THE TAIWAN FUND, INC.
SCHEDULE OF INVESTMENTS / November 30, 2025 (Showing Percentage of Net Assets) (unaudited)
| SHARES | US $ VALUE | |||||||
| COMMON STOCKS – 95.2% | ||||||||
| CONSUMER DISCRETIONARY — 5.2% | ||||||||
| Hotels, Restaurants & Leisure — 0.2% | ||||||||
| Gourmet Master Co. Ltd. | 461,000 | $ | 1,001,759 | |||||
| Household Durables — 2.4% | ||||||||
| Nien Made Enterprise Co. Ltd. | 799,000 | 9,483,113 | ||||||
| Leisure Products — 1.5% | ||||||||
| Giant Manufacturing Co. Ltd. | 370,000 | 1,184,802 | ||||||
| KMC Kuei Meng International, Inc. | 20,000 | 58,117 | ||||||
| Merida Industry Co. Ltd. (a) | 1,562,000 | 4,603,632 | ||||||
| 5,846,551 | ||||||||
| Textiles, Apparel & Luxury Goods — 1.1% | ||||||||
| Fulgent Sun International Holding Co. Ltd. (a) | 1,234,899 | 4,367,493 | ||||||
| TOTAL CONSUMER DISCRETIONARY | 20,698,916 | |||||||
| INDUSTRIALS — 12.4% | ||||||||
| Electrical Equipment — 10.5% | ||||||||
| Advanced Energy Solution Holding Co. Ltd. (a) | 388,000 | 17,369,444 | ||||||
| Bizlink Holding, Inc. (a) | 487,317 | 24,998,578 | ||||||
| 42,368,022 | ||||||||
| Industrial Machinery & Supplies — 1.9% | ||||||||
| Shin Zu Shing Co. Ltd. (a) | 1,200,000 | 7,532,261 | ||||||
| TOTAL INDUSTRIALS | 49,900,283 | |||||||
| INFORMATION TECHNOLOGY — 76.1% | ||||||||
| Communications Equipment — 3.4% | ||||||||
| Accton Technology Corp. | 224,000 | 7,315,597 | ||||||
| EZconn Corp. (a) | 166,000 | 6,294,089 | ||||||
| 13,609,686 | ||||||||
| Electronic Equipment, Instruments & Components — 12.5% | ||||||||
| Chroma ATE, Inc. | 40,000 | 1,043,811 | ||||||
| Delta Electronics, Inc. | 604,000 | 17,936,212 | ||||||
| Dynapack International Technology Corp. | 380,000 | 3,208,539 | ||||||
| E Ink Holdings, Inc. | 187,000 | 1,143,986 | ||||||
| Elite Material Co. Ltd. | 353,000 | 17,152,302 | ||||||
| Fositek Corp. (a) | 106,000 | 5,302,533 | ||||||
| Lotes Co. Ltd. | 106,000 | 4,424,406 | ||||||
| 50,211,789 | ||||||||
| Semiconductors & Semiconductor Equipment — 52.7% | ||||||||
| Alchip Technologies Ltd. | 26,000 | 2,737,932 | ||||||
| eMemory Technology, Inc. (a) | 200,000 | 13,031,703 | ||||||
| Hon Precision, Inc. | 168,000 | 16,058,627 | ||||||
| Jentech Precision Industrial Co. Ltd. | 222,000 | 20,548,351 | ||||||
| LandMark Optoelectronics Corp. | 117,000 | 1,968,329 | ||||||
| MediaTek, Inc. | 129,000 | 5,733,790 | ||||||
| SHARES | US $ VALUE | |||||||
| INFORMATION TECHNOLOGY — (continued) | ||||||||
| Semiconductors & Semiconductor Equipment — 52.7% (continued) | ||||||||
| MPI Corp. | 189,000 | $ | 13,669,906 | |||||
| Parade Technologies Ltd. | 461,000 | 9,709,129 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,352,000 | 107,913,972 | ||||||
| WinWay Technology Co. Ltd. (a) | 225,000 | 20,288,354 | ||||||
| 211,660,093 | ||||||||
| Technology Hardware, Storage & Peripherals — 7.5% | ||||||||
| Asia Vital Components Co. Ltd. | 159,000 | 6,965,907 | ||||||
| King Slide Works Co. Ltd. (a) | 142,000 | 17,260,793 | ||||||
| Wiwynn Corp. | 40,000 | 5,824,439 | ||||||
| 30,051,139 | ||||||||
| TOTAL INFORMATION TECHNOLOGY | 305,532,707 | |||||||
| MATERIALS — 1.5% | ||||||||
| Metals & Mining — 1.5% | ||||||||
| Century Iron & Steel Industrial Co. Ltd. (a) | 1,388,000 | 6,213,605 | ||||||
| TOTAL MATERIALS | 6,213,605 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost — $186,968,492) | 382,345,511 | |||||||
| TOTAL INVESTMENTS — 95.2% | ||||||||
| (Cost — $186,968,492) | 382,345,511 | |||||||
| OTHER ASSETS AND LIABILITIES, NET—4.8% | 19,111,201 | |||||||
| NET ASSETS—100.0% | $ | 401,456,712 | ||||||
| Legend: | |||||||||
| US $– United States dollar | |||||||||
| (a) All or a portion of the security is on loan. The market value of the securities on loan is $70,631,379, collateralized by non-cash collateral such as U.S. Government securities in the amount of $75,516,746. | |||||||||