THE TAIWAN FUND, INC.

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MUCWm+4aLBVo5BjKl14eox0bizw5PcxLqXQJudeEkh9F1wHDvybXv5VSnUeyqlyQ 5PgFqh7LT6OMcuGUv3fbmg== 0000950123-02-006917.txt : 20020711 0000950123-02-006917.hdr.sgml : 20020711 20020711125400 ACCESSION NUMBER: 0000950123-02-006917 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020501 ITEM INFORMATION: FILED AS OF DATE: 20020711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAIWAN FUND INC CENTRAL INDEX KEY: 0000804123 IRS NUMBER: 042942862 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 811-04893 FILM NUMBER: 02700886 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6176622789 MAIL ADDRESS: STREET 1: 225 FRANKLIN STREET STREET 2: PO BOX 9110 CITY: BOSTON STATE: MA ZIP: 02110 8-K 1 y62166e8vk.htm CURRENT REPORT ON FORM 8-K THE TAIWAN FUND, INC.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

May 1, 2002
Date of Report (Date of Earliest Event Reported)

The Taiwan Fund, Inc.
(Exact Name of Registrant as Specified in Its Charter)


Delaware	811-04893	042942862




(State or Other Jurisdiction	(Commission	(IRS Employer




of Incorporation)	File Number)	Identification Number)









225 Franklin Street, Boston, Massachusetts		02110




(Address of Principal Executive Offices)		(Zip Code)

(212) 662-2789
(Registrant’s Telephone Number, Including Area Code)

TABLE OF CONTENTS


	Item 9. Regulation FD Disclosure.
SIGNATURES

Item 9. Regulation FD Disclosure.

Pursuant to Regulation FD Rules 100-103, The Taiwan Fund, Inc. (the “Fund”) furnishes the May 2002 Monthly Review on the Fund by the Fund’s investment adviser.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 11, 2002












		By: /s/ Haichi Vicki Hau

		Name: Haichi Vicki Hau




		Title: Secretary

THE TAIWAN FUND, INC. REVIEW
May 2002


HSBC Asset Management (Taiwan) Limited 24/F No. 99, Tunhwa S. Rd., Sec. 2 Taipei 106, Taiwan		Tel: (8862) 2325-7888 Fax: (8862) 2706-5371

Portfolio Review

The TWSE Index fell 390 points in May, sliding 6.43% from last month to 5,675 points. The financial and non-technology sectors, especially China plays, performed relatively well, gaining 1.79% and 0.97% from last month, respectively. However, the technology sector index tumbled 9.77% last month as the market anticipates more negative sales momentum in the coming months due to sluggish PC demand and strong NT Dollars. On the other hand, China plays led the rally, triggered by the more friendly talks between both sides.

We believe the current correction creates an opportunity to accumulate good-performing technology shares, and also good-performing non-technology and financial shares. We increased our holdings in Hua-Nan Financial Holdings Company (2880) and China Steel (2002). We also increased the motherboard weightings, considering that the bad news has been priced in. However, we reduced the holdings of Accton (2345) and AU Optronics Corp. (2409) due to Accton’s loss of WLAN R&D staff and AUO’s declining sales momentum.

Overall, the Fund has taken a more balanced investment strategy this month. We believe a more diversified portfolio will be the best vehicle to counter the uncertainty from technology sector earnings.

Total Fund Asset Allocation


As of 05/31/02	% of		% of
	Total Fund		TAIEX
Semiconductor		21.46		21.94




Electronics		19.63		17.16




PC & Peripherals		16.03		12.37




Banking		10.25		17.56




Telecommunication		8.63		7.33




Plastics		4.01		4.23




Auto		2.45		0.86




Textile		2.23		3.19




Rubber		1.94		0.60




Steel		1.46		2.08




Retail		0.96		0.85




*C. S. & Software		0.83		0.57




Chemical		0.44		1.27




Transportation		0		1.73




Electricals		0		1.22




Others		2.34		7.04




Total		92.66		100.00




Cash		7.34

Total Net Asset: US$216.14M

(*)=Computer Service & Software

Top 10 Holdings of Total Fund Portfolio


As of 05/31/02	% of
	Total Portfolio
Taiwan Semiconductor		9.13




United Micro Electronics		7.99




Chinatrust Financial Holdings		3.51




Benq		2.94




Quanta Computer		2.82




Nan Ya Plastics		2.64




Micro-Star International		2.72




Chunghwa Telecom		2.54




Realtek Semiconductor		2.51




Asustek Computer		2.42




Total		39.22


NAV: US$13.21		Price: US$12.00		Prem. : -9.16%

No. of Shares: 16.4M

Total Returns in US$ (%)**


	The Taiwan Fund, Inc.		Taiwan Stock Exchange Index
One Month		-5.57		-4.86




Fiscal Year to Date		22.86		27.37




One Year		7.39		11.82




Three Years		-9.39		-9.40




Five years		-8.69		-10.73




Ten Years		1.32		-0.83




Since Inception		7.77		11.92

** Total returns are historical and assume changes in net asset value per share during each period and assumes that dividends and capital gains, if any, were reinvested. Past performance is not indicative of future results of the Fund. Returns for periods less than one year are not annualized.

Premium/Discount of TWN

(Line Graph)

Market Data


	As of 04/30/02		As of 05/31/02

TAIEX		6,065.73		5,675.65




% change in NTD terms		-1.65		-6.43




% change in USD terms		-2.48		-7.90




NTD Daily avg. trading volume (In Billions)		117.90		65.22




USD Daily avg. trading volume (In Billions)		3.40		1.91




NTD Market Capitalization (In Billions)		11,224.17		10,650.21




USD Market Capitalization (In Billions)		323.28		311.50




FX Rate: (US$/NT$)		34.72		34.19

Taiwan’s Macro Economics Review

(Line Graph)

In April, Taiwan’s export grew by 0.3%, while the industrial production grew by 4.5%. This is the first time for the two indicators to turn to positive territory since Jan 2001. The M1b grew by 19.29% in April and the appreciation of the NT dollar will strengthen the liquidity in the second half of this year.

* Disclaimer: This report is based on information believed by us to be reliable. No representation is made that it is accurate or complete. The figures mentioned above are unaudited. This report is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned.

* Effective. from 1st November 1999, the daily NAV of the Fund is available at Lipper and CDA Weisenberger, or you may call toll free (800) 636-9242.


*	Please notify us immediately if you are having problems receiving this telecopy.	*Fund Manager: Vincent Lai*

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Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

*		Disclaimer: This report is based on information believed by us to be reliable. No representation is made that it is accurate or complete. The figures mentioned above are unaudited. This report is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned.




*		Effective. from 1st November 1999, the daily NAV of the Fund is available at Lipper and CDA Weisenberger, or you may call toll free (800) 636-9242.