POLICY COVER SHEET
Job Name: XP3312I Print Date and Time: 10/29/09 14:45
File Number: O617O
Business Center/ Original Business Unit:
Policy Number: 490PB2387 Name of
insured: JF CHINA REGION FUND, INC.
Agency Number: 3180284 Department or Expense
Center: 001 Underwriter: 1699666
Underwriting Team: Data Entry Person:
WENZEL,CHRISTINE Date and Time: 10/29/09 13:45 001
Special Instructions
Policy Commencement Date: 09/30/09
THIS POLICY CONTAINS FORMS SELECTED THROUGH
DOCUMENT SELECT THE FOLLOWING SELECTED FORMS
ARE NOT APPROVED ON THE FORMS
STATUS TABLE
FORM NBR EDITION CO STATE TRANS DATE
  *
  MLABL 09.85 1 NY 2009-09-30*
  *
  ND059 11.06 1 NY 2009-09-30*
IMPORTANT NOTICE - INDEPENDENT AGENT AND
BROKER COMPENSATION
NO COVERAGE IS PROVIDED BY THIS NOTICE. THIS
NOTICE DOES NOT AMEND ANY PROVISION
OF YOUR POLICY. YOU SHOULD REVIEW YOUR ENTIRE
POLICY CAREFULLY FOR COMPLETE
INFORMATION ON THE COVERAGES PROVIDED AND TO DETERMINE
YOUR RIGHTS AND DUTIES
UNDER YOUR POLICY. PLEASE CONTACT YOUR AGENT OR
BROKER IF YOU HAVE ANY QUESTIONS
ABOUT THIS NOTICE OR ITS CONTENTS. IF THERE IS ANY
CONFLICT BETWEEN YOUR POLICY
AND THIS NOTICE, THE PROVISIONS OF YOUR POLICY PREVAIL.
For information about how Travelers compensates
independent agents and brokers,
please visit www.travelers.com, call our toll-free
telephone number,
1-866-904-8348, or you may request a written copy from
Marketing at One Tower
Square, 2GSA, Hartford, CT 06183.
HOW TO REPORT LOSSES, CLAIMS, OR POTENTIAL CLAIMS TO
TRAVELERS
Reporting new losses, claims, or potential claims
promptly can be critical. It
helps to resolve covered losses or claims as quickly
as possible and often
reduces the overall cost. Prompt reporting:
better protects the interests of all parties;
helps Travelers to try to resolve losses or claims more
quickly; and
often reduces the overall cost of a loss or claim - losses
or claims reported
more than five days after they happen cost on average 35% more
than those
reported earlier.
Report losses, claims, or potential claims to Travelers easily
and quickly by
fax, U S mail, or email.
FAX
Use this number to report a loss, claim, or potential claim
by fax toll free.
1-888-460-6622
US MAIL
Use this address to report a loss, claim, or potential
claim by U S Mail.
Bond-FPS Claims Department Travelers
Mail Code NB08F 385 Washington Street Saint
Paul, Minnesota 55102
EMAIL
Use this address to report a loss, claim, or potential
claim by email.
Pro.E&O.Claim.Reporting@SPT.com
This is a general description of how to report a loss,
claim, or potential claim
under this policy or bond. This description does not replace
or add to the terms
of this policy or bond. The policy or bond alone determines
the scope of
coverage. Please read it carefully for complete information
on coverage. Contact
your agent or broker if you have any questions about coverage.
POLICY FORM LIST
Here's a list of all forms included in your policy, on the
date shown below.
These forms are listed in the same order as they
appear in your policy.


      Title Form Number Edition Date
      Policy Form List 40705 05-84
      Investment Company Blanket Bond - Declarations ICB001 07-04
      Investment Company Blanket Bond - Insuring Agreements ICB005 07-04
      Computer Systems ICB011 07-04
      Unauthorized Signatures ICB012 07-04
      Telefacsimile Transactions ICB013 07-04
      Voice-Initiated Transactions ICB014 07-04
      Definition of Investment Company ICB016 07-04
      Amend Definition of Employee (Include Contractors) ICB022 07-04
      Add Exclusions (n) & (o) ICB026 07-04
      New Statutory Rider ICB057 04-05

The hard copy of the bond issued by the Underwriter will
be referenced in the
event of a loss

Name of Insured Policy Number 490PB2387 Effective Date
09/30/09 JF CHINA REGION
FUND, INC. Processing Date 10/29/09 13:45 001


40705 Ed.5-84 Form List St.Paul Fire and Marine Insurance Co.1995 Page


Page 2 St.Paul Fire and Marine Insurance Co.1995
INVESTMENT COMPANY BLANKET BOND
St. Paul Fire and Marine Insurance Company
St. Paul, Minnesota 55102-1396 (A Stock Insurance Company,
herein called
Underwriter)
DECLARATIONS BOND NO. 490PB2387
Item 1. Name of Insured (herein called Insured):
JF CHINA REGION FUND, INC.
Principal Address:
c/o JP Morgan Chase Bank, N.A. 4 New York Plaza - 12th Floor
New York, NY 10004
Item 2. Bond Period from 12:01 a.m. on 09/30/09 to 12:01 a.m.
on 09/30/2010 the
effective date of the termination or cancellation of the bond,
standard time at
the Principal Address as to each of said dates.
      Item 3. Limit of Liability
      Subject to Sections 9, 10, and 12 hereof:
      Deductible
      Limit of Liability Amount
      Insuring Agreement A - FIDELITY $450,000 $25,000
      Insuring Agreement B - AUDIT EXPENSE $50,000 $5,000
      Insuring Agreement C - PREMISES $450,000 $25,000
      Insuring Agreement D - TRANSIT $450,000 $25,000
      Insuring Agreement E - FORGERY OR ALTERATION $450,000 $25,000
      Insuring Agreement F - SECURITIES $450,000 $25,000
      Insuring Agreement G - COUNTERFEIT CURRENCY $450,000 $25,000
      Insuring Agreement H - STOP PAYMENT $50,000 $5,000
      Insuring Agreement I - UNCOLLECTIBLE ITEMS OF DEPOSIT $50,000 $5,000
      OPTIONAL COVERAGES ADDED BY RIDER:
      Insuring Agreement (J)-COMPUTER SYSTEMS $450,000 $25,000
      Insuring Agreement (K)-VOICE INITIATED TRANSACTIONS $450,000 $25,000
      Insuring Agreement (L)-TELEFACIMILE SYSTEMS $450,000 $25,000
      Insuring Agreement (M)-UNAUTHORIZED SIGNATURES $50,000 $5,000

If "Not Covered" 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.
Item 4. Offices or Premises Covered - Offices acquired or
established subsequent
to the effective date of this bond are covered according
to the terms of General
Agreement A. All the Insured'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: N/A
ICB001 Rev. 7/04 2004 The Travelers Companies, Inc.
Page 1 of 2

Item 5. The liability of the Underwriter is subject
to the terms of the
following endorsements or riders attached hereto:
Endorsements or Riders No. 1
through
ICB011 Ed. 7-04, ICB012 Ed. 7-04, ICB013 Ed. 7-04,
ICB014 Ed. 7-04, ICB016 Ed.
7-04, ICB022 Ed. 7-04, ICB026 Ed. 7-04, ICB057 Ed. 4-05
Item 6. The Insured by the acceptance of this bond
gives notice to the
Underwriter terminating or canceling prior bonds or
policy(ies) No.(s) 490BD0845
such termination or cancellation to be effective as
of the time this bond
becomes effective.
IN WITNESS WHEREOF, the Company has caused this bond
to be signed by its
President and Secretary and countersigned by a duly
authorized representative of
the Company.
Countersigned: ST. PAUL FIRE AND MARINE INSURANCE COMPANY
/s/Bruce Backberg, Secretary
/s/Brian MacLean, President
Authorized Representative Countersigned At
Countersignature Date
INVESTMENT COMPANY BLANKET BOND
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 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:
INSURING AGREEMENTS
(A) FIDELITY
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.
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:
  (a)
  to cause the Insured to sustain such loss; and
  (b)
  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.

(B) AUDIT EXPENSE
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 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) in Item 3 of
the Declarations.
(C) ON PREMISES
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 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.
Office and Equipment
  (1)
  loss of or damage to furnishings, fixtures, stationery,
 supplies or equipment,
  within any of the Insured's offices covered under this bond caused
 by Larceny
  or theft in, or by burglary, robbery or hold-up of, such office,
 or attempt
  thereat, or by vandalism or malicious mischief; or
  (2)
  loss through damage to any such office by Larceny or theft in,
  or by burglary,
  robbery or hold-up 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.

(D) IN TRANSIT
Loss of Property (occurring with or without negligence or violence)
 through
robbery, Larceny, theft, hold-up, 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.
(E) FORGERY 0R ALTERATION
Loss through Forgery or alteration of or on:
  (1)
  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; or
    (2)
    other written instructions, advices or applications
 directed to the Insured,
    authorizing or acknowledging the transfer, payment,
 delivery or receipt of
    funds or Property, which instructions, advices or
 applications purport to
    have been signed or endorsed by any:
      (a)
      customer of the Insured, or
      (b)
      shareholder or subscriber to shares, whether
 certificated or
      uncertificated, of any Investment Company, or
      (c)
      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, or financial
or banking
institution or stockbroker; or
(3) 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) hereof whether
or not coverage for Insuring Agreement (F) is provided for in
the Declarations
of this bond.
Any check or draft (a) 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.
Mechanically reproduced facsimile signatures are treated
the same as handwritten
signatures.
(F) SECURITIES
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,
    (1)
    through the Insured'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:
      (a)
      counterfeited, or
      (b)
      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
      (c)
      raised or otherwise altered, or lost, or stolen, or
  (2)
  through the Insured'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)
hereof.
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.
The word "counterfeited" 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.
Mechanically reproduced facsimile signatures are
treated the same as handwritten
signatures.
(G) COUNTERFEIT CURRENCY
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 Canada
statute for use as currency.
(H) STOP PAYMENT
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:
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
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.
(I) UNCOLLECTIBLE ITEMS OF DEPOSIT
Loss resulting from payments of dividends or fund
shares, or withdrawals
permitted from any customer's, shareholder's, or
subscriber's account based upon
Uncollectible Items of Deposit of a customer,
shareholder or subscriber credited
by the Insured or the Insured's agent to such
customer's, shareholder's or
subscriber's Mutual Fund Account; or loss
resulting from an Item of Deposit
processed through an Automated Clearing House
which is reversed by the customer,
shareholder or subscriber and deemed uncollectible
by the Insured.
Loss includes dividends and interest accrued not
to exceed 15% of the
Uncollectible Items which are deposited.
This Insuring Agreement applies to all Mutual
Funds with "exchange privileges"
if all Fund(s) in the exchange program are insured
by the Underwriter 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).
GENERAL AGREEMENTS
A. ADDITIONAL OFFICES OR EMPLOYEES CONSOLIDATION OR MERGER -
NOTICE
(1) If the Insured shall, while this bond is in force,
establish any additional
office or offices, such 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.

(2) 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 days of said date, and an additional
premium shall be
computed only if such acquisition involves additional
offices or employees.
B. WARRANTY
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.
C. COURT COSTS AND ATTORNEYS' FEES
(Applicable to all Insuring Agreements or Coverages now or
hereafter forming
part of this bond)
The Underwriter will indemnify the Insured against court
costs and reasonable
attorneys' 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'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) this indemnity
shall apply only in
the event that:
  (1)
  an Employee admits to being guilty of any dishonest or
 fraudulent act(s),
  including Larceny or Embezzlement; or
  (2)
  an Employee is adjudicated to be guilty of any dishonest or
 fraudulent act(s),
  including Larceny or Embezzlement;
  (3)
  in the absence of (1) or (2) 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.
The Insured shall promptly give notice to the Underwriter of
any such suit or
legal proceedings and at the request of the Underwriter shall
furnish it with
copies of all pleadings and other papers therein. At the
Underwriter's
election
the Insured shall permit the Underwriter to conduct the defense
of such suit or
legal proceeding, in the Insured's name, through attorneys
of the Underwriter'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.
If the amount of the Insured's liability or alleged 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'
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.
D. FORMER EMPLOYEE
Acts of an Employee, as defined in this bond, are
covered under Insuring
Agreement (A) only while the Employee is in the Insured'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) if the direct proximate cause of the loss occurred
while the former Employee
performed duties within the scope of his/her employment.
THE FOREGOING INSURING AGREEMENTS AND GENERAL AGREEMENTS
ARE SUBJECT TO THE
FOLLOWING CONDITIONS AND LIMITATIONS:
      SECTION 1. DEFINITIONS (2) any of the officers or
      employees of any
      The following terms, as used in this bond have the
      predecessor of the
      Insured whose principal
      respective meanings stated in this Section: assets are
      acquired by the
      Insured by
      (a) "Employee" means: consolidation or merger with, or
      purchase of assets
      or capital stock of, such predecessor,
      (1) any of the Insured's officers, partners, or and
      employees, and

  (3)
  attorneys retained by the Insured to perform legal services
  for the Insured
  and the employees of such attorneys while such attorneys or
  employees of such
  attorneys are performing such services for the Insured, and
  (4)
  guest students pursuing their studies or duties in any of the
  Insured's
  offices, and
  (5)
  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
  (6)
  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
    (7)
    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
    sub-section
    (9) hereof, and
  (8)
  those persons so designated in Section 15, Central Handling of
  Securities, and

    (9)
    any officer, partner, or Employee of:
      (a)
      an investment advisor,
      (b)
      an underwriter (distributor),
      (c)
      a transfer agent or shareholder accounting record-keeper,
      or
      (d)
      an administrator authorized by written agreement to keep
     financial and/or
      other required records,
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 advisor, underwriter or
administrator of such
Investment Company, and which is not a bank, shall
be included within the
definition of Employee.
Each employer of temporary personnel or processors as set
forth in sub-sections
(6) and (7) 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.
Brokers, or other agents under contract or representatives
of the same general
character shall not be considered Employees.
  (b)
  "Property" 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's declared financial condition
  at the time of the
  Insured'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 gratuitously or not and
  whether or not the
  Insured is liable therefor.
  (c)
  "Forgery" means the signing of the name of another
  with intent to deceive; it
  does not
include the signing of one's own name with or without
 authority, in any
capacity, for any purpose.
  (d)
  "Larceny and Embezzlement" as it applies to any
 named Insured means those acts
  as set forth in Section 37 of the Investment Company Act of 1940.
  (e)
  "Items of Deposit" means any one or more checks and
drafts. Items of Deposit
  shall not be deemed uncollectible until the Insured's
collection procedures
  have failed.
SECTION 2. EXCLUSIONS
THIS BOND, DOES NOT COVER:
  (a)
  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)
  or (G).
  (b)
  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.
  (c)
  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.
  (d)
  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.
  (e)
  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) or (F).
(f) loss resulting from any violation by the Insured
or by any Employee:
    (1)
    of law regulating (a) the issuance, purchase or
sale of securities, (b)
    securities transactions upon Security Exchanges
or over the counter market,
    (c) Investment Companies, or (d) Investment Advisors,
or
  (2)
  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) or (E).
  (g)
  loss of Property or loss of privileges through the
misplacement or loss of
  Property as set forth in Insuring Agreement (C) or
(D) 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) the
  Insured's contract with said armored motor vehicle
company, (b) insurance
  carried by said armored motor vehicle company for the
benefit of users of its
  service, and (c) all other insurance and indemnity in
force in whatsoever form
  carried by or for the benefit of users of said armored
motor vehicle company's
  service, and then this bond shall cover only such excess.
  (h)
  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).
  (i)
  all damages of any type for which the Insured is legally
liable, except direct
  compensatory damages arising from a loss covered under
this bond.
  (j)
  loss through the surrender of Property away from an
office of the Insured as a
  result of a threat:
(1) 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
(2) to do damage to the premises or Property of the
Insured, except when covered
under Insuring Agreement (A).
  (k)
  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).
  (l)
  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 depositors 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).
  (m)
  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.
SECTION 3. ASSIGNMENT OF RIGHTS
This bond does not afford coverage in favor of any
Employers of temporary
personnel or of processors as set forth in sub-sections
(6) and (7) 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'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.
SECTION 4. LOSS -NOTICE -PROOF LEGAL PROCEEDINGS
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'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
proceedings to recover hereunder on account of any judgment
against the Insured
in any suit mentioned in General Agreement C or to recover
attorneys' 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.
Discovery occurs when the Insured:
  (a)
  becomes aware of facts, or
  (b)
  receives written notice of an actual or potential claim
by a third party which
  alleges that the Insured is liable under circumstances,
which would cause a reasonable person to assume that a loss
covered by the bond
has been or will be incurred even though the exact amount or
details of loss may
not be then known.
SECTION 5. VALUATION OF PROPERTY
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 of
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.
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.
SECTION 6. VALUATION OF PREMISES AND FURNISHINGS
In case of damage to any office of the Insured, or loss
f 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.
SECTION 7. LOST SECURITIES
If the Insured shall sustain a loss of securities the total
value of which is in
excess of the limit stated in Item 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 3
of the Declarations
of this bond.
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's
rights, title and interest in and to said securities.
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.
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.
SECTION 8. SALVAGE
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 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.
SECTION 9. NON-REDUCTION AND NONACCUMULATION OF LIABILITY
AND TOTAL LIABILITY
At all times prior to termination hereof, this bond shall
continue in force for
the limit stated in the applicable sections of Item 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 or premiums
which shall be payable or paid, the liability of the
Underwriter under this bond
with respect to all loss resulting from:
  (a)
  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
  (b)
  any one unintentional or negligent act on the part of any
other person
  resulting in damage
to or destruction or misplacement of Property, shall be
deemed to be one loss,
or
  (c)
  all wrongful acts, other than those specified in
 (a) above, of any one person
  shall be deemed to be one loss, or
  (d)
  all wrongful acts, other than those specified in (a) 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
  (e)
  any one casualty or event other than those specified in
(a), (b), (c) or (d)
  preceding, shall be deemed to be one loss, and
shall be limited to the applicable Limit of Liability stated
in Item 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.
Sub-section (c) is not applicable to any situation to
which the language of
sub-section (d) applies.
SECTION 10. LIMIT OF LIABILITY
With respect to any loss set forth in the PROVIDED clause
of Section 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 of 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.
SECTION 11. OTHER INSURANCE
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.
SECTION 12. DEDUCTIBLE 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) and (e) of Section 9, NON-REDUCTION AND NON-ACCUMULATION
OF LIABILITY AND
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 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 3 of the Declarations.
The Insured will bear, in addition to the Deductible
Amount, premiums on Lost
Instrument Bonds as set forth in Section 7.
There shall be no deductible applicable to any loss under
Insuring Agreement A
sustained by any Investment Company named as Insured herein.
SECTION 13. TERMINATION
The Underwriter may terminate this bond as an entirety by
furnishing written
notice specifying the termination date, which cannot
be prior to 60 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 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 days
after receipt of written notice by all other Investment
Companies. Premiums are
earned until the termination date as set forth herein.
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.
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.
This Bond shall terminate:
  (a)
  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 16(d)), or
  (b)
  as to any Employee 60 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
  (c)
  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.
SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION
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 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
effective date of such termination or cancellation
and shall pay an additional
premium therefor.
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:
(a) 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
(b) upon takeover of the Insured'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.
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 a receiver or
liquidator, acting or appointed to take over the
Insured's business for the
operation or for the liquidation thereof or for
any purpose.
SECTION 15. CENTRAL HANDLING OF SECURITIES
Securities included in the system 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's interest therein as effected by the making of
appropriate entries on
the books and records of such Corporations shall be
deemed to be Property.
The words "Employee" and 'Employees" 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
Exchange 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 or 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 the said
Exchanges or Corporations on a contract basis.
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's share
of such excess loss(es),
but in no event for more than the Limit of Liability
applicable hereunder.
For the purpose of determining the Insured'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 judgment 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 all such interests
and that the Insured's share of such excess loss(es)
shall be the amount of the
Insured's interest in such Property in excess of the
amount(s) so apportioned to
the Insured by such Corporations.
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 assignment of such
of the Insured'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
the Underwriter the
rights provided for herein.
SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED
If more than one corporation, co-partnership or person
or any combination of
them be included as the Insured herein:
  (a)
  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;
  (b)
  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;
  (c)
  the Underwriter shall not be responsible for the
proper application of any
  payment made hereunder to said first named Insured;
  (d)
  knowledge possessed or discovery made by any partner,
officer of supervisory
  Employee of any Insured shall for the purposes of
Section 4 and Section 13 of
  this bond constitute knowledge or discovery by all
the Insured; and
  (e)
  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.
SECTION 17. NOTICE AND CHANGE OF CONTROL
Upon the Insured 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) of the Investment Company Act of 1940) of the Insured,
the Insured shall
within thirty (30) days of such knowledge give written
notice to the Underwriter
setting forth:
  (a)
  the names of the transferors and transferees (or the
names of the beneficial
  owners if the voting securities are requested in another
name), and
  (b)
  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
  (c)
  the total number of outstanding voting securities.
As used in this section, control means the power to exercise
a controlling
influence over the management or policies of the Insured.
Failing 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.
Such notice is not required to be given in the case
of an Insured which is an
Investment Company.
SECTION 18. CHANGE OR MODIFICATION 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'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 days after written notification
has been
furnished to the Securities and Exchange Commission,
Washington, D.C., by the
Insured or by the 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 days prior to the effective date of any
change or modification
which would adversely affect the rights of such
Investment Company.
The following spaces preceded by an (*) need not be
completed if this
endorsement or rider and the Bond or Policy have the
same inception date.
The hard copy of the bond issued by the Underwriter
will be referenced in the
event of a loss
      ATTACHED TO AND FORMING DATE ENDORSEMENT OR
* EFFECTIVE DATE OF
      ENDORSEMENT OR RIDER
      PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M.
STANDARD TIME AS
      SPECIFIED IN THE BOND OR POLICY
      490PB2387 10/29/09 09/30/09

* ISSUED TO
JF CHINA REGION FUND, INC.
Computer Systems
It is agreed that:
1. The attached bond is amended by adding an additional
Insuring Agreement as
follows:
INSURING AGREEMENT J COMPUTER SYSTEMS
Loss resulting directly from a fraudulent
  (1)
  entry of data into, or
    (2)
    change of data elements or program within a
Computer System listed in the
    SCHEDULE below, provided the fraudulent entry
or change causes
      Property to be transferred, paid or delivered,
      (b)
      an account of the Insured, or of its customer,
to be added, deleted,
      debited or credited, or
        (c)
        an unauthorized account or a fictitious
account to be debited or
        credited, and provided further, the fraudulent
entry or change is made
        or caused by an individual acting with the
manifest intent to
          cause the Insured to sustain a loss, and
          (ii)
          obtain financial benefit for that individual
or for other persons
          intended by that individual to receive
financial benefit.
SCHEDULE
All systems utilized by the Insured
2. As used in this Rider, Computer System means
  (a)
  computers with related peripheral components,
including storage components,
  wherever located,
  systems and applications software,
  terminal devices, and
  related communication networks
by which data are electronically collected, transmitted,
processed, stored and
retrieved.
3. In addition to the exclusions in the attached bond,
the following exclusions
are applicable to this Insuring Agreement:
  (a)
  loss resulting directly or indirectly from the theft
of confidential
  information, material or data; and
  (b)
  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's Computer System.
4. The following portions of the attached bond are not
applicable to this Rider:

  (a)
  the portion preceding the Insuring Agreements
which reads "at any time but
  discovered during the Bond Period";
  (b)
  Section 9 NONREDUCTION AND NON-ACCUMULATION OF LIABILITY
of the Conditions and
  Limitations; and
  (c)
  Section 10 LIMIT OF LIABILITY of the Conditions
and Limitations.
  The coverage afforded by this Rider applies only to loss
discovered by the
  Insured during the period this Rider is in force.
  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.

  The Limit of Liability for the coverage provided
by this Rider shall be
Four Hundred Fifty Thousand
Dollars ($450,000 ), it being understood, however,
that such liability shall be
a part of and not in addition to the Limit of Liability
stated in Item 3 of the
Declarations of the attached bond or any amendment thereof.
  The Underwriter shall be liable hereunder for the amount
by which one loss

  exceeds the Deductible Amount applicable to the attached
bond, but not in
  excess of the Limit of Liability stated above.
  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.
    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 canceled without canceling the
bond as an entirety
      60 days after receipt by the Insured of written
notice from the
      Underwriter of its desire to terminate or cancel
coverage under this
      Rider, or
      immediately upon receipt by the Underwriter of a
written request from the
      Insured to terminate or cancel coverage under this Rider.
The Underwriter shall refund to the Insured the unearned
premium for the
coverage under this Rider. The refund shall be computed at
short rates if this
Rider be terminated or canceled or reduced by notice from,
or at the instance
of, the Insured.
Nothing herein contained shall be held to vary, alter,
waive, or extend any of
the terms, conditions, provisions, agreements or limitations
of the above
mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The following spaces preceded by an (*) need not be
completed if this
endorsement or rider and the Bond or Policy have the
same inception date.
The hard copy of the bond issued by the Underwriter
will be referenced in the
event of a loss
      ATTACHED TO AND FORMING DATE ENDORSEMENT OR
* EFFECTIVE DATE OF
      ENDORSEMENT OR RIDER
      PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M.
STANDARD TIME AS
      SPECIFIED IN THE BOND OR POLICY
      490PB2387 10/29/09 09/30/09

* ISSUED TO
JF CHINA REGION FUND, INC.
Unauthorized Signatures
It is agreed that:
1. The attached bond is amended by inserting an additional
Insuring Agreement as
follows:
INSURING AGREEMENT M UNAUTHORIZED SIGNATURE
  (A)
  Loss resulting directly from the Insured having accepted,
paid or cashed any
  check or withdrawal order, draft, made or drawn on a
customer'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.
  (B)
  It shall be a condition precedent to the Insured's
right of recovery under
  this Rider that the Insured shall have on file
signatures of all persons who
  are authorized signatories on such account.
2. The total liability of the Underwriter under Insuring
Agreement M is limited
to the sum of Fifty Thousand Dollars ($50,000 ), it
being understood, however, that such liability shall
be part of and not in
addition to the Limit of Liability stated in Item 3
of the Declarations of the
attached bond or amendment thereof.
3. With respect to coverage afforded under this Rider,
the Deductible Amount
shall be Five Thousand Dollars ($5,000 ).
Nothing herein contained shall be held to vary, alter,
waive, or extend any of
the terms, conditions, provisions, agreements or
limitations of the above
mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The following spaces preceded by an (*) need not
be completed if this
endorsement or rider and the Bond or Policy have the same
inception date.
The hard copy of the bond issued by the Underwriter will
be referenced in the
event of a loss
      ATTACHED TO AND FORMING DATE ENDORSEMENT OR
* EFFECTIVE DATE OF
      ENDORSEMENT OR RIDER
      PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M.
STANDARD TIME AS
      SPECIFIED IN THE BOND OR POLICY
      490PB2387 10/29/09 09/30/09

* ISSUED TO
JF CHINA REGION FUND, INC.
Telefacsimile Transactions
It is agreed that:
1. The attached Bond is amended by adding an additional
Insuring Agreement as
follows:
INSURING AGREEMENT L TELEFACSIMILE TRANSACTIONS
Loss caused by a Telefacsimile Transaction, where the
request for such
Telefacsimile Transaction is unauthorized or fraudulent a
nd is made with the
manifest intent to deceive; provided, that the entity
which receives such
request generally maintains and follows during the Bond
Period all Designated
Fax Procedures with respect to Telefacsimile Transactions.
The isolated failure
of such entity to maintain and follow a particular
Designated Fax Procedure in a
particular instance will not preclude coverage under
this Insuring Agreement,
subject to the exclusions herein and in the Bond.
2. Definitions. The following terms used in this Insuring
Agreement shall have
the following meanings:
  a.
  "Telefacsimile System" means a system of transmitting
and reproducing fixed
  graphic material (as, for example, printing) by means
of signals transmitted
  over telephone lines.
  b.
  "Telefacsimile Transaction" means any Fax Redemption,
Fax Election, Fax
  Exchange, or Fax Purchase.
  c.
  "Fax Redemption" means any redemption of shares
issued by an Investment
  Company which is requested through a Telefacsimile System.
  d.
  "Fax Election" means any election concerning dividend
options available to
  Fund shareholders which is requested through a
Telefacsimile System.
  e.
  "Fax Exchange" means any exchange of shares in a
registered account of one
  Fund into shares in an identically registered account
of another Fund in the
  same complex pursuant to exchange privileges of the
two Funds, which exchange
  is requested through a Telefacsimile System.
  f.
  "Fax Purchase" means any purchase of shares issued
by an Investment Company
  which is requested through a Telefacsimile System.
    g.
    "Designated Fax Procedures" means the following procedures:
      (1)
      Retention: All Telefacsimile Transaction requests
shall be retained for at
      least six (6) months. Requests shall be capable of
being retrieved and
      produced in legible form within a reasonable time
after retrieval is
      requested.
      (2)
      Identity Test: The identity of the sender in any
request for a
      Telefacsimile Transaction shall be tested before
executing that
      Telefacsimile Transaction, either by requiring the
sender to include on
      the face of the request a unique identification
number or to include key
      specific account information. Requests of Dealers
must be on company
      letterhead and be signed by an authorized representative.
Transactions by
      occasional users are to be verified by telephone
confirmation.
      (3)
      Contents: A Telefacsimile Transaction shall not be
executed unless the
      request for such Telefacsimile Transaction is dated
and purports to have
      been signed by (a) any shareholder or subscriber to
shares issued by a
      Fund, or (b) any financial or banking institution
or stockbroker.
      (4)
      Written Confirmation: A written confirmation of each
Telefacsimile
      Transaction shall be sent to the shareholder(s) to
whose account such
      Telefacsimile Transaction relates, at the record address,
by the end of
      the Insured's next regular processing cycle, but no
later than five (5)
      business days following such Telefacsimile
Transaction.
  i.
  "Designated" means or refers to a written designation
signed by a shareholder
  of record of a Fund, either in such shareholder's initial
application for the
  purchase of Fund shares, with or without a Signature Guarantee,
or in another
  document with a Signature Guarantee.
  j.
  "Signature Guarantee" means a written guarantee of a signature,
which
  guarantee is made by an Eligible Guarantor Institution as
defined in Rule
  17Ad-15(a)(2) under the Securities Exchange Act of 1934.
3. Exclusions. It is further understood and agreed that this
Insuring Agreement
shall not cover:
  a.
  Any loss covered under Insuring Agreement A, "Fidelity,"
of this Bond; and
    b.
    Any loss resulting from:
      (1)
      Any Fax Redemption, where the proceeds of such
redemption were requested
      to be paid or made payable to other than (a) the shareholder
of record, or
      (b) a person Designated in the initial application or in
writing at least
      one (1) day prior to such redemption to receive redemption
proceeds, or
      (c) a bank account Designated in the initial application
or in writing at
      least one (1) day prior to such redemption to receive
redemption proceeds;
      or
      (2)
      Any Fax Redemption of Fund shares which had been improperly
credited to a
      shareholder's account, where such shareholder (a) did not
cause, directly
      or indirectly, such shares to be credited to such account,
and (b)
      directly or indirectly received any proceeds or other
benefit from such
      redemption; or
      (3)
      Any Fax Redemption from any account, where the proceeds
of such redemption
      were requested to be sent to any address other than the
record address or
      another address for such account which was designated
(a) over the
      telephone or by telefacsimile at least fifteen (15)
days prior to such
      redemption, or (b) in the initial application or
in writing at least one
      (1) day prior to such redemption; or
      (4)
      The intentional failure to adhere to one or more
Designated Fax
      Procedures; or
      (5)
      The failure to pay for shares attempted to be purchased.
4. The Single Loss Limit of Liability under Insuring
Agreement L is limited to
the sum of Four Hundred Fifty Thousand Dollars ($450,000 )
it
being understood, however, that such liability shall be part
of and not in
addition to the Limit of Liability stated in Item 3 of the
Declarations of the
attached Bond or amendments thereof.
5. With respect to coverage afforded under this Rider the
applicable Single loss
Deductible Amount is Twenty Five Thousand Dollars ($25,000 ).
Nothing herein contained shall be held to vary, alter, waive,
or extend any of
the terms, conditions, provisions, agreements or limitations
of the above
mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
The following spaces preceded by an (*) need not be
completed if this
endorsement or rider and the Bond or Policy have the
same inception date.
The hard copy of the bond issued by the Underwriter
will be referenced in the
event of a loss
      ATTACHED TO AND FORMING DATE ENDORSEMENT OR
* EFFECTIVE DATE OF
      ENDORSEMENT OR RIDER
      PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M.
STANDARD TIME AS
      SPECIFIED IN THE BOND OR POLICY
      490PB2387 10/29/09 09/30/09

* ISSUED TO
JF CHINA REGION FUND, INC.
Voice Initiated Transactions
It is agreed that:
1. The attached bond is amended by inserting an additional
Insuring Agreement as
follows:
INSURING AGREEMENT K -VOICE-INITIATED TRANSACTIONS
Loss caused by a Voice-initiated Transaction, where the
request for such
Voice-initiated Transaction is unauthorized or fraudulent
and is made with the
manifest intent to deceive; provided, that the entity which
receives such
request generally maintains and follows during the Bond
Period all Designated
Procedures with respect to Voice-initiated Redemptions
and the Designated
Procedures described in paragraph 2f (1) and (3) of this
Rider with respect to
all other Voice-initiated Transactions. The isolated failure
of such entity to
maintain and follow a particular Designated Procedure in a
particular instance
will not preclude coverage under this Insuring Agreement,
subject to the
specific exclusions herein and in the Bond.
2. Definitions. The following terms used in this Insuring
Agreement shall have
the following meanings:
  a.
  "Voice-initiated Transaction" means any Voice-initiated
Redemption,
  Voice-initiated Election, Voice-initiated Exchange,
or Voice-initiated
  Purchase.
  b.
  "Voice-initiated Redemption" means any redemption of
shares issued by an
  Investment Company which is requested by voice over
the telephone.
  c.
  "Voice-initiated Election" means any election
concerning dividend options
  available to Fund shareholders which is requested by
voice over the telephone.

    d.
    "Voice-initiated Exchange" means any exchange of
shares in a registered
    account of one Fund into shares in an identically
registered account of
    another Fund in the same complex pursuant to exchange
privileges of the two
    Funds, which exchange is requested by voice
over the telephone.
      (1)
      Recordings: All Voice-initiated Transaction requests
shall be recorded,
      and the recordings shall be retained for at least
six (6) months.
      Information contained on the recordings shall be
capable of being
      retrieved and produced within a reasonable time after
retrieval of
      specific information is requested, at a success rate
of no less than 85%.
      (2)
      Identity Test: The identity of the caller in any
request for a
      Voice-initiated Redemption shall be tested before
executing that
      Voice-initiated Redemption, either by requesting
the caller to state a
      unique identification number or to furnish key
specific account
      information.
      (3)
      Written Confirmation: A written confirmation of
each Voice-initiated
      Transaction and of each change of the record address
of a Fund shareholder
      requested by voice over the telephone shall be mailed
to the
      shareholder(s) to whose account such Voice-initiated
Transaction or change
      of address relates, at the original record address
(and, in the case of
      such change of address, at the changed record address)
by the end of the
      Insured's next regular processing cycle, but no later
than five (5)
      business days following such Voice-initiated
Transaction or change of
      address.
      e. "Voice-initiated Purchase" means any purchase of
shares issued by an
      Investment Company which is
      requested by voice over the telephone.
      f. "Designated Procedures" means the following
procedures:

g. "Investment Company" or "Fund" means an investment
company registered under
the Investment
The hard copy of the bond issued by the Underwriter will be
referenced in the
event of a loss
Company Act of 1940.
  h.
  "Officially Designated" means or refers to a written
designation signed by a
  shareholder of record of a Fund, either in such shareholder's
initial
  application for the purchase of Fund shares, with
or without a Signature
  Guarantee, or in another document with a
Signature Guarantee.
  i.
  "Signature Guarantee" means a written guarantee
of a signature, which
  guarantee is made by a financial or banking institution
whose deposits are
  insured by the Federal Deposit Insurance Corporation or by
a broker which is a
  member of any national securities exchange registered under
the Securities
  Exchange Act of 1934.
3. Exclusions. It is further understood and agreed that
this Insuring Agreement
shall not cover:
  a.
  Any loss covered under Insuring Agreement A, "Fidelity,
" of this Bond; and
    b.
    Any loss resulting from:
      (1)
      Any Voice-initiated Redemption, where the proceeds
of such redemption were
      requested to be paid or made payable to other than
(a) the shareholder of
      record, or (b) a person Officially Designated to
receive redemption
      proceeds, or (c) a bank account Officially
Designated to receive
      redemption proceeds; or
      (2)
      Any Voice-initiated Redemption of Fund shares which
had been improperly
      credited to a shareholder's account, where such
shareholder (a) did not
      cause, directly or indirectly, such shares to be
credited to such account,
      and (b) directly or indirectly received any proceeds
or other benefit from
      such redemption; or
        (3)
        Any Voice-initiated Redemption from any account,
where the proceeds of
        such redemption were requested to be sent (a) to
any address other than
        the record address for such account, or (b) to a
record address for such
        account which was either (i) designated over the
telephone fewer than
        thirty (30) days prior to such redemption, or
(ii) designated in writing
        less than on (1) day prior to such redemption; or
      (4)
      The intentional failure to adhere to one or more
Designated Procedures; or

      (5)
      The failure to pay for shares attempted to be purchased; or
      (6)
      Any Voice-initiated Transaction requested by voice
over the telephone and
      received by an automated system which receives and
converts such request
      to executable instructions.
4. The total liability of the Underwriter under Insuring
Agreement K is limited
to the sum of Four Hundred Fifty Thousand Dollars
($450,000 ),
it being understood, however, that such liability shall be
part of and not in
addition to the Limit of Liability stated in Item 3 of the
Declarations of the
attached bond or amendment thereof.
5. With respect to coverage afforded under this Rider
the applicable Deductible
Amount is Twenty Five Thousand Dollars ($25,000 ).
Nothing herein contained shall be held to vary, alter,
waive, or extend any of
the terms, conditions, provisions, agreements or
limitations of the above
mentioned Bond or Policy, other than as above
stated.
By
Authorized Representative
INSURED
The following spaces preceded by an (*) need not
be completed if this
endorsement or rider and the Bond or Policy have
the same inception date.
The hard copy of the bond issued by the Underwriter
will be referenced in the
event of a loss
      490PB2387 ATTACHED TO AND FORMING PART OF
BOND OR POLICY NO. 10/29/09 DATE
      ENDORSEMENT OR RIDER EXECUTED 09/30/09 * EFFECTIVE
DATE OF ENDORSEMENT OR
      RIDER 12:01 A.M. STANDARD TIME AS SPECIFIED IN THE
BOND OR POLICY

* ISSUED TO
JF CHINA REGION FUND, INC.
Definition of Investment Company
It is agreed that:
1. Section 1, Definitions, under General Agreements
is amended to include the
following paragraph:
(f) Investment Company means an investment company
registered under the
Investment Company Act of 1940 and as listed under
the names of Insureds on the
Declarations.
Nothing herein contained shall be held to vary,
alter, waive, or extend any of
the terms, conditions, provisions, agreements or
limitations of the above
mentioned Bond or Policy, other than as above
stated.
By
Authorized Representative
INSURED
The following spaces preceded by an (*) need not be
completed if this
endorsement or rider and the Bond or Policy have the
same inception date.
      ATTACHED TO AND FORMING DATE ENDORSEMENT OR
* EFFECTIVE DATE OF
      ENDORSEMENT OR RIDER
      PART OF BOND OR POLICY NO. RIDER EXECUTED
12:01 A.M. STANDARD TIME AS
      SPECIFIED IN THE BOND OR POLICY
      490PB2387 10/29/09 09/30/09

* ISSUED TO
JF CHINA REGION FUND, INC.
AMEND DEFINITION OF EMPLOYEE (INCLUDE CONTRACTORS)
It is agreed that:
1. Section 1(a) EMPLOYEES, under Definitions
-CONDITIONS AND LIMITATIONS, is
amended to include the following sub-section;
(10) A person provided by an employment contractor to
perform duties for the
Insured under the Insured's supervision at any of the
Insured's offices or
premises covered hereunder.
Nothing herein contained shall be held to vary, alter,
waive, or extend any of
the terms, conditions, provisions, agreements or
limitations of the above
mentioned Bond or Policy, other than as above
stated.
By
Authorized Representative
INSURED
The following spaces preceded by an (*) need not be
completed if this
endorsement or rider and the Bond or Policy have the
same inception date.
The hard copy of the bond issued by the Underwriter
will be referenced in the
event of a loss
      490PB2387 ATTACHED TO AND FORMING PART OF
BOND OR POLICY NO. 10/29/09 DATE
      ENDORSEMENT OR RIDER EXECUTED 09/30/09 *
EFFECTIVE DATE OF ENDORSEMENT OR
      RIDER 12:01 A.M. STANDARD TIME AS SPECIFIED
IN THE BOND OR POLICY

* ISSUED TO
JF CHINA REGION FUND, INC.
Add Exclusions (n) & (o)
It is agreed that:
1. Section 2, Exclusions, under General Agreements,
is amended to include the
following sub-sections:
  (n)
  loss from the use of credit, debit, charge, access,
convenience,
  identification, cash management or other cards,
whether such cards were issued
  or purport to have been issued by the Insured or
by anyone else, unless such
  loss is otherwise covered under Insuring
Agreement A.
  (o)
  the underwriter shall not be liable under the
attached bond for loss due to
  liability imposed upon the Insured as a result of
the unlawful disclosure of
  non-public material information by the Insured or
any Employee, or as a result
  of any Employee acting upon such information,
whether authorized or
  unauthorized.
Nothing herein contained shall be held to vary,
alter, waive, or extend any of
the terms, conditions, provisions, agreements or
limitations of the above
mentioned Bond or Policy, other than as
above stated.
By
Authorized Representative
INSURED
The following spaces preceded by an (*) need
not be completed if this
endorsement or rider and the Bond or Policy have
the same inception date.
The hard copy of the bond issued by the Underwriter
will be referenced in the
event of a loss
      490PB2387 ATTACHED TO AND FORMING PART OF
BOND OR POLICY NO. 10/29/09 DATE
      ENDORSEMENT OR RIDER EXECUTED 09/30/09 *
EFFECTIVE DATE OF ENDORSEMENT OR
      RIDER 12:01 A.M. STANDARD TIME AS SPECIFIED
IN THE BOND OR POLICY

* ISSUED TO
JF CHINA REGION FUND, INC.
New York Statutory Rider
1. The first paragraph of Section 13. "TERMINATION"
under Conditions and
Limitations is amended by adding the following:
Cancellation of this bond by the Underwriter is
subject to the following
provisions:
If the bond has been in effect for 60 days or
less, it may be canceled by the
Underwriter for any reason. Such cancellation
shall be effective 60 days after
the Underwriter mails a notice of cancellation
to the first-named Insured at the
mailing address shown in the bond. However, if the
bond has been in effect for
more than 60 days or is a renewal, then cancellation
must be based on one of the
followings grounds:
  (A)
  non-payment of premium, however, that a notice
of cancellation on this ground
  shall inform the insured of the amount due;
  (B)
  conviction of crime arising out of acts
increasing the hazard insured against;

  (C)
  discovery of fraud or material misrepresentation
in the obtaining of the bond
  or in the presentation of claim thereunder;
  (D)
  after issuance of the bond or after the last
renewal date, discovery of an act
  or omission, or a violation of any bond condition
that substantially and
  materially increases the hazard Insured against,
and which occurred subsequent
  to inception of the current bond period;
  (E)
  material change in the nature or extent of the risk,
occurring after issuance
  or last annual renewal anniversary date of the bond,
which causes the risk of
  loss to be substantially and materially increased beyond
that contemplated at
  the time the bond was issued or last renewed;
  (F)
  the cancellation is required pursuant to a
determination by the superintendent
  that continuation of the present premium volume
of the Insurer would
  jeopardize the Insurer's solvency or be hazardous
to the interest of the
  Insureds, the Insurer's creditors or the public;
  (G)
  a determination by the superintendent that the
continuation of the bond would
  violate, or would place the Insurer in violation of,
any provision of the New
  York State Insurance laws.
    (H)
    where the Insurer has reason to believe, in good
faith and with sufficient
    cause, that there is a possible risk or danger that
the Insured property
    will be destroyed by the Insured for the purpose
of collecting the insurance
    proceeds, provided, however, that:
      (i)
      a notice of cancellation on this ground shall
inform the Insured in plain
      language that the Insured must act within ten
days if review by the
      Insurance Department of the State of New York
of the ground for
      cancellation is desired, and
      (ii)
      notice of cancellation on this ground shall be
provided simultaneously by
      the Insurer to the Insurance Department of the
State of New York.
(iii) upon written request of the Insured made to the
Insurance Department of
the State of New York within ten days from the Insured's
receipt of notice of
cancellation on this ground, the department shall
undertake a review of the
ground for cancellation to determine whether or not
the Insurer has satisfied
the criteria for cancellation specified in this subparagraph;
if after such
review the
this ground shall be deemed null and void.
Cancellation based on one of the above grounds shall be
effective 60 days after
the notice of cancellation is mailed or delivered to the
Named Insured, at the
address shown on the bond, and to its authorized agent
or broker.
  If the Underwriter elects not to replace a bond at the
termination of the Bond
  Period, it shall notify the Insured not more than 120 days
 nor less than 60
  days before termination. If such notice is given late,
the bond shall continue
  in effect for 60 days after such notice is given. The
Aggregate Limit of
  Liability shall not be increased or reinstated.
 The notice not to replace
  shall be mailed to the Insured and its broker
or agent.
  If the Underwriter elects to replace the bond,
but with a change of limits,
  reduced coverage, increased deductible, additional
exclusion, or upon
  increased premiums in excess of ten percent
(exclusive of any premium increase
  as a result of experience rating), the Underwriter
must mail written notice to
  the Insured and its agent or broker not more than
120 days nor less than 60
  days before replacement. If such notice is given
late, the replacement bond
  shall be in effect with the same terms, conditions
 and rates as the terminated
  bond for 60 days after such notice is given.
  The Underwriter may elect to simply notify the
Insured that the bond will
  either be not renewed or renewed with different
terms, conditions or rates. In
  this event, the Underwriter will inform the Insured
that a second notice will
  be sent at a later date specifying the Underwriter's
exact intention. The
  Underwriter shall inform the Insured that, in the
meantime, coverage shall
  continue on the same terms, conditions and rates
as the expiring bond until
  the expiration date of the bond or 60 days after
the second notice is mailed
  or delivered, whichever is later.
Nothing herein contained shall be held to vary,
alter, waive, or extend any of
the terms, conditions, provisions, agreements or
limitations of the above
mentioned Bond or Policy, other than as above
stated.
By
Authorized Representative
INSURED