野村资产管理Nomura Asset Management (NMR) 2009年年度报告「NYSE」.pdf

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 31,2009THETAIWANFUND,INC.WHATSINSIDETHETAIWANFUND,INCDear Shareholders,I am pleased to present the Annual Report of The Taiwan Fund,Inc.(the“Fund”)for the fiscal year ended August 31,2009.The Fundsnet asset value(“NAV”)per share decreased by 10.29%*in U.S.dollarterms fo

3、r the fiscal year.During the same period,the Taiwan StockExchange Index(the“TAIEX”)decreased by 7.13%*in U.S.dollarterms.The U.S.dollar depreciated by 4.14%against the NT dollarduring this period.On August 31,2009,the Funds shares were trading at a price equal toUS$12.14 per share,reflecting a disco

4、unt of 12.28%to the FundsNAV of$US13.84.The Funds shares were trading at a discount of8.85%on August 31,2008.During the year,we liquidated the Trust through which the Fund hadinvested in Taiwan securities since its inception.We believe that thiswill provide the Fund with greater investment flexibili

5、ty,as it will nolonger be subject to certain Taiwan regulations that restricted theinvestments made through the Trust.In connection with the liquida-tion of the Trust,we also restructured the investment managementagreement the Fund has with HSBC Global Asset Management(Taiwan)Ltd.The collapse of Leh

6、man in the second half of 2008 triggered financialturmoil around the globe.The global financial crisis and recessionhave exposed the vulnerability of global capital markets.In Taiwan,it is believed that the longer-term outlook is morepromising.This year three key events are scheduled to take place F