- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
January 30 2012 - 12:20PM
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.
c/o State Street Bank and Trust Company
Attention: Tracie A. Coop, Secretary
4 Copley Place,
5
th
Floor
Boston, MA 02116
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Leonard B. Mackey, Jr., Esq.
Clifford Chance US LLP
31 West 52
nd
Street
New York, New York 10019
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Registrants telephone number, including area code: (877) 864-5056
Date of fiscal year end: August 31
Date of reporting period: November 30, 2011
TABLE OF CONTENTS
ITEM 1. SCHEDULE OF INVESTMENTS
THE
TAIWAN FUND, INC.
Schedule of Investments/November 30, 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 90.3%
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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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6,433,854
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3,436,140
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TOTAL CEMENT
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3,436,140
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CONSTRUCTION 8.7%
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Building Material and Construction Industry 8.7%
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Acter Co., Ltd.
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941,179
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2,935,270
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Goldsun Development & Construction
Co., Ltd.
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11,314,980
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4,345,746
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Hung Poo Real Estate Development
Corp.
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4,929,873
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3,437,405
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Kings Town Construction Co., Ltd. #
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4,261,680
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2,606,210
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Ruentex Development Co., Ltd.
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9,598,082
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9,603,461
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Taiwan Land Development Corp. *
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8,177,799
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3,127,369
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TOTAL CONSTRUCTION
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26,055,461
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ELECTRIC AND MACHINERY 2.2%
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Electric Machinery Industry 2.2%
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Good Friend International Holdings,
Inc., TDR #
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4,145,000
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1,667,128
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Yungtay Engineering Co., Ltd.
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3,274,000
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4,840,896
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TOTAL ELECTRIC AND MACHINERY
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6,508,024
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ELECTRONICS 18.4%
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Communications and Internet Industry 6.0%
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GeoVision, Inc.
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989,000
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3,097,452
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HTC Corp.
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596,000
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9,372,367
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Wistron NeWeb Corp.
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3,117,000
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5,672,317
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18,142,136
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Computer and Peripheral Equipment Industry 2.2%
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Advantech Co., Ltd.
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2,426,100
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6,598,531
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Electronic Parts/Components Industry 1.1%
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Taiflex Scientific Co., Ltd.
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3,452,820
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3,175,871
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Electronic Products Distribution Industry 5.5%
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Wah Lee Industrial Corp. #
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6,644,000
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8,148,116
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WT Microelectronics Co., Ltd.
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6,908,556
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8,449,788
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16,597,904
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Other Electronic Industry 2.5%
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Aurora Corp. #
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4,060,000
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6,150,298
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Tatung Co., Ltd. *
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4,770,897
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1,307,031
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7,457,329
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Semiconductor Industry 1.1%
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MPI Corp.
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1,448,000
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3,355,896
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TOTAL ELECTRONICS
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55,327,667
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FINANCE 19.2%
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Financial and Insurance Industry 19.2%
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China Life Insurance Co., Ltd.
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5,193,784
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4,391,935
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Chinatrust Financial Holding Co., Ltd.
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17,223,268
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9,397,194
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Fubon Financial Holding Co., Ltd.
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7,716,706
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7,733,751
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Jih Sun Financial Holding Co., Ltd. #
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23,104,000
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6,535,203
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KGI Securities Co., Ltd.
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26,527,658
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10,188,481
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SinoPac Financial Holdings Co., Ltd.
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28,093,205
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7,835,312
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Union Bank of Taiwan #*
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7,507,000
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2,323,896
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Yuanta Financial Holding Co., Ltd. *
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19,238,900
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9,355,282
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TOTAL FINANCE
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57,761,054
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FOODS 3.6%
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Food Industry 3.6%
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Gourmet Master Co., Ltd.
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214,200
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1,377,015
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Uni-President Enterprises Corp.
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6,996,000
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9,502,364
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TOTAL FOODS
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10,879,379
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HEALTHCARE 7.9%
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Healthcare Industry 7.9%
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Excelsior Medical Co., Ltd.
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3,133,729
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6,146,998
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Pacific Hospital Supply Co., Ltd. #
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1,223,142
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3,346,876
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St. Shine Optical Co., Ltd.
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392,000
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4,393,894
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YungShin Global Holding Corp. #
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7,239,000
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9,748,892
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TOTAL HEALTHCARE
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23,636,660
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OTHERS 0.1%
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Other Industry 0.1%
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Globe Union Industrial Corp.
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389,000
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228,914
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TOTAL OTHERS
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228,914
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PLASTICS 1.6%
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Plastic Industry 1.6%
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Yem Chio Co., Ltd. #
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5,979,833
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4,721,491
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TOTAL PLASTICS
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4,721,491
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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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8,689,675
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TOTAL STEEL AND IRON
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8,689,675
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TEXTILES 2.7%
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Textile Industry 2.7%
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Far Eastern New Century Corp.
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3,548,836
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3,866,714
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Li Peng Enterprise Co., Ltd.
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590,400
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150,846
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Makalot Industrial Co., Ltd. #
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1,828,000
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4,085,926
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TOTAL TEXTILES
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8,103,486
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TRANSPORTATION 2.2%
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Shipping and Transportation Industry 2.2%
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Farglory F T Z Investment Holding Co.,
Ltd. #*
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9,624,000
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4,711,581
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Taiwan High Speed Rail Corp. #*
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12,597,600
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2,064,091
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TOTAL TRANSPORTATION
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6,775,672
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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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WHOLESALE AND RETAIL 19.7%
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Trading and Consumers Goods Industry 19.7%
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Clevo Co.
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6,288,000
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9,338,819
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Far Eastern Department Stores, Ltd.
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6,953,070
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8,630,307
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Mercuries & Associates, Ltd.
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10,576,169
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9,971,926
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PC Home Online
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1,071,588
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6,729,882
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President Chain Store Corp. (a)
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2,840,000
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13,997,297
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Taiwan Tea Corp.
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8,231,000
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3,446,204
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Test-Rite International Co., Ltd. #
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10,622,000
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7,073,629
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TOTAL WHOLESALE AND RETAIL
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59,188,064
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TOTAL COMMON STOCKS
(Cost $281,537,874)
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271,311,687
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TOTAL INVESTMENTS 90.3%
(Cost $281,537,874)
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271,311,687
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OTHER ASSETS AND LIABILITIES, NET9.7%
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29,063,722
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NET ASSETS100.0%
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300,375,409
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Legend:
TDR
Taiwan Depositary Receipt
US $ United States Dollar
# Illiquid security. At November 30, 2011, the value of these securities amounted to $63,183,337 which represented 21.0% of net assets.
* Non-income producing
(a) Affiliated issuer. See Note 3.
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 U.S. generally accepted accounting principles (GAAP), 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, except as set forth in Note 5, 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). These
securities are generally categorized as Level 1 securities in the fair value hierarchy. 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. These securities may be categorized as Level 2 or Level 3 securities in the fair
value hierarchy, depending on the valuation inputs. 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
November 30, 2011:
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Investments in Securities
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Level 1
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Level 2
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Level 3
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Total
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Common Stocks^
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$
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271,311,687
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$
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$
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$
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271,311,687
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Total
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$
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271,311,687
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$
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$
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$
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271,311,687
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^
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See schedule of investments for industry breakout.
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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 November 30, 2011, there were no significant transfers between
Levels 1, 2, or 3 based on the valuation input levels on August 31, 2011.
In May 2011, the Financial Accounting Standards Board issued ASU No. 2011-04 Amendments to Achieve
Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial
Reporting Standards (IFRSs). ASU 2011-04 includes common requirements for measurement of and
disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities
to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2
fair value measurements. In addition, ASU 2011-04 will require reporting entities to disclose the
following information for fair value measurements categorized within Level 3 of the fair value
hierarchy: quantitative information about the unobservable inputs used in the fair value
measurement, the valuation processes used by the reporting entity and a narrative description of
the sensitivity of the fair value measurement to changes in unobservable inputs and the
interrelationships between those unobservable inputs. The new and revised disclosures are effective
for interim and annual reporting periods beginning after December 15, 2011. Management is currently
evaluating the implications of ASU 2011-04 and its impact on the financial statements.
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.
Security Transactions.
Security transactions are accounted as of the trade date.
3.
Affiliated Issuers
. An affiliate is a company in which the Fund holds 5% or more of a companys
outstanding voting securities. Transactions with such companies during the period ended November
30, 2011 were as follows:
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Balance of Shares
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Balance of
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|
|
|
Value on August 31,
|
|
|
Held on August 31,
|
|
|
|
|
|
|
|
|
|
|
Shares Held on
|
|
|
Value on
|
|
|
Investment
|
|
|
Realized Capital
|
|
Issuer
|
|
2011
|
|
|
2011
|
|
|
Purchases
|
|
|
Sales
|
|
|
November 30, 2011
|
|
|
November 30, 2011
|
|
|
Income
|
|
|
Gain/Loss
|
|
|
President Chain
Store Corp.
|
|
$
|
18,111,308
|
|
|
|
2,840,000
|
|
|
$
|
|
|
|
$
|
|
|
|
|
2,840,000
|
|
|
$
|
13,997,297
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
$
|
18,111,308
|
|
|
|
2,840,000
|
|
|
$
|
|
|
|
$
|
|
|
|
|
2,840,000
|
|
|
$
|
13,997,297
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
4.
Tax Basis of Investments.
Cost of investments for federal income tax purposes is substantially
the same as for financial statement purposes. At November 30, 2011, the aggregate cost basis of
the Funds investment securities for financial reporting purposes was $281,537,874. Net unrealized
depreciation of the Funds investment securities was $10,226,187 of which $30,749,049 related to
appreciated investment securities and $40,975,236 related to depreciated investment securities.
5.
Subsequent Event.
On December 23, 2011 the Fund announced
that the Board has appointed Martin Currie, Inc. and APS Asset
Management Ptc Ltd. as the investment adviser and sub-adviser of the
Fund, subject to stockholder approval.
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: January 27, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Actof 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: January 27, 2012
|
|
|
|
|
|
|
|
By:
|
/s/ Cynthia Morse-Griffin
|
|
|
Cynthia Morse-Griffin
|
|
|
Treasurer of The Taiwan Fund, Inc.
|
|
|
Date: January 27, 2012
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