# EDGAR Filing Document

**Accession Number:** 0001730464
**File Stem:** 0000950103-25-014722
**Filing Date:** 2025-11
**Character Count:** 14153
**Document Hash:** 0465caadcbd99fe27de4ecbc2fc73f78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-014722.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0000950103-25-014722

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nan Shan Life Insurance Co., Ltd.
- **CENTRAL INDEX KEY:** 0001730464

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** F5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18345
- **FILM NUMBER:** 251480976

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 168 ZHUANG JING ROAD
- **STREET 2:** XINYI DISTRICT
- **CITY:** TAIPEI CITY
- **PROVINCE COUNTRY:** F5
- **ZIP:** 11049
- **BUSINESS PHONE:** 886-2-8758-8888

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 168 ZHUANG JING ROAD
- **STREET 2:** XINYI DISTRICT
- **CITY:** TAIPEI CITY
- **PROVINCE COUNTRY:** F5
- **ZIP:** 11049

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Nan Shan Life Insurance Co. Ltd.<br>**Address:** 168 ZHUANG JING ROAD<br>XINYI DISTRICT<br>Taipei City, F5 11049

**Form 13F File Number:** 028-18345

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Brian Tsai<br>**Title:** Chief Finance Officer<br>**Phone:** 886-2-87588942

**Signature, Place, and Date of Signing:**

/s/ Brian Tsai  Taipei City, F5  11-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 103

**Form 13F Information Table Value Total:** $4707501447

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADOBE INC | COM | 00724F101 |  | 28283848 | 80181 | SH |  | SOLE |  | 80181 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 91992823 | 568594 | SH |  | SOLE |  | 568594 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 151716036 | 624089 | SH |  | SOLE |  | 624089 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 56047219 | 255259 | SH |  | SOLE |  | 255259 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 18417717 | 95766 | SH |  | SOLE |  | 95766 | 0 | 0 |
| AMERICOLD REALTY TRUST INC | COM | 03064D108 |  | 9310613 | 760671 | SH |  | SOLE |  | 760671 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 2457000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 159009560 | 624473 | SH |  | SOLE |  | 624473 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 39299024 | 191946 | SH |  | SOLE |  | 191946 | 0 | 0 |
| APTIV PLC | COM SHS | G3265R107 |  | 59288493 | 687642 | SH |  | SOLE |  | 687642 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 7183220 | 37186 | SH |  | SOLE |  | 37186 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 11538929 | 223666 | SH |  | SOLE |  | 223666 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 40134422 | 555340 | SH |  | SOLE |  | 555340 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 42866586 | 1243952 | SH |  | SOLE |  | 7463712 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 42383131 | 939759 | SH |  | SOLE |  | 939759 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 31023747 | 94037 | SH |  | SOLE |  | 94037 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 44505697 | 164720 | SH |  | SOLE |  | 164720 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 93031369 | 100506 | SH |  | SOLE |  | 100506 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 30989060 | 411050 | SH |  | SOLE |  | 411050 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 |  | 14884072 | 451306 | SH |  | SOLE |  | 451306 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 7813139 | 45194 | SH |  | SOLE |  | 45194 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 72190991 | 630489 | SH |  | SOLE |  | 630489 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 42946227 | 552221 | SH |  | SOLE |  | 552221 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 16026052 | 21004 | SH |  | SOLE |  | 21004 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 568336 | 5069 | SH |  | SOLE |  | 5069 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 13618156 | 210384 | SH |  | SOLE |  | 210384 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 30804269 | 218563 | SH |  | SOLE |  | 218563 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 18261779 | 161967 | SH |  | SOLE |  | 161967 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 18481360 | 38216 | SH |  | SOLE |  | 38216 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | NASDQ CLN EDGE | 33737A108 |  | 11749189 | 77768 | SH |  | SOLE |  | 77768 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 11487656 | 292903 | SH |  | SOLE |  | 292903 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 42003066 | 378406 | SH |  | SOLE |  | 378406 | 0 | 0 |
| GLOBAL X FDS | RBTCS ARTFL INTE | 37954Y715 |  | 2834400 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 13464999 | 791128 | SH |  | SOLE |  | 791128 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 3562135 | 37508 | SH |  | SOLE |  | 37508 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 45275725 | 1349500 | SH |  | SOLE |  | 1349500 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 76521053 | 171100 | SH |  | SOLE |  | 171100 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 26491036 | 139647 | SH |  | SOLE |  | 139647 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 58366170 | 97217 | SH |  | SOLE |  | 97217 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 1000604 | 5268 | SH |  | SOLE |  | 5268 | 0 | 0 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 5633553 | 54700 | SH |  | SOLE |  | 54700 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 357272662 | 3997680 | SH |  | SOLE |  | 3997680 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 40650436 | 342089 | SH |  | SOLE |  | 342089 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 72171880 | 627527 | SH |  | SOLE |  | 627527 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 104300896 | 1284652 | SH |  | SOLE |  | 1284652 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 15015400 | 77200 | SH |  | SOLE |  | 77200 | 0 | 0 |
| ISHARES TR | U.S. MED DVC ETF | 464288810 |  | 14942497 | 248710 | SH |  | SOLE |  | 248710 | 0 | 0 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 18260171 | 170258 | SH |  | SOLE |  | 170258 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 4541677 | 24494 | SH |  | SOLE |  | 24494 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 15905242 | 50424 | SH |  | SOLE |  | 50424 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 20870047 | 737197 | SH |  | SOLE |  | 737197 | 0 | 0 |
| KKR REAL ESTATE FIN TR INC | COM | 48251K100 |  | 27543456 | 3060384 | SH |  | SOLE |  | 3060384 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 2074433 | 23541 | SH |  | SOLE |  | 23541 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 646837 | 5132 | SH |  | SOLE |  | 5132 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 33110633 | 393846 | SH |  | SOLE |  | 393846 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 19726331 | 34680 | SH |  | SOLE |  | 34680 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 16138704 | 169453 | SH |  | SOLE |  | 169453 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 91176949 | 124155 | SH |  | SOLE |  | 124155 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 139996188 | 270289 | SH |  | SOLE |  | 270289 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 93815490 | 78250 | SH |  | SOLE |  | 78250 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 48047596 | 689052 | SH |  | SOLE |  | 689052 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 77903680 | 417535 | SH |  | SOLE |  | 417535 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 17792577 | 360831 | SH |  | SOLE |  | 360831 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 29022294 | 432781 | SH |  | SOLE |  | 432781 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 45065253 | 1768652 | SH |  | SOLE |  | 1768652 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 41428035 | 269626 | SH |  | SOLE |  | 269626 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 71797398 | 626942 | SH |  | SOLE |  | 626942 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 17761098 | 61489 | SH |  | SOLE |  | 61489 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 125391355 | 753735 | SH |  | SOLE |  | 753735 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 115215409 | 1895302 | SH |  | SOLE |  | 1895302 | 0 | 0 |
| REXFORD INDL RLTY INC | COM | 76169C100 |  | 21277673 | 517579 | SH |  | SOLE |  | 517579 | 0 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 49052197 | 4306602 | SH |  | SOLE |  | 4306602 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 11584185 | 23801 | SH |  | SOLE |  | 23801 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 33239250 | 140250 | SH |  | SOLE |  | 140250 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 5793991 | 168577 | SH |  | SOLE |  | 168577 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 8620700 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 100877514 | 724851 | SH |  | SOLE |  | 724851 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 94652639 | 102852 | SH |  | SOLE |  | 102852 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 1957293 | 25426 | SH |  | SOLE |  | 25426 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG HIGH Y | 78468R622 |  | 33078092 | 337566 | SH |  | SOLE |  | 337566 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO LN TSR | 78464A664 |  | 295288455 | 10956900 | SH |  | SOLE |  | 10956900 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 |  | 6038453 | 60264 | SH |  | SOLE |  | 60264 | 0 | 0 |
| SPDR SERIES TRUST | S DIVID ETF | 78464A763 |  | 34661815 | 247496 | SH |  | SOLE |  | 247496 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 41242735 | 651544 | SH |  | SOLE |  | 651544 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 9353200 | 13400 | SH |  | SOLE |  | 13400 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 35066707 | 71073 | SH |  | SOLE |  | 71073 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 10303718 | 23169 | SH |  | SOLE |  | 23169 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 41671618 | 226809 | SH |  | SOLE |  | 226809 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1302764 | 2686 | SH |  | SOLE |  | 2686 | 0 | 0 |
| TPG RE FIN TR INC | COM | 87266M107 |  | 24148539 | 2821091 | SH |  | SOLE |  | 2821091 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 8621360 | 88000 | SH |  | SOLE |  | 88000 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 41286830 | 119568 | SH |  | SOLE |  | 119568 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 23010980 | 135152 | SH |  | SOLE |  | 135152 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 57614615 | 176537 | SH |  | SOLE |  | 176537 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 42441608 | 69306 | SH |  | SOLE |  | 0 | 0 | 69306 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 174190610 | 3063500 | SH |  | SOLE |  | 0 | 0 | 3063500 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 |  | 12287213 | 137180 | SH |  | SOLE |  | 0 | 0 | 137180 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 28892791 | 152541 | SH |  | SOLE |  | 0 | 0 | 152541 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 127789196 | 2907604 | SH |  | SOLE |  | 2907604 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 113446377 | 332317 | SH |  | SOLE |  | 332317 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 15097156 | 146489 | SH |  | SOLE |  | 146489 | 0 | 0 |
| WEST PHARMACEUTICAL SVSC INC | COM | 955306105 |  | 28821410 | 109867 | SH |  | SOLE |  | 109867 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 3742678 | 85400 | SH |  | SOLE |  | 85400 | 0 | 0 |

---