Fund Description: The Taiwan Fund, Inc. is a diversified, closed-end management investment company which seeks long-term capital appreciation primarily through investment in equity securities listed on the Taiwan Stock Exchange. The Fund is not permitted to invest directly in the securities of Republic of China companies. Therefore, it invests through a contractual securities investment trust fund arrangement. This arrangement was established by means of the Securities Investment Trust, Investment Management and Custodian Contract among HSBC Asset Management (Taiwan) Limited, the International Commercial Bank of China and the Fund. Under the Management Contract the Adviser manages and invests the assets of the Fund and the Custodian holds the assets. The Fund is the sole beneficiary of the assets held under the Management Contract and, as required by ROC regulations, its interest in the assets is evidenced by units of beneficial interest. The Fund's investment advisor is HSBC Asset Management (Taiwan) Limited of Taipei, Taiwan.