Chubb Group of Insurance Companies

DECLARATIONS

FINANCIAL INSTITUTION INVESTMENT

15 Mountain View Road, Warren, New Jersey 07059

COMPANY ASSET PROTECTION BOND

NAME OF ASSURED (including its Subsidiaries):

Bond Number: 81392053

CENTRAL SECURITIES CORPORATION

VIGILANT INSURANCE COMPANY

630 FIFTH AVENUE, SUITE 820

Incorporated under the laws of New York

a stock insurance company herein called the COMPANY

NEW YORK, N Y 10011

55 Water Street, New York NY 10041-2899

ITEM 1.

BOND PERIOD:

from

12:01 a.m. on

April 1, 2007

to

12:01 a.m. on

April 1, 2008

ITEM 2.

LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:

If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE

and any other reference shall be deemed to be deleted. There shall be no deductible applicable to any

loss under INSURING CLAUSE 1. sustained by any Investment Company.

DEDUCTIBLE

INSURING CLAUSE

LIMIT OF LIABILITY

AMOUNT

1.

Employee

$ 900,000

$ 10,000

2.

On Premises

$ 900,000

$ 10,000

3.

In Transit

$ 900,000

$ 10,000

4.

Forgery or Alteration

$ 900,000

$ 10,000

5.

Extended Forgery

$ Not Covered

$ None

6.

Counterfeit Money

$ 900,000

$ 10,000

7.

Threats to Person

$ Not Covered

$ None

8.

Computer System

$ Not Covered

$ None

9.

Voice Initiated Funds Transfer Instruction

$ Not Covered

$ None

10.

Uncollectible Items of Deposit

$ Not Covered

$ None

11.

Audit Expense

$ Not Covered

$ None

ITEM 3.

THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING

ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:

(1) Compliance with Applicable Trade Sanction Laws

(2) Deleting Valuation- Other Property

(3) New York Amendatory

IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not

be valid unless also signed by an authorized representative of the Company.

ICAP Bond (5-98) - Vigilant Form 17-02-1422 (Ed. 5-98) Page 1 of 1

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		The COMPANY, in consideration of payment of the required premium, and in reliance
		on the APPLICATION and all other statements made and information furnished to the
		COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this
		Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED
		for:
Insuring Clauses
Employee		1.		Loss resulting directly from Larceny or Embezzlement committed by any
				Employee, alone or in collusion with others.
On Premises		2.		Loss of Property resulting directly from robbery, burglary, false pretenses,
				common law or statutory larceny, misplacement, mysterious unexplainable
				disappearance, damage, destruction or removal, from the possession, custody or
				control of the ASSURED, while such Property is lodged or deposited at premises
				located anywhere.
In Transit		3.		Loss of Property resulting directly from common law or statutory larceny,
				misplacement, mysterious unexplainable disappearance, damage or destruction,
				while the Property is in transit anywhere:
				a.		in an armored motor vehicle, including loading and unloading thereof,
				b.		in the custody of a natural person acting as a messenger of the ASSURED,
						or
				c.		in the custody of a Transportation Company and being transported in a
						conveyance other than an armored motor vehicle provided, however, that
						covered Property transported in such manner is limited to the following:
						(1)		written records,
						(2)		securities issued in registered form, which are not endorsed or are
								restrictively endorsed, or
						(3)		negotiable instruments not payable to bearer, which are not endorsed
								or are restrictively endorsed.
				Coverage under this INSURING CLAUSE begins immediately on the receipt of
				such Property by the natural person or Transportation Company and ends
				immediately on delivery to the premises of the addressee or to any representative
				of the addressee located anywhere.

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 1 of 19

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Insuring Clauses
(continued)
Forgery Or Alteration		4.		Loss resulting directly from:
				a.		Forgery on, or fraudulent material alteration of, any bills of exchange,
						checks, drafts, acceptances, certificates of deposits, promissory notes, due
						bills, money orders, orders upon public treasuries, letters of credit, other
						written promises, orders or directions to pay sums certain in money, or
						receipts for the withdrawal of Property, or
				b.		transferring, paying or delivering any funds or other Property, or establishing
						any credit or giving any value in reliance on any written instructions, advices
						or applications directed to the ASSURED authorizing or acknowledging the
						transfer, payment, delivery or receipt of funds or other Property, which
						instructions, advices or applications fraudulently purport to bear the
						handwritten signature of any customer of the ASSURED, or shareholder or
						subscriber to shares of an Investment Company, or of any financial
						institution or Employee but which instructions, advices or applications either
						bear a Forgery or have been fraudulently materially altered without the
						knowledge and consent of such customer, shareholder, subscriber, financial
						institution or Employee;
				excluding, however, under this INSURING CLAUSE any loss covered under
				INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING
				CLAUSE 5. is provided for in the DECLARATIONS of this Bond.
				For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
				signature is treated the same as a handwritten signature.
Extended Forgery		5.		Loss resulting directly from the ASSURED having, in good faith, and in the
				ordinary course of business, for its own account or the account of others in any
				capacity:
				a.		acquired, accepted or received, accepted or received, sold or delivered, or
						given value, extended credit or assumed liability, in reliance on any original
						Securities, documents or other written instruments which prove to:
						(1)		bear a Forgery or a fraudulently material alteration,
						(2)		have been lost or stolen, or
						(3)		be Counterfeit, or
				b.		guaranteed in writing or witnessed any signatures on any transfer,
						assignment, bill of sale, power of attorney, guarantee, endorsement or other
						obligation upon or in connection with any Securities, documents or other
						written instruments.
				Actual physical possession, and continued actual physical possession if taken as
				collateral, of such Securities, documents or other written instruments by an
				Employee, Custodian, or a Federal or State chartered deposit institution of the
				ASSURED is a condition precedent to the ASSURED having relied on such items.
				Release or return of such collateral is an acknowledgment by the ASSURED that it
				no longer relies on such collateral.

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 2 of 19

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Insuring Clauses
Extended Forgery				For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
(continued)				signature is treated the same as a handwritten signature.
Counterfeit Money		6.		Loss resulting directly from the receipt by the ASSURED in good faith of any
				Counterfeit money.
Threats To Person		7.		Loss resulting directly from surrender of Property away from an office of the
				ASSURED as a result of a threat communicated to the ASSURED to do bodily
				harm to an Employee as defined in Section 1.e. (1), (2) and (5), a Relative or
				invitee of such Employee, or a resident of the household of such Employee, who
				is, or allegedly is, being held captive provided, however, that prior to the surrender
				of such Property:
				a.		the Employee who receives the threat has made a reasonable effort to
						notify an officer of the ASSURED who is not involved in such threat, and
				b.		the ASSURED has made a reasonable effort to notify the Federal Bureau of
						Investigation and local law enforcement authorities concerning such threat.
				It is agreed that for purposes of this INSURING CLAUSE, any Employee of the
				ASSURED, as set forth in the preceding paragraph, shall be deemed to be an
				ASSURED hereunder, but only with respect to the surrender of money, securities
				and other tangible personal property in which such Employee has a legal or
				equitable interest.
Computer System		8.		Loss resulting directly from fraudulent:
				a.		entries of data into, or
				b.		changes of data elements or programs within,
				a Computer System, provided the fraudulent entry or change causes:
						(1)		funds or other property to be transferred, paid or delivered,
						(2)		an account of the ASSURED or of its customer to be added, deleted,
								debited or credited, or
						(3)		an unauthorized account or a fictitious account to be debited or
								credited.

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Insuring Clauses
(continued)
Voice Initiated Funds		9.		Loss resulting directly from Voice Initiated Funds Transfer Instruction directed
Transfer Instruction				to the ASSURED authorizing the transfer of dividends or redemption proceeds of
				Investment Company shares from a Customer's account, provided such Voice
				Initiated Funds Transfer Instruction was:
				a.		received at the ASSURED'S offices by those Employees of the ASSURED
						specifically authorized to receive the Voice Initiated Funds Transfer
						Instruction,
				b.		made by a person purporting to be a Customer, and
				c.		made by said person for the purpose of causing the ASSURED or Customer
						to sustain a loss or making an improper personal financial gain for such
						person or any other person.
				In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated
				Funds Transfer Instructions must be received and processed in accordance with
				the Designated Procedures outlined in the APPLICATION furnished to the
				COMPANY.
Uncollectible Items of		10.		Loss resulting directly from the ASSURED having credited an account of a
Deposit				customer, shareholder or subscriber on the faith of any Items of Deposit which
				prove to be uncollectible, provided that the crediting of such account causes:
				a.		redemptions or withdrawals to be permitted,
				b.		shares to be issued, or
				c.		dividends to be paid,
				from an account of an Investment Company.
				In order for coverage to apply under this INSURING CLAUSE, the ASSURED must
				hold Items of Deposit for the minimum number of days stated in the
				APPLICATION before permitting any redemptions or withdrawals, issuing any
				shares or paying any dividends with respect to such Items of Deposit.
				Items of Deposit shall not be deemed uncollectible until the ASSURED'S
				standard collection procedures have failed.
Audit Expense		11.		Expense incurred by the ASSURED for that part of the cost of audits or
				examinations required by any governmental regulatory authority or self-regulatory
				organization to be conducted by such authority, organization or their appointee by
				reason of the discovery of loss sustained by the ASSURED and covered by this
				Bond.

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General Agreements
Additional Companies		A.		If more than one corporation, or Investment Company, or any combination of
Included As Assured				them is included as the ASSURED herein:
				(1)		The total liability of the COMPANY under this Bond for loss or losses
						sustained by any one or more or all of them shall not exceed the limit for
						which the COMPANY would be liable under this Bond if all such loss were
						sustained by any one of them.
				(2)		Only the first named ASSURED shall be deemed to be the sole agent of the
						others for all purposes under this Bond, including but not limited to the giving
						or receiving of any notice or proof required to be given and for the purpose of
						effecting or accepting any amendments to or termination of this Bond. The
						COMPANY shall furnish each Investment Company with a copy of the
						Bond and with any amendment thereto, together with a copy of each formal
						filing of claim by any other named ASSURED and notification of the terms of
						the settlement of each such claim prior to the execution of such settlement.
				(3)		The COMPANY shall not be responsible for the proper application of any
						payment made hereunder to the first named ASSURED.
				(4)		Knowledge possessed or discovery made by any partner, director, trustee,
						officer or supervisory employee of any ASSURED shall constitute knowledge
						or discovery by all the ASSUREDS for the purposes of this Bond.
				(5)		If the first named ASSURED ceases for any reason to be covered under this
						Bond, then the ASSURED next named on the APPLICATION shall thereafter
						be considered as the first named ASSURED for the purposes of this Bond.
Representation Made By		B.		The ASSURED represents that all information it has furnished in the
Assured				APPLICATION for this Bond or otherwise is complete, true and correct. Such
				APPLICATION and other information constitute part of this Bond.
				The ASSURED must promptly notify the COMPANY of any change in any fact or
				circumstance which materially affects the risk assumed by the COMPANY under
				this Bond.
				Any intentional misrepresentation, omission, concealment or incorrect statement of
				a material fact, in the APPLICATION or otherwise, shall be grounds for recision of
				this Bond.

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General Agreements
(continued)
Additional Offices Or		C.		If the ASSURED, other than an Investment Company, while this Bond is in force,
Employees - Consolidation,				merges or consolidates with, or purchases or acquires assets or liabilities of
Merger Or Purchase Or				another institution, the ASSURED shall not have the coverage afforded under this
Acquisition Of Assets				Bond for loss which has:
OrLiabilities - Notice To				(1)		occurred or will occur on premises, or
Company
				(2)		been caused or will be caused by an employee, or
				(3)		arisen or will arise out of the assets or liabilities,
				of such institution, unless the ASSURED:
				a.		gives the COMPANY written notice of the proposed consolidation, merger or
						purchase or acquisition of assets or liabilities prior to the proposed effective
						date of such action, and
				b.		obtains the written consent of the COMPANY to extend some or all of the
						coverage provided by this Bond to such additional exposure, and
				c.		on obtaining such consent, pays to the COMPANY an additional premium.
Change Of Control -		D.		When the ASSURED learns of a change in control (other than in an Investment
Notice To Company				Company), as set forth in Section 2(a) (9) of the Investment Company Act of
				1940,		the ASSURED shall within sixty (60) days give written notice to the
				COMPANY setting forth:
				(1)		the names of the transferors and transferees (or the names of the beneficial
						owners if the voting securities are registered in another name),
				(2)		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
				(3)		the total number of outstanding voting securities.
				Failure to give the required notice shall result in termination of coverage for any
				loss involving a transferee, to be effective on the date of such change in control.
Court Costs And		E.		The COMPANY will indemnify the ASSURED for court costs and reasonable
Attorneys’ Fees				attorneys' fees incurred and paid by the ASSURED in defense, whether or not
				successful, whether or not fully litigated on the merits and whether or not settled,
				of any claim, suit or legal proceeding with respect to which the ASSURED would
				be entitled to recovery under this Bond. However, with respect to INSURING
				CLAUSE 1., this Section shall only apply in the event that:
				(1)		an Employee admits to being guilty of Larceny or Embezzlement,
				(2)		an Employee is adjudicated to be guilty of Larceny or Embezzlement, or

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General Agreements
Court Costs And		(3)		in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
Attorneys’ Fees				an agreed statement of facts between the COMPANY and the ASSURED,
(continued)				that an Employee would be found guilty of Larceny or Embezzlement if
				such Employee were prosecuted.
		The ASSURED shall promptly give notice to the COMPANY of any such suit or
		legal proceeding and at the request of the COMPANY shall furnish copies of all
		pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
		sole option, elect to conduct the defense of all or part of such legal proceeding.
		The defense by the COMPANY shall be in the name of the ASSURED through
		attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
		information and assistance as required by the COMPANY for such defense.
		If the COMPANY declines to defend the ASSURED, no settlement without the
		prior written consent of the COMPANY nor judgment against the ASSURED shall
		determine the existence, extent or amount of coverage under this Bond.
		If the amount demanded in any such suit or legal proceeding is within the
		DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
		costs and attorney's fees incurred in defending all or part of such suit or legal
		proceeding.
		If the amount demanded in any such suit or legal proceeding is in excess of the
		LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
		INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees
		incurred in defending all or part of such suit or legal proceedings is limited to the
		proportion of such court costs and attorney's fees incurred that the LIMIT OF
		LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING
		CLAUSE bears to the total of the amount demanded in such suit or legal
		proceeding.
		If the amount demanded is any such suit or legal proceeding is in excess of the
		DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
		2.		of the DECLARATIONS for the applicable INSURING CLAUSE, the
		COMPANY'S liability for court costs and attorney's fees incurred in defending all or
		part of such suit or legal proceedings shall be limited to the proportion of such
		court costs or attorney's fees that the amount demanded that would be payable
		under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
		amount demanded.
		Amounts paid by the COMPANY for court costs and attorneys' fees shall be in
		addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.

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Conditions And
Limitations
Definitions		1.		As used in this Bond:
				a.		Computer System means a computer and all input, output, processing,
						storage, off-line media libraries, and communication facilities which are
						connected to the computer and which are under the control and supervision
						of the operating system(s) or application(s) software used by the ASSURED.
				b.		Counterfeit means an imitation of an actual valid original which is intended
						to deceive and be taken as the original.
				c.		Custodian means the institution designated by an Investment Company to
						maintain possession and control of its assets.
				d.		Customer means an individual, corporate, partnership, trust customer,
						shareholder or subscriber of an Investment Company which has a written
						agreement with the ASSURED for Voice Initiated Funds Transfer
						Instruction.
				e.		Employee means:
						(1)		an officer of the ASSURED,
						(2)		a natural person while in the regular service of the ASSURED at any of
								the ASSURED'S premises and compensated directly by the ASSURED
								through its payroll system and subject to the United States Internal
								Revenue Service Form W-2 or equivalent income reporting plans of
								other countries, and whom the ASSURED has the right to control and
								direct both as to the result to be accomplished and details and means
								by which such result is accomplished in the performance of such
								service,
						(3)		a guest student pursuing studies or performing duties in any of the
								ASSURED'S premises,
						(4)		an attorney retained by the ASSURED and an employee of such
								attorney while either is performing legal services for the ASSURED,
						(5)		a natural person provided by an employment contractor to perform
								employee duties for the ASSURED under the ASSURED'S supervision
								at any of the ASSURED'S premises,
						(6)		an employee of an institution merged or consolidated with the
								ASSURED prior to the effective date of this Bond,
						(7)		a director or trustee of the ASSURED, but only while performing acts
								within the scope of the customary and usual duties of any officer or
								other employee of the ASSURED or while acting as a member of any
								committee duly elected or appointed to examine or audit or have
								custody of or access to Property of the ASSURED, or

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Conditions And
Limitations
Definitions		(8)		each natural person, partnership or corporation authorized by written
(continued)				agreement with the ASSURED to perform services as electronic data
				processor of checks or other accounting records related to such checks but
				only while such person, partnership or corporation is actually performing
				such services and not:
				a.		creating, preparing, modifying or maintaining the ASSURED'S
						computer software or programs, or
				b.		acting as transfer agent or in any other agency capacity in issuing
						checks, drafts or securities for the ASSURED,
		(9)		any partner, officer or employee of an investment advisor, an underwriter
				(distributor), a transfer agent or shareholder accounting recordkeeper, or an
				administrator, for an Investment Company while performing acts coming
				within the scope of the customary and usual duties of an officer or employee
				of an Investment Company or acting as a member of any committee duly
				elected or appointed to examine, audit or have custody of or access to
				Property of an Investment Company.
				The term Employee shall not include any partner, officer or employee of a
				transfer agent, shareholder accounting recordkeeper or administrator:
				a.		which is not an "affiliated person" (as defined in Section 2(a) of the
						Investment Company Act of 1940) of an Investment Company or of
						the investment advisor or underwriter (distributor) of such Investment
						Company, or
				b.		which is a "bank" (as defined in Section 2(a) of the Investment
						Company Act of 1940).
						This Bond does not afford coverage in favor of the employers of
						persons as set forth in e. (4), (5) and (8) above, and upon payment to
						the ASSURED by the COMPANY resulting directly from 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 ASSURED'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 ASSURED to the COMPANY, and the ASSURED shall execute
						all papers necessary to secure to the COMPANY the rights provided
						for herein.
				Each employer of persons as set forth in e.(4), (5) and (8) above and the
				partners, officers and other employees of such employers shall collectively
				be deemed to be one person for all the purposes of this Bond; excepting,
				however, the fifth paragraph of Section 13.
				Independent contractors not specified in e.(4), (5) or (8) above,
				intermediaries, agents, brokers or other representatives of the same general
				character shall not be considered Employees.

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Conditions And
Limitations
Definitions		f.		Forgery means the signing of the name of another natural person with the
(continued)				intent to deceive but does not mean a signature which consists in whole or in
				part of one's own name, with or without authority, in any capacity for any
				purpose.
		g.		Investment Company means any investment company registered under the
				Investment Company Act of 1940 and listed under the NAME OF ASSURED
				on the DECLARATIONS.
		h.		Items of Deposit means one or more checks or drafts drawn upon a
				financial institution in the United States of America.
		i.		Larceny or Embezzlement means larceny or embezzlement as defined in
				Section 37 of the Investment Company Act of 1940.
		j.		Property means money, revenue and other stamps; securities; including any
				note, stock, treasury stock, bond, debenture, evidence of indebtedness,
				certificate of deposit, certificate of interest or participation in any profit-
				sharing agreement, collateral trust certificate, preorganization certificate or
				subscription, transferable share, investment contract, voting trust certificate,
				certificate of deposit for a security, fractional undivided interest in oil, gas, or
				other mineral rights, any interest or instruments commonly known as a
				security under the Investment Company Act of 1940, any other certificate of
				interest or participation in, temporary or interim certificate for, receipt for,
				guarantee of, or warrant or right to subscribe to or purchase any of the
				foregoing; bills of exchange; acceptances; checks; withdrawal orders; money
				orders; travelers' letters of credit; bills of lading; abstracts of title; insurance
				policies, deeds, mortgages on real estate and/or upon chattels and interests
				therein; assignments of such policies, deeds or mortgages; other valuable
				papers, including books of accounts and other records used by the
				ASSURED in the conduct of its business (but excluding all electronic data
				processing records); and, all other instruments similar to or in the nature of
				the foregoing in which the ASSURED acquired an interest at the time of the
				ASSURED'S consolidation or merger with, or purchase of the principal
				assets of, a predecessor or which are held by the ASSURED for any
				purpose or in any capacity and whether so held gratuitously or not and
				whether or not the ASSURED is liable therefor.
		k.		Relative means the spouse of an Employee or partner of the ASSURED
				and any unmarried child supported wholly by, or living in the home of, such
				Employee or partner and being related to them by blood, marriage or legal
				guardianship.
		l.		Securities, documents or other written instruments means original
				(including original counterparts) negotiable or non-negotiable instruments, or
				assignments thereof, which in and of themselves represent an equitable
				interest, ownership, or debt and which are in the ordinary course of business
				transferable by delivery of such instruments with any necessary
				endorsements or assignments.

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Conditions And
Limitations
Definitions				m.		Subsidiary means any organization that, at the inception date of this Bond,
(continued)						is named in the APPLICATION or is created during the BOND PERIOD and
						of which more than fifty percent (50%) of the outstanding securities or voting
						rights representing the present right to vote for election of directors is owned
						or controlled by the ASSURED either directly or through one or more of its
						subsidiaries.
				n.		Transportation Company means any organization which provides its own
						or its leased vehicles for transportation or which provides freight forwarding
						or air express services.
				o.		Voice Initiated Election means any election concerning dividend options
						available to Investment Company shareholders or subscribers which is
						requested by voice over the telephone.
				p.		Voice Initiated Redemption means any redemption of shares issued by an
						Investment Company which is requested by voice over the telephone.
				q.		Voice Initiated Funds Transfer Instruction means any Voice Initiated
						Redemption or Voice Initiated Election.
				For the purposes of these definitions, the singular includes the plural and the
				plural includes the singular, unless otherwise indicated.
General Exclusions -		2.		This bond does not directly or indirectly cover:
Applicable to All Insuring				a.		loss not reported to the COMPANY in writing within sixty (60) days after
Clauses						termination of this Bond as an entirety;
				b.		loss due to riot or civil commotion outside the United States of America and
						Canada, or any loss due to military, naval or usurped power, war or
						insurrection. This Section 2.b., however, shall not apply to loss which occurs
						in transit in the circumstances recited in INSURING CLAUSE 3., provided
						that when such transit was initiated there was no knowledge on the part of
						any person acting for the ASSURED of such riot, civil commotion, military,
						naval or usurped power, war or insurrection;
				c.		loss resulting from the effects of nuclear fission or fusion or radioactivity;
				d.		loss of potential income including, but not limited to, interest and dividends
						not realized by the ASSURED or by any customer of the ASSURED;
				e.		damages of any type for which the ASSURED is legally liable, except
						compensatory damages, but not multiples thereof, arising from a loss
						covered under this Bond;
				f.		costs, fees and expenses incurred by the ASSURED in establishing the
						existence of or amount of loss under this Bond, except to the extent covered
						under INSURING CLAUSE 11.;
				g.		loss resulting from indirect or consequential loss of any nature;

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 11 of 19

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Conditions And
Limitations
General Exclusions -				h.		loss resulting from dishonest acts by any member of the Board of Directors
Applicable to All Insuring						or Board of Trustees of the ASSURED who is not an Employee, acting
Clauses						alone or in collusion with others;
(continued)				i.		loss, or that part of any loss, resulting solely from any violation by the
						ASSURED or by any Employee:
						(1)		of any law regulating:
								a.		the issuance, purchase or sale of securities,
								b.		securities transactions on security or commodity exchanges or
										the over the counter market,
								c.		investment companies,
								d.		investment advisors, or
						(2)		of any rule or regulation made pursuant to any such law; or
				j.		loss of confidential information, material or data;
				k.		loss resulting from voice requests or instructions received over the
						telephone, provided however, this Section 2.k. shall not apply to INSURING
						CLAUSE 7. or 9.
Specific Exclusions -		3.		This Bond does not directly or indirectly cover:
Applicable To All Insuring				a.		loss caused by an Employee, provided, however, this Section 3.a. shall not
Clauses Except Insuring						apply to loss covered under INSURING CLAUSE 2. or 3. which results
Clause 1.						directly from misplacement, mysterious unexplainable disappearance, or
						damage or destruction of Property;
				b.		loss through the surrender of property away from premises of the ASSURED
						as a result of a threat:
						(1)		to do bodily harm to any natural person, except loss of Property in
								transit in the custody of any person acting as messenger of the
								ASSURED, provided that when such transit was initiated there was no
								knowledge by the ASSURED of any such threat, and provided further
								that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
						(2)		to do damage to the premises or Property of the ASSURED;
				c.		loss resulting from payments made or withdrawals from any account
						involving erroneous credits to such account;
				d.		loss involving Items of Deposit which are not finally paid for any reason
						provided however, that this Section 3.d. shall not apply to INSURING
						CLAUSE 10.;
				e.		loss of property while in the mail;

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 12 of 19

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Conditions And
Limitations
Specific Exclusions -				f.		loss resulting from the failure for any reason of a financial or depository
Applicable To All Insuring						institution, its receiver or other liquidator to pay or deliver funds or other
Clauses Except Insuring						Property to the ASSURED provided further that this Section 3.f. shall not
Clause 1.						apply to loss of Property resulting directly from robbery, burglary,
(continued)						misplacement, mysterious unexplainable disappearance, damage,
						destruction or removal from the possession, custody or control of the
						ASSURED.
				g.		loss of Property while in the custody of a Transportation Company,
						provided however, that this Section 3.g. shall not apply to INSURING
						CLAUSE 3.;
				h.		loss resulting from entries or changes made by a natural person with
						authorized access to a Computer System who acts in good faith on
						instructions, unless such instructions are given to that person by a software
						contractor or its partner, officer, or employee authorized by the ASSURED to
						design, develop, prepare, supply, service, write or implement programs for
						the ASSURED's Computer System; or
				i.		loss resulting directly or indirectly from the input of data into a Computer
						System terminal, either on the premises of the customer of the ASSURED
						or under the control of such a customer, by a customer or other person who
						had authorized access to the customer's authentication mechanism.
Specific Exclusions -		4.		This bond does not directly or indirectly cover:
Applicable To All Insuring				a.		loss resulting from the complete or partial non-payment of or default on any
Clauses Except Insuring						loan whether such loan was procured in good faith or through trick, artifice,
Clauses 1., 4., And 5.						fraud or false pretenses; provided, however, this Section 4.a. shall not apply
						to INSURING CLAUSE 8.;
				b.		loss resulting from forgery or any alteration;
				c.		loss involving a counterfeit provided, however, this Section 4.c. shall not
						apply to INSURING CLAUSE 5. or 6.
Limit Of Liability/Non-		5.		At all times prior to termination of this Bond, this Bond shall continue in force for
Reduction And Non-				the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability				notwithstanding any previous loss for which the COMPANY may have paid or be
				liable to pay under this Bond provided, however, that the liability of the COMPANY
				under this Bond with respect to all loss resulting from:
				a.		any one act of burglary, robbery or hold-up, or attempt thereat, in which no
						Employee is concerned or implicated, or
				b.		any one unintentional or negligent act on the part of any one person
						resulting in damage to or destruction or misplacement of Property, or
				c.		all acts, other than those specified in a. above, of any one person, or

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 13 of 19

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Conditions And
Limitations
Limit Of Liability/Non-				d.		any one casualty or event other than those specified in a., b., or c. above,
Reduction And Non-				shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
Accumulation Of Liability				LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
(continued)				the total amount of such loss or losses and shall not be cumulative in amounts
				from year to year or from period to period.
				All acts, as specified in c. above, of any one person which
				i.		directly or indirectly aid in any way wrongful acts of any other person or
						persons, or
				ii.		permit the continuation of wrongful acts of any other person or persons
				whether such acts are committed with or without the knowledge of the wrongful
				acts of the person so aided, and whether such acts are committed with or without
				the intent to aid such other person, shall be deemed to be one loss with the
				wrongful acts of all persons so aided.
Discovery		6.		This Bond applies only to loss first discovered by an officer of the ASSURED
				during the BOND PERIOD. Discovery occurs at the earlier of an officer of the
				ASSURED being aware of:
				a.		facts which may subsequently result in a loss of a type covered by this Bond,
						or
				b.		an actual or potential claim in which it is alleged that the ASSURED is liable
						to a third party,
				regardless of when the act or acts causing or contributing to such loss occurred,
				even though the amount of loss does not exceed the applicable DEDUCTIBLE
				AMOUNT, or the exact amount or details of loss may not then be known.
Notice To Company -		7.		a.		The ASSURED shall give the COMPANY notice thereof at the earliest
Proof - Legal Proceedings						practicable moment, not to exceed sixty (60) days after discovery of loss, in
Against Company						an amount that is in excess of 50% of the applicable DEDUCTIBLE
						AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
				b.		The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,
						with full particulars within six (6) months after such discovery.
				c.		Securities listed in a proof of loss shall be identified by certificate or bond
						numbers, if issued with them.
				d.		Legal proceedings for the recovery of any loss under this Bond shall not be
						brought prior to the expiration of sixty (60) days after the proof of loss is filed
						with the COMPANY or after the expiration of twenty-four (24) months from
						the discovery of such loss.
				e.		This Bond affords coverage only in favor of the ASSURED. No claim, suit,
						action or legal proceedings shall be brought under this Bond by anyone
						other than the ASSURED.

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 14 of 19

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Conditions And
Limitations
Notice To Company -				f.		Proof of loss involving Voice Initiated Funds Transfer Instruction shall
Proof - Legal Proceedings						include electronic recordings of such instructions.
Against Company
(continued)
Deductible Amount		8.		The COMPANY shall not be liable under any INSURING CLAUSES of this Bond
				on account of loss unless the amount of such loss, after deducting the net amount
				of all reimbursement and/or recovery obtained or made by the ASSURED, other
				than from any Bond or policy of insurance issued by an insurance company and
				covering such loss, or by the COMPANY on account thereof prior to payment by
				the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in
				ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event
				for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
				DECLARATIONS.
				There shall be no deductible applicable to any loss under INSURING CLAUSE 1.
				sustained by any Investment Company.
Valuation		9.		BOOKS OF ACCOUNT OR OTHER RECORDS
				The value of any loss of Property consisting of books of account or other records
				used by the ASSURED in the conduct of its business shall be the amount paid by
				the ASSURED for blank books, blank pages, or other materials which replace the
				lost books of account or other records, plus the cost of labor paid by the
				ASSURED for the actual transcription or copying of data to reproduce such books
				of account or other records.
				The value of any loss of Property other than books of account or other records
				used by the ASSURED in the conduct of its business, for which a claim is made
				shall be determined by the average market value of such Property on the
				business day immediately preceding discovery of such loss provided, however,
				that the value of any Property replaced by the ASSURED with the consent of the
				COMPANY and prior to the settlement of any claim for such Property shall be the
				actual market value at the time of replacement.
				In the case of a loss of interim certificates, warrants, rights or other securities, the
				production of which is necessary to the exercise of subscription, conversion,
				redemption or deposit privileges, the value of them shall be the market value of
				such privileges immediately preceding their expiration if said loss 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.
				OTHER PROPERTY
				The value of any loss of Property, other than as stated above, shall be the actual
				cash value or the cost of repairing or replacing such Property with Property of
				like quality and value, whichever is less.

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 15 of 19

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Conditions And
Limitations
(continued)
Securities Settlement		10.		In the event of a loss of securities covered under this Bond, the COMPANY may,
				at its sole discretion, purchase replacement securities, tender the value of the
				securities in money, or issue its indemnity to effect replacement securities.
				The indemnity required from the ASSURED under the terms of this Section
				against all loss, cost or expense arising from the replacement of securities by the
				COMPANY'S indemnity shall be:
				a.		for securities having a value less than or equal to the applicable
						DEDUCTIBLE AMOUNT - one hundred (100%) percent;
				b.		for securities having a value in excess of the DEDUCTIBLE AMOUNT but
						within the applicable LIMIT OF LIABILITY - the percentage that the
						DEDUCTIBLE AMOUNT bears to the value of the securities;
				c.		for securities having a value greater than the applicable LIMIT OF LIABILITY
						- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of
						the applicable LIMIT OF LIABILITY bears to the value of the securities.
				The value referred to in Section 10.a., b., and c. is the value in accordance with
				Section 9, VALUATION, regardless of the value of such securities at the time the
				loss under the COMPANY'S indemnity is sustained.
				The COMPANY is not required to issue its indemnity for any portion of a loss of
				securities which is not covered by this Bond; however, the COMPANY may do so
				as a courtesy to the ASSURED and at its sole discretion.
				The ASSURED shall pay the proportion of the Company's premium charge for the
				Company's indemnity as set forth in Section 10.a., b., and c. No portion of the
				LIMIT OF LIABILITY shall be used as payment of premium for any indemnity
				purchased by the ASSURED to obtain replacement securities.
Subrogation – Assignment - 11.				In the event of a payment under this Bond, the COMPANY shall be subrogated to
Recovery				all of the ASSURED'S rights of recovery against any person or entity to the extent
				of such payment. On request, the ASSURED shall deliver to the COMPANY an
				assignment of the ASSURED'S rights, title and interest and causes of action
				against any person or entity to the extent of such payment.
				Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
				applied net of the expense of such recovery in the following order:
				a.		first, to the satisfaction of the ASSURED'S loss which would otherwise have
						been paid but for the fact that it is in excess of the applicable LIMIT OF
						LIABILITY,
				b.		second, to the COMPANY in satisfaction of amounts paid in settlement of
						the ASSURED'S claim,
				c.		third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE
						AMOUNT, and

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 16 of 19

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Conditions And
Limitations
Subrogation - Assignment -				d.		fourth, to the ASSURED in satisfaction of any loss suffered by the
Recovery						ASSURED which was not covered under this Bond.
(continued)				Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
				recovery under this section.
Cooperation Of Assured		12.		At the COMPANY'S request and at reasonable times and places designated by
				the COMPANY, the ASSURED shall:
				a.		submit to examination by the COMPANY and subscribe to the same under
						oath,
				b.		produce for the COMPANY'S examination all pertinent records, and
				c.		cooperate with the COMPANY in all matters pertaining to the loss.
				The ASSURED shall execute all papers and render assistance to secure to the
				COMPANY the rights and causes of action provided for under this Bond. The
				ASSURED shall do nothing after loss to prejudice such rights or causes of action.
Termination		13.		If the Bond is for a sole ASSURED, it shall not be terminated unless written notice
				shall have been given by the acting party to the affected party and to the
				Securities and Exchange Commission, Washington, D.C., not less than sixty (60)
				days prior to the effective date of such termination.
				If the Bond is for a joint ASSURED, it shall not be terminated unless written notice
				shall have been given by the acting party to the affected party, and by the
				COMPANY to all ASSURED Investment Companies and to the Securities and
				Exchange Commission, Washington, D.C., not less than sixty (60) days prior to
				the effective date of such termination.
				This Bond will terminate as to any one ASSURED, other than an Investment
				Company:
				a.		immediately on the taking over of such ASSURED by a receiver or other
						liquidator or by State or Federal officials, or
				b.		immediately on the filing of a petition under any State or Federal statute
						relative to bankruptcy or reorganization of the ASSURED, or assignment for
						the benefit of creditors of the ASSURED, or
				c.		immediately upon such ASSURED ceasing to exist, whether through merger
						into another entity, disposition of all of its assets or otherwise.
				The COMPANY shall refund the unearned premium computed at short rates in
				accordance with the standard short rate cancellation tables if terminated by the
				ASSURED or pro rata if terminated for any other reason.

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 17 of 19

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Conditions And
Limitations
Termination				If any partner, director, trustee, or officer or supervisory employee of an
(continued)				ASSURED not acting in collusion with an Employee learns of any dishonest act
				committed by such Employee at any time, whether in the employment of the
				ASSURED or otherwise, whether or not such act is of the type covered under this
				Bond, and whether against the ASSURED or any other person or entity, the
				ASSURED:
				a.		shall immediately remove such Employee from a position that would enable
						such Employee to cause the ASSURED to suffer a loss covered by this
						Bond; and
				b.		within forty-eight (48) hours of learning that an Employee has committed
						any dishonest act, shall notify the COMPANY, of such action and provide full
						particulars of such dishonest act.
				The COMPANY may terminate coverage as respects any Employee sixty (60)
				days after written notice is received by each ASSURED Investment Company
				and the Securities and Exchange Commission, Washington, D.C. of its desire to
				terminate this Bond as to such Employee.
Other Insurance		14.		Coverage under this Bond shall apply only as excess over any valid and collectible
				insurance, indemnity or suretyship obtained by or on behalf of:
				a.		the ASSURED,
				b.		a Transportation Company, or
				c.		another entity on whose premises the loss occurred or which employed the
						person causing the loss or engaged the messenger conveying the Property
						involved.
Conformity		15.		If any limitation within this Bond is prohibited by any law controlling this Bond's
				construction, such limitation shall be deemed to be amended so as to equal the
				minimum period of limitation provided by such law.
Change or Modification		16.		This Bond or any instrument amending or affecting this Bond may not be changed
				or modified orally. No change in or modification of this Bond shall be effective
				except when made by written endorsement to this Bond signed by an authorized
				representative of the COMPANY.
				If this Bond is for a sole ASSURED, no change or modification which would
				adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
				days after written notice has been furnished to the Securities and Exchange
				Commission, Washington, D.C., by the acting party.

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 18 of 19

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Conditions And
Limitations
Change or Modification		If this Bond is for a joint ASSURED, no charge or modification which would
(continued)		adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
		days after written notice has been furnished to all insured Investment Companies
		and to the Securities and Exchange Commission, Washington, D.C., by the
		COMPANY.

ICAP Bond (5-98) Form 17-02-1421 (Ed. 5-98) Page 19 of 19

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Effective date of
this endorsement: April 1, 2007		VIGILANT INSURANCE COMPANY
		Endorsement No.: 1
		To be attached to and form a part of Bond
		Number:		81392053
Issued to: CENTRAL SECURITIES CORPORATION
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other laws
or regulations prohibit the coverage provided by this insurance.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: March 26, 2007

Form 14-02-9228 (Ed. 4/2004)

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						ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: April 1, 2007				VIGILANT INSURANCE COMPANY
				Endorsement/Rider No.		2
				To be attached to and
				form a part of Bond No.		81392053
Issued to: CENTRAL SECURITIES CORPORATION
		DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION
				ENDORSEMENT
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
1.		The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
2.		The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with
		the following:
		If this Bond is for a joint ASSURED, no change or modification which would adversely affect the
		rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been
		furnished to all insured Investment Companies and the Securities and Exchange Commission,
		Washington, D.C., by the COMPANY.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.

17-02-2437 (12/2006) rev. Page 1

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				VIGILANT INSURANCE COMPANY
				Endorsement No.: 3
				Bond Number:		81392053
NAME OF ASSURED: CENTRAL SECURITIES CORPORATION
				NEW YORK AMENDATORY ENDORSEMENT
It is agreed that this Bond is amended as follows:
1.		By adding to Section 13, Termination, the following:
		Bonds In Effect Sixty (60) Days Or Less
		If this Bond has been in effect for less than sixty (60) days and if it is not a renewal Bond, the
		COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the
		authorized agent or broker, if any, written notice of termination at least sixty (60) days before the
		effective date of termination.
		Bonds In Effect More Than Sixty (60) Days
		If this Bond has been in effect for sixty (60) days or more, or if it is a renewal of a Bond issued by the
		COMPANY, it may be terminated by the COMPANY by mailing or delivering to the ASSURED and to
		the authorized agent or broker, if any, written notice of termination at least sixty (60) days before the
		effective date of termination. Furthermore, when the Bond is a renewal or has been in effect for sixty
		(60) days or more, the COMPANY may terminate only for one or more of the reasons stated in 1-7
		below.
		1.		Nonpayment of premium;
		2.		Conviction of a crime arising out of acts increasing the hazard insured against ;
		3.		Discovery of fraud or material misrepresentation in the obtaining of this Bond or in the
				presentation of a claim thereunder;
		4.		Violation of any provision of this Bond that substantially and materially increases the hazard
				insured against, and which occurred subsequent to inception of the current BOND PERIOD;
		5.		If applicable, material physical change in the property insured, occurring after issuance or last
				annual renewal anniversary date of this Bond, which results in the property becoming uninsurable
				in accordance with the COMPANY's objective, uniformly applied underwriting standards in effect
				at the time this Bond was issued or last renewed; or material change in the nature or extent of
				this Bond occurring after issuance or last annual renewal anniversary date of this Bond, which
				causes the risk of loss to be substantially and materially increased beyond that contemplated at
				the time this Bond was issued or last renewed;

ICAP Bond - New York Form 17-02-2863 (Rev. 7-03) Page 1

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		6.		A determination by the Superintendent of Insurance that continuation of the present premium
				volume of the COMPANY would jeopardize the COMPANY's policyholders, creditors or the
				public, or continuing the Bond itself would place the COMPANY in violation of any provision of the
				New York Insurance Code; or
		7.		Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is
				a probable risk or danger that the Property will be destroyed by the ASSURED for the purpose of
				collecting the insurance proceeds.
		Notice Of Termination
		Notice of termination under this SECTION shall be mailed to the ASSURED and to the authorized
		agent or broker, if any, at the address shown on the DECLARATIONS of this Bond. The COMPANY,
		however, may deliver any notice instead of mailing it.
		Return Premium Calculations
		The COMPANY shall refund the unearned premium computed pro rata if this Bond is terminated by the
		COMPANY."
2.		By adding a new Section reading as follows:
		"Section 17. Election To Conditionally Renew / Nonrenew This Bond
		Conditional Renewal
		If the COMPANY conditionally renews this Bond subject to:
		1.		Change of limits of liability ;
		2.		Change in type of coverage;
		3.		Reduction of coverage;
		4.		Increased deductible;
		5.		Addition of exclusion; or
		6.		Increased premiums in excess of 10%, exclusive of any premium increase due to and
				commensurate with insured value added; or as a result of experience rating, retrospective rating
				or audit; the COMPANY shall send notice as provided in Notices Of Nonrenewal And Conditional
				Renewal immediately below.
		Notices Of Nonrenewal And Conditional Renewal
		1.		If the COMPANY elects not to renew this Bond, or to conditionally renew this Bond as provided
				herein, the COMPANY shall mail or deliver written notice to the ASSURED at least sixty (60) but
				not more than one hundred twenty (120) days before:
				a.		The expiration date; or
				b.		The anniversary date if this Bond has been written for a term of more than one year.

ICAP Bond - New York Form 17-02-2863 (Rev. 7-03) Page 2

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		2.		Notice shall be mailed or delivered to the ASSURED at the address shown on the
				DECLARATIONS of this Bond and the authorized agent or broker, if any. If notice is mailed,
				proof of mailing shall be sufficient proof of notice.
		3.		Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized agent
				or broker, or another insurer has mailed or delivered written notice to the COMPANY that the
				Bond has been replaced or is no longer desired.
3.		By adding to General Agreement B., Representations Made By Assured, the following:
		No misrepresentation shall be deemed material unless knowledge by the COMPANY would have lead
		to the COMPANY'S refusal to write this Bond.
This Endorsement applies to loss discovered after 12:01 a.m. on April 1, 2007.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: March 26, 2007

ICAP Bond - New York Form 17-02-2863 (Rev. 7-03) Page 3

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Important Notice:

The SEC Requires Proof of Your Fidelity Insurance Policy

Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.

Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.

The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb.

If you have any questions, please contact your agent or broker.

Form 14-02-12160 (ed. 7/2006)

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Chubb & Son, div. of Federal Insurance Company as manager of the member insurers of the Chubb Group of Insurance Companies

POLICYHOLDER

DISCLOSURE NOTICE OF

TERRORISM INSURANCE COVERAGE

(for policies with no terrorism exclusion or sublimit)

You are hereby notified that, under the Terrorism Risk Insurance Act of 2002 (the “Act”)

effective November 26, 2002, this policy makes available to you insurance for losses

arising out of certain acts of international terrorism. Terrorism is defined as any act

certified by the Secretary of the Treasury, in concurrence with the Secretary of State and

the Attorney General of the United States, to be an act of terrorism; to be a violent act or

an act that is dangerous to human life, property or infrastructure; to have resulted in

damage within the United States, or outside the United States in the case of an air carrier

or vessel or the premises of a United States Mission; and to have been committed by an

individual or individuals acting on behalf of any foreign person or foreign interest, as part

of an effort to coerce the civilian population of the United States or to influence the policy

or affect the conduct of the United States Government by coercion.

You should know that the insurance provided by your policy for losses caused by acts of

terrorism is partially reimbursed by the United States under the formula set forth in the

Act. Under this formula, the United States pays 90% of covered terrorism losses that

exceed the statutorily established deductible to be paid by the insurance company

providing the coverage. The portion of your policy’s annual premium that is attributable to

insurance for such acts of terrorism is: $ -0-.

If you have any questions about this notice, please contact your agent or broker.

Form 10-02-1281 (Ed. 1/2003)

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CHUBB GROUP OF INSURANCE COMPANIES

THIS CERTIFIES THAT pending issuance of a Bond in the form described below, the Vigilant Insurance Company, hereinafter called the Company, is binding coverage described as follows:

1	Named of Assured: Address:	Central Securities Corporation 630 Fifth Avenue New York, New York 10011
2	Producer: Attn: Address:	CM & F Group Inc James Ciccolella 99 Hudson St.-12th Fl. New York, NY 10013-2815
3	Bond Number:	81392053
4	Bond Type/Form No.:	Financial Institution Investment Company Asset Protection Bond (Ed. 5-98) Form 17-02-1421 and Form 17-02-1422
5	Term of Binder:	From:   12:01 a.m. on   April 1, 2007 To:       12:01 a.m. on   Policy Issuance
6	Bond Period:	From:   12:01 a.m. on   April 1, 2007 To:       12:01 a.m. on   April 1, 2008
7	Limits of Liability:	$900,000

	Insuring Clause				Limits of Liability		Deductible Amount
	1.		Employee		$  900,000		$  10,000
	2.		On Premises		$  900,000		$  10,000
	3.		In Transit		$  900,000		$  10,000
	4.		Forgery or Alteration		$  900,000		$  10,000
	5.		Extended Forgery		$  Not Covered		$  N/A
	6.		Counterfeit Money		$  900,000		$  10,000
	7.		Threat to Person		$  Not Covered		$  N/A
	8.		Computer System		$  Not Covered		$  N/A
	9.		Voice Initiated Funds Transfer Instruction		$  Not Covered		$  N/A
	10.		Uncollectible Items of Deposit		$  Not Covered		$  N/A
	11.		Audit Expense		$  Not Covered		$  N/A

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8	Endorsements:	1) Compliance with Applicable Trade Sanction Laws Form 14-02-9228 (Ed. 4-04) 2) Deleting Valuation-Other Property Form 17-02-2437 (Ed. 01-01) 3) Termination-Non-Renewal Notice Form 17-02-1360 (Rev. 10-99) 4) New York Amendatory Endorsement Form 17-02-1426 (Rev. 8-01)
9	Limits of Liability:	$ 9,993                                       (1 Year Prepaid Premium)

The above Binder is expressly contingent upon receipt, review and acceptance of the subjectivity’s listed below. The Company must receive all of the items identified below on or before the Binder Expiration Date shown above. If all of these items are not received and approved by the Company on or before this date, this Binder will automatically expire without further action or notice.

- None

The foregoing Binder for coverage is subject to modification or withdrawal by the Company if, before the proposed inception date, any new, corrected or updated information becomes known which relates to any proposed Assured’s claims history or risk exposure or which could otherwise change the underwriting evaluation of any proposed Assured and the Company, in its sole discretion, determines that the terms of this Binder are no longer appropriate.

This Binder may be canceled at any time by the entity referred to in Item 1 by giving written notice of cancellation to the Company. This Binder may be canceled at any time by the Company upon ten (10) days written notice of cancellation to the entity referred to in Item 1 or its agent.

This Binder shall terminate automatically upon the expiration date shown above, or upon issuance of the Bond, whichever occurs first. A short rate premium charge will be made for this Binder unless the Bond is issued by the Company and accepted by the entity referred to above. The Company reserves the right to modify the policies, terms and conditions upon underwriting review of any information received.

This binder does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit us from offering or providing insurance. To the extent any such prohibitions apply, this binder is void ab initio.

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IMPORTANT NOTICE TO POLICYHOLDER
OF TERRORISM INSURANCE COVERAGE
(new policies and renewals with no terrorism
exclusion or sublimit and no premium charge)

You are hereby notified that, under the Terrorism Risk Insurance Act of 2002 (the “Act”) effective November 26, 2002, we are making available to you insurance for losses arising out of certain acts of international terrorism. The policy you are purchasing already includes insurance for such acts. Terrorism is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals acting on behalf of any foreign person or foreign interest, as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United States pays 90% in 2006 and 85% in 2007 of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage. The portion of the offered policy’s annual premium that is attributable to insurance for acts of terrorism is: $ -0-.

If you have any questions about this notice, please contact your agent or broker.