Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549

Ladies and Gentlemen:

Enclosed for filing, pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), please find the following information with respect to the above-captioned funds. Please note the following for the Commission's records:

      1. A copy of a joint Investment Company Bond issued by Vigilant Insurance Company (the "Bond"), which lists the funds as insureds, is enclosed under Exhibit 99-1.

     2. A certificate of the funds' Assistant Secretary in which he attests to the authenticity and accuracy of resolutions adopted by the members of each fund's Board of Directors/Managers (including those members who are not "interested persons," as defined in the 1940 Act, of the fund) which authorize the purchase of a joint bond in a form and in an amount which is consistent with Rule 17g-1 under the 1940 Act, is enclosed under Exhibit 99-2.

      3. The Bond premium has been paid for the coverage period from October 30, 2006 to October 30, 2007, and the Bond is written for a $8,750,000 limit of liability. Had each fund not been named as an insured under the Bond, each of the funds would have provided and maintained a separate bond in an amount at least equal to the amount listed in Schedule A, attached hereto.

      4. A copy of the agreement among the funds entered into pursuant to paragraph (f) of Rule 17g-1 is enclosed under Exhibit 99-3.

Very truly yours,

/s/ Brian D. Simon
Brian D. Simon