-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Sq3GiFcMWyFElOlALNIlJLFFf7nF3oGiKIYZvZTEeqY47pFW0oPlVaio3dpKTkA1
 Va/bitoBPvlCz4jIjTI+Cw==

<SEC-DOCUMENT>0000950135-06-004262.txt : 20060711
<SEC-HEADER>0000950135-06-004262.hdr.sgml : 20060711
<ACCEPTANCE-DATETIME>20060711161259
ACCESSION NUMBER:		0000950135-06-004262
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060501
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060711
DATE AS OF CHANGE:		20060711

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAIWAN FUND INC
		CENTRAL INDEX KEY:			0000804123
		IRS NUMBER:				042942862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04893
		FILM NUMBER:		06956345

	BUSINESS ADDRESS:	
		STREET 1:		225 FRANKLIN STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6176622789

	MAIL ADDRESS:	
		STREET 1:		225 FRANKLIN STREET
		STREET 2:		PO BOX 9110
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>b61609twe8vkza.htm
<DESCRIPTION>THE TAIWAN FUND
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vkza</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K/A</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>May&nbsp;1, 2006</B><BR>
<B>Date of report (Date of earliest event reported)</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>The Taiwan Fund, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>811-04893</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>042942862</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>225 Franklin Street, Boston, Massachusetts</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>02110</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(800)&nbsp;639-9242</B><BR>
(Registrant&#146;s telephone number, including area code)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing of obligation of the registrant under any of the
following provisions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>








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

<!-- PAGEBREAK -->
<P><HR noshade><P>

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




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

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;7.01. Regulation&nbsp;FD Disclosure</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9.01. Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="b61609twexv99.htm">Portfolio Review</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "Item&nbsp;7.01. Regulation&nbsp;FD Disclosure" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Regulation&nbsp;FD Rules&nbsp;100-103, The Taiwan Fund, Inc. (the &#147;Fund&#148;) furnishes the
May&nbsp;2006 Monthly Review of the Fund&#146;s performance by the Fund&#146;s investment
adviser. Information regarding the Taiwan Stock Exchange Index&#146;s
May performance was originally presented incorrectly due to a
typographical error and is corrected in this amended filing.
</DIV>

<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Exhibits
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;No.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;2006 Monthly Review of the Fund&#146;s performance by the Fund&#146;s investment adviser</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: July&nbsp;11, 2006
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;Adelina Louie
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Adelina Louie&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Secretary and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>b61609twexv99.htm
<DESCRIPTION>PORTFOLIO REVIEW
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B><I>THE TAIWAN FUND, INC. REVIEW</I></B></U><BR>
<B><I>May&nbsp;2006</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">HSBC Investment (Taiwan) Limited</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">24/F No.&nbsp;99, Tunhwa S. Rd., Sec. 2
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Tel: (8862)&nbsp;2325-7888</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Taipei 106, Taiwan
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Fax: (8862)&nbsp;2706-5371</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Market Review:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Taiwan Stock Exchange Index (&#147;TAIEX&#148;) declined by 4.9% in U.S. dollar terms in May, as a result of U.S. market corrections driven by concerns over rising energy prices and
rate hikes. Concerns over possible inventory build in the technology sector triggered more profit taking in the market given its recent strong performance. Talk of the
Legislative Yuan reviewing employees&#146; stock bonuses also put pressure on the market. Both foreign investors and proprietary traders became net sellers and net sold NT$ 30.1&nbsp;billion
and NT$ 154&nbsp;million, respectively. Local institutions remained net sellers and net sold NT$ 16.4&nbsp;billion. On the economic front, Taiwan&#146;s Leading Index increased 1.0% and the
Coincident Index rose 0.8% in April. April export orders grew by 18.6% year-over-year to US$ 24.7&nbsp;billion, the second highest order amount in history. The strong growth rate
suggests that foreign demand could be the key growth driver in 2006. The unemployment rate fell to 3.78% in April, and the seasonally-adjusted unemployment rate declined slightly
to 3.93%, indicating that the job market is improving. In terms of sector performance, construction (&#043;14.1%) and cement (&#043;4.2%) outperformed expectations in May since these groups
are perceived to be beneficiaries of asset reflation. On the other hand, the technology (-6.3%) and retail (-7.2%) sectors were underperformers in May due to low PC demand and
domestic consumption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fund Performance Review:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund underperformed its benchmark by 0.3% in May. Overweight positions in the light-emitting diode (&#147;LED&#148;) sector and underweight positions in the foundry sector
contributed positively to performance. Overweight positions in the handset sector and the packaging and testing sector negatively contributed to performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investment Strategy:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the short term, we expect that the market will remain weak until there are resolutions to both the political turmoil in Taiwan and the issues in the global equity market.
Asset reflation could coincide with the development of relations between Taiwan and China. We expect that stocks will see their share of prices decline from current levels if the
political uncertainty in Taiwan endangers potential relations between Taiwan and China. Because of both the slow PC season in the second quarter and the fact that several
companies&#146; sales figures turned out to be lower than expected, we have doubts regarding the strength of the technology sector. However, we still have a positive outlook for the
second half of 2006. We think that technology and selected industrial shares are facing their weak period now, and we anticipate that they may improve by the third quarter of
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the long-term, we believe that we are currently at the low end of the trading range, and we expect that we will see better results for the market as we move into the latter half
of 2006. Reasons for improved results may include further improvement in Taiwan-China relations and a stronger NT dollar, both of which would support domestic securities
transactions and improve technology product demand as we move into the late third quarter-early fourth quarter peak season. On the liquidity front, foreign liquidity inflow has
been supportive of the market since late 2005. We expected that liquidities&#146; support of the market would only be sustainable with favorable technology performance. We maintain
this expectation for the second half of 2006 but anticipate that another important liquidity driver for the market will be domestic investors. We expect that the possible
improvement in the coming months in relations between Taiwan and China will attract more domestic liquidity into the equity market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In terms of valuation, the market is trading at reasonable levels relative to its historical trading range. The market is trading at 2.1x P/B with an estimated 17% ROE and close
to 4% dividend yield. We plan to remain moderately aggressive in our investment strategy considering the good earnings growth momentum of the technology sector in 2006 due
especially to handset components, consumer electronics and IC design sectors. Additionally, since domestic demand has been picking up, we plan to increase weighting in financial
and property sectors. At the same time, we expect to reduce some richly valued technology shares that have price to earnings ratios of greater than 13. For cyclical industrial
investments, we plan to remain underweight in the petrochemical, paper and textile sectors based on the assumption of a downward trend in these sectors in the coming year. We
expect to maintain a neutral position in the steel/construction sector as the demand in those areas has been strong.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Total Fund Sector Allocation</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>As of 05/31/06</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Total Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>TAIEX</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PC &#038; Peripherals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Telecommunication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Electronic Components</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Semiconductor Manufacturing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TFT-LCD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IC Design</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Iron &#038; Steel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Memory IC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Electronics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plastics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transportation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chemicals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Textiles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Electric &#038; Machinery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Automobile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foods</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wholesale &#038; Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rubber</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Elec. Appliance &#038; Cable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paper &#038; Pulp</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Glass &#038; Ceramics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tourism</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computer Service and Software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Biotech</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>97.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100.00</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Technology</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>80.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>54.69</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non-Technology</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27.56</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financial</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17.75</B></TD>
    <TD>&nbsp;</TD>
</TR>

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


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Net Assets: US$300.30Million</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Top 10 Holdings of Total Fund Portfolio</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>As of 5/31/06</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>% of Total Portfolio</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hon Hai Precision Industry Co. Ltd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High Tech Computer Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Epistar Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kinsus Interconnect Technology Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MediaTek, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taiwan Semiconductor Manufacturing Co.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Catcher Technology Co. Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.01</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Siliconware Precision Industries Co.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cathay Financial Holding Co. Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Largan Precision Co. Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>45.78</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NAV: US$18.35</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Price: US$17.06</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Discount:-7.03%<BR>
No. of Shares: 16.4Million</B>

</DIV>

<P align="right" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Returns in US$ (%) (a)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>The Taiwan Fund, Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>TSE Index (b)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>TAIEX Total Return Index</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>One Month</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-5.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-4.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-4.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fiscal Year to Date (c)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>One Year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Three Years</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Five years</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Ten Years</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Since Inception</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Returns for the Fund are historical total returns that reflect changes in net asset
value per share during each period and assume that dividends and capital gains, if any, were
reinvested. Past performance is not indicative of future results of the Fund. Returns are
annualized, except for periods of less than one year which are not annualized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Returns for the TSE Index are not total returns and reflect only changes in share price but
do not assume that cash dividends, if any, were reinvested, and thus are not strictly
comparable to the Fund returns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;The Fund&#146;s fiscal year commences on September 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;The TAIEX Total Return Index commenced 1/1/2003.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Premium/Discount of TWN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="b61609twb6160901.gif" alt="(TAIWAN&nbsp;FUND&nbsp;PREMIUM&nbsp;GRAPH)">
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>As of 04/28/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>As of 05/31/06</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TAIEX</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7171.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6846.95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">% change in NTD terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-8.71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">% change in USD terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-7.52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NTD Daily avg. trading volume (In Billions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">USD Daily avg. trading volume (In Billions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NTD Market Capitalization (In Billions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16844.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17282.60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">USD Market Capitalization (In Billions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">527.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539.49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FX Rate: (NT$/US$)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.035</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><I>Disclaimer:</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>This report is based on information believed by us to be reliable. No representation is made that it is accurate or complete. The figures in the report are unaudited. This report is not an offer to buy or sell or a solicitation of an offer to buy or sell any securities mentioned.</I></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The daily NAV of the Fund is available from Lipper and CDA Weisenberger, or you may obtain it
by calling toll free (800)&nbsp;636-9242.</I>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B><I>Lead Fund Manager: Victor Shih<BR>
Deputy Fund Manager: Steven Chan</I></B>
</DIV>



<P align="right" style="font-size: 10pt">2
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>b61609twb6160901.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b61609twb6160901.gif
M1TE&.#EARP'A`-4M`("`@````$!`0,#`P$!`H("`P,#`X/#P\'!P<.#@X-#0
MT&!@8+"PL*"@H"`@D#`P,!`0B.#@\"`@()"0D-#0Z%!04%!0J)"0R#`PF!`0
M$/#P^'!PN&!@L+"PV*"@T```8#`P=P``0$!`7V!@CZ"@L)"0J&!@>```,+"P
MN!`09U!0B```>```@/___P``````````````````````````````````````
M`````````````````````````````````"'Y!`$``"T`+`````#+`>$```;_
MP)9P2"P:C\BD<LEL.I_0J'1*K5JOV*QVR^UZO^"P>$PNF\_HM'K-;KO?\+A\
M3J_;[_B\?L_O^_^`@8*#A(58`(B)B`U)%0Q?#(J)5`<-`(Q$"I(*7(A8"`P3
MBH]#"0()AJFJJTD9G`(!`"T-`D@*`15@#[%"#!E5`P&U10C"+0L!"UL9OU8'
MOPP!`2T)#QFD$P$39@?;K-_@70A"L+(MXT@3G%_E0^A3P<-$`,8'TNM8#*15
M#;G!TRWL!>!T`,`!,Q7,A5O(T$J[(=T`",!DB9&H"94`8!R`<1:`A`<'(%)0
M8<'!(NT>':P8<4`+D0!(FA1R8$&%;/*&T!MV#V8+_P#H&B"8"9-D!04R0WI*
M@"B!SY8294G<MX#1OR&P3(IR61`1J0$(*F#JB@!52Z8`4%5D($#6@0K"%#:<
M2W?)0W*YBCV*]S*`A!;1_B9@!$#"@6CHI"&@]PYKK&I#^-(SIYBQD`</CADK
MLK-%MLPM%#/[^1<!Z,H!'B`*D!@@+)?2A-"3P$!"LMH!3F8(&5MV@%^3?V;6
MU)=I`$8/<DW8_9/7Z[X9)L!E4#.9R[K8LQ.YVT("<%Y\NP]L8%M!@X/(%(2/
M'7Z[,+B1C04//8UO-%GM=?K]B(D^=4X9U$(/)['=DMEZK@4`&T#!3=?"<VP)
M<95OTS2(RP$NP6?*`,'@Q_]+<,])]B$OVI6('7<!(6";A\-DLQACW@@QP2X\
MU;>9>U+%)R")[,D'WHWZY21$;WU)`,`"`BPX9"T(DJ,@?;Y)]>1S"W@S87-_
M!1>-7P0"%&5?.\H2HH]2RF7BF>%PIT`&EOPX3`*_-0"G!&,]L$"3^3F)GX[-
M469CF&`:T5D11`8#VA"]&=/D@T_V%AP]+CTG`2I]>9E5G[UD8(RFUWGV8RX@
M/BEBF6B6FB:)0MB&:7N['`3+2<APN%F/0C)J)E_%^!GH+;E$4^N@1!#9@J8$
M=1E0:H%"R>@``GVIU[(*'#HAG,P%M\T!NVB6RTNW>+A-<+NX-"JFII:KBFW*
M#&'_6W+"*!#-H?T($:\0R$A0+W72'(9L$>@6\4P&IK%V;&[O.HD`+!ET*@1<
MAA$AT$G-97#DP/H2C.S#S964[SD"[S+.+@PL-D0V`>AC)Z7%C`/4.>,DH.D#
MIQR3F6F\V6G;(P6G/`LN9IKKLQ\<<HB/)@ET(RZ'E&)(4Z<%N=0`(^H-$/4`
ME$H8-#Y",$4UAP=$/;593P]6M1!3,SO$U$2(1(K743N%M-?R;B0UAD@'[?;<
M60?-H<-!=RU2?]V<%]DE::<5]4M"]PU81S\W[OCCD$<N^>245V[YY9AGKOGF
MG'?N^>>@AR[ZZ*27;OKIJ*<^10(,5-T`XR^EY?`^JEMA_W818TNXM!$'0!Q9
M*;@K+&'N2$G1*=5&Y/[2TKZWH$#N"6!-1`+*UX[%`2(/L0!U`H34?</T-F\]
M%&\QL,`ZE1CI[S8D#5#!24PE7`0#G+"5$P(3,/#`.NTO@,Y;ET(",OP",5DH
M0`"[Z(_]UC<+"210>Q49@E#,-[_SC:\+#XC1+$`SE&.("1/ZN"`5)D(-YES&
M3')ZAEKD80_A*>1@D4D7><A!*3K-@C?2RQH"A%8*B\BF&4*`(1'D=`X9!0`5
M$^N.N/[B0>VE2X1:`,"A%I8N7SQ(3&YY(A2?`*=UV)`<9AI'`YH!IZH]"2(*
MD8CVS-%".+E#2"8L0E6:9Y"TY?]$C41H&<2>)`%O+$`9-I$7$VLCOBU.X1D3
ML`2E)":A@4S@8YR8B2&?T`!+/;$MT]L&DA#5GS/*"Q]X?-`[8A&,D]"#"(D\
MPC/BE$<Y8BV4U-"@$'X!I^L4ICOF"`8JC.2425HA&HP8(X%RJ:"W(&`<(12)
M\DPA@&8*@'87/"4YY(')D:&BF8A2B">+J!-Y3(")H=D&FWZ8-61T#PG&65M_
M!@"+QL!R`KFS1%]L.0T2!4-6`!C``AY02%\R09HM*$EHB*FPFKSD>\WK"B+4
MMT6`8A.,1$C70P>***:YDX4P.])`9@&PPFS+B%`+&F>8B`#?5:=JL-1B0-XW
M3]]0=)[_`'U`8_SIA$IV4Y2]\%+XFDC")%03BM'`RCM^F@!O"#$T^_!D`UXI
M)&9M,FO/VR9/I:'38P7Q"!+H5"B+*L>DG5&*+5!-([OA)5C2M`E=E,TV)C",
MCQ`AA`$5DRQ1TC/KM7!(^_@I/',ZUHJZ@S.U<IGTPB*H_B`A%^8Y0LQDX\VQ
M(0!K8L6I$,%Z"TJM[*Q0("RV#H(M5.P/(D]L@#(FI82?0E%D`YCB3[7X`)=<
M=DC7P1Y@_=53"9[S)6;Y:"9($9-S0(PZSKNH]B(Z`0Z%`C"U.`!I$]"P9T+T
M0=7#K!*$(CN:``5KL/L)*.Q2U_$A0I(OJ<!C`V)8[&4O(&S9_ZO4,A&6Z["N
MNA)*Y1#@`I(C^$*FZXA1-3)0)?96@"L*=&8SUV$)"Y+MF(#SWW:E.P?3,OC!
M$,:"@R-,X0H[8<(6SK"&M]/=#7N8PAC^L(@?'.(1FYBF)9Y"!")PXA9S+L52
M*``!7$QCS,$X"C*NL8XI=V,HY'C'0'Y<CY_PXR`;V5Q#=D*1C\SD,R6Y"4MN
MLI1/U.$I6&#&4\YR79[,!`)@6<M@7@B7E^"`+X?YS*L8LQ)88&8TNYD0:DX"
M"S#PYCK#N<I28`$+[,QG0,1Y"!%P`(M;H.<^&YH/?Q:"`5A@`"$4^M"0OD.B
M/>`!1CMZSY'.M/$4]CJ(*7-V3$@T"_\*8&E"LV#0FD[U$IZAD.T=X)SL5"[$
MP.M3/"]AU*76<Z-5S6LDF,8<#>`@(#_8"V@B0=2D;K0&=-WK9K^5G>80*&!^
M@4E,&K0)R+9TI4OM[%X7Y(JS)*8"'AG62/;3"-EN-*FYW6U5SZ2:]BRF>)&Y
M%_BB,1$,I0*NU<WL=JNZN,^-=T&5$6OPE4+`C*S"OENP[EW[6].PH*HQ!(".
MH$84/<2NM146WO"'-[N:;)6-;N&:D`?-E<,;3S;#^^UQ55>SL^4&K01'&]WG
MZEOE'6^YJAO`M.NBTG=`,39=4VYI4F-@U#I/^@AMO6:<LQGI2H_Z$[)]`0V0
MF@!0E[K62\O_=#EC?=18QWH!MD[V8W<="7K6LXR?S@(*E/WM6#G[$=+.`@<X
M@.T.ASO914UW/7\][WK7.M_[_O?`EWWP="^\X;>.^+1__0*+9[S<C=!W/7-`
M[9$7_.2+4'E<9SWS2?\S!3J_[K&#7NE_7G3E2W]ZU&]^"(N&0-]9WWJ=IYX%
M&X"`!>Y.`-K7WN.W;T'OQ;[N#?R^Y7$N0`?V//Q1+Q\#;3Z^L^.,ZQ9T@`(7
M&/6BHWP%"GA`^DVF/JF)H'VP<X'[X->Q^#$M!.5O/_I60/\5#&`!R*=_BVI>
M]OB+L'T(<,`(%P`!4R!_5G!Y8^<!QG=_XZ-FV\=^L.=Y1D!JJ/8$_QP`?RIF
M`4(@=BVP`1:H@-J!(<T3/7QC!#F$;J^W:+MG!!0``>MF!)<'>$W@94\0`1J0
M!(LV8V$G>QWH@75!'@\D+Z"0+M6@/_-0@D,G!3=H@2U8!%@'@UVV@TQH>D<0
M>\*7>#Q8*NB0#:@P`$RT`+(@,L[E/$S'@&QF@<OG@!GX>4X@@VLHA4:@>E68
M=A!0@U=8(D7C5X'40.!632JE<4A8ADB@>AW`A&H8@U!(!+UG@X7V=6GGA'68
M'<W`4+H$AH_06]CV>I7&AF^(>41P=&ZXAH<X!(D8B(O8=X[XB'0A3R]U3T,X
M'&XA/#0A"@OU>F'7@9XH!!TP=IP(!00@@/]KB(%&4']PR(AW=XJHR!!O<1("
M%Q#7H0RMF#P(1XN`B`0;`'4R-GH.\']1@'5/P(U%<`&]-XQIMP$.\(G'2!<+
M4#6154I%>`YB(G1Q-P58!WU*,(HRUG\3V`1']P1'YW8M8`"JAP$%,(P6H&NC
M>(YU,5YO)!M31!Q[6&5J]G4[:(\$T(#&N(EHN&9LU@(1P`*7IW;9QWQ75X6#
MB)!S427&M0W,Y2JT\T3D]EE^N(V[>`04:9%0`(=.X'?_R`*RIW;KEGTCJ8$F
MR1#VXTS\@V#M2!/SQEU%4&9=-I-&4),L4&D7R7^/Q@3+5I#UUW<64'J,YI35
M:(Y#J3FFA9/UJ&?_]H<$]@@!B]8"$)"635"-&4F*ZU:0B;=N+RB#I":68VEC
M<J%Z^1B5=4>':FEZR;9G%?@$JC>71A`!5*EG1W>7=&<`>EF(?>F71*!Z%TD`
M#O!]9SF(I%:-#!>*BI9V4*9KG<=FZZ9G&E"9?'F9E=,6%.!V'G!W['8$#@"7
M:HETJSF:BFF:3+!NR]9YO4=WPC=V>PF;+P8`B;B:,&@!J':;1Y"<O4F`&,F8
M1=""=5=YQ0F9+5!_*[<!%%"2RGDY;4$`&$AJLD>>0U!JRT>824!J%J`!=KEG
MUFF55ZD$']D"%V``&!"9#G!EJ^F9[5>&I%F>2,:<,U:-G`F,Y)=]#.<`_Z?)
M:%\GH05`9TYP@]B)B%?I97YWH;Y7H%YVH`AJ*N>)@P9*>>-WGP5*H3JY?(OF
MCTK@B1LJBCPY!+.I9Q90:1`@>X!':G8GG24J9`I:A3*&H>1':AJ0F,%ID#II
MD[=6?4_99FJG>@0@HT,0DBPWI)%SHL(G@*+)>:&YD4U*H9>'9;C&`5@Z=U*J
M!!%P=&UV`0)II4BPFA!`H/P)GUQJHD5*`,;7ED2P;)>G@Q/:`<69@)[WFI>V
M?V=)IH@XD#HYG73GAD*ZIR;BI8DX>A.XF)&Z!-NV`0()=6R7@'+VEC4:A^9X
M?70JJ6E'J7AJJ6ARGH(VBKB':IR*`8$YA7IV=_\>\):7UJEH5Y&G^G5K"FC`
M2@2K^7F6":O:<9ZMNJ@/F':ZJ8B-2`%T:(5K)JQ/N:%A5Z=TYZ"CIZC,2A=M
M$9E0=W=2N)A(R@2<FG?F"H5L!JB-J@3RB01GV*F+IHWCZF0`,*EI.'Q+^JP9
M.ID<>JR4IZU+\'7TNJSYNI^E2:+[R@IMX:^H*JQU5W6_F783R(CPBK!*T)-*
MH`$><(HUN&[7UP*5MJX1FQT3VXA"()<7JIE1P*F$:+"<Y[%REI]4<(800`"!
MIF>YNK(-T;)ZYH]>R7M_")Q9VI/PV@&+IJ>4I[-3L&B1^9&X)[3-VJ]*&Y+O
MFK12^Z9S!K7D!Y"5BK+_O=E]GK>KCHJUY"H"V\E^G&JS2Z"AOE@$<FF,C+9H
MI[AV4DL%G#JB;'LB(?!T,CJ<V'J3C+:VL->$:T:V]%>L'6";+""V5&"U,@:Q
M@2L(`C"XWC@$K7FXOTEH2L@"[$EYCBN=C'BJ46";!M"KF6L'"N"%8[&40\``
MAG5L(>``84H$V=>3#OH$*RBZWBJ%%T"JCD:VI/:J<=BW\:=K,?JZ<["2#_((
M+XD^?:A8(5"<C>FBXIJMWEJ.[4>ER*N&&M"3S%L%I,8!&K!]T"L'0C0C#[E3
MH9:]KFNZ0CD%BANM6!9E>8MKGZBAY[NSY_J[[=L&ZY@;7O@@C`!7\]N!C48`
M_QA0NE#@E+I*IOQK`"N8G)F)>Y;7!7J;AI3[>T;("@)7<+USO9D0-`]P`B"@
M-R[,(2CPPC(\PQP"`BTLPR3P`1]PPS;LPA]0`@,``B/P`2/@PBE`Q#I,PTJ\
MQ"2@`D$#`C^\Q%(\Q51<Q59\Q5B<Q5J\Q5S<Q32<#5X<QE)<<TNPC)]F$L8T
M4\XC<6S<QF[\QG`<QW(\QW1<QW9\QWB<QWJ\QWS<QW[\QX`<R((\R'3\>KC4
M2&,30M6K!&Z+N5$PGO%9BN(K?.C*>6DZ!D!:E5I0ME=X98)I!7GX30XC45C$
MR/F+!C_9K6.[<I^W;"RXK%L0HF(PE9Y3`$$;.IS9`?]PV;GPT(5R(4F46%JG
M?`84`*>JW)[\]GDW2&K3V@6R'`:P7#F<_#E8QZ2CMX]64!%:Q,#/*,R.S`5)
MJ+A%IZ,;O`$J)P8&$)9F$,U?``'%V@<KYFC-+#JU6)H![`0BF`G^`HOHQLYE
M,&?'?+RL_&4A60#G/`:ZN\[=VP73C`<YEHFW3,UUYP"-MFTL<`$1?08"X,]D
M<'E(N\K#^67U>M!BP*1DP-%8X+,"_00:\,Y5$,*>.YTS%IF:O#E]9ZAT-\]I
ML-$+/0:+.<FF)M*DNW(U?04LNLD]?06Y5M2^J07RF@0'.00YYK*FDZP<3+%O
MP--P0+.K++I"S6],C;[?G&?_25T%'TQH'@#3V3G616"J$LR$)MU^[DS5IM*1
M&>T$`9N:4,D&6OT&HZ>T'%"0NW8!)JUR9ST&%R"A_VR\7V!UN8;2$3J>C$W6
MR]JK%."AE"G5?1?!$[BD1X#1;!`!NMG26'#84^#.*$MWDLMV91T&??T&QMD"
MANMP%ZK9C6;:8?"\)\W6$[IK:D?:3%"0!JVR>:;.+KAZ>?O7E:>O.SEW8;T%
MU8BE!:#84;`!&[!KN!T%%QT!R9JZ7]?:8"``*P#>7\`"=LD!!G"O#B>OC-N1
MSZUBX.O3-RH&K'MIP[<$'?"1VKMQ4,EBJ:MV5?JMCC<$5]9V^=C08(!U[,FH
M4""M_SNIO@+,9E;+=G;WW7$@`":@UF?`J?6YWNR'=?ZHTU[@IRU@K27^UO-7
MM+.,EO9]GZN)`;O;!*)MR6L[>LN;=K9IL86FWT,`?9"I`6DYU&OP=8-(@[)W
MUU&+=*J7GDA.!'+IH7/&=N@)P4*>U88,!HE'UV<=WVG@R<W9=AZ\I5UPK]KX
MH5"X;I*+N#1N9FW)B!9@KG-FT3.VJL_7B)AVS=1]!AVI9QL0`=WYW#B^DT"+
MX#C*M)Q)`!S0LV;.RVZ0:"..XUJ^D95&WE@PW<>Y<B(^M6+.!1S;`OKMX@!^
MSU:YYD10:7&(@?_M=QNI>HIMU<LGZ**^!4:;>%`>UB%Y=_^>;N>-AK%E.M%C
MYWW3;=X:$`$%*0>.[@7<::L;J>!KH+?F_9V0/;!7B^6C!GU[/F?HAP':^)&K
MJ>$/2.HV6K[;'8?FBVMS/HXW'N7*'>N;W&AH>70^SFQ-OH%Z!J,!6HR6QI/-
MC&H:X(G<;@1T:.H7?N74GG8$O&@2VHMLH*$H2NF1#,'0;)\Z[I%UNP$UN.=4
M'NJ0#:BDG7888`#VAW5VN6O?S8@CR:E:VG>KK;H`&-8=:=U.:HI'+=NVV9'9
MUVBAZN[YR]ZZ=H:O^=2-3O!?`.?_NXC,G09L5X63;06"R/+X*_%Q>]'?E^\J
MG[9)#:AMJ>ID6N[^^'>K>?*36O7_G2>/2=U[Y3ZKJS?SB^F6Q4C)Y5=W'4"?
M+(;3Q/Z1ZOO7K^GGQB[T7F``EHN?'>GP6""Y!0"R!E"W_)VX$<^?%,V=KPQY
MW)FV!*P$,>K801VI?4?@=<?=:=>:Y]ZJ3T<`'F#5I@F=O.B&WC<$(YNEI)?N
M`^X!+JW9/1J'_@V9(H_M%^WZ8,Z?T=X&Q^X%]UKTB8OB99#J]NGTU.H`FDKM
M.]F`D"Z?I"]V`WX!DV\$VV:7#!J2$,!B=&>\X-F;)/ZS7@:GO)F:H\?47B:C
MP>X!;\J!%D_Z8`[!*[^1`NF"@0UYEW<!WX=UB@T$!-:0!3$,"T,.D6EH/8^%
MYY1:M5ZQ_UGM50#8?L'AZ@59/;*.3O$:+&1"6!$A^WK>M%@=NO;B@.!96M("
MF918"):2B(04AR@P,+X4'9@**%@HI9JN&EL*]%HV6`K.&#T/.0C<6);4J"Y<
MJS(U-C`LD%99+!I7GP@*"""61`_Q"CP"GS8@(!Q4(:2>/"`LGFZ'(#HB"KF'
M7(\B]L3'6[K(S[?*J`S@D&/1V3@HB8ZN+\[/]$9WX4]9-(8(0D.HD!`W!AHE
MZ3!O()HMC2KA,;7)2B<J$:"=*7"O!9D"&BAT@%AMRJ513Z!-0:8+XBB&V.#H
MPN"`Y(8+%#R0F5:,R91NT9YHFZ*J6(MY,9G8<CCE73^G5,P]=?^JKLJHI5+#
M`*,0\PQ5<6>>Z/K5[]J20(-:F%S$`H,W,D,XXJ%D%BB6ED,\X!&E"=/5=6ZL
MA`/(@@+3DSZ).`@G;4BU(P2F*")PC0BQ@HB`C36#IL,AM4,V&"Q4MXJ&SM$B
M9.*VRR]6UT^BOB9W(:45#**:RJX(>3*$SZ2U="A<I7.R5*,N+":7ZRS;9(60
M.AP"V2?EP\2'WW5XH?.&4L,Y!<0B'@J+N("(Q.WTN(4<2A"(PF2XX1J!"*;O
MU'$HSRRW919$L4^+2X!"9J7&-HC``))T>RVV!I\J``[E(+3"@'LXB":B,%2I
M(C5=&+,J-S:8$Z@(99SA1D`\.*""A9W_O!I*BH6Z4>.Q4K10)`M,UO%KM"DH
MZP`9:-Z"(#0"_&CQ+216HDZ+-$S$)+H6"4C.DB\<`$H#4I`"KD*I'OP2'1W%
M!(.):H3[HL,>#SNC%3`\\#*L0DQT\A=N@+I``Q<-6,7+DUKBJKR!'&@Q"S*O
M*.J)"!B<LXC:SKBE`$64.D01H$RB1`]1&L5"`\5,M""D)>74P@/PJ+BT3`>]
M6'5,\ES%@H)=+."MU*&<;*$#NI[8B@A0'LJUJJ1,S*^%7>CK:<<^*TM4"HA"
M\F;0(_;,$=8J;-E"`R%"XX`6(I+`H)%F+)46UX["Z8/"+\YPI;%UR5$UUJ?"
MG)>-)/ZP-T<__VK38DU?P`62"'$E$=9%-Z@Q$;@CVKH5C54@H^"\8L8UT95$
M')#D1"PB@-<*1H2("8*;;HG.H':I"`T?5JI-Z]0(36E0@0<">$"!*118`(`&
MGCB@`@00H((!GK>H5]\PV#O:KH"W(`"#"^[X<`A@6UJT8TZH`RG70\C3R,)#
M(,AK654H@2P)%S-NI#"4R_LW"S)0W4/27$A2!*G..#@"`@J!67E$ISJ^3K8*
M$CA@@0P.:"$!"1(7@($6)@C:YIX7`,-HI;>H!_,KBANE92P,(N"S\ZH^)=\J
M)%3PQ60HV(L2PUH32/3/K7AXHUJ/?1$Q#:Z)AFV!LF0WF7A'R26:)O\C:,LH
M6!1]HF]RH(0P>-T22*#G``9H`0$!GIC@@7*\B&J!Q+^X?'..!3\_RN:O$,(!
M![KRJX"7G(>KTR1L*H*5.(>(H(!(VD8[V7W!`]MZ%F2P01)<J.-W9_#89L:T
M-^OX#C2]H@(_4F4P-D2O09KY4@`2]X!6#0"$.BL'SQCP.,NU2GUFNI6^XI<Q
M`SR0(0<R5$DZEPQ%X.X)()G$&^;ALBEL(S=)^T*:M+*(.0&#@>82R.F>!$5Q
M]"V'0&'%`P.#Q3!<0HM.\2"$!E"Y%@1@A-@;@``.P#C#B<%\+:S*"^VU+28@
M0X.#P882SH.8Z?AO",XPP!W^9YEN&(L*#HC_6Z]80$@P`",Z$3")$!HV+<-H
M\#5Q6A]0,`"L+W71BW!T"N&>0,8GD#![`P"`]<;G,Z!900$!<*4K6>A&+?3+
MC=,H#AS@9X4E*>L*U*`'+\Z6!.;\:`WID\1+N)9(^ZGA$F(KCR>EPBC;R1(K
M7^P'"6$Y!0!D[PD2**/UII!"R$GN9E48P#D'($)J-@V:1V/.>01)A+=1P`T7
M&%=`PN6T;N2!#<;<0G$J1825O"-!/;*7;ZRYSG-4"2L'0"<X&T"T)RR@`MV3
M`!76"#Z-9J&-ZQ2*0I7!#1=A@`-(`6`6S`*-OLA3$2))IA*<*09^KJ%=\3/"
M$`18&DJ*R0"'!*E"_R/:L\<-X*(M,.$4QO<$!(1/A5CHZ$]!VAV*7((Z2K36
M'>4ASX-,`SVQ`P,%<OHD;QSA+7=()%31BE8&O-*5*FS`SL3X!'$^(0$/8,#W
MM/#4M"KT%K@!F(:F\X5"4*`KA=6C5UU3TX;<XR9[=>QC$U!.G%7!H>6+Y6/3
MJH&\+`6G3V@+!F**!0<LZ0GSL,PW;K$B"'T*#4=(BYXP&UO9CD.OLVTAP80Y
M%'\N+1EN6$4L-)!'"`EA3^VT[7%M6UOD8@X1+1#"#6,&AJ3Y5G]_^U(PEIM=
M[7+ALMMU8S#D"!1&<7*(AW%#6]ZD+[=YE[W)[6Y[-Y<$9AFW=M&X15MN:O_=
M"JT7OOW=JW+]^R7Y1G</FA'F(8AX-`O<,,`-_BF`':P;`A&8#IH!B$$ZHK2K
M19C#U(1PAUW#K]V&X3Y3@`_[0)QB%5OAPRON1W_H^Q`4NYC&'6YQC6>#C1A;
M:Z<X]G%[;_QC.NC-`^05`SUW+&0E__>]2WZ*9IT<92FSN,E3MO*5L;R'(&>9
MRUUV\I:]'&8QKQC,8S;SF?U;9C2OF<W(57.;X1SGM+Y9SG6V<POI?&<][SE6
M>>;SGP$M&S\'FM"%/L>@#9UH-$]`H@=8JF0!@("FMD`!$N5HE16=:4*WLE4'
M>(#U)M>`RDD`G$9=H:91G>GMM6H"W&L!`"I:@?#_3>`)`)!L7C&=:EW+>0()
MB(H`@M8"$K9`UN6@M0)R/05$[YK9/U8`K:,B2F%C3]0M(+6IP[#L9F][Q1F-
M=AFS%^G'V?K5DK:"KP60[@Q((-WM=O>[X1UO><^;WO6V][WQG6]][YO?_?;W
MOP$><($/G.`%-WBZ@UT%!;2[`0AHP#D?L(";9:",MT9V"ZI];8Q.```=9W?'
M01YRD8^<Y`!8`!E+GG*5`R``.EOYRT,N`&_"G.8L=WG-5RYSG,.\Y3M?^<=]
MGO*3!UWE0"?ZR'5^=)+W7.DB3WK30\[TE'.S"@D`^0"VIVX)!*T"8FQ`!JH@
MQF(+@-:7?LJPGX*]IP#`_]5.4;M3V"Z5M_<CSVAW2I[CGG:JPR/O;M\[.J+2
M`+PB(*ZO+J<)!6!I*I\]`'+_^SGZWH^Y\[WMDG\\.>K>>'HE>PV1A\?DT>%Y
M=(#^T"Q<P`!\33Y*L_",:50]=Y^2@(KJ_>P)M_Q3&,#Y-9">'(QFO%0`,.G0
M5QX>H(0[\=%A_'XHH-08G\#KA6_*YE\!`65?Y^04FH%;RU+CU%P<2!DP^W4V
M0/S<-O_YT9]^]:^?_>UW__OA'W_YSY_^];?__?&??_WOG__]]___`3``!7``
M724!CDJN@":I*&VI*J"<#"<`)&#[L,(`8ZGC#E`!&%"R#H#A=..,]LX"68@!
M$O^0?!C`W<H/*SQP"AP-UIH*!'$F`W6C`20@`"I`]1H.`20K9W:&"F000A`@
M`S+`]B(-`6P0:"`-"!4/*WXP"%70Y7C0"*E@`1#NL1S*FZ;`UVK-U1X@<08`
M<2"G<"J@J%ZC"EGHK6"C5;90V+SPU4!N^F)OK:C.##4*"U_-U63-`@M/*A(`
M#I$J>PX@`[)'#J,B#;OP]6)O?.K*U4JP!=+(>A:G<50(V31/-AJ`UKJP599*
MV/!J$1NQ!1@@W`+`#9VB$M40#<,MV#A1X\*HXRX/JF(C$Q4G`!1@$;N)UL")
MJ"`D-AZ`F[[.$]M.`F@MHRID[G;Q"7H1%A-`%@]`LLS_33?>[@`FD:):H!@Q
M#NQHT=JL3RJH;JV>0)V(+6BVIWOP:MH:A.K"$1JY*0,>QQM_1G&F(!1EPQRY
MAQLI#82FL57:D=B.*S9B(P`XKNT$H/R"+Q=9Z.U("-D`LJ)8CN*&D>H,4A;[
M,1NG$4(>4IO`[B$14ME.T#72B1'?#@"^QQM)B'SL#D(BS1,G$=C0L=;&4=AL
M3S=.,AQ#B0%6\M6^!YL4$+-><1S):*W()]WH"@#4D2"GX`&"C91\$C:XQZ%^
M,`]=@QB/$GL0@"=C*6<HDIN@4858;AJC<@"2LAR0#RMVD)1JK?&DC2S)\4L$
MP'JV4BG1LBT/X.MT#_"L!RA#_VF;/E+S!F`")"`-=9*%$H#BL$[M'J`"]I(A
M%>>N[%$W8H,!,J`!PD_S"O,PJY+W:$^N'C,R%4<P$6#RFM$9S=&N!&\>,[,"
M)-,P)P`Q96,#1RDOQPC<6O-+L*XLE4T`WE+S',HTA8\C@\TN7_,V,<H*_Y(*
MK"[WBNH`&&VMFN\/6_'N8LF4%DZ,D!,RX3$*YU(<)@\Z!4",BA,`Q+`;&Y('
M)T`!'G.4;&T[>R8YJW-PR"<9N<D[K>V;8A-"?&8*&B`E%\`]:^T[-VHUQ4\*
MW[$!]//5^+,!PM(5NRN-A"\?H4("P:2[R'/Z&%2;=M/Q6"D#EE,")LTJK](*
MO$?A,/^T"B;4-7"0"H#Q";K.J&:/+Z>@),<P)Y.QG,KS1(DM#P%`(J7"<&P0
M[.K1>F@T1:E@-H<S[/)0\,CG2#<2*\+$TQ3/2)]`LIP2*T"/28FT"CX3-!4N
M`C'J`9K4+U^C1!4GW,1(`DJIJ`[011M*`5'OA#8S<4RNF_QP"FIP-=6T<$+4
M0&MM3+.G<&I-%'^*J!KP"J\4.0$S`+J`",M1`@)UE,`T/6,I`[H@)UWC`-;J
ME%JT417G2L&S02B5C$JMX5X/ZVZ-4!ND,]F*?!9`!"7JK:HM*`.`)F6#9EX)
MKWQF`!;5J%2UF[P)4[%"5ET)KW(F_%0O51T.1;U)XI8KLBA"Z_$<RD]E9OHJ
M:UF=53>8K^H<E-)B90`,L5HQJCF_A%NO\%KG15L5KOD&0%SI\_'`5=C0E0#=
..]5WA-5[E=5[A+`@``#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
