-----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,
 Qx8DHP3UrIpKgQIB0XN2RJGutFsBSGk/ONB41XFmGz9tDlRq8MuLmO787/Yc8rLQ
 ZJFjCueLGVITUb9RfM9bpA==

<SEC-DOCUMENT>0000950135-08-000819.txt : 20080212
<SEC-HEADER>0000950135-08-000819.hdr.sgml : 20080212
<ACCEPTANCE-DATETIME>20080212150959
ACCESSION NUMBER:		0000950135-08-000819
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20071201
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080212
DATE AS OF CHANGE:		20080212

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:		08597886

	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>b68549a1e8vk.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: 10pt; margin-top: 12pt">
<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</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>December&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="45%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or Other Jurisdiction<BR>
of Incorporation)
</TD>
    <TD  nowrap align="center" valign="top"> <B>811-04893</B><BR>
 (Commission<BR> File Number)</TD>
    <TD align="center" valign="top"><B>042942862</B><BR>
(IRS Employer<BR>
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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>c/o State Street Bank and Trust Company, 2 Avenue de <BR>
Lafayette, 6</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP> <B>Floor, PO Box 5049, Boston, MA</B><BR>
(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>02206-5049</B><BR>
(Zip Code)</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="100%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>(800)&nbsp;639-9242</B><BR>
(Registrant&#146;s telephone number, including area code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="margin-top: 6pt">
<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>
    <TD><font face="wingdings">&#111;</font></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<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>
    <TD><font face="wingdings">&#111;</font></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<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>
    <TD><font face="wingdings">&#111;</font></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<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>
    <TD><font face="wingdings">&#111;</font></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
</TABLE>
</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 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="b68549a1exv99.htm">Ex-99 December 2007 Monthly Review of the Fund's performance by the Fund's Investment Advisor</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 FD Disclosure" -->
<DIV align="left"><A NAME="000"></A></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"><B>Item&nbsp;7.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Regulation&nbsp;FD Disclosure.</B></TD>
</TR>
</TABLE>
</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
December&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="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"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" 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" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">

    <TD colspan="2" align="left" valign="top">99</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">December&nbsp;2007 Monthly Review of the Fund&#146;s performance by the
Fund&#146;s investment adviser</DIV></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>

<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">Dated: February 12, 2008&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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" 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" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">

    <TD colspan="2" align="LEFT" valign="top">99</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">December&nbsp;2007 Monthly Review of the Fund&#146;s performance by the Fund&#146;s investment adviser</DIV></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>b68549a1exv99.htm
<DESCRIPTION>EX-99 DECEMBER 2007 MONTHLY REVIEW OF THE FUND'S PERFORMANCE BY THE FUND'S INVESTMENT ADVISOR
<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>December&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax: (8862)&nbsp;2706-5371</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<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;) dropped by 1.46% in U.S. dollar terms in December.
Foreign investors, local institutions and proprietary traders net bought NT$ 24.9&nbsp;billion, NT$ 3.6
billion and NT$ 2.1&nbsp;billion, respectively. In terms of sector performance, the Food and Plastic
sectors outperformed, rising by 5.1% and 2.5% month-over-month (&#147;MoM&#148;), respectively. The Banking
and the Technology sectors underperformed, dropping 3.8% and 1.4% MoM, respectively, while the Auto
and the Cement sectors continued to underperform, dropping 4.7% and 3.2% MoM. On the economic
front, Taiwan&#146;s central bank raised the discount rate by another 12.5 basis points at its December
meeting. In November, Taiwan&#146;s CPI rose 4.8% year-over-year (&#147;YoY&#148;), lower than the 13-year high
of 5.3% in October. Exports grew 11.8% YoY to US$21.8&nbsp;billion and the seasonally-adjusted
unemployment rate rose 0.04&nbsp;percentage points to 3.93%. Export orders grew 17.2% YoY to US$32.2
billion.
</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 Taiwan Fund, Inc. (the &#147;Fund&#148;) outperformed its benchmark by 0.95% in December. Overweight
positions in the Retail sector and underweight positions in the Banking sector contributed
positively to the Fund&#146;s performance. Underweight positions in the Petrochemical sector and
overweight positions in the PCB Substrate 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; margin-top: 6pt">The TAIEX edged down 1% in December, in mid-December breaching the 8,000-point mark to hit a
9-month low down to the 7600 level. Major factors attributable to the weakness include China&#146;s new
labor contract law, employee bonus expenses and political uncertainty ahead. Sector-wise, with the
rising expectation of a further relaxation of China policies after the inauguration of a new
president, banking, property, and asset plays will likely continue to attract buying interest in
the coming months. In addition, investors should revisit China concept shares once the Chinese
stock markets stabilize. In terms of sector allocation, the Fund has a slightly over weight
position in technology, with a focus on bottom up earnings growth and market share gain stories.
The Fund has an under-weight position in cyclicals, and we increased the Fund&#146;s position in telecom
as a defensive holding in the volatile environment. The Fund holds a more neutral position in the
financial sector.
</DIV>

</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="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" style="border-bottom: 1px solid #000000"><B>As of 12/31/07</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">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">Electronic Components</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">3.87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Electronics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.56</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">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.59</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">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PC &#038; Peripherals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.81</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">7.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.63</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">8.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.98</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">7.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.24</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">1.49</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">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plastics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.40</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">2.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.71</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">0.88</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">0.47</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">1.27</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">2.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.36</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">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steel &#038; Iron</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">3.45</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">0.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">0.74</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">3.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transportation</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">2.63</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">0.23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Finance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.49</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">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.90</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">6.15</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">Petroleum Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</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">0.31</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">0.00</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>92.3</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.7</TD>
    <TD>&nbsp;</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"><B>Technology</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>59.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53.82</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>23.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32.69</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>8.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.49</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Net Assets: US $311.53Million</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 12/31/07</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" 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">Taiwan Semiconductor Manufacturing Co. Ltd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.87</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">4.31</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">3.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MediaTek Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High Tech Computer Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Synnex Technology International Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asustek Computer Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.87</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">2.60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nan Ya Printed Circuit Board Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.51</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">2.48</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>33.68</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NAV:
US$19.04&nbsp;&nbsp; Price: US$17.70 &nbsp;&nbsp;Discount: -7.04% &nbsp;&nbsp;No. of Shares: 16.4Million</B>
</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="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&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">&nbsp;&nbsp;&nbsp;&nbsp;<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 nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-0.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-1.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-1.46</TD>
    <TD nowrap>%</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 nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-4.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-3.52</TD>
    <TD nowrap>%</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">15.54</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.05</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Three Years</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.03</TD>
    <TD nowrap>%</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">17.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.35</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Ten Years</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.28</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD colspan="2" align="center">N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 nowrap align="right">&nbsp;</TD>
    <TD align="right">10.77</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.01</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

<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 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: 6pt"><IMG src="b68549a1b6854901.gif" alt="(CHART)">

</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="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 11/30/07</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>As of 12/31/07</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">8586.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8506.28</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 nowrap align="right">-11.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0.93</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 nowrap align="right">-11.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-1.46</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">134.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105.97</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">4.16</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">NTD Market Capitalization (In Billions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22200.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20916.62</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">688.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644.89</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">32.262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.4345</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="margin-top: 1pt">
<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>b68549a1b6854901.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b68549a1b6854901.gif
M1TE&.#EAQP'?`-4P`,#`P````%%"FT!`0("`@(N!O<;!WO#P\-#0T.#@X*"@
MH)"0D'!P<+"PL%!04"83@O'P]V!@8#0CB]31YN/@[T,RDV!2I+>QUB`@(*FA
MS7URM)J1Q1`0$&YBK#`P,`L!/100)@4`'A$"6SPR=#$P-Y20IVAACB,@+P(`
M#PH!-1\28Q("8QD11%109W=QEA<#>O___P``````````````````````````
M`````````````````````````````````"'Y!`$``#``+`````#'`=\```;_
M0)AP2"P:C\BD<LEL.I_0J'1*K5JOV*QVR^UZO^"P>$PNF\_HM'K-;KO?\+A\
M3J_;IX@!@S`81`@.#$@'&`Y@`!%]!`2)"E4*?44)"WT1E@!<"QR85PL1``Z*
M$0P(0P`<"W>JJZRM``1"`0&P!X9'"0$8802R0XM6O4:R!`<>LUL1`8Y7`PTP
MO`%"R8(P"@$1:+"MV]S=,``)L<?520D'N\'GRU3!1<//`1Q<I5<'\O#10ASC
M]&9\W@`#JGHWY(`"/LM>P6JP"(%"``<68)K$P`&G@PI`13A7!)J090D6)4`@
MLAJ!C`XV"CF0J$$[(N]XR<.8($*JB(S.*400P0&"_YH^8>#$A-'@21@A"2!@
MT.P`'V<?;7F4%L^D(Z>+4GT#I+4:`P8)?S&DM8```$C:>&$P*["MVS8$A7@P
MQ"``U%Z$`I3"H.P94E0PC.F,MZ`N-2+00&F#,2``IL:8`!`V+!=#Q)=#AA7K
M*WDNAP&,#242!S97:0]">,&2#)JUD,8#3EV3S='!LJGX'`8`30`U`D.2`2P(
MD(H`AP/VM`4+IK9!XP:7/8![2[TZF;B!Y:D6)V3X1F.&8"7@8`CRM]WG07>4
MI7B(>?.N7;M4GL_=[E&<)`<XD"#!?'CA+)</<\?$AQYCCB'X6((P')=:.XFY
MYD``#AQ0RH1(-0/#@8UQM_]A/MMMYYIU));(!79"1<`7?4+@@@H"LBC0SV_[
M1(;>B(CAU=5["1K(VSB8B;.8$#CR,L`B!`0XX)(/KG8CAPGRB$D#J#U8'S0'
MR"<+!J6\-*)Y`C8)CY/JF6CFF5)@AP`JVWWH'H4P)%.F-7GT^&29O@33CY3I
M]=EFD!\.V6=WU]CG(8%D#LJG>0QTA=N$K1W8P#Z@[0,5##"JUUB73([I*8YH
MABHJ$MCQY:F;'_7EDE:X@`;?G4;@]B8FQM@8*6@P&G(`H"CB"*->WYP3)JHB
MHN>2IE$FBPD&X5C98CRER">4,3!,:$LIG[UV#UZ(?HI>LZ.&*^JOMN@3P%R[
M(;#_ZWXKL=M@L^0:LY%+J-%KQ(0!@/M@2GPY8Z^]"#*0#(-#_(H-$0!3]1DM
MLB#7\+KG4&8/!WR<*Y==@6%L3`,(Z#($O@U0&10,]C("PU=_Y3)`*2XA`"-4
MC0G<\,D!""(Q!A3K*^[.)"8`P,\_%YQD1)@X!$`_G)",\`+\)?G-SSY#3030
M/W,TA`),&_TT.$`WBS71DE#=S]9C,\2)T2[_G/;165:-E%EM]]?UW$!?2G70
M4T/MT%$K+:"`U9,L`&Y$CJC=-M=N9\GSXHPW[OCCD$<N^>245V[YY9AGKOGF
MG'?N^>>@AR[ZZ*27+NY/+8([MLZFM^XZY`<PX/7/CLBN_Q7>KY?1@.!A&Z'5
M[CH?<.D074U7T$'ZDK0.4@LPK83/1`2N\]^8\CVUS@XQS_L0DPQ/\O9(B9V[
M%BQ9[3%JK@K5%1%8*35^%A'\O?)*U@@:<ISR]],`!G@*)4@"=4E:+?BC(1CX
MS8#J^0T!,%`E(QAD')@ZT@`X,#9L*&`4'#@,``DF!`982((4%$(>#'(P_!U@
M?AF3!9S>=X6#-*!HFOI-[`QH-2*0A`^"8F$4`.`QYQ#A2$40!`^%X$-?]$]&
MF4E:_(@HCP1X+#"I@`HNDF8$('9G"(7@7A13Y0XJGLR`6+3%`)8AG6_T$%==
M.:`.JU"A:OU,4UP[7$:0\(LU3O_!`;;`Q9X$)0@\/JL?_R#"83:4M$VT2SAE
M8DH1GG@$*R+%B,33%R*Z:$-'@.L?,*)'3ZJ51[W4T`,UM",4U,.0/+R&'@:)
MDRJ/4$=10F$MF5F'(ZNQE\7T)35XF@1,DG;+#2WBB;P@`A*3,,LA@,68'0DE
M!P?904=8PQ>Z@&4LEI>`<KD2"K+[AB,\]L1EI(^5.;RF$B`(P5E2@YR+"61W
M]$6P4,021IQ88-_.%<H?AG,`'$'`.FI2J%T*LHKG".:#?)F9(:E1G$\`H%,^
M0CLBT2-)X7Q&1!$J#%LNQI$S)&@LTHFG$L8B:6MR`""`%0&*&<>:3OQ?U]R3
M0P)<RH/_19#,\`AV/\1`1:#PT*A.`U-/BBK!0M$#ER23T$J?$E,;NTJ:(X=I
MQ:1"LD7K(V1,65*FD4RQ")#`1SD%I8#E,5,:0R(8,[MJBOHHLJD$JZ91TU#4
MM<9*/:>PFB,/$\BX/M6`.N.@"$-(A)08`0!?9:D-!ZE/5LXT:80=I#TX`<2Z
M.J@[RW/K&-HJV8)8YF1#:NIA"!&Q(:G3HQ\MP@G'5HT2'DT:K!.L"&/SLR3!
ME(CAJ`4E27:I/`#-:;^PQSDXBUDB@+*R9:`L<#'UAT&"(BBG+5AQ!ZNA5!;$
M.=G$%$.L)CP%#(\7'G`?$HY;BEKTH1)@?)-(J0O=<'3%N]\M_^$>(C"CY7+/
MFL,%@W#C2]_Z=F&^]LVO?J>`W_WZ][]$G2B`!TS@_D*!`@4@L(*O:>`G&$``
M"X[P&AOLA`=+^,+CHW`3+(SA#IM.PTS@L(=''#H0+T'$)$XQYTRL!!2K^,67
M8W$27`SC&DM.QDB@L8UWW#@<'T''/`ZRN'QL!"`+^<AH(G(1C(SD)I-(R41@
MLI.G[!8H0T`(!J@`E;=<(B@_`,LOX+*8J:-D"H09!@9X`07&S.:`*/D%9TZS
M`=I,9VZ\.<XOV$"=][R*.X,YP7P.-!>$JKKH!=@*<!;"!EX`84$[^@H`4$]&
MSG(R73[MT%5(=)H9_>A.3R$BZCD?8_]&'1$E^'G3C?:TJIO`-%S%L$*"<)X#
M%U',*&@:SJE>M:Z/$+36P-%G<O3B#6L-A5MS>M?(+H)(%RBC&-)/E:#UA8"9
M8.Q<)QO90//`7H30S=>,&IR(#C.JKTUN]S"4TM]X:$CH..TE5+O<\.:>4*>&
M:2H8NP(7B+>^I7!J.!][WP!G0K]Q'?""F[K=2H#S!C;];X,[7-KA?@'#K?UP
M@]_Y!1?P-\4K'O"+5T#C'*_XQ?W=\)!W'.%)(#G(36YQE"-!Y7#6,LL+3N0)
MP%SA,S]Y%1A.\@<\8,TYUS>1>:YQ#5@@Z$)WN1$R<',!2!GIGB9R`9K^=*@_
M6NH">`"<M<[_Z*I;7=!$UD""<9UFIV_\ZZHFLM-A0/:NGQWMG5;[G,G^``MX
M'>YUQK$$8+!VK9L=S6_'.]B5/H0PO^#*@+?PW96P=\$'&<>&'\($[`[AQ:?<
M\8\GO!`B'^7*!_X)9]Z"!2:`>>!"GNU+KOP+CCZ$1>NYV%U8.]])7WJ?GC[T
M6%9]KJ<.:-`CO@F_-X+=^3YG",B^]@B]?1$HH`$T-YSWMIYS$S;0>R.L70)S
MSKKTD2].Y?_X^2^H?A,D[H0"B)\(:W]!!OA.?NYK3G'R+IBAV3T%SA<9_.=W
M]_:78/XDI%_B`M!^[G<Y`,0`53)IM6-IN!,KFH=ZN!=E^!=]Y9=__T+@=)OV
M8"_0`0.(.5#Q"3`@:NE3:O4&>P\X!&5'!-!7;/NG!/V'!!8(9QCX`K2W@3'V
M0:<$:S1T!&WS!U*@`?:W?!+0:!```2D(>BN8!"U(!!1P90]@`!D@`=@7@`)(
M@Y13:I'V&G$$-'-D0WT@3<7V@T5P`8UF?D7H!%/(@N+'?&-G`.9G=A90`4=(
MA9#C/*;$&*CD"-@0;:FA>8E6@B8XAN87?DMHA.6G`6L&`4L(?1+7A@_6B')(
M.3`5#MQT-=[6/Q!G:V#8>4)`AN&7A-06AT<`?;PW=1`&@&+8B`+P>H\(.0S`
M/V-4#0V5;JFQ;N"&B:B78X`X=6)'@4=PAO](&'XP,(J<!H"HB(&KB#G]P3WT
M1G]$,`$&$'Q&T(<SEHM9]P"\&(WKQP008`$OH`$3((P/``%Y9G:HZ(?'2#IM
M%8"@N'D9:(Z`MXEDN(W76`3`&&+^U@'"&'X92(YFYX[G6&*"HHX)]P(?-XWP
MV'^>J`1,-X]@AFOYZ(,2`(<"T`%1Z(__^#GIZ(M$`&<0H(I%EHL)EI`I5X]*
M``$:$(1PQHV!R&C^]F#X:'P6>9&=DY'KR';9.&/X%HP68`$AR9#LR)!E-W7^
MMI)22(P5&),RN3F_,`&D9P`2H)&%9X\0)I0]:88D.6.,)I1P1I0M*7L!F)0?
M!@L("8-+AW@Q>8+_5!F,/LEV5YEC6;F36^>#+`F#%X!X`;@!-PF6H/,+8^F+
MLG>6+R`!%Y"6(OER;?E]`@`!WTAR%J`!1;E_1:F7HL.7(0EG>5F!&GB++>:0
M6QF,`C"#"6>-4KF)3ZD!UE@`4J@!P1>9DKF78EF9A_F5FID$9I:5G3EU%0":
MH=B)HPD#BBD!9(B:$;F"K-F:GD.9P=@!%7!^`4B$2-D!M@F,%`"=\[B50/E\
MP?D`'3"(S>AOQHF1KZF6(AF`&8>408ESP4B0NDF/ZL=ZM`F=N3:$G$B!]U@$
M:_F=.X.<YK<!F8E^W9AH4BF4TI>6(REEXV:?@4B?WKF1^&DY^ED`-!:`_T]I
MGM$Y!`1JF`9*<`A:AANYH%'9H)3SH!%*<AOV`@_P<3*7GH?9H1E:<K[IG`H*
MH!\*HC<FEA7PAA`J``4`=$<)9SRZF7`F`?UYH;T(@">6DDC`H87GH9M'HY/#
MET,Y`4$(F3Y:8?[&G2IZC3#X>9M&@4K*CC+:I$X:.5#:F5WGGU]FI:MGGQJ*
MH5R*GD;PI6S'=>XYFV/:8V+I;WIVIH9XDH?G8)V)@FU:I"T*B@70A$@0CDR*
ME'>:9'E*D%=VIOU8D_?7ED+9>&YZI#*(!$.8!$S8IAG8J(Y3IH#V`-A'?`*0
M;U#0I6P:IM'8A&_*J"-Y9@'X>:)Z)J1ZE-D'A?^46JG,J74)AV9IBI7#2@43
MF@$2:JNW:B*YRG[91Y:K&JALNHYA)HY'JJSN1G*.N:R+TZP!^``3((6]NF32
M*JC4*J9(D`%^AP66N:7<RC,$P`(5X(,/\'I,!X#0"J@KN@&(^G+H6@034`%<
MAZT*:7A&^JY#]@%#200"RZ_Y6F$"P),N>*ZH1P&8"F922+",QY:6A[`"00`?
MX)BBZ9\2H'7CVHR[.+&7AWH9MV38-ZA7X*/AZ+&C`K)5B7YZ)I!24)C$-P00
M`*X?&F935P3(NFG]R:YA)@`:2[,`8;,PL`&J.@1KI[-1P+/:)P3<N'UGEK2X
M9W,9<(%;$)@P((9,RPK_1&-)94$\/?4,'^"E:V9T/_H$5JM^8WNB6MNDP&J"
M>Y=F*9H%F]JQR+:VG>.!#C`)KQ`M7D0DB)`")G`WCONXD/NX)M"XCSL"(M"X
M(^`"(U`"0","/^.Y(N"Y0%,"(P``)2`"I1NYJ@NY*O`SI+NZL!N[LCN[M%N[
MMGN[N)N[NDN[?K"[OON[P"LU2>`Q)R$10Q-51-*%*'`"W]6\SON\T!N])\"\
MT`L"(0`"`P`")*"]WQ4"?>"](>"]WW4"V+N]T7N^Z.N\)'"]Z=N^[FN^[AN_
M\CN_]%N_]GN_^)N_H9"__#L`XMN\(("]_6N_A9L$($(,9,4T"X@8;1L&%W"9
M_U++:>08M&Q)!!;@>6!P@F,`N/MF9M&XM&9PP*:``"%34QVQ`O?)!5*(JG?K
M@*$GCAC\!647MUZP`2`,<-#YP4)`PVXP`.'@@4+A"&;Q"JPD`BF\!>(ZP6)J
ML";(:1QLCR[:!:CY.3PL.E4J>4Y\PV'0`(Y0+LM0PMZ3&@VL!AE`D<48M.(8
M>B?XQ)JJQ7+KQE&PGMP@JYJSJ%E<!P[!$4"EN'0TQFO`CRULHC*Z:#'L!=L8
MQ2H,QPZFR&E`>W2<.79<R$R`I77@M&P`R!_:`9L&9L#YCF"PC8R\!$I;!FRL
M!DYG<W(<.O?HR(PV`39\!(AH?2?KJ55\!9;\QQL@D?\MS(X8FWMB4,I,4`&A
MW&*>[`03`(U4H)A+<,RRS*2DHW)S1W(4)X_6MP'(O&&^[`6W;,I;NLL5['R-
M!LPM-LPI1\[^NG@\^P00<`%2=GQ2RW",L\Y:`'/WNG(^JY(`^W&S_(?9?%]^
MS,U&^:\`JL'B;)!B@,AABV8Y.8%7@(JB;,U%H*/.'"YI5LOZ2G(3:L^;6*X3
M`)W=N,[7/`1Y^<HF:<Z^\,]ID,32U[(BC6?A;-*I)P9F!M-$P'3.5ZS\9P$@
M306-.+/-R)00JL]U.;8PZ6\9<)E'J,QHP)0`&](E>K10,-1LJ7(9#;-$2HI/
MV8A2C8U"8'RZ]P7;G-+=S,O_#`K._2S#--W$:;U^QC8!4<N"`2T%C6BIP$ER
M#Z::_:A^3#K%,8T&"9G.Z7H!^:;!4N!T=7ES]1QSJKK.0CEZ,/"-`8B:`&C#
M!K#52]K+A,T%88T&%Q"PCKC)94W0:7W67I#97*"/X@9GV\H$4^>(4S#7UC9U
M58V!Y6BPN.>B!2VWX@?81?K54T".N$:B'R?-N8>:/AB22AM^%Q"%PNS:'8K9
M)NK45;#9*7W7U.>J+DW:7>"4;[W="!VSWHEJG^?*6>O.J^IT_P;458VOM3W5
M&UD!&?#6N5U^CCT$8H>)JB>8OSW7J)UH6JFA#]9_$F`!&<"3T"<`&O!Q0GJJ
M[`EF__@&MO?5`JE\!GD]H?2(9?KMF]WMW1!&`?GFC%M@VF$KE,X'LW'J;R<Y
MRQX)VQ9*AE6=X,08V>ZM:!HGSX`'XF40KL#(U)W\A1+PM03GX4]P`?B&WA)'
MHD07SD$(F^$W`??MT1E8`$(J?@,=<SY8`19-!5"6!7GMS'E6S&10TN_(V]%*
MT]9J;-^MHBT)>IU'V,$Y=78WW-THD>3GH=)LPQ[^8#IJ!HW]C05@<T>L<>-V
M=]_ZLH>]H/^MWZRJE:3'S%HY9QY=TU5.<AZY!5N.!759E-A]>!TPVC^&P60.
MJ#1=D!P)Y9_WWU#9BVW^;V^NT^QGUP)IYQIG`1+@F`:@=?]'+`4>KN,Q9W['
MC8FH.>B?:0`XG@3+"9TY#`-'_;5=3=7L?)L[>;$E3GZUV:%X1G)9KN4-^`6:
MOH(PF.;;7>O("@,2JP5I-K*GG=H\U[<FV`'YANJSC'MIQG2IYNMDV*-&G=53
M#6C2/+"L^LL2'9@I:9KAEP'9OJ2-.*^>5P"T?GX&+P0^.&?#G03<&/!&OGZ*
M60!079OM)^,PGF@0(.=B"];;[@6:'HU'[NGWMZY[;NZI"-,`>N3:NL/K-P%:
MAV^H?I]GAF!I]I1!^.X">^_LEP'#;8W_%_/^QG6!>:]'#-%-0`%?&Y&!J95<
M%^Q-H)K=_'<!7JX5.&=23G[WF@3_R.J,5C[R.XS,<&ISJZ=RTV[B6G#I7$ZB
M[)EE$R[#C$:V$2O8&RX%%SS?9"WS&@?U%J:5*ZG1[I9[3DERL"GTZBBN/2OW
M&M=S"PL%YGT$%*"T/SZ4_QW9<#A^PWWK2NN4.2J4%=`![DZ:G?Z4-RF;2-"4
M&O?*HGR9-Q=F%[QH;I\%<(\%%!"PKLJQ*G]_9E>;0H]H?]<%,9_D"4_D0TF1
M;+^CU+8!EV]V4+[X+8C@KYY]T8RDN,;K=[^5\?T$Q]<!$)"9WIA@FZ;TG<B2
M$FVRP4C#_=F.,@_D/QZ1&@#E^&;[V![!33#V8`X$,.%02"$*7TEE$O82&)("
MXY%:M1X)_X3KEMO=:IC'I$'@-9NA3XG@52D4RF>KDRSG=CJ0\(N<43Z?7AZ6
MV`HDEL@,NIPNZ,K\7@I@"I(*(""*A-CX8)Y@*-HF7IJ<8#K^H-HBSP3B3@^1
M'B0*4@4:7S0@X`IR"SHJ.)\*IF`L7CJ08"8FTF"@'@8C*97>EEXDB`20N^I@
M((CEK)5`'TOMSK+.U<]2J<;BUM734J4IXX<<[\5>()$240,ET0#F6C4EB18)
MF%8GE:13JZAL4C0!WX8FI(S`H;"1'D0O;)`H"4DG2L-);R2]8:,(D**1R89D
MB+-!@*@*NI88Y*>-"$4SX-2!2B+42:EF^JZD0[H4WZA]W9AZF?\7Y0V8#/KH
M5*`@"6D28T[Y!&RC06PUA6^BA76YY=JA2&722-K$]8A$,49&"1("U4!:NC`R
M6+!`<1@16`_WE%2L\.2;DRL["9#@\NNQ4T2ZU7E09EJESGVBGA.IY!!<<Z&'
M*$5]#^014!7@K;8R;Y!""X/^JB,)9ZDU?V*=5*!7#>4EB4\T`-WWQ[1C:E7L
M$IF2%Y.SV+<\3AK3::V>O$N*15FC>(.D2Y=.&C,`P:V!Y.*<#B%FQ$(9"`0C
M548HVXM04GR,.FTUU?@[1X`'JHBBP-GX@:$1"SK+3;2:!(DM'M^:J`.20"*D
M!"5-8)-LOSFL@>NL6W*I@@+($KQHK]C_Z)'@@B$6TF.M=GQ+XH%;GJ"@CNJ(
M>`.")Q#3H`)@K$%P"YJ$Z"RM!T9<\(J-/GD!$X8$1(U`*<U`CPH]+.32`&R<
ML0"G2KH,LXFK&BGC`@G#`0^&!V!3QBLHW'K`$@W>L*@3FMY92X@)+&B*$"%T
M@1!-*UAT9P(EK<,L)QK'\$,1#3*8!B-RHA#E-""/<*R5M"J#8,>^0*VB&PB,
MH1.,%)7C\HKXJN.-ORUEO5!-*8G!9(/GO+"G+J>::>4>#-F(XP(!(.C(DDDV
M`!*00(\81!,EHH&'D@=^\1,Z3A)\X*I!8=1QE0W>3"(P029@8Q;JA(!203]V
M#=*B3:"YEXGJ_U)5M5!$*<#$PUS#4;%`7`F>,.$K-H"&*PUFO`*6??82!)AZ
MA]#`)W?D-"8.0IV)1D]&R1`(2HK_V^PH[;+[5E`B&MS"PS[I_*J^)"Z0H.$T
MXD.B764>V+B+Z#IYP%M]!EYXD8415MJ,+)VFT>@YX6QJ6&))PUB3EPV5@$Q*
MPC2)Y$U$1/D/9T[[M>6(P%5GYFHJ@&80:)+`)J!Q\8EG$Z%K8JJ`D:.>E6DM
M`K<#ZL`]_+7JD,BDX"$EZ6E8`RX\*49HD8;X->Q%H2L92D_@28S,E;5;7).@
MXYDY&KI6`N:J)ZP5(_6V97.L\"K()+CIV^?XE_?2DR9Q%`FX#2,DX?]*V4#G
MSHN>')^)*_9]"-*I&.P)ZPT0Q6I2XB`]>)+OF1G83CBI@*+!M)=]G4:X#LWV
MWP/?'7Z8YV=9B:.7(Z6)W,D/A+-(-H"_)WBG`D.`1<_2=P3J,8\[[@I)2+HG
MH.\Q<!U_*\_X#B0T`U*!?W8`1?NB\K[ZG0$!#O"``H2P```L0`@$6$`"A-``
M!%A!?B/L&>_$MS9#Z>^&8&O&V^IB`.P8P3\WO&'%M,:=K6WB@=Q#8I!TF`T0
MFL$Q$1I"Y;ATL@*)<(1>0.$!,``#!6AA`0I```%6"(,#L)"&A.MBB^:7P\61
MA@DW?)3_@)>;`^5))@^!00>/B+8D#F:)B8'_X!,IA;_J:=`.5<3@%%%#R"V:
M[HU6B``,(@``&``@`F<$``K=6(4:UB^0@6N83K2X')&$#8]`;!*@E-"!F[4!
M.JHZAAS8$(U8=$`H$90>%V5S`8ML"W`PT%@ESP%,9%YAC3`8@"8!,``Q*N``
M,D1``XX`@`!L,Y3+=-'\T$43)%V@7^*834V`H:A!3*X`Y8'#$C)`MU(R*&)F
MV(2.!G$FGD0J2)0,S07TI$QO!LN?71RC&PGWS$U*4P@'H"8##L``479SF?/$
M(3Z/YATY46$"DD@#?E[@3I6XA0](LB@5^F('-E2@,F#IV59"5="H7.`"&:CG
M0.5@4YP>`0$`T"0,_PAP`#42`(5C'`(+`:`%AF*!HLB4W@@[LYUKS?*D':$&
M2H[4ILFL]*E<Z*A*.2&G%W3U"#7=Z5G12H4(.(``#$!``B3*`!AN$H81C>A$
MTUI)F=Q&JN1[R18Z<J1Z:&H8TX(D4R`CUKPNEK%6\*E/A9```,QUDT.X9AL;
M^\963*8(`BC@?[C0%[<0!R7&*RSM^)/85@EA&YEU[6O7,4K8$JRP+F%1$EIK
MA:U,HZ.#S5(K8H4:0RAB%)*<[7&1RP79)I=+E;OM28=P@0I@`PH:F`780A7<
MU7@BM\SU[G>7^]W4VA9<EZ&B\P0AC2C*"HOB=6]RP_O>T`A@7(V"+HVX<O^@
M#A`G<.V5[W\S&U\`(P4,+&E;=V7&%5Z4]K`+\N^`(7Q6`4<X'L(A7X.K8#N4
M6*#`_<4PA4'\NPF'6*4&_G!,FZ23$Z\F`_TB\8OA-V(8?\3$ZF!&BF^Q`>W.
MF,<0EG&/K_"$G*'V',L`!:2`G&0*_UC)0=2&A9>RF29/><!,IG(G.K#5%6^!
M,5?V,GB;^F4OO,D26][",L2<YN-:6<UM=C./V?QF.<^YRF&F\YWQ_.(XYYG/
M?6;LGOT<:$$O$]"#-O2A>5=H1"^:T;E2=*,A'>G0/%K2E;;T.2A]:4UO&K.<
M]O2GM61G4(^:U%W(=*E1C>A3IYK5@5YUJV&-YU?_QYK6$6X`X53(1A?.58:=
MKO6O[WP`MHJ1C&9$(PN;Z6M@+]O-:-1")C?9232"L@H*V.:UL9UM;6^;V]WV
M]K?!'6YQCYO<Y3;WN=&=;G6OF]WM=O>[X9UN!Q!!ADEU)C2EJ0!J6A.;>.V"
M0K<032^,,@!>$#@7`+Z%@G?AX%M(N,)-+>HA/+P*#4^*Q(6P\(`O=0NRU?@5
M+&X%BE?AXQ?_]T^Y$'(JR';DV>1XQR5><L<.X*`176$$$J#0ACO4KA)=.<8Q
M2=F9>V$!_89X%TIX\BZ$D>$OKX(#9M@%F5-A`6Q$.,JMD(!+*A?H3J>"RJM0
M="],G:<^=SC6K<!TKG<!_^H&]SH1JNZ%EA,AZ0.7N-HWWM/)9B$"SR0JL8^Z
M2:6&W>KZT'I4WJX.MS(%`69'2N+/@?.EQ'TI=6<*WN^Q^*4TH/"&WSI2),\4
ML2.E\5_7`EQA(%<A3%:-$'4\LV$?[+E*EK(HOVSL<9][W>^>][WW_>^!'WSA
M#Y_XQ3?^\9&??.4OW[5";2C6`>!\&+R5"]+?I/2I3P2A4\'ZV8=!`J)N!NN#
M?P@'0+OYMR!]]%MV^]4G0O2'0/[GNY_]Y8>^]7E*V0.$?_K23T#[M8__$,#_
MA`[_CF#](DO_^`_^0$[]%O#]#)#NA`[K!O`(`#"R!)``Y8`!OV\"+9#_\J_\
M,O^P<!+``7X*`:CID@Y`"U1OC#``[<I/*58P]6`HJ!3`Z,`NAI;*!K')C,YH
M]09@`(R.I]3.![4`!0_@\_2-F90"";>.!S$I"#%@".F-H6:P!1'@!Q,`E")P
M^M0."IUPJ&@P[`C``[`)`1;@KE)OC69(`7P*A2J.`1S`YR!J`=KP#77P"N"*
M`3Q`"-SPDZ8O#>F0`##@`AF`$&$(#>_JKB`*J!@``[IP`<H0FQA1J.HP_)H&
M`.20#ME0C/`0!A8@"`T1$3T1$"NQA6#PJ"8Q$-7P$F'``X*0`[KP5GYJZV[0
M#;]/HF"(\T".<'`1KA*`<.9-C4+1X2)+&#%)"")`J##_;JFV;AEML0?AL!>5
MT0\;(!B%8-ZB[O.J@*%^4:*><8VP2?.Z\1BS,1G%J`&^D?LT*>=@H.TZ*>E*
M$`:8K@^KH-_"2![GK1XG[@KZ#=KX$1Y[2JB,ZNL(4@L$,NX4(`TM$03GSQT5
MT@[G;1ZG[Q"M`!^G;R+W40CZ,-D<ZR#ID2-!D846,O4<TOZ^3YH$4A\3P/FX
M45;02`@&0*B2B@#Z;:D:8!;M#:AN4A-E,H4.`/(8RB>=Z151,0$\@`.FL1Q%
M$JBBB2:5ZI-T,J&@DBB7*@F-D2=_TA[1*`$PH"!%;O5\3IIF4O!L\B>O0*(X
MH(6JCG`X``$8:@!.<@@D2A*%_^`MXS+J(*^%]B\OUQ*HK`X`J#";L.DO7<@$
M-VD8Q:@+)`HQ`<`![!(&#',GTQ(4W1(N9?*:,``#YG((!!,SG:F$H,D!2A`0
MN4`MV3(R_Q(&U)%I?JH!)(JH2M#\MJX!.&`P/9-P9I.3G.G_I`FRA'+B?#/U
M<I(TA0`!WO(*EHH!BC,!8!.HS$BB0+/B".<Y_VX`AM,:LW(W+XDYA0V&%&`*
ML[(WW=$Z%8`[K^`\86#ALD`I`N#@YF[ZL,D]X?.G]K*9ZI,]$4JY,JZ%"$#G
M&(H`..`"_1"&`-0]0='\1.VRZ#,N?TH!5I.&%DHFHPG?Q"XRK4`]]1-!E7$6
M:3'^./^IKE9H&@_`'JG3_LIH]7B3K0AQ*8^`XWQJZ[*0XVY-.>D.-"4+YW;2
M1$T/1$,O1H?@):G@*D?T.#$S`>QP0&W4,WGS^T)4C8JT"F[/,-OR+D%3+JT@
MV53S2O62"])P^OR2+6.H,UDSZJC4,16S2:6TW]!4-4N0`/HN%8DQA2XS+^E2
M3LL43#,336,R**]@2E/3+8-4:6+2,\W.3XE`2'.3"!`U&V'HL3R@,U_..%MH
M"!L`3U_N+,52C9Z1&@V5""@5*\=3C3CN+&.R1L,25&OO4-\.#=5(V&8(ZI(N
MZ9@.\\K/Y\!/&S<R)-'2"AH1AFKU'6/U#K\O0]M16(4U[BC_KQJE%-G6B(6J
M;E8=P/QN#@#5,%<SDE?Q+JB,M5B#55F+#@X5-1!?M>UD55=CR$6YY$V=CS+A
MROFHJ:>RE``H]5T;B@!`,/$:@#/O-?R6D-@N]4_%TP^GD3+Q53#GE5(I<P7]
ME4SW->KLE6`CJRXO$`$&EF$7=6(C,`$X(`BE21$YT0Y+45TY$A8]`(9<\0_A
M\&%]%0."L*CP$&19LV,'X/5BB&:E4Q!;;PT=BC4!D&,]=F<;T157+\P\P&11
MMA-5-O5N<"YM,P@E:FE/<1E?J`J`-@A9,62CSF87IB7+3^@&4OS`]AX$,)L\
ME*>T#_\JT`N\UK(L\`P.8&S-U@SX-*]MU8A`JV#_Z$X#28AOU>'_1#`>]-8S
?F=0.*/!LMV!M.W#^Y`!P"?=QQ6\$(XOY*-?-@@``.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
