or rates. In this event, the Underwriter will inform the
Insured that a second notice will be sent at a later date specifying the Underwriter&#146;s exact intention. The
Underwriter shall inform the Insured that, in the meantime, coverage shall continue on the same terms, conditions and
rates as the expiring bond until the expiration date of the bond or 60&nbsp;days after the second notice is mailed
or delivered, whichever is later.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top"><DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ICB057 Ed. 4-05<BR>
&#169; 2005 The Travelers Indemnity Company. All rights reserved.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Bond or Policy have the same inception date.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="5%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center">ATTACHED TO AND FORMING</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">DATE ENDORSEMENT OR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #ffffff">* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #ffffff">PART OF BOND OR POLICY NO.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #ffffff">RIDER EXECUTED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">12:01 A.M. LOCAL TIME AS</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">SPECIFIED IN THE BOND OR POLICY</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>490PB2794</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>03/16/11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>12/07/10</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR></table>
 <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
        <TD width="96%"></TD>
</TR>
<TR valign="top">
     <TD><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMEND
GENERAL AGREEMENT A &#151; ADDITIONAL OFFICES OR EMPLOYEES &#151;<BR>
CONSOLIDATION OR MERGER &#151; NOTICE<BR>
MEL1676 Ed. 7-04 &#151; For use with ICB005 Ed. 7-04</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV align="right" style="margin-top: 6pt">
<TABLE width="97%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reporting provisions of Section&nbsp;A. of the General Agreements (Additional Offices
or Employees &#151; Consolidation, Merger or Purchase of Assets &#151; Notice) are waived and automatic coverage is
provided, for any consolidation or merger with, or purchase or acquisition of assets or liabilities of,
any institutions or corporations and their subsidiaries if such assets or liabilities are 20% or less than
the Named Insured&#146;s total assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reporting provisions of Section&nbsp;A. of the General Agreements (Additional Offices or
Employees &#151; Consolidation, Merger or Purchase of Assets &#151; Notice) are amended to provide for automatic
coverage in connection with any consolidation or merger with, or purchase or acquisition of
assets or liabilities of, any institutions or corporations and their subsidiaries for a
period of Ninety Days (90) days if such assets or liabilities are greater than 20% of the Insured&#146;s total assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy,
other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#169; 2004 The St. Paul Travelers Companies, Inc. All Rights Reserved

</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RIDER NO.<BR>
THIS RIDER CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following spaces proceeded by an (*) need not be completed if this endorsement or rider
and the Bond or Policy have the same inception date.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center">Attached to and Forming Part</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #ffffff">Date Rider Executed</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">* Effective Date of Rider</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center">of Bond Or Policy No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #ffffff"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>12/07/10&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left">12:01 A.M. Standard Time as</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">490PB2794</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">03/16/2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD colspan="4" align="left"><FONT style="white-space: nowrap">Specified in the Bond or Policy</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">The</TD>
    <TD>&nbsp;</TD>
    <TD>Gabelli Asset Fund</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Amend
Section&nbsp;4. &#151; Loss &#151; Notice &#151; Proof &#151; Legal Proceedings &#151; Designate
Persons for Discovery of Loss</B><BR>
MEL2555 &#151; Ed. 3/05 &#151; For use with ICB005 &#151; Ed. 7/04
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.
&#151; Loss &#151; Notice &#151; Proof &#151; Legal Proceedings of the attached bond is amended by deleting
the second subparagraph and replacing it with the following:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Discovery occurs when the Risk Manager, Head of Internal Audit, General Counsel of Gabelli
Funds, LLC, or functional equivalent thereof:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>first becomes aware of facts, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receives written notice of an actual or potential claim by a third
party which alleges that the Insured is liable under circumstances,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">which would cause a reasonable person to assume that a loss of a type covered under this
bond has been or will be incurred regardless of when the act or acts causing or contributing
to such loss occurred, even though the exact amount or details of loss may not be then
known.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page 1 of 1
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Bond or Policy have the same inception date.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center">ATTACHED TO AND FORMING</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">DATE ENDORSEMENT OR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #ffffff">* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #ffffff">PART OF BOND OR POLICY NO.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #ffffff">RIDER EXECUTED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">12:01 A.M. LOCAL TIME AS</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">SPECIFIED IN THE BOND OR POLICY</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>490PB2794</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>03/16/11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left"><B>12/07/10</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD colspan="3" nowrap align="left"><B>The Gabelli Asset Fund</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Malicious Destruction of Data or Programs Endorsement</b></div>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><b>MEL4212 Ed. 5-06</b></div>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><b>For use with ICB005 Ed. 7-04</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>It is agreed that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an Insuring Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(O) MALICIOUS DESTRUCTION OF DATA OR PROGRAMS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting directly from the malicious destruction of, or damage to, Electronic Data or
Computer Programs owned by the Insured or for which the Insured is legally liable while stored
within a Computer System covered under the terms of the Computer Systems Insuring Agreement of
the attached bond (Endorsement ICB011 Ed. 7-04) if such destruction or damage was caused by an
attack that permits unauthorized access or use of a Computer System used by or on behalf of the
Insured.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The liability of the Underwriter shall be limited to the cost of duplication of such Electronic
Data or Computer Programs from other Electronic Data or Computer Programs which shall have been
furnished by the Insured.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event, however, that destroyed or damaged Computer Programs cannot be duplicated from
other Computer Programs, the Underwriter will pay the cost incurred for computer time, computer
programmers, consultants or other technical specialists as is reasonably necessary to restore
the Computer Programs to substantially the previous level of operational capability.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following definitions are added to, Section&nbsp;1. DEFINITIONS of the CONDITIONS AND
LIMITATIONS, but only as respects coverage provided under the Malicious Destruction of Data or Programs
Endorsement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(O)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computer Program means a set of related electronic instructions which direct
the operations and functions of a computer or devices connected to it which enable
the computer or devices to receive, process, store or send Electronic Data;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(O)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Computer System means:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>computers with related peripheral components, including storage components,
wherever located;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>systems and application software;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminal devices; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>related communication networks;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by which data are electronically collected, transmitted, processed, stored and retrieved;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(O)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Electronic Data means facts or information converted to a form usable in a
Computer Systems by Computer Programs, and which is stored on magnetic tapes or disks, or
optical storage disks or other bulk media.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&#169; 2006 The St. Paul Travelers Companies, Inc. All Rights Reserved
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><BR>
<BR>
Page 1 of 2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. Item&nbsp;3. of the Declarations is amended by adding the following:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Limit of Liability</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deductible Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement O &#151; MALICIOUS DESTRUCTION
OF DATA OR PROGRAMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other
than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INSURED
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&#169; 2006 The St. Paul Travelers Companies, Inc. All Rights Reserved</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><!-- Folio -->Page 2 of 2<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Policy have the same inception date.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="center" valign="top">ATTACHED TO AND FORMING</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">DATE ENDORSEMENT OR</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" valign="top" align="left">*EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">PART OF POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">RIDER EXECUTED</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. LOCAL TIME AS<BR> SPECIFIED IN THE POLICY</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><b>490PB2794</b>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>03/16/11</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>12/07/10</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><b>The Gabelli Asset Fund</b>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMEND INSURING AGREEMENT (P) &#151; CLAIMS EXPENSE<BR>
For use with Investment Company Blanket Bond<BR>
MEL4276 Ed. 5/06</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The attached bond is amended by adding an additional Insuring Agreement as follows:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>INSURING AGREEMENT (P) &#151; CLAIMS EXPENSE</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reasonable expenses necessarily incurred and paid by the Insured in preparing
any covered claim for loss under Insuring Agreement (A), which loss exceeds the Deductible Amount applicable to
Insuring Agreement (A).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is added to Item&nbsp;3. of the Declarations, Limit of Liability:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD nowrap align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Limit of Liability
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Deductible Amount
</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" valign="top">Insuring Agreement P&nbsp;&#151; CLAIMS EXPENSE  </TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">50,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">5,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;2. EXCLUSIONS, paragraph K. is replaced with the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all costs, fees and other expenses incurred by the Insured in
establishing the existence of or amount of loss covered under this bond unless
such indemnity is provided for under Insuring Agreement (B)&nbsp;or Insuring Agreement
P &#151; CLAIMS EXPENSE.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned Policy,
other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INSURED
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&#169; 2006 The St. Paul Travelers Companies, Inc. All Rights Reserved
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><BR>
<BR>
Page 1 of 1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Bond or Policy have the same inception date.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">ATTACHED TO AND FORMING</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">*EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">PART OF BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OR RIDER EXECUTED</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><b>490PB2794</b>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><b>03/16/11</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><b>12/07/10</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. LOCAL TIME AS <BR>
SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><b>The Gabelli Asset Fund</b>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>AMEND SECTION 15. CENTRAL HANDLING OF SECURITIES ENDORSEMENT For use with<BR>
Investment Company Blanket Bond ICB005, Ed. 7/04<BR>
MEL6141 Ed. 09/08</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that the first paragraph of Section&nbsp;15. CENTRAL HANDLING
OF SECURITIES of the CONDITIONS AND LIMITATIONS is replaced by the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities included in the system for the central handling of securities established and
maintained by Depository Trust Company, Midwest Depository Trust Company, Pacific
Securities Depository Trust Company, Philadelphia Depository Trust Company and any other
depository trust company which performs the same type of functions for the Insured as the
specifically named trust companies, hereinafter called collectively Corporations, to the
extent of the Insured&#146;s interest therein as effected by the making of appropriate entries
on the books and records of such Corporations shall be deemed to be Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned Bond or
Policy, other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INSURED
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#169; 2008 The Travelers Companies, Inc.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Bond or Policy have the same inception date.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="20%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT style="white-space: nowrap">ATTACHED TO AND FORMING PART OF </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">DATE ENDORSEMENT</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" valign="top" align="left">*EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OR RIDER EXECUTED</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><b>490PB2794</b>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><b>03/16/11</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><b>12/07/10</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. LOCAL TIME AS<br> SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><b>The Gabelli Asset Fund</b>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REPLACE INSURING AGREEMENT (A)&nbsp;FIDELITY<BR>
For use with Form&nbsp;ICB005 Ed. 07/04<BR>
MEL7027 Ed. 09/09</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Insuring Agreement (A), FIDELITY is replaced by the following:
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FIDELITY</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting directly from dishonest or fraudulent act(s), including
Larceny and Embezzlement, committed by an Employee, committed anywhere and whether
committed alone or in collusion with others, including loss of Property resulting
from such acts of an Employee, which Property is held by the Insured for any
purpose or in any capacity and whether so held gratuitously or not and whether or
not the Insured is liable therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such dishonest or fraudulent acts must be committed by the Employee with the intent:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cause the Insured to sustain such loss; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain financial benefit for the Employee or another person or entity.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, however, to the extent that the Insured&#146;s loss
results from Loans or Trading it is agreed that this bond covers only loss
resulting directly from dishonest or fraudulent acts committed by an Employee
acting alone or in collusion with others, with the intent:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cause the Insured to sustain such loss; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain financial benefit for the Employee or another person or entity.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As used in this Insuring Agreement, financial benefit does not include any employee
benefits earned in the normal course of employment, including salaries,
commissions, fees, bonuses, promotions, awards, profit sharing or pensions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term Loans as used in this Insuring Agreement means all extensions of credit by
the Insured and all transactions creating a creditor relationship in favor of the
Insured and all transactions by which the Insured assumes an existing creditor
relationship.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term Trading as used in this Insuring Agreement means trading or otherwise
dealing in securities, commodities, futures, options, swaps, foreign or federal
funds, currencies, foreign exchange or other similar means of exchange.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions, provisions, agreements or limitations of the above mentioned Bond
or Policy, other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INSURED
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&#169; 2009 The Travelers Companies, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><BR>
<BR>
Page 1 of 1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>* Provided for internal review purposes only. * This policy is neither issued nor certified. *</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Bond or Policy have the same inception date.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT style="white-space: nowrap">ATTACHED TO AND FORMING PART OF</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">DATE ENDORSEMENT</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">*EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OR RIDER EXECUTED</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><b>490PB2794</b>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><b>03/16/11</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><b>12/07/10</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD colspan="2" align="left" valign="top">12:01&nbsp;A.M. LOCAL TIME AS <BR>
SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><b>The Gabelli Asset Fund</b>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMEND SECTION 17. NOTICE AND CHANGE OF CONTROL ENDORSEMENT<BR> For use with
Investment Company Blanket Bond ICB005 Ed. 7/04<BR>
MEL7843 Ed. 12/10</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>It is agreed that:</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The first paragraph of SECTION 17. NOTICE AND CHANGE OF CONTROL of the
CONDITIONS AND LIMITATIONS is replaced with the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Upon the Risk Manager, Head of Internal Audit, or General Counsel of Gabelli Funds,
LLC, or functional equivalent thereof obtaining knowledge of a transfer of the
Insured&#146;s outstanding voting securities which results in a change in control (as set
forth in Section 2(a) (9)&nbsp;of the Investment Company Act of 1940) of the Insured, the
Insured shall within thirty (30)&nbsp;days of such knowledge give written notice to
Underwriter setting forth:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the names of the transferors and transferees (or the names of
the beneficial owners if the voting
securities are requested in another name),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total number of outstanding voting securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy,
other than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INSURED
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&#169; 2010 The Travelers Indemnity Company. All rights reserved.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><BR>
<BR>
Page 1 of 1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Policy have the same
inception date.</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">ATTACHED TO AND FORMING PART
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DATE ENDORSEMENT OR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">OF POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">RIDER EXECUTED
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12:01&nbsp;A.M. LOCAL TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIED IN THE POLICY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMEND DEFINITION OF EMPLOYEE ENDORSEMENT<BR>
FOR USE WITH INVESTMENT COMPANY BLANKET BOND &#151; FORM ICB005 &#151; ED. 7/04<BR>
MEL7844 &#151; Ed. 12/10</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;1. &#151; DEFINITIONS (a)&nbsp;Employee, paragraphs (5)&nbsp;and (9)&nbsp;are replaced with the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directors or trustees of the Insured, the investment advisor, underwriter
(distributor), transfer agent, or shareholder accounting record keeper, or
administrator authorized by written agreement to keep financial and/or other required
records, or sub-advisor, or shareholder service agent, custodian, or
sub-administrator, but only while performing acts coming within the scope of the usual
duties of an officer or employee or while 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, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any officer, partner, or Employee of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an investment advisor,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an underwriter (distributor),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transfer agent or shareholder accounting record-keeper,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an administrator authorized by written agreement to keep financial and/or other
required records, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a sub-advisor, shareholder services agent, custodian, or sub-administrator,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;1. &#151; DEFINITIONS (a)&nbsp;Employee, is amended by adding the
following:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" style="background: transparent">10.</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>employees on leave of absence or military deployment,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>non-compensated directors, trustees or officers while performing
acts within the scope of the usual duties of an employee,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>volunteers, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each natural person, including partners and employees of a
partnership or corporation, authorized by
written agreement with the Insured to perform consulting services for the
Insured, including those
engaged to provide computer related services, when working under the Insured&#146;s
supervision and on
behalf of the Insured</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The paragraphs following part (10)&nbsp;of the Definition of Employee are replaced with the
following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for an Investment Company named as Insured while performing acts coming within the
scope of the usual duties of an officer or Employee of any Investment Company named
as Insured herein, or while 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 any
such Investment Company, provided that only Employees or partners of a transfer
agent, shareholder accounting record-keeper, administrator, sub-administrator,
shareholder services agent, custodian, or sub-advisor, which is an affiliated
person, as defined in the Investment Company Act of 1940, of an Investment Company
named as Insured or is an affiliated person of the advisor, underwriter or
administrator of such Investment Company, and which is not a bank other than a bank
that has been included by the Underwriter within the sub-part (9)&nbsp;of this
definition, shall be included within the definition of Employee.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&#169; 2010 The Travelers Indemnity Company, Inc. All rights reserved.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><BR>
<BR>
Page 1 of 2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each employer of temporary personnel or processors as set forth in sub-sections
(6)&nbsp;and (7)&nbsp;of Section 1(a) and their partners, officers and employees shall
collectively be deemed to be one person for all the purposes of this bond, excepting,
however, the last paragraph of Section&nbsp;13.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Brokers, or other agents under contract or representatives of the same general
character shall not be considered Employees, except as specifically described above.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other than
as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&#169; 2010 The Travelers Indemnity Company, Inc. All rights reserved.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><BR>
<BR>
Page 2 of 2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following spaces preceded by an (*) need not be completed if this endorsement or rider and the Policy have
the same inception date.</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">ATTACHED TO AND
FORMING PART
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>DATE ENDORSEMENT OR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">OF BOND OR
POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>RIDER EXECUTED
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12:01&nbsp;A.M. LOCAL TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIED IN THE POLICY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENDORSEMENT AMENDING SECTION 13. TERMINATION<BR>
FOR USE WITH INVESTMENT COMPANY BLANKET BOND ICB005 &#151; Ed. 7/04<BR>
MEL7845 &#151; Ed. 12/10</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3">It is agreed that:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 13 TERMINATION of the CONDITIONS AND LIMITATIONS is amended by:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Replacing the first paragraph with the following</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter may terminate this bond as an entirety by furnishing written notice
specifying the termination date, which cannot be prior to 90&nbsp;days after the receipt of
such written notice by each Investment Company named as Insured, and the Securities and
Exchange Commission, Washington, D.C. The Insured may terminate this bond as an entirety
by furnishing written notice to the Underwriter. When the Insured cancels, the Insured
shall furnish written notice to the Securities and Exchange Commission, Washington,
D.C., prior to 90&nbsp;days before the effective date of the termination. The Underwriter
shall notify all other Investment Companies named as Insured of the receipt of such
termination notice and the termination cannot be effective prior to 90&nbsp;days after
receipt of written notice by all other Investment Companies. Premiums are earned until
the termination date as set forth herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Replacing sub sections (a)&nbsp;and (c)&nbsp;from the third paragraph with the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee as soon as the Risk Manager, Head of Internal Audit,
General Counsel of Gabelli Funds, LLC, or functional equivalent thereof not in
collusion with such Employee discovers any dishonest or fraudulent act(s),
including Larceny or Embezzlement on the part of such Employee without prejudice to
the loss of any Property then in transit in the custody of such Employee (see
Section&nbsp;16(d)), provided however, that this provision will not apply if the
dishonest or fraudulent act(s), Larceny or Embezzlement occurred prior to
employment with the Insured and the amount of the loss did not exceed $25,000, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any person who is a partner, officer or employee of any Electronic
Data Processor, as soon as the Risk Manager, Head of Internal Audit, or General
Counsel of Gabelli Funds, LLC, or functional equivalent thereof covered under this
bond, from and after the time that the Insured or any partner or officer thereof
not in collusion with such person shall have knowledge or information that such
person has committed any dishonest or fraudulent act(s), including Larceny or
Embezzlement in the service of the Insured or otherwise, whether such act be
committed before or after this bond is effective, provided however, that this
provision will not apply if the dishonest or fraudulent act occurred prior to
employment with said Electronic Data Processor covered hereunder and the amount of
the loss did not exceed $25,000.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other
than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top">&#169; 2010 The Travelers Indemnity Company, Inc. All rights reserved.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><BR>
<BR>
Page 1 of 1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>* </B><B><I>provided for internal review purposes only. * This policy is neither issued nor certified.&nbsp;*</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following spaces preceded by an <I>(*) </I>need not be completed if this endorsement or rider and the Bond or
Policy have the same inception date.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;&nbsp;&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap align="center">ATTACHED TO AND FORMING PART
OF</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>DATE ENDORSEMENT</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>* EFFECTIVE DATE OF ENDORSEMENT OR RIDER</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap align="center"><DIV style="margin-left:0px; text-indent:-0px">BOND OR POLICY NO.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OR RIDER EXECUTED</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12:01&nbsp;A.M. LOCAL TIME AS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><b>490PB2794</b>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>03/16/11</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>12/07/10</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>SPECIFIED IN THE BOND OR POLICY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>ISSUED TO</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD colspan="3" nowrap align="left"><b>The Gabelli Asset Fund</b></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENDORSEMENT AMENDING INSURING AGREEMENT (F)&nbsp;SECURITIES AND ADDING<BR>
CERTAIN DEFINITIONS<BR>
For use with Investment Company Blanket Bond ICB005 Ed. 7/04<BR>
MEL7846 Ed. 12/10</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>It is agreed that:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Paragraph (2)&nbsp;of Insuring Agreement (F)&nbsp;SECURITIES is replaced with the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the Insured&#146;s having, in good faith and in the course of business, guaranteed in
writing or witnessed any signatures whether for valuable consideration or not and whether or not such
guaranteeing or witnessing is ultra vires the Insured, upon any transfers, assignments,
bills of sale, powers of attorney, guarantees, endorsements or other obligations upon or
in connection with any securities, including Uncertificated Securities and Initial
Transaction Statements, documents or other written instruments and which pass or purport
to pass title to such securities, documents or other written instruments; excluding losses
caused by Forgery or alteration of, on or in those instruments covered under Insuring
Agreement (E)&nbsp;hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 1. DEFINITIONS, is amended by adding the following:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Initial Transaction Statement&#148; means the first written statement signed by or on behalf of
the issuer of an Uncertificated Security and sent to the registered owner or registered
pledge containing:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a description of the issue of which the Uncertificated Security is part; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of shares or units which are transferred to the
registered owner, or pledged by the
registered owner to the registered pledge, or released by the owner to the
registered pledge, or
released from pledge by the registered pledges; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the name, address and taxpayer identification number, if any, of the
registered owner or the registered
pledge; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date the transfer pledge or release was registered.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Uncertificated Security&#148; means a share, participation or other interest in property of or an
enterprise of the issuer or an obligation of the issuer, which is:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not represented by an instrument and the transfer of which is registered
upon books maintained for
that purpose by or on behalf of the Issuer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of a type commonly dealt in on securities exchanges or markets, and</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
conditions, provisions, agreements or limitations of the above mentioned Bond or Policy, other
than as above stated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Representative
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">INSURED</div>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&#169; 2010 The Travelers Indemnity Company. All rights reserved.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><BR>
<BR>
Page 1 of 1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECRETARY&#146;S CERTIFICATE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned hereby certify that the following resolutions have been adopted first by those
Board Member who are not considered to be &#147;interested persons,&#148; as defined in the Investment
Company Act of 1940, as amended (the &#147;1940 Act&#148;)(&#147;Independent Board Members&#148;) voting separately,
and then by the entire Board of each Fund, at the respective meetings duly called and held on
November&nbsp;16 and 17, 2010:
</DIV>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="97%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED,</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the Board hereby ratifies the renewal of the Fidelity Bond for the
ensuing year, which coverage is maintained jointly on behalf of the Fund and
other parties named as insureds therein and which will provide coverage in
the aggregate amount of $24,800,000 or such greater amount as the officers of
the Fund may deem appropriate; and further</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED,</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the Board hereby determines that the annual premium for the
Fidelity Bond is fair and reasonable and the annual premium be and hereby is,
ratified and approved; and further</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED,</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the portion of the premium for the aforementioned joint insured
bond paid by the Fund is hereby approved, taking into consideration, among
other things, the number of parties named as insureds, the nature of the
business activities of such other parties, the amount of the joint insured
bond, the amount of the premium for such bond, the ratable allocation of the
premium among all parties named as insureds; and the extent to which the
share of the premium allocated to the Fund is less than the premium the Fund
would have had to pay if it had provided and maintained a single insured
bond; and further</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED,</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the continuance of the Amended and Restated Joint Insured Agreement
among Gabelli 787 Fund, Inc., The Gabelli Asset Fund, The Gabelli Blue Chip
Value Fund, Gabelli Capital Series&nbsp;Funds, Inc., Comstock Funds, Inc., The
Gabelli Convertible and Income Securities Fund Inc., The Gabelli Dividend &#038;
Income Trust, Gabelli Equity Series&nbsp;Funds, Inc., The Gabelli Equity Trust
Inc., The GDL Fund, The Gabelli Global Gold, Natural Resources &#038; Income
Trust, The Gabelli Global Multimedia Trust Inc., The Gabelli Global Utility &#038;
Income Trust, GAMCO Global Series&nbsp;Funds, Inc., GAMCO Gold Fund, Inc., The
GAMCO Growth Fund, The Gabelli Healthcare &#038; Wellness<SUP style="FONT-size: 85%; vertical-align: text-top">Rx</SUP> Trust,
GAMCO International Growth Fund, Inc., Gabelli Investor Funds, Inc., The
GAMCO Mathers Fund, The Gabelli Money Market Funds, The Gabelli Natural
Resources, Gold &#038; Income Trust, Gabelli SRI Green Fund, Inc., The Gabelli</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="98%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Utilities Fund, The Gabelli Utility Trust, The Gabelli
Value Fund Inc. and The GAMCO Westwood Funds is hereby
approved; and further</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RESOLVED,</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That the Secretary or Assistant Secretary of the Fund is hereby
authorized and directed to prepare, execute and file such Fidelity Bond and
any supplements thereto, and to take such action as may be necessary or
appropriate in order to conform the terms of the Fidelity Bond coverage to
the provisions of the 1940 Act, as amended, and the rules and regulations
promulgated thereunder.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the undersigned has hereunto set his/her hand this 1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> day of April,
2011.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bruce N. Alpert
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Bruce N. Alpert
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Agnes Mullady
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Agnes Mullady
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gabelli 787 Fund, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Blue Chip Value Fund</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Gabelli Asset Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Convertible and Income Securities Fund Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gabelli Capital Series&nbsp;Funds, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Dividend &#038; Income Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Comstock Funds, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Equity Trust Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gabelli Equity Series&nbsp;Funds, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The GDL Fund</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GAMCO Global Series&nbsp;Funds, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Global Gold, Natural Resources &#038; Income Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GAMCO Gold Fund, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Global Multimedia Trust Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The GAMCO Growth Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Global Utility &#038; Income Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Gabelli Healthcare &#038; Wellness<SUP style="FONT-size: 85%; vertical-align: text-top">Rx</SUP> Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Utilities Fund</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GAMCO International Growth Fund, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Utility Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gabelli Investor Funds, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Gabelli Natural Resources, Gold &#038; Income Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The GAMCO Mathers Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Gabelli Money Market Funds
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Gabelli SRI Green Fund, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Gabelli Value Fund Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The GAMCO Westwood Funds
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED<BR>
JOINT INSURED AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT dated December&nbsp;1, 1999, as most recently amended as of November&nbsp;16, 2010, among the
registered investment companies advised by Gabelli Funds, LLC, Teton Advisors, Inc. and Gabelli
Fixed Income LLC (together, the &#147;Advisers&#148;) which are listed on Schedule&nbsp;A attached hereto
(collectively, the &#147;Funds&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each of the Funds is named as an insured in an investment company blanket bond (the
&#147;Fidelity Bond&#148;) which is intended to be in full compliance with Rule&nbsp;17g-1 under the Investment
Company Act of 1940, as amended; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Funds desire to enter into an agreement in order to meet the requirements of Rule
17g-1 and to assure that premiums payable with respect to the Fidelity Bond and payments by the
Insurer with respect to the Fidelity Bond are allocated in a fair and equitable manner;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Now, THEREFORE, the Funds do hereby agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Each Fund shall maintain a minimum amount of fidelity insurance one level higher than that
specified for its asset size by the table contained in Rule&nbsp;17g-1(d) (the &#147;Minimum Insurance&#148;).
Each Fund shall aggregate the assets of all of its series to calculate the amount of coverage
required by Rule&nbsp;17g-1(d). Notwithstanding the foregoing, no Fund shall be required to increase
the amount of its fidelity insurance unless and until the aggregate amount of fidelity insurance
maintained by the Funds exceeds the aggregate amount of fidelity insurance the Funds are required
to maintain pursuant to the table contained in Rule&nbsp;17g-1(d) by $2&nbsp;million or less.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The allocation of the premium to each Fund shall be based on the proportionate share of the
sum of the premiums that would have been paid if fidelity insurance was purchased separately by the
Funds, and will be based upon the relative Minimum Insurance percentages of the Funds as of the
quarter ending prior to the beginning of the first month in the period for which the coverage is
obtained, subject to paragraph 4 below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Each Fund is guaranteed a minimum coverage amount with access to the remainder of the total
coverage of the Fidelity Bond. In the event that any recovery is received under the Fidelity Bond
as a result of the loss sustained by two or more Funds, 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 maintained a single insured bond with minimum coverage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Each Fund may, at any time, increase its allocation described in paragraph 2 upon payment
of the premium required for such additional insurance provided that the face amount of the Fidelity
Bond can increase accordingly or be supplemented by a policy of excess insurance.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Any other registered investment company or additional series of such an investment company
for which the Advisers or their affiliates serves as investment adviser (&#147;Additional Fund&#148;) may
become a party to this Agreement by executing a copy of this Agreement (a copy of which will be
furnished to each of the Funds) and by paying the premium for any required increase in the amount
of the Fidelity Bond if the underwriter of the Fidelity Bond is willing to add such Additional Fund
as an additional insured and increase the amount of total coverage by the amount of the Minimum
Insurance required for such Additional Fund by the provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The Agreement shall remain in effect for as long as two or more of the Funds (including any
Additional Fund) are insured under the terms of the Fidelity Bond. Any Fund shall, however, have
the right to terminate, at any time, its participation in the Fidelity Bond and in this Agreement
provided that losses incurred prior to such termination shall be governed by the provision of this
Agreement and the amount of any return premium to which such Fund shall be entitled will be limited
to the amount actually obtained from the underwriter in respect of such termination.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bruce N. Alpert
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Bruce N. Alpert
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Asset Fund</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Blue Chip Value Fund</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Gabelli Capital Series&nbsp;Funds, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Comstock Funds, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Convertible and Income Securities Fund Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Dividend &#038; Income Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Gabelli Equity Series&nbsp;Funds, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Equity Trust Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli GDL Fund</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">President, The Gabelli Global Gold, Natural Resources &#038; Income Trust</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Global Multimedia Trust Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, GAMCO Global Series&nbsp;Funds, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Global Utility &#038; Income Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, GAMCO Gold Fund, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The GAMCO Growth Fund</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, GAMCO International Growth Fund, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Gabelli Investor Funds, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, The GAMCO Mathers Fund</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Money Market Funds</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Natural Resources, Gold &#038; Income Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli SRI Fund, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Utilities Fund</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Utility Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Value Fund Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The GAMCO Westwood Funds</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Gabelli 787 Fund, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Agnes Mullady</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agnes Mullady</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, The Gabelli Healthcare &#038; Wellness<SUP style="FONT-size: 85%; vertical-align: text-top">Rx</SUP> Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Schedule&nbsp;A</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><u>List of Registered Investment Companies</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Asset Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Blue Chip Value Fund </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Convertible Securities and Income Securities Fund Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Dividend &#038; Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Equity Trust Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The GDL Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Global Gold, Natural Resources &#038; Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Healthcare &#038; Wellness<SUP style="FONT-size: 85%; vertical-align: text-top">Rx</SUP> Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Global Multimedia Trust Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Global Utility &#038; Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GAMCO Gold Fund, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The GAMCO Growth Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GAMCO International Growth Fund, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The GAMCO Mathers Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Natural Resources, Gold &#038; Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli SRI Fund, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Utilities Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Utility Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Value Fund Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Gabelli Capital Series&nbsp;Funds, Inc.:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Capital Asset Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Comstock Funds, Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Comstock Capital Value Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Gabelli Equity Series&nbsp;Funds, Inc.:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Equity Income Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Small Cap Growth Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli Woodland Small Cap Value Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>GAMCO Global Series&nbsp;Funds, Inc.:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The GAMCO Global Telecommunications Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The GAMCO Vertumnus Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The GAMCO Global Growth Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The GAMCO Global Opportunity Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Gabelli Investor Funds, Inc.:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli ABC Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>The Gabelli Money Market Funds:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">The Gabelli U.S. Treasury Money Market Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>The GAMCO Westwood Funds:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GAMCO Westwood Equity Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GAMCO Westwood Intermediate Bond Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GAMCO Westwood Balanced Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GAMCO Westwood SmallCap Equity Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GAMCO Westwood Income Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GAMCO Westwood Mighty Mites Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Gabelli 787 Fund, Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gabelli Enterprise Mergers and Acquisitions Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">November&nbsp;16, 2010
</DIV>



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