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.

               Offices 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 holdup of
          such office, or attempt thereat, or by vandalism or malicious
          mischief; or

41206 (9/84)


                                       1



     (2)  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.

(D)  IN TRANSIT

     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.

(E)  FORGERY OR ALTERATION

     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) 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


                                       2



          (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 produced 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 Canadian 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 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.


                                       3



     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 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).

                               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 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.

     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 proceeding 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


                                       4



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

     The following terms, as used in this bond, shall have the respective
meanings stated in this Section:

     (a)  "Employee" means:

          (1)  any of the Insured's officers, partners, or employees, and

          (2)  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

          (3)  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

          (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


                                       5


               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
               adviser, 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 of Section l(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 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


                                        6



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


                                        7



               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 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).

     (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 proceeding 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 circumstance

which would cause a reasonable person to assume that a loss covered by the bond
has been or will be


                                        8



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
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 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.

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 interests 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


                                        9



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 NON-ACCUMULATION 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 of 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 one 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 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.

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


                                       10



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 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


                                       11



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 any receiver
or liquidator, acting or appointed to take over the Insured's business for the
operation or for the liquidation thereof or for any other purpose.

SECTION 15. CENTRAL HANDLING OF SECURITIES

     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'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.

     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 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.

     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 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'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


                                       12



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 to 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 or
          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'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) 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.

     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.

     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


                                       13



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.

IN WITNESS WHEREOF, the Underwriter has caused this bond to be executed on the
Declarations Page.


                                       14


                         INVESTMENT COMPANY BLANKET BOND

                      NATIONAL UNION FIRE INSURANCE COMPANY
                                OF PITTSBURGH, PA
           (A stock Insurance Company, herein Called the Underwriter)

DECLARATIONS                                                         BOND NUMBER

ITEM 1. Name of Insured    THE TAIWAN FUND, INC.                       6214127

        Principal Address: C/O STATE STREET BANK AND TRUST
                           4 COPLEY PLACE, 5TH FLOOR
                           BOSTON MA 02116

                           (Herein called the Insured)

ITEM 2. Bond Period from 12:01 a.m. on 04/30/2008 to 12:01 A.M. on 04/30/2009.

        The effective date of the termination or cancellation of this bond,
        standard time at the Principle Address as to each of the said dates.

ITEM 3. Limit of Liability -

        Subject to Section 9, 10 and 12 hereof:



                                                         Limit of    Deductible
                                                        Liability      Amount
                                                       -----------  -----------
                                                              
Insuring Agreement A- FIDELITY                          $1,000,000     $    0
Insuring Agreement B- AUDIT EXPENSE                     $   25,000     $5,000
Insuring Agreement C- ON PREMISES                       $1,000,000     $5,000
Insuring Agreement D- IN TRANSIT                        $1,000,000     $5,000
Insuring Agreement E- FORGERY OR ALTERATION             $1,000,000     $5,000
Insuring Agreement F- SECURITIES                        $1,000,000     $5,000
Insuring Agreement G- COUNTERFEIT CURRENCY              $1,000,000     $5,000
Insuring Agreement H- STOP PAYMENT                      $   25,000     $5,000
Insuring Agreement I- UNCOLLECTIBLE ITEMS OF DEPOSIT    $   25,000     $5,000

OPTIONAL COVERAGES ADDED BY RIDER:
Insuring Agreement J- COMPUTER SYSTEMS                  $1,000,000     $5,000
Insuring Agreement K- UNAUTHORIZED SIGNATURES           $   25,000     $5,000
Insuring Agreement L- AUTOMATED PHONE SYSTEMS          NOT COVERED  NOT COVERED
Insuring Agreement M-TELEFACSIMILE                     NOT COVERED  NOT COVERED


        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. Office 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 other 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:

        NO EXCEPTIONS

ITEM 5. The Liability of the Underwriter is subject to the terms of the
        following riders attached hereto:

        1-4

ITEM 6. The Insured by the acceptance of this bond gives notice to the
        Underwriter terminating or canceling prior bond(s) or policy(ies)
        No.9(s) N/A such termination or cancellation to be effective s of the
        time this bond becomes effective.

ITEM 7. Premium Amount:

        $3,300


                                        By: /s/ Joan L. O'Sullivan
                                            ------------------------------------
                                            Authorized Representative



                      NATIONAL UNION FIRE INSURANCE COMPANY
                               OF PITTSBURGH, PA

                                   RIDER NO. 1

     To be attached to and form part of Bond No. 6214127 in favor of THE TAIWAN
FUND, INC.

effective as of 04/30/2008.

In consideration of the premium charged for the attached bond, it is hereby
agreed that:

     1. From and after the time this rider becomes effective the Insured under
the attached bond are:

     THE TAIWAN FUND, INC.

     2. The first named Insured shall act for itself and for each and all of the
Insured for all the purposes of the attached bond.

     3. 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.

     4. 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.

     5. 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.

     6. 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.

SR 5538


     7. The attached bond shall be subject to all its agreements, limitations
and conditions except as herein expressly modified.

     8. This rider shall become effective as 12:01 a.m. on 04/30/2008.

Signed, Sealed and dated


                                       By: /s/ Steven E. Liston
                                           -------------------------------------
                                           Authorized Representative



                      NATIONAL UNION FIRE INSURANCE COMPANY
                               OF PITTSBURGH, PA

                                   RIDER NO. 2

                            AMENDMENT TO TERMINATION

To be attached to and form part of Investment Company Blanket Bond No. 6214127
in favor of THE TAIWAN FUND, INC..

It is agreed that:

1.   The attached bond is hereby amended by deleting Section 13., TERMINATION,
     in its entirety and substituting the following:

     The Underwriter may terminate this bond as an entirety by furnishing
     written notice specifying the termination date which cannot be prior to 90
     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 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 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, (other than a registered
     management investment company), 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 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.

     This Bond will terminate as to any registered management investment company
     upon the expiration of 90 days after written notice has been given to the
     Securities and Exchange Commission, Washington, D.C.

     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.

     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 and upon the expiration of ninety
               (90) days after written notice has been given to the Securities
               and Exchange Commission, Washington, D.C. (See Section 16(d)) and
               to the Insured Investment Company, or

          b.   as to any Employee 90 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 and upon the expiration of
               ninety (90) days after written notice has been given by the
               Underwriter to the Securities and Exchange Commission, Washington
               DC and to the insured Investment Company.

2.   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.

3.   This rider is effective as of 12:01 a.m. on 04/30/2008


                                       By: /s/ Steven E. Liston
                                           -------------------------------------
                                           Authorized Representative



                               POLICYHOLDER NOTICE

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.

91222 (7/06)


                      NATIONAL UNION FIRE INSURANCE COMPANY
                                OF PITTSBURGH, PA

                                   RIDER NO. 3

                              INSURING AGREEMENT J

     To be attached to and form part of Bond No. 6214127 in favor of THE TAIWAN
FUND, INC.

It is agreed that:

1. The attached bond is amended by adding an additional insuring agreement as
follows:

                                COMPUTER SYSTEMS

Loss resulting directly from a fraudulent

(1)  entry of data into, or

(2)  change of data or programs within

a Computer System; provided the fraudulent entry or change causes

(a)  Property to be transferred, paid or delivered,

(b)  an account of the Insured, or of its customer, to be added, deleted,
     debited or credited:

(c)  an unauthorized account of a fictitious account to be debited or credited;

(3)  voice instructions or advices having been transmitted to the Insured or its
     agent(s) by telephone;

and provided further, the fraudulent entry or change is made or caused by an
individual acting with the intent to:

(i)  cause the Insured or its agent(s) to sustain a loss, and

(ii) obtain financial benefit for that individual or for other persons intended
     by that individual to receive financial benefit,

(iii) and further provided such voice instruction or advices:

(a)  were made by a person who purported to represent an individual authorized
     to make such voice instruction or advices; and

(b)  were electronically recorded by the Insured or its agent(s).

(4) 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.

                               SCHEDULE OF SYSTEMS

                  All computer 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,

(b)  systems and application software,



(c)  terminal devices,

(d)  related communication networks or customer communication systems, and

(e)  related Electronic Funds Transfer Systems,

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 initial paragraph of the bond preceding the Insuring Agreements which
     reads "...at any time but discovered during the Bond Period."

(b)  Section 9-NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL
     LIABILITY

(c)  Section 10-LIMIT OF LIABILITY

5. The Coverage afforded by this rider applies only to loss discovered by the
Insured during the period this Rider is in force.

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.

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 3
of the Declarations of the attached bond.

8. The Underwriter shall be liable hereunder for the amount by which one loss
shall be in excess of FIVE THOUSAND DOLLARS ($5,000), (herein called the
Deductible amount) but not in excess of the Limit of Liability stated above.

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.

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:

(a)  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

(b)  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 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.

11. Section 4-LOSS-NOTICE-PROOF-LEGAL PROCEEDING of the Conditions and
Limitations of this bond is amended by adding the following sentence:



"Proof of Loss resulting from Voice Instructions or advices covered under this
bond shall include Electronic Recording of such Voice Instructions or advices."

12. 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.

13. This rider shall become effective at 12:01 a.m. Standard time on 04/30/2008


                                        By: /s/ Steven E. Liston
                                            ------------------------------------
                                            Authorized Representative



                      NATIONAL UNION FIRE INSURANCE COMPANY
                                OF PITTSBURGH, PA

                                   RIDER NO.4

                              INSURING AGREEMENT K

To be attached to and form a part of Investment Company Blanket Bond No. 6214127
in favor of THE TAIWAN FUND, INC..

It is agreed that:

(1)  The attached bond is amended by adding an additional Insuring Agreement as
     follows:

                             UNAUTHORIZED SIGNATURES

(2)  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.

(3)  It shall be a condition precedent to the Insured's right of recovery under
     this rider that the Insured shall have on file signatures all persons who
     are authorized signatories on such account.

(4)  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 of and not in addition to the Limit of
     Liability stated in item 3. of the Declarations of the attached bond.

(5)  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.

(6)  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.

(7)  The rider is effective as of 12:01 a.m. standard time on 30-APR-2008 as
     specified in the bond.


                                        By: /s/ Steven E. Liston
                                            ------------------------------------
                                            Authorized Representative