page chairman s statement 2 report of the investment 4 manager portfolio snapshot 10 industry allocation 11 investments 12 financial statements 14 notes to 17 other information 21 summary dividend 26 reinvestment and cash purchase plan semi annual february 28 2006 unaudited taiwan fund inc what inside dear shareholders it is my pleasure announce that finished six months ended on a positive note delivering 13 3 return for period in comparison stock exchange index rose by 9 8 us dollar terms same economy grew 6 fourth quarter up from third 2005 strong economic results raised island overall gross domestic product growth 1 this was largest improvement recorded over past 18 fueled significant electronics exports an improving unemployment rate turn has spurred spending we anticipate continue benefit moderate
