-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QEY0YievKIxr2125B6uvWFP9yny3Z3UKMb74HVdIJnefwA+YATe8KDM7ssQbCzLN
 YqbGt1CNmXMCZiBYfdCNMQ==

<SEC-DOCUMENT>0000950123-02-000281.txt : 20020413
<SEC-HEADER>0000950123-02-000281.hdr.sgml : 20020413
ACCESSION NUMBER:		0000950123-02-000281
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20011201
ITEM INFORMATION:		
FILED AS OF DATE:		20020111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAIWAN FUND INC
		CENTRAL INDEX KEY:			0000804123
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				042942862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04893
		FILM NUMBER:		2507951

	BUSINESS ADDRESS:	
		STREET 1:		225 FRANKLIN STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6176622789

	MAIL ADDRESS:	
		STREET 1:		225 FRANKLIN STREET
		STREET 2:		PO BOX 9110
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y56523e8-k.htm
<DESCRIPTION>MONTHLY REVIEW ON FUND
<TEXT>
<HTML>
<HEAD>
<TITLE>THE TAIWAN FUND, INC.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</FONT>

<P align="center"><FONT size="4"><B>FORM 8-K</B>
</FONT>

<P align="center"><FONT size="2"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</FONT>

<P align="center"><FONT size="2"><B>December&nbsp;1, 2001</B><BR>
Date of Report (Date of Earliest Event Reported)
</FONT>

<P align="center"><FONT size="3"><B>The Taiwan Fund, Inc.</B>
</FONT>

<DIV align="center"><FONT size="2">(Exact Name of Registrant as Specified in Its Charter)
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="34%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="28%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="28%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2"><B>Delaware</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B>811-04893</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2"><B>042942862</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">(State or Other Jurisdiction<BR>
of Incorporation)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
(Commission<BR>
File Number)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">(IRS Employer<BR>
Identification Number)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="51%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2"><B>225 Franklin Street, Boston, Massachusetts</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B>02110</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">(Address of Principal Executive Offices)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
(Zip Code)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>(212)&nbsp;662-2789</B><BR>
(Registrant&#146;s Telephone Number, Including Area Code)
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<A name="toc"><DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="3%"></TD>
        <TD width="3%"></TD>
        <TD width="3%"></TD>
        <TD width="3%"></TD>
        <TD width="3%"></TD>
        <TD width="3%"></TD>
        <TD width="3%"></TD>
        <TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;9. Regulation&nbsp;FD Disclosure.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->






<!-- link1 "Item&nbsp;9. Regulation&nbsp;FD Disclosure." -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;9. Regulation&nbsp;FD Disclosure.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Regulation&nbsp;FD Rules&nbsp;100-103, The Taiwan Fund, Inc. (the
&#147;Fund&#148;) furnishes the December 2001 Monthly Review on the Fund by the Fund&#146;s
investment adviser.
</FONT>
<P align="center"><FONT size="2">2</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<!-- link1 "SIGNATURES" -->
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Dated: January&nbsp;11, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"> /s/ Haichi Vicki Hau&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Name:&nbsp;&nbsp;&nbsp;Haichi Vicki Hau<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">3</FONT>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="35%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="20%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="35%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="5" align="center" valign="top"><FONT size="2">
<B><I>THE TAIWAN FUND, INC. REVIEW<br>DECEMBER 2001<br>&nbsp;</I></B>
</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">HSBC Asset Management (Taiwan) Limited<BR>
24/F No.&nbsp;99, Tunhwa S. Rd., Sec. 2<BR>
Taipei, Taiwan, R.O.C.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B><I></I></B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2"><B><I><BR></I></B>
Tel: (8862)&nbsp;2325-7888<BR>
Fax: (8862)&nbsp;2706-5371</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>Portfolio Review</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan&#146;s stock market rebounded due to the continuous inflow of foreign
portfolio investments and the low interest rate environment which helps to
generate liquidity. During December, foreign portfolio investors were net
buyers of NT$6.7&nbsp;billion (US$0.2&nbsp;billion), the stock market rebounded 23.09% in
U.S. dollar terms and the NT dollar (NT$) depreciated against the U.S. dollar
(US$) by 1.55%. During 2001, foreigners were net buyers of approximately
NT$306&nbsp;billion (US$8.7&nbsp;billion), while the NT dollar depreciated against the
U.S. dollar by 6.08%. In December, TAIEX and OTC electronics sectors were the
leading sectors, increasing 28.45% and 50.01% in NT dollars respectively.
Steel, tourism and shipping were the worst performing sectors, increasing only
5.81%, 6.59% and 9.91% in NT dollars respectively. The average daily turnover
reached NT$146.7&nbsp;billion in December, compared to NT$87.48&nbsp;billion in November.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the technology sector, the Fund continues to focus on the electronics
sector, particularly the Integrated Circuit (IC)&nbsp;fabless design house related
companies, as those companies continue to deliver both revenues and earnings
growth. Also, the Fund increased its holdings in data networking related stocks
due to continuous demand for broadband devices. DRAM stocks were also added to
the Fund&#146;s holdings due to the rebound in DRAM spot price. Such a rebound can
be attributed to the possibility of the merger between Micron Technology
(U.S.&#146;s) and Hynix Semi (Korea), which may, in turn, result in a decreased
supply of DRAM chips to the market. In addition to the technology sector, the
Fund continues to increase its holdings in certain companies related to
medical-mechanical devices.
</FONT>
<P align="right"><FONT size="2"><I>Albert King</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>
<P align="center"><FONT size="2"><B>Core &#038; Active Portfolio Asset Allocation</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="69%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">As of 12/31/01</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% of Core</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% of Active</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% of</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left">&nbsp;</TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Portfolio</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Portfolio</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>TAIEX</B></FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Semiconductor</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25.38</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.62</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24.67</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Electronics</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27.38</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banking</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.66</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PC &#038; Peripherals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.66</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">26.06</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.96</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Telecommunication</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.69</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.68</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Plastics</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.48</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Textile</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Steel</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.54</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Transportation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.19</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.08</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.94</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foods</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.83</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.86</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chemical</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.79</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.88</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.06</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">*C. S. &#038; Software</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.76</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.32</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.73</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Auto</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.67</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Insurance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.71</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.89</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Others</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.25</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.29</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>100.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>91.24</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>100.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.76</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><FONT size="2"><B>Total Active Portfolio Net Asset: US$87.38M<BR>
Total Core Portfolio Net Asset: US$132.87M</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>Total Fund Asset Allocation</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="72%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">As of 12/31/01</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% of</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center">&nbsp;</TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Total Fund</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>TAIEX</B></FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Electronics</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Semiconductor</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.62</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24.67</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PC &#038; Peripherals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.04</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.96</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Telecommunication</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.68</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Banking</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.66</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Plastics</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chemical</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.97</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.06</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Textile</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">*C. S. &#038; Software</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.73</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Steel</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.88</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.54</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Transportation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retail</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.66</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.94</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foods</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.51</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.86</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Insurance</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.89</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Auto</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.67</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Others</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>96.64</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>100.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Net Asset: US$220.25M</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(*)=Computer Service &#038; Software</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>Top 10 Holdings of Active Portfolio</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="82%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">As of 12/31/01</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% of Active Portfolio</B></FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mediatek Incorporation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.02</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accton Technology Corp</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.37</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Realtek Semiconductor</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.83</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United Micro Electronics</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.39</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ProMos Technologies Inc.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.30</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Optoma Corp</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.05</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Taiwan Semiconductor Mfg</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.92</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Micro-Star International</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Premier Camera Taiwan Ltd</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Quanta</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.89</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>54.22</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>Top 10 Holdings of Total Fund Portfolio</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="82%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1">As of 12/31/01</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% of Total Portfolio</B></FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United Micro Electronics</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.83</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Taiwan Semiconductor Mfg</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Quanta</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.08</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mediatek Incorporation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.04</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Realtek Semiconductor</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.81</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Asustek Computer Inc.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hon Hai Precision Industry</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.52</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accton Technology Corp</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chunghwa Telecom Co</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.48</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ambit Microsystems</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>44.52</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>Premium/Discount of TWN</B>
</FONT>

<P align="center"><FONT size="2"><B>Taiwan Fund Premium/Discount</B><BR>
01/01/1993-12/31/2001
</FONT>

<P align="center"><FONT size="2"><IMG src="y56523y56523g01.gif" alt="&#091;LINE GRAPH&#093;">
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>NAV: US$13.46<br>
No. of Shares: 16.4M</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B>Price: US$11.75</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2"><B>Prem.: -12.70%</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>Performance Comparison</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><br>(Return in US$)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B>Total Returns</B><br>
As of 12/31/01
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2"><br>Unit:%</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="24%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Last</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Last</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">Last</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">1 Mth</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">3 Mth</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">6 Mth</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">2001</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">2000</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">1999</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1">1998</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>TWN</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>21.26</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>51.75</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>12.35</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>6.57</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>-45.08</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>47.29</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>-15.31</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ROC</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.73</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38.46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.05</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-6.57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-39.94</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">35.86</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-18.42</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Taipei</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.25</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38.41</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.09</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-15.69</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-50.94</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13.87</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-11.90</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Formosa</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45.70</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.07</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-51.04</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19.57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-13.85</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Formosa Growth</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.82</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">41.18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.82</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.46</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-51.94</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">38.49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-5.47</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">New Taipei</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">23.93</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50.54</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.53</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">-45.59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33.91</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Index</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>23.09</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>50.67</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>11.84</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>10.42</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>-46.53</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>34.16</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>-20.31</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="15"><FONT size="2">Taiwan Fund (Since Launch 12/31/1986): 619.75%</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">
</FONT>
<P align="center"><FONT size="2"><B>Performance Chart</B>
</FONT>

<P align="center"><FONT size="2"><IMG src="y56523y56523g02.gif" alt="&#091;LINE GRAPH&#093;">
</FONT>

<P align="center"><FONT size="2"><IMG src="y56523y56523g03.gif" alt="&#091;LINE GRAPH&#093;">
</FONT>

<P align="center"><FONT size="2"><B>Taiwan&#146;s Macro Economics Review</B>
</FONT>

<P align="center"><FONT size="2"><B>Foreign Portfolio Investments v.s. TAIEX Index</B><BR>
1/1990-12/2001
</FONT>

<P align="center"><FONT size="2"><IMG src="y56523y56523g04.gif" alt="&#091;LINE GRAPH&#093;">
</FONT>

<P><FONT size="2">The recent rally on the Taiwan stock market is attributed to the inflows of foreign portfolio investments.
In 2001, Qualified Foreign Institutional Investors (QFII&#146;s) were net buyers of approximately NT$306&nbsp;billion
or US$8.7&nbsp;billion.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="8%" align="left" nowrap><FONT size="2"><I>*Disclaimer:</I></FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2"><I>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.</I></FONT></TD>
</TR>
</TABLE>

<P><FONT size="2"><I>*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.</I></FONT>

<DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="65%"><FONT size="2"><I>*Please notify us immediately if you are having problems receiving this
telecopy.</I></FONT></TD>
        <TD width="5%">&nbsp;</TD>
        <TD align="left" width="30%"><FONT size="2"><B><I>Fund Manager: Albert King</I></B></FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2">&nbsp;</FONT>



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>y56523y56523g01.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y56523y56523g01.gif
M1TE&.#EA=P&$`/<`````````A/__________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M____________________________________________________________
M_____________________RP`````=P&$```(_@`%"!Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JES)LJ7+ES!CRIQ)LZ;-
MFSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*G3IU"C2IU*M:K5JUBS:MW*M:O7
MF@``#`PK=BS!LE_3JA6*5@#:LF+?KIU+5V=;MV;QPJW+MV_,N'(%!K[KM[!A
MDF$%*UY\5B%9PH<C2V8X.*]ER)8G:]YLL#)CO(HQ@^9,FK/GT:/C)A1=NG5?
MLF<39T;=V;7MVQ19X][-FW;OW[QU5PP`O+A6X12)&U]>%?E$Y<RC0W4N$;KT
MZTNI1[2.O;O*M[(__NO6#I&[]_.(]RY6_?D@>876S:.?[Y%]9?6.-P:`+I^^
M_XSV7=8>0N\AM!]__?VGH$3J!=8891H=*!!Q"2YH(83KS>9@;.%=)*$`%%XH
M8D2/);:A7*(5>-"'(8[H(D3XM87B:A'N-R&(+^;8$'@R%L2:B@:Q"&*%.A:I
M$9`%'1BBC48V^1&2!"EI(Y-.5GEDC4H.2:257&*(D9044MGEF#!F!&:86Y*I
MYFS)@:GEFG`N!.6-4KX9YYVU?4DGFGCVR69Y..Z)8YK/^5D8;&-UV&-^PP4:
MY*`K6D3H<,I-:BA,I^VUH7N2BADEI(\VVA&5=5X:5(RA#9AGFQ6VF*2D_M4M
M1&J6I@*%:H9>/N=IDA]&:>FKV\F*8*^U]G3K@P0BRBI#I$[XZZ?!\CIHI5H^
M6RQ+#MZUJ8^=ILD?J(669UZ63(;IZ+4Y+8K:C`1VV]"WYE;W:Z]HQFLONNGB
MNJY9*0:YZXK_A@JIJP\%G!"?]0YY8Z`&X]M2B8FJJRJ;Q!Y,:+G-BFOIE!R3
M.^7"#3N<G:.T"GRNL,Y^J[&XU;I9:J4$B^R46`B>/%"Y*].[7<C2^OIQQ<[:
M+//(-??'<<[-3@HT?.,.;+2$U@Z]$\TW+^SOTA;SN:>W/-\<L-8&?@RMU$51
M+>2X6&<M=LK>"AVVL*V6&C391)D]*\EIJPUP_M<Q,\ULW/'.33=;+7O-<-=[
MRU<R?&Y?S9''B`_.D;+[Y@=VG9%?_33/?2?^>,N92X[1?7\V%GCAH7]J<-YT
MOLNZKG*+CEA>`<IYM,^+![LZYPJ['3N6:\L^4K83^QB\UZ?K#OC85=_.Z^N4
M"BY\2-LB!P"UD?8.:];,,VPGM-"W*?WT3VKX9XGHIZ_^^NRW[_[[\,<O__ST
MUV___?CGK__[,IW(;]A1`PG43A8?3V'L))TC20`+L\#Z9(9=[FF@1WX&K)3U
M+'6-DF"X6*)!F:AL)I33EF,Z^+CC%?"$5D,)"0N6DOAL<%3O,I`%L[-"X'$'
MA57+80M5@D%1C2^&_I]K7.O0EKNC7,\F;OJ>#L]50X<T\6\F(1;.G(@]#R6P
M7G([T\AP@L5=U>PE:WNBKZ(HI@&B['=.?%[3ND@OJ(EQ)7,*"1O]]<.5W$LD
MX>L6QHZGPY]A\(8QZQC,:-6B'MXDCB-!8^_>J+P4?B2!)029&04&N1<J#)#?
M<V/KM(<41.*QB(OTX"4-Z3=(Z@=["4/EF<`&J,,)CES(&Z4KE>+)3_YKBC'!
MW!*MR,<)HA)T;'M9)@NF13O!<FYB^V`G?;(T4+9$EWF$XB9+>,<NLFV&J;Q8
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M`?W(102#I^L(Z4?<<=![_IR9OHCWUQ&YBJ=\TYI8#6M'Q!85A(^)F/D8]2*8
M^4Q>%DP>&%E:EZ'N1K1G?>E:B;H<T^+&I:T4_A397/M:T@*,;K2]S65G2S[>
M]G9HN?WM;7CTP%P)=T2RF5%$N75<%Z54-?CA;',O]%Q]J72ZU%TL<XV+7?ID
MJJ_NV9]XQTO>\IKWO.A-KWK3=Q+8H"\U?I4N=VGT$.W8M[YE$FI^]8M?_OIW
MOO3]+X`Y];"VMK6Q`I;O=1.LX`#OJ+\,=O"`)3KA[3X8PA?.,!PUVY[@=O?#
M(`ZQB$=,XA*;>+_WE-%]M9HH"_LWQ1%S#GA:3&,(PUBK'5KPC5ELXQG7&$8^
MYC&08_-C#X,EJ$'U3;(R%"/R)#=5H+$ODG%%G2?KI<-"G7*4LTKD+2?9R5!.
M,G^U#!<C@X7)6!YSWIA_K.8K1SG'C-*4=?LKY\JUN7;1O6Z=Q4RB+?NYSUXV
M,%:(ZQ9%H3BY3WX/H1&5YP`S&M%@QK&D2Y?/0I<YR!E^-*$!_64&/12K5A'A
M9C5<N<SN5SPNEO"B&BU?=46ZN'\V+CX5_=!8:WC/E(X*F><<YS7G.I^XMC5]
M@\WJ8?M:R;UV,Y_U[.MB.[C3&`XT?+,29'L>FLVT%K*U7XQI..NXVX`N=)%7
M+&XAEQO(B.YR?96U8V2?^-WPCK>\YTWO>MO[WOC.M[[WS>]^^_O?``^XP`=.
,\((;_.`(9TI````[
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>y56523y56523g02.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y56523y56523g02.gif
M1TE&.#EA.@'2`/<``````(````"``("`````@(``@`"`@,#`P,#<P*;*\`0$
M!`@("`P,#!$1$186%AP<'"(B(BDI*55554U-34)"0CDY.?]\@/]04-8`D\SL
M_^_6QN?GUJVID#,``&8``)D``,P````S`#,S`&8S`)DS`,PS`/\S``!F`#-F
M`&9F`)EF`,QF`/]F``"9`#.9`&:9`)F9`,R9`/^9``#,`#/,`&;,`)G,`,S,
M`/_,`&;_`)G_`,S_````,S,`,V8`,YD`,\P`,_\`,P`S,S,S,V8S,YDS,\PS
M,_\S,P!F,S-F,V9F,YEF,\QF,_]F,P"9,S.9,V:9,YF9,\R9,_^9,P#,,S/,
M,V;,,YG,,\S,,__,,S/_,V;_,YG_,\S_,___,P``9C,`9F8`9ID`9LP`9O\`
M9@`S9C,S9F8S9IDS9LPS9O\S9@!F9C-F9F9F9IEF9LQF9@"99C.99F:99IF9
M9LR99O^99@#,9C/,9IG,9LS,9O_,9@#_9C/_9IG_9LS_9O\`S,P`_P"9F9DS
MF9D`F<P`F0``F3,SF68`F<PSF?\`F0!FF3-FF68SF9EFF<QFF?\SF3.9F6:9
MF9F9F<R9F?^9F0#,F3/,F6;,9IG,F<S,F?_,F0#_F3/_F6;,F9G_F<S_F?__
MF0``S#,`F68`S)D`S,P`S``SF3,SS&8SS)DSS,PSS/\SS`!FS#-FS&9FF9EF
MS,QFS/]FF0"9S#.9S&:9S)F9S,R9S/^9S`#,S#/,S&;,S)G,S,S,S/_,S`#_
MS#/_S&;_F9G_S,S_S/__S#,`S&8`_YD`_P`SS#,S_V8S_YDS_\PS__\S_P!F
M_S-F_V9FS)EF_\QF__]FS`"9_S.9_V:9_YF9_\R9__^9_P#,_S/,_V;,_YG,
M_\S,___,_S/__V;_S)G__\S___]F9F;_9O__9F9F__]F_V;__Z4`(5]?7W=W
M=X:&AI:6ELO+R[*RLM?7U]W=W>/CX^KJZO'Q\?CX^/_[\*"@I("`@/\```#_
M`/__````__\`_P#______RP`````.@'2```(_@#_"1Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JES)LJ7+ES!CRIQ)LZ;-
MFSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*G3IU"C2IU:$X#5?P`H6MV:5>+6
M@E^O6N3*]:#8AF41?J7*5FW7LU[?=F4H%ZO!JW`GUK5[=RY:OV8!MVT+5_!#
ML7D3[NW;,?%8PP0=#Y[J>"U9K'D1R]U,]O):S)8+X]W,>&!HTF']COZ<%K1K
MR9.))AXM<#7FR&EIW\ZJ>7==VJ+YXBWMNS;OXZ[!_D;>VW9LIK.1WP8='/?T
ML\VE`Y=N7'AEP*&I_B\VO;RX^.[/ET:_/IZ\<O;NBV<WWWWNY_BUX6?>7Y]Y
M^_OI'86=>;WQA9Y[!>JGG7_3X<>=@PM>9Q=_\D4X88,!(M7:::21MQ]GQGFF
MF8B"81>=B9T=YY]]G;V6VW:092CCC#36:..-..:HXXX\]NCCCT`&*>201"H$
M'EC))3FA:"RJII9R3MYW)&LH1E9D@-4Y:""+IN67GWT'6M>EEPW^!^:98\)V
M)65(CMDEF`9ZB2:9D-5))IU66CGGEFNF=Z2;PJ79YIYPWO5DG$X">N&7;L;8
M9U1_TOF6H'D2JNBE<N*'*)*6WODH6Y'&N6B@C;Y9JEFH>EKHIGP6ZNBG_DZ%
M.B6EK([J*F*&*KJJJZ;B"2MA;8IJ*Y^D#NNIKHP&R^NPR_Y*697>0<M9DQY6
M"Z6'PU%G[;0A6JNDL^"&ZY.)8HIK[DR3%GONNC#]>>*K[,:;D:R'RFNO1XEB
M*NR]5P(8TI[[!NPGO/RZE)ISJ<[87L$:UD@PPVK>]#".63)<U8T$_$77Q!;_
MBW'&($6<H<@[<2Q5QB"3_%C'(ID<%<@@E^0RRX<I_$_,-[]'<T$$X$S3S.IE
MA;//YZH\4,\Z`=V4ST3O?'/3%\_8--0"]4SULR4AW9/22TV-D-9/6UV1T3%5
M3)Q#8&\M=4),7VUUVD7"C1*Y808;6U=N'QW1_MM7CYMUWS)GFFZNS^&M$,J`
M+\3W4!R3_;1,LXK:6LG@50X1X(GO+7>`F[<4N9TV.4Y1YB`1+7I1G1M<Z;&L
MR[2X7K"17OK91J(N^]RF#FXW36WS?;M!OWL4/(9`I=[N:@OK^U+FOAL_W?`=
M03^4]$G?)/WK!U'/D?8M:^2\45SCF_-&FW-/?F`OG=6\V(JSR?M'1)M_/G&&
MG2Z1VU!_W_!,\@-/4/_>&UO6&`(W`.8D?-L;B=8,F!$&!A!MB!L,`N>G0`<V
M$">WLR!.)G@1H9U$@Q@AG0;G`L*D<'!L`"AA\1JB/ZV0$$@GM(@*5WBXJFF*
M@CZ*X>AV1+68X4R'_C:$(4QF*!2O_6]>B2$BY+AT0^5]L$=,\U]$_)6]PN5)
M8%@D20I_Y,.O+>1T2D37%6$#1(ALD8OCJV(3=VA%9.'&?CB$8OO6N#<L7;%U
M97Q(&%\F/#NZD7`KV2,?XRC!$7WKCBH1)%3ZI\BBY)&%YJ+>V_K%DC.&*X/8
M6],CO]C(07XMD[_:Y!S%-310FDN4;&/7)"'&DDXZ#5*M?&715&))688+E7=Q
MI2UCE1*KZ'*7T$DD,,6%2YX-\Y;"/";%F$@\1)+DE\J,6J8"5DR[0#.:8J14
MY>`XQ5KF*$7@#*<XQTG.<IKSG.,,G#;K-4`>5=.1ZIPFZ-KI3B%J<774_C3)
M-3=XO"R^D6#\`:@6#=E,)R8PA^FKVQ?QR%"'O'.*(_'@CQX*R!"%)5<K:E&9
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MO_T5"MT@:R#X!OBL.$TJ@`\L&YU2$Z0,/J6#04O>"EOXPAC.L(8WS.$.<].A
M$VYNA&<)VZ2.^+L)JNJ)E<G<%=^HQ2YV6(R'">,9RZC&-O9CCE^)XQW;U\<T
MZS&0@37D(!?9R$=VEMD,FN2WJC9A33ZLG&(DY"C[K5:[];"6M\SE+GOYR^"=
M6V%$+%O!GN2=#T7S_G7UE6;<N=DD;3YS^JA%9H_)^<WQA#.>K<SG/OOYSX`.
M="7W;.8\&[K0B*Z*1D.V:$9?YE^-WFJD\35ICJ1HIDP>R^X"FVD!\G0CH?+M
MI^>U:4&;^M2AG)RC/XS=X%I:U:MV+*PI[>KH=EHKI;9TKC42:DX+E]2CQDBO
MCWMKO>R:U\<6=K*5'6QF%]LKRYYSK7D]:UJS>F/3IG:VD;CM#E8;U4U^]$>[
M[6URH]#<Y[XVMM5MI&_;^M<=C+:FFSWO9T.;WO6&=[[]25-[FU'>GO9WS?`=
M<'WO>Y/#_IF[M<WN=J,;=@^'>,,5LW!N3QS<]4U-1'4S;@)KV^,?OWA?_AXD
M:9)+TZ^B'E5=D[5RE:<<Y2_G=\!AWE:1`\KF-T?X95,.<F?W/-\X![;`04QP
M7!?]WD,G>M+1`G!C'[V7U0PZ[3XJYJK#N<IN*6;$7:AUJ;_QS%[O[;BBCF:R
M6_WJ8*?<U@>^=C-6/-Z'++G7;0KIMAM:YZOBN<QQG7=?[YWO2U_HT_?<V+XW
MINFP"[S@%?]%PX,:\;1\NZXW;G>DUSWLD.]FY3%^X.0U1O*3US/E?UYNTGL:
M\P+$E9T93W%QRWWSM6-YRVFN:]4K%;"A-WC!_VYYWEM>ZJK1^4[;ZGO-HQXJ
M"7_\X`?.>DFG_?DR*_O9[?I5S,/^+UTGN_:OF(YU]*$=^M3_OOC#S_D_%][D
MM#8]U]6__KESW-'LA[KK.4W[T-<?V;*/>6-[-?OBW[GY@`1\.W=X=*1\"D6`
M!VB`\0=+R\=\NN=T`%A1^]>`3$>!Y7=B:D9H999HJ?5_$E-IH`:"(3A_GT>"
M)0AZ7(>"<6&",/6`O3>!$8A(,.B"+UAFW7>!.)B#.KB#/-B#/OB#0&AE`0$`
"`#L_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>y56523y56523g03.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y56523y56523g03.gif
M1TE&.#EA.0'2`/<``````(````"``("`````@(``@`"`@,#`P,#<P*;*\`0$
M!`@("`P,#!$1$186%AP<'"(B(BDI*55554U-34)"0CDY.?]\@/]04-8`D\SL
M_^_6QN?GUJVID#,``&8``)D``,P````S`#,S`&8S`)DS`,PS`/\S``!F`#-F
M`&9F`)EF`,QF`/]F``"9`#.9`&:9`)F9`,R9`/^9``#,`#/,`&;,`)G,`,S,
M`/_,`&;_`)G_`,S_````,S,`,V8`,YD`,\P`,_\`,P`S,S,S,V8S,YDS,\PS
M,_\S,P!F,S-F,V9F,YEF,\QF,_]F,P"9,S.9,V:9,YF9,\R9,_^9,P#,,S/,
M,V;,,YG,,\S,,__,,S/_,V;_,YG_,\S_,___,P``9C,`9F8`9ID`9LP`9O\`
M9@`S9C,S9F8S9IDS9LPS9O\S9@!F9C-F9F9F9IEF9LQF9@"99C.99F:99IF9
M9LR99O^99@#,9C/,9IG,9LS,9O_,9@#_9C/_9IG_9LS_9O\`S,P`_P"9F9DS
MF9D`F<P`F0``F3,SF68`F<PSF?\`F0!FF3-FF68SF9EFF<QFF?\SF3.9F6:9
MF9F9F<R9F?^9F0#,F3/,F6;,9IG,F<S,F?_,F0#_F3/_F6;,F9G_F<S_F?__
MF0``S#,`F68`S)D`S,P`S``SF3,SS&8SS)DSS,PSS/\SS`!FS#-FS&9FF9EF
MS,QFS/]FF0"9S#.9S&:9S)F9S,R9S/^9S`#,S#/,S&;,S)G,S,S,S/_,S`#_
MS#/_S&;_F9G_S,S_S/__S#,`S&8`_YD`_P`SS#,S_V8S_YDS_\PS__\S_P!F
M_S-F_V9FS)EF_\QF__]FS`"9_S.9_V:9_YF9_\R9__^9_P#,_S/,_V;,_YG,
M_\S,___,_S/__V;_S)G__\S___]F9F;_9O__9F9F__]F_V;__Z4`(5]?7W=W
M=X:&AI:6ELO+R[*RLM?7U]W=W>/CX^KJZO'Q\?CX^/_[\*"@I("`@/\```#_
M`/__````__\`_P#______RP`````.0'2```(_@#_"1Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JES)LJ7+ES!CRIQ)LZ;-
MFSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*G3IU"C2IV*$H!#`%:O8MTZD2M!
MKE@O;AV;M6#8AF,3>J7*]JQ:@6[19HVK<*[5L@/#TI5H%^[!O6KQ_A7,-BK@
MKQ3/'C;8=W#'Q7P)FY5<N.E=O&#)IE5,E_,_KV0_:[Y<-O1:T9?A`HX+6J_K
MU'GMMG:;&79EHK;UJMZM6[3OV)E_]_;LFG?PV)]Y.S:NNOCIW<:+^WY]^VA:
MZ-"=-V>-&39WYL2/_BM'C;`SY]"_OY8F[?TZY.H[UV,7GKKQ9/7T\4]OC]KV
M=.#+^76>8,_1QEY^ZE$&7WS(_8>@@7XUR%QZ^4GWFG_I88B=A:`E9QYRFS5V
M%X4+]E2;?:-1>-IUS6T'7(BRI7A?BXRM-9III+U(WHTM4E?BCT`&*>201!9I
MY)%()JGDDDPVZ>234$:Y$8%FD4>C@`:NA]E;`.9U97*(V9@E8E(N^)U^'GJY
M(9AI1G@8;6JV">:'`GI9VGQEWD9EG'6Z6>6==T;XUZ!LQKEEF'8:FJ>95?(Y
MEYI4`JIH>83N*6BA<HXHJ(*+&M;HIH_ZB6B?;"HH6:CS'9HHJ8%V6IFE_IAJ
M.B>9DF[*)9F8EHKKK*SRZ2I5L$8*Z:29&@KGKH2UJJNMK7+ZJV6?)JMKH+)6
MZRNRI.+:;*_;/@OLF'.*&2IZXG8Y68S5EAON;.8^Y^V[\,8GGX3QUCO3N)?:
MJR],>^[%XK[U$D``2<%2"G"\`IND:K[7'KRHP.Y^5"O#%)?XGL,&)5S5A582
M&J1]&"NDL4_.%E;RI_9"?/*]>7*W\I(C!_4RD1=?7&3,0LW\J\W5J6R4SB8#
M'1'/4.%<E-!M(?V0TD<9_?/'#!'=I-/60?WKP`YA+35/3(>\4\)8+Q2V4UU[
M;1-68X]]D-K0FAT84"Z_[:G;25'-]C]WXP0A_IZ[5E?VJP+E'?C:</N)*LHU
M_5U7E%8)/I#6@Q<^*H$1R]3=C/1&Y/B0FT>.=\Y_5JRX1Z,_1/7&-W7^^.>@
M#YMKQ4O9C+7J(ZU<.D.T>RYSHH?W_6/8G><.TM87"7\TQR3Z/A5@:2<$MO%&
M0:]GXBNIG;?UTL.=/>`L5Y_Q]X1+?'MDVYO,>?AX.WZZ17NC^5'YY@<I^,"T
MKQ_2^`3!WY:0ZFO.E/[[DU]'[/<3``*+7_C+&D@(J)/&/2F!$"'>1@R($`JF
M!&U0@F!/+%A!#I;G=AZ$B@9Y$L*UE5!Y%3DAV8"D0O#=Y#0M?.&\^`8[F+0P
MAAG#8=0XI<.S:6MQ_BVAS/-"TL.",!!W6O$?HXQUJY40!F='5")+X$>_&A7O
M1PN+5>6FZ#P+%K&"%IF=%2D2Q17ZBC(C-%WP#/A%,$X$>!H16!NI=T:#O41X
M972C#25BO3#F483GZ1AC8@*]/ZYN)GA$GQKG:$:7;,^0C'2>Z?0H,CG6*XUV
MI&+N#$D2U?6O@Y%<'DNRPL;@Z61SJ,QA*`/8$B]>;Y4-F5\L`\?)ECGR?7WT
MB1QC5C]8^NV6"Z2?+\EH2;H-#9A$-*;%5$)*90(,DXT:IC/;=I*P2'.:3(&F
M"[$9+VT:D9OV\N8AP8FD]BU&G+HCIY$.U;N&#2^=ZBP2._/U+Y&<Y9KQ_NR>
MJ-"8$GSFTW*T$ET_UWFC@AKTH`A-J$(7RE#TV#.@KXOH`H^$SJ?9,Y#)<^?[
MRBFEBJ*E=N.4)[\64K)Z?O`^SO)HU"X*SR&I-%LUK)3!^+G2%Y;$GP!U2;I.
ME*-&U8='&?+,(&TZ$ISF-(B\FM9X(/4H?/%J1.U\*1"3N23)[/*J6,VJ5K'Z
M(FOUJ9Y@^>H^ZQ15O8G$J/ITXJJ6U9MHB?6I9&685)LX)0<R2:6MV4^(4@4A
MGF9GKT/UX42;-%?)"=8C:*5)87^RV,!R)+&*[:A9!\@XR;*4KW;$B%TS:-F'
MPI6N%<%@9Q](L'V::H*V#"*+M`34+3ZFM$G5_J($%5E9I&K*6M2*Z6M!&EN:
M7G%1<]V2I.993=@>SK==`0!D&Q@@/-'I2YT9E8>>J[#:"76+2A-MIX+;U;BZ
MKR2-11Q$ELNUD=JJ6+&%[6''2][RZM1'"?V29]>+EO:::+2179I][UM;^HI,
M7^%UKW]-N*\`,XBH<BMP0Q?,X`8[>,&3/>D_)PR[6E+884*\L(8IMU\-3R]S
M'E:PA,[YN`Z'&#>&$RCK3APR?+53-29F,8IGU;L'V_C&.,ZQCG?,XQ[KF+=-
M5;&,O>9B(0\9PT+-J&Z/C$T#,YEF3[ZPDZ-L-2KG<\I67F:6XXGE+?_2R^3L
M,ICC-^8FEYF;8CYS_LXNYS$U>\NIF77SSMQT6CF_^5*4\[&>]\SG/OOYSPZN
M)FOBK%[P7K`JAR[N2V"%POLA^M'5A;2A56LNQTXZTHK&M*8+;>=.>_K3H`ZU
MJ(?B37&:6M*73G7B-'-1APZ/U:TV*4=D=#]8O]K5=-1H1AA-.O'N5M>:]?6L
MA:T17H_ZV,@^&*[%Y]JZ-KO8LGY,M*7];,U..R;&GA*QB[WM77=;+-\&=Z.]
M/>Y%ASNTYT9WN8.];O:E.S'OYDN\+WAM:%?;VO<62[UWO6]^YSNT_4ZVG)=-
MNH#K^]\`1WAR%;[PV4;0X&IMM[J!S6Z*B]OB$U^RNR4.;XXS<]X1!'G(_CW>
M%9%?Q>0G)_DQ5;XQA@\-X@EW^,-=/G.9+PWF#4^SP`$LG5IKJ.`_I[:2G3UT
MHMM\AT'']EHEMG2FP[373Q]VU*4N)Z=7/==%KWC6M7YTDG[WUUN_>-@SWO5W
MLGQI*/_HV=&^=K5C/.,2)??;F:G-LB=1T'C/.WAU7NE6"[KN=B=IX`4/39H[
M$?"HTSO!2HWXG!!<ZH:_>>35/GFD#[Y2EZ]1Y1W=]I4JR^H:1_?GP1YW;X^>
MZJ'_>.=W./>2KY[UJ9?WZP7?^I77ON69GZK/<Z][9O,>M-3^_<ZE3,/@H_/4
M?A?^CD8(,A\J9KZQC\SCG8WSD5\=ZM<?]O,GU_MB;<^>KLQ/N]=!#/;?PYF^
MS*_^.L4__MNSW?U[5_SB$Q]_^5^69,J7K]\5EG]!6K?P_0=M]G=_]5>`!FA=
MPS=\Z9=T1I=&XG%K8\<^/0>!`2A]ZI=RV4=ULF)V&<AM4^=]'2AW&XAUI2=V
MPL=FG%=\'JB"*QB!KL>"'P9_&!A]MD>#[V>#-UB"&R>#"9AEI99HF:9JG,9;
M,C1]_G:!6F&$1[AY'Z2$^(:$EL>$V(>#;D>%5:B#.VB%[:>%6XB%'<>#/1B&
48CB&9%B&9GB&:)B&:A@3`0$``#L_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>y56523y56523g04.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y56523y56523g04.gif
M1TE&.#EAD0'O`/<``````(````"``("`````@(``@`"`@,#`P,#<P*;*\`0$
M!`@("`P,#!$1$186%AP<'"(B(BDI*55554U-34)"0CDY.?]\@/]04-8`D\SL
M_^_6QN?GUJVID#,``&8``)D``,P````S`#,S`&8S`)DS`,PS`/\S``!F`#-F
M`&9F`)EF`,QF`/]F``"9`#.9`&:9`)F9`,R9`/^9``#,`#/,`&;,`)G,`,S,
M`/_,`&;_`)G_`,S_````,S,`,V8`,YD`,\P`,_\`,P`S,S,S,V8S,YDS,\PS
M,_\S,P!F,S-F,V9F,YEF,\QF,_]F,P"9,S.9,V:9,YF9,\R9,_^9,P#,,S/,
M,V;,,YG,,\S,,__,,S/_,V;_,YG_,\S_,___,P``9C,`9F8`9ID`9LP`9O\`
M9@`S9C,S9F8S9IDS9LPS9O\S9@!F9C-F9F9F9IEF9LQF9@"99C.99F:99IF9
M9LR99O^99@#,9C/,9IG,9LS,9O_,9@#_9C/_9IG_9LS_9O\`S,P`_P"9F9DS
MF9D`F<P`F0``F3,SF68`F<PSF?\`F0!FF3-FF68SF9EFF<QFF?\SF3.9F6:9
MF9F9F<R9F?^9F0#,F3/,F6;,9IG,F<S,F?_,F0#_F3/_F6;,F9G_F<S_F?__
MF0``S#,`F68`S)D`S,P`S``SF3,SS&8SS)DSS,PSS/\SS`!FS#-FS&9FF9EF
MS,QFS/]FF0"9S#.9S&:9S)F9S,R9S/^9S`#,S#/,S&;,S)G,S,S,S/_,S`#_
MS#/_S&;_F9G_S,S_S/__S#,`S&8`_YD`_P`SS#,S_V8S_YDS_\PS__\S_P!F
M_S-F_V9FS)EF_\QF__]FS`"9_S.9_V:9_YF9_\R9__^9_P#,_S/,_V;,_YG,
M_\S,___,_S/__V;_S)G__\S___]F9F;_9O__9F9F__]F_V;__Z4`(5]?7W=W
M=X:&AI:6ELO+R[*RLM?7U]W=W>/CX^KJZO'Q\?CX^/_[\*"@I("`@/\```#_
M`/__````__\`_P#______RP`````D0'O```(_@#_"1Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JES)LJ7+ES!CRIQ)LZ;-
MFSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*G3IU"C2IU*M:K5JUBS:MW*M:O7
MKV##BAU+MJS9LVC3\@0`8"!;M7#CAFSKUBU=@6_QWG5(MVU?N8`#6\S[+^_?
MPG@1*^:;^+#@QY`5^FV<6/%?QWP/[R7(=G/DSUX[>ZY<63/EQ0TODRXX&K3K
MKJWWFK9,^Z%JU)Q?ZP8;.W?MVZT3$B9L,/CNXU-[U]7+^2YQC\:12W<:O6;U
MZ=B17I^Y/;MWH=UC_H;_3GXMT/'ET]]$[Y*]^O?BS\.?+_^G>_KX4=Y?N3^_
M^LXF]9>2@/Z1-UE)!)Z48('9'4C2@@@R**%PN,U5WX08U@6A9!=FB*&#(VT8
MHH<>@BB2B">2F*&)%MJGXH<5@H1BBR\RR*)&`*YF7HTVQIB1@S/*2&(^,,X(
M)$+.)=F<72EFF,^3$][XXV*C&7:::9AU%"1D3T+9HY%4%O?;F(AER=&6CW5)
MY)="BJ8<<*759IN22'JHIH128G3D05C&6::."\')IY-JKNE?GA?M*29MLQT8
MGFR`ZH6F7(4:FI:E6OJH9YB#,N?II\\QE*.9D>97*5Q=MJEJJ0I>62>&_I5B
M^I6E=WZ$Z&"<MB3HHA.FFJI8O_Y3*W2:)IJKKG1VVBN4P8(5[+"9@NE<APSZ
MZF58=Q:Z*K'3N@@KL\UZE:VVW&X[Z9F$KADN5]J>6JZMQ^XH8:WK;A4KN=$&
M&JJH\>YT;ES/7BMNK,(*O-&MMP[:K4__HGIMO5K=6["L4T:7L)@+]]2P6@%3
M'#'!$!MK<;%U9BQOM0\;S.Z3`/P:,JXCHZ>HQM\:"NW*^;1EL\H5!TJRPLLQ
M7#-!+UO5Y69%4X3PSQ@'3?.RM/*<U=$%W=PSAS+WJ]/&EPJ<M,;NJ>G9UQ$M
MG;7)_D(=M<<*L8TL1:F.+37,/I_M],G^A4OV_D![!Q@VE'*[K33)%[.F=4Y<
MGZ7WW`A9W=[?1`;^+H5VL[H>U%7WC2],^S84MT%],Q:S1#/C;:K*FF_^.-R`
M%W97Z*D1SK3A:+O.Y*>V!XAYYH(3[2[GD)?Y.N.#CUYVOW`VJON\J!/O.Y&P
MRQB\7]0_BZ/L9XNVJ*-D_INX6>ON;:WS"+)W)_6(C=M[[,9#5+JDC/KI/?/-
MKR^0R^0_:#[+PI=)\*;ML\WA_D3`V3R(?@<1GY>B!YW]Y:Q_?OF?R.I&.N2Y
M2GD10AG%')?`!>8O1`Z<S%LB*,&*F*V"M1M.LG)G+!;R*F]2(QO^[`?"B5`-
M?20$%PTI1\'CU4XE_B,LU??(`K&OT>N#)PHA!`LS0P#VT'T#;!7W^-0Y]121
M?!T3CQ)QF#Z^(;%D3Q3@#_53P%?!,(983-D7;;5%VYF(@;D)H+X(.+L63?&%
M^`F9$;VVQ@;:D']<1%H?:1?&.;YO0&X2H@83LL>U`4\B8ENB(`>IH4)*1H1W
MTQ7N#%<@/:;1D2^I(B-;%TC04?(T/,P,'8<XN/F`LH/K:Q8<#X:>SY62=Q/$
MVIQ62:WRS)!M'/0B'W=HPLX]D(JCL:4;*S1+.H)1E8=$G"O'MY"B+8Z8Q8/E
M,W$I0DSBDFZZA&84;<+*CU&S;<0[VO!.*3IM`LV4D9,D/'.9RM1XLX[Q_GG/
MO01G39;MI9GL<V?3YME-9]YOEB<4YQ@OIT^)H9.?_GS>`9,I-1:=3Y[S-"'V
M=AE-G)1S:@X=)41S]D]V!A2>E@IBX#"I4H%.)*'VY*6WTK//D58SHL+$I@]1
MFM)["I.E/A4F..LIJGM^]'A6]*#SZJ5#DG[30H$36$MY!U2#'I22,"VJ3(66
M5'4E+7RG>@Y`*4B8S3T01&RY(491FLUPQK2C#*6I&AD"5FV)=:P\+.NPE%D7
MM=X2ECK-JB'':9V&TLIS!I-8J/`*1KVJLV6DY$PD"XJH8!+UG6\E+$V.6A7+
M-BZQ377A55.$OJL"<K*2C2AE208[P5YRJTL"_I5L&L99JD3OF@?=Y,1TVD['
MQ@VU;E'GGZ8J4F*Z5CA&W5[\R'1`7]ZV8[+:%V.;YMNFGC6U3EUM=4)W7"1U
M,T>^X1X&F_L=SSY4J,6A*&\#6EWHV16[+26N2'?J5JT>TDIEE-.(RCO++*87
ML*IJ[VY;%US5KG6^4)3C:]^7//DM+SOFO:E7>69,DS:6+B![+^"$JUVZ?K&[
M5(1MG`1%*GAY!Z!-#+%+T57:HXWOM[&*;U`!+$9+(E?$LKV=;FF$'10KU;N?
MM3!U,<RR%]<T<E6]6-]`_%^XDO/$/IXPD(,,KQ8768>0W><R_WK>&M=WL`M]
M,H0M_.(IK_AZ5LY9_HQ/=;XD,VW)&QUAYXA;6\:,>;T2#5D5CXCFW*FS4&G=
MZUG=?)T(H_+"5F6.D\NG8SPB9ZSG5#&5#4U6(I,4T#H+5H?EV^7T0FITG&;2
MHO=[1T[VF,R_^V]Q*:W+O/Q9;)E.J3Q#367,)CJ.6P;RJ"-48O`>A]6K=ILH
M0THW5_L3TTS\=*YI?>9#GY#9=,YGK^^LD52K.MAXKJ2Q+PUK9VYZQKB#&%KC
M#.Y<6^[!TSYUMI_'.%'F=JP%A36RQUU*:)?48_2N]*VCW9[PFE$ZC/6LN]GM
MQ+?$+<L&5K:,]WWO;=Y:V^7F-[(,$YPZ,R7@11NX1">H0]L=W-NSCOB]_BF6
M[U:+',=;4_>Z<SK'AP`TAVV>F+DILW`IW;6G(`?UR7<M$XOO$B?339K&T0LS
M@AD<<#[]-L.?NNQR0WSI/,]G4(:^DJ`[C^HR-Y9B8SWSX1+:S*,5]8&!9F^4
M2Q,\0<)Z1C>R/JR_?&*9QN&@O4[W#DLZ[(H>^Y"AKEGN#$7M[KL/L'$4'D_V
M+M9?KWG(E[[QO'.9[#OO>\__3KT-`9[HB(0(4U4G)K\VO>Z+M_DDEZ1T7]N]
MR9*7>DE6WO4?"5[(I"M\_02.VGHG_NMWS[KC/Y_OLD>=<QR9&[R=KC3(L3[V
MF@>MM8O#X=`[__&-UCWOG]]ZL8>YL-6^XLJ9_EU,UAT?^2Z7)?\LFV7%VQ[T
MT-_DL,P__?3/W#/:8R%Q+M]*C'!^MZY_.')CP__@3+=LXR%^9_4RY7=[Z-=^
M8,=$U\)^#%A5I#=`XN5@&701RX=_Q>=^7Q9]E41C_!&`:C2`[=9\YU=Z>K=)
M669]"-B`K/%=<S9B$DA>%4%LIL5;I^=EUT9(S:8@'K@SV?4RW4:"(WA@`/(<
M)[A[*JAT#_A#?<)<^V41*<9N-%B"-B9:M.8XOB8]$=$Q(Z1IQ/%Q0)B"2=<_
MV(6"1[AX29A)G#)%)48L3OB$.65<N)=@"1AJ;:9L-91\$]:#"]@_7DA]9:AP
MFU&$8'B`"W>&D=(M_FIX;@?3AG,%A7!X@/1U@ZU7*R671%GX8UNXA^C3AT'8
MB5U74&-HA`:(A"AXB+'E0O3W4HS8>#/XB#783KDG7^N'&H4S&#N(?YGH)=T4
M<U_XA[A&A%Q(B*,HAF28BOP1@P*X-MP5AS:X@LX((LU2B7-QB[\21-4H/#<T
MC)XH7Z!88(;BBRIXAE>8-MX'3^NTC)"X?[@6B_?$BU((@/QWB>1BC;J(C8"D
MC8/8>X%(B?@8CL7H<_H">'5UCDO&C+:&5G+VC(M1C0;95I*(6,'(=5Z7C<)8
MD378C7K!D!;IAX$(5`"Y8+LTD*8E??;UCC07AJ55BEG'?@77D9"T?I-Q_HTP
MMXW]B))46(3@:(#B:(Q`5(N!5C^6AG>9A8$G69&&R(_I6&PN*8\X)Y$B9$LU
MN9&`N((:V8LZ^8_G@9'>136\(V4DB4P(:'('>$RE&)$F66-$6'D.`2WTN"9/
M24I1^85/UQQ5R9%&B97VH95IR962DF+014@LB7J=&"Z9B'>!.2=3:8@>ABEM
M&4^QYIAQ27US:1=U29-W*8H^5T4JY9)#6'Y;YI=*Q8EAZ6E`R):/"9.;J7\.
MQX()B3`&)YC-YU>167D728P9J8L>:95TMY,6UVMZ"504"7-'Y%YVA8_(1(*;
M\Y/).835QR^`F)K=I5*Q"4CY&'+028NVZ3J5_NDZUVF9O+E90N0FXCF>/TF>
M".=/YWEE)&6>[-F>[BD:F-89^_2>]%F?]GF?[OE8Y8F?_-F?\(F>_AF@Y`F>
M/E(EP\8XQ3E@(UE\JAELZ1,P#5J,NZF!0WF3B29HL/=2O7&.4L0A?E>@?Y1.
M'P<M+T=_866%=>2/.U:2*;E[`O5_X#=00CDBQM&;BO22]N.6$HEY56=7XI:B
M5[FB8&:A4N)?;V-K,'I9IM9S%1>B`)AL3*<21X9O5*>BHJ501.HCZO-]&NIP
M2>IPCI9R./JD;Y2A8SI@QV>EEU>(*CE/7QIX7FJF&>@;7"6/9(H;;PJ1,UAE
MGW>*</J;#Q=I1RJC_E\)51XJ-,2$CF4JIW05=O?7DA,JI.S%F9I20BS1@@VG
M.S5Z'JD3A9*#$I'VI:0HJ<Z9I<;QJ)F'I(P*IDNZ%@HT2!:UJM@67$;2F@6Z
M'X!:68/'1G$JJSCX;SJF0GX:(H8&1['*I8L9C?C$H**GE,]XH'GZ<X0JB#1Z
MJ,L1@4R8(C*$58OEJX`E5<O:I<VJ42UZIH]TD-&Z@2L8*I"27VM(2XBGIT\*
M/SQJBQI80C[9%^,XIQ8JJ5JI2L+"DQXJK,Z(K@:CK\*BB%,(**/B*OIE8G&W
M7=SE)P2W*?F%7HPY.YCQ*+?J;VOXK_QRL?DBLE?J;(1I&3A%KM;J@NZJ_K"X
MDCXM$QV#=QG=NGV'QHKK&++7]ZL%R[)-6JZQ0[*90K*8&HJ<%+-DZ9#*<JW+
M94#3J#,Q^U`T.']16DQJ6;4W>TD[F[,]2Z^BU)D:JJ];LBLKBE96TQ=<V4>(
M8J#!.EM2Q#_?VD(Z,EVE5J@1ZF^1V+4;>!VIV*Y"0K0;FAOK@K;CUUK%\I'*
ME4A=N5YD:X$O6[?B-G1."XLWV+@)&+1U.[1U6[1]I3)0ZV(S>[@,8VQ1E6T$
MVY5ZLD(SVGTNR[7#>KHM-Z\EJR6J.[OC5B_*F9YY&Z9G=S/I6K$AL:M\FGNL
MFQ2<FQC:URX?)KHSE8PI(;QKZ:UR2+P,JA3'_ON@/'-.$[NIS3M,/2JKOTNY
M>EN\VM%_<;1YZE*O"QNN_2:4X<M6'_&^I4J]O-$=.71FK%:D[*M)>`>]]K>J
M\CN%`OL45:J`&Y2]2'0C?/DT%AC`J.L1#JRDI,H5!8QP:X>S-K;`)^.&WXNL
M$<RJ$[P5%4R2CD-I^ZK!Y#A:_IM]7+K"+':Y83'")"I\J):T&UR!4FIUR#I4
MXQO#]JL8`HA@%`BWJR.DD_3!%_R_.ZRR]/L5(^RXAI=MD=2^F3NWJ/J\&8K$
M8-G$H?'#ZZ2^8!Q^\10?OCER,^'"84Q.B!M*7LQR=KN@Y<A9DXN&6IS$JSBZ
M9_'$CBJB>/8Y'4@:_ND&.C5!:6Y3QW!J%GHL<Y[57P3&OQ3;JCJQK1Z#QGZ3
MQVW\ADL%1WX\<0@+K)'<2`>\Q%B(R)>,R?+JI&N\M#SQ524LO6>2RH,ZOZ:<
MK'&\Q;`[P';F$WL5MW:\-;!\J:7<BM'+6YM,IR36NG*KRS^VN+)BR(=<%HF,
MIL.,3=VVKC[[R$WR$T;FB)A"R95,RLTHS=-LIYJ"K7/\M]JL92JL?%/WRW\L
MOGLJQCMTC<^4B/M;04&AO#^&H:(\RM`<S/$LQGC(L!?T@DV8SK\TG&GL4>[<
MD^'LN`(=T6R;8Q2*SD"1C'-UQ0QMR0\]>(1<CS.5SSR%R:[L1^`,SZM[_LJ+
MB<S`MQ37Y,Q=>M(GA;4K/<PL'4J=5=+^3!;1S#?>EZ,@7:<\$A<]K<0V?<_'
M.-1R4=1#'$OT+-1*G19,?<<2AH9G%]5J,=7(N$!"W-`WC=59H=5;;;>:UDM@
MS=,`S<(<5-8A?=;__-`98:E$Y]5([=92(=9;W<K?:-9V7;]P'=<=]\!U/2!]
M+=.R#,&KJZQM7=A^C=(07#]TBM.S.]B,S11X;=3`2]FI^[!67=DBG-:/W<T'
M"WQ5K-EQ=:/-L:\4(BE-BAL=*9YV(;;#`<^!&-OO.HU_'7Q!'-F7*K3TVA14
MJ\K8:6=^>[1=:S(LA;<^X]K&S;2I:D_GLMN=_EU#EOO5212@.9LD5^LTCC';
MQR*VSJVNR/W=(U8E.E+;PYTXN-P1?\G;X;5"Q@C;(+I9;5#?KG#?^.T*D;#?
M_!T)M/#?M5`+=B@G+-*NR=+=O#*YBE+;&:,963+>R@W)=SC(C>C>>=>R@]W)
MPAU*^7W?_<W?_PW@`1[@!DZQ!:ZXTS(S\8>(YVWBGL;:^`7AKBW?W%G<C&83
M1AI_@.FPM[V(FX7?'[[?(3[B1+X+N^"WCJ(]\*?<R:4P*][BJ&3>XT;@IH;>
M:+BUM'036QJFWF3/\[-901[BM$#D(V[DNY``"8#D#[ODX=WDV,GF5EXZR>W<
M,F[ECXSEA`=T@0W)_@V6K3PF'B`NXF1NYF>.YFA>W/AE527NXMR=AE`.*CN^
MZ'7>JAL[W;RJY7ONWO+MY0_&I-A]-]IM@CI>XX"\KJ&.S7'^XC7.X@2]ZD1H
MVY9^Z3A>@:U]R[3E&G(\)1:K'XB+PW1-U]BW%/WQ/>O-WH_ZZYXM%L6NVWK&
MU\D>UFL<3,C^[$X<[<V^V-0.[3E!@,Z>[;"RW%#M[78][>)>V.1>[N/>[48Q
MGJ`.XR;"YBOKG"A>Y0T+UN=.P#Q+*BD4LL3-L_K5XS""[9:=[Z98\"D91%X;
M-`_.W.EM[^J>PU-Z9)3>\+;VWE>"X%O%X,W-NR1R[R\1\2`?V0LCV\'=RRDI
MWN91;ML4I[BD'NM1\O!8#/+JS-TZ/FUO(MXPWNBE_NC&C-4>#]P]C\T[O_%[
MLN0C'^'_[O)X`O/KWNZ<K34(SNK+1=X,K^91_?,##^4D_^[*51K@5>^.[KK:
MC><%<E2P*^$]<CT^+VFV_KA/;]K(02#`#AN)R^/63?$<C^Y#_;-V?\_U;KYZ
M?_5SMH3G/%B^'?CE;LY"+T"'C_C/WN>%#["3[?B/?^!N2_F8G_F:O_F<W_F>
7__F@'_JB/_JD7_JF?_JHG_I#$1```#L_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
