<PAGE> PAGE 1
000 B000000 08/31/96
000 C000000 0000804123
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 NHE TAIWAN FUND, INC.
001 B000000 811-4893
001 C000000 6179853760
002 A000000 225 FRANKLIN STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 CHINA SECURITIES INVESTMENT TRUST CORPORATION
008 B000001 A
008 C000001 801-28464
008 D010001 TAIPEI
008 D050001 TAIWAN
008 A000002 DELETE
010 A000001 STATE STREET BANK AND TRUST COMPANY
010 B000001 85-05003
010 C010001 N. QUINCY
010 C020001 MA
010 C030001 02171
010 A000002 DELETE
011 A000001 DELETE
012 A000001 STATE STREET BANK AND TRUST COMPANY
012 B000001 85-05003
012 C010001 N. QUINCY
012 C020001 MA
012 C030001 02171
013 A000001 COOPERS AND LYBRAND
<PAGE> PAGE 2
013 B010001 BOSTON
013 B020001 MA
013 B030001 02109
015 A000001 THE INTERNATIONAL COMMERCIAL BANK OF CHINA
015 B000001 C
015 C010001 TAIPEI
015 D010001 TAIWAN
015 E040001 X
015 A000002 STATE STREET BANK AND TRUST COMPANY
015 B000002 C
015 C010002 N. QUINCY
015 C020002 MA
015 C030002 02171
015 E010002 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 PRESIDENT SECURITIES CORP.
020 C000001 98
020 A000002 UNITED SECURITIES CO. LTD.
020 C000002 85
020 A000003 TAIWAN INTERNATIONAL SECURITIES CORP.
020 C000003 79
020 A000004 GRAND CATHAY SECURITIES CO. LTD.
020 C000004 72
020 A000005 KING HOE SECURITIES CO. LTD.
020 C000005 69
020 A000006 YUNG CHONG SECURITIES CO. LTD.
020 C000006 61
020 A000007 CHINA SECURITIES CO. LTD.
020 C000007 60
020 A000008 YUNG SHIN SECURITIES CO. LTD.
020 C000008 51
020 A000009 PACIFIC SECURITIES CO. LTD.
020 C000009 50
020 A000010 YUAN TA SECURITIES CO. LTD.
020 C000010 40
021 000000 1086
022 A000001 CHUNG HSING BILLS FINANCE CORP.
022 B000001 00-0000000
022 C000001 225162
022 D000001 84079
022 A000002 STATE STREET BANK AND TRUST
022 B000002 00-0000000
022 C000002 76270
022 D000002 0
022 A000003 COSMOS BILLS FINANCE CORP.
022 B000003 00-0000000
022 C000003 64605
022 D000003 6256
022 A000004 DAH CHUNG BILLS FINANCE
<PAGE> PAGE 3
022 B000004 00-0000000
022 C000004 36139
022 D000004 1085
022 A000005 SINOPAC BANK
022 B000005 00-0000000
022 C000005 15524
022 D000005 7240
022 A000006 INTERNATIONAL BILLS FINANCE
022 B000006 00-0000000
022 C000006 20448
022 D000006 0
022 A000007 GRAND CATHY
022 B000007 00-0000000
022 C000007 11443
022 D000007 746
022 A000008 CHUNG HUA BILLS FINANCE
022 B000008 00-0000000
022 C000008 5840
022 D000008 0
022 A000009 POLYVEST BILLS FINANCIAL CORP.
022 B000009 00-0000000
022 C000009 3645
022 D000009 0
022 A000010 CATHY FINANCE CORP.
022 B000010 00-0000000
022 C000010 928
022 D000010 0
023 C000000 460914
023 D000000 100310
024 000000 Y
025 A000001 CHUNG HSING BILLS FINANCE CORP.
025 C000001 E
025 D000001 6540
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
<PAGE> PAGE 4
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 N
<PAGE> PAGE 5
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 Y
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
<PAGE> PAGE 6
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
<PAGE> PAGE 7
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 398168
071 B000000 371355
071 C000000 283542
071 D000000 131
072 A000000 12
072 B000000 953
072 C000000 3976
072 D000000 0
072 E000000 0
072 F000000 3843
072 G000000 243
072 H000000 0
072 I000000 10
072 J000000 619
072 K000000 0
072 L000000 116
072 M000000 97
072 N000000 0
072 O000000 2325
072 P000000 0
072 Q000000 0
072 R000000 112
072 S000000 247
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 75
072 X000000 7687
072 Y000000 0
072 Z000000 -2758
072AA000000 0
072BB000000 13488
072CC010000 77143
072CC020000 0
<PAGE> PAGE 8
072DD010000 371
072DD020000 0
072EE000000 0
073 A010000 0.0250
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 161
074 B000000 703
074 C000000 18771
074 D000000 0
074 E000000 0
074 F000000 334075
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 12135
074 K000000 0
074 L000000 19
074 M000000 30
074 N000000 365894
074 O000000 486
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1249
074 S000000 0
074 T000000 364159
074 U010000 16366
074 U020000 0
074 V010000 22.25
074 V020000 0.00
074 W000000 0.0000
074 X000000 850
074 Y000000 0
075 A000000 0
075 B000000 300492
076 000000 23.13
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 1000
081 A000000 N
081 B000000 0
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
<PAGE> PAGE 9
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 1539
086 A020000 32537
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 874036106
087 A030000 TWN
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE CATHERINE WHITE
TITLE AVP
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 311,699,427
<INVESTMENTS-AT-VALUE> 353,548,666
<RECEIVABLES> 12,154,183
<ASSETS-OTHER> 191,444
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 365,894,293
<PAYABLE-FOR-SECURITIES> 485,748
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,249,899
<TOTAL-LIABILITIES> 1,735,647
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 329,525,084
<SHARES-COMMON-STOCK> 16,365,519
<SHARES-COMMON-PRIOR> 14,826,357
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,214,104)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41,847,666
<NET-ASSETS> 364,158,646
<DIVIDEND-INCOME> 3,180,790
<INTEREST-INCOME> 805,920
<OTHER-INCOME> 0
<EXPENSES-NET> 6,744,815
<NET-INVESTMENT-INCOME> (2,758,105)
<REALIZED-GAINS-CURRENT> (13,487,853)
<APPREC-INCREASE-CURRENT> 77,143,065
<NET-CHANGE-FROM-OPS> 63,655,212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (370,659)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,538,805
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 357
<NET-CHANGE-IN-ASSETS> 96,063,364
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,842,693
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,744,815
<AVERAGE-NET-ASSETS> 300,608,099
<PER-SHARE-NAV-BEGIN> 18.28
<PER-SHARE-NII> (0.18)
<PER-SHARE-GAIN-APPREC> 4.18
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.25
<EXPENSE-RATIO> 2.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[DESCRIPTION]REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
To the Shareholders and Board of Directors of The Taiwan Fund, Inc.:
In planning and performing our audit of the financial statements and
financial highlights of The Taiwan Fund, Inc. for the year ended August
31, 1996 we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of The Taiwan Fund, Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to
permit the preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of August 31, 1996.
This report is intended solely for the information and use of management
of The Taiwan Fund, Inc. and the Securities and Exchange Commission.
Coopers & Lybrand L.L.P.
Boston, Massachusetts
October 8, 1996
