Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

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

ONE LINCOLN STREET, P.O. BOX 5049

BOSTON, MA 02111-5049

________________________________________________________________________

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)

Copy to:

State Street Bank and Trust Company

Attention: Brian F. Link
Vice President and Managing Counsel

1 Lincoln Street (SFC 0805)

Boston, MA 02111

Leonard B. Mackey, Jr., Esq.

Clifford Chance US LLP

31 West 52^nd Street

New York, New York 10019

Registrant’s telephone number, including area code: 1-800-426-5523

Date of fiscal year end: August 31

Date of reporting period: November 30, 2019

ITEM 1. SCHEDULE OF INVESTMENTS

THE TAIWAN FUND, INC.

Schedule of Investments/November 30, 2019 (Showing Percentage of Net Assets) (unaudited)

	SHARES		US $ VALUE (NOTE 1)
COMMON STOCKS – 84.4%
CONSUMER DISCRETIONARY — 6.3%
Electric & Machinery Industry — 2.4%
Global PMX Co., Ltd.		425,000	$	2,521,263
Hota Industrial Manufacturing Co., Ltd.		494,000		1,845,791
				4,367,054

Other Electronic Industry — 0.1%
Actron Technology Corp.		100,000		301,863

Other Industry — 2.3%
Giant Manufacturing Co., Ltd.		325,000		2,354,108
Taiwan Paiho Ltd.		720,000		1,828,878
				4,182,986

Textiles Industry — 0.7%
Eclat Textile Co., Ltd.		100,000		1,297,914

Trading & Consumers' Goods Industry — 0.8%
Poya International Co., Ltd.		100,000		1,415,906
TOTAL CONSUMER DISCRETIONARY				11,565,723

CONSUMER STAPLES — 1.2%
Food Industry — 1.2%
Charoen Pokphand Enterprise		380,000		810,803
Uni-President Enterprises Corp.		537,995		1,278,400
TOTAL CONSUMER STAPLES				2,089,203

INDUSTRIALS — 1.9%
Electric & Machinery Industry — 1.9%
Airtac International Group		176,000		2,543,911
Hiwin Technologies Corp.		110,000		939,185
TOTAL INDUSTRIALS				3,483,096

INFORMATION TECHNOLOGY — 73.4%
Communications & Internet Industry — 3.7%
Accton Technology Corp.		1,299,000		6,769,506

Computer & Peripheral Equipment Industry — 1.1%
Wistron Corp.		2,197,000		1,994,622

Electronic Parts & Components Industry — 10.2%
Compeq Manufacturing Co., Ltd.		607,000		973,850
Delta Electronics, Inc.		803,000		3,684,633
Elite Material Co., Ltd.		230,000		919,683
FLEXium Interconnect, Inc.		726,000		2,688,845
Simplo Technology Co., Ltd.		99,000		989,659
Speed Tech Corp. *		866,000		2,162,836
Unimicron Technology Corp.		4,771,000		7,216,586
				18,636,092

Optoelectronics Industry — 11.9%
Epistar Corp. *		5,477,000		5,887,992
Genius Electronic Optical Co., Ltd.		92,867		1,241,859
Global Lighting Technologies, Inc.		2,378,000		9,781,518
Largan Precision Co., Ltd.		34,000		4,942,233
				21,853,602

Other Electronic Industry — 4.3%
Chroma ATE, Inc.		307,000		1,403,664
Hon Hai Precision Industry Co., Ltd.		987,000		2,862,933
Kingpak Technology, Inc.		672,220		3,624,332
				7,890,929

Semiconductor Industry — 40.3%
ASE Technology Holding Co., Ltd.		2,475,000		6,132,643
ASMedia Technology, Inc.		105,000		1,951,295
Chipbond Technology Corp.		400,000		823,323
Chunghwa Precision Test Tech Co., Ltd.		20,000		578,162
Elan Microelectronics Corp.		459,000		1,344,934
Global Unichip Corp.		242,000		2,113,797
Kinsus Interconnect Technology Corp.		2,268,000		3,947,192
Macronix International		6,384,000		6,915,363
MediaTek, Inc.		392,000		5,415,447
RichWave Technology Corp.		485,000		2,670,556
Silergy Corp.		146,000		4,249,291
Taiwan Semiconductor Manufacturing Co., Ltd.		3,752,000		37,507,088
				73,649,091

	SHARES		US $ VALUE (NOTE 1)
Technology Hardware Industry — 1.9%
Wiwynn Corp.		188,000	$	3,407,483
TOTAL INFORMATION TECHNOLOGY				134,201,325

Real Estate — 1.6%
Building Material and Construction Industry — 1.6%
Kindom Development Co., Ltd.		2,926,000		2,968,149
Total Real Estate				2,968,149

TOTAL COMMON STOCKS (Cost — $118,191,717)				154,307,496

TOTAL INVESTMENTS — 84.4% (Cost — $118,191,717)				154,307,496

OTHER ASSETS AND LIABILITIES, NET—15.6%				28,592,383

NET ASSETS—100.0%				182,899,879

Legend:

US $ – United States dollar

*

Non-income producing

The accompanying notes are an integral part of the Schedule of Investments.

Notes to Schedule of Investments (unaudited)

November 30, 2019

1. Organization. The Taiwan Fund, Inc. (the “Fund”), a Delaware corporation, is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment fund.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standard Codification Topic 946 "Financial Services - Investment Companies."

The Fund concentrates its investments in the securities listed on the Taiwan Stock Exchange. Because of this concentration, the Fund may be subject to certain additional risks not typically associated with investing in securities of U.S. companies or the U.S. government, including (1) volatility of the Taiwan securities market, (2) restrictions on repatriation of capital invested in Taiwan, (3) fluctuations in the rate of exchange between the New Taiwan Dollar and the U.S. Dollar, and (4) political and economic risks. In addition, Republic of China accounting, auditing, financial and other reporting standards are not equivalent to U.S. standards and, therefore, certain material disclosures may not be made, and less information may be available to investors investing in Taiwan than in the United States. There is also generally less regulation by governmental agencies and self-regulatory organizations with respect to the securities industry in Taiwan than there is in the United States.

2. Basis of Presentation. The preparation of the Schedule of Investments is in accordance with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts in the Schedule of Investments. Actual results could differ from those estimates.

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 Fund’s 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:

• Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.

• 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.

• 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 Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks^{^}	$	154,307,496	$	—	$	—	$	154,307,496
Total	$	154,307,496	$	—	$	—	$	154,307,496

^

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.

Notes to Schedule of Investments (unaudited)(continued)

November 30, 2019

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.

ITEM 2. CONTROLS AND PROCEDURES

(a)

The registrant’s principal executive and principal financial officers have concluded that the registrant’s 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, as amended, (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s 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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s 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, as amended, and the Investment Company Act of 1940, as amended, 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/ Thomas Fuccillo
	Thomas Fuccillo
	President of The Taiwan Fund, Inc.

Date: 1/28/20

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.