<SEC-DOCUMENT>0001752724-23-159777.txt : 20230721
<SEC-HEADER>0001752724-23-159777.hdr.sgml : 20230721
<ACCEPTANCE-DATETIME>20230721111747
ACCESSION NUMBER:		0001752724-23-159777
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230531
FILED AS OF DATE:		20230721
DATE AS OF CHANGE:		20230721
PERIOD START:           	20230831

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04893
		FILM NUMBER:		231101671

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000804123</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>




    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>TAIWAN FUND INC</regName>
      <regFileNumber>811-04893</regFileNumber>
      <regCik>0000804123</regCik>
      <regLei>549300B0OHIYIAWV0Z83</regLei>
      <regStreet1>One Lincoln Street</regStreet1>
      <regStreet2>PO BOX 5049</regStreet2>
      <regCity>BOSTON</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02111</regZipOrPostalCode>
      <regPhone>1-800-426-5523</regPhone>
      <seriesName>TAIWAN FUND INC</seriesName>
      <seriesLei>549300B0OHIYIAWV0Z83</seriesLei>
      <repPdEnd>2023-08-31</repPdEnd>
      <repPdDate>2023-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>271623489.47</totAssets>
      <totLiabs>4651259.75</totLiabs>
      <netAssets>266972229.72</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>20540177.09000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="324323.07000000" lei="XKZZ2JZF41MRHTR1V493" name="Citigroup Global Markets Limited"/>
        <borrower aggrVal="19817991.53000000" lei="W22LROWP2IHZNBB6K528" name="Goldman Sachs International"/>
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        <borrower aggrVal="1158471.50000000" lei="K6Q0W1PS1L1O4IQL9C32" name="J.P. Morgan Securities Plc"/>
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      <aggregateCondition isNonCashCollateral="Y">
        <aggregateInfos>
          <aggregateInfo amt="46575941.76000000" collatrl="40750938.76000000">
            <invstCat>UST</invstCat>
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      </aggregateCondition>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="0.94000000" rtn2="-4.75000000" rtn3="11.64000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="43596.65000000" netUnrealizedAppr="7129999.02000000"/>
        <othMon2 netRealizedGain="388635.35000000" netUnrealizedAppr="-9332240.80000000"/>
        <othMon3 netRealizedGain="739026.55000000" netUnrealizedAppr="26606084.00000000"/>
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      <mon1Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>


    </fundInfo>
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        <name>eMemory Technology Inc</name>
        <lei>N/A</lei>
        <title>eMemory Technology Inc</title>
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        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>10838499.72000000</valUSD>
        <pctVal>4.059785443365</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Chailease Holding Co Ltd</name>
        <lei>529900L76E6T0JCM3J27</lei>
        <title>Chailease Holding Co Ltd</title>
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          <isin value="KYG202881093"/>
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        <valUSD>3097388.33000000</valUSD>
        <pctVal>1.160191205373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merida Industry Co Ltd</name>
        <lei>N/A</lei>
        <title>Merida Industry Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0009914002"/>
        </identifiers>
        <balance>198000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>1253307.30000000</valUSD>
        <pctVal>0.469452310195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nuvoton Technology Corp</name>
        <lei>25490081WZAX02O6MB63</lei>
        <title>Nuvoton Technology Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0004919006"/>
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        <balance>1950000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>8186477.91000000</valUSD>
        <pctVal>3.066415528905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3119355.84000000"/>
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      <invstOrSec>
        <name>Far EasTone Telecommunications Co Ltd</name>
        <lei>529900L7W7BWDLVZL253</lei>
        <title>Far EasTone Telecommunications Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="TW0004904008"/>
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        <balance>1639000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
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        <pctVal>1.532431254850</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fulgent Sun International Holding Co Ltd</name>
        <lei>N/A</lei>
        <title>Fulgent Sun International Holding Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG368891068"/>
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        <balance>505000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
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        <pctVal>0.775655019314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="411175.80000000"/>
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      <invstOrSec>
        <name>President Chain Store Corp</name>
        <lei>N/A</lei>
        <title>President Chain Store Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002912003"/>
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        <balance>549000.00000000</balance>
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        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
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        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wistron Corp</name>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Taiwan Paiho Ltd</name>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Parade Technologies Ltd</name>
        <lei>529900D9FDQHQKAQLY02</lei>
        <title>Parade Technologies Ltd</title>
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        <invCountry>KY</invCountry>

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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Chunghwa Telecom Co Ltd</name>
        <lei>N/A</lei>
        <title>Chunghwa Telecom Co Ltd</title>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lotes Co Ltd</name>
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        <title>Lotes Co Ltd</title>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Global Unichip Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MediaTek Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Unimicron Technology Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nak Sealing Technologies Corp</name>
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        <title>Nak Sealing Technologies Corp</title>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Swancor Holding Co Ltd</name>
        <lei>N/A</lei>
        <title>Swancor Holding Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0003708004"/>
        </identifiers>
        <balance>645000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>1985745.67000000</valUSD>
        <pctVal>0.743802331831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="774857.53000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alchip Technologies Ltd</name>
        <lei>529900HKE9RIY07SLX84</lei>
        <title>Alchip Technologies Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG022421088"/>
        </identifiers>
        <balance>192000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>10341225.29000000</valUSD>
        <pctVal>3.873520965399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4050571.13000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grand Process Technology Corp</name>
        <lei>N/A</lei>
        <title>Grand Process Technology Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0003131009"/>
        </identifiers>
        <balance>9000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>139858.43000000</valUSD>
        <pctVal>0.052386883140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Quanta Computer Inc</name>
        <lei>529900DE8BIV3XOXIK04</lei>
        <title>Quanta Computer Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002382009"/>
        </identifiers>
        <balance>2098000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>7954340.57000000</valUSD>
        <pctVal>2.979463661198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Asia Vital Components Co Ltd</name>
        <lei>N/A</lei>
        <title>Asia Vital Components Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0003017000"/>
        </identifiers>
        <balance>1697705.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>10911943.29000000</valUSD>
        <pctVal>4.087295259677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5465374.84000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASPEED Technology Inc</name>
        <lei>N/A</lei>
        <title>ASPEED Technology Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0005274005"/>
        </identifiers>
        <balance>95000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>8904076.15000000</valUSD>
        <pctVal>3.335206871268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4229236.80000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gourmet Master Co Ltd</name>
        <lei>N/A</lei>
        <title>Gourmet Master Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG4002A1004"/>
        </identifiers>
        <balance>391000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>1895988.93000000</valUSD>
        <pctVal>0.710182078483</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="729347.55000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WinWay Technology Co Ltd</name>
        <lei>N/A</lei>
        <title>WinWay Technology Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0006515000"/>
        </identifiers>
        <balance>124000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>3212236.60000000</valUSD>
        <pctVal>1.203210013029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jentech Precision Industrial Co Ltd</name>
        <lei>N/A</lei>
        <title>Jentech Precision Industrial Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0003653002"/>
        </identifiers>
        <balance>240000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>4670734.68000000</valUSD>
        <pctVal>1.749520796563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="273203.48000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Century Iron &amp; Steel Industrial Co Ltd</name>
        <lei>N/A</lei>
        <title>Century Iron &amp; Steel Industrial Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0009958009"/>
        </identifiers>
        <balance>1148000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>4072313.07000000</valUSD>
        <pctVal>1.525369539098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="711399.40000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Uni-President Enterprises Corp</name>
        <lei>254900DAXBDMVEXU5959</lei>
        <title>Uni-President Enterprises Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0001216000"/>
        </identifiers>
        <balance>1080000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>2611471.81000000</valUSD>
        <pctVal>0.978181068772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Makalot Industrial Co Ltd</name>
        <lei>N/A</lei>
        <title>Makalot Industrial Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0001477008"/>
        </identifiers>
        <balance>196000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>1390545.93000000</valUSD>
        <pctVal>0.520857892769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Delta Electronics Inc</name>
        <lei>529900UVZWNWGDLJSM52</lei>
        <title>Delta Electronics Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002308004"/>
        </identifiers>
        <balance>1002000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>10320820.11000000</valUSD>
        <pctVal>3.865877780930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gold Circuit Electronics Ltd</name>
        <lei>N/A</lei>
        <title>Gold Circuit Electronics Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002368008"/>
        </identifiers>
        <balance>1772100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>7035918.97000000</valUSD>
        <pctVal>2.635449753474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1122705.73000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nien Made Enterprise Co Ltd</name>
        <lei>N/A</lei>
        <title>Nien Made Enterprise Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0008464009"/>
        </identifiers>
        <balance>160000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>1835489.38000000</valUSD>
        <pctVal>0.687520714017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Feng TAY Enterprise Co Ltd</name>
        <lei>N/A</lei>
        <title>Feng TAY Enterprise Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0009910000"/>
        </identifiers>
        <balance>290000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>1802619.80000000</valUSD>
        <pctVal>0.675208729346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eclat Textile Co Ltd</name>
        <lei>N/A</lei>
        <title>Eclat Textile Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0001476000"/>
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        <balance>197000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>3006850.54000000</valUSD>
        <pctVal>1.126278393506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1530487.70000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wiwynn Corp</name>
        <lei>254900FV2R15PMKXFL69</lei>
        <title>Wiwynn Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0006669005"/>
        </identifiers>
        <balance>38000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>1434545.60000000</valUSD>
        <pctVal>0.537338884087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="719231.32000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gigabyte Technology Co Ltd</name>
        <lei>N/A</lei>
        <title>Gigabyte Technology Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002376001"/>
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        <balance>1496000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>9079944.67000000</valUSD>
        <pctVal>3.401082082403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bafang Yunji International Co Ltd</name>
        <lei>N/A</lei>
        <title>Bafang Yunji International Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002753001"/>
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        <balance>110000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>622894.80000000</valUSD>
        <pctVal>0.233318199669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Giant Manufacturing Co Ltd</name>
        <lei>549300M7TYVF50B2GY12</lei>
        <title>Giant Manufacturing Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0009921007"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>134081.85000000</valUSD>
        <pctVal>0.050223144984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>E Ink Holdings Inc</name>
        <lei>529900UOR451FJJYL571</lei>
        <title>E Ink Holdings Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0008069006"/>
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        <balance>731000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>4924481.33000000</valUSD>
        <pctVal>1.844566880669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1688757.75000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co Ltd</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002330008"/>
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        <balance>3255000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>59109592.38000000</valUSD>
        <pctVal>22.14072693702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Globalwafers Co Ltd</name>
        <lei>529900V6RTNF3U5EGX67</lei>
        <title>Globalwafers Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0006488000"/>
        </identifiers>
        <balance>78000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>1279375.15000000</valUSD>
        <pctVal>0.479216565461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Advanced Energy Solution Holding Co Ltd</name>
        <lei>N/A</lei>
        <title>Advanced Energy Solution Holding Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG0097V1086"/>
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        <balance>340000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>7856154.91000000</valUSD>
        <pctVal>2.942686180596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2340112.43000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SDI Corp</name>
        <lei>N/A</lei>
        <title>SDI Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="TW0002351004"/>
        </identifiers>
        <balance>955000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="30.72750000"/>
        <valUSD>3838336.99000000</valUSD>
        <pctVal>1.437728933090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1055905.98000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-06-22</ncom:dateSigned>
      <ncom:nameOfApplicant>TAIWAN FUND INC</ncom:nameOfApplicant>
      <ncom:signature>Monique Labbe</ncom:signature>
      <ncom:signerName>Monique Labbe</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>NPORT_9U10_47141789_0523.htm
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">THE TAIWAN FUND, INC.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; font-variant: small-caps">Schedule
of Investments / May 31, 2023 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps">(Showing
Percentage of Net Assets)</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>(unaudited)</I></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-style: italic">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-style: italic">SHARES</TD><TD STYLE="padding-bottom: 1pt; font-style: italic">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: center">US $<BR> VALUE</TD><TD STYLE="padding-bottom: 1pt; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">COMMON STOCKS &ndash; 91.9%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">COMMUNICATION SERVICES &mdash; 3.5%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">Diversified Telecommunication Services &mdash; 2.0%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; width: 70%; text-align: left">Chunghwa Telecom Co. Ltd.</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 12%; text-align: right">1,285,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">5,269,221</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">Wireless Telecommunication Services &mdash; 1.5%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Far EasTone Telecommunications Co. Ltd.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,639,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,091,166</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">TOTAL COMMUNICATION SERVICES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,360,387</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">CONSUMER DISCRETIONARY &mdash; 5.3%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">Hotels, Restaurants &amp; Leisure &mdash; 0.9%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bafang Yunji International Co. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">622,895</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Gourmet Master Co. Ltd. (a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">391,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,895,989</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,518,884</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">Household Durables &mdash; 0.7%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Nien Made Enterprise Co. Ltd.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">160,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,835,489</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">Leisure Products &mdash; 0.5%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Giant Manufacturing Co. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,082</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Merida Industry Co. Ltd.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">198,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,253,307</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,387,389</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">Textiles, Apparel &amp; Luxury Goods &mdash; 3.2%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Eclat Textile Co. Ltd. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,006,851</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Feng TAY Enterprise Co. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">290,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,802,620</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Fulgent Sun International Holding Co. Ltd. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">505,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,070,783</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Makalot Industrial Co. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,390,546</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Taiwan Paiho Ltd.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">100,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">178,342</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,449,142</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">TOTAL CONSUMER DISCRETIONARY</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,190,904</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">CONSUMER STAPLES &mdash; 2.8%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">Consumer Staples Distribution &amp; Retail &mdash; 1.8%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">President Chain Store Corp.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">549,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,993,751</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">Food Products &mdash; 1.0%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Uni-President Enterprises Corp.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,080,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,611,472</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">TOTAL CONSUMER STAPLES</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,605,223</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">FINANCIALS &mdash; 1.2%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">Financial Services &mdash; 1.2%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Chailease Holding Co. Ltd.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">470,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,097,388</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">TOTAL FINANCIALS</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,097,388</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">INDUSTRIALS &mdash; 3.2%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">Electrical Equipment &mdash; 2.9%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Advanced Energy Solution Holding Co. Ltd. (a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">340,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,856,155</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">Machinery &mdash; 0.3%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Nak Sealing Technologies Corp.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">143,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">737,629</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">TOTAL INDUSTRIALS</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,593,784</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">INFORMATION TECHNOLOGY &mdash; 73.6%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">Electronic Equipment, Instruments &amp; Components &mdash; 11.4%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Delta Electronics, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,002,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,320,820</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left">E Ink Holdings, Inc. (a)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">731,000</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 12%; text-align: right">4,924,481</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gold Circuit Electronics Ltd. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,772,100</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,035,919</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Lotes Co. Ltd. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,972</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,688,849</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Unimicron Technology Corp.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">271,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,591,913</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,561,982</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">Semiconductors &amp; Semiconductor Equipment &mdash; 49.0%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Alchip Technologies Ltd. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,341,225</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">ASPEED Technology, Inc. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,904,076</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">eMemory Technology, Inc. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,838,500</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Global Unichip Corp. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">267,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,990,481</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Globalwafers Co. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,279,375</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Grand Process Technology Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139,859</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Jentech Precision Industrial Co. Ltd. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">240,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,670,735</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">MediaTek, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,989,602</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Nuvoton Technology Corp. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,950,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,186,478</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Parade Technologies Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,190,871</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SDI Corp. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">955,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,838,337</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Taiwan Semiconductor Manufacturing Co. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,255,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,109,592</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">WinWay Technology Co. Ltd.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">124,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,212,237</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">130,691,368</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">Technology Hardware, Storage &amp; Peripherals &mdash; 13.2%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Asia Vital Components Co. Ltd. (a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,697,705</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,911,943</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Gigabyte Technology Co. Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,496,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,079,945</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Quanta Computer, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,098,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,954,340</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Wistron Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,658,000</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,769,705</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Wiwynn Corp. (a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">38,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,434,546</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,150,479</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left; width: 70%">TOTAL INFORMATION TECHNOLOGY</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; width: 12%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 12%">196,403,829</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">MATERIALS &mdash; 2.3%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="9" STYLE="font-weight: bold">Chemicals &mdash; 0.8%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Swancor Holding Co. Ltd. (a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">645,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,985,746</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="9" STYLE="font-weight: bold">Metals &amp; Mining &mdash; 1.5%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Century Iron &amp; Steel Industrial Co. Ltd. (a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,148,000</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,072,313</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">TOTAL MATERIALS</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,058,059</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; padding-bottom: 1pt; text-align: left; text-indent: -10pt">TOTAL COMMON STOCKS<BR> (Cost &mdash; $175,390,890)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">245,309,574</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt; padding-bottom: 1pt; text-align: left; text-indent: -10pt">TOTAL INVESTMENTS &mdash; 91.9%<BR> (Cost &mdash; $175,390,890)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">245,309,574</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left">OTHER ASSETS AND LIABILITIES, NET&mdash;8.1%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,644,151</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 2.5pt">NET ASSETS&mdash;100.0%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">266,953,725</TD><TD STYLE="padding-bottom: 2.5pt; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Legend:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">US $ &ndash; United States dollar</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(a) All or a portion of the security is on loan.
The market value of the securities on loan is $37,411,626, collateralized by non-cash collateral such as U.S. Government securities in
the amount of $39,369,800.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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