-----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,
 HKbadkDx6fMjoegPhlpSjQ33dDitqbgUlBtcsL0iZH0GIEYzfAtAqh1e5XYAxDHj
 IvA/uUCXSb5B2XudWvdmDQ==

<SEC-DOCUMENT>0000950135-07-006101.txt : 20071010
<SEC-HEADER>0000950135-07-006101.hdr.sgml : 20071010
<ACCEPTANCE-DATETIME>20071010141519
ACCESSION NUMBER:		0000950135-07-006101
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070801
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071010
DATE AS OF CHANGE:		20071010

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04893
		FILM NUMBER:		071164894

	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
<SEQUENCE>1
<FILENAME>b67102a1e8vk.htm
<DESCRIPTION>THE TAIWAN FUND, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</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: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
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: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</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: 12pt"><B>August&nbsp;1, 2007<BR>
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>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><B>c/o State Street Bank and Trust Company, 2 Avenue de<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>02206-5049</B></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><B>Lafayette, 6</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</b></SUP> <b>Floor, PO Box 5049, Boston, MA<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center">(Address of Principal Executive Offices)<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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 obligation of the Registrant under any of the following
provisions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><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"><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"><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"><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"><!-- Folio -->&nbsp;<!-- /Folio -->
</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="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="b67102a1exv99.htm">August 2007 Monthly 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
August&nbsp;2007 Monthly Review of the Fund&#146;s performance by the Fund&#146;s investment adviser.
</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: 6pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">August&nbsp;2007 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"><!-- Folio -->2<!-- /Folio -->
</DIV>

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

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



<!-- 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: October&nbsp;10, 2007

</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/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"><!-- Folio -->3<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">August&nbsp;2007 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"><!-- Folio -->4<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>b67102a1exv99.htm
<DESCRIPTION>AUGUST 2007 MONTHLY 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>August&nbsp;2007</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">
    <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: 6pt"><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">The Taiwan Stock Exchange Index (&#147;TAIEX&#148;) dropped by 3.8% in U.S. dollar terms in August. Foreign investors and proprietary traders net sold NT$ 171.4&nbsp;billion and NT$ 0.6
billion, respectively. Local institutions net bought NT$ 39.9&nbsp;billion. In terms of sector performance, the banking sector was the worst performer, dropping 9.7% MoM on the back
of concerns over exposure to CDOs. The textile sector under-performed, dropping 1.1% while the plastics and steel sectors managed to out-perform on the back of their
defensiveness and high yield nature. On the economic front, in 2Q07, Taiwan&#146;s GDP growth accelerated to a 5.07% annualized rate. In July, Taiwan&#146;s seasonally-adjusted
unemployment rate dropped 0.03 ppts to 3.87%. Export orders rose to US$29.7bn, with annual growth up 23.5% in July; as a result, the economy continues to accelerate. Since
Taiwan still is exposed to the US economy, it will be hit if the US sub prime issues turn uglier and affect US consumption and investment.</DIV>



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

</DIV>

<DIV align="left" style="font-size: 10pt">The Taiwan Fund, Inc. (the &#147;Fund&#148;) underperformed its benchmark by 2.1% in August. Underweight positions in the banking sector and the optical sector contributed positively to
the Fund&#146;s performance. Overweight positions in the Integrated Circuit (&#147;IC&#148;) design sector and underweight positions in the operator sector negatively contributed to the Fund&#146;s
performance. </DIV>



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

</DIV>

<DIV align="left" style="font-size: 10pt">The Taiex was volatile in August against a backdrop of sub-prime loan concerns and worries of a global economic slowdown. Panic selling saw the Taiex dive below 8,000 points in
mid-August, followed by a quick rebound with the global stock market recovery. This recovery was driven by central banks&#146; efforts to inject funds into the financial system, and
the US Fed&#146;s discount rate cut. This eased market fears of a possible US economic slowdown. </DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe the market will remain volatile near term with US news flow likely to continue to have some impact on the local market. Over the mid term, we remain positive on
Taiwan, given: (1)&nbsp;strong corporate earnings (from the China market and tech cycle upturn); (2)&nbsp;liquid conditions; and (3)&nbsp;more market-friendly government policies in the run up
to the presidential election in March next year. The recent correction gave us opportunities to accumulate quality stocks on the back of political driven rally in our view.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the real impact of the sub-prime loans issue remains unquantifiable, China continues to post strong economic growth which we believe will be sufficient to keep Taiwan
companies&#146; China operation from being impacted by this issue. In terms of sector allocation, we have an over weight position in technology, with overweight in IC design. We
maintained an under-weight position in cyclical, mainly in petrochemical. We have an underweight position in the financial sector.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>% of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>As of 8/31/07</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>TAIEX</B></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">15.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IC Design</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Semiconductor Manufacturing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Electronic Components</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.76</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">7.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.37</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">7.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TFT-LCD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.67</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">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Iron &#038; Steel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.27</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">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.74</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">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.78</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">3.2</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">Memory IC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Athletic Footware</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</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">Plastics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Petroleum Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</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">Glass &#038; Ceramics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.31</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">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wholesale &#038; Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paper &#038; Pulp</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Golf Equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</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">Electric &#038; Machinery</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">0.96</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">5.83</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">0.78</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">1.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">0.89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">0.53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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">0.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">
    <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">1.36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">0.35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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" 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>96.3</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>
    <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>Technology</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>64.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55.90</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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>23.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30.73</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financial</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.37</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Net Assets: US$388.40 Million</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: 6pt"><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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>As of 8/31/07</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% of Total Portfolio</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">6.12</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">Hon Hai Precision Industry Co. Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.85</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">Taiwan Semiconductor Manufacturing
Co. Ltd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.96</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">China Steel Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.64</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">Synnex Technology International Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.52</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">Cathay Financial Holding Co. Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.04</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">Au Optronics Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.96</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">2.94</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">Merry Electronics Co. Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.89</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">Ruentex Development Co. Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.68</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>37.60</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left"><B>NAV: US$23.73 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price: US$21.43 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount:-9.69%</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>No. of Shares: 16.4Million</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><b>The Taiwan Fund, Inc.</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><b>TSE Index(b)</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><b>TAIEX Total Return Index(d)</b></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">-5.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-3.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-2.98</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">36.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.11</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">36.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.11</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">23.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.67</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">16.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.36</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 nowrap align="right">-0.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-2.22</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">11.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.39</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 style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>The Fund&#146;s fiscal year commences on September 1.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>The TAIEX Total Return Index commenced 1/1/2003.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Premium/Discount of TWN</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="b67102a1b6710201.gif" alt="(GRAPH)">

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>As of 07/31/07</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>As of 08/31/07</B></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">9287.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8982.16</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">4.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-3.29</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">4.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-3.84</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">228.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156.59</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">6.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.75</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">23355.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21957.13</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">711.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">665.39</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">32.809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.999</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>Fund Manager: Shirley Yang</I></B>
</DIV>



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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>b67102a1b6710201.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b67102a1b6710201.gif
M1TE&.#EAPP'A`-4P`("`@$!`0````%%"FXN!O<#`P,;!WO#P\-#0T.#@X*"@
MH'!P<)"0D&!@8"83@E!04$,RDS`P,-31YK"PL&!2I#0CBQ`0$"`@(./@[_'P
M]VYBK+>QUJFAS9J1Q7URM`L!/04`'A$"6T5!7A00)B@A32,@+V)@;S$P-S8Q
M57%P=U109P@!+1D11`<`)@\"4Q<#>O___P``````````````````````````
M`````````````````````````````````"'Y!`$``#``+`````##`>$```;_
M0)AP2"P:C\BD<LEL.I_0J'1*K5JOV*QVR^UZO^"P>$PNF\_HM'K-;KO?\+A\
M3J_;[_B\?L_O^Y,'"']I!5F%2P@'@XN,C5@`%P`-`@(`"Q:'1@\"@ET(DY66
M%@!4$Y1%GY0`$0$36PP"#%<($:F5#0$`BC`(`@]GG8["PV4`"3`%IS`*F44*
M#[M=R0)#"*14RD33,`<6`LU6"`'!5`NRV[P"%L<'#PIFXL3R\U['R-GV"07V
M4?K\0_J.H!-$#DG`(0<*91N"+D"E(ID0@(-Q$$%!)_NX%8@&X\(Q=#`F!3!B
MD1O#9OHX+LG(R\)(>C!C7@')+8`"6*027!`P85.$_P23(B04>L`F3HH[&T00
ML,`(NJ9(OVW3*4`I4R$%+"@`L!"KLIT*VE5:RJ`H@`="J5I=L&"G*[&DN`:`
M"X-KA`<6+$QP&*':!:_4A"B@=$`NC`4/)D0HA.""@@M"0RZ.\`XNU4)V\:XK
MJFZ<S,^@F]"$]4Z9PWWJ[EF@^(XT#-,/N]ZK%.`EC-.O`SLD]?5O`MG3"DR"
M:C?!`P0+!"2,=9LY)8D"7G(EE6SD]'L7"OMJ?H@M8(:4"E1_+53\[;Z3$)AZ
ME_S8==S)+&BG'CVT_?M.%XJ#KOL;C*4*+`#@-?LUY!]PIQ3PBQ"XP:80-;V\
MA*!41'`%%0S>2%)?@]2,5__70^-=%^)#N/W7"4C!C;>37A35%P@,FV#&W'O^
MC4B?;?CE"!I-O`0`2W^%#/8``$)>T^./#!X8F#;*O)/D@T_F=H^$2X)7I1#7
M"=$5AU-B"6)](H))HG\Z63G$8!W6AX`W/"73UQ"X74=C(39VJ>.=,M%DBBP.
M<O/<`<\)L:>4W!'*9&#1<%GH*1%J>>5L1F2)(4]$<.EAF-9]F2DIN#%P(4C#
M=7F`6`'\)@`_D\CXSIQ=8HKGJ_30Y)`"O0`IQ`-_P?AF<[3V.:$F/*$9Y5?*
MU9K?HY+:=4`"[UA:WX>D]"+44C="6V@$KGP'@RG0=+E@!`TT!XU%R;S3@'PP
MP++_P)HUBDE?+?_`*N\?R-7&@#V#7:"85L;Y*)@LRSBYC`#Z1L#O`SX64%LS
M]?KXSYI:+=PO`PH'P-@%^KK$\`+V\G,`QPOL<@`H34U<<0$,!/!``A\'$')(
MT:4<<LK'@8P`PO>N)D3#;"V0"<W&+7"6(IQ=`+`"$0C8R0%+L>4OS?6^[-"%
M\U9M]=589ZWUUEQW[?778(<M]MADEVWVV6BGK?;:;+?M]MMPQPWV05AQA$"\
MH\JM]]Y^?!*6$,85L("3#9PE\&$J\0U%`@```(X"AZ?[4>/_%%;0A9!K(TFV
M%%EBY,BY)(X5Y0P)K0L138%^.D-&#M&4@OZ>"4!9`#7^_W/CMBM.!2T<62Q$
M6AWFNLQ%NC?!M"(/''(``Z,4$6X\Q^_,53,?<\.\D0K>6EED#(0;T@2*45W-
M2-$WIDC*"#75`/A)G\E*$>`KB+(%4#$0[4O1)T^12[4Y5GP4W6#8DAY`L30!
M#F#_@X(EL(*C7!`A`;)H!99:YY\S!<.!OSM$5@YC)$[D;5L+*H($ZQ*7-R7#
M@A_L285P=)AE#($KW$#7;3`#%86E*QJ12:`35I&R!IS/-D-3S@1R)3X=,H$R
M0@!4HEIW+T#90S%$J*`0J(;!UV3B&U6LXC(XAY!3":HOY3K,A<2G`"X"@(7B
MV^`07=<4)/J)(T`QHA,N4"JF]?_EC"\<B0(:<!S)481X^A!/`8C'-RE*48OA
M.J%7HIB)ZL')2!9`X#<>$,(J*F`N^0&/$";1``0Z4C"8S",1P%<$^]4%B",Q
M9#,8P$4Y)H%2][`&*E'ABF=(P@@.H81L%*?*1P+D'$M2I)8R0:M*&>D2B>!*
M`M:S+0$X"0&/V94F%TD1AW1K>-6(Y@I1ATM%X!%+J;QB,Z3IRE>*$XJ;I)HC
M+Z"0>#')B)@8`B=\*81[I8,A.ANFZT38NC,N`!>""D#A9)A$_]3&9;W`)R_*
M8X$W%1%0F?CF%(L`@$Z@#TN_B*>6@O&)<C*!@$.03S=VL9@*[>)`$YEF`D&*
MC'S>QDC_WL-0)\["R"2*3XM)U"@]*R4(W+W#`C/]Q9"\LI$BWB88$B7E$";`
MT7SZBZ4;=!TA/5H-[EUC=CT:92:PY<0D"/-_V4M7ZS`(P1<"3'_R/$0QC6F$
M!D1NCT8HRA&P"J-"-""FIUHK$>0JRHDN-1C'\$Q'%!%64\*)JDSXQ.`JU+AH
ME+4:#W"K$K[ZOTX^@R/M\V,26['`+F:KB)G=V0*X"$$C*<`"A?/A$8HR@<XR
MC6+N:*%@4"L)C@AHGX*A8_^.(0[A",RRU]R641%[!LK^KR3:$(\@6HF,R@GR
M&*T49">0"Y")B,>=$(F71';!Q>NB0I!_/(ET$;(15!2$9<1M_X-QT\O>]L[D
M4>Z-KWPQ`M_YVO>^[\2O?O=[#_[ZU[[K_:^`/1I@*1"``P-.\-D*'(4!$$#!
M$!X;@Z'@X`A;^&L3?D*%+\QAK678"1ONL(BK]N$FA'C$*,93B9EPXA2[^#XK
M7@($'OSB&MLGQDIX`8UMS..8X#@).NZQD&-57RF\0`-#3O(P?HR$%PQ`R5!F
M!).'P`$)",')4<ZR'Z8LA`UC6<M@S@.78>#E"H3YS':8<@<&X.47H/G-44BH
M32W1B3WV<0CVG&R1ET``-M/X!6Z&LZ`_NJ3%,NV-Z.1%Y`2R9R7TN<V#CC02
M(!>8W\")&0;DQG`ATN@D//K!$@"TI/]'_4M%(NV%#;!T5%>WDDXCX=-D%C6I
M1_VZP$@4CX6+[012RF@JP'H`LI[UH"G6WU/V]6[6XT5D%YU+7?K:S[$.M+#A
MW`[QP&(CEW1=3/W*5>44(9`H<_41?AWL::.9<8V;A#$LS:##K16E7A6W$<@M
M;7,+6ICKXX;P>(%`=KYFJE.FMY7M?>\EM4,2P2@,$6RY[4Q.@=X:R`#!)_Y!
M@$R5F@:&-K`!;8")>UP*`=<XH%_0\8^;7#3R+D*?'5`!#FR<Y">/N9Y][0!`
M]WGD.Y:YSE4:!0*,'`(0&'F]=Z[S@`O]Z$1/^I1??O2A)_WD2V_ZR)^^\ZA+
MW>E4][C5I9[_=9EO?>0;[WK,OP[HC4M<[!\GNY,YCO:TIYP(3"\[V]L^<:O7
M_`40V'C)Z6[OI7M``VS6,07FSG=S+YT`C]:QSV%>>,._'08=H("#.:`!#R@^
MZ#FWPL`;[^(?PQH&&5`\L#-/!0XX@/,O]CRTA>"`#JR<]`_'>A4DL`'4$U?U
M+7YTQ(O0`01#P>=;,`"6#8`!VY=3]2^H/1$2GWDV]USV4,"`E87_Y!8;'ZR/
MO_G>A<#\(@#[^5@@@`,PX/,!:,`!2+Y^UBZ9F(7/;A?(>=E2L9O?WP=]^S"0
M@`1&[WWHO]K_<%=\XY9\BU=VZH<UMI,<V6)*\8`AS!)""M=J!D9X_W`79!6(
M?WP&@$*``8PW;XHG=!!P@%<C,+410[M@,2<D3)M6?T^P>!@8:T]V@;^G@3`@
M?"\(`SZ'>$=W=B)X-32U1E.T+IFF5S/W?!U(!!I0;C``:+[G!,#'!#:(!(.G
M@T)W@SV()_IS:R.Q&`N$``@D@5%P=R_(`;*6`59F<S/8!%%8!!R``:-7@!1X
MA;!B'.`D2LOC)*3P,>O25KJT2TLP<B\8>H%&AJ'F`+#G:30H?*1'<F\X<A5P
MA'+X*JJ5+D`40EB"/`J0`"ZU,X($"T86AT-@>=Q'<D[F`5"0A&KX`J:X@4FH
M8V]X=SZG?)'X*K2S,T[UA060+?"&!#\&B/](('RC2'TQV`084'.I^`+%!W@X
M]X8#4',9,``4P(.SF".UF#>"E1T(`4D*P6O%!@6^>`3`B(.D^'U.('R)R'9'
M=W,$D'??!VQ6.(TQH10']2:])5DO%`U"4P#DQ&F\]X[F"(E#$(X^)WR#]P3F
MV`0;P(2A)G3J>&0#8&:#]X[P.`\)(4@LH1%P5!`W(3H\MY!*\(_22`0"28H)
M&9))<)!,('ERQY#`EH2/)HX2.9%E\U4H^8L&:)/!^`*A%Y-=IH1(8'Z/&'<W
M5W,O.9`R^39?18;^9XY6*'RU-Y!N!I!-YI-&<'XWUW17Z8I/9I1'V3;"A`&#
MMY12&9!85H!+R)/_@JB!HQ=W-O=R13F673F3`B`!IV>616``9Q>.)UF64Y=\
MQZB6.M:*1Q=X@+8!%>9S31B7:9,,P&B7<$=C'6!F'_D"9F:6U@>.4R=C.M8!
M$/"(@.8`;+9QIV<`5I:##I"8BBF7C3ER'>!]?T=F%+`$YNAZGTEFAWB7F9EC
M%EB`#A9XI[E\.F:!J6DVC.EF/A=TL4D$>>=FETD$"TF%U4<!&R"1'8!W&HB&
M,+`!B^=@%1!TPSB*29A^PZF:;C9X2?B=2]B.MSD$-K>=9+9Z20!LY*B;.5=V
MBZ<!F<>;XTF<`@",P(8!%8">:]<!AL@$[5ES2.8!?F:2%3B?0":<9&:(_RYH
M!``*:"VWGV13G.\)`QX0@D2P=D1IH*(79(F'GOWGH$<0ELU'A2_X<M_Y`IN'
MH1XF`-5IFS4X=-:)G;KI`13@DCCXD"]P>O&Y=G]8F$6@`=H)BM'V95?&DS)Z
M)\D`?!6FEU?FB#$):!!@B`4J?KEY!,"6D$7JH4:0D%+Y<F*ZA*WYI#-ZG`4J
M?$):I3JJF^WYE$*G!.X(@#=I!(+X@H)9;Q"JIE83I3@'`QP(H^R9IT7*A%16
MIT-*I4>`J$6@I'`X<*&WGH`*I0(@F']&<A10?",GGHG:@?_H?W=:I"8Z!/<W
M@*PI!(IXJ5B3#&Y9I=5I`'<'`3$JIZ+*J#])BO^FF@0;X`"W*@02@&"`EGZM
MZJJ!*@`OEZ8V1XI,V@152)9=:@2EJING^@1!YP`A6'[(FJPO5W*C=V14B:M[
M5ZCCVF40X*A&`*D-!HLCAYK=BJG?VI-,%P71.@08$'2D2@!K:`02X)Y50)AW
M]Z?QJB.P^HUL&06>"8F""*]#X&#]JG)@9P73N;"85["PD@QK!P%G!X?G^I.+
M=P0UEYQ>RJ\DMP$F&987>@66UZR6BK%Y(@!K5ZY]*ID:1@"/B)G7:ILV"(GZ
MF05W%WDD"[-YL!6U&'\<,0'T!QXO$)&1.K$4=G-'$'K#N`$Q"K&DB'\NJ@5D
M:@!]1K1ZP(`OL0[/D(W_3*"Q7(FJ$'">42`!SRA[E.E[)X:U:=N3[$H%;DI^
M<`FV;C!2#"(>F29;K1:<M^I@W"H%*'JH,3BW)NN.1>``=[>S44"0,$"&3LJW
M:`"$8I10IG9Q3.NU1M`!23JT&@:WE-EE.8>UCONA&R>Y4'"LSXJY<:"%_U$`
M7?B%>@:7!G"Y$CN5@5:@#_M@R[E]"1EV6D"7`ABD3[<58$.[=X@EFK:'1<`Q
MM;$4('`"!Y6]VKN]W+N])0`"W3L"(`"^`0`")9"](W"^(R"^V'M0XON^W1N_
M\JN]XSN_]GN_YWN_^KN__-N__ON_`!S``'P!_"/`!GS`_[N"]52)%(6)FF@$
M_ZV5;BOP`;A3P19\P1B,P2F``ADL`A]`P23P`2)0P20PPB3``A]@`B0LPB*<
MP2[\PA8<PAP,PS0,PRU<PSB<PSJ\PSS<PS[\PT`<Q#^L`A1LP2UL`BHLQ!B\
M:"1QB]J@B]OH52%`@UVP>/L'H16V<;((`X^8@V"P<<'*!02[-0*H-CXG?1_Z
M8%_;!M<8#1&((5',BU.L!J;G9/P7O-%6GS,VQEF@=V(0NUPS`&F:-CD8@QM@
M>6KLNF-0CX?#:OFXC]HPQW0L=ZG[8"U;GP[FEU\0EKQK9(J<!0:PQ7W0G&-3
M?C&X>(G\!@F1D<Y0BW),Q5V0`4&)Q6J,G6[H9'7;!?^S^L>?''Z]#`<5X+9Y
MMS;E%VB+YP$2`'A/`*QB)LEJ`&P7B\=*26-,F<M<$'H.NP6`O`494')KS`<D
MUXJ=G#4%F*YQ9Z(8(+KK.L[%Y<QI\(^5G'_8*7S;NK=80,I9L,U:()"_3'E9
MX`'OJ)WKO'$OVS6R+'1L::+>B9NK>`<%$`)GB@;_^)UM1LU\R<XWR\MAP,\M
M^,M(,*PSYF@#P`'2^`(N%Z?W(0&#7`6C&J1-Q[%$0*;#F`&%:LA6F`&B7`8/
M[=%=`+488``50&.0:]%/9KEB@,]8H,]94*,XZ`"DZVE/1GS/IL\`?7,;((N4
M&;DAZ;:?\812,*Q"$)97-ZC_0P"PXOB9`V"8G<J@W]S./"W&-ZFB>'RC46W/
M5P"-&OT%*!FR36!Y:U;0XR:?1Y"$%5#8XBH$9`J"B2G(=VFS9N#4SOFF3B!]
M':N3#Q>#8YV.PIH!/D<!%2!Q&:"O&P=X#PFJ9<W'85``+O#6VER;>3S7PH=D
M'(C13B!Y?^S87+!QQ1>6$A#112!];0G8\U9SN'VC@QFDM(FEGMG0GIUYZCH&
MS_K<=AJWXIC33>""4D?<0I><07U^BAC*(T>F0">&'LC:5E``+2#<7B"Z/T?0
M0]"CK&J!$%#&7Y"08:P%2HH%GMEQ>N=_!0AXPAVCCIF=)GMT^DJ%+Q!Y-RF(
M$#"T_](=!D':T#['H$/*EQ6``1E`X5+8K([8K&+]9:H8H.8Z<J>GX`@=DH=;
M7(_7!:/JWMP7@X1H!C;(`::XCO1]!?EM!6E9>QM'AHY&XL`+A9(]X'W6T@Q9
M@+M[DRT+:*$6WQQ`VVT[=1N@C+R[<94):!Y``$^=!,4(:&'IG2Z[=GA7>RZ-
M9"^'GZ?LB$$IC2EN!F,&R@BMHX@)`YV)!B3WM=9<!3E>!6)-`*'=K#\NYEN.
MF<!9;D4.B$Q7`8/WB$D.XE7H9AQPX&;`FX#'Z%"PL#`0EH;XR^5,<K2JHA1`
MADR7V*WYK0)]UD?6M?@:E(2PXM=<G5@JYSI&?6@P8PJ:Z?]V_02*V@7`-M0%
MZ-5#H-*C*.:]3*4##IH)"=D>&ZZ-?N%I*7=7C-)>0`'ZI]UBGNO"BN6D"(O1
M>=_O?61WAZ\;T`$E!Z(6FIELEH3;]^M+R'@&$);F705O#N=5R(,Y>*QF`(VB
M!FS9+`4U[07N:+@X9]GY-XI/[IFB68[U9I8#AW<+?=9W1Y2>[H@>&^MD_03>
MWF0;H)3F.+`&X`']3@2P3H:66YU?BYQ&X`'*!^O1E@1.[:Q!"KD;B`%NR.8C
M)W'`-G@+>;=B,.]8L/-*6'Y.B09+?LOJK02#YWR\#J,.MN0U1YK`N`$+"W8C
ME_%D*00>0)N/6`%"BM##GI4#V>+_)'YUIFV@/"D!Z7QT1NYR!;W?33OQ&A""
M!FB&\4T`XUZ;K1B?#S;12I\$2CD$?]YT\4X%/H\%'RZQ:0W+6E"`D=FTV0GE
M+2N*2V^;<9>$A%CQU\Z3X2CP+P>GCG_6:^;E9]SB^NH!2X[0-*_KV[=Y,3KU
M6&[D#PEJB0K4HO:/@HE^;E:H4R]Q'HD$&`YZG@EX@TZ6*\V62@T&A:_?TUI^
M.)L&L.[U?3\%6HR,76",O9FC`[\!^GK<;&>I!"E^&I"$%'!W-"UT:8H!<?^V
M'RC/)!YV1F['ORR<BGB&7BMQ3><`T^G2Z:BN5@L$'4SFY:C`!D68X=5L>II)
M#\'I),"P_Y`7EMOM0B48`L=;ADF\R6K4W':_S04!G%ZW$QQ-+_5%&-@!Z9C6
M_BK^`M->CEXV$-T(A/0&_#3XK/J*UE[47CPV7@S>!K6<D)H(!C>[,-#4((]@
MJ/PV]0;SG`8@#KO0S)K0*#BB*!2+,)PJV)B(M4B#MS0PL"1>-%XZP+"L_ZAQ
M!Y.+UT*Q!G9%MQRY/&ZKS-,=Y=[EW]3V3MWG[5*;C*!@WY-0@-&'@K1\33YM
MF33)TJD76@8(JP(E2I)Q;?:54N,A%3Y3?;I\(K#-P14F`S;,R@2!%Y10'*Y@
MD6B`$ZV)N)H(9/))&)])+XB-TX0.2S`L_M`-10:*"X%&=#(\E?^'Y\E#@_D"
MQ<.Z%09%+Q*H>/#(%>.F6Q3UR$O2J-JU?,<P;:&@8=(&=C8WP04JQ-I#+0+=
M9%2B9D!',\1`=A%"91<U#U@PH'V105V34(::6B8TE((##<G&]6)B`**EB`FK
M.&B381:6#DU((:-RD:R=`14H,*YM1^ON=Q++4//L&PX1F@Y+R=,2"D(R`KW>
M-=Q"``*$*S7;P2!ED`F[L5@$_YFR:5#$-DEBVC.7.%:5]&H$*LG0`;%T3IP,
MI(QX%3PH#`X&Z&L-*BK(0P-Z5,M"E]0Z>`TZXM[8(!0,Z(+PC=XL#`0#,LHX
M)<,V7@!K``E0>X&_1P#CHAMI?"(J'>G_V@,),4T$XB`9+D["I0PF8,A`,C:P
MV(2/],I`SXR>NF"OH??8^"4AY_CI0$!0DLO@Q&F8D@X9:@R@@*4W*I2)@AE=
M_/".[RS$T$QY/%RSC`S0V(>V1]RI!P:);J2#PS(:.F)(+/S`3IT]F3"-SRT$
M4R7(DMHTP\@=V1L(NH8.O/,6U9JH@`]KM."@D1(-&(2.$&.$@#X=.Z!,SQ2G
M>2TM-^OP`U8NU)PUD$9M[0*_#M",)4$NDOARGSJ8.E1'/C@,-#LSF'!5T2ZH
M6***N9X]!0(.'DR$2!Q?V#,XBBHT`)QD]+J%CW\R:$X8:9X-#-!7M7"@@ZTR
MS14.66VMU5XZ__+8=E]V/<#L#6*2!%([)PQ0M:PYWSW6,L@21LO;+D;3T9X,
M4E%-MRRJZ?51+S(HZ!Q,!(PH''X(:K><D!2F@XH4":!@7GIUV9=.,Q(`@($$
MNLBY`"X.8$`!+Q#@^<(Y;`8DB9F3YL)B-RQJ1*]=:F*:V6(EV-.2#M#@8\ZP
MBH74,`Z^;"]4)[I^]B2/(6!8'R&K.%`P8@C8&-!>WX@6PKGPMA7?+B8(`(`(
M+$``BP(>@$&!!;"(H```&.<B\J.;MBWLRI\^#Z@!,""E`NAJND(""%CM;P,,
M<OM2@ESR&">A,EX;Z<K^FLVCJ\G>[6"02NUF`H+'Z/$7D).6A$$OJO]ZHD*J
M6/IN0V\(_ZX<LBL!X.*"Q&&XP.@($D!@C@(LX`*``^C05WHOB&FY:<]+3T07
MU,P)75I&:&."HV+0T,*I8GV'5'@5*<`C'B5A1.VY5IMZ][#@R8-X[N$8H@0B
M`=9<+GJ($$:&*GB^,I`/"P`(``S`QX4&`"`>6BG`!.I@/@V^:X4UF1TY8&,)
MX`%*0":)`I%&<9,^4(-;5RH4'22@DRV0X@I#0J#:7@6U_]6!"1C81TR@(+QL
M;<!JB."1A3*X0C,T8&@>%-\'+9``!7SP`-5+(=*T>*@5DHE7P@,'+5KGA504
M9!3/`<:4-+$\:5UMB9":T8$0XXIW[:)_<)#_0+8"<44'QJ)L&<)`%7>3Q30"
M[8,P\&('/XB`!2R`?.-3'`,XV`4/!B``$4#C)#.C147D(1GXZ$;<&.:[G,Q1
M5N502A*Q`"<S$`&2;B#"&M:1#".4!%`5N,A)S&20/$0QEXA$Y;V:ERL%`(":
M75B`X2Q9R6QZ00&&6P`)(U"&:5*S`:=\YO/.EZH-@,,!UZ*8)J3(B"BDPA!_
M<,!=UO`/8KG-#4JA"`&&X!I6-1%6Q_CA,U\435LM@)3:G``V07@!+CS`C%A(
M``.P8(&?"0"B95#A"@U0J33^*$6<JD(O^],$9S7I(5KJUJWX":).+`DA;^#A
MK"2H@9@BU*9Z?.9#_X&6/:-ISYI<$,!&?]:&C_+T?+(T&(`,@):8IB(V4?AE
M8:B4G$"(#!"6H<(M))`,]3&5K&5U@P(H2DWL3:`!,&#`Y-QJ-!@\0`$)L$`H
M/6I.LZ[P.<*$Q2?^H)>=UD0#%&F;5:]0!3-YU28P\-)>(1M9+)21FM1$X>%(
MV+/+3G:3'<VK9"?)`0U\`H8S0UC>V!$*)U"$:EJU4.M>LX'"@I:VM?7-4FV;
M*R9D(%TF"E*DS(`!,3P,)^V2DC-W8Y'1Y9:YS94';IV[)N/PP6F7>T,3*%/5
M=L'*(M'U[G?A`%WP6H@1=NO,"SMT"$[HSUX$T.=XX?M=\<9W-W!3:)+4:_\%
MZ[3WOO3U+T_G^U]Z_:2_1<GO/?J(Q0(+F,$:#'"#Y5$@NR$"7\)PC@<FYJ:L
M09C#>WUPAQ'Q&HB\8\/2^AB(49QBI>I5Q5CYY7;3,9\3MYC&*/YPC:^KB`47
M";@X]K&`;_QC'@>(*]9`J9"1[-T@)_DH'ABK/'3)9"F#=\E3MO*5DUQE+&^9
MRRG6<I?!'&;_?EG,939S<\E\9C6OV<,L9O.;X<S<-,>9SG6VV9SMG&<]?PC/
M>_;SG[?29T`/FM"`$'2A$<WEBL+`9T`3&M'DNN)$3[K0`$`CXA07.<=!KJCA
M=3.E00WG!)33>MOKWO?"UT&\2CK4K:XS"9$60BS_C+"$L=XLY5R=:S8S``%:
MN>0VPSA&&)21-Y_6];&O?%$0(NW77M0D)RU)/@6`L@P3J&PY*YMM;6^;V]WV
M]K?!'6YQCYO<Y3;WN=&=;G6OF]WM=O>[X1WO;`NMLC!H`/E\K<U?8Z&;,/AF
M`<+IA5&64@`--?C!$9[P`%S``@IWN,,9_G")']P"%YCXQ0,@@`A@?.(:Y_C#
M3?GQAT=<Y`HG><D17G&4)]SC*S=XR%W^\H+'O*$JISDI;<[Q!S"4E`BP.,$#
MT&N)8H&B/<,H##0*`XZZ(<W[GH?3Y2$XKAQUZDG-1].UF0^HOT/J6Z$Z5M*<
MYJYC9>Q71R-1A=III2.5_^G&#L36TP%W1Y1]'E_'BMWG@76NR!T1=)<'WI_K
M=D,+W@Y^Y_JB\XY&MKH5KCN;:%WOVO:]9_WIE(_ZT>]N]7PL'>R$KP/?WVYY
MKF-^\YH//%?27/2M&#X=.>O"XS2?@%L?H+.XWDJD*\\5W-?=]/+8_3OF_/NX
MB[[U9`&\/%9]^JT<(/F'9VKO*Y<`X2<-`<U/V@$\*SWII['Z6L1^&K>/;/&/
MG_SE-__YT9]^]:^?_>UW__OA'W_YSY_^];?__?&??_WOG_]*C?3CAL;1`$"N
M@F8`(20`N6":-`\`B:8`'-`W$D#S"C#2%)`+(M`!"R#[P.[_```!&4UG\*H"
M=_\#`/'J<2*MT;K@`&Z-+*9I]AZM"Z8M!#-K-W+&\2QP!B?K!;F@UQZP-D@0
M!JF-5@QPLC"P!R%$D^QN`8:&`=J*T0+@`!(@Z(:-HLI)`_,NX[H@Z`Z`B[!`
M"=VJ"8?-`@1``,!P^1A``"HJ"J%0"F%`"[D0!DQI#`4`>[@"":W."YD0"Q:O
M`)X0"]S0`[%B`4;(`B*`@W3&WBX+TQ8G`2W.-P)@D\APL@H1`;1)"P/`:#9I
M`2R`]+`B<`:G<`XG<19QV"91FPY`#".1+`01``B1@RS1:`ZQ`2YK`>10`%(M
M0[X.`0(.#H?F`2YK`B2J^^P-\0(-C=YJL@2@>W8Q`@+_,`B)8^Q\40\EZAB'
M+1D+`/-TT/B22A>Y@!F1CH,$D?&0<?H0(6@L2@`P*@&&[@"&#NVXYXMV`Z@4
M9^G>T`L5H`D7[_L4A_C>H:*N!PO<D6?JL1FM;Q[,D='047'PL:W4<;(DBO8X
M"`'*$$*^[M<6('&^[@`XKPNM,/&X8.PB@`$L,G'8L0&@;_4J*B,Y"B2=L0T+
M\N^2:B1[8P+"AR6Y`J^D#@#H\`(<\!9'"!YK`Z^HCO.$+0".+@',:0(X,1]"
MR8MD;1B5#IN$K21/$OFRL'J,\APM:2<+`*\6H"JUL8.&;IL$``'M[G&(HS<"
M``P%!P#&TMD6P)0FDBO&KBR-_XH/V7+11HTX*O(M`T`.C"8>UO(CB7$KB&KL
MVE+?%--"&K(WXL'N[&XO(80+F^TO+VT.-$DN+82H(),/*XKN^+$V<M$NVS!Q
M'J`0EPV;`H<T?=`80?$4>8TT`X`.88`F`1$E)PHUY0`!&.`U-U&45K#JL,![
M`G`VD:X)6=&M?',IP2YR$).:%A.3+`0`4,@QYZ`SA[.<YG+Y*JDRK1-P+.`V
M`RUR.O,Y7P^N+,3N%,`"*,HN#V#A&N`!QA(+>O.V3DD3&Z"<>&8]VQ,002\=
MQNX]+R`^APX_];,+=G$WU),]+6UH?"X"XK()#309=V,+7?$SH1,HMXDX-.EP
M+G/M[O^R"[RG(^7AFJ03D[Y3E$+S'2P4"\H30[N@`4@T++EI/@$2$#72/K=H
M(A7`1D&(-NFR,"\`$/-31-&31F'01I$2]XIT-YP1`,!0HPI@+%5O0RN4]"C4
MK3XH``+0>\K`<>(1HJ9THJHG2QF`\C#-24.)2X=S#J"4"Y+N(]T$\`X@`CPK
M#[T@`8"T&,M`%_&J3K-/`8*3[(@13W<0-25G1F'2"P#5"^B*:!"5+(*0?!J2
MT=IQJ.3J/QWA((?-W@*0"^^1W^8R0;="'CL5[8CJ#=\P`0=U'B95(4754BUJ
M/I5R3F/O`>YT<J!T`MCJ)8'/G!`'K_04HOZMFAP1\:B15A[,8-5(531OM:-H
M#Q"#=3<:X)NH*7*4<`M_L:V2U4IOLBTA9VC4D`\_LF@NL3;IJ@!DM#;0JK+6
MBELC9UPKJ5@+<QZJM;*<TUPQ40&TM0L>@!QOTMKJ:MAXE6@&=@<MBSC$B#HI
MM=^`IF![AIH`%OAT!IL0X&`MRF$UBSA4L`-Y1@57L`#XM6<TEBP00-L@:IHX
M4/-X$P=+5=LX*&<\,&@FE9I&EBPHJ[(V"_8B%@%S9@A-%F5SL"55U@N8L_^0
1-FF5=FF9MFF=]FGY+P@``#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
