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020 A000005 SECURITIES OF OVERSEAS CREDIT
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020 A000006 BARITS SECURITIES CORPORATION
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<PAGE> PAGE 2
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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> DEC-31-1998
<INVESTMENTS-AT-COST> 264,771,364
<INVESTMENTS-AT-VALUE> 247,449,398
<RECEIVABLES> 496,577
<ASSETS-OTHER> 1,385,947
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249,331,922
<PAYABLE-FOR-SECURITIES> 2,417,260
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 567,106
<TOTAL-LIABILITIES> 2,984,366
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 314,116,358
<SHARES-COMMON-STOCK> 32,698,976
<SHARES-COMMON-PRIOR> 32,698,976
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (21,498,672)
<ACCUM-APPREC-OR-DEPREC> (17,321,966)
<NET-ASSETS> 246,347,556
<DIVIDEND-INCOME> 1,196,007
<INTEREST-INCOME> 2,231,292
<OTHER-INCOME> 0
<EXPENSES-NET> 7,138,508
<NET-INVESTMENT-INCOME> (3,711,209)
<REALIZED-GAINS-CURRENT> (9,161,619)
<APPREC-INCREASE-CURRENT> (44,640,840)
<NET-CHANGE-FROM-OPS> 57,513,668
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<DISTRIBUTIONS-OF-INCOME> 2,229,516
<DISTRIBUTIONS-OF-GAINS> 3,009,207
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (66,996,371)
<ACCUMULATED-NII-PRIOR> 446,407
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<OVERDIST-NET-GAINS-PRIOR> 8,180,888
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</TABLE>
THE R.O.C. TAIWAN FUND
EXHIBITS TO
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
FOR THE PERIOD ENDING
DECEMBER 31, 1998
<PAGE>
2
ATTACHMENTS INDEX
The following attachments to Form N-SAR are being filed with the Securities and
Exchange Commission on behalf of The R.O.C. Taiwan Fund (811-5617) (CIK-
836267):
Sub-Item Description
77B Accountant's Report On Internal
Control
77Q2 Compliance During 1998 with
Required Filings Pursuant to
Section 30(f) of the Investment
Company Act
Response to Item 77B
--------------------
KPMG PEAT MARWICK
6th Fl. No. 18, Sec. 1, Change-An East Road Telephone (02)2715-999
Taipei, 105 Taiwan, R.O.C. Telefax (02)2715-9888
To The Board of Trustees
The R.O.C. Taiwan Fund
In planning and performing our audit of the financial statements of The R.O.C.
Taiwan Fund for the year ended December 31, 1998, 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 to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of The R.O.C. Taiwan Fund 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 transactions
are executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in accordance with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may 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 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 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 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
December 31, 1998.
<PAGE>
2
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG PEAT MARWICK
/s/KPMG Peat Marwick
Taipei, Taiwan
January 18, 1999
Response to Item 77Q2
---------------------
Compliance During 1998 With
Required Filings Pursuant to
Section 30(h) of the Investment Company Act
To the knowledge of The R.O.C. Taiwan Fund (the "Trust"), the
following individuals or organizations, which during 1998 were affiliated
persons (as defined in the Investment Company Act of 1940 (the "Investment
Company Act")) of International Investment Trust Company Limited (the
"Adviser"), did not make timely filings, or failed to make filings, required
during or with respect to 1998 by rules of the United States Securities and
Exchange Commission pursuant to Section 30(h) of the Investment Company Act,
with respect to holdings of, or transactions during 1998 or prior years in,
shares of the Trust:
(1) The Kuomintang, which controls Central Investment Holding Co.,
Ltd. ("CIHC"), an affiliated person of the Adviser through
direct or indirect control of 24.37% of the Adviser's
outstanding voting securities, has failed to make any filings
of Forms No. 3, 4 or 5. However, CIHC did make timely filings
(or has provided statements in lieu of required filings).
Separately, the Trust has recently learned that on October 24,
1997 Central Construction Corporation ("Central
Construction"), which had cross-ownership with CIHC,
transferred its entire ownership in the Adviser to Asia
Pacific Holdings Corp. ("Asia Pacific"), which the Adviser has
informed the Trust is a wholly owned subsidiary of CIHC. Asia
Pacific should have made a filing on Form 3 to report its lack
of holdings in the Trust's shares upon acquiring this interest
in the Adviser, and Central Construction should have made a
filing showing that it had ceased to be an affiliate of the
Adviser and was no longer required to make filings on Forms 3,
4 or 5. The Trust has been advised that this transfer had no
impact on the ultimate control of the Adviser and that neither
Asia Pacific nor Central Construction has or ever has had an
ownership interest in any shares of the Trust. In addition, if
CIHC and the Kuomintang are deemed to be controlling persons
of the Adviser, then persons controlled by CIHC or the
Kuomintang would be required to file statements on Forms 3, 4
and 5 with respect to ownership of, or transactions in, shares
of the Trust. No such persons have made any such filings.
