野村资产管理Nomura Asset Management (NMR) 2008年年度报告「NYSE」.pdf

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1、PageChairmans Statement2Report of the InvestmentManager4Portfolio Snapshot7Sector Allocation8Investments9Financial Statements11Notes to FinancialStatements14Report of IndependentRegistered PublicAccounting Firm19Other Information20Summary of DividendReinvestment andCash Purchase Plan22Directors and

2、Officers25Annual ReportAugust 31,2008THETAIWANFUND,INC.WHATSINSIDETHETAIWANFUND,INCDear Shareholders,We would like to present the Annual Report of The Taiwan Fund,Inc.(the“Fund”)for the fiscal year ended August 31,2008.Duringthis period,the Funds net asset value(“NAV”)decreased by 21.03%*in U.S.doll

3、ar terms which reflects an adjustment for the US$3.19 pershare distribution paid to shareholders in January 2008.During thesame period,the Taiwan Stock Exchange Index(“TAIEX”)decreasedby 17.96%*in U.S.dollar terms.On August 31,2008,the Funds shares were trading at a price equal toUS$14.32 per share,

4、reflecting a discount of 8.85%to the Funds NAVof US$15.71.The Funds shares were trading at a discount of 9.69%on August 31,2007.On March 22,2008,Ma Ying-jeou was elected as President of Taiwan.The newly elected President promised to commence an economicprogram promoting closer ties with China.Analys

5、ts believe that thePresidents new policies including the i-Taiwan infrastructureprojects which will boost domestic demand,relieve current investmentrestraints with China,provide direct links and ease applications fortourist visas for mainland visitors will reinvigorate the domesticeconomy.On the oth

6、er hand,the appreciation of the renminbi,theintroduction of higher wages,the creation of tougher labor standardsin China and the rising costs of raw materials and energy haveimpacted the cost structure of Taiwanese companies manufacturing insouthern China.Many Taiwanese-owned companies engaged in li