p81302953-2009.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

April 7, 2009

Re: File No. 811-179

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

Attention: Division of Investment Management

Dear Sirs:

        We are filing herewith under Section 17(g) of the Investment Company Act of 1940, the following items with respect to the joint insured RMIC bond covering Central Securities Corporation (the “Corporation”) and Central Securities Corporation Profit Sharing Plan (the “Plan”):

          1. A certified copy of resolutions adopted by a majority of the members of the Board of Directors of the Corporation who are not interested persons at a meeting of the Board held on March 11, 2009; and

          2. A copy of RMIC Bond No. 81392053DFI in the amount of $750,000 effective April 1, 2009, renewal date of the bond.

          The premium for this bond has been paid.

  Very truly yours,

CENTRAL SECURITIES CORPORATION

Encs. /s/ Marlene A. Krumholz
Secretary


 
   
        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                 Incorporated under the laws of New York      
                        a stock insurance company herein called the COMPANY  
New York, NY 10111                          
                        55 Water Street, New York NY 10041-2899      
 
 
ITEM 1.       BOND PERIOD:     from     12:01 a.m. on     April 1, 2009          
                  to     12:01 a.m. on     April 1, 2010          
 
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                 $ 750,000.     $ - 0 -  
      2.         On Premises             $ 750,000.     $ 10,000.  
      3.         In Transit                 $ 750,000.     $ 10,000.  
      4.         Forgery or Alteration             $ 750,000.     $ 10,000.  
      5.         Extended Forgery             $ Not Covered     $ N/A  
      6.         Counterfeit Money             $ 750,000.     $ 10,000.  
      7.         Threats 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  
 
 
ITEM 3.     THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING  
    ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:          
    Endorsement Nos. 1 – 3                      
 
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  

 
   
    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  

 
   
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  

 
   
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.  

ICAP Bond (5-98)    
Form 17-02-1421 (Ed. 5-98)   Page 3 of 19  

 
   
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.  

ICAP Bond (5-98)    
Form 17-02-1421 (Ed. 5-98)   Page 4 of 19  

 
   
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.  

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

 
   
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 Or         Bond for loss which has:  
Liabilities - 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  

ICAP Bond (5-98)    
Form 17-02-1421 (Ed. 5-98)   Page 6 of 19  

 
   
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.  

ICAP Bond (5-98)    
Form 17-02-1421 (Ed. 5-98)   Page 7 of 19  

 
   
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  

ICAP Bond (5-98)    
Form 17-02-1421 (Ed. 5-98)   Page 8 of 19  

 
   
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.  

ICAP Bond (5-98)    
Form 17-02-1421 (Ed. 5-98)   Page 9 of 19  

 
   
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.  

ICAP Bond (5-98)    
Form 17-02-1421 (Ed. 5-98)   Page 10 of 19  

 
   
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  

 
   
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  

 
   
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  

 
   
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  

 
   
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  

 
   
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  

 
   
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  

 
   
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  

 
   
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  

 
   
Effective date of          
this endorsement: April 1, 2009     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 30, 2009


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


 
   
              ENDORSEMENT/RIDER  
Effective date of          
this endorsement/rider: April 1, 2009                         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

 
   
                                                                                                                                    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  

 
   
    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  

 
   
    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, 2009.  
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.  

Date: March 30, 2009


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

 
   
                                                                                                          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)


 
   
                                                  IMPORTANT NOTICE TO POLICYHOLDERS  
 
 
 
                    All of the members of the Chubb Group of Insurance companies doing business in the United  
States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents  
(“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on  
US insurance transactions is available under the Producer Compensation link located at the bottom of the  
page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from  
your producer.  
 
                    Thank you for choosing Chubb.  

10-02-1295 (ed. 6/2007)


 
   
                                                                                                  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 (the “Act”), effective 
December 26, 2007, this policy makes available to you insurance for losses arising out of 
certain acts of 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 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 85% of covered terrorism losses that 
exceed the statutorily established deductible to be paid by the insurance company 
providing the coverage. 
 
However, if aggregate insured losses attributable to terrorist acts certified under the Act 
exceed $100 billion in a Program Year (January 1 through December 31), the Treasury 
shall not make any payment for any portion of the amount of such losses that exceeds 
$100 billion. 

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


 
   
If aggregate insured losses attributable to terrorist acts certified under the Act exceed 
$100 billion in a Program Year (January 1 through December 31) and we have met our 
insurer deductible under the Act, we shall not be liable for the payment of any portion of 
the amount of such losses that exceeds $100 billion, and in such case insured losses up 
to that amount are subject to pro rata allocation in accordance with procedures 
established by the Secretary of the Treasury. 
 
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. 

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


 
   

        I, Marlene A. Krumholz, hereby certify that I am the Secretary of Central Securities Corporation, and that the following is a true and correct copy of resolutions duly adopted by a majority of the directors who are not “interested persons,” at a meeting of the Board of Directors of said Corporation duly called and held on the 11th day of March 2009, at which a quorum was present and acting throughout:

          RESOLVED, that the Registered Management Investment Company Bond No. 81392053-DFI of the Vigilant Insurance Company, being a single insured bond in the amount of $750,000, effective April 1, 2009, renewal date of the bond, is, in our judgment, adequate coverage for the protection of the Corporation and its stockholders. In approving such coverage, Messrs. Browning, Calder, Inglis, Johnson and Walker have considered all relevant factors including (1) the value of the Corporation’s assets to which any covered person may have access; (2) the custody arrangements for such assets; (3) the nature of the Corporation’s portfolio securities; (4) the amount of premium for such bond; and

          FURTHER RESOLVED, that the Secretary shall make any filings and give any notices required by the Securities and Exchange Commission Rule 17g-1 under the Investment Company Act.

          IN WITNESS WHEREOF I have hereunto set my hand and affixed

the seal of said Corporation, this 7th day of April, 2009.