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001 A000000 THE R.O.C. TAIWAN FUND
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001 C000000 2126886840
002 A000000 850 THIRD AVENUE
002 B000000 NEW YORK
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020 A000001 YUNG SHIN SECURITIES CO., LTD.
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020 A000002 TING-KONG SECURITIES CO., LTD.
020 C000002 23
020 A000003 CITI SECURITIES CO., LTD.
020 C000003 21
020 A000004 BARITS SECURITIES CORPORATION
020 C000004 21
020 A000005 FAR EASTERN SECURITIES CO., LTD.
020 C000005 20
020 A000006 CHINA SECURITIES CO., LTD.
020 C000006 19
020 A000007 FUH-HWA SECURITIES CO., LTD.
020 C000007 19
020 A000008 GRAND CATHAY SECURITIES CO., LTD.
<PAGE> PAGE 2
020 C000008 18
020 A000009 YUNG LI SECURITIES CO., LTD.
020 C000009 18
020 A000010 POLARIS SECURITIES CO. LTD. CHENG-GONG BRANCH
020 C000010 18
021 000000 571
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<PAGE> PAGE 3
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SIGNATURE EDWIN C. LAURENSON
TITLE PRINCIPAL ATTORNEY
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 269,678,101
<INVESTMENTS-AT-VALUE> 271,661,071
<RECEIVABLES> 1,615,379
<ASSETS-OTHER> 4,915,075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 278,191,525
<PAYABLE-FOR-SECURITIES> 2,457,039
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 998,669
<TOTAL-LIABILITIES> 3,455,708
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 321,005,365
<SHARES-COMMON-STOCK> 32,698,976
<SHARES-COMMON-PRIOR> 32,698,976
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,658,028)
<ACCUMULATED-NET-GAINS> 2,152,854
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,982,970
<NET-ASSETS> 274,735,817
<DIVIDEND-INCOME> 792,281
<INTEREST-INCOME> 1,208,704
<OTHER-INCOME> 0
<EXPENSES-NET> 3,836,864
<NET-INVESTMENT-INCOME> (1,835,879)
<REALIZED-GAINS-CURRENT> 10,065,186
<APPREC-INCREASE-CURRENT> (27,645,067)
<NET-CHANGE-FROM-OPS> (38,608,110)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (38,608,110)
<ACCUMULATED-NII-PRIOR> 446,407
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,180,888)
<GROSS-ADVISORY-FEES> 2,014,496
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,836,864
<AVERAGE-NET-ASSETS> 313,904,099
<PER-SHARE-NAV-BEGIN> 9.58
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 1.12
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
================================================================================
1997 ANNUAL MEETING OF STOCKHOLDERS
================================================================================
On June 4, 1998, the Fund held an annual meeting to:
1. Elect four trustees,
2. Ratify the appointment of KPMG Peat Marwick as the Fund's independent
accountants for 1998, and
3. Consider whether to convert the Fund from a closed-end investment company
into an open-end investment company. The Fund's Declaration of Trust
required a shareholder vote on this question, because the Fund's shares had
traded at an average discount of more than 10% to its net asset value over
a 12-week-period during the 12 months preceding the annual meeting.
Proxies representing 12,866,182, or 39.35%, of the 32,698,976 eligible shares
outstanding, were voted. The results are shown below. The trustees of the Fund
recommended that stockholders vote against the conversion issues. The
affirmative vote of a majority of the shares outstanding was required in order
to pass the proposal. Of the 32,698,976 shares outstanding, less than 8% were
voted for conversion. Management of the Fund expressed its appreciation for the
support of stockholders on this matter.
- --------------------------------------------------------------------------------
For Withheld
- --------------------------------------------------------------------------------
Nominees to the Board of Trustees
Theodore S.S. Cheng 12,164,473 701,709
David N. Laux 12,162,276 703,906
Alfred P. Miossi 12,160,283 705,899
Robert P. Parker 12,167,323 698,859
Messrs. Pedro-Pablo Kuczynski, Li-Yin Kung, Gregory Kuo-Hua Wang and Daniel K.L.
Chiang, whose terms did not expire in 1998, are the remaining trustees.
- --------------------------------------------------------------------------------
For Against Abstain
- --------------------------------------------------------------------------------
KPMG Peat Marwick as independent
accountants for 1998 12,539,056 282,527 44,599
- --------------------------------------------------------------------------------
For Against Abstain
- --------------------------------------------------------------------------------
Conversion of the Fund from a
closed-end to an open-end
investment company 2,472,433 4,893,590 56,199
Proxies covering 5,443,960 shares, or 42.31% of the shares represented at the
meeting, were not voted on this proposal.
- --------------------------------------------------------------------------------
