- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
July 27 2011 - 10:34AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-04893
THE TAIWAN FUND, INC.
(Exact name of registrant as specified in charter)
c/o STATE STREET BANK AND TRUST COMPANY
2 AVENUE DE LAFAYETTE, P.O. BOX 5049
BOSTON, MA 02206-5049
(Address of principal executive offices)(Zip code)
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(Name and Address of Agent for Service)
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Copy to:
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The Taiwan Fund, Inc.
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Leonard B. Mackey, Jr., Esq.
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c/o State Street Bank and Trust
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Clifford Chance US LLP
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Company
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31 West 52
nd
Street
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Attention: Tracie A. Coop,
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New York, New York 10019
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Secretary
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4 Copley Place,
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5
th
Floor
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Boston, MA 02116
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Registrants telephone number, including area code: (877) 864-5056
Date of fiscal year end: August 31
Date of reporting period: May 31, 2011
TABLE OF CONTENTS
ITEM 1. SCHEDULE OF INVESTMENTS
THE TAIWAN FUND, INC.
Schedule of Investments/May 31, 2011 (Showing Percentage of Net Assets)
(unaudited)
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US $
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VALUE
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SHARES
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(NOTE 2)
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COMMON STOCKS 97.2%
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CEMENT 1.1%
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Cement Industry 1.1%
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Wei Mon Industry Co., Ltd.
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6,204,296
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$
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4,308,389
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TOTAL CEMENT
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4,308,389
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CHEMICALS 0.9%
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Chemical Industry 0.9%
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China Steel Chemical Corp.
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654,000
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3,617,231
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TOTAL CHEMICALS
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3,617,231
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CONSTRUCTION 7.4%
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Building Material and Construction Industry 7.4%
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Continental Holdings Corp. *
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7,468,000
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3,739,603
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Goldsun Development & Construction Co., Ltd.
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6,798,000
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3,439,683
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Good Friend International Holdings, Inc., TDR #
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4,145,000
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3,955,953
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Hung Poo Real Estate Development Corp. #
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4,482,000
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5,364,574
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Kings Town Construction Co., Ltd. #
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3,946,000
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4,089,619
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Ruentex Development Co., Ltd.
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3,829,000
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5,244,382
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Taiwan Land Development Corp. *
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7,142,183
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3,738,449
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TOTAL CONSTRUCTION
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29,572,263
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ELECTRIC AND MACHINERY 1.5%
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Electric Machinery Industry 1.5%
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Yungtay Engineering Co., Ltd.
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3,274,000
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5,895,188
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TOTAL ELECTRIC AND MACHINERY
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5,895,188
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ELECTRONICS 25.3%
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Communications and Internet Industry 1.0%
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Chunghwa Telecom Co., Ltd.
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1,190,400
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3,888,106
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Computer and Peripheral Equipment Industry 6.4%
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Acer, Inc.
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4,567,000
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8,940,527
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Advantech Co., Ltd.
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1,341,000
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4,314,485
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Clevo Co.
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6,288,000
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12,463,217
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25,718,229
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Electronic Parts/Components Industry 0.8%
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Taiflex Scientific Co., Ltd.
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1,600,000
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3,349,967
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Electronic Products Distribution Industry 8.1%
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Synnex Technology International Corp.
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1,561,544
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3,667,234
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Wah Lee Industrial Corp. #
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6,644,000
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13,261,570
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WPG Holdings Co., Ltd.
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2,947,725
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5,461,988
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WT Microelectronics Co., Ltd. #
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5,056,000
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10,021,314
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32,412,106
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Optoelectronic Industry 1.2%
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Taiwan Surface Mounting Technology Corp.
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1,632,000
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4,669,854
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Other Electronic Industry 3.5%
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Aurora Corp.
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2,711,000
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5,193,632
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Powercom Co., Ltd. *
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3,547,000
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6,349,621
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Tatung Co., Ltd. *
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4,770,897
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2,247,517
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13,790,770
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Semiconductor Industry 4.3%
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CHIPBOND Technology Corp. *
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2,597,000
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4,558,366
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MPI Corp. *
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1,077,000
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4,096,486
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Taiwan Semiconductor Manufacturing Co., Ltd.
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3,100,000
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8,297,100
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16,951,952
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TOTAL ELECTRONICS
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100,780,984
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FINANCE 18.5%
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Financial and Insurance Industry 18.5%
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China Life Insurance Co., Ltd.
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4,743,182
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5,445,465
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Chinatrust Financial Holding Co., Ltd.
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16,067,000
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14,296,978
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Fubon Financial Holding Co., Ltd.
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7,349,624
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10,733,216
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KGI Securities Co., Ltd.
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20,740,000
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10,964,546
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Shin Kong Financial Holding Co., Ltd. *
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13,690,000
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6,067,034
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SinoPac Financial Holdings Co., Ltd.
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26,935,000
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12,547,798
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Union Bank of Taiwan *#
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7,507,000
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2,789,879
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Yuanta Financial Holding Co., Ltd.
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15,741,000
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10,848,475
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TOTAL FINANCE
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73,693,391
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FOODS 3.8%
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Food Industry 3.8%
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Gourmet Master Co., Ltd. *
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204,000
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1,900,687
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Lien Hwa Industrial Corp.
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4,815,000
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3,763,688
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Uni-President Enterprises Corp.
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6,600,000
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9,500,297
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TOTAL FOODS
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15,164,672
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HEALTHCARE 3.8%
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Healthcare Industry 3.8%
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Excelsior Medical Co., Ltd.
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1,507,729
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4,840,390
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Pacific Hospital Supply Co., Ltd.
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1,099,948
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4,759,520
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St. Shine Optical Co., Ltd.
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392,000
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5,731,514
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TOTAL HEALTHCARE
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15,331,424
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OTHERS 1.3%
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Other Industry 1.3%
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Globe Union Industrial Corp.
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5,128,000
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5,171,484
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TOTAL OTHERS
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5,171,484
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PLASTICS 7.3%
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Plastic Industry 7.3%
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China Petrochemical Development Corp. *
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11,711,000
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14,446,169
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Nan Ya Plastics Corp.
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3,217,000
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8,947,025
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THE TAIWAN FUND, INC.
Schedule of Investments/May 31, 2011 (Showing Percentage of Net
Assets)
(unaudited) (continued)
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US $
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VALUE
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SHARES
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(NOTE 2)
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PLASTICS
(continued)
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Yem Chio Co., Ltd.
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5,701,316
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$
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5,779,503
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TOTAL PLASTICS
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29,172,697
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RUBBER 2.3%
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Rubber Industry 2.3%
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TSRC Corp.
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3,057,000
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9,323,439
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TOTAL RUBBER
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9,323,439
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STEEL AND IRON 2.9%
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Iron and Steel Industry 2.9%
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Tung Ho Steel Enterprise Corp.
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10,099,000
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11,611,894
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TOTAL STEEL AND IRON
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11,611,894
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TEXTILES 3.7%
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Textile Industry 3.7%
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Far Eastern New Century Corp.
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3,121,200
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4,939,332
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Li Peng Enterprise Co., Ltd. *
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9,509,000
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4,711,861
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Makalot Industrial Co., Ltd.
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1,828,000
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4,975,538
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TOTAL TEXTILES
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14,626,731
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TRANSPORTATION 2.6%
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Shipping and Transportation Industry 2.6%
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Farglory F T Z Investment Holding Co., Ltd. *#
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7,485,000
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8,175,332
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Taiwan High Speed Rail Corp. *#
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12,597,600
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2,307,897
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TOTAL TRANSPORTATION
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10,483,229
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WHOLESALE AND RETAIL 14.8%
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Trading and Consumers Goods Industry 14.8%
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Far Eastern Department Stores, Ltd.
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8,794,500
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16,725,416
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Mercuries & Associates, Ltd. #
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7,704,100
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6,694,074
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PC Home Online
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922,125
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5,727,684
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President Chain Store Corp.
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2,840,000
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16,252,923
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Taiwan Tea Corp. #
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8,231,000
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4,997,711
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Test-Rite International Co., Ltd.
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10,622,000
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8,488,111
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TOTAL WHOLESALE AND RETAIL
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58,885,919
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TOTAL COMMON STOCKS
(Cost $280,468,339)
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387,638,935
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TOTAL INVESTMENTS 97.2%
(Cost $280,468,339)
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$
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387,638,935
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OTHER ASSETS AND LIABILITIES, NET2.8%
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$
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11,057,311
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NET ASSETS100.0%
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$
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398,696,246
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Legend:
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TDR Taiwan Depositary Receipt
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US $ United States Dollar
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*
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Non-income producing
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#
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Illiquid security. At May 31, 2011, the value of these securities amounted to
$61,657,923 which represented 15.5% of net assets.
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NOTES TO SCHEDULE OF INVESTMENTS (unaudited)
1.
Organization.
The Taiwan Fund, Inc. (the Fund), a Delaware corporation, is registered
under the Investment Company Act of 1940, as amended (the Act), as a diversified closed-end
management investment fund.
The Fund concentrates its investments in the securities listed on the Taiwan Stock Exchange.
Because of this concentration, the Fund may be subject to additional risks resulting from future
political or economic conditions in Taiwan and the possible imposition of adverse governmental laws
of currency exchange restrictions affecting Taiwan.
2.
Summary of Significant Accounting Policies.
This Schedule of Investments is prepared in
accordance with accounting principles generally accepted in the United States of America, which
require management to make estimates and assumptions that affect the reported amounts of assets and
liabilities. Actual results could differ from those estimates. Management has evaluated the impact
of all events or transactions occurring after period end through the date this schedule of
investments was issued, and have determined that there were no subsequent events requiring
recognition or disclosure. The following summarizes the significant accounting policies of the
Fund:
Security Valuation. All securities, including those traded over-the-counter, for which market
quotations are readily available are valued at the last sales price prior to the time of
determination of the Funds net asset value per share or, if there were no sales on such date, at
the closing price quoted for such securities (but if bid and asked quotations are available, at the
mean between the last current bid and asked prices, rather than such quoted closing price). In
certain instances where the price determined above may not represent fair market value, the value
is determined in such manner as the Board of Directors (the Board) may prescribe. Foreign
securities may be valued at fair value according to procedures approved by the Board if the closing
price is not reflective of current market values due to trading or events occurring in the
valuation time of the Fund. In addition, substantial changes in values in the U.S. markets
subsequent to the close of a foreign market may also affect the values of securities traded in the
foreign market. Short-term investments, having a maturity of 60 days or less are valued at
amortized cost, which approximates market value, with accrued interest or discount earned included
in interest receivable.
The Fund has adopted fair valuation accounting standards which establish a definition of fair value
and set out a hierarchy for measuring fair value. These standards require additional disclosures
about the various inputs and valuation techniques used to develop the measurements of fair value
and a discussion in changes in valuation techniques and related inputs during the period. These
inputs are summarized in the three broad levels listed below:
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Level 1 quoted unadjusted prices for identical instruments in active markets to which
the Fund has access at the date of measurement.
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Level 2 quoted prices for similar instruments in active markets; quoted prices for
identical or similar instruments in markets that are not active; and model derived valuations
in which all significant inputs and significant value drivers are observable in active
markets. Level 2 inputs are those in markets for which there are few transactions, the prices
are not current, little public information exists or instances where prices vary substantially
over time or among brokered market makers.
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Level 3 model derived valuations in which one or more significant inputs or significant
value drivers are unobservable. Unobservable inputs are those inputs that reflect the Funds
own assumptions that market participants would use to price the asset or liability based on the best
available information.
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The following is a summary of the inputs used to value the Funds investments in securities as of
May 31, 2011:
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|
|
Investments in Securities
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks^
|
|
$
|
387,638,935
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
387,638,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
387,638,935
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
387,638,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^
|
|
See schedule of investments for industry breakout.
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities.
The Funds policy is to disclose significant transfers between Levels based on valuations at the
end of the reporting period. As of May 31, 2011, there were no significant transfers between Level
1, 2, or 3 based on the valuation input Levels on August 31, 2010.
Foreign Currency Translation.
The financial accounting records of the Fund are maintained in U.S.
dollars. Investment securities, other assets and liabilities denominated in a foreign currency
are translated into U.S. dollars at the current exchange rate. Purchases and sales of securities,
income receipts and expense payments are translated into U.S. dollars at the exchange rate on the
dates of the transactions.
Reported net realized gains and losses on foreign currency transactions represent net gains and
losses from disposition of foreign currencies, currency gains and losses realized between the trade
dates and settlement dates of security transactions, and the difference between the amount of net
investment income accrued and the U.S. dollar amount actually received. The effects of changes in
foreign currency exchange rates on investments in securities are not segregated in the Statement of
Operations within the Funds Annual Report and/or Semi-Annual Report from the effects of changes in
market prices of those securities, but are included in realized and unrealized gain or loss on
investments in securities.
3.
Tax Basis of Investments.
Cost of investments for federal income tax purposes is substantially
the same as for financial statement purposes. At May 31, 2011, the aggregate cost basis of the
Funds investment securities for financial reporting purposes was $280,468,339. Net unrealized
appreciation of the Funds investment securities was $107,170,596 of which $110,816,930 related to
appreciated investment securities and $3,646,334 related to depreciated investment securities.
ITEM 2. CONTROLS AND PROCEDURES
(a)
|
|
The registrants principal executive and principal financial officers have concluded that the
registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the 1940 Act) (17 CFR 270.30a-3(c))) are
effective, as of a date within 90 days of the filing date of this Form N-Q that includes the
disclosure required by this paragraph, based on their evaluation of the controls and
procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or
240.15d-15(b)).
|
|
(b)
|
|
There were no changes in the registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the
registrants last fiscal quarter that have materially affected, or are reasonably likely to
materially affect, the registrants internal control over financial reporting.
|
ITEM 3. EXHIBITS
The certifications required by Rule 30a-2(a) of the 1940 Act (17 CFR 270.30a-2(a)), are attached as
exhibits to this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
THE TAIWAN FUND, INC.
|
|
|
By:
|
|
/s/ Jamie Skinner
|
|
|
Jamie Skinner
|
|
|
President of The Taiwan Fund, Inc.
|
Date: July 19, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, this report has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
|
|
|
By:
|
|
/s/ Jamie Skinner
|
|
|
Jamie Skinner
|
|
|
President of The Taiwan Fund, Inc.
|
Date: July 19, 2011
|
|
|
By:
|
|
/s/ Cynthia Morse-Griffin
|
|
|
Cynthia Morse-Griffin
|
|
|
Treasurer of The Taiwan Fund, Inc.
|
Date: July 19, 2011
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