THE TAIWAN FUND, INC.
Schedule of Investments / May 31, 2020 (Showing Percentage of Net Assets) (unaudited)
| US $ | ||||||||
| SHARES | VALUE | |||||||
| COMMON STOCKS – 90.7% | ||||||||
| CONSUMER DISCRETIONARY — 8.2% | ||||||||
| Automobile Industry — 0.7% | ||||||||
| Yulon Motor Co., Ltd. | 1,790,000 | $ | 1,180,416 | |||||
| Electric & Machinery Industry — 0.8% | ||||||||
| Global PMX Co., Ltd. | 283,000 | 1,413,822 | ||||||
| Other Electronic Industry — 0.5% | ||||||||
| Actron Technology Corp. | 289,000 | 809,489 | ||||||
| Other Industry — 2.2% | ||||||||
| Feng TAY Enterprise Co., Ltd. | 383,000 | 2,308,843 | ||||||
| Giant Manufacturing Co., Ltd. | 199,000 | 1,557,535 | ||||||
| 3,866,378 | ||||||||
| Textiles Industry — 1.6% | ||||||||
| Fulgent Sun International Holding Co Ltd | 311,000 | 1,034,768 | ||||||
| Makalot Industrial Co., Ltd. | 373,000 | 1,788,909 | ||||||
| 2,823,677 | ||||||||
| Trading & Consumers' Goods Industry — 2.4% | ||||||||
| Poya International Co., Ltd. | 218,000 | 4,196,636 | ||||||
| TOTAL CONSUMER DISCRETIONARY | 14,290,418 | |||||||
| CONSUMER STAPLES — 1.2% | ||||||||
| Food Industry — 1.2% | ||||||||
| Uni-President Enterprises Corp. | 894,995 | 2,170,046 | ||||||
| TOTAL CONSUMER STAPLES | 2,170,046 | |||||||
| ENERGY — 0.8% | ||||||||
| Oil Gas & Electricity Industry General Industry — 0.8% | ||||||||
| Formosa Petrochemical Corp. | 472,000 | 1,378,664 | ||||||
| TOTAL ENERGY | 1,378,664 | |||||||
| FINANCIALS — 1.1% | ||||||||
| Financial & Insurance Industry — 1.1% | ||||||||
| Mega Financial Holding Co., Ltd. | 1,793,000 | 1,836,295 | ||||||
| TOTAL FINANCIALS | 1,836,295 | |||||||
| INDUSTRIALS — 1.2% | ||||||||
| Electronic Parts & Components Industry — 1.2% | ||||||||
| Shin Zu Shing Co., Ltd. | 481,000 | 2,170,708 | ||||||
| TOTAL INDUSTRIALS | 2,170,708 | |||||||
| INFORMATION TECHNOLOGY — 73.6% | ||||||||
| Communications & Internet Industry — 3.5% | ||||||||
| Accton Technology Corp. | 702,000 | 5,646,394 | ||||||
| Advanced Ceramic X Corp. | 48,000 | 499,584 | ||||||
| 6,145,978 | ||||||||
| Computer & Peripheral Equipment Industry — 2.9% | ||||||||
| Casetek Holdings Ltd. | 1,019,000 | 1,527,227 | ||||||
| Chaun-Choung Technology Corp. | 337,000 | 2,772,323 | ||||||
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THE TAIWAN FUND, INC.
Schedule of Investments / May 31, 2020 (Showing Percentage of Net Assets) (continued) (unaudited)
| US $ | ||||||||
| SHARES | VALUE | |||||||
| INFORMATION TECHNOLOGY — (continued) | ||||||||
| Computer & Peripheral Equipment Industry — (continued) | ||||||||
| Micro-Star International Co., Ltd. | 253,000 | $ | 851,058 | |||||
| 5,150,608 | ||||||||
| Electronic Equipment & Instruments Industry — 1.7% | ||||||||
| Brave C&H Supply Co Ltd | 314,000 | 2,975,287 | ||||||
| Electronic Parts & Components Industry — 13.2% | ||||||||
| Delta Electronics, Inc. | 714,000 | 3,281,665 | ||||||
| Elite Material Co., Ltd. | 514,000 | 2,525,062 | ||||||
| FLEXium Interconnect, Inc. | 397,000 | 1,434,621 | ||||||
| Simplo Technology Co., Ltd. | 48,000 | 511,574 | ||||||
| Speed Tech Corp. * | 653,000 | 1,779,031 | ||||||
| TXC Corp. | 1,101,000 | 2,152,496 | ||||||
| Unimicron Technology Corp. | 3,391,000 | 4,528,863 | ||||||
| Yageo Corp. | 169,000 | 2,085,412 | ||||||
| Zhen Ding Technology Holding Ltd. | 1,183,000 | 4,708,360 | ||||||
| 23,007,084 | ||||||||
| Optoelectronics Industry — 14.1% | ||||||||
| AU Optronics Corp. | 5,902,000 | 1,489,997 | ||||||
| Epistar Corp. | 3,687,000 | 4,420,716 | ||||||
| General Interface Solution Holding Ltd. | 478,000 | 1,806,928 | ||||||
| Global Lighting Technologies, Inc. | 1,436,000 | 6,863,147 | ||||||
| Largan Precision Co., Ltd. | 36,000 | 4,598,168 | ||||||
| Taiwan Surface Mounting Technology Corp. | 1,419,000 | 5,411,341 | ||||||
| 24,590,297 | ||||||||
| Other Electronic Industry — 1.0% | ||||||||
| Kingpak Technology, Inc. | 325,220 | 1,765,557 | ||||||
| Semiconductor Equipment Industry — 0.6% | ||||||||
| Fittech Co Ltd | 198,000 | 1,012,257 | ||||||
| Semiconductor Industry — 36.6% | ||||||||
| Alchip Technologies Ltd. | 88,000 | 879,267 | ||||||
| ASMedia Technology, Inc. | 87,000 | 3,288,759 | ||||||
| Jentech Precision Industrial Co Ltd | 203,000 | 1,686,878 | ||||||
| Kinsus Interconnect Technology Corp. | 736,000 | 1,180,297 | ||||||
| M31 Technology Corp. | 81,000 | 822,814 | ||||||
| MediaTek, Inc. | 408,000 | 6,291,557 | ||||||
| Nanya Technology Corp. | 1,026,000 | 2,043,457 | ||||||
| Parade Technologies Ltd. | 149,000 | 4,267,777 | ||||||
| Silergy Corp. | 161,000 | 8,686,761 | ||||||
| Sino-American Silicon Products, Inc. | 635,000 | 1,856,886 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 3,066,000 | 29,817,552 | ||||||
| United Microelectronics Corp. | 6,176,000 | 3,177,992 | ||||||
| 63,999,997 | ||||||||
| TOTAL INFORMATION TECHNOLOGY | 128,647,065 | |||||||
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Investments/ May 31, 2020 (continued)
| US $ | ||||||||
| SHARES | VALUE | |||||||
| MATERIALS — 3.0% | ||||||||
| Cement Industry — 1.4% | ||||||||
| Taiwan Cement Corp. | 1,732,000 | $ | 2,454,508 | |||||
| Plastics Industry — 1.6% | ||||||||
| Formosa Plastics Corp. | 669,000 | 1,849,359 | ||||||
| Nan Ya Plastics Corp. | 489,000 | 1,024,416 | ||||||
| 2,873,775 | ||||||||
| TOTAL MATERIALS | 5,328,283 | |||||||
| Real Estate — 1.6% | ||||||||
| Building Material and Construction Industry — 1.6% | ||||||||
| Kindom Development Co., Ltd. | 2,906,000 | 2,855,187 | ||||||
| Total Real Estate | 2,855,187 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost — $122,028,432) | 158,676,666 | |||||||
| TOTAL INVESTMENTS — 90.7% | ||||||||
| (Cost — $122,028,432) | 158,676,666 | |||||||
| OTHER ASSETS AND LIABILITIES, NET—9.3% | 16,188,009 | |||||||
| NET ASSETS—100.0% | 174,864,675 | |||||||
| Legend: | ||||||||
| US $– United States dollar | ||||||||
| * Non-income producing |
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