-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OwINO/eP5NOZcmkEy98uj9lISxWEPJAiWXBACowNWlxt/PruUMcR2IpQJMUPIYAz
 wXJBMQzwz6xyuM2aNp/HAw==

<SEC-DOCUMENT>0000950123-10-005952.txt : 20100128
<SEC-HEADER>0000950123-10-005952.hdr.sgml : 20100128
<ACCEPTANCE-DATETIME>20100128091606
ACCESSION NUMBER:		0000950123-10-005952
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100128
DATE AS OF CHANGE:		20100128
EFFECTIVENESS DATE:		20100128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA FUND INC
		CENTRAL INDEX KEY:			0000845379
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05749
		FILM NUMBER:		10552056

	BUSINESS ADDRESS:	
		STREET 1:		TWO AVENUE DE LAFAYETTE
		STREET 2:		PO BOX 5049 (02206-5049)
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		6176622789

	MAIL ADDRESS:	
		STREET 1:		TWO AVENUE DE LAFAYETTE
		STREET 2:		PO BOX 5049 (02206-5049)
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>b79052a1e40v17g.htm
<DESCRIPTION>THE CHINA FUND
<TEXT>
<HTML>
<HEAD>
<TITLE>The China Fund</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;2</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>INVESTMENT COMPANY BLANKET BOND</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B><BR>
(A stock Insurance Company, herein Called the Underwriter)
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>DECLARATIONS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><b>BOND NUMBER</b></TD>
</TR>
<tr style="font-size: 6pt"><td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table>
</div>

<!-- link2 "Item&nbsp;1" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;1.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name of Insured
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The China Fund, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6214328</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o State Street Bank and Trust Company</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2 Avenue de Lafayette</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston MA 02206</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<tr style="font-size: 6pt"><td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Herein called the Insured)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- link2 "Item&nbsp;2" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bond Period from 12:01&nbsp;a.m. on 09/30/2009 to 12:01&nbsp;a.m. on 09/30/2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The effective date of the termination or cancellation of this bond,
standard time at the Principle Address as to each of the said dates.</TD>
</TR>

</TABLE>
</DIV>

<!-- link2 "Item&nbsp;3" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limit of Liability &#151;<br><BR style="font-size: 6pt">

Subject to Section&nbsp;9, 10 and 12 hereof:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Limit of Liability</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Deductible Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement A&#151; FIDELITY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement B&#151; AUDIT EXPENSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement C&#151; ON PREMISES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement D&#151; IN TRANSIT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement E&#151; FORGERY OR ALTERATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement F&#151; SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement G&#151; COUNTERFEIT CURRENCY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement H&#151; STOP PAYMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement I&#151; UNCOLLECTIBLE ITEMS OF DEPOSIT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">OPTIONAL COVERAGES ADDED BY RIDER:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement J&#151; COMPUTER SYSTEMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement K&#151; UNAUTHORIZED SIGNATURES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement L&#151; AUTOMATED PHONE SYSTEMS</DIV></TD>
    <TD>&nbsp;</TD>

    <TD colspan="3" align="center">&nbsp;&nbsp;Not Covered</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Covered</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insuring Agreement M&#151; TELEFACSIMILE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">&nbsp;&nbsp;Not Covered</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Covered</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If &#147; Not Covered&#148; is inserted above opposite any specified Insuring
Agreement or Coverage, such Insuring Agreement or Coverage and any other
reference thereto in this bond shall be deemed to be deleted therefrom.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
</table>
</div>

<!-- link2 "Item&nbsp;4" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Office or Premises Covered &#151; Offices acquired or established
subsequent to the effective date of this bond are covered according to the terms
of General Agreement A. All other Insured&#146; s offices or premises in existence at
the time this bond becomes effective are covered under this bond except the
offices or premises located as follows:<br><BR style="font-size: 6pt"> <B>No Exceptions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
</table>
</div>

<!-- link2 "Item&nbsp;5" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Liability of the Underwriter is subject to the terms of the following riders
attached hereto:<br><BR style="font-size: 6pt">
&nbsp;&nbsp;&nbsp;1-4</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
</table>
</div>

<!-- link2 "Item&nbsp;6" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Insured by the acceptance of this bond gives notice to the
Underwriter terminating or canceling prior bond(s) or policy(ies)<font style="white-space: nowrap"> No.9(s)</font> N/A
such termination or cancellation to be effectives of the time this bond becomes
effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
</table>
</div>

<!-- link2 "Item&nbsp;7" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Item&nbsp;7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Premium Amount:<br><BR style="font-size: 6pt">
&nbsp;&nbsp;&nbsp;$3,000</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Issue Date: 11/18/2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: <IMG src="b79052a1b7905201.gif" alt="-s- [ILLEGIBLE]"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER NO. 1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be attached to and form part of Bond NO.6214328
in favor of The China Fund, Inc.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">effective as of 09/30/2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In consideration of the premium charged for the attached bond, it is hereby agreed that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;From and after the time this rider becomes effective the Insured under
the attached bond are:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The China Fund, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The first named Insured shall act for itself and for each and all of the
Insured for all the purposes of the attached bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Knowledge possessed or discovery made by the Corporate Risk Management
Department, Internal Audit Department, or General Counsel Department, of any Insured
or by any partner or officer thereof shall for all the purposes of the attached bond
constitute knowledge or discovery by all the Insured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;If, prior to the termination of the attached bond in its entirety, the
attached bond is terminated as to any Insured, there shall be no liability for any
loss sustained by such Insured unless discovered before the time such termination as
to such Insured becomes effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The liability of the Underwriter for loss or losses sustained by any or all
of the Insured shall not exceed the amount for which the Underwriter would be liable
had all such loss or losses been sustained by any one of the Insured. Payment by the Underwriter
to the first named Insured of loss sustained by any Insured shall fully release the Underwriter on
account of such loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;If the first named Insured ceases for any reason to be covered under the
attached bond, then the Insured next named shall thereafter be considered as the first
named Insured for all the purposes of the attached bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SR
5538</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;The attached bond shall be subject to all its agreements, limitations and
conditions except as herein expressly modified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;This rider shall become effective as 12:01&nbsp;a.m. on 09/30/2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><i>Signed,
Sealed and dated</i>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>By:</TD>
    <TD align="left" valign="top"><IMG src="b79052a1b7905201.gif" alt="-s- [ILLEGIBLE]"></TD>
</TR>
<tr style="font-size: 1px">
<td>&nbsp;</td>
<td>&nbsp;</td>
<TD style="border-top: 1px solid #000000">&nbsp;</td>
</tr>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SR 5538</div>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Rider No.&nbsp;2</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDMENT TO TERMINATION</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be
attached to and form part of Investment Company Blanket Bond No.&nbsp;6214328 in favor of The China Fund, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is hereby amended by deleting Section&nbsp;13., <FONT style="font-variant: SMALL-CAPS">termination, </FONT>in
its entirety and substituting the following:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter may terminate this bond as an entirety by furnishing written notice
specifying the termination date which cannot be prior to 90&nbsp;days after the receipt of
such written notice by each Investment Company named as Insured and the Securities and
Exchange Commission, Washington, D.C. The Insured may terminate this bond as an entirety
by furnishing written notice to the Underwriter. When the Insured cancels, the Insured
shall furnish written notice to the Securities and Exchange Commission, Washington, D.C.
prior to 90&nbsp;days before the effective date of the termination. The underwriter shall
notify all other Investment Companies named as Insured of the receipt of such termination
notice and the termination cannot be effective prior to 90&nbsp;days after receipt of written
notice by all other Investment Companies. Premiums are earned until the termination date
as set forth herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Bond will terminate as to any one Insured, (other than a
registered management investment company), immediately upon taking over of such</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insured by a receiver or other liquidator or by State or Federal officials, or
immediately upon the filing of a petition under any State or Federal statute relative to
bankruptcy or reorganization of the Insured, or assignment for he benefit of creditors of
the Insured, or immediately upon such Insured ceasing to exist, whether through merger into
another entity, or by disposition of all of its assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Bond will terminate as to any registered management investment company upon the
expiration of 90&nbsp;days after written notice has been given to the Securities and Exchange
Commission, Washington, D.C.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall refund the unearned premium computed at short rates in accordance
with the standard short rate cancellation tables
if terminated by the Insured or pro rata terminated for any other reason.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This bond shall terminate</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee as soon as any partner, officer or
supervisory Employee of the Insured, who is not in
collusion with such Employee, shall learn of any
dishonest or fraudulent act (s), including Larceny or
Embezzlement on the part of such Employee without prejudice to the loss
of any Property then in transit in the custody of such Employee and
upon the expiration of ninety (90)&nbsp;days after written notice has been
given to the Securities and Exchange Commission, Washington, D.C. (See
Section&nbsp;16(d)) and to the Insured Investment Company, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee 90&nbsp;days after receipt by each
Insured and by the Securities and Exchange Commission
of a written notice from the Underwriter of its desire
to terminate this bond as to such Employee, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any person, who is a partner, officer or
employee of any Electronic Data Processor covered
under this bond, from and after the time that the
Insured or any partner or officer thereof not in
collusion with such person shall have knowledge or
information that such person has committed any
dishonest or fraudulent act(s), including Larceny or
Embezzlement in the service of the Insured or
otherwise, whether such act be committed before or
after the time this bond is effective and upon the
expiration of ninety (90)&nbsp;days after written notice
has been given by the Underwriter to the Securities
and Exchange Commission, Washington DC and to the
insured Investment Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive, or
extend any of the terms, limitations, conditions, or provisions of
the attached bond other than as above stated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This rider is effective as of 12:01&nbsp;a.m. on 09/30/2009</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>By:</TD>

<TD align="left" valign="top"><IMG src="b79052a1b7905201.gif" alt="-s- [ILLEGIBLE]"></TD>
</TR>
<tr style="font-size: 1px">
<td>&nbsp;</td>
<td>&nbsp;</td>
<TD style="border-top: 1px solid #000000">&nbsp;</td>
</tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">91222
(7/06)</div>



<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER NO. 3</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INSURING
AGREEMENT J</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be attached to and form part of Bond No.&nbsp;6214328 in favor of The
China Fund, Inc. <BR><BR style="font-size: 6pt">
It is agreed that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an additional insuring agreement as
follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPUTER SYSTEMS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Loss resulting directly
from a fraudulent
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entry of data into, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change of data or programs within</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a Computer System; provided the fraudulent entry or change causes
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Property to be transferred, paid or delivered,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an account of the Insured, or of its customer, to be added, deleted, debited or
credited:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an unauthorized account of a fictitious account to be debited or credited;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>voice instructions or advices having been transmitted to the Insured or its
agent(s) by telephone;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and provided further, the fraudulent entry or change is made or caused by an
individual acting with the intent to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause the Insured or its agent(s) to sustain a loss, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain financial benefit for that individual or for other persons intended by
that individual to receive financial benefit, </TD>
</TR>



<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and further
provided such voice instruction or advices:</td>
</tr>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>were made by a person who purported to represent an individual authorized to
make such voice instruction or advices; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>were electronically recorded by the Insured or its agent(s).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(4)&nbsp;It shall be a condition to recovery under the Computer Systems Rider that the
Insured or its agent(s) shall to the best of their ability electronically record all
voice instructions or advices received over telephone. The Insured or its agent(s)
warrant that they shall make their best efforts to maintain the electronic recording
system on a continuous basis. Nothing, however, in this Rider shall bar the Insured
from recovery where no recording is available because of mechanical failure of the
device used in making such recording, or because of failure of the media used to
record conversation from any cause, or error or omission of any Employee(s) or
agent(s) of the Insured.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE
OF SYSTEMS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">All computer systems utilized by the Insured
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As used in this Rider, Computer System means:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>computers with related peripheral components, including storage components,
wherever located,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>systems and application software,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminal devices,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>related communication networks or customer communication systems, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>related Electronic Funds Transfer Systems,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by which data are electronically collected, transmitted, processed, stored, and
retrieved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. In addition to the exclusions in the attached bond, the following exclusions
are applicable to this Insuring Agreement:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting directly or indirectly from the theft of confidential
information, material or data; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting directly or indirectly from entries or changes made by an
individual authorized to have access to a Computer System who acts in good
faith on instructions, unless such instructions are given to that individual by
a software contractor (or by a partner, officer or employee thereof) authorized
by the Insured to design, develop, prepare, supply service, write or implement
programs for the Insured&#146;s Computer System.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following portions of the attached bond are not applicable to this Rider:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the initial paragraph of the bond preceding the insuring Agreements which reads
&#147;...at any time but discovered during the Bond Period.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;10-LIMIT OF LIABILITY</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. The Coverage afforded by this rider applies only to loss discovered by the
Insured during the period this Rider is in force.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. All loss or series of losses involving the fraudulent activity of one
individual, or involving fraudulent activity in which one individual is implicated,
whether or not that individual is specifically identified, shall be treated as one
loss. A Series of losses involving unidentified individuals but arising from the
same method of operation may be deemed by the Underwriter to involve the same
individual and in that event shall be treated as one loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. The Limit of Liability for the coverage provided by this Rider shall be
One Million Dollars ($1,000,000), it
being understood however, that such liability shall be part of and not in addition to
the Limit of Liability stated in Item&nbsp;3 of the Declarations of the attached bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. The underwriter shall be liable hereunder for the amount by which one loss shall
be in excess of Five Thousand Dollars
($5,000)<I>, </I>(herein called the Deductible amount) but not in excess of the Limit of
Liability stated above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. If any loss is covered under this Insuring Agreement and any other Insuring
Agreement or Coverage, the maximum amount payable for such loss shall not exceed the
largest amount available under any one Insuring Agreement or Coverage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. Coverage under this Rider shall terminate upon termination or cancellation of
the bond to which this Rider is attached. Coverage under this rider may also be
terminated or cancelled without canceling the bond as an entirety:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>60&nbsp;days after receipt by the Insured of written notice from the Underwriter of
its desire to terminate or cancel coverage under this Rider, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon receipt by the Underwriter of a written request from the
Insured to terminate or cancel coverage under this Rider.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter shall refund to the Insured the unearned premium for this coverage under this
Rider. The refund shall be computed at short rates if this Rider is terminated or cancelled or
reduced by notice from, or at the instance of, the Insured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. Section&nbsp;4-LOSS-NOTICE-PROOF-LEGAL PROCEEDING of the Conditions and Limitations
of this bond is amended by adding the following sentence:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Proof of Loss resulting from Voice Instructions or advices covered under this bond shall include
Electronic Recording of such Voice Instructions or advices.&#148;
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not withstanding the foregoing, however, coverage afforded by this Rider is not
designed to provide protection against loss covered under a separate Electronic and Computer
Crime Policy by whatever title assigned or by whatever Underwriter written.
Any loss which is covered under such separate Policy is excluded from coverage under
this bond; and the Insured agrees to make claim for such loss under its separate Policy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This rider shall become effective at 12:01&nbsp;a.m. Standard time on 09/30/2009</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>By:</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000"><IMG src="b79052a1b7905201.gif" alt="-s- [ILLEGIBLE]"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIDER NO. 4</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INSURING AGREEMENT K</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To be attached to and form a part of Investment Company Blanket Bond No.&nbsp;6214328 in favor
of The China Fund, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached bond is amended by adding an additional Insuring Agreement as
follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUTHORIZED SIGNATURES</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss resulting directly from the insured having accepted, paid or cashed any
check or withdrawal order, draft, made or drawn on a customer&#146;s account which bears the
signature or endorsement of one other than a person whose name and signature is on the
application on file with the Insured as a signatory on such account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It shall be a condition precedent to the Insured&#146;s right of recovery under this rider that
the Insured shall have on file signatures all persons who are authorized signatories on such
account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Limit of Liability for the coverage provided by this rider shall be
Twenty Five Thousand Dollars ($25,000)
it being understood, however, that such liability shall be part or and not in
addition to the Limit of Liability stated in item 3. of the Declarations of the
attached bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriter shall not be liable under the Unauthorized Signatures Rider for any loss
on account of any instrument unless the amount of such instrument shall be excess of Five
Thousand Dollars
($5,000) (herein called Deductible Amount) and unless such loss on account of such
instrument, after deducting all recoveries on account of such instrument made prior to the
payment of such loss by the Underwriter, shall be in excess of such Deductible Amount and
then for such excess only, but in no event more than the amount of
the attached bond, or the
amount of coverage under the Unauthorized Signatures Rider, if the amount of such coverage is
less than the amount of the attached bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms,
limitations, conditions, or provisions of the attached bond other than as above stated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rider is effective as of 12:01&nbsp;a.m. standard time on 30-SEP-2009 as specified in the bond.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>By:</TD>
    <TD align="left" valign="top"> <IMG src="b79052a1b7905201.gif" alt="-s- [ILLEGIBLE]"></TD>
</TR>
<tr style="font-size: 1px">
<td>&nbsp;</td>
<td>&nbsp;</td>
<TD style="border-top: 1px solid #000000">&nbsp;</td>
</tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NATIONAL UNION FIRE INSURANCE COMPANY<BR>
OF PITTSBURGH, PA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OMNIBUS WORDING</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Rider #5</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This endorsement, effective 12:01 a.m <B>., </B>September&nbsp;30, 2009 <B>, </B>forms a part of
policy number 6214328
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">issued to The China Fund, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is agreed that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Insured shall, while this bond is in force, establish any new funds other
than by consolidation or merger with, purchase or acquisition of assets or
liabilities of, another institution, such funds shall automatically be covered
hereunder from the date of such establishment without the payment of additional
premium for the remainder of the premium period.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Insured shall, while this bond is in force, require an increase in
limits to comply with SEC Reg. 17g-1, due to an increase in asset size of
current funds insured under the bond or by the addition of new funds, the
Insured shall notify the Underwriter of such required increase in limits
within 30&nbsp;days of such increase in asset size and the Insured shall be
entitled to receive from the Underwriter within 15&nbsp;days of the Underwriter&#146;s
receipt of such notice an offer for coverage hereunder for such increase in
limits from the date of such increase in assets. Such coverage for increase
in asset size shall be conditioned upon the Insured paying the Underwriter
the required additional premium for such increase in limits, which additional
premium shall be in amount determined in the sole and absolute discretion of
the Underwriter.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein contained shall be held to vary, alter, waive or extend any
of the terms, limitations conditions or agreements of the attached bond
other than as above stated.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><IMG src="b79052a1b7905201.gif" alt="-s- [ILLEGIBLE]">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Representative&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">103011
(10/09)</div>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESTMENT COMPANY BLANKET BOND</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriter, in consideration of an agreed premium, and subject to the Declarations made
a part hereof, the General Agreements, Conditions and Limitations and other terms of this
bond, agrees with the Insured, in accordance with the Insuring Agreements hereof to which an
amount of insurance is applicable as set forth in Item&nbsp;3 of the Declarations and with respect
to loss sustained by the Insured at any time but discovered during the Bond Period, to
indemnify and hold harmless the Insured for:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INSURING AGREEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(A)&nbsp;FIDELITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss resulting from any dishonest or
fraudulent act(s), including Larceny or
Embezzlement committed by an Employee,
committed anywhere and whether committed
alone or in collusion with others,
including loss of Property resulting from
such acts of an Employee, which Property is
held by the Insured for any purpose or in
any capacity and whether so held
gratuitously or not and whether or not the
Insured is liable therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dishonest or fraudulent act(s) as
used in this Insuring Agreement shall
mean only dishonest or fraudulent act(s)
committed by such Employee with the
manifest intent:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cause the Insured to sustain such loss; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain financial benefit for the Employee, or for any other person or organization
intended by the Employee to receive such benefit, other than salaries, commissions, fees,
bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in the
normal course of employment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(B)&nbsp;AUDIT EXPENSE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense incurred by the Insured for
that part of the costs of audits or
examinations required by any governmental
regulatory authority to be conducted either
by such authority or by an independent
accountant by reason of the discovery of
loss sustained by the Insured through any
dishonest or fraudulent act(s), including
Larceny or Embezzlement of any of the
Employees. The total liability of the
Underwriter for such expense by reason of
such acts of any Employee or in which such
Employee is concerned or implicated or with
respect to any one audit or examination is
limited to the amount stated opposite Audit
Expense in Item&nbsp;3 of the Declarations; it
being understood, however, that such
expense shall be deemed to be a loss
sustained by the Insured through any
dishonest or fraudulent act(s), including
Larceny or Embezzlement of one or more of
the Employees and the liability under this
paragraph shall be in addition to the Limit
of liability stated in Insuring Agreement
(A)&nbsp;in Item&nbsp;3 of the Declarations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(C)&nbsp;ON PREMISES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss of Property (occurring with or
without negligence or violence) through
robbery, burglary, Larceny, theft, holdup,
or other fraudulent means, misplacement,
mysterious unexplainable disappearance,
damage thereto or destruction thereof,
abstraction or removal from the possession,
custody or control of the Insured, and loss
of subscription, conversion, redemption or
deposit privileges through the misplacement
or loss of Property, while the Property is
(or is supposed or believed by the Insured
to be) lodged or deposited within any
offices or premises located anywhere, except
in an office listed in Item&nbsp;4 of the
Declarations or amendment thereof or in the
mail or with a carrier for hire other than
an armored motor vehicle company, for the
purpose of transportation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Offices and Equipment
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loss of or damage to, furnishings,
fixtures, stationery, supplies or equipment,
within any of the Insured&#146;s offices covered
under this bond caused by Larceny or theft
in, or by burglary, robbery or holdup of
such office, or attempt thereat, or by
vandalism or malicious mischief; or</TD>
</TR>



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">41206 (9/84)</div>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss through damage to any such office by
Larceny or theft in, or by burglary, robbery
or holdup of such office or attempt thereat,
or to the interior of any such office by
vandalism or malicious mischief provided, in
any event, that the Insured is the owner of
such offices, furnishings, fixtures,
stationery, supplies or equipment or is
legally liable for such loss or damage, always
excepting, however, all loss or damage through
fire.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(D)&nbsp;IN TRANSIT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss of Property (occurring with or
without negligence or violence) through
robbery, Larceny, theft, holdup,
misplacement, mysterious unexplainable
disappearance, being lost or otherwise made
away with, damage thereto or destruction
thereof, and loss of subscription,
conversion, redemption or deposit privileges
through the misplacement or loss of
Property, while the Property is in transit
anywhere in the custody of any person or
persons acting as messenger, except while in
the mail or with a carrier for hire, other
than an armored motor vehicle company, for
the purpose of transportation, such transit
to begin immediately upon receipt of such
Property by the transporting person or
persons, and to end immediately upon
delivery thereof at destination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(E)&nbsp;FORGERY OR ALTERATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss through FORGERY or ALTERATION of, on or in
any bills of exchange, checks, drafts, acceptances,
certificates of deposit. promissory notes, or other
written promises, orders or directions to pay sums
certain in money, due bills, money orders, warrants,
orders upon public treasuries, letters of credit,
written instructions, advices or applications directed
to the Insured, authorizing or acknowledging the
transfer, payment, delivery or receipt of funds or
Property, which instructions or advices or
applications purport to have been signed or endorsed
by any customer of the Insured, shareholder or
subscriber to shares, whether certificated or
uncertificated, of any Investment Company or by any
financial or banking institution or stockbroker but
which instructions, advices or applications either
bear the forged signature or endorsement or have been
altered without the knowledge and consent of such
customer,
shareholder or subscriber to shares,
whether certificated or uncertificated, of
an Investment Company, financial or banking
institution or stockbroker,
withdrawal orders or receipts for the
withdrawal of funds or Property, or receipts
or certificates of deposit for Property and
bearing the name of the Insured as issuer,
or of another Investment Company for which
the Insured acts as agent, excluding,
however, any loss covered under Insuring
Agreement (F)&nbsp;hereof whether or not coverage
for Insuring Agreement (F)&nbsp;is provided for
in the Declarations of this bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any check or draft (a)&nbsp;made payable
to a fictitious payee and endorsed in the
name of such fictitious payee or (b)
procured in a transaction with the maker
or drawer thereof or with one acting as an
agent of such maker or drawer or anyone
impersonating another and made or drawn
payable to the one so impersonated and
endorsed by anyone other than the one
impersonated, shall be deemed to be forged
as to such endorsement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mechanically reproduced facsimile
signatures are treated the same as
handwritten signatures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(F)&nbsp;SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss sustained by the Insured, including loss
sustained by reason of a violation of the
constitution, by-laws, rules or regulations of any
Self Regulatory
Organization of which the Insured is a
member or which would have been imposed upon the
Insured by the constitution, by-laws, rules or
regulations of any Self Regulatory Organization if the
Insured had been a member thereof,
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the Insured&#146;s having, in
good faith and in the course of
business, whether for its own account
or for the account of others, in any
representative, fiduciary, agency or
any other capacity, either gratuitously
or otherwise, purchased or otherwise
acquired, accepted or received, or sold
or delivered, or given any value,
extended any credit or assumed any
liability, on the faith of, or
otherwise acted upon, any securities,
documents or other written instruments
which prove to have been</TD>
</TR>






</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>counterfeited, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forged as to the signature of any maker, drawer, issuer, endorser, assignor, lessee,
transfer agent or registrar, acceptor, surety or guarantor or as to the signature of any
person signing in any other capacity, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>raised or otherwise altered, or lost, or stolen,
or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through the Insured&#146;s having, in
good faith and in the course of
business, guaranteed in writing or
witnessed any signatures whether for
valuable consideration or not and
whether or not such guaranteeing or
witnessing is ultra vires the Insured,
upon any transfers, assignments, bills
of sale, powers of attorney, guarantees,
endorsements or other obligations upon
or in connection with any
securities, documents or other
written instruments and which pass or
purport to pass title to such
securities, documents or other written
instruments; EXCLUDING, losses caused by
FORGERY or ALTERATION of, on or in those
instruments covered under Insuring
Agreement (E)&nbsp;hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities, documents or other
written instruments shall be deemed
to mean original (including
original counterparts) negotiable
or non-negotiable agreements which
in and of themselves represent an
equitable interest, ownership, or
debt, including an assignment
thereof which instruments are in
the ordinary course of business,
transferable by delivery of such
agreements with any necessary
endorsement or assignment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The word &#147;counterfeited&#148; as used
in this Insuring Agreement shall
be deemed to mean any security,
document or other written
instrument which is intended to
deceive and to be taken for an
original.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mechanically produced facsimile
signatures are treated the same as
handwritten signatures.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(G)&nbsp;COUNTERFEIT CURRENCY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss through the receipt by the
Insured, in good faith, of any
counterfeited money orders or altered paper
currencies or coin of the United States of
America or Canada issued or purporting to
have been issued by the United States of
America or Canada or issued pursuant to a
United States of America or Canadian
statute for use as currency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(H)&nbsp;STOP PAYMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss against any and all sums which
the Insured shall become obligated to
pay by reason of the Liability imposed
upon the Insured by law for damages:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">For having either complied with or
failed to comply with any written
notice of any customer, shareholder
or subscriber of the Insured or any
Authorized Representative of such
customer, shareholder or subscriber
to stop payment of any check or draft
made or drawn by such customer,
shareholder or subscriber or any
Authorized Representative of such
customer, shareholder or subscriber,
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">For having refused to pay any check or
draft made or drawn by any customer,
shareholder or subscriber of the
Insured or any Authorized
Representative of such customer,
shareholder or subscriber.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(I)&nbsp;UNCOLLECTIBLE ITEMS OF DEPOSIT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss resulting from payments of
dividends or fund shares, or withdrawals
permitted from any customer&#146;s,
shareholder&#146;s or subscriber&#146;s account
based upon Uncollectible Items of
Deposit of a customer shareholder or
subscriber credited by the
Insured or the Insured&#146;s
agent to such customer&#146;s,
shareholder&#146;s or subscriber&#146;s
Mutual Fund Account; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loss resulting from any Item of
Deposit processed through an Automated
Clearing House which is reversed by the
customer, shareholder or subscriber and
deemed uncollectible by the Insured.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss includes dividends and interest
accrued not to exceed 15% of the
Uncollectible Items which are deposited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Insuring Agreement applies to all
Mutual Funds with &#147;exchange privileges&#148; if
all Fund(s) in the exchange program are
insured by a National Union Fire Insurance Company of Pittsburgh,
PA for Uncollectible Items of Deposit.
Regardless of the number of transactions
between Fund(s), the minimum number of
days of deposit within the Fund(s) before
withdrawal as declared in the Fund(s)
prospectus shall begin from the date a
deposit was first credited to any Insured
Fund(s).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GENERAL AGREEMENTS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADDITIONAL OFFICES OR EMPLOYEES-CONSOLIDATION OR MERGER-NOTICE</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Insured shall, while
this bond is in force, establish any
additional office or offices, such
office or offices shall be
automatically covered hereunder from
the dates of their establishment,
respectively. No notice to the
Underwriter of an increase during any
premium period in the number of
offices or in the number of Employees
at any of the offices covered
hereunder need be given and no
additional premium need be paid for
the remainder of such premium period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Investment Company,
named as Insured herein, shall, while
this bond is in force, merge or
consolidate with, or purchase the
assets of another institution,
coverage for such acquisition shall
apply automatically from the date of
acquisition. The Insured shall notify
the Underwriter of such acquisition
within 60&nbsp;days of said date, and an
additional premium shall be computed
only if such acquisition involves
additional offices or employees.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>WARRANTY</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No statement made by or on behalf
of the Insured, whether contained in
the application or otherwise, shall be
deemed to be a warranty of anything
except that it is true to the best of
the knowledge and belief of the person
making the statement.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>COURT COSTS AND ATTORNEYS&#146;
FEES<BR><BR style="font-size: 6pt">

(Applicable to all Insuring Agreements
or Coverages now or hereafter forming
part of this bond)</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriter will indemnify the
Insured against court costs and reasonable
attorneys&#146; fees incurred and paid by the
Insured in defense, whether or not
successful, whether or not fully litigated
on the merits and whether or not settled of
any suit or legal proceeding brought against
the Insured to enforce the Insured&#146;s
liability or alleged liability on account of
any loss, claim or damage which, if
established against the Insured, would
constitute a loss sustained by the Insured
covered under the terms of this bond
provided, however, that with respect to
Insuring Agreement (A)&nbsp;this indemnity shall
apply only in the event that
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Employee admits to being guilty of any dishonest or fraudulent act(s), including Larceny
or Embezzlement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Employee is adjudicated to be guilty of any dishonest or fraudulent act(s), including
Larceny or Embezzlement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the absence of (1)&nbsp;or (2)&nbsp;above an arbitration panel agrees, after a review of an agreed
statement of facts, that an Employee would be found guilty of dishonesty if such Employee were
prosecuted.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Insured shall promptly give notice
to the Underwriter of any such suit or legal
proceeding and at the request of the
Underwriter shall furnish it with copies of
all pleadings and other papers therein. At
the Underwriter&#146;s election the Insured shall
permit the Underwriter to conduct the
defense of such suit or legal proceeding, in
the Insured&#146;s name, through attorneys of the
Underwriter&#146;s selection. In such event, the
Insured shall give all reasonable
information and assistance which the
Underwriter shall deem necessary to the
proper defense of such suit or legal
proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the amount of the Insured&#146;s liability or alleged
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liability is greater than the amount
recoverable under this bond, or if a
Deductible Amount is applicable, or both,
the liability of the Underwriter under
this General Agreement is limited to the
proportion of court costs and attorneys&#146;
fees incurred and paid by the Insured or
by the Underwriter that the amount
recoverable under this bond bears to the
total of such amount plus the amount which
is not so recoverable. Such indemnity
shall be in addition to the Limit of
Liability for the applicable Insuring
Agreement or Coverage.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FORMER EMPLOYEE</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acts of an Employee, as defined in this
bond, are covered under Insuring Agreement
(A)&nbsp;only while the Employee is in the
Insured&#146;s employ. Should loss involving a
former Employee of the Insured be
discovered subsequent to the
termination of employment, coverage would
still apply under Insuring Agreement (A)&nbsp;if
the direct proximate cause of the loss
occurred while the former Employee performed
duties within the scope of his/her
employment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE FOREGOING INSURING AGREEMENTS AND<BR>
GENERAL AGREEMENTS ARE SUBJECT TO<BR>
THE FOLLOWING CONDITIONS<BR>
AND LIMITATIONS:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1. DEFINITIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following terms, as used in this
bond, shall have the respective meanings
stated in this Section:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Employee&#148; means:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the Insured&#146;s officers, partners, or employees, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the officers or employees of any predecessor of the Insured whose principal
assets are acquired by the Insured by consolidation or merger with, or purchase of assets
or capital stock of such predecessor and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>attorneys retained by the Insured to perform legal services for the Insured and the
employees of such attorneys while such attorneys or the employees of such attorneys are
performing such services for the Insured, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>guest students pursuing their studies or duties in any of the Insured&#146;s offices, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directors or trustees of the Insured, the investment advisor, underwriter
(distributor), transfer agent, or shareholder accounting record keeper, or administrator
authorized by written agreement to keep financial and/or other required records, but only
while performing acts coming within the scope of the usual duties of an officer or employee
or while acting as a member of any committee duly elected or appointed to examine or audit
or have custody of or access to the Property of the Insured, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any individual or individuals assigned to perform the usual duties of an employee
within the premises of the Insured, by contract, or by any agency furnishing temporary
personnel on a contingent or part-time basis, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each natural person, partnership or corporation authorized by written agreement with
the Insured to perform services as electronic data processor of checks or other accounting
records of the Insured, but excluding any such processor who acts as transfer agent or in
any other agency capacity in issuing checks, drafts or securities for the Insured, unless
included under Subsection (9)&nbsp;hereof, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>those persons so designated in Section&nbsp;15, Central Handling of Securities, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any officer, partner or Employee of</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an investment advisor,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an underwriter (distributor),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transfer agent or shareholder accounting record-keeper, or</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an administrator authorized
by written agreement to keep
financial and/or other required
records,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">for an Investment Company named
as Insured while performing acts
coming within the scope of the
usual duties of an officer or
Employee of any Investment
Company named as Insured herein,
or while acting as a member of
any committee duly elected or
appointed to examine or audit or
have custody of or access to the
Property of any such Investment
Company, provided that only
Employees or partners of a
transfer agent, shareholder
accounting record-keeper or
administrator which is an
affiliated person as defined in
the Investment Company Act of
1940, of an Investment Company
named as Insured or is an
affiliated person of the
adviser, underwriter or
administrator of such Investment
Company, and which is not a
bank, shall be included within
the definition of Employee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">Each employer of temporary
personnel or processors as set
forth in Sub-Sections (6)&nbsp;and of
Section 1(a) and their partners,
officers and employees shall
collectively be deemed to be one
person for all the purposes of
this bond, excepting, however,
the last paragraph of Section
13.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Brokers, or other agents under
contract or representatives of the
same general character shall not be
considered Employees.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Property&#148; means money (i.e.,
currency, coin, bank notes, Federal
Reserve notes), postage and revenue
stamps, U.S. Savings Stamps, bullion,
precious metals of all kinds and in any
form and articles made therefrom,
jewelry, watches, necklaces, bracelets,
gems, precious and semi-precious stones,
bonds, securities, evidences of
debts, debentures, scrip, certificates, interim receipts, warrants, rights, puts, calls,
straddles, spreads, transfers, coupons,
drafts, bills of exchange, acceptances,
notes, checks, withdrawal orders, money
orders, warehouse receipts, bills of
lading, conditional sales contracts,
abstracts of title, insurance policies,
deeds, mortgages under real estate
and/or chattels and upon interests
therein, and assignments of such
policies, mortgages and instruments, and
other valuable papers, including books
of account and other records used by the
Insured in the conduct of its business,
and all other instruments similar to or
in the nature of the foregoing including
Electronic
Representations of such instruments
enumerated above (but excluding all data
processing records) in which the Insured
has an interest or in which the Insured
acquired or should have acquired an
interest by reason of a predecessor&#146;s
declared financial condition at the time
of the Insured&#146;s consolidation or merger
with, or purchase of the principal
assets of, such predecessor or which are
held by the Insured for any purpose or
in any capacity and whether so held by
the Insured for any purpose or in any
capacity and whether so held
gratuitously or not and whether or not
the Insured is liable therefor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Forgery&#148; means the signing of the
name of another with intent to deceive;
it does not include the signing of one&#146;s
own name with or without authority, in
any capacity, for any purpose.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Larceny and Embezzlement&#148; as it
applies to any named Insured means
those acts as set forth in Section&nbsp;37
of the Investment Company Act of 1940.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Items of Deposit&#148; means any one or
more checks and drafts. Items of Deposit
shall not be deemed uncollectible until
the Insured&#146;s collection procedures have
failed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 2. EXCLUSIONS
</DIV>








<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS BOND DOES NOT COVER:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss effected directly or indirectly by means of forgery or alteration of, on or in any
instrument, except when covered by Insuring Agreement (A), (E), (F)&nbsp;or (G).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss due to riot or civil commotion outside the United States of America and Canada; or
loss due to military, naval or usurped power, war or insurrection unless such loss occurs in
transit in the circumstances recited in Insuring Agreement (D), and unless, when such transit
was initiated, there was no knowledge of such riot, civil commotion, military, naval or
usurped power, war or insurrection on the part of any person acting for the Insured in
initiating such transit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss, in time of peace or war, directly or indirectly caused by or resulting from the effects
of nuclear fission or fusion or radioactivity; provided, however, that this paragraph shall not
apply to loss resulting from industrial uses of nuclear energy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from any wrongful act or acts of any person who is a member of the Board of
Directors of the Insured or a member of any equivalent body by whatsoever name known unless such
person is also an Employee or an elected official, partial owner or partner of the Insured in some
other capacity, nor, in any event, loss resulting from the act or acts of any person while acting
in the capacity of a member of such Board or equivalent body.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from the complete or partial non-payment of, or default upon, any loan or
transaction in the nature of, or amounting to, a loan made by or obtained from the Insured or any
of its partners, directors or Employees, whether authorized or unauthorized and whether procured in
good faith or through trick, artifice, fraud or false pretenses, unless such loss is covered under
Insuring Agreement (A), (E)&nbsp;or (F).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from any violation by the Insured or by any Employee</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of law regulating (a)&nbsp;the
issuance, purchase or sale of
securities, (b)&nbsp;securities
transactions upon Security
Exchanges or over the counter
market, (c)&nbsp;Investment
Companies, or (d)&nbsp;Investment
Advisors, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of any rule or regulation
made pursuant to any such law,
unless such loss, in the absence
of such laws, rules or
regulations, would be covered
under Insuring Agreements (A)&nbsp;or
(E).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of Property or loss of
privileges through the misplacement or
loss of Property as set forth in
Insuring Agreement (C)&nbsp;or (D)&nbsp;while the
Property is in the custody of any
armored motor vehicle company, unless
such loss shall be in excess of the
amount recovered or received by the
Insured under (a)&nbsp;the Insured&#146;s contract
with said armored motor vehicle company,
(b)&nbsp;insurance carried by said armored
motor vehicle company for the benefit of
users of its service, and (c)&nbsp;all other
insurance and indemnity in force in
whatsoever form carried by or for the
benefit of users of said armored motor
vehicle company&#146;s service, and then this
bond shall cover only such excess.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential income, including but not
limited to interest and dividends, not
realized by the Insured because of a loss
covered under this bond, except as
included under Insuring Agreement (I).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all damages of any type for which
the Insured is legally liable, except
direct compensatory damages arising
from a loss covered under this bond.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss through the surrender of
Property away from an office of the
Insured as a result of a threat</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do bodily harm to any person, except loss of Property in transit in the custody of
any person acting as messenger provided that when such transit was initiated there was no
knowledge by the Insured of any such threat, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to do damage to the premises or Property of the Insured, except when</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">covered under Insuring
Agreement (A).
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all costs, fees and other expenses
incurred by the Insured in establishing
the existence of or amount of loss
covered under this bond unless such
indemnity is provided for under Insuring
Agreement (B).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss resulting from payments made or withdrawals from the account of a customer of the
Insured, shareholder or subscriber to shares involving funds erroneously credited to such
account, unless such payments are made to or withdrawn by such depositor or representative of such
person, who is within the premises of the drawee bank of the Insured or within the office of the
Insured at the time of such payment or withdrawal or
unless such payment is covered under Insuring Agreement (A).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss resulting from Uncollectible
Items of Deposit which are drawn from a
financial institution outside the fifty
states of the United States of America,
District of Columbia, and territories and
possessions of the United States of
America, and Canada.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3. ASSIGNMENT OF RIGHTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This bond does not afford coverage in
favor of any Employers of temporary
personnel or of processors as set forth in
sub-sections (6)&nbsp;and (7)&nbsp;of Section 1(a) of
this bond, as aforesaid, and upon payment
to the Insured by the Underwriter on
account of any loss through dishonest or
fraudulent act(s) including 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 Insured&#146;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 Insured to the
Underwriter, and the Insured shall execute
all papers necessary to secure to the
Underwriter the rights herein provided for.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 4. LOSS -NOTICE -PROOF-LEGAL PROCEEDINGS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This bond is for the use and benefit
only of the Insured named in the
Declarations and the Underwriter shall not
be liable hereunder for loss sustained by
anyone other than the Insured unless the
Insured, in its sole discretion and at its
option, shall include such loss in the
Insured&#146;s proof of loss. At the earliest
practicable moment after discovery of any
loss hereunder the Insured shall give the
Underwriter written notice thereof and
shall also within six months after such
discovery furnish to the Underwriter
affirmative proof of loss with full
particulars. If claim is made under this
bond for loss of securities or shares, the
Underwriter shall not be liable unless each
of such securities or shares is identified
in such proof of loss by a certificate or
bond number or, where such securities or
shares are uncertificated, by such
identification means as agreed to by the
Underwriter. The Underwriter shall have
thirty days after notice and proof of loss within which
to investigate the claim, but where the loss
is clear and undisputed, settlement shall be
made within forty-eight hours; and this
shall apply notwithstanding the loss is made
up wholly or in part of securities of which
duplicates may be obtained. Legal
proceedings for recovery of any loss
hereunder shall not be brought prior to the
expiration of sixty days after such proof of
loss is filed with the Underwriter nor after
the expiration of
twenty-four months from the discovery
of such loss, except that any action or
proceeding to recover hereunder on account
of any judgment against the Insured in any
suit mentioned in General Agreement C or to
recover attorneys&#146; fees paid in any such
suit, shall be begun within twenty-four
months from the date upon which the judgment
in such suit shall become final. If any
limitation embodied in this bond is
prohibited by any law controlling the
construction hereof, such limitation shall
be deemed to be amended so as to be equal to
the minimum period of limitation permitted
by such law.
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Discovery occurs when the Insured
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes aware of facts, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receives written notice of an actual or potential claim by a third party which alleges
that the Insured is liable under circumstance</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which would cause a reasonable person to assume that a loss covered by the bond has been or will
be
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">incurred even though the exact amount or
details of loss may not be then known.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5. VALUATION OF PROPERTY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of any Property, except books
of accounts or other records used by the
Insured in the conduct of its business, for
the loss of which a claim shall be made
hereunder, shall be determined by the average
market value of such Property on the business
day next preceding the discovery of such
loss; provided, however, that the value of
any
Property replaced by the Insured prior
to the payment of claim therefor shall be the
actual market value at the time of
replacement; and further provided that in
case of a loss or misplacement of interim
certificates, warrants, rights, or other
securities, the production which is necessary
to the exercise of subscription, conversion,
redemption or deposit privileges, the value
thereof shall be the market value of such
privileges immediately preceding the
expiration thereof if said loss or
misplacement 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 or by
arbitration.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any loss or damage to Property consisting of books of accounts or other records used
by the Insured in the conduct of its business, the
Underwriter shall be liable under this bond only if
such books or records are actually reproduced and then
for not more than the cost of blank books, blank pages
or other materials plus the cost of labor for the
actual transcription or copying of data which shall
have been furnished by the Insured in order to
reproduce such books and other records.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6. VALUATION OF PREMISES AND FURNISHINGS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of damage to any office of the
Insured, or loss of or damage to the
furnishings, fixtures, stationery, supplies,
equipment, safes or vaults therein, the
Underwriter shall not be liable for more than the actual cash value thereof, or for more than the actual cost of
their replacement or repair. The Underwriter may, at its election,
pay such actual cash value or make such replacement or repair. If the
Underwriter and the Insured cannot agree upon such cash value or such
cost of replacement or repair, such shall be determined by arbitration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 7. LOST SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Insured shall sustain a loss of
securities the total value of which is in
excess of the limit stated in Item&nbsp;3 of the
Declarations of this bond, the liability of
the Underwriter shall be limited to payment
for, or duplication of, securities having
value equal to the limit stated in Item&nbsp;3 of
the Declarations of this bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Underwriter shall make
payment to the Insured for any loss of
securities, the Insured shall thereupon
assign to the Underwriter all of the
Insured&#146;s rights, title and interests in
and to said securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to securities the value
of which do not exceed the Deductible
Amount (at the time of the discovery of the
loss) and for which the Underwriter may at
its sole discretion and option and at the
request of the Insured issue a Lost
Instrument Bond or Bonds to effect
replacement thereof, the Insured will pay
the usual premium charged therefor and will
indemnify the Underwriter against all loss
or expense that the Underwriter may sustain
because of the issuance of such Lost
Instrument Bond or Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to securities the value of which
exceeds the Deductible Amount (at the time of
discovery of the loss) and for
which the Underwriter may issue or arrange
for the issuance of a Lost Instrument Bond
or Bonds to effect replacement thereof, the
Insured agrees that it will pay as premium
therefor a proportion of the usual premium
charged therefor, said proportion being
equal to the percentage that the Deductible
Amount bears to the value of the securities
upon discovery of the loss, and that it will
indemnify the issuer of said Lost Instrument
Bond or Bonds against all loss and expense
that is not recoverable from the Underwriter
under the terms and conditions of this
INVESTMENT COMPANY BLANKET BOND subject to
the Limit of Liability hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 8. SALVAGE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of recovery, whether made by
the Insured or by the Underwriter, on
account of any loss in excess of the Limit
of Liability hereunder plus the Deductible
Amount applicable to such loss from any
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">source other than suretyship,
insurance, reinsurance, security or
indemnity taken by or for the benefit of
the Underwriter, the net amount of such
recovery, less the actual costs and
expenses of making same, shall be applied
to reimburse the Insured in full for the
excess portion of such loss, and the
remainder, if any, shall be paid first in
reimbursement of the Underwriter and
thereafter in reimbursement of the Insured
for that part of such loss within the
Deductible Amount. The Insured shall
execute all necessary papers to secure to
the Underwriter the rights provided for
herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 9. NON-REDUCTION AND
NON-ACCUMULATION OF LIABILITY AND TOTAL
LIABILITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At all times prior to termination
hereof this bond shall continue in force for
the limit stated in the applicable sections
of Item&nbsp;3 of the Declarations of this bond
notwithstanding any previous loss for which
the Underwriter may have paid or be liable
to pay hereunder; PROVIDED, however, that
regardless of the number of years this bond
shall continue in force and the number of
premiums which shall be payable or paid, the
liability of the Underwriter under this bond
with respect to all loss resulting from
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one act of burglary, robbery or holdup, or attempt thereat, in which no Partner or
Employee is concerned or implicated shall be deemed to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one unintentional or negligent act on the part of any one person resulting in damage to
or destruction or misplacement of Property, shall be deemed to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all wrongful acts, other than those specified in (a)&nbsp;above, of any one person shall be
deemed to be one loss, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all wrongful acts, other than those
specified in (a)&nbsp;above, of one or more
persons (which dishonest act(s) or act(s)
of Larceny or Embezzlement include, but
are not limited to, the failure of an
Employee to report such acts of others)
whose dishonest act or acts intentionally
or unintentionally, knowingly or
unknowingly, directly or indirectly, aid
or aids in any way, or permits the
continuation of, the dishonest act or
acts of any other person or persons shall
be deemed to be one loss with the act or
acts of the persons aided, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one casualty or event other than
those specified in (a), (b), (c)&nbsp;or (d)
preceding, shall be deemed to be one
loss, and </TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="4">shall be limited to the applicable Limit
of Liability stated in Item&nbsp;3 of the
Declarations of this bond irrespective of
the total amount of such loss or losses
and shall not be cumulative in amounts
from year to year or from period to
period.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-section (c)&nbsp;is not applicable to
any situation to which the language of
sub-section (d)&nbsp;applies.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 10. LIMIT OF LIABILITY
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any loss set forth in
the PROVIDED clause of Section&nbsp;9 of this
bond which is recoverable or recovered in
whole or in part under any other bonds or
policies issued by the Underwriter to the
Insured or to any predecessor in interest
of the Insured and terminated or cancelled
or allowed to expire and in which the
period for discovery has not expired at the
time any such loss thereunder is
discovered, the total liability of the
Underwriter under this bond and under other
bonds or policies shall not exceed, in the
aggregate, the amount carried hereunder on
such loss or the amount available to the
Insured under such other bonds or policies,
as limited by the terms and conditions
thereof, for any such loss if the latter
amount be the larger.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 11. OTHER INSURANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Insured shall hold, as
indemnity against any loss covered
hereunder, any valid and enforceable
insurance or suretyship, the Underwriter
shall be liable hereunder only for such
amount of such loss which is in excess of
the amount of such other insurance or
suretyship, not exceeding, however, the
Limit of Liability of this bond applicable
to such loss.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 12. DEDUCTIBLE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriter shall not be liable
under any of the Insuring Agreements of this
bond on account of loss as specified,
respectively, in sub-sections (a), (b), (c),
(d)&nbsp;and (e)&nbsp;of Section&nbsp;9, NON-REDUCTION AND
NON- ACCUMULATION OF LIABILITY AND
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TOTAL LIABILITY, unless the amount of such
loss, after deducting the net amount of all
reimbursement and/or recovery obtained or
made by the Insured, other than from any bond
or policy of insurance issued by an
insurance company and covering such
loss, or by the Underwriter on account
thereof prior to payment by the Underwriter
of such loss, shall exceed the Deductible
Amount set forth in Item&nbsp;3 of the
Declarations hereof (herein called Deductible
Amount) and then for such excess only, but in
no event for more than the applicable Limit
of Liability stated in Item&nbsp;3 of the
Declarations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Insured will bear, in addition
to the Deductible Amount, premiums on
Lost Instrument Bonds as set forth in
Section&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall be no deductible
applicable to any loss under Insuring
Agreement A sustained by any Investment
Company named as Insured herein.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 13. TERMINATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriter may terminate this bond
as an entirety by furnishing written notice
specifying the termination date which cannot
be prior to 60&nbsp;days after the receipt of such
written notice by each Investment Company
named as Insured and the Securities and
Exchange Commission, Washington, D.C. The
Insured may terminate this bond as an
entirety by furnishing written notice to the
Underwriter. When the Insured cancels, the
Insured shall furnish written notice to the
Securities and Exchange Commission,
Washington. D.C. prior to 60&nbsp;days before the
effective date of the termination. The
Underwriter shall notify all other Investment
Companies named as Insured of the receipt of
such termination notice and the termination
cannot be effective prior to 60&nbsp;days after
receipt of written notice by all other
Investment Companies. Premiums are earned
until the termination date as set forth
herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Bond will terminate as to any one Insured immediately upon taking over of such Insured by
a receiver or other liquidator or by State or Federal officials, or immediately upon the filing of
a petition under any State or Federal statute relative to bankruptcy or reorganization of the
Insured, or assignment for the benefit of creditors of the Insured. or immediately upon such
Insured ceasing to exist, whether through merger into another entity, or by disposition of all of its assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriter shall refund the
unearned premium computed at short rates in
accordance with the standard short rate
cancellation tables if terminated by the
Insured or pro rata if terminated for any
other reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Bond shall terminate
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee as soon as any
partner, officer or supervisory
Employee of the Insured, who is not
in collusion with such Employee,
shall learn of any dishonest or
fraudulent act(s), including Larceny
or Embezzlement on the part of such
Employee without prejudice to the
loss of any Property then in transit
in the custody of such Employee (See
Section&nbsp;16&#091;d&#093;), or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any Employee 60&nbsp;days after receipt by each Insured and by the Securities and
Exchange Commission of a written notice from the Underwriter of its desire to terminate this
bond as to such Employee, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as to any person, who is a partner, officer or employee of any Electronic Data Processor
covered under this bond, from and after the time that the Insured or any partner or officer
thereof not in collusion with such person shall have knowledge or information that such person
has committed any dishonest or fraudulent act(s), including Larceny or Embezzlement in the
service of the Insured or otherwise, whether such act be committed before or after the time
this bond is effective.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time prior to the termination
or cancellation of this bond as an
entirety, whether by the Insured or the
Underwriter, the Insured may give to the
Underwriter notice that it desires under
this bond an additional period of 12
months within which to discover loss
sustained by the Insured prior to the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">effective date of such termination or
cancellation and shall pay an additional
premium therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt of such notice from the Insured, the Underwriter shall give its written consent
thereto; provided, however, that such additional period of time shall terminate immediately;
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on the effective date of any other insurance obtained by the Insured, its successor in
business or any other party, replacing in whole or in part the insurance afforded by this bond,
whether or not such other insurance provides coverage for loss sustained prior to its effective
date, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon takeover of the Insured&#146;s business by any State or Federal official or agency, or by
any receiver or liquidator, acting or appointed for this purpose without the necessity of the
Underwriter giving notice of such termination. In the event that such additional period of time is
terminated, as provided above, the Underwriter shall refund any unearned premium.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The right to purchase such additional
period for the discovery of loss may not be
exercised by any State or Federal official
or agency, or by any receiver or
liquidator, acting or appointed to take
over the Insured&#146;s business for the
operation or for the liquidation thereof or
for any other purpose.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 15. CENTRAL HANDLING OF SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities included in the systems for
the central handling of securities
established and maintained by Depository
Trust Company, Midwest Depository Trust
Company, Pacific Securities Depository Trust
Company, and Philadelphia Depository Trust
Company, hereinafter called Corporations, to
the extent of the Insured&#146;s interest therein
as effective by the making of appropriate
entries on the books and records of such
Corporations shall be deemed to be Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;Employee&#148; and &#147;Employees&#148;
shall be deemed to include the officers,
partners, clerks and other employees of the
New York Stock Exchange, Boston Stock
Exchange, Midwest Stock Exchange, Pacific
Stock Ex- change and Philadelphia Stock
Exchange, hereinafter called Exchanges, and
of the above named Corporations, and of any
nominee in whose name is registered any
security included within the systems for
the central handling of securities
established and maintained by such
Corporations, and any employee of any
recognized service company, while such
officers, partners, clerks and other
employees and employees of service
companies perform services for such
Corporations in the operation of such
systems. For the purpose of the above
definition a recognized service company
shall be any company providing clerks or
other personnel to said Exchanges or
Corporation on a contract basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriter shall not be liable on
account of any loss(es) in connection with
the central handling of securities within
the systems established
and maintained by such Corporations,
unless such loss(es) shall be in excess of
the amount(s) recoverable or recovered under
any bond or policy of insurance indemnifying
such Corporations, against such loss(es),
and then the Underwriter shall be liable
hereunder only for the Insured&#146;s share of
such excess loss(es), but in no event for
more than the Limit of Liability applicable
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of determining the
Insured&#146;s share of excess loss(es) it
shall be deemed that the Insured has an
interest in any certificate representing
any security included within such systems
equivalent to the interest the Insured
then has in all certificates representing
the same security included within such
systems and that such Corporations shall
use their best judgement in apportioning
the amount(s) recoverable or recovered
under any bond or policy of insurance
indemnifying such Corporations against
such loss(es) in connection with the
central handling of securities within such
systems among all those having an interest
as recorded by appropriate entries in the
books and records of such Corporations in
Property involved in such loss(es) on the
basis that each such interest shall share
in the amount(s) so recoverable or
recovered in the ratio that the value of
each such interest bears to the total
value of all such interests and that the
Insured&#146;s share of such excess loss(es)
shall be the amount of the Insured&#146;s
interest in such Property in excess of the
amount(s) so apportioned to the Insured by
such Corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This bond does not afford coverage in
favor of such Corporations or Exchanges or
any nominee in whose name is registered any
security included within the systems for
the central handling of securities
established and maintained by such
Corporations, and upon payment to the
Insured by the Underwriter on account of
any loss(es) within the systems, an
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">assignment of such of the Insured&#146;s rights
and causes of action as it may have
against such Corporations or Exchanges
shall to the extent of such payment, be
given by the Insured to the Underwriter,
and the Insured shall execute all papers
necessary to secure to the Underwriter the
rights provided for herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If more than one corporation,
co-partnership or person or any combination
of them be included as the Insured herein:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total liability of the Underwriter hereunder for loss or losses sustained by any one
or more or all of them shall not exceed the limit for which the Underwriter would be liable
hereunder if all such loss were sustained by any one of them,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the one first named herein shall be deemed authorized to make, adjust and receive and
enforce payment of all claims hereunder and shall be deemed to be the agent of the
others for such purposes and for the giving or receiving of any notice required or permitted
to be given by the terms hereof, provided that the Underwriter shall furnish each named
Investment Company with a copy of the bond and with any amendment thereto, together with a
copy of each formal filing of the settlement of each such claim prior to the execution of such
settlement,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriter shall not be responsible for the proper application of any payment made
hereunder to said first named Insured,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>knowledge possessed or discovery made by any partner, officer or supervisory Employee of
any Insured shall for the purposes of Section&nbsp;4 and Section&nbsp;13 of this bond constitute
knowledge or discovery by all the Insured, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the first named Insured ceases
for any reason to be covered under
this bond, then the Insured next
named shall thereafter be considered
as the first named Insured for the
purposes of this bond.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 17. NOTICE AND CHANGE OF CONTROL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Insured&#146;s obtaining knowledge of a transfer of its outstanding voting securities
which results in a change in control (as set forth in Section 2(a) (9)&nbsp;of the Investment Company
Act of 1940) of the Insured, the Insured shall within thirty (30)&nbsp;days of such knowledge give
written notice to the Underwriter setting forth:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the names of the transferors and transferees (or the names of the beneficial owners if the
voting securities are requested in another name), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total number of outstanding voting securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this section,
control means the power to exercise a
controlling influence over the
management or policies of the Insured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to give the required notice
shall result in termination of coverage of
this bond, effective upon the date of stock
transfer for any loss in which any
transferee is concerned or implicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such notice is not required to be
given in the case of an Insured which is
an Investment Company.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SECTION 18. CHANGE OR MODIFICATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This bond or any instrument amending or
effecting same may not be changed or
modified orally. No changes in or
modification thereof shall be effective
unless made by written endorsement issued to
form a part hereof over the signature of the
Underwriter&#146;s Authorized Representative.
When a bond covers only one Investment
Company no change or modification which
would adversely affect the rights of the
Investment Company shall be effective prior
to 60&nbsp;days after written notification has
been furnished to the Securities and
Exchange Commission, Washington, D.C. by the
Insured or by the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underwriter. If more than one Investment Company is named as the Insured herein, the
Underwriter shall give written notice to each Investment Company and to the Securities and Exchange
Commission, Washington, D.C. not less than 60&nbsp;days prior to the effective date of any change or
modification which would adversely affect the rights of such Investment Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the Underwriter has
caused this bond to be executed on the
Declarations Page.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>POLICYHOLDER NOTICE</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for purchasing insurance from a member company of American International Group, Inc.
(AIG). The AIG member companies generally pay compensation to brokers and independent agents, and
may have paid compensation in connection with your policy. You can review and obtain information
about the nature and range of compensation paid by AIG member companies to brokers and independent
agents in the United States by visiting our website at www.aigproducercompensation.com or by
calling AIG at 1-800-706-3102.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECRETARY&#146;S CERTIFICATE</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Elizabeth A. Watson, Secretary of The China Fund, Inc. (the &#147;Fund&#148;), hereby certify that
the following resolutions were adopted by the Board of Directors of the Fund (all Directors voting)
and separately by a majority of the Directors who are not &#147;interested persons&#148; of the Fund as
defined in the Investment Company Act of 1940, as amended, at a meeting duly called and held on
September&nbsp;13, 2009 at which a quorum was present and acting throughout:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>RESOLVED, </B>that a fidelity bond covering the Fund for the period from September&nbsp;30, 2009 to
September&nbsp;30, 2010 written by National Union Fire Insurance Company of Pittsburgh, PA
having an aggregate coverage of $1,000,000 (the &#147;Bond&#148;) and a premium of $3,000 be, and
hereby is, approved by the Board of Directors (all Directors voting), and separately by
those Directors who are not &#147;interested persons&#148; as that term is defined in the 1940 Act,
it having been determined to be reasonable in form and amount, after giving due
consideration to all factors deemed relevant by this Board, including, among other things,
the value of the aggregate assets of the Fund to which any covered person may have access,
the arrangements for custody and safekeeping of such assets and the nature of the
securities in the portfolios of the Fund; and further
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>RESOLVED, </B>that the Fund&#146;s participation in the Bond is in the best interest of the Fund;
and further
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>RESOLVED, </B>that Elizabeth A. Watson and Tracie A. Coop be, and hereby are, authorized to
file or cause to be filed the Bond and appropriate notices with the Securities and Exchange
Commission in accordance with paragraph (g)&nbsp;of Rule&nbsp;17g-1 under the 1940 Act, as amended;
and further
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>RESOLVED, </B>that the appropriate officers of the Fund be, and each hereby is,
authorized to execute such documents, to make any and all payments and to take such actions
as may be necessary or appropriate to carry out the purposes and intent of the preceding
resolutions, the execution and delivery of such documents or taking of such actions to be
conclusive evidence of the Board&#146;s approval.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, I have hereunto set my hand this 27<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of January&nbsp;2010.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                       /s/ Elizabeth A. Watson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Elizabeth A. Watson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">January&nbsp;28, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VIA EDGAR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, DC 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Fidelity Bond Filing Pursuant to Rule&nbsp;17g-1<br>
The China Fund, Inc. (the &#147;Fund&#148;)<br>
File No.: 811-05749</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sir or Madam:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to Rule&nbsp;17g-1 of the Investment Company Act of 1940, as amended, enclosed please find a
copy of (i)&nbsp;the Fund&#146;s current fidelity bond in the amount of $1,000,000 and (ii)&nbsp;a Secretary&#146;s
Certificate certifying the resolutions adopted by the Board of Directors of the Fund approving the
form and amount of the fidelity bond.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be
advised that the fidelity bond premium of $3,000 has been paid to cover the September&nbsp;30,
2009 to September&nbsp;30, 2010 policy year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Timothy Curtin
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Timothy Curtin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Elizabeth A. Watson, Esq.<br>
Tracie C. Coop, Esq.</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>b79052a1b7905201.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b79052a1b7905201.gif
M1TE&.#EAM``<`.8``-'.RL/"PK&KI;*NJ9&*A<&]NL7!O>KHY:*>FWAQ;MO8
MUEM54KVXM7-N:DI#0H-]>X6`?=G6T]31S,W+RJFBG:6@G&ME8<S(Q.;DXF%;
M6!H5%O?V](R%@BLE);:PK.CFY+FULYR8EN[LZCPU-)F3C5),24`Z.>SKZ.#>
MV?S\_/#N[.KIZ(R(AO'P[J*<EWQU<=[<V69@7HF#?O[^_J6AH-S:V>'>W)60
MC)6.B)F5E:VHI8!X=)J5DOOZ^N+@WN3BWO7T\Y.-BO3S\:^LJ>3BX,?&QE91
M4:NEHI&.CJRGH'][>?+R\-;4TOGX]]32T>[M[*JFI&QH9M+0SY^:E[:RL'!H
M95903=#,QEY8549#0KFTK_KZ^4Y,2R`;''=U=.+AX`P)"G]X=#$K*X>"@)R6
MDC<Q,$0_/IZ7E%U96DY(1Q`-#OS\^_[^_?GY^/O[^L&\MQ00$?W]_9>3D_?W
M]H^,C"4@(,?#O^?EXZ>CHIB3D.;DX)&+A_KY^-_>W;^ZM____R'Y!```````
M+`````"T`!P```?_@'^"@X2%AH>(B8J+C(V.CTE(%WN/E8QN/DN6FYR=GI^*
M33X7)@@K3J"=<0-8&*FI<TY2/:^UH%!E-[9_<40!144KN\.%&Q4D>V(Q&\1_
M"%$->IMD45$3E7M==7:V+PA)8'`F,<V[*VA9+UD&4@%]Q%Y9)7@FFHY&2@Q=
M$%GDA1"'8#0($4,*LT<7N"`AU$*)$0XF`#30D`8"@'*+6H"@`*;CC0,%_``X
M`6.`DCH`T%!I(2+.+C8'`$!QD('"C2TM%BTY\"6!F3$06GR@4(9+"D%3NBCQ
M8$$!(2)8%HPY@>B`$$(J"I`Q(\8!BQDS%`QPL,`*BP1U\AB)<!6C(@Q1_\U4
M\Q(A2(,T#18T*!"D7`H#4,CLZ2"FQHR,($*<>6$APX0U?TZ$R#!%Q2`=$"X8
MFC/&`943=IRT&02$`9TP$@1MP,,A@X,$!$*H4(&D1!<'`LX\L%`"AMM&81'<
M@)#DCX$$>V[D@%"%C`<>E@FMB;!#&B<;'I)X&!`C#8A%6X9@"8,`A)D\5$40
MB"'CC2(@5SPHL5(G@Q$'5@0</!)US!&J$:11APD$:'$&#E5@D48&+-#@@00R
ME+``!2(<P@81![#Q&R$GH#`"'`O8\<,</7QP@QKAN'#""G=<@(4&&I2@0A,M
M/"'""0?<\81+TO$!A!!/K/`!"C[HH`$4.0FRQO\:AQ'RQ`@E*##''VPLT$$5
M#HP@P`EN#.+&"C#$,$(7&G#0``X(P,%"%1T\`(`"-G#0`1P:5*``!B((X(`&
M8,`(AS@#7-&`&@,\4$87?SJ0AA@:="&&"0/N(`8<8,A@PP&8BO#!'1^L@,(+
M'6A@P@LEF%'''DT^`D0!>.#PPD4U0-```0W444('9=2Q0!4+="2&E6!`X.H+
M#?#6109M_3$%$BR00$`")>1:AP,Q""#!%H,8X$>7@ZA@1@)N''#!$!104$4"
M$D!6B`]6E'"$'P8P@``9C1WP@A4D[)``>P7\44`,4>FE0[*&+&&``#_$$<</
M6FB!@B`Z<!!#M".,4(;_`PEB$94)&I1A10PDI$8($!P\P",C'["0QQ0<3$&5
MEPR(`88806`\@A%VV&"&$F,LD,`#%11P0)-/#'%!JEC`40(!%31@1@4A>!!=
M(1$`P"U2#5````\RT$##-8G,<``('CP0A`<YZ!"!:GJ@\$2JQ-"`Q``Q1<`$
M`#]LT&0/($P!P&B?M$%%#&?H((4"PA021P00##$!!A$XX4`7)@S@1PM",$'$
ME(P0400,.3(1`!"6U'#"!R2Y\H@;J&_HNB)?3."B%IS848(4"!C!@!,3//'Z
M[\#;LL$0-SC`001-<+*%5RJPX80!+G!P!04$?!#\]=@[T@09#H`0P,F;&*"!
MV@V<"Q)'$TPPX,(1'F3O_OMQ^-#`%"PPL07<E3RAA`45:'B(&RU0@0`>]KX"
M`@\`,;C!RS[1,QL8\($0_`,/;D`#;'U"!18@`=@BR$'L/4`)!U&%"@90!P:H
MJX,H!!X+?-,)-Q@@"%4XP]522$/70:&%!6@`!^3PA1KZ\'4LX,$!]+:(&31!
M!`UY`0Z&X`/\_?")S3!`"7"``AC`X`XPP(`/KF@#&-0`!DGX&`&A2$;7+<$#
I%:```RK```%4X`TZH(`+WE"A,MKQCGC,HQ[WR,<^^O&/@/0A#0(!`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
