Principal Mortgage Fund Inc. – ‘40-17G’ on 10/29/07

On:  Monday, 10/29/07, at 7:19am ET   ·   Effective:  10/29/07   ·   Accession #:  1019687-7-3649   ·   File #:  814-00750

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Fidelity Bond of a Management Investment Company   —   Rule 17g-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 40-17G      Fidelity Bond Filed Pursuant to Rule 17G               5     16K 

40-17G
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 Farmers Insurance Group
210 W. Birch St. #205 Brea, CA 92821
 714-257-2517 Fax 714-257-2522

October 25, 2007                                                                

Securities and Exchange Commission                                              
Attn: Filing Desk                                                               
100 F Street, N.E.                                                              
Washington, D.C. 20549                                                          

Re: Principal Mortgage Fund, Inc.                                               

Ladies and Gentlemen:                                                           

Enclosed for filing on behalf of Principal Mortgage Fund, Inc. (the       
"Company") pursuant to Rule 17g-l(g) under the Investment Company Act of 1940   
please find a copy of (i) the Company's single insured bond for the period from 
October 25, 2007 to October 25, 2008, (ii) the resolution of a majority of the  
board of directors of the Company who are not "interested persons" approving the
amount, type, form and coverage of the single insured bond, and (iii) a         
statement as to the period for which premiums have been paid.                   

Please call me at (714) 257-2517 if you have any questions.               

Sincerely,                                                                      

/s/ Jonathan Ekno                                                               
-------------------------                                                       
Jonathan Ekno                                                                   
Insurance Broker                                                                

40-17G
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Stateside Underwriting Agency                                                   
29 South La Salle, Suite 530                                                    
Chicago, IL 60603                                                               
312-345-1800 Tel                                                                
312-345-1889 Fax                                                                

DATE:                                        October 26, 2007                   

NAME OF ASSURED:                             PRINCIPAL MORTGAGE FUND, INC.      

ADDRESS OF ASSURED:                          1805 NO. CARSON ST. #108           
                               CARSON CITY, NV 89701

SECURITY:                                    UNDERWRITERS AT LLOYD'S, LONDON    
                              AND LONDON COMPANIES

COVERAGE:                                    SPECIAL MORTGAGE BANKERS BOND      

THIS IS TO CONFIRM COVERAGE IS BOUND EFFECTIVE OCTOBER 25, 2007 TO OCTOBER 25,  
2008 (Note, this binder, however, is only in effect for 30 days from the date of
this binder.)                                                                   

POLICY NUMBER ASSIGNED:                      SUA 2975                           

CLAUSE      DESCRIPTION              SUB-LIMIT             DEDUCTIBLE           

1           Dishonesty               $1,000,000            $25,000              
2           Premises                 $1,000,000            $25,000              
3           Transits                 $1,000,000            $25,000              
4           Forged Checks            $1,000,000            $25,000              
5           Forged Documents         $1,000,000            $25,000              
6           Secondary Market Inst.   NA                    NA                   
7           Claims Expense           NA                    NA                   
8           Legal Expense            NA                    NA                   
9           Errors & Omissions       NA                    NA                   
10          Replacement Expense      NA                    NA                   
11          Extended E&O             NA                    NA                   
12          Elec. & Computer Crime   $1,000,000            $25,000              

SUBJECT TO:                                                                     

NONE                                                                            

OTHER CONDITIONS:                                                               

RETRO DATE: NONE                                                                
SERVICE OF SUIT CLAUSE (N.M.A. 1998)                                            
LOSS PAYEE RIDER AS REQUIRED (SR 6186)                                          
DISCOVERY LIMITATION CLAUSE 1 (DLC)                                             
SERVERAL LIABILITY NOTICE (LSW 1001)                                            
WAR & TERRORISM EXCLUSION ENDORSEMENT (N.M.A. 2918)                             
US TERRORISM RISK INSURANCE - NOT PURCHASED CLAUSE DMA5053                      
CHOICE OF LAW CLAUSE                                                            
NUCLEAR INCIDENT EXCLUSION                                                      
CLAIMS NOTIFICATION ENDORSEMENT                                                 

40-17G
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PREMIUM DUE DATE:                    November 20, 2007                          

ANNUAL PREMIUM:                      $5,000.00                                  
TRIA PREMIUM:                        $0.00                                      
POLICY FEE:                          $125.00                                    

GROSS PREMIUM:                       $5,125.00                                  
SURPLUS LINES TAX 3.5%:              $179.38                                    
STAMPING FEE 0.40%:                  $20.50                                     
TOTAL PREMIUM:                       $5,324.88                                  

NOTE THAT THE TERRORISM EXCLUSION CAN BE DELETED FOR AN ADDITIONAL PREMIUM AS   
SET OUT IN THE PROPOSAL. IN EITHER CASE, THIS BINDER IS SUBJECT TO RECEIPT OF A 
TRIA FORM. THE CLIENT MUST ELECT ON A TRIA FORM WHETHER THEY DESIRE TO PURCHASE 
THIS COVERAGE OR NOT. IF THIS FOR HAS NOT BEEN SUBMITTED PRIOR TO BINDING, WE   
NEED TO RECEIVE THIS WITHIN 10 DAYS OF THE BINDER DATE.                         

THIS BINDER IS VALID FOR 30 DAYS ONLY                                           

This binder is a temporary insurance contract subject to the terms, conditions  
and limitations of the policy(ies) in current use by the Underwriters.          

This binder may be cancelled by the Insured by surrender of this binder or by   
written notice to the Underwriters stating when cancellation will be effective. 
This binder is cancelled when replaced by the policy. If this binder is not     
replaced by the policy, the Underwriters are entitled to charge a premium for   
the binder.                                                                     

/s/ Authorized Representative                           October 26, 2007        
By Stateside Underwriting Agency, Inc.                                          

40-17G
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PRINCIPAL MORTGAGE FUND RESOLUTION

 "FIDELITY BOND"

RESOLVED:         That, after considering all relevant factors, the action of   
              the Authorized Officers of the Company in obtaining a bond
             issued by Federal Insurance Company, covering larceny and
                  embezzlement and certain other acts, with a limit of liability
                  of $1,000,000, for an aggregate one-year premium of $5,324.88,
  be, and it hereby is, authorized and approved.

RESOLVED:         That pursuant to Rule 17g-l under the 1940 Act, as amended,   
                 Joe Villa, Chief Executive Officer, and Harold Gregg, General
             Counsel, Chief Compliance Officer and Secretary, are each
             hereby designated as an agent for the Company to make the
                filings and give the notices required by subparagraph (g) of
said Rule.                                  

RESOLVED:         That the form and amount of the bond issued by Federal        
                  Insurance Company, after consideration of all relevant factors
             including the Company's aggregate assets to which persons
          covered by the bond have access, the type and terms of
                arrangements made for custody and safekeeping of assets, and
             the nature of the securities held, be and they hereby are
authorized and approved.                    

40-17G
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PRINCIPAL MORTGAGE FUND, INC. (the "Company") 
 STATEMENT REGARDING PREMIUMS PAID

The Company has paid premiums under its single insured bond for the period
from October 25, 2007 through October 25, 2008.                                 

                     Principal Mortgage Fund, Inc.

         By: /s/ Joe Villa
                                     -------------------------------------
Dated: October 26, 2007                Joe Villa                                
                     Chief Executive Officer

Dates Referenced Herein

				Referenced-On Page
This ‘40-17G’ Filing		Date		First		Last			Other Filings
		10/25/08		1		5			None on these Dates
		11/20/07		3
Filed on / Effective on:		10/29/07
		10/26/07		2		5
		10/25/07		1		5
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