<SEC-DOCUMENT>0001193125-22-223482.txt : 20221004
<SEC-HEADER>0001193125-22-223482.hdr.sgml : 20221004
<ACCEPTANCE-DATETIME>20220817214838
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ACCESSION NUMBER:		0001193125-22-223482
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220817

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAIWAN FUND INC
		CENTRAL INDEX KEY:			0000804123
		IRS NUMBER:				042942862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE LINCOLN STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		1-877-217-9502

	MAIL ADDRESS:	
		STREET 1:		ONE LINCOLN STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
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<TYPE>CORRESP
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<TITLE>The Taiwan Fund</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Augusts 17, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR CORRESPONDENCE </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Mark Cowan </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment
Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">202.551.6765 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Taiwan Fund, Inc. (&#147;Registrant&#148;) </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(<U>File No.</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;811-04893)</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Cowan: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is written in
response to the comments that you provided on August&nbsp;11, 2022 regarding the preliminary proxy statement (&#147;Proxy Statement&#148;) for the above-referenced Registrant, which was filed on Schedule 14A with the Securities and Exchange
Commission (&#147;SEC&#148;) on August&nbsp;1, 2022. The comments of the SEC Staff and the Registrant&#146;s responses are listed below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.</B>
<B>Comment</B>: Please confirm that all of the requirements for virtual meetings will be complied with. Also consider clarifying that attending virtually is the exclusive means for attending the stockholder meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant confirms that all of the requirements for virtual meetings have been complied with. The Registrant has also added disclosure
to make it clear that attending virtually is the exclusive means for attending the stockholder meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.</B> <B>Comment</B>: Please consider adding
a question and answer section to the proxy statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant does not believe that a question and answer section is necessary.
The Registrant believes that the proposal to stockholders is sufficiently described in the proxy statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.</B> <B>Comment</B>: Please revise
disclosure to clarify that a broker does not have discretionary authority to vote on a <FONT STYLE="white-space:nowrap">non-routine</FONT> proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has revised disclosure to clarify that a broker does not have discretionary authority to vote on a <FONT
STYLE="white-space:nowrap">non-routine</FONT> proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.</B> <B>Comment</B>: Because there are no routine proposals, please modify disclosure to
state that, if a beneficial owner does not provide voting instructions to its broker, the broker is not permitted to give a proxy with respect to such beneficial owner&#146;s shares, and accordingly such shares will not count as present for quorum
purposes. In addition, as there are no routine proposals, clarify that there should not be any <FONT STYLE="white-space:nowrap">broker-non</FONT> votes. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has revised disclosure as suggested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.</B> <B>Comment</B>: Please confirm when the Investment Advisory Agreement between the Fund and Allianz Global Investors U.S. LLC (&#147;Current
Agreement&#148;) was last approved by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has revised disclosure to include the date the Current Agreement was
last approved by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.</B> <B>Comment</B>: Please confirm whether the terms of the proposed Investment Advisory Agreement between the Fund and
Nomura Asset Management U.S.A. Inc. (&#147;Nomura&#148;) (&#147;Proposed Agreement&#148;) and the Current Agreement are the same or different. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant confirms that all materials terms in the Proposed Agreement are substantially the same as in the Current Agreement. The
Registrant has revised disclosure to reflect this. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. </B><B>Comment</B>: Please revise disclosure to clarify that the performance adjustment under
the Proposed Agreement is the same as under the Current Agreement and calculated in the same manner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has revised
disclosure to clarify that the performance adjustment under the Proposed Agreement is the same as under the Current Agreement and calculated in the same manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.</B> <B>Comment</B>: Please clarify whether the amount of advisory fees paid under the Current Agreement for the fiscal year ended August&nbsp;31, 2021
reflect a performance adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has revised disclosure to clarify that the disclosed amount of advisory fees paid under
the Current Agreement for the fiscal year ended August&nbsp;31, 2021 do not reflect a performance adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.</B> <B>Comment</B>: Please clarify
whether the advisory fee would have varied due to any performance adjustment because the calculation of the performance adjustment is the same. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has revised disclosure to clarify that any performance adjustment to the advisory fees paid and the advisory fees that would
have been paid under the Proposed Agreement would not have varied because the calculation of the performance adjustment is the same under the Current Agreement and the Proposed Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.</B> <B>Comment</B>: If Nomura acts as an investment adviser to any other Fund having a similar investment objective, identify and state the size of
such other Fund and the rate of Nomura&#146;s compensation. Also indicate for any Fund identified whether Nomura has waived, reduced, or otherwise agreed to reduce its compensation under any applicable contract. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant confirms that Nomura does not act as an investment adviser to any other U.S.
registered mutual fund having a similar investment objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.</B> <B>Comment</B>: Please clarify whether the Board concluded that there is no
reason to believe Nomura could not achieve above average performance over the long term in managing the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has revised
disclosure to state that the Board concluded that there was no reason to believe that Nomura could not achieve above average performance over the long term in managing the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12. </B><B>Comment</B>: With respect to consideration of incentive fee arrangements, confirm whether the board considered the factors articulated in <FONT
STYLE="white-space:nowrap">IC-7113</FONT> (1972)). These factors include the fairness of the performance adjustment, the selection of an appropriate index, variations in time intervals over which average asset value and investment performance are
computed, the length of period over which performance is computed and computation of performance over a rolling period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant
confirms that the Board did consider these factors. The Registrant has revised disclosure to reflect these considerations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.</B> <B>Comment</B>:
Please explain why no determination or conclusion was made as to the economies of scale and resources of the proposed investment adviser factors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has revised disclosure to reflect that the Board did make determinations as to the economies of scale and resources of the
proposed investment adviser factors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.</B> <B>Comment</B>: Please confirm if the Board&#146;s conclusions were unanimous. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant confirms that the Board&#146;s conclusions were unanimous. The Registrant has revised disclosure accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.</B> <B>Comment</B>: Please explain how the Fund will continue under the Current Agreement if the proposal is not approved by stockholders. Also please
clarify what &#147;other steps&#148; the Board will consider if the proposal is not approved by stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant confirms
that if the proposal is not approved by stockholders the Fund will continue under the Current Agreement until September&nbsp;17, 2022. The Registrant has revised disclosure that if the proposal is not approved by stockholders, other steps that the
Board may consider include entering into an Interim Advisory Agreement with Nomura or another investment adviser or seeking an extension from the SEC of the temporary exemptive relief from the Section&nbsp;9 Bar that is set to expire on
September&nbsp;17, 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>16.</B> <B>Comment</B>: If applicable, please provide disclosure required by Items 22(c)(13) and 22(c)(14) to Schedule 14A.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant confirms that this disclosure is not applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>17.</B> <B>Comment</B>: Please clarify whether the expenses described under the Miscellaneous section of the proxy statement will be borne by the Fund or
Allianz. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant confirms that all expenses related to the stockholder meeting including expenses related to this proxy statement
will be borne by Allianz as part of the Section&nbsp;9 Bar. The Registrant has revised disclosure to reflect this in the Miscellaneous section of the proxy statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>18.</B> <B>Comment</B>: In future filings, please note that proxy statements and proxy cards in preliminary proxy statements on Schedule 14A should be
noted as &#147;Preliminary.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant confirms that future filings of proxy statements and proxy cards in preliminary proxy
statements filed on Schedule 14A will note &#147;Preliminary&#148; on the proxy statement and the proxy card. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any further comments or
questions, please contact me at (617) <FONT STYLE="white-space:nowrap">662-1504.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Brian F. Link</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Brian F. Link</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Secretary</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">The Taiwan Fund, Inc.</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cc: Leonard Mackey, Esq. &#150; Clifford Chance US LLP </P>
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