<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y55294e8-k.txt
<DESCRIPTION>THE TAIWAN FUND INC.
<TEXT>
<PAGE>



                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934



                                 OCTOBER 1, 2001
                Date of Report (Date of Earliest Event Reported)



                              THE TAIWAN FUND, INC.
             (Exact Name of Registrant as Specified in Its Charter)



          DELAWARE                 811-04893                    042942862
(State or Other Jurisdiction      (Commission                 (IRS Employer
      of Incorporation)           File Number)            Identification Number)



225 FRANKLIN STREET, BOSTON, MASSACHUSETTS                              02110
 (Address of Principal Executive Offices)                             (Zip Code)



                                 (212) 662-2789
              (Registrant's Telephone Number, Including Area Code)
<PAGE>
ITEM 9. REGULATION FD DISCLOSURE.

         Pursuant to Regulation FD Rules 100-103, The Taiwan Fund, Inc. (the
"Fund") furnishes the October 2001 Monthly Review on the Fund by the Fund's
investment advisor.


                                        2
<PAGE>
                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated: November 28, 2001



                                          By: /s/ Haichi Vicki Hau
                                              --------------------------
                                              Name:  Haichi Vicki Hau
                                              Title: Secretary


                                       3


<PAGE>

                          THE TAIWAN FUND, INC. REVIEW
                                  OCTOBER 2001

HSBC Asset Management (Taiwan) Limited
24/F No. 99, Tunhwa S. Rd., Sec. 2                         Tel: (8862) 2325-7888
Taipei, Taiwan, R.O.C.                                     Fax: (8862) 2706-5371

                                PORTFOLIO REVIEW

      Taiwan's economic indicators, such as export orders and the loan growth
rate, continue to show weakness in external and domestic demand. Uncertainties
relating to the current military action in Afghanistan and threats of the use of
biochemical weapons continue to affect the global economy, particularly the U.S.
economy. Recently released economic data, such as the GDP growth rate, the
unemployment rate and the consumer confidence and savings ratio, have shown that
while the U.S. economy continues to decline, several other global capital
markets have recovered from the events of September 11, 2001 and have become
quite resilient to negative news. We believe that certain markets may remain
resilient to the military actions in Afghanistan; provided that these actions
are contained within Afghanistan.

      It is still too early to determine whether or not Taiwan is close to
partial economic recovery. The key factor will be the restoration of U.S.
consumer confidence. Once this happens, consumer expenditures will rise and
corporate profits are likely to improve. Taiwan, an export-driven economy, could
benefit significantly if the global economy starts to recover, particularly the
technology sector.

      In the technology sector, the Fund has increased its holdings in the
electronics sector, particularly the Integrated Circuit (IC) fabless design
house related companies, as those companies continue to deliver both revenues
and earnings growth even in the current unfriendly global environment. Favorable
product diversity and lower cost solutions, due to the current lower utilization
rate of major local IC foundries, have helped them to gain global market share
while improving their revenues basis and net profits. Also, the Fund increased
its holdings in the IC foundries related stocks, as management of these
companies have given positive guidance for the coming quarters due to increased
demand for advanced process technology. In addition to the technology sector,
the Fund has started to increase its holdings in certain companies related to
medical-mechanical devices.

                                                   Pedro Tai


                    CORE & ACTIVE PORTFOLIO ASSET ALLOCATION

<TABLE>
<CAPTION>
As of 10/31/01                         % OF CORE       % OF ACTIVE         % OF
                                       PORTFOLIO        PORTFOLIO          TAIEX
<S>                                    <C>             <C>                <C>
Semiconductor                            21.42            13.92            22.11
Electronics                              15.28            29.54            15.89
Banking                                  13.80             2.19            13.26
PC & Peripherals                         13.58            19.08            13.32
Telecommunication                         8.61             9.72             7.86
Insurance                                 4.87                0             5.20
Plastics                                  3.71                0             3.69
Textile                                   3.16                0             2.99
Steel                                     1.94                0             2.14
Retail                                    1.59                0             1.15
Transportation                            1.40                0             1.55
Auto                                      1.27                0             0.87
Chemical                                  0.96             3.27             1.24
Rubber                                    0.96                0             0.47
*C. S. & Software                         0.76             4.05             1.01
Others                                    6.69             6.36             7.25
TOTAL                                   100.00            88.13           100.00
Cash                                                      11.87
</TABLE>

TOTAL ACTIVE PORTFOLIO NET ASSET: US$54.19M
TOTAL CORE PORTFOLIO NET ASSET: US$100.63M


                          TOTAL FUND ASSET ALLOCATION

<TABLE>
<CAPTION>
As of 10/31/01                                            % OF             % OF
                                                       TOTAL FUND         TAIEX
<S>                                                    <C>                <C>
Electronics                                              20.39             15.89
Semiconductor                                            18.75             22.11
PC & Peripherals                                         15.54             13.32
Banking                                                   9.44             13.26
Telecommunication                                         9.00              7.86
Insurance                                                 3.32              5.20
Plastics                                                  2.38              3.69
Textile                                                   2.02              2.99
*C. S. & Software                                         1.95              0.71
Chemical                                                  1.80              1.24
Steel                                                     1.25              2.14
Retail                                                    1.02              1.15
Transportation                                            0.90              1.55
Auto                                                      0.81              0.87
Rubber                                                    0.61              0.47
Others                                                    6.57              7.55
TOTAL                                                    95.75            100.00
Cash                                                      4.25
</TABLE>

TOTAL NET ASSET: US$154.82M
(*)=Computer Service & Software


                       TOP 10 HOLDINGS OF ACTIVE PORTFOLIO

<TABLE>
<CAPTION>
As of 10/31/01                                             % OF ACTIVE PORTFOLIO
<S>                                                        <C>
Mediatek Incorporation                                              6.23
Taiwan Semiconductor Mfg                                            5.44
Faraday Technology Corp                                             5.31
Ambit Microsystems                                                  5.09
Accton Technology Corp                                              4.64
Wus Printed Circuit Co Ltd                                          4.36
Macronix International                                              4.28
Realtek Semiconductor                                               4.26
Hon Hai Precision Industry                                          4.03
Asustek Computer Inc.                                               4.02
                                                                   -----
TOTAL                                                              47.66
</TABLE>


                     TOP 10 HOLDINGS OF TOTAL FUND PORTFOLIO

<TABLE>
<CAPTION>
As of 10/31/01                                              % OF TOTAL PORTFOLIO
<S>                                                         <C>
Taiwan Semiconductor Mfg                                            8.92
United Micro Electronics                                            6.54
Asustek Computer Inc.                                               4.14
Quanta                                                              3.80
Hon Hai Precision Industry                                          3.80
Chunghwa Telecom Co                                                 3.21
Ambit Microsystems                                                  3.01
Realtek Semiconductor                                               2.87
Bank Sinopac                                                        2.80
Cathay Life Insurance                                               2.32
                                                                   -----
TOTAL                                                              41.41
</TABLE>


                                                                               1
<PAGE>
                             PREMIUM/DISCOUNT OF TWN

                          TAIWAN FUND PREMIUM/DISCOUNT
                             01/01/1993-10/31/2001

                                  [LINE GRAPH]

                       PREMIUM/
  DATE                 DISCOUNT
  ----                 --------
<TABLE>
<S>                    <C>
  1/4/93                -1.02%
  1/5/93                -0.76%
  1/6/93                -0.61%
  1/7/93                -2.25%
  1/8/93                -6.57%
 1/11/93                -6.84%
 1/12/93                -2.72%
 1/13/93                -2.98%
 1/14/93                -1.51%
 1/15/93                 4.39%
 1/18/93                 3.29%
 1/19/93                 3.40%
 1/20/93                 6.02%
 1/22/93                 8.10%
 1/25/93                11.31%
 1/26/93                14.59%
 1/27/93                 8.47%
 1/28/93                 5.71%
 1/29/93                 5.16%
  2/1/93                 7.85%
  2/2/93                 9.20%
  2/3/93                 8.55%
  2/4/93                 8.55%
  2/5/93                 7.42%
  2/8/93                 6.09%
  2/9/93                 2.19%
 2/10/93                 1.78%
 2/11/93                 8.26%
 2/12/93                 8.04%
 2/16/93                 8.58%
 2/17/93                 9.06%
 2/18/93                 4.93%
 2/19/93                 5.63%
 2/22/93                 7.46%
 2/23/93                 4.71%
 2/24/93                 5.73%
 2/25/93                 6.70%
 2/26/93                 6.58%
  3/1/93                 7.60%
  3/2/93                12.02%
  3/3/93                14.86%
  3/4/93                12.21%
  3/5/93                11.37%
  3/8/93                14.43%
  3/9/93                13.75%
 3/10/93                13.58%
 3/11/93                12.90%
 3/12/93                12.16%
 3/15/93                12.55%
 3/16/93                12.44%
 3/17/93                13.98%
 3/18/93                16.82%
 3/19/93                16.89%
 3/22/93                17.32%
 3/23/93                16.19%
 3/24/93                15.90%
 3/25/93                15.83%
 3/26/93                16.58%
 3/29/93                16.58%
 3/30/93                14.93%
 3/31/93                14.58%
  4/1/93                17.30%
  4/2/93                14.40%
  4/5/93                12.16%
  4/6/93                11.55%
  4/7/93                11.59%
  4/8/93                13.36%
 4/12/92                13.02%
 4/13/92                13.58%
 4/14/92                12.73%
 4/15/92                13.07%
 4/16/92                12.15%
 4/19/92                 8.72%
 4/20/92                 6.18%
 4/21/92                 7.32%
 4/22/92                 3.65%
 4/23/93                 4.84%
 4/26/93                 4.12%
 4/27/93                 4.84%
 4/28/93                 9.21%
 4/29/93                 8.72%
 4/30/93                 8.40%
  5/3/93                 6.36%
  5/4/93                 7.41%
  5/5/93                 6.68%
  5/6/93                 5.88%
  5/7/93                 4.78%
 5/10/93                 3.81%
 5/11/93                 5.24%
 5/12/93                 4.32%
 5/13/93                 3.50%
 5/14/93                 3.14%
 5/17/93                 4.32%
 5/18/93                 3.34%
 5/19/93                 1.67%
 5/20/93                 2.39%
 5/21/93                 2.80%
 5/24/93                 3.74%
 5/25/93                 4.22%
 5/26/93                 6.02%
 5/27/93                 7.76%
 5/28/93                 5.89%
  6/1/93                 5.64%
  6/2/93                 5.59%
  6/3/93                 3.80%
  6/4/93                 3.07%
  6/7/93                 5.85%
  6/8/93                 4.01%
  6/9/93                 4.96%
 6/10/93                 4.97%
 6/11/93                 4.38%
 6/14/93                 3.25%
 6/15/93                 2.99%
 6/16/93                 1.16%
 6/17/93                 3.41%
 6/18/93                 3.03%
 6/21/93                 5.48%
 6/22/93                 7.39%
 6/23/93                 3.90%
 6/24/93                 2.54%
 6/25/93                 2.93%
 6/28/93                 1.85%
 6/29/93                 1.46%
 6/30/93                 1.95%
  7/2/93                 6.40%
  7/6/93                 7.24%
  7/7/93                 9.90%
  7/8/93                14.24%
  7/9/93                 9.13%
 7/12/93                 6.92%
 7/13/93                 7.56%
 7/14/93                 8.96%
 7/15/93                 8.20%
 7/16/93                 8.23%
 7/19/93                 7.93%
 7/20/93                 7.43%
 7/21/93                 8.40%
 7/22/93                 7.72%
 7/23/93                 7.49%
 7/26/93                 7.64%
 7/27/93                11.19%
 7/28/93                11.29%
 7/29/93                13.20%
 7/30/93                11.47%
  8/2/93                10.09%
  8/3/93                10.72%
  8/4/93                 8.05%
  8/5/93                 7.82%
  8/6/93                 8.17%
  8/9/93                 8.75%
 8/10/93                 9.48%
 8/11/93                 9.19%
 8/12/93                10.41%
 8/13/93                 9.31%
 8/16/93                10.45%
 8/17/93                 9.72%
 8/18/93                 9.28%
 8/19/93                11.49%
 8/20/93                10.85%
 8/23/93                10.90%
 8/24/93                10.70%
 8/25/93                11.45%
 8/26/93                10.70%
 8/27/93                11.50%
 8/30/93                10.13%
 8/31/93                10.80%
  9/1/93                13.64%
  9/2/93                13.51%
  9/3/93                13.64%
  9/7/93                15.02%
  9/8/93                17.86%
  9/9/93                17.69%
 9/10/93                20.50%
 9/13/93                20.90%
 9/14/93                18.95%
 9/15/93                20.85%
 9/16/93                26.69%
 9/17/93                22.40%
 9/20/93                18.26%
 9/21/93                16.37%
 9/22/93                15.88%
 9/23/93                17.25%
 9/24/93                17.45%
 9/27/93                16.39%
 9/28/93                17.02%
 9/29/93                16.82%
 9/30/93                16.82%
 10/1/93                16.71%
 10/4/93                17.64%
 10/5/93                21.50%
 10/6/93                19.99%
 10/7/93                24.26%
 10/8/93                24.86%
10/11/93                32.40%
10/12/93                43.59%
10/13/93                35.62%
10/14/93                31.97%
10/15/93                33.69%
10/18/93                33.33%
10/19/93                32.08%
10/20/93                32.96%
10/21/93                34.92%
10/22/93                30.21%
10/25/93                28.87%
10/26/93                28.51%
10/27/93                30.64%
10/28/93                34.81%
10/29/93                34.02%
 11/1/93                34.02%
 11/2/93                36.16%
 11/3/93                45.07%
 11/4/93                44.87%
 11/5/93                34.02%
 11/8/93                33.21%
 11/9/93                26.88%
11/10/93                33.79%
11/11/93                34.11%
11/12/93                35.31%
11/15/93                31.97%
11/16/93                32.37%
11/17/93                31.84%
11/18/93                31.28%
11/19/93                35.62%
11/22/93                31.10%
11/23/93                28.64%
11/24/93                30.44%
11/26/93                31.23%
11/29/93                34.06%
11/30/93                32.72%
 12/1/93                27.10%
 12/2/93                28.79%
 12/3/93                26.72%
 12/6/93                26.99%
 12/7/93                27.59%
 12/8/93                26.78%
 12/9/93                27.31%
12/10/93                25.76%
12/13/93                25.60%
12/14/93                30.68%
12/15/93                38.12%
12/16/93                41.30%
12/17/93                33.43%
12/20/93                28.71%
12/21/93                39.93%
12/22/93                45.04%
12/23/93                46.66%
12/27/93                49.19%
12/28/93                52.53%
12/29/93                46.41%
12/30/93                46.41%
12/31/93                45.50%
  1/3/94                41.47%
  1/4/94                38.68%
  1/5/94                37.42%
  1/6/94                31.58%
  1/7/94                34.82%
 1/10/94                31.75%
 1/11/94                27.79%
 1/12/94                23.50%
 1/13/94                25.99%
 1/14/94                31.76%
 1/17/94                27.27%
 1/18/94                32.49%
 1/19/94                37.24%
 1/20/94                31.11%
 1/21/94                32.16%
 1/24/94                31.40%
 1/25/94                33.61%
 1/26/94                34.87%
 1/27/94                32.01%
 1/28/94                32.31%
 1/31/94                30.37%
  2/1/94                28.33%
  2/2/94                25.55%
  2/3/94                26.92%
  2/4/94                22.16%
  2/7/94                20.94%
  2/8/94                21.50%
 2/14/94                19.95%
 2/15/94                21.50%
 2/16/94                21.69%
 2/17/94                24.46%
 2/18/94                22.36%
 2/22/94                19.75%
 2/23/94                21.38%
 2/24/94                18.01%
 2/25/94                13.07%
 2/28/94                11.94%
  3/1/94                 5.13%
  3/2/94                 3.08%
  3/3/94                 5.69%
  3/4/94                 7.70%
  3/7/94                15.50%
  3/8/94                13.40%
  3/9/94                 8.38%
 3/10/94                 5.05%
 3/11/94                 5.01%
 3/14/94                 5.26%
 3/15/94                 5.80%
 3/16/94                 6.08%
 3/17/94                13.40%
 3/18/94                10.22%
 3/21/94                 8.19%
 3/22/94                 8.26%
 3/23/94                 6.16%
 3/24/94                 5.43%
 3/25/94                 4.38%
 3/28/94                 3.82%
 3/30/94                 1.29%
 3/31/94                 1.18%
  4/4/94                -0.25%
  4/5/94                 9.62%
  4/6/94                 4.67%
  4/7/94                 5.96%
  4/8/94                 8.14%
 4/11/94                 9.67%
 4/12/94                 9.92%
 4/13/94                11.77%
 4/14/94                14.43%
 4/15/94                20.28%
 4/18/94                14.09%
 4/19/94                16.76%
 4/20/94                14.32%
 4/21/94                11.99%
 4/22/94                12.42%
 4/25/94                12.87%
 4/26/94                14.82%
 4/28/94                12.27%
 4/29/94                15.26%
  5/2/94                14.65%
  5/3/94                10.03%
  5/4/94                10.53%
  5/5/94                10.57%
  5/6/94                 9.51%
  5/9/94                11.47%
 5/10/94                13.09%
 5/11/94                13.32%
 5/12/94                13.45%
 5/13/94                18.93%
 5/16/94                20.58%
 5/17/94                20.43%
 5/18/94                21.52%
 5/19/94                22.62%
 5/20/94                22.87%
 5/23/94                24.69%
 5/24/94                24.58%
 5/25/94                22.45%
 5/26/94                22.14%
 5/27/94                23.92%
 5/31/94                21.16%
  6/1/94                20.02%
  6/2/94                19.50%
  6/3/94                17.90%
  6/6/94                17.42%
  6/7/94                19.00%
  6/8/94                18.06%
  6/9/94                17.56%
 6/10/94                16.94%
 6/13/94                16.39%
 6/14/94                14.04%
 6/15/94                13.46%
 6/16/94                12.88%
 6/17/94                12.07%
 6/20/94                12.68%
 6/21/94                 8.65%
 6/22/94                 9.04%
 6/23/94                 9.77%
 6/24/94                 6.32%
 6/27/94                 8.19%
 6/28/94                 7.56%
 6/29/94                 6.32%
 6/30/94                 6.65%
  7/1/94                 6.65%
  7/5/94                 5.89%
  7/6/94                 7.33%
  7/7/94                 8.37%
  7/8/94                10.13%
 7/11/94                 9.93%
 7/12/94                10.21%
 7/13/94                12.55%
 7/14/94                 9.68%
 7/15/94                10.32%
 7/18/94                 8.18%
 7/19/94                 5.78%
 7/20/94                 4.54%
 7/21/94                 5.50%
 7/22/94                 7.73%
 7/25/94                 5.97%
 7/26/94                 6.94%
 7/27/94                 7.22%
 7/28/94                 8.24%
 7/29/94                11.03%
  8/1/94                 9.60%
  8/2/94                 4.20%
  8/3/94                 2.30%
  8/4/94                 0.76%
  8/5/94                 1.04%
  8/8/94                 4.90%
  8/9/94                 4.20%
 8/10/94                 1.29%
 8/11/94                 0.76%
 8/12/94                -1.42%
 8/15/94                 0.76%
 8/16/94                 1.73%
 8/17/94                 1.46%
 8/18/94                -1.08%
 8/19/94                -1.65%
 8/22/94                 1.07%
 8/23/94                 0.19%
 8/24/94                 2.25%
 8/25/94                 0.51%
 8/26/94                 1.27%
 8/29/94                -2.49%
 8/30/94                -1.42%
 8/31/94                -1.16%
  9/1/94                -2.11%
  9/2/94                -3.34%
  9/6/94                -1.65%
  9/7/94                -1.83%
  9/8/94                -3.08%
  9/9/94                -3.72%
 9/12/94                -6.65%
 9/13/94                -5.95%
 9/14/94                -4.77%
 9/15/94                -5.03%
 9/16/94                -5.50%
 9/19/94                -5.03%
 9/20/94                -5.44%
 9/21/94                -4.00%
 9/22/94                -5.98%
 9/23/94                -5.68%
 9/26/94                -6.38%
 9/27/94                -6.13%
 9/28/94                -5.35%
 9/29/94                -0.65%
 9/30/94                -1.39%
 10/3/94                -0.60%
 10/4/94                -5.51%
 10/5/94                -8.33%
 10/6/94                -8.12%
 10/7/94                -3.30%
10/10/94                 0.99%
10/11/94                 2.87%
10/12/94                -3.06%
10/13/94                -5.40%
10/14/94                -4.49%
10/17/94                -9.22%
10/18/94                -7.12%
10/19/94                -6.64%
10/20/94               -10.00%
10/21/94               -10.43%
10/24/94                -7.54%
10/25/94                -8.33%
10/26/94                -8.63%
10/27/94                -8.85%
10/28/94                -8.06%
10/31/94                -8.39%
 11/1/94                -7.12%
 11/2/94                -8.46%
 11/3/94                -8.52%
 11/4/94               -10.93%
 11/7/94               -10.77%
 11/8/94               -11.56%
 11/9/94               -10.51%
11/10/94               -10.89%
11/11/94                -9.82%
11/14/94                -7.20%
11/15/94                -7.56%
11/16/94                -9.01%
11/17/94                -9.67%
11/18/94                -9.59%
11/21/94               -10.65%
11/22/94               -12.58%
11/23/94               -13.57%
11/25/94               -11.74%
11/28/94               -12.60%
11/29/94               -13.57%
11/30/94               -13.62%
 12/1/94               -11.96%
 12/2/94                -8.29%
 12/5/94                -5.74%
 12/6/94                -9.72%
 12/7/94               -10.34%
 12/8/94               -13.92%
 12/9/94                -9.51%
12/12/94                -9.35%
12/13/94                -8.66%
12/14/94                -9.32%
12/15/94                -9.31%
12/16/94                -5.81%
12/19/94                -6.95%
12/20/94                -6.55%
12/21/94                -7.44%
12/22/94                -5.92%
12/23/94                -5.60%
12/27/94                -7.76%
12/28/94                -7.79%
12/29/94                -8.85%
12/30/94                12.49%
  1/3/95                 9.39%
  1/4/95                 6.48%
  1/5/95                10.37%
  1/6/95                14.65%
  1/9/95                16.27%
 1/10/95                13.35%
 1/11/95                12.78%
 1/12/95                10.42%
 1/13/95                13.05%
 1/16/95                13.83%
 1/17/95                14.38%
 1/18/95                15.96%
 1/19/95                18.72%
 1/20/95                17.14%
 1/23/95                16.47%
 1/24/95                17.43%
 1/25/95                16.65%
 1/26/95                17.26%
 1/27/95                22.90%
 1/30/95                26.22%
 1/31/95                 2.41%
  2/1/95                 1.31%
  2/2/95                 2.41%
  2/3/95                 5.74%
  2/6/95                 2.14%
  2/7/95                 0.11%
  2/8/95                -0.21%
  2/9/95                -1.52%
 2/10/95                -3.08%
 2/13/95                -2.15%
 2/14/95                -3.93%
 2/15/95                -4.04%
 2/16/95                -5.10%
 2/17/95                -4.71%
 2/21/95                -3.30%
 2/22/95                -3.25%
 2/23/95                -0.81%
 2/24/95                -1.66%
 2/27/95                 0.24%
 2/28/95                 1.02%
  3/1/95                 3.98%
  3/2/95                -0.33%
  3/3/95                -1.12%
  3/6/95                -4.09%
  3/7/95                -9.01%
  3/8/95               -12.69%
  3/9/95               -11.61%
 3/10/95                -8.72%
 3/13/95               -11.69%
 3/14/95               -11.43%
 3/15/95                -8.42%
 3/16/95                -8.36%
 3/17/95                -9.80%
 3/20/95               -10.02%
 3/21/95               -10.97%
 3/22/95               -12.61%
 3/23/95               -11.46%
 3/24/95               -13.58%
 3/27/95               -12.93%
 3/28/95               -14.81%
 3/30/95               -16.37%
 3/31/95               -15.60%
  4/6/95               -20.74%
  4/7/95               -18.57%
 4/10/95               -16.51%
 4/11/95               -17.54%
 4/12/95               -16.47%
 4/13/95               -15.81%
 4/17/95               -12.48%
 4/18/95               -10.79%
 4/19/95               -11.08%
 4/20/95               -11.01%
 4/21/95                -8.72%
 4/24/95               -10.01%
 4/25/95                -9.89%
 4/26/95                -8.89%
 4/27/95                -8.17%
 4/28/95                -8.51%
  5/1/95                -8.84%
  5/2/95                -7.93%
  5/3/95                -6.39%
  5/4/95                -3.12%
  5/5/95                -3.27%
  5/8/95                -6.07%
  5/9/95                -6.94%
 5/10/95                -7.23%
 5/11/95                -5.80%
 5/12/95                -3.59%
 5/15/95                -3.72%
 5/16/95                -3.64%
 5/17/95                -3.27%
 5/18/95                -3.02%
 5/19/95                -2.60%
 5/22/95                -0.94%
 5/23/95                 0.42%
 5/24/95                -0.07%
 5/25/95                -2.27%
 5/26/95                -3.01%
 5/30/95                -1.01%
 5/31/95                -1.14%
  6/1/95                 1.93%
  6/2/95                 1.38%
  6/5/95                 2.75%
  6/6/95                 3.02%
  6/7/95                 3.80%
  6/8/95                 3.80%
  6/9/95                 3.57%
 6/12/95                 3.62%
 6/13/95                 2.53%
 6/14/95                 2.50%
 6/15/95                 3.00%
 6/16/95                 3.08%
 6/19/95                 4.36%
 6/20/95                 3.05%
 6/21/95                 5.20%
 6/22/95                -4.86%
 6/23/95                -4.50%
 6/26/95                -6.86%
 6/27/95                -4.70%
 6/28/95                -3.24%
 6/29/95                -1.98%
 6/30/95                -1.73%
  7/3/95                 0.83%
  7/5/95                -0.02%
  7/6/95                 0.74%
  7/7/95                 3.15%
 7/10/95                 6.77%
 7/11/95                 7.03%
 7/12/95                 8.01%
 7/13/95                10.87%
 7/14/95                10.48%
 7/17/95                 7.26%
 7/18/95                 1.40%
 7/19/95                 2.88%
 7/20/95                 7.16%
 7/21/95                10.22%
 7/24/95                 8.37%
 7/25/95                13.34%
 7/26/95                13.81%
 7/27/95                15.72%
 7/28/95                 6.60%
 7/31/95                 4.76%
  8/1/95                 9.55%
  8/2/95                11.14%
  8/3/95                12.30%
  8/4/95                10.26%
  8/7/95                11.26%
  8/8/95                11.63%
  8/9/95                13.08%
 8/10/95                10.75%
 8/11/95                16.95%
 8/14/95                17.28%
 8/15/95                16.80%
 8/16/95                21.25%
 8/17/95                22.96%
 8/18/95                19.98%
 8/21/95                20.28%
 8/22/95                18.66%
 8/23/95                20.13%
 8/24/95                18.95%
 8/25/95                19.08%
 8/28/95                18.36%
 8/29/95                18.95%
 8/30/95                17.85%
 8/31/95                18.36%
  9/1/95                18.75%
  9/5/95                16.12%
  9/6/95                15.90%
  9/7/95                15.11%
  9/8/95                14.16%
 9/11/95                15.41%
 9/12/95                14.99%
 9/13/95                16.75%
 9/14/95                16.39%
 9/15/95                17.02%
 9/18/95                15.16%
 9/19/95                15.44%
 9/20/95                17.17%
 9/21/95                17.29%
 9/25/95                14.38%
 9/26/95                15.84%
 9/27/95                14.63%
 9/29/95                15.63%
 10/2/95                14.63%
 10/3/95                14.33%
 10/4/95                13.12%
 10/5/95                15.47%
 10/6/95                15.78%
 10/9/95                15.43%
10/11/95                15.37%
10/12/95                18.80%
10/13/95                16.77%
10/16/95                15.63%
10/17/95                14.40%
10/18/95                14.35%
10/19/95                15.99%
10/20/95                15.45%
10/23/95                13.46%
10/24/95                12.62%
10/26/95                11.78%
10/27/95                13.34%
10/30/95                18.04%
 11/1/95                18.36%
 11/2/95                18.98%
 11/3/95                19.21%
 11/6/95                14.75%
 11/7/95                15.01%
 11/8/95                13.13%
 11/9/95                10.66%
11/10/95                11.22%
11/14/95                15.31%
11/15/95                18.19%
11/16/95                19.49%
11/17/95                18.35%
11/20/95                16.01%
11/21/95                14.29%
11/22/95                15.00%
11/24/95                16.67%
11/27/95                15.79%
11/28/95                15.48%
11/29/95                15.45%
11/30/95                15.75%
 12/1/95                17.98%
 12/4/95                20.33%
 12/5/95                15.43%
 12/6/95                17.45%
 12/7/95                13.89%
 12/8/95                13.51%
12/11/95                 9.77%
12/12/95                11.39%
12/13/95                12.28%
12/14/95                12.66%
12/15/95                10.87%
12/18/95                 8.29%
12/19/95                 7.76%
12/20/95                11.14%
12/21/95                11.08%
12/22/95                10.00%
12/26/95                 8.20%
12/27/95                10.90%
12/28/95                 8.29%
12/29/95                 7.56%
  1/3/96                23.89%
  1/4/96                12.80%
  1/5/96                18.11%
  1/8/96                18.88%
  1/9/96                17.96%
 1/10/96                18.58%
 1/11/96                22.79%
 1/12/96                23.49%
 1/15/96                22.02%
 1/16/96                17.53%
 1/17/96                15.49%
 1/18/96                12.59%
 1/19/96                15.06%
 1/22/96                13.76%
 1/23/96                14.44%
 1/24/96                13.64%
 1/25/96                13.89%
 1/26/96                13.95%
 1/29/96                16.33%
 1/30/96                15.05%
 1/31/96                13.83%
  2/1/96                15.12%
  2/2/96                14.09%
  2/5/96                17.92%
  2/6/96                18.05%
  2/7/96                16.63%
  2/8/96                14.68%
  2/9/96                15.71%
 2/12/96                18.32%
 2/13/96                23.74%
 2/14/96                22.62%
 2/15/96                24.08%
 2/16/96                24.93%
 2/23/96                23.25%
 2/26/96                25.14%
 2/27/96                21.01%
 2/28/96                22.86%
 2/29/96                19.69%
  3/1/96                21.37%
  3/4/96                21.22%
  3/5/96                18.81%
  3/6/96                17.95%
  3/7/96                20.41%
  3/8/96                14.48%
 3/11/96                16.28%
 3/12/96                16.43%
 3/13/96                22.89%
 3/14/96                23.43%
 3/15/96                22.48%
 3/18/96                21.71%
 3/19/96                19.38%
 3/20/96                19.70%
 3/21/96                20.57%
 3/22/96                20.73%
 3/25/96                21.89%
 3/26/96                20.90%
 3/27/96                22.08%
 3/28/96                23.37%
 3/29/96                23.51%
  4/1/96                21.93%
  4/2/96                23.08%
  4/3/96                23.15%
  4/4/96                24.47%
  4/8/96                20.14%
  4/9/96                22.06%
 4/10/96                21.32%
 4/11/96                21.03%
 4/12/96                19.76%
 4/15/96                17.81%
 4/16/96                18.38%
 4/17/96                16.98%
 4/18/96                12.16%
 4/19/96                16.96%
 4/22/96                15.70%
 4/23/96                18.23%
 4/24/96                18.50%
 4/25/96                16.96%
 4/26/96                15.33%
 4/29/96                10.33%
 4/30/96                 8.93%
  5/1/96                 7.90%
  5/2/96                 7.77%
  5/3/96                 8.80%
  5/6/96                 9.52%
  5/7/96                10.70%
  5/8/96                 9.22%
  5/9/96                 9.80%
 5/10/96                12.34%
 5/13/96                10.33%
 5/14/96                10.24%
 5/15/96                10.47%
 5/16/96                 8.26%
 5/17/96                 8.07%
 5/20/96                12.49%
 5/21/96                13.98%
 5/22/96                13.81%
 5/23/96                13.98%
 5/24/96                11.03%
 5/28/96                12.66%
 5/29/96                 9.21%
 5/30/96                 8.40%
 5/31/96                 9.15%
  6/3/96                 8.22%
  6/4/96                 7.20%
  6/5/96                 7.18%
  6/6/96                 6.59%
  6/7/96                 5.36%
 6/10/96                10.79%
 6/11/96                11.36%
 6/12/96                 9.35%
 6/13/96                 9.46%
 6/14/96                 8.92%
 6/17/96                 8.25%
 6/18/96                 7.55%
 6/19/96                 7.86%
 6/20/96                 7.19%
 6/21/96                 7.24%
 6/24/96                 6.36%
 6/25/96                 6.33%
 6/26/96                 5.63%
 6/27/96                 5.54%
 6/28/96                 5.77%
  7/1/96                 5.18%
  7/2/96                 4.63%
  7/3/96                 5.33%
  7/5/96                 5.05%
  7/8/96                 5.68%
  7/9/96                 6.76%
 7/10/96                 6.22%
 7/11/96                 4.93%
 7/12/96                 6.12%
 7/15/96                 3.78%
 7/16/96                 4.36%
 7/17/96                 5.18%
 7/18/96                 5.67%
 7/19/96                 5.32%
 7/22/96                 4.75%
 7/23/96                 0.89%
 7/24/96                 1.08%
 7/25/96                 2.74%
 7/26/96                 1.86%
 7/29/96                 1.26%
 7/30/96                 1.65%
 7/31/96                 2.23%
  8/1/96                 3.39%
  8/2/96                 5.17%
  8/5/96                 6.31%
  8/6/96                 6.40%
  8/7/96                 3.74%
  8/8/96                 2.80%
  8/9/96                 3.65%
 8/12/96                 4.31%
 8/13/96                 4.64%
 8/14/96                 4.96%
 8/15/96                 6.44%
 8/16/96                 6.55%
 8/19/96                 8.77%
 8/20/96                10.94%
 8/21/96                 9.32%
 8/22/96                10.00%
 8/23/96                 9.72%
 8/26/96                 7.70%
 8/27/96                 6.40%
 8/28/96                 6.53%
 8/29/96                 6.79%
 8/30/96                 5.67%
  9/3/96                 5.21%
  9/4/96                 4.17%
  9/5/96                 5.44%
  9/6/96                 6.14%
  9/9/96                 3.48%
 9/10/96                 3.34%
 9/11/96                 2.29%
 9/12/96                 2.83%
 9/13/96                 2.02%
 9/16/96                 2.52%
 9/17/96                 2.61%
 9/18/96                 0.50%
 9/19/96                -2.10%
 9/20/96                -0.66%
 9/23/96                 0.33%
 9/24/96                 1.35%
 9/25/96                 0.22%
 9/26/96                -0.37%
 9/30/96                -0.45%
 10/1/96                -1.26%
 10/2/96                -0.62%
 10/3/96                -1.70%
 10/4/96                -2.19%
 10/7/96                -2.27%
 10/8/96                -2.87%
 10/9/96                -1.58%
10/10/96                -1.01%
10/11/96                -3.44%
10/14/96                -3.44%
10/15/96                -4.49%
10/16/96                -6.36%
10/17/96                -6.41%
10/18/96                -5.92%
10/21/96                -6.58%
10/22/96                -7.74%
10/23/96                -7.09%
10/24/96                -7.11%
10/25/96                -8.14%
10/28/96                -8.89%
10/29/96                -9.61%
10/30/96                -9.77%
10/31/96                -9.24%
 11/1/96               -10.49%
 11/4/96               -11.27%
 11/5/96               -11.86%
 11/6/96               -14.29%
 11/7/96               -13.09%
 11/8/96               -12.48%
11/11/96               -12.12%
11/12/96               -12.08%
11/13/96               -12.00%
11/14/96               -10.97%
11/15/96               -10.97%
11/18/96               -11.08%
11/19/96                -9.49%
11/20/96                -9.96%
11/21/96               -10.29%
11/22/96                -9.41%
11/25/96               -12.85%
11/26/96               -10.09%
11/27/96                -7.75%
11/29/96                -8.95%
 12/2/96               -10.27%
 12/3/96               -10.37%
 12/4/96               -12.20%
 12/5/96               -12.45%
 12/6/96               -11.92%
 12/9/96               -14.20%
12/10/96               -13.49%
12/11/96               -14.46%
12/12/96               -13.95%
12/13/96               -13.52%
12/16/96               -12.55%
12/17/96               -12.56%
12/18/96               -13.07%
12/19/96               -11.94%
12/20/96               -11.20%
12/23/96               -11.10%
12/24/96               -11.68%
12/26/96               -12.18%
12/27/96               -13.27%
12/30/96               -13.69%
12/31/96               -13.79%
  1/6/97                -7.73%
  1/7/97                -8.89%
  1/8/97                -9.64%
  1/9/97                -8.47%
 1/10/97                -8.83%
 1/13/97                -7.99%
 1/14/97                -8.66%
 1/15/97               -11.26%
 1/16/97               -11.83%
 1/17/97               -10.68%
 1/20/97               -10.78%
 1/21/97               -11.05%
 1/22/97               -12.41%
 1/23/97               -14.57%
 1/24/97               -15.21%
 1/27/97               -13.86%
 1/28/97               -12.98%
 1/29/97               -14.15%
 1/30/97               -14.80%
 1/31/97               -13.94%
  2/3/97               -14.16%
  2/4/97               -15.50%
  2/5/97               -14.86%
  2/6/97               -14.86%
  2/7/97               -14.36%
 2/10/97               -13.94%
 2/11/97               -14.47%
 2/12/97               -13.56%
 2/13/97               -12.68%
 2/14/97               -12.49%
 2/18/97               -15.17%
 2/19/97               -15.36%
 2/20/97               -14.57%
 2/21/97               -12.47%
 2/24/97               -11.42%
 2/25/97               -10.99%
 2/26/97               -11.25%
 2/27/97               -13.10%
 2/28/97               -13.31%
  3/3/97               -12.76%
  3/4/97               -14.52%
  3/5/97               -14.97%
  3/6/97               -15.40%
  3/7/97               -17.22%
 3/10/97               -18.52%
 3/11/97               -19.04%
 3/12/97               -17.33%
 3/13/97               -18.82%
 3/14/97               -17.22%
 3/17/97               -16.69%
 3/18/97               -16.96%
 3/19/97               -18.78%
 3/20/97               -19.95%
 3/21/97               -19.68%
 3/24/97               -18.79%
 3/25/97               -16.38%
 3/26/97               -18.05%
 3/27/97               -18.06%
 3/31/97               -17.00%
  4/1/97               -18.81%
  4/2/97               -19.11%
  4/3/97               -19.50%
  4/4/97               -19.07%
  4/7/97               -17.48%
  4/8/97               -17.25%
  4/9/97               -15.52%
 4/10/97               -16.85%
 4/11/97               -18.61%
 4/14/97               -19.37%
 4/15/97               -19.47%
 4/16/97               -19.71%
 4/17/97               -19.25%
 4/18/97               -19.93%
 4/21/97               -19.95%
 4/22/97               -19.37%
 4/23/97               -18.51%
 4/24/97               -18.14%
 4/25/97               -18.48%
 4/28/97               -19.74%
 4/29/97               -19.60%
 4/30/97               -19.63%
  5/1/97               -20.03%
  5/2/97               -20.66%
  5/5/97               -20.45%
  5/6/97               -20.73%
  5/7/97               -21.47%
  5/8/97               -21.60%
  5/9/97               -21.75%
 5/12/97               -20.76%
 5/13/97               -21.66%
 5/14/97               -21.74%
 5/15/97               -20.44%
 5/16/97               -19.87%
 5/19/97               -20.88%
 5/20/97               -19.30%
 5/21/97               -19.41%
 5/22/97               -19.42%
 5/23/97               -20.07%
 5/27/97               -20.69%
 5/28/97               -21.19%
 5/29/97               -20.59%
 5/30/97               -19.31%
  6/2/97               -20.92%
  6/3/97               -21.51%
  6/4/97               -21.54%
  6/5/97               -21.93%
  6/6/97               -21.57%
  6/9/97               -21.29%
 6/10/97               -22.33%
 6/11/97               -22.24%
 6/12/97               -22.60%
 6/13/97               -22.05%
 6/16/97               -21.93%
 6/17/97               -20.46%
 6/18/97               -20.86%
 6/19/97               -21.80%
 6/20/97               -21.44%
 6/23/97               -22.12%
 6/24/97               -22.09%
 6/25/97               -21.80%
 6/26/97               -21.88%
 6/27/97               -20.65%
 6/30/97               -21.58%
  7/1/97               -21.20%
  7/2/97               -21.36%
  7/3/97               -21.00%
  7/7/97               -21.00%
  7/8/97               -21.14%
  7/9/97               -21.78%
 7/10/97               -21.66%
 7/11/97               -23.13%
 7/14/97               -23.61%
 7/15/97               -24.87%
 7/16/97               -24.36%
 7/17/97               -25.22%
 7/18/97               -26.30%
 7/21/97               -26.34%
 7/22/97               -24.92%
 7/23/97               -25.57%
 7/24/97               -26.86%
 7/25/97               -26.49%
 7/28/97               -28.21%
 7/29/97               -27.64%
 7/30/97               -27.20%
 7/31/97               -29.18%
  8/1/97               -28.95%
  8/4/97               -28.51%
  8/5/97               -28.23%
  8/6/97               -27.82%
  8/7/97               -28.06%
  8/8/97               -28.66%
 8/11/97               -28.95%
 8/12/97               -27.73%
 8/13/97               -27.88%
 8/14/97               -27.43%
 8/15/97               -27.64%
 8/18/97               -26.96%
 8/19/97               -26.95%
 8/20/97               -23.81%
 8/21/97               -25.42%
 8/22/97               -25.40%
 8/25/97               -24.46%
 8/26/97               -23.69%
 8/27/97               -22.68%
 8/28/97               -24.55%
 8/29/97               -28.68%
  9/2/97               -22.13%
  9/3/97               -23.95%
  9/4/97               -23.74%
  9/5/97               -22.88%
  9/8/97               -21.62%
  9/9/97               -21.10%
 9/10/97               -21.64%
 9/11/97               -22.43%
 9/12/97               -22.27%
 9/15/97               -20.61%
 9/16/97               -19.85%
 9/17/97               -20.68%
 9/18/97               -19.80%
 9/19/97               -19.91%
 9/22/97               -18.54%
 9/23/97               -17.43%
 9/24/97               -15.51%
 9/25/97               -14.37%
 9/26/97               -14.51%
 9/29/97               -17.24%
 9/30/97               -18.98%
 10/1/97               -20.34%
 10/2/97               -18.96%
 10/3/97               -20.67%
 10/6/97               -19.35%
 10/7/97               -18.86%
 10/8/97               -19.93%
 10/9/97               -21.14%
10/10/97               -21.07%
10/13/97               -20.76%
10/14/97               -20.40%
10/15/97               -19.57%
10/16/97               -18.24%
10/17/97               -20.66%
10/20/97               -17.23%
10/21/97               -17.11%
10/22/97               -19.97%
10/23/97               -20.94%
10/24/97               -18.41%
10/27/97               -22.53%
10/28/97               -19.11%
10/29/97               -23.50%
10/30/97               -24.27%
10/31/97               -22.71%
 11/3/97               -21.68%
 11/4/97               -22.18%
 11/5/97               -20.60%
 11/6/97               -19.69%
 11/7/97               -24.47%
11/10/97               -19.58%
11/11/97               -20.15%
11/12/97               -24.17%
11/13/97               -21.94%
11/14/97               -19.89%
11/17/97               -18.63%
11/18/97               -18.66%
11/19/97               -17.51%
11/20/97               -18.74%
11/21/97               -19.94%
11/24/97               -19.98%
11/25/97               -22.63%
11/26/97               -20.95%
11/28/97               -20.64%
 12/1/97               -18.25%
 12/2/97               -18.80%
 12/3/97               -17.66%
 12/4/97               -16.70%
 12/5/97               -16.11%
 12/8/97               -16.96%
 12/9/97               -16.11%
12/10/97               -17.38%
12/11/97               -18.84%
12/12/97               -18.79%
12/15/97               -18.57%
12/16/97               -17.69%
12/17/97               -17.17%
12/18/97               -19.23%
12/19/97               -17.78%
12/22/97               -15.98%
12/23/97               -17.49%
12/24/97               -14.70%
12/26/97               -18.23%
12/29/97               -17.05%
12/30/97               -16.12%
12/31/97               -16.96%
  1/2/98               -15.61%
  1/5/98               -11.56%
  1/6/98               -10.76%
  1/7/98               -12.61%
  1/8/98               -15.87%
  1/9/98               -16.85%
 1/12/98               -13.00%
 1/13/98               -12.38%
 1/14/98               -14.11%
 1/15/98               -14.06%
 1/16/98               -11.65%
 1/20/98                -9.99%
 1/21/98               -12.59%
 1/22/98               -11.99%
 1/23/98               -12.00%
 1/26/98               -11.19%
 1/27/98               -11.19%
 1/28/98                -7.33%
 1/29/98                -5.95%
 1/30/98                  0.05%
  2/2/98                -1.56%
  2/3/98                -3.70%
  2/4/98                -5.13%
  2/5/98                -6.64%
  2/6/98                -7.29%
  2/9/98                -6.77%
 2/10/98                -7.43%
 2/11/98                -9.39%
 2/12/98                -9.31%
 2/13/98                -9.42%
 2/17/98                -9.25%
 2/18/98                -9.26%
 2/19/98               -10.05%
 2/20/98               -10.92%
 2/23/98               -11.78%
 2/24/98               -13.46%
 2/25/98               -12.27%
 2/26/98               -13.10%
 2/27/98               -12.75%
  3/2/98               -13.97%
  3/3/98               -14.02%
  3/4/98               -14.64%
  3/5/98               -15.56%
  3/6/98               -15.00%
  3/9/98               -14.64%
 3/10/98               -15.18%
 3/11/98               -15.75%
 3/12/98               -16.90%
 3/13/98               -18.32%
 3/16/98               -16.25%
 3/17/98               -15.24%
 3/18/98               -14.59%
 3/19/98               -13.98%
 3/20/98               -14.46%
 3/23/98               -12.78%
 3/24/98               -13.65%
 3/25/98               -16.71%
 3/26/98               -17.75%
 3/27/98               -17.20%
 3/30/98               -15.85%
 3/31/98               -16.98%
  4/1/98               -18.49%
  4/2/98               -20.30%
  4/3/98               -18.79%
  4/6/98               -17.44%
  4/7/98               -19.47%
  4/8/98               -18.70%
  4/9/98               -17.33%
 4/13/98               -14.21%
 4/14/98               -15.37%
 4/15/98               -16.55%
 4/16/98               -17.32%
 4/17/98               -16.79%
 4/20/98               -17.92%
 4/21/98               -18.00%
 4/22/98               -19.85%
 4/23/98               -19.24%
 4/24/98               -19.47%
 4/27/98               -18.49%
 4/28/98               -18.87%
 4/29/98               -21.80%
 4/30/98               -16.62%
  5/1/98               -16.58%
  5/4/98               -16.96%
  5/5/98               -17.93%
  5/6/98               -20.97%
  5/7/98               -22.87%
  5/8/98               -22.52%
 5/11/98               -21.68%
 5/12/98               -20.99%
 5/13/98               -22.32%
 5/14/98               -21.03%
 5/15/98               -20.78%
 5/18/98               -19.53%
 5/19/98               -20.27%
 5/20/98               -21.15%
 5/21/98               -22.27%
 5/22/98               -22.47%
 5/26/98               -20.97%
 5/27/98               -21.75%
 5/28/98               -22.83%
 5/29/98               -22.13%
  6/1/98               -21.78%
  6/2/98               -23.25%
  6/3/98               -22.73%
  6/4/98               -22.81%
  6/5/98               -22.01%
  6/8/98               -23.64%
  6/9/98               -22.96%
 6/10/98               -25.41%
 6/11/98               -24.10%
 6/12/98               -22.48%
 6/15/98               -26.66%
 6/16/98               -26.61%
 6/17/98               -17.43%
 6/18/98               -23.68%
 6/19/98               -23.94%
 6/22/98               -21.97%
 6/23/98               -20.09%
 6/24/98               -20.69%
 6/25/98               -20.34%
 6/26/98               -20.28%
 6/29/98               -19.86%
 6/30/98               -19.79%
  7/1/98               -17.56%
  7/2/98               -19.59%
  7/6/98               -20.86%
  7/7/98               -19.93%
  7/8/98               -20.96%
  7/9/98               -20.79%
 7/10/98               -21.92%
 7/13/98               -21.04%
 7/14/98               -21.13%
 7/15/98               -20.05%
 7/16/98               -19.64%
 7/17/98               -21.46%
 7/20/98               -19.40%
 7/21/98               -19.57%
 7/22/98               -18.22%
 7/23/98               -19.51%
 7/24/98               -20.17%
 7/27/98               -21.41%
 7/28/98               -21.49%
 7/29/98               -21.88%
 7/30/98               -22.74%
 7/31/98               -22.84%
  8/3/98               -24.61%
  8/4/98               -26.01%
  8/5/98               -23.30%
  8/6/98               -21.88%
  8/7/98               -20.62%
 8/10/98               -22.10%
 8/11/98               -27.16%
 8/12/98               -25.53%
 8/13/98               -25.00%
 8/14/98               -23.53%
 8/17/98               -24.72%
 8/18/98               -22.53%
 8/19/98               -19.52%
 8/20/98               -24.04%
 8/21/98               -24.02%
 8/24/98               -22.55%
 8/25/98               -22.95%
 8/26/98               -23.20%
 8/27/98               -24.60%
 8/28/98               -25.87%
 8/31/98               -28.80%
  9/1/98               -25.88%
  9/2/98               -27.10%
  9/3/98               -25.92%
  9/4/98               -26.32%
  9/8/98               -27.24%
  9/9/98               -28.21%
 9/10/98               -28.75%
 9/11/98               -26.05%
 9/14/98               -23.40%
 9/15/98               -22.97%
 9/16/98               -23.49%
 9/17/98               -24.03%
 9/18/98               -22.07%
 9/21/98               -21.78%
 9/22/98               -21.97%
 9/23/98               -19.20%
 9/24/98               -20.60%
 9/25/98               -22.27%
 9/28/98               -22.37%
 9/29/98               -21.38%
 9/30/98               -21.73%
 10/1/98               -24.56%
 10/2/98               -23.28%
 10/5/98               -24.82%
 10/6/98               -24.71%
 10/7/98               -24.94%
 10/8/98               -26.21%
 10/9/98               -24.79%
10/12/98               -20.50%
10/13/98               -20.25%
10/14/98               -20.61%
10/15/98               -18.53%
10/16/98               -15.33%
10/19/98               -19.21%
10/20/98               -17.74%
10/21/98               -19.86%
10/22/98               -19.52%
10/23/98               -20.20%
10/26/98               -18.51%
10/27/98               -20.24%
10/28/98               -20.05%
10/29/98               -19.24%
10/30/98               -18.46%
 11/2/98               -19.86%
 11/3/98               -19.83%
 11/4/98               -18.71%
 11/5/98               -20.31%
 11/6/98               -19.79%
 11/9/98               -21.42%
11/10/98               -21.69%
11/11/98               -21.78%
11/12/98               -20.29%
11/13/98               -21.18%
11/16/98               -19.35%
11/17/98               -20.20%
11/18/98               -19.17%
11/19/98               -18.69%
11/20/98               -19.18%
11/23/98               -17.50%
11/24/98               -18.48%
11/25/98               -19.35%
11/27/98               -20.89%
11/30/98               -20.23%
 12/1/98               -18.86%
 12/2/98               -18.37%
 12/3/98               -20.23%
 12/4/98               -21.02%
 12/7/98               -19.33%
 12/8/98               -22.48%
 12/9/98               -19.40%
12/10/98               -18.02%
12/11/98               -18.62%
12/14/98               -19.05%
12/15/98               -20.20%
12/16/98               -19.03%
12/17/98               -17.06%
12/18/98               -17.06%
12/21/98               -20.25%
12/22/98               -21.92%
12/23/98               -22.81%
12/24/98               -20.72%
12/28/98               -22.47%
12/29/98               -22.22%
12/30/98               -23.20%
12/31/98               -22.76%
  1/4/99               -19.91%
  1/5/99               -18.41%
  1/6/99               -18.39%
  1/7/99               -22.37%
  1/8/99               -20.35%
 1/11/99               -21.28%
 1/12/99               -21.78%
 1/13/99               -22.72%
 1/14/99               -22.18%
 1/15/99               -18.92%
 1/19/99               -19.15%
 1/20/99               -18.99%
 1/21/99               -19.30%
 1/22/99               -19.62%
 1/25/99               -19.55%
 1/26/99               -19.73%
 1/27/99               -20.83%
 1/28/99               -20.55%
 1/29/99               -20.16%
  2/1/99               -17.83%
  2/2/99               -20.82%
  2/3/99               -19.13%
  2/4/99               -19.21%
  2/5/99               -18.66%
  2/8/99               -20.47%
  2/9/99               -19.95%
 2/10/99               -19.80%
 2/11/99               -18.06%
 2/12/99               -18.93%
 2/16/99               -18.82%
 2/17/99               -17.95%
 2/18/99               -17.89%
 2/19/99               -15.27%
 2/22/99               -13.53%
 2/23/99               -13.35%
 2/24/99               -14.56%
 2/25/99               -12.24%
 2/26/99               -13.73%
  3/1/99               -15.60%
  3/2/99               -15.30%
  3/3/99               -15.77%
  3/4/99               -15.54%
  3/5/99               -13.62%
  3/8/99               -16.22%
  3/9/99               -17.16%
 3/10/99               -14.08%
 3/11/99               -12.62%
 3/12/99               -12.19%
 3/15/99               -13.26%
 3/16/99               -17.47%
 3/17/99               -16.83%
 3/18/99               -17.44%
 3/19/99               -17.33%
 3/22/99               -18.45%
 3/23/99               -17.08%
 3/24/99               -16.82%
 3/25/99               -14.25%
 3/26/99               -15.50%
 3/29/99               -13.71%
 3/30/99               -15.53%
 3/31/99               -14.60%
  4/1/99               -16.11%
  4/5/99               -16.22%
  4/6/99               -14.43%
  4/7/99               -11.99%
  4/8/99               -10.87%
  4/9/99                -8.84%
 4/12/99                -8.23%
 4/13/99               -11.84%
 4/14/99               -13.65%
 4/15/99               -16.20%
 4/16/99               -13.36%
 4/19/99                -7.51%
 4/20/99                -7.61%
 4/21/99                -7.00%
 4/22/99                -6.46%
 4/23/99                -7.51%
 4/26/99                -6.25%
 4/27/99                -6.30%
 4/28/99                -8.39%
 4/29/99                -5.95%
 4/30/99                -8.76%
  5/3/99                -7.33%
  5/4/99                -6.42%
  5/5/99                -7.24%
  5/6/99                -7.62%
  5/7/99                -6.53%
 5/10/99                -5.67%
 5/11/99                -5.06%
 5/12/99                -6.36%
 5/13/99                -3.85%
 5/14/99                -6.77%
 5/17/99                -8.36%
 5/18/99                -9.44%
 5/19/99                -8.08%
 5/20/99                -9.30%
 5/21/99               -12.95%
 5/24/99               -17.71%
 5/25/99               -19.19%
 5/26/99               -18.27%
 5/27/99               -18.43%
 5/28/99               -17.71%
  6/1/99               -17.15%
  6/2/99               -18.09%
  6/3/99               -14.13%
  6/4/99               -16.55%
  6/7/99               -17.66%
  6/8/99               -16.90%
  6/9/99               -17.29%
 6/10/99               -15.54%
 6/11/99               -15.33%
 6/14/99               -15.20%
 6/15/99               -12.95%
 6/16/99               -10.05%
 6/17/99                -9.09%
 6/18/99                -8.75%
 6/21/99                -9.44%
 6/22/99               -10.26%
 6/23/99                -9.51%
 6/24/99               -11.33%
 6/25/99                -9.32%
 6/28/99                -9.20%
 6/29/99                -9.45%
 6/30/99                -4.95%
  7/1/99                -2.57%
  7/2/99                -5.18%
  7/6/99                -7.89%
  7/7/99                -8.17%
  7/8/99                -9.87%
  7/9/99               -10.84%
 7/12/99               -10.22%
 7/13/99               -12.87%
 7/14/99                -8.34%
 7/15/99                -8.52%
 7/16/99                -5.38%
 7/19/99                -7.80%
 7/20/99               -10.76%
 7/21/99               -11.24%
 7/22/99               -12.14%
 7/23/99               -12.26%
 7/26/99               -14.27%
 7/27/99               -11.92%
 7/28/99               -11.54%
 7/29/99               -13.60%
 7/30/99               -11.68%
  8/2/99               -11.43%
  8/3/99               -11.52%
  8/4/99               -10.14%
  8/5/99               -12.36%
  8/6/99               -11.70%
  8/9/99               -12.59%
 8/10/99               -15.69%
 8/11/99               -13.94%
 8/12/99                -6.57%
 8/13/99                -9.65%
 8/16/99               -10.13%
 8/17/99               -11.01%
 8/18/99               -11.10%
 8/19/99               -12.54%
 8/20/99               -13.29%
 8/23/99               -13.51%
 8/24/99               -14.14%
 8/25/99               -14.15%
 8/26/99               -12.00%
 8/27/99               -12.97%
 8/30/99               -12.80%
 8/31/99               -15.34%
  9/1/99               -15.51%
  9/2/99               -14.76%
  9/3/99               -11.63%
  9/7/99               -10.63%
  9/8/99               -12.10%
  9/9/99               -12.27%
 9/10/99               -13.11%
 9/13/99               -14.25%
 9/14/99               -15.12%
 9/15/99               -14.09%
 9/16/99               -14.21%
 9/17/99               -14.33%
 9/20/99               -17.59%
 9/21/99               -19.10%
 9/22/99               -19.39%
 9/23/99               -19.10%
 9/24/99               -21.25%
 9/27/99               -18.98%
 9/28/99               -16.75%
 9/29/99               -13.70%
 9/30/99               -10.89%
 10/1/99               -13.56%
 10/4/99                -9.98%
 10/5/99               -11.11%
 10/6/99               -10.58%
 10/7/99               -10.76%
 10/8/99               -11.33%
10/11/99               -11.64%
10/12/99               -14.08%
10/13/99               -14.12%
10/14/99               -14.65%
10/15/99               -16.09%
10/18/99               -16.04%
10/19/99               -16.99%
10/20/99               -16.06%
10/21/99               -15.34%
10/22/99               -13.90%
10/25/99               -15.71%
10/26/99               -15.27%
10/27/99               -13.40%
10/28/99               -12.75%
10/29/99               -13.86%
 11/1/99               -15.16%
 11/2/99               -12.47%
 11/3/99               -11.50%
 11/4/99               -12.83%
 11/5/99               -13.26%
 11/8/99               -13.11%
 11/9/99               -11.38%
11/10/99               -14.14%
11/11/99               -10.23%
11/12/99               -11.24%
11/15/99               -10.80%
11/16/99               -10.15%
11/17/99               -10.63%
11/18/99               -11.35%
11/19/99               -10.42%
11/22/99                -9.26%
11/23/99                -9.38%
11/24/99               -11.62%
11/26/99                -9.24%
11/29/99               -11.85%
11/30/99               -11.99%
 12/1/99               -10.67%
 12/2/99               -11.72%
 12/3/99               -10.34%
 12/6/99                -9.80%
 12/7/99                -9.84%
 12/8/99               -11.26%
 12/9/99               -10.46%
12/10/99               -13.21%
12/13/99               -12.16%
12/14/99               -13.49%
12/15/99               -13.85%
12/16/99               -10.84%
12/17/99               -10.71%
12/20/99               -10.71%
12/21/99               -11.82%
12/22/99               -10.96%
12/23/99                -9.95%
12/27/99               -13.64%
12/28/99               -14.70%
12/29/99               -13.70%
12/30/99               -13.96%
12/31/99               -12.78%
  1/3/00               -11.52%
  1/4/00               -14.36%
  1/5/00               -10.61%
  1/6/00                -9.65%
  1/7/00               -11.88%
 1/10/00               -11.52%
 1/11/00               -10.68%
 1/12/00               -13.19%
 1/13/00                -9.83%
 1/14/00                -6.89%
 1/18/00                -9.70%
 1/19/00                -9.40%
 1/20/00                -9.79%
 1/21/00                -9.95%
 1/24/00                -7.77%
 1/25/00                -7.09%
 1/26/00                -8.02%
 1/27/00                -7.54%
 1/28/00               -10.88%
 1/31/00               -11.93%
  2/1/00               -12.62%
  2/2/00               -12.69%
  2/3/00                -6.37%
  2/4/00                -7.07%
  2/7/00                -7.07%
  2/8/00                -4.17%
  2/9/00                -6.00%
 2/10/00                -6.07%
 2/11/00                -7.59%
 2/14/00                -6.13%
 2/15/00                -6.46%
 2/16/00                -7.59%
 2/17/00                -7.14%
 2/18/00                -5.87%
 2/22/00                -7.98%
 2/23/00               -11.02%
 2/24/00               -12.54%
 2/25/00               -11.17%
 2/28/00               -10.85%
 2/29/00               -10.09%
  3/1/00               -10.82%
  3/2/00               -10.58%
  3/3/00                -8.93%
  3/6/00                -7.87%
  3/7/00               -10.92%
  3/8/00               -14.10%
  3/9/00               -17.67%
 3/10/00               -14.50%
 3/13/00               -12.39%
 3/14/00               -10.16%
 3/15/00                -8.60%
 3/16/00                -7.17%
 3/17/00                -5.62%
 3/20/00               -10.49%
 3/21/00               -12.91%
 3/22/00               -12.13%
 3/23/00               -11.96%
 3/24/00                -9.64%
 3/27/00               -12.03%
 3/28/00               -12.86%
 3/29/00               -12.76%
 3/30/00               -14.30%
 3/31/00               -12.67%
  4/3/00               -12.22%
  4/5/00               -18.32%
  4/6/00               -16.76%
  4/7/00               -16.58%
 4/10/00               -16.49%
 4/11/00               -14.74%
 4/12/00               -14.21%
 4/13/00               -13.60%
 4/14/00               -13.61%
 4/17/00               -15.06%
 4/18/00               -14.58%
 4/19/00               -14.96%
 4/20/00               -16.67%
 4/24/00               -15.51%
 4/25/00               -14.39%
 4/26/00               -12.33%
 4/27/00               -12.78%
 4/28/00               -17.29%
  5/1/00               -13.51%
  5/2/00               -12.72%
  5/3/00               -11.55%
  5/4/00               -13.68%
  5/5/00               -16.01%
  5/8/00               -15.58%
  5/9/00               -13.38%
 5/10/00               -14.80%
 5/11/00               -13.06%
 5/12/00               -15.48%
 5/15/00               -19.38%
 5/16/00               -19.27%
 5/17/00               -22.58%
 5/18/00               -20.27%
 5/19/00               -20.27%
 5/22/00               -21.91%
 5/23/00               -23.85%
 5/24/00               -26.00%
 5/25/00               -24.14%
 5/26/00               -24.34%
 5/30/00               -24.00%
 5/31/00               -23.20%
  6/1/00               -20.98%
  6/2/00               -19.44%
  6/5/00               -20.17%
  6/6/00               -20.41%
  6/7/00               -20.45%
  6/8/00               -19.09%
  6/9/00               -19.24%
 6/12/00               -18.94%
 6/13/00               -19.79%
 6/14/00               -19.12%
 6/15/00               -17.85%
 6/16/00               -17.84%
 6/19/00               -17.28%
 6/20/00               -16.70%
 6/21/00               -16.70%
 6/22/00               -20.24%
 6/23/00               -19.75%
 6/26/00               -19.78%
 6/27/00               -18.71%
 6/28/00               -18.26%
 6/29/00               -17.68%
 6/30/00               -18.51%
  7/3/00               -18.51%
  7/5/00               -23.22%
  7/6/00               -20.70%
  7/7/00               -20.25%
 7/10/00               -19.43%
 7/11/00               -18.93%
 7/12/00               -18.25%
 7/13/00               -20.01%
 7/14/00               -21.20%
 7/17/00               -20.72%
 7/18/00               -19.50%
 7/19/00               -20.63%
 7/20/00               -21.17%
 7/21/00               -20.59%
 7/24/00               -20.57%
 7/25/00               -20.24%
 7/26/00               -20.69%
 7/27/00               -20.80%
 7/28/00               -22.35%
 7/31/00               -21.43%
  8/1/00               -22.12%
  8/2/00               -21.28%
  8/3/00               -21.77%
  8/4/00               -21.28%
  8/7/00               -20.03%
  8/8/00               -20.30%
  8/9/00               -21.49%
 8/10/00               -21.98%
 8/11/00               -22.54%
 8/14/00               -22.12%
 8/15/00               -21.27%
 8/16/00               -21.11%
 8/17/00               -21.40%
 8/18/00               -21.19%
 8/21/00               -20.89%
 8/22/00               -19.43%
 8/23/00               -18.60%
 8/24/00               -15.50%
 8/25/00               -14.80%
 8/28/00               -14.32%
 8/29/00               -16.28%
 8/30/00               -16.84%
 8/31/00               -17.72%
  9/1/00               -17.26%
  9/5/00               -19.35%
  9/6/00               -18.18%
  9/7/00               -18.01%
  9/8/00               -19.12%
 9/11/00               -19.72%
 9/12/00               -20.02%
 9/13/00               -21.20%
 9/14/00               -20.49%
 9/15/00               -21.37%
 9/18/00               -22.03%
 9/19/00               -21.31%
 9/20/00               -21.95%
 9/21/00               -21.99%
 9/22/00               -19.91%
 9/25/00               -20.14%
 9/26/00               -21.18%
 9/27/00               -20.92%
 9/28/00               -20.52%
 9/29/00               -19.57%
 10/2/00               -18.56%
 10/3/00               -18.77%
 10/4/00               -17.73%
 10/5/00               -14.69%
 10/6/00               -18.76%
 10/9/00               -18.06%
10/10/00               -18.89%
10/11/00               -18.86%
10/12/00               -17.95%
10/13/00               -16.04%
10/16/00               -17.86%
10/17/00               -19.53%
10/18/00               -18.02%
10/19/00                -7.63%
10/20/00               -11.97%
10/23/00               -15.13%
10/24/00               -14.94%
10/25/00               -19.72%
10/26/00               -16.48%
10/27/00               -14.81%
10/30/00               -14.50%
10/31/00               -11.39%
 11/1/00               -13.29%
 11/2/00               -15.14%
 11/3/00               -16.80%
 11/6/00               -12.39%
 11/7/00               -12.56%
 11/8/00               -13.55%
 11/9/00               -14.40%
11/10/00               -16.13%
11/13/00               -16.18%
11/14/00               -12.47%
11/15/00               -14.87%
11/16/00               -12.55%
11/17/00               -14.66%
11/20/00               -11.53%
11/21/00               -13.85%
11/22/00               -14.83%
11/24/00               -14.95%
11/27/00               -13.66%
11/28/00               -12.33%
11/29/00               -14.05%
11/30/00               -15.24%
 12/1/00               -14.97%
 12/4/00               -11.95%
 12/5/00               -10.20%
 12/6/00               -14.15%
 12/7/00               -14.83%
 12/8/00               -14.29%
12/11/00               -13.12%
12/12/00               -13.64%
12/13/00               -13.22%
12/14/00               -11.92%
12/15/00               -13.09%
12/18/00               -11.78%
12/19/00               -14.03%
12/20/00               -19.86%
12/21/00               -20.30%
12/22/00               -19.21%
12/26/00               -18.44%
12/27/00               -15.24%
12/28/00               -17.09%
12/29/00               -19.34%
  1/2/01               -19.32%
  1/3/01                -4.95%
  1/4/01                -9.41%
  1/5/01               -13.06%
  1/8/01               -10.58%
  1/9/01               -10.28%
 1/10/01                -8.85%
 1/11/01                -9.27%
 1/12/01               -9.07%
 1/16/01               -11.19%
 1/17/01                -8.67%
 1/18/01                -6.58%
 1/19/01                -7.86%
 1/22/01                -8.74%
 1/23/01                -7.45%
 1/24/01                -4.25%
 1/25/01                -4.66%
 1/26/01                -6.29%
 1/29/01                -5.19%
 1/30/01                -6.66%
 1/31/01                -6.55%
  2/1/01                -9.15%
  2/5/01               -11.04%
  2/6/01               -10.49%
  2/7/01               -12.50%
  2/8/01               -13.11%
  2/9/01               -13.56%
 2/12/01               -12.02%
 2/13/01               -11.71%
 2/14/01               -11.21%
 2/15/01               -10.35%
 2/16/01               -11.76%
 2/20/01               -11.20%
 2/21/01               -10.81%
 2/22/01               -10.39%
 2/23/01               -11.03%
 2/26/01               -10.01%
 2/27/01               -10.36%
 2/28/01               -11.93%
  3/1/01               -15.38%
  3/2/01               -15.91%
  3/5/01               -14.94%
  3/6/01               -11.88%
  3/7/01               -13.36%
  3/8/01               -13.84%
  3/9/01               -14.17%
 3/12/01               -15.10%
 3/13/01               -17.42%
 3/14/01               -20.89%
 3/15/01               -18.48%
 3/16/01               -19.46%
 3/19/01               -18.00%
 3/20/01               -18.76%
 3/21/01               -18.49%
 3/22/01               -19.72%
 3/23/01               -18.77%
 3/26/01               -18.61%
 3/27/01               -17.97%
 3/28/01               -17.77%
 3/29/01               -17.74%
 3/30/01               -17.58%
  4/2/01               -16.32%
  4/3/01               -16.90%
  4/4/01               -16.21%
  4/5/01               -13.96%
  4/6/01               -14.38%
  4/9/01               -14.94%
 4/10/01               -11.79%
 4/11/01                -8.92%
 4/12/01               -10.68%
 4/16/01               -10.17%
 4/17/01               -12.09%
 4/18/01                -7.30%
 4/19/01               -11.49%
 4/20/01               -14.22%
 4/23/01               -14.88%
 4/24/01               -14.63%
 4/25/01               -13.89%
 4/26/01               -15.09%
 4/27/01               -13.19%
 4/30/01               -12.88%
  5/1/01               -12.14%
  5/2/01               -11.09%
  5/3/01               -11.26%
  5/4/01                -9.91%
  5/7/01               -10.69%
  5/8/01                -9.63%
  5/9/01               -11.59%
 5/10/01               -11.54%
 5/11/01               -12.73%
 5/14/01               -13.33%
 5/15/01               -11.95%
 5/16/01                -8.30%
 5/17/01                -8.70%
 5/18/01                -6.31%
 5/21/01                -6.07%
 5/22/01                -7.60%
 5/23/01               -10.63%
 5/24/01               -11.14%
 5/25/01               -10.51%
 5/29/01                -7.84%
 5/30/01                -7.39%
 5/31/01                -6.91%
  6/1/01                -5.99%
  6/4/01                -5.53%
  6/5/01                -6.02%
  6/6/01                -7.90%
  6/7/01                -6.37%
  6/8/01                -7.06%
 6/11/01                -8.56%
 6/12/01                -8.55%
 6/13/01                -8.31%
 6/14/01                -7.11%
 6/15/01                -7.25%
 6/18/01                -6.79%
 6/19/01                -6.58%
 6/20/01                -6.91%
 6/21/01                -6.05%
 6/22/01                -6.62%
 6/25/01                -7.20%
 6/26/01                -7.49%
 6/27/01                -7.82%
 6/28/01                -6.69%
 6/29/01                -6.93%
  7/2/01                -6.59%
  7/3/01                -6.64%
  7/5/01                -4.22%
  7/6/01                -6.12%
  7/9/01                -6.27%
 7/10/01                -6.17%
 7/11/01                -7.22%
 7/12/01                -7.44%
 7/13/01                -6.85%
 7/16/01                -6.98%
 7/17/01                -7.74%
 7/18/01               -10.80%
 7/19/01                -9.20%
 7/20/01                -8.87%
 7/23/01                -9.60%
 7/24/01                -7.78%
 7/25/01                -5.04%
 7/26/01                -8.62%
 7/27/01                -8.09%
 7/30/01               -11.43%
 7/31/01                -8.92%
  8/1/01                -7.83%
  8/2/01                -7.92%
  8/3/01                -8.12%
  8/6/01                -7.53%
  8/7/01                -7.56%
  8/8/01               -10.71%
  8/9/01                -9.09%
 8/10/01                -8.92%
 8/13/01                -8.60%
 8/14/01                -8.44%
 8/15/01                -6.00%
 8/16/01                -5.68%
 8/17/01                -8.13%
 8/20/01                -7.83%
 8/21/01                -8.26%
 8/22/01                -8.05%
 8/23/01                -7.01%
 8/24/01                -6.70%
 8/27/01                -9.40%
 8/28/01                -9.15%
 8/29/01                -7.55%
 8/30/01                -9.26%
 8/31/01                -8.09%
  9/4/01                -7.61%
  9/5/01                -6.43%
  9/6/01               -13.04%
  9/7/01               -12.34%
 9/10/01               -11.25%
 9/14/01               -11.25%
 9/17/01                -8.44%
 9/19/01               -14.46%
 9/20/01               -18.68%
 9/21/01               -15.52%
 9/24/01               -12.06%
 9/25/01               -12.65%
 9/26/01               -16.48%
 9/27/01               -14.97%
 9/28/01               -14.43%
 10/1/01               -16.37%
 10/2/01               -13.40%
 10/3/01                -7.85%
 10/4/01                -6.08%
 10/5/01                -9.25%
 10/8/01               -10.32%
10/10/01                -9.50%
10/11/01                -2.93%
10/12/01                -5.73%
10/15/01                -4.97%
10/16/01                -5.43%
10/17/01                -6.83%
10/18/01                -7.17%
10/19/01                -8.07%
10/22/01                -6.91%
10/23/01                -5.66%
10/24/01                -6.33%
10/25/01                -7.01%
10/26/01                -5.42%
10/29/01                -6.33%
10/30/01               -10.28%
10/31/01                -8.56%
</TABLE>

NAV: US$9.46                 PRICE: US$8.65              PREM.: -8.56%
NO. OF SHARES: 16.4M


                             PERFORMANCE COMPARISON
                                  TOTAL RETURNS

(Return in US$)                  As of 10/31/01                           Unit:%

<TABLE>
<CAPTION>
                         Last     Last      Last
                        1 Mth    3 Mth     6 Mth      2000     1999      1998     1997
                        -----    -----     -----      ----     ----      ----     ----
<S>                     <C>      <C>       <C>       <C>       <C>      <C>       <C>
TWN                      6.65    -12.08    -29.56    -45.08    47.29    -15.31    -5.06
ROC                      4.10    -10.57    -32.78    -39.94    35.86    -18.42     9.70
Taipei                   1.43    -19.31    -35.83    -50.94    13.87    -11.90     6.94
Formosa                  4.04    -15.78    -41.59    -51.04    19.57    -13.85     8.56
Formosa Growth           3.87    -16.36    -34.06    -51.94    38.49     -5.47    21.33
New Taipei               2.46    -24.30    -39.53    -45.59    33.91      2.40    14.65
INDEX                    7.40     -9.72    -30.84    -46.53    34.16    -20.31    -0.55
</TABLE>

Taiwan Fund (Since Launch 12/31/1986): %


                                PERFORMANCE CHART

                         CORE PORTFOLIO VS TAIEX INDEX
                              09/28/01-10/31/2001

                                  [LINE GRAPH]


<TABLE>
<CAPTION>
Date            Core Portfolio        TAIEX
<S>             <C>                   <C>
 9/28/01               100               100
 10/2/01             95.94             96.02
 10/3/01             94.73             94.76
 10/4/01             96.23             96.06
 10/5/01              98.9             98.58
 10/8/01             97.34             96.79
 10/9/01             99.94              99.5
10/11/01            104.55            104.21
10/12/01            104.77            104.52
10/15/01            102.34            102.09
10/16/01            104.46            104.34
10/17/01            104.57            104.95
10/18/01            104.12            104.79
10/19/01            105.15            105.74
10/22/01             106.4            107.25
10/23/01            105.84            106.53
10/24/01            109.09            109.62
10/25/01            108.99            110.32
10/26/01            109.39            111.18
10/29/01            109.53            111.77
10/30/01            105.67            107.66
10/31/01            105.55            107.33
</TABLE>


                        ACTIVE PORTFOLIO VS TAIEX INDEX
                             09/28/2001-10/31/2001

                                  [LINE GRAPH]

<TABLE>
<CAPTION>
Date           Active Portfolio       TAIEX
<S>            <C>                    <C>
 9/28/01               100               100
 10/2/01              95.6             96.02
 10/3/01             94.31             94.76
 10/4/01             96.21             96.06
 10/5/01             98.49             98.58
 10/8/01             96.84             96.79
 10/9/01             99.68              99.5
10/11/01            104.34            104.21
10/12/01            104.62            104.52
10/15/01            102.25            102.09
10/16/01            103.86            104.34
10/17/01            104.17            104.95
10/18/01            104.31            104.79
10/19/01            105.42            105.74
10/22/01            107.15            107.25
10/23/01            106.26            106.53
10/24/01            109.81            109.62
10/25/01            111.73            110.32
10/26/01            112.69            111.18
10/29/01            113.24            111.77
10/30/01            109.04            107.66
10/31/01            109.83            107.33
</TABLE>


                         TAIWAN'S MACRO ECONOMICS REVIEW

Taiwan's recent loan to deposit ratio has hit its 11-year historical low. A
combination of weak export growth and subdued domestic demand has led the banks
to become more conservative on their credit loan policies.

[FOOTNOTES]

*  Disclaimer: This report is based on information believed by us to be
   reliable. No representation is made that it is accurate or complete. The
   figures mentioned above are unaudited. This report is not an offer to buy or
   sell or a solicitation of an offer to buy or sell the securities mentioned.

*  Effective. from 1st November 1999, the daily NAV of the Fund is available at
   Lipper and CDA Weisenberger, or you may call toll free (800)636-9242.

*  Please notify us immediately if you are having problems receiving this
   telecopy.

                                                  FUND MANAGER: ALBERT KING

                                                  DEPUTY FUND MANAGER: PEDRO TAI


                                                                               2
<PAGE>
                            BANK LOANS DEPOSIT RATIO
                                01/1990-10/2001

                                  [LINE GRAPH]

<TABLE>
<CAPTION>
          Loans/Deposit Ratio
<S>       <C>
90               72.88
                 71.88
                  72.7
                 73.06
                 73.53
                    74
                 73.83
                 72.75
                 71.96
                 71.44
                 71.34
                 71.48
91               72.48
                 73.35
                 73.08
                 73.68
                 74.16
                 73.56
                  74.4
                 74.87
                 74.99
                 74.79
                 74.87
                 74.87
92               77.86
                 76.54
                 77.16
                  77.5
                 78.59
                 78.75
                 78.72
                 78.84
                 79.18
                 78.26
                 78.95
                 79.78
93               81.07
                 79.53
                 80.31
                 81.07
                  80.9
                 80.17
                 80.25
                 80.05
                 79.33
                 79.93
                  80.6
                 80.47
94               82.19
                 81.81
                 81.02
                 80.78
                 81.11
                 81.31
                 81.67
                 83.41
                 83.92
                 82.91
                 83.05
                 82.79
95               85.37
                 82.25
                 82.73
                  82.7
                 83.34
                 83.02
                 82.63
                 83.24
                 84.91
                 83.09
                 83.09
                 82.27
96               81.84
                 82.98
                 83.06
                 82.38
                 81.42
                 80.55
                 79.62
                 79.61
                 79.36
                 78.64
                 78.73
                 78.58
97               78.73
                 78.46
                 78.29
                 78.97
                 78.89
                 80.16
                 80.06
                 81.03
                 81.85
                  81.1
                 81.63
                 81.35
98               82.75
                 80.09
                 80.27
                 80.08
                 80.15
                 80.68
                 79.95
                 79.77
                 79.59
                 78.77
                 79.37
                 79.15
99               78.45
                 78.38
                 77.83
                  77.4
                 77.46
                 77.59
                 77.12
                 76.81
                 76.96
                 76.67
                 76.92
                 76.45
'00              75.85
                 75.43
                 75.25
                 75.45
                 76.18
                 76.09
                 76.13
                  75.6
                 75.69
                  76.1
                 75.5
                 74.93
'01              74.49
                 73.35
                 73.27
                 73.16
                 72.71
                 72.06
                 71.55
                 70.45
                 70.27
</TABLE>

</TEXT>
</DOCUMENT>
