THE TAIWAN FUND, INC.
SCHEDULE OF INVESTMENTS / MAY 31, 2021 (SHOWING PERCENTAGE OF NET ASSETS) (unaudited)
| | | SHARES | | | US $
VALUE | |
COMMON STOCKS – 93.6% | | | | | | | | |
| CONSUMER DISCRETIONARY — 5.7% | | | | | | | | |
| Household Durables — 0.7% | | | | | | | | |
| Nien Made Enterprise Co., Ltd. | | | 133,000 | | | $ | 1,953,732 | |
| Leisure Products — 1.3% | | | | | | | | |
| Giant Manufacturing Co., Ltd. | | | 230,000 | | | | 2,744,363 | |
| Merida Industry Co., Ltd. | | | 93,000 | | | | 1,081,181 | |
| | | | | | | | 3,825,544 | |
| Textiles, Apparel & Luxury Goods — 3.7% | | | | | | | | |
| Eclat Textile Co., Ltd. | | | 282,000 | | | | 6,556,839 | |
| Fulgent Sun International Holding Co., Ltd. (a) | | | 853,877 | | | | 3,755,267 | |
| | | | | | | | 10,312,106 | |
| TOTAL CONSUMER DISCRETIONARY | | | | | | | 16,091,382 | |
| ENERGY — 2.0% | | | | | | | | |
| Oil, Gas & Consumable Fuels — 2.0% | | | | | | | | |
| Formosa Petrochemical Corp. | | | 1,546,000 | | | | 5,573,079 | |
| TOTAL ENERGY | | | | | | | 5,573,079 | |
| FINANCIALS — 0.9% | | | | | | | | |
| Insurance — 0.9% | | | | | | | | |
| Fubon Financial Holding Co., Ltd. | | | 952,000 | | | | 2,481,195 | |
| TOTAL FINANCIALS | | | | | | | 2,481,195 | |
| HEALTHCARE — 4.6% | | | | | | | | |
| Health Care Equipment & Supplies — 3.2% | | | | | | | | |
| Pegavision Corp. (a) | | | 492,000 | | | | 9,133,938 | |
| Health Care Providers & Services — 1.4% | | | | | | | | |
| Universal Vision Biotechnology Co., Ltd. | | | 354,000 | | | | 3,879,382 | |
| TOTAL HEALTHCARE | | | | | | | 13,013,320 | |
| INDUSTRIALS — 20.7% | | | | | | | | |
| Building Products — 1.6% | | | | | | | | |
| Taiwan Glass Industrial Corp. * | | | 3,746,000 | | | | 4,442,725 | |
| Electrical Equipment — 0.9% | | | | | | | | |
| Advanced Energy Solution Holding Co., Ltd. * | | | 86,000 | | | | 2,486,329 | |
| Machinery — 2.1% | | | | | | | | |
| Airtac International Group | | | 166,000 | | | | 5,972,062 | |
| Marine — 16.1% | | | | | | | | |
| Evergreen Marine Corp. Taiwan Ltd. * | | | 5,993,000 | | | | 21,301,339 | |
| U-Ming Marine Transport Corp. | | | 2,953,000 | | | | 6,365,761 | |
| Wisdom Marine Lines Co., Ltd. | | | 3,916,000 | | | | 9,514,551 | |
| Yang Ming Marine Transport Corp. * | | | 2,184,000 | | | | 8,069,790 | |
| | | | | | | | 45,251,441 | |
| TOTAL INDUSTRIALS | | | | | | | 58,152,557 | |
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THE TAIWAN FUND, INC.
SCHEDULE OF INVESTMENTS / MAY 31, 2021 (SHOWING PERCENTAGE OF NET ASSETS) (continued) (unaudited)
| | | SHARES | | | US $
VALUE | |
| INFORMATION TECHNOLOGY — 50.9% |
| Communications Equipment — 2.9% | | | | | | | | |
| Accton Technology Corp. | | | 729,000 | | | $ | 8,080,875 | |
| Electronic Equipment, Instruments & Components — 12.2% |
| Co-Tech Development Corp. | | | 1,544,000 | | | | 4,430,432 | |
| Gold Circuit Electronics Ltd. * | | | 1,613,000 | | | | 3,209,661 | |
| Innolux Corp. (a) | | | 11,666,000 | | | | 10,240,158 | |
| Lotes Co., Ltd. | | | 63,000 | | | | 1,346,731 | |
| Nan Ya Printed Circuit Board Corp. | | | 750,000 | | | | 8,935,492 | |
| Sensortek Technology Corp. (a) | | | 213,000 | | | | 4,852,688 | |
| Unimicron Technology Corp. | | | 321,000 | | | | 1,301,797 | |
| | | | | | | | 34,316,959 | |
| Semiconductors & Semiconductor Equipment — 35.8% |
| Alchip Technologies Ltd. | | | 23,000 | | | | 483,373 | |
| ASMedia Technology, Inc. | | | 49,000 | | | | 2,667,219 | |
| eMemory Technology, Inc. | | | 107,000 | | | | 3,633,460 | |
| Globalwafers Co., Ltd. | | | 222,000 | | | | 6,714,299 | |
| Kinsus Interconnect Technology Corp. | | | 1,198,000 | | | | 4,728,862 | |
| Macronix International Co., Ltd. (a) | | | 1,571,000 | | | | 2,389,870 | |
| MediaTek, Inc. | | | 107,000 | | | | 3,837,891 | |
| Novatek Microelectronics Corp. | | | 215,000 | | | | 4,138,714 | |
| Parade Technologies Ltd. | | | 34,000 | | | | 1,875,237 | |
| Silergy Corp. | | | 81,000 | | | | 10,745,300 | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | 2,283,000 | | | | 49,132,171 | |
| United Microelectronics Corp. | | | 4,025,000 | | | | 7,690,020 | |
| Winbond Electronics Corp. | | | 2,134,000 | | | | 2,627,065 | |
| | | | | | | | 100,663,481 | |
| TOTAL INFORMATION TECHNOLOGY | | | | | | | 143,061,315 | |
| MATERIALS — 8.8% | | | | | | | | |
| Chemicals — 4.7% | | | | | | | | |
| Formosa Chemicals & Fibre Corp. | | | 719,000 | | | | 2,218,648 | |
| Formosa Plastics Corp. | | | 1,661,000 | | | | 6,197,202 | |
| Nan Ya Plastics Corp. | | | 1,590,000 | | | | 4,837,548 | |
| | | | | | | | 13,253,398 | |
| Construction Materials — 0.9% | | | | | | | | |
| Taiwan Cement Corp. | | | 1,391,000 | | | | 2,587,394 | |
| Metals & Mining — 3.2% | | | | | | | | |
| China Steel Corp. | | | 3,666,000 | | | | 4,883,066 | |
| Chung Hung Steel Corp. * | | | 2,070,000 | | | | 3,910,096 | |
| | | | | | | | 8,793,162 | |
| TOTAL MATERIALS | | | | | | | 24,633,954 | |
| TOTAL COMMON STOCKS (Cost — $166,299,884) | | | | | | | 263,006,802 | |
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THE TAIWAN FUND, INC.
SCHEDULE OF INVESTMENTS / MAY 31, 2021 (SHOWING PERCENTAGE OF NET ASSETS) (continued) (unaudited)
| | | US $
VALUE | |
| TOTAL INVESTMENTS — 93.6% (Cost — $166,299,884) | | $ | 263,006,802 | |
| OTHER ASSETS AND LIABILITIES, NET—6.4% | | | 18,002,278 | |
| NET ASSETS—100.0% | | $ | 281,009,080 | |
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 on May 31, 2021 is $8,079,479, collateralized by U.S. Government securities in the amount of $8,595,450. |
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