THE TAIWAN FUND, INC.
SCHEDULE OF INVESTMENTS / MAY 31, 2026 (Showing Percentage of Net Assets) (unaudited)
| SHARES | US $ VALUE | |||||||
| COMMON STOCKS – 98.5% | ||||||||
| CONSUMER DISCRETIONARY — 2.7% | ||||||||
| Hotels, Restaurants & Leisure — 0.1% | ||||||||
| Gourmet Master Co. Ltd. | 436,000 | $ | 851,805 | |||||
| Household Durables — 1.6% | ||||||||
| Nien Made Enterprise Co. Ltd. | 1,019,000 | 10,328,087 | ||||||
| Leisure Products — 0.5% | ||||||||
| Giant Manufacturing Co. Ltd. | 54,000 | 119,462 | ||||||
| KMC Kuei Meng International, Inc. | 13,000 | 34,611 | ||||||
| Merida Industry Co. Ltd. | 1,562,000 | 3,325,897 | ||||||
| 3,479,970 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.5% | ||||||||
| Fulgent Sun International Holding Co. Ltd. (a) | 1,234,899 | 2,901,424 | ||||||
| TOTAL CONSUMER DISCRETIONARY | 17,561,286 | |||||||
| INDUSTRIALS — 5.1% | ||||||||
| Electrical Equipment — 5.1% | ||||||||
| Advanced Energy Solution Holding Co. Ltd. (a) | 388,000 | 14,367,848 | ||||||
| Bizlink Holding, Inc. | 285,317 | 18,990,469 | ||||||
| TOTAL INDUSTRIALS | 33,358,317 | |||||||
| INFORMATION TECHNOLOGY — 90.0% | ||||||||
| Communications Equipment — 1.3% | ||||||||
| Accton Technology Corp. | 112,000 | 8,688,129 | ||||||
| Electronic Equipment, Instruments & Components — 19.1% | ||||||||
| Chroma ATE, Inc. | 78,000 | 6,274,760 | ||||||
| Delta Electronics, Inc. | 395,000 | 30,830,314 | ||||||
| Elite Material Co. Ltd. | 187,000 | 30,564,237 | ||||||
| Fositek Corp. | 106,000 | 6,530,782 | ||||||
| Gold Circuit Electronics Ltd. | 355,000 | 14,959,059 | ||||||
| Lotes Co. Ltd. | 2,000 | 169,191 | ||||||
| Unimicron Technology Corp. | 1,042,000 | 35,093,135 | ||||||
| 124,421,478 | ||||||||
| Semiconductors & Semiconductor Equipment — 64.4% | ||||||||
| Alchip Technologies Ltd. | 26,000 | 3,664,427 | ||||||
| eMemory Technology, Inc. | 200,000 | 21,771,400 | ||||||
| Global Unichip Corp. | 38,000 | 5,665,033 | ||||||
| Hon Precision, Inc. | 168,000 | 44,298,734 | ||||||
| Horng Terng Automation Co. Ltd. | 150,000 | 8,451,581 | ||||||
| Jentech Precision Industrial Co. Ltd. (a) | 156,000 | 17,653,988 | ||||||
| Kinsus Interconnect Technology Corp. | 700,000 | 16,290,243 | ||||||
| LandMark Optoelectronics Corp. | 277,000 | 23,123,494 | ||||||
| MediaTek, Inc. | 386,000 | 53,108,809 | ||||||
MPI Corp. | 145,000 | 27,587,748 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,351,000 | 176,744,346 | ||||||
| SHARES | US $ VALUE | |||||||
| INFORMATION TECHNOLOGY — (continued) | ||||||||
| Semiconductors & Semiconductor Equipment — 64.4% | ||||||||
| WinWay Technology Co. Ltd. | 75,000 | $ | 20,745,878 | |||||
| 419,105,681 | ||||||||
| Technology Hardware, Storage & Peripherals — 5.2% | ||||||||
King Slide Works Co. Ltd. (a) | 207,000 | 33,469,697 | ||||||
| TOTAL INFORMATION TECHNOLOGY | 585,684,985 | |||||||
| MATERIALS — 0.7% | ||||||||
| Metals & Mining — 0.7% | ||||||||
| Century Iron & Steel Industrial Co. Ltd. (a) | 1,388,000 | 4,585,976 | ||||||
| TOTAL MATERIALS | 4,585,976 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost — $202,730,016) | 641,190,564 | |||||||
| TOTAL INVESTMENTS — 98.5% | ||||||||
| (Cost — $202,730,016) | 641,190,564 | |||||||
| OTHER ASSETS AND LIABILITIES, NET—1.5% | 9,688,652 | |||||||
| NET ASSETS—100.0% | $ | 650,879,216 | ||||||
| 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 $42,525,934, collateralized by non-cash collateral such as U.S. Government securities in the amount of $44,681,403. | |||||||||