-----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, VRrHbNutdHijN1KoXujuYQKmIzDQFxtoc98cYzlzNIVoyGWCvauoqpVGbkhXh4Zl GMEjv8kV1Bygs9Sp3ydHDA== 0000950135-05-004287.txt : 20050729 0000950135-05-004287.hdr.sgml : 20050729 20050729155829 ACCESSION NUMBER: 0000950135-05-004287 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050531 FILED AS OF DATE: 20050729 DATE AS OF CHANGE: 20050729 EFFECTIVENESS DATE: 20050729 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: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04893 FILM NUMBER: 05984885 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 N-Q 1 b55835ssnvq.txt THE TAIWAN FUND, INC. 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: 811-4893 ---------------------------------------------- THE TAIWAN FUND, INC. ------------------------------------------------------------------------------ ------- (Exact name of registrant as specified in charter) 225 FRANKLIN STREET BOSTON, MA 02110 ------------------------------------------------------------------------------ ------- (Address of principal executive offices)(Zip code) (Name and Address of Agent for Copy to: Service) The Taiwan Fund, Inc. Leonard B. Mackey, Jr., Esq. c/o State Street Bank and Trust Clifford Chance U.S. LLP Company 31 West 52nd Street Attention: Mary Moran Zeven, New York, New York 10019 Assistant Secretary 225 Franklin Street Boston, MA 02110 Registrant's telephone number, including area code: (800) 636-9242 Date of fiscal year end: August 31, 2004 Date of reporting period: May 31, 2005 ITEM 1: SCHEDULE OF INVESTMENTS THE TAIWAN FUND, INC. INVESTMENTS/MAY 31, 2005 (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES) (UNAUDITED) - --------------------------------------------------------------------------------
US$ VALUE SHARES (NOTE C) ------------ ------------ COMMON STOCKS - 95.7% BASIC INDUSTRIES - 11.1% IRON & STEEL - 3.7% China Steel Corp. .......................... 9,200,000 $ 9,028,864 ------------ PLASTICS - 7.4% Formosa Chemicals & Fibre Corp. ............ 3,000,000 5,474,663 Formosa Plastic Corp. ...................... 4,218,000 7,223,900 Nan Ya Plastics Corp. ...................... 3,776,000 5,201,386 ------------ 17,899,949 ------------ TOTAL BASIC INDUSTRIES ..................... 26,928,813 ------------ FINANCE - 12.2% FINANCIAL SERVICES - 12.2% Cathay Financial Holding Co. Ltd. ..................................... 5,000,000 9,621,552 Chinatrust Financial Holding Co. Ltd. ..................................... 8,476,000 9,609,577 E. Sun Financial Holding Co. Ltd. ..................................... 10,000,000 8,178,320 Polaris Securities Co. Ltd. ................ 5,000,000 2,341,244 ------------ 29,750,693 ------------ TOTAL FINANCE .............................. 29,750,693 ------------ TECHNOLOGY - 70.2% ELECTRONICS - 8.4% Career Technology (MFG.) Co. Ltd. ..................................... 3,500,000 4,860,487 Compal Communications Inc. ................. 1,800,000 4,947,402 Kinsus Interconnect Technology Corp. .................................... 3,000,000 6,494,548 Powertech Technology Inc. .................. 1,300,000 4,161,001 ----------- 20,463,438 ----------- PC & PERIPHERALS - 13.5% Asustek Computer, Inc. ..................... 5,000,000 13,887,107 Foxconn Technology Co. Ltd. ................ 1,400,000 5,320,719 Hon Hai Precision Industry Co. Ltd. ..................................... 2,596,000 13,696,023 ------------ 32,903,849 ------------ TELECOMMUNICATIONS - 10.2% Chunghwa Telecom Co. Ltd. .................. 3,100,000 6,144,323 Gemtek Technology Corp. .................... 2,000,000 3,938,422 Taiwan Mobile Co. Ltd. ..................... 5,600,000 5,639,513 Zyxel Communications Corp. ................. 3,600,000 9,155,869 ------------ 24,878,127 ------------ IC DESIGN - 10.9% Greatek Electronics Inc. ................... 2,600,000 2,576,652 Media Tek, Inc. ............................ 1,800,000 15,644,644 RichTek Technology Corp. ................... 1,800,000 6,061,578 Sunplus Technology Co. Ltd. ................ 1,500,000 2,097,498 ------------ 26,380,372 ------------ SEMICONDUCTOR MANUFACTURING - 13.3% Powerchip Semiconductor Corp. .............. 14,368,341 9,815,448 Taiwan Semiconductor Manufacturing Co. ........................ 8,200,000 14,964,080 United Microelectronics Corp. Ltd. ..................................... 11,238,000 7,640,975 ------------ 32,420,503 ------------ ELECTRONIC COMPONENTS - 13.9% Asia Optical Co., Inc. ..................... 300,000 2,049,390 Au Optronics Corp. ......................... 5,700,000 9,506,094 Cheng Uei Precision Industry Co. Ltd. ..................................... 3,000,000 8,380,372 Merry Electronics Co. Ltd. ................. 3,000,000 7,148,813 Tripod Technology Corp. .................... 3,800,000 6,739,577 ------------ 33,824,246 ------------ TOTAL TECHNOLOGY ........................... 170,870,535 ------------ TRANSPORTATION - 2.2% TRANSPORTATION - 2.2% Yang Ming Marine Transport ................. 6,000,000 5,320,718 ------------ TOTAL COMMON STOCKS (Identified Cost -- $167,758,814) ........ 232,870,759 ------------
PRINCIPAL AMOUNT NT$ ------------ CERTIFICATE OF DEPOSIT - 0.3% Taishin International Bank 1.10%, 6/30/05 (b) ....................... 20,129,576 645,593 ------------ COMMERCIAL PAPER - 4.0% Allied Material Technology Corp. 1.20%, 7/27/05 (b) ....................... 34,906,865 1,119,527 Bank Sinopac: 1.20%, 8/12/05 (b) ....................... 100,021,498 3,207,873 1.20%, 11/11/05 (b) ...................... 40,039,294 1,284,134 1.20%, 11/17/05 (b) ...................... 10,008,251 320,983 Chang Chun Petro Chemical Co.: 1.20%, 6/06/05 (b) ....................... 10,989,587 352,456 1.20%, 7/04/05 (b) ....................... 8,984,628 288,154 1.20%, 7/05/05 (b) ....................... 6,991,424 224,228 1.20%, 9/05/05 (b) ....................... 6,976,376 223,745 Grand Bills Finance Corp: 1.20%, 6/06/05 (b) ....................... 10,989,587 352,456 1.20%, 7/04/05 (b) ....................... 8,984,628 288,154 1.20%, 7/05/05 (b) ....................... 6,991,424 224,228 1.20%, 9/05/05 (b) ....................... 6,976,376 223,745 Les Enphants Co Ltd 1.20%, 7/11/05 (b) .............................. 49,848,794 1,598,743 ------------ TOTAL COMMERCIAL PAPER (Identified Cost -- $9,658,272)........... 9,708,426 ------------
MATURITY AMOUNT US$ ------------ REPURCHASE AGREEMENT - 0.0%** State Street Bank & Trust Co. at 0.90% dated 5/31/05, due 6/6/05 (collateralized by U.S. Treasury Note 2.625%, 5/15/08, market value $116,649) .......................... $ 113,017 $ 113,000 ------------ TOTAL INVESTMENTS -- 100% (COST -- $178,164,088*)................... $243,337,778 ============
See Notes to Schedule of Investments Page 1 NOTES TO SCHEDULE OF INVESTMENTS (a) Non-income producing (b) Certificates of Deposit and Commercial Paper that are traded through Bills Finance Corporations must be guaranteed by either a bank, a trust company or a Bills Finance Corporation. Since there is no recognized credit rating system in the Republic of China, the guarantee may not be comparable to a guarantee issued by a U.S. institution. (c) 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). 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 may prescribe. 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. (d) In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited by legal proceedings. * At May 31, 2005, aggregate gross unrealized appreciation for all securities for which there was an excess of value over financial reporting cost was $66,617,861 and aggregate gross unrealized depreciation for all securities for which there was an excess of financial reporting cost over value was $1,444,171 and net appreciation for financial reporting purposes was $65,173,690. At May 31, 2005, aggregate cost for financial reporting purposes was $178,164,088. ** Amount represents less than 0.1% of Total Investments. 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/ Benny T. Hu Benny T. Hu President of The Taiwan Fund, Inc. Date: July 14, 2005 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/ Adelina Louie Adelina Louie Treasurer of The Taiwan Fund, Inc. Date: July 14, 2005 By: /s/ Benny T. Hu Benny T. Hu President of The Taiwan Fund, Inc. Date: July 14, 2005 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 Rules 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 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 certification required by Rule 30a-2(a) of the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), as amended, is attached as an exhibit to this filing. EX-99.CERT 2 b55835ssexv99wcert.txt CERTIFICATIONS CERTIFICATIONS I, Benny T. Hu, certify that: 1. I have reviewed this report on Form N-Q of The Taiwan Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 14, 2005 /s/ Benny T. Hu Benny T. Hu President of The Taiwan Fund, Inc. I, Adelina Louie, certify that: 1. I have reviewed this report on Form N-Q of The Taiwan Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 14, 2005 /s/ Adelina Louie Adelina Louie Treasurer of The Taiwan Fund, Inc. -----END PRIVACY-ENHANCED MESSAGE-----