THE TAIWAN FUND, INC.
Schedule of Investments / May 31, 2025 (Showing Percentage of Net Assets) (unaudited)
| SHARES | US $ VALUE | |||||||
| COMMON STOCKS – 95.5% | ||||||||
| CONSUMER DISCRETIONARY — 8.6% | ||||||||
| Hotels, Restaurants & Leisure — 0.5% | ||||||||
| Gourmet Master Co. Ltd. | 461,000 | $ | 1,430,602 | |||||
| Household Durables — 4.0% | ||||||||
| Nien Made Enterprise Co. Ltd. | 799,000 | 11,544,355 | ||||||
| Leisure Products — 2.6% | ||||||||
| Giant Manufacturing Co. Ltd. | 370,000 | 1,469,209 | ||||||
| KMC Kuei Meng International, Inc. | 20,000 | 66,737 | ||||||
| Merida Industry Co. Ltd. (a) | 1,542,000 | 6,097,302 | ||||||
| 7,633,248 | ||||||||
| Textiles, Apparel & Luxury Goods — 1.5% | ||||||||
| Fulgent Sun International Holding Co. Ltd. (a) | 1,234,899 | 4,264,880 | ||||||
| TOTAL CONSUMER DISCRETIONARY | 24,873,085 | |||||||
| INDUSTRIALS — 8.1% | ||||||||
| Electrical Equipment — 7.2% | ||||||||
| Advanced Energy Solution Holding Co. Ltd. | 188,000 | 6,461,451 | ||||||
| Bizlink Holding, Inc. (a) | 666,000 | 14,334,051 | ||||||
| 20,795,502 | ||||||||
| Industrial Machinery & Supplies — 0.9% | ||||||||
| Shin Zu Shing Co. Ltd. | 444,000 | 2,666,800 | ||||||
| TOTAL INDUSTRIALS | 23,462,302 | |||||||
| INFORMATION TECHNOLOGY — 75.7% | ||||||||
| Communications Equipment — 1.9% | ||||||||
| Accton Technology Corp. | 121,000 | 3,007,992 | ||||||
| EZconn Corp. | 166,000 | 2,564,626 | ||||||
| 5,572,618 | ||||||||
| Electronic Equipment, Instruments & Components — 10.2% | ||||||||
| Delta Electronics, Inc. | 945,000 | 11,793,383 | ||||||
| Dynapack International Technology Corp. (a) * | 724,000 | 4,892,137 | ||||||
| E Ink Holdings, Inc. | 187,000 | 1,322,856 | ||||||
| Fositek Corp. (a) | 276,000 | 5,369,238 | ||||||
| Lotes Co. Ltd. (a) | 146,000 | 6,406,393 | ||||||
| 29,784,007 | ||||||||
| Semiconductors & Semiconductor Equipment — 51.7% | ||||||||
| Alchip Technologies Ltd. (a) | 85,000 | 7,970,035 | ||||||
| Elite Advanced Laser Corp. * | 308,000 | 1,962,995 | ||||||
| eMemory Technology, Inc. | 137,000 | 10,994,377 | ||||||
| Global Unichip Corp. | 100,000 | 3,887,415 | ||||||
| Grand Process Technology Corp. (a) | 252,000 | 10,006,507 | ||||||
| Jentech Precision Industrial Co. Ltd. (a) | 334,000 | 15,101,523 | ||||||
| LandMark Optoelectronics Corp. | 724,000 | 7,114,737 | ||||||
| SHARES | US $ VALUE | |||||||
| INFORMATION TECHNOLOGY — (continued) | ||||||||
| Semiconductors & Semiconductor Equipment — 51.7% | ||||||||
| MediaTek, Inc. | 96,000 | $ | 4,036,238 | |||||
| MPI Corp. | 120,000 | 3,183,343 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,497,000 | 80,571,233 | ||||||
| Visual Photonics Epitaxy Co. Ltd. (a) | 664,000 | 2,293,208 | ||||||
| WinWay Technology Co. Ltd. (a) | 77,000 | 2,851,995 | ||||||
| 149,973,606 | ||||||||
| Technology Hardware, Storage & Peripherals — 11.9% | ||||||||
| Asia Vital Components Co. Ltd. | 150,000 | 3,103,258 | ||||||
| King Slide Works Co. Ltd. | 198,000 | 13,544,222 | ||||||
| Quanta Computer, Inc. * | 1,050,000 | 9,512,488 | ||||||
| Wistron Corp. (a) | 1,299,000 | 5,049,752 | ||||||
| Wiwynn Corp. | 40,000 | 3,230,058 | ||||||
| 34,439,778 | ||||||||
| TOTAL INFORMATION TECHNOLOGY | 219,770,009 | |||||||
| MATERIALS — 3.1% | ||||||||
| Metals & Mining — 3.1% | ||||||||
| Century Iron & Steel Industrial Co. Ltd. (a) | 1,488,000 | 8,937,384 | ||||||
| TOTAL MATERIALS | 8,937,384 | |||||||
| TOTAL COMMON STOCKS (Cost — $172,458,270) | 277,042,780 | |||||||
| TOTAL INVESTMENTS — 95.5% (Cost — $172,458,270) | 277,042,780 | |||||||
| OTHER ASSETS AND LIABILITIES, NET—4.5% | 13,084,755 | |||||||
| NET ASSETS—100.0% | $ | 290,127,535 | ||||||
Legend:
US $ – United States dollar
| * | Non-income producing |
| (a) | All or a portion of the security is on loan. The market value of the securities on loan is $43,266,233, collateralized by non-cash collateral such as U.S. Government securities in the amount of $45,699,754. |