RESEARCH EQUITY FUND, INC., Appellant, v. the INSURANCE COMPANY OF NORTH AMERICA, Appellee

PFAELZER, District Judge:

This case involves certain fidelity bonds issued to appellant Research Equity Fund, Inc., formerly Winfield Growth Fund (“WGF”), a mutual fund, by appellee Insurance Company of North America (“INA”). Jurisdiction is based upon diversity of citizenship, 28 U.S.C. § 1332. The District Court held that the bonds did not cover the losses suffered by appellant and entered judgment for INA. We affirm.

I

FACTS

WGF is a Maryland corporation registered as a management investment company under the Investment Company Act of 1940 (“the Act”), 15 U.S.C. §§ 80a-l, et seq. It is subject…