Portfolio
Highlights
|
||||||
SCHEDULE
OF INVESTMENTS BY INDUSTRY AS OF DECEMBER 31, 2005
|
||||||
Industry
Diversification
|
||||||
Percent
of
|
||||||
Industry
|
|
|
|
U.S.
$ Value
|
|
Net
Assets
|
Computer
Systems & Hardware
|
|
|
|
23,824,785
|
|
22.83%
|
Semiconductors
|
19,682,745
|
18.86
|
||||
Flat-Panel
Displays
|
|
|
|
12,775,123
|
|
12.24
|
Computer
Peripherals/ODM
|
|
|
|
11,761,203
|
|
11.27
|
Electronic
Components
|
|
|
|
11,111,436
|
|
10.65
|
Plastics
|
|
|
|
10,937,004
|
|
10.48
|
Other
|
|
|
|
5,887,821
|
|
5.64
|
Steel
|
|
|
|
4,634,600
|
|
4.44
|
Transportation
|
|
|
|
2,990,169
|
|
2.87
|
Cement
|
|
|
|
2,308,145
|
|
2.21
|
Communications
Equipment
|
|
|
|
2,188,361
|
|
2.10
|
Automobile
|
|
|
|
1,575,680
|
|
1.51
|
Rubber
|
|
|
|
1,475,031
|
|
1.41
|
Electrical
& Machinery
|
|
|
|
1,155,389
|
|
1.11
|
Food
|
|
|
|
1,137,250
|
|
1.09
|
Chemicals
|
|
|
|
683,012
|
|
0.65
|
Textiles
|
|
|
|
587,093
|
|
0.56
|
Glass,
Paper & Pulp
|
|
|
|
527,036
|
|
0.50
|
Retailing
|
|
|
|
476,849
|
|
0.46
|
Short
Term Securities
|
|
|
|
224,130
|
|
0.21
|
Liabilities
Net of Other Assets
|
|
|
|
(11,579,056)
|
|
(11.09)
|
Net
Assets
|
|
|
|
$
104,363,806
|
|
100.00
|
TAIWAN
GREATER CHINA FUND
|
|||||||||
Schedule
of Investments / December 31, 2005
|
|||||||||
COMMON
STOCK —
110.88%
|
%
of
|
U.S.
Dollar
|
|||||||
Automobile
— 1.51%
|
Net
Assets
|
Value
|
|||||||
399,030
|
shs.
|
China
Motor Corp.
|
0.39
|
$
405,406
|
|||||
101,000
|
Hotai
Motor Co., Ltd.
|
0.24
|
247,688
|
||||||
169,528
|
Tong
Yang Industry Co., Ltd.
|
0.20
|
206,839
|
||||||
316,960
|
TYC
Brother Industrial Co., Ltd.
|
0.20
|
211,947
|
||||||
135,000
|
Yulon
Nissan Motor Co., Ltd.
|
0.48
|
503,800
|
||||||
1,575,680
|
|||||||||
Cement
— 2.21%
|
|||||||||
1,511,297
|
Asia
Cement Corporation
|
0.86
|
895,484
|
||||||
1,977,454
|
Taiwan
Cement Corp.
|
1.35
|
1,412,661
|
||||||
2,308,145
|
|||||||||
Chemicals
— 0.65%
|
|||||||||
869,000
|
Eternal
Chemical Co., Ltd.
|
0.65
|
683,012
|
||||||
Communications
Equipment — 2.10%
|
|||||||||
976,522
|
D-Link
Corp.
|
1.07
|
1,118,558
|
||||||
563,673
|
Zyxel
Communications Corp.
|
1.03
|
1,069,803
|
||||||
2,188,361
|
|||||||||
Computer
Peripherals/ODM — 11.27%
|
|||||||||
2,955,337
|
BenQ
Corp.
|
2.74
|
2,858,508
|
||||||
95,400
|
High
Tech Computer Corp.
|
1.71
|
1,790,267
|
||||||
3,382,006
|
Lite-on
Technology Corp.
|
4.42
|
4,610,585
|
||||||
1,175,000
|
Mitac
International Corp.
|
1.66
|
1,728,915
|
||||||
575,976
|
Premier
Image Technology Corp.
|
0.74
|
772,928
|
||||||
11,761,203
|
|||||||||
Computer
Systems & Hardware —
22.83%
|
|||||||||
775,162
|
Acer
Inc.
|
1.87
|
1,948,207
|
||||||
114,578
|
Advantech
Co., Ltd..
|
0.31
|
324,618
|
||||||
2,173,600
|
Asustek
Computer Inc.
|
6.41
|
6,687,898
|
||||||
1,048,364
|
Compal
Electronics Inc.
|
0.90
|
945,350
|
||||||
2,346,602
|
Hon
Hai Precision Industry Co., Ltd.
|
12.33
|
12,867,690
|
||||||
748,380
|
Quanta
Computer Inc.
|
1.01
|
1,051,022
|
||||||
23,824,785
|
|||||||||
Electrical
& Machinery — 1.11%
|
|||||||||
3,447,837
|
Walsin
Lihwa Corp.
|
1.11
|
1,155,389
|
||||||
Electronic
Components — 10.65%
|
|||||||||
148,725
|
Catcher
Technology Co., Ltd.
|
1.15
|
1,200,656
|
||||||
439,368
|
Delta
Electronics Inc.
|
0.86
|
900,808
|
||||||
589,600
|
Foxconn
Technology Co., Ltd.
|
2.81
|
2,936,729
|
||||||
106,470
|
Largan
Precision Co., Ltd.
|
1.61
|
1,680,141
|
||||||
101,909
|
Merry
Electronics Co., Ltd.
|
0.29
|
298,039
|
||||||
259,616
|
Tripod
Technology Corp.
|
0.72
|
747,398
|
||||||
1,239,000
|
Wintek
Corp.
|
1.93
|
2,008,036
|
||||||
3,141,000
|
*
|
Yageo
Corp.
|
1.28
|
1,339,629
|
|||||
11,111,436
|
|||||||||
See
accompanying notes to financial statements.
|
|||||||||
TAIWAN
GREATER CHINA FUND
|
|||||||||
Schedule
of Investments (continued) / December 31, 2005
|
|||||||||
%
of
|
U.S.
Dollar
|
||||||||
Flat-Panel
Displays — 12.24%
|
Net
Assets
|
Value
|
|||||||
5,008,260
|
shs.
|
AU
Optronics Corp.
|
7.16
|
$
7,476,040
|
|||||
2,531,322
|
Chi
Mei Optoelectronics Corp.
|
3.59
|
3,747,765
|
||||||
3,944,951
|
Chunghwa
Picture Tubes, Ltd.
|
1.17
|
1,219,822
|
||||||
906,795
|
Quanta
Display Inc.
|
0.32
|
331,496
|
||||||
12,775,123
|
|||||||||
Food
— 1.09%
|
|||||||||
2,393,000
|
Uni-President
Enterprise Corp.
|
1.09
|
1,137,250
|
||||||
Glass,
Paper & Pulp — 0.50%
|
|||||||||
421,476
|
Taiwan
Glass Ind. Corporation
|
0.32
|
340,899
|
||||||
522,225
|
Yuen
Foong Yu Paper Manufacturing Co., Ltd.
|
0.18
|
186,137
|
||||||
527,036
|
|||||||||
Plastics
— 10.48%
|
|||||||||
3,379,252
|
Formosa
Chemicals & Fiber Corp.
|
5.23
|
5,456,135
|
||||||
1,916,198
|
Formosa
Plastics Corp.
|
2.82
|
2,947,952
|
||||||
1,839,475
|
Nan
Ya Plastics Corp.
|
2.43
|
2,532,917
|
||||||
10,937,004
|
|||||||||
Retailing
— 0.46%
|
|||||||||
227,512
|
President
Chain Store Corp.
|
0.46
|
476,849
|
||||||
Rubber
— 1.41%
|
|||||||||
1,669,608
|
Cheng
Shin Rubber Ind. Co., Ltd.
|
1.41
|
1,475,031
|
||||||
Semiconductors
—
18.86%
|
|||||||||
1,443,304
|
Advanced
Semiconductor Engineering, Inc.
|
1.27
|
1,323,467
|
||||||
252,000
|
MediaTek
Inc.
|
2.85
|
2,970,983
|
||||||
148,007
|
Novatek
Microelectronics Corp.
|
0.83
|
870,218
|
||||||
845,000
|
Powerchip
Semiconductor Corp.
|
0.53
|
557,318
|
||||||
714,959
|
Siliconware
Precision Industries Co., Ltd.
|
0.96
|
1,002,997
|
||||||
4,856,832
|
Taiwan
Semiconductor Manufacturing Co., Ltd.
|
8.86
|
9,247,445
|
||||||
6,548,011
|
United
Microelectronics Corp.
|
3.56
|
3,710,317
|
||||||
19,682,745
|
|||||||||
Steel
— 4.44%
|
|||||||||
6,085,323
|
China
Steel Corp.
|
4.44
|
4,634,600
|
||||||
Textiles
— 0.56%
|
|||||||||
873,996
|
Far
Eastern Textile Ltd.
|
0.56
|
587,093
|
||||||
Transportation
— 2.87%
|
|||||||||
813,947
|
China
Airlines Ltd.
|
0.38
|
395,499
|
||||||
688,287
|
Eva
Airways Corp.
|
0.31
|
323,956
|
||||||
1,284,380
|
Evergreen
Marine Corp. (Taiwan) Ltd.
|
0.89
|
931,235
|
||||||
475,248
|
Wan
Hai Lines Ltd.
|
0.29
|
296,075
|
||||||
1,604,227
|
Yang
Ming Marine Transport Corp.
|
1.00
|
1,043,404
|
||||||
2,990,169
|
|||||||||
See
accompanying notes to financial statements.
|
|||||||||
TAIWAN
GREATER CHINA FUND
|
|||||||||
Schedule
of Investments (continued) / December 31, 2005
|
|||||||||
%
of
|
U.S.
Dollar
|
||||||||
Other
— 5.64%
|
Net
Assets
|
Value
|
|||||||
963,000
|
Giant
Manufacturing Co., Ltd.
|
1.79
|
$
1,862,896
|
||||||
195,000
|
Johnson
Health Tech Co., Ltd.
|
0.88
|
923,748
|
||||||
372,000
|
Merida
Industry Co., Ltd.
|
0.24
|
253,285
|
||||||
467,864
|
Nien
Made Enterprise Co., Ltd.
|
0.56
|
582,238
|
||||||
2,573,193
|
Pou
Chen Corp.
|
1.61
|
1,685,386
|
||||||
514,800
|
Taiwan
Fu Hsing Industrial Co., Ltd.
|
0.56
|
580,268
|
||||||
5,887,821
|
|||||||||
TOTAL
COMMON STOCK (COST $103,742,469)
|
115,718,732
|
||||||||
SHORT-TERM
SECURITIES —
0.21%
|
|||||||||
Time
Deposit —
0.21%
|
|||||||||
HSBC
Bank USA, 3.400%, Due 01/03/06
|
0.21
|
224,130
|
|||||||
TOTAL
INVESTMENTS IN SECURITIES AT FAIR VALUE
|
111.09
|
115,942,862
|
|||||||
(COST
$103,966,599)
|
|||||||||
LIABILITIES
(NET OF OTHER ASSETS)
|
(11.09)
|
(11,579,056)
|
|||||||
NET
ASSETS
|
100.00
|
$
104,363,806
|
|||||||
*
Non-income producing: This stock did not pay a cash dividend during
the
past year.
|
|||||||||
See
accompanying notes to financial
statements.
|
TAIWAN
GREATER CHINA FUND
|
|||||||||
Statement
of Assets and Liabilities
|
|||||||||
December
31, 2005 (Expressed in U.S. Dollars)
|
|||||||||
Assets
|
|||||||||
Investments
in securities at fair value (Notes 2B, 2C, 3 and 6):
|
|||||||||
Common
Stock (cost —
$103,742,469)
|
$
115,718,732
|
||||||||
Short-term
securities (cost —
$224,130)
|
224,130
|
||||||||
Total
investment in securities at fair value (cost —
$103,966,599)
|
115,942,862
|
||||||||
Cash
|
72,014
|
||||||||
Foreign
cash
|
174,779
|
||||||||
Office
equipment (Note 2D)
|
23,662
|
||||||||
Prepaid
expenses and other assets
|
88,750
|
||||||||
Total
assets
|
116,302,067
|
||||||||
Liabilities
|
|||||||||
Payable
for fund shares repurchased
|
11,333,291
|
||||||||
Accrued
employee salaries and bonus
|
225,289
|
||||||||
Professional
fees payable
|
139,890
|
||||||||
Shareholder
communication fees payable
|
101,103
|
||||||||
Administration
fee payable (Note 4)
|
42,962
|
||||||||
Custodian
fee payable (Note 5)
|
39,500
|
||||||||
Other
accrued expenses
|
56,226
|
||||||||
Total
liabilities
|
11,938,261
|
||||||||
Net
assets
|
$
104,363,806
|
||||||||
Components
of net assets
|
|||||||||
Par
value of shares of beneficial interest (Note 7)
|
$
177,700
|
||||||||
Additional
paid-in capital (Note 7)
|
204,441,670
|
||||||||
Accumulated
net investment income
|
40,660,622
|
||||||||
Accumulated
net realized loss on investments and foreign currency
transactions.
|
(114,731,479)
|
||||||||
Unrealized
net appreciation on investments (Note 6)
|
11,976,263
|
||||||||
Cumulative
translation adjustment (Note 2F)
|
(38,160,970)
|
||||||||
Net
assets
|
$
104,363,806
|
||||||||
Net
asset value per share (17,769,977 shares issued and outstanding,
par value
$0.01)
|
$5.87
|
||||||||
TAIWAN
GREATER CHINA FUND
|
|||||||
Statement
of Operations
|
|||||||
For
the Year Ended December 31, 2005 (Expressed in U.S.
Dollars)
|
|||||||
Investment
income (Note 2C)
|
|||||||
Dividends
|
$
4,553,531
|
||||||
Interest
|
11,541
|
||||||
Other
|
3,239
|
||||||
4,568,311
|
|||||||
Republic
of China taxes (Note 2H)
|
(1,226,758)
|
||||||
3,341,553
|
|||||||
Expenses
|
|||||||
Portfolio
management expenses:
|
|||||||
Personnel
expenses
|
726,110
|
||||||
Research
expenses
|
144,338
|
||||||
Rental
expenses
|
58,689
|
||||||
Travel
expenses
|
24,745
|
||||||
Other
expenses
|
27,179
|
||||||
Shareholder
communication expenses
|
365,651
|
||||||
Legal
fees and expenses
|
167,505
|
||||||
Custodian
fee (Note 5)
|
160,615
|
||||||
Trustee
fees and expenses
|
156,066
|
||||||
Administrative
fee (Note 4)
|
150,345
|
||||||
Audit
and tax fee
|
130,945
|
||||||
Insurance
expenses
|
81,790
|
||||||
Other
expenses
|
82,792
|
||||||
2,276,770
|
|||||||
Net
investment income
|
1,064,783
|
||||||
Net
realized and unrealized gain (loss) on investments and foreign currencies
(Notes 2E and 6)
|
|||||||
Net
realized loss on:
|
|||||||
investments
(excluding short-term securities)
|
(4,234,960)
|
||||||
foreign
currency transactions
|
(55,205)
|
||||||
Net
realized loss on investments and foreign currency
transactions
|
(4,290,165)
|
||||||
Net
changes in unrealized appreciation / depreciation on:
|
|||||||
Investments
|
17,370,417
|
||||||
translation
of assets and liabilities in foreign currencies
|
(5,120,285)
|
||||||
Net
realized and unrealized gain from investments and foreign
currencies
|
7,959,967
|
||||||
Net
increase in net assets resulting from operations
|
$
9,024,750
|
||||||
TAIWAN
GREATER CHINA FUND
|
|||||
Statement
of Changes in Net Assets
|
|||||
For
the Years ended December 31, 2005 and 2004 (Expressed in U.S.
Dollars)
|
|||||
2005
|
2004
|
||||
Net
increase/decrease in net assets resulting from
operations
|
|||||
Net
investment income (loss)
|
$
1,064,783
|
$
(388,769)
|
|||
Net
realized gain / loss on investments and foreign currency
|
|||||
transactions
|
(4,290,165)
|
13,897,385
|
|||
Unrealized
appreciation / depreciation on investments (including
|
|||||
the
effect of a change in accounting principle) (Note 2J)
|
17,370,417
|
(20,774,304)
|
|||
Unrealized
appreciation / depreciation on translation of
|
|||||
assets
and liabilities in foreign currencies
|
(5,120,285)
|
7,678,828
|
|||
Net
increase in net assets resulting from operations
|
9,024,750
|
413,140
|
|||
Distribution
to shareholders (Note 2G)
|
-
|
(326,989)
|
|||
Capital
share transactions:
|
|||||
Cost
of tender offer (Note 7C)
|
-
|
(50,901,403)
|
|||
Cost
of semi-annual repurchase offer (Note 7B)
|
(11,333,291)
|
-
|
|||
Cost
of shares repurchased (Note 7A)
|
(9,794,290)
|
(518,737)
|
|||
Net
capital share transactions
|
(21,127,581)
|
(51,420,140)
|
|||
Net
assets, beginning of year
|
116,466,637
|
167,800,626
|
|||
Net
assets, end of year
|
$
104,363,806
|
$
116,466,637
|
|||
TAIWAN
GREATER CHINA FUND
|
||||||||||||||||||||
Financial
Highlights
|
||||||||||||||||||||
(Expressed
in U.S. Dollars)
|
||||||||||||||||||||
Years
Ended December 31,
|
||||||||||||||||||||
2005
|
2004
|
2003
|
2002
|
2001
|
||||||||||||||||
Per
share operating performance:
|
||||||||||||||||||||
Net
asset value, beginning of year
|
5.37
|
5.13
|
4.37
|
5.40
|
5.78
|
|||||||||||||||
Net
investment income (loss)
|
0.05
|
(0.01)
|
(0.02)
|
(0.06)
|
(0.05)
|
|||||||||||||||
Net
realized and unrealized gain / loss
|
||||||||||||||||||||
on
investments (a)
|
0.65
|
(0.24)
|
0.73
|
(1.02)
|
0.06
|
|||||||||||||||
Net
realized and unrealized
|
||||||||||||||||||||
appreciation
/ depreciation on
|
||||||||||||||||||||
translation
of foreign currencies (a)
|
(0.25)
|
0.26
|
0.11
|
0.05
|
(0.39)
|
|||||||||||||||
Total
from investment operations
|
0.45
|
0.01
|
0.82
|
(1.03)
|
(0.38)
|
|||||||||||||||
Distributions
to Shareholders from:
|
||||||||||||||||||||
Net
investment income*
|
—
|
(0.01)
|
(0.06)
|
—
|
—
|
|||||||||||||||
Capital
Stock Transactions:
|
||||||||||||||||||||
Share
Tender Offer/Repurchase
|
0.05
|
0.24
|
—
|
—
|
—
|
|||||||||||||||
Net
asset value, end of year
|
5.87
|
5.37
|
5.13
|
4.37
|
5.40
|
|||||||||||||||
Per
share market price, end of year
|
5.30
|
4.90
|
4.75
|
4.05
|
4.75
|
|||||||||||||||
Total
investment return (%):
|
||||||||||||||||||||
Based
on Trust's market price
|
8.16
|
3.42
|
18.79
|
(14.74)
|
4.17
|
|||||||||||||||
Based
on Trust's net asset value
|
9.31
|
4.94
|
18.75
|
(19.07)
|
(6.57)
|
|||||||||||||||
U.S.
$ return of Taiwan Stock
Exchange
Index**
|
3.03
|
11.69
|
35.32
|
(19.03)
|
10.16
|
|||||||||||||||
Ratios
and supplemental data:
|
||||||||||||||||||||
Net
assets, end of year (in thousands)
|
104,364
|
116,467
|
167,801
|
142,936
|
176,526
|
|||||||||||||||
Ratio
of expenses to average net assets (%)
|
2.12
|
2.79
|
2.57
|
2.19
|
2.01
|
|||||||||||||||
Ratio
of net investment income (loss) to average net assets (%)
|
0.99
|
(0.27)
|
(0.44)
|
(1.23)
|
(1.01)
|
|||||||||||||||
Portfolio
turnover ratio (%)
|
16
|
137
|
78
|
107
|
173
|
|||||||||||||||
(a)
|
Cumulative
effect of change in accounting principle resulted in a $0.06 reduction
in
realized
|
|||||||||||||||||||
gain/loss
on investments and foreign currency transactions and a $0.06 increase
in
unrealized
|
||||||||||||||||||||
appreciation/depreciation
on investments and foreign currency translation during
2004.
|
||||||||||||||||||||
*
|
See
Note 2G for information concerning the Trust's distribution
policy.
|
|||||||||||||||||||
**
|
Returns
for the Taiwan Stock Exchange Index are not total returns and reflect
only
changes in share price,
|
|||||||||||||||||||
but
do not assume that cash dividends were reinvested. The Taiwan Stock
Exchange Index is
|
||||||||||||||||||||
calculated
by The Taiwan Stock Exchange Corp.
|
2005
|
2004
|
||
Ordinary
Income
|
—
|
$326,989
|
|
Long-term
capital gain
|
—
|
—
|
|
—
|
$326,989
|
Undistributed
net investment income
|
$
—
|
|
Accumulated
capital and other losses
|
(113,241,559)
|
|
Unrealized
appreciation (depreciation)
|
10,934,895
|
|
$(102,306,664)
|
Name
(Age) and
Address
|
Position(s)
Held
with the
Trust
|
Term
of Office and
Length
of Time
Served
|
Principal
Occupation(s)
During
the Past
Five
Years
|
Other
Directorships
Held
by Director
|
Non-Interested
Trustees
|
||||
Edward
B. Collins (63)
China
Vest Inc.
160
Sansome Street, 18th
Floor,
San Francisco,
California
94104 U.S.A.
|
Trustee
and Audit
Committee Member
|
Trustee
since 2000 and until the 2006 Annual Meeting of Shareholders or the
special meeting in lieu thereof
|
Managing
Director, China
Vest
Group (venture capital investment), since prior to 2000
|
Medio
Stream, since 2001; Chic Holdings, since 2005; China Vest, Inc.,
since
prior to 2000
|
Frederick
C. Copeland, Jr. (64)
11
Deer Ridge Road
Avon,
Connecticut 06001
U.S.A.
|
Trustee
and Audit
Committee Member
|
Trustee
since May 2004 and until the 2008 Annual Meeting of Shareholders
or the
special meeting in lieu thereof
|
Vice
Chairman of Far East National Bank, since 2005; Principal, Deer Ridge
Associates, LLC (financial consulting), since 2001; President, Chief
Executive Officer and Chief Operating Officer, Aetna International,
from
prior to 2000 to 2001; Executive Vice President, Aetna, Inc., from
prior
to 2000 to 2001
|
Far
East National Bank, since 2004
|
David
N. Laux (78)
2560
N. 23rd
Road
Arlington,
Virginia 22207
U.S.A.
|
Trustee
and Chairman
|
Trustee
since 1992 and until the 2007 Annual Meeting of Shareholders or the
special meeting in lieu thereof; and Chairman since July
2004
|
President,
US-Taiwan Business Forum, since 2000
|
None
|
Robert
P. Parker (64)
101
California Street
Suite
2830 San Francisco,
California
94111 U.S.A.
|
Trustee
and Audit
Committee Member
|
Trustee
since 1998 and until the 2008 Annual Meeting of Shareholders or the
special meeting in lieu thereof; and Chairman from February-July
2004
|
Chairman,
Parker Price Venture
Capital,
Inc. (formerly known asAllegro Capital, Inc.), since prior to
2000
|
None
|
Non-Trustee
Officers
|
||||
Steven
R. Champion (60)
Bank
Tower Room 1001
205
Dun Hua North Road
Taipei,
Taiwan, R.O.C.
|
President,
Chief
Executive
Officer
and
Portfolio Manager
|
Since
February 2004
|
Executive
Vice President, Bank of Hawaii, 2001-2003; Chief Investment Officer,
Aetna
International, from prior
to
2000 to 2001
|
None
|
Cheryl
Chang (41)
Bank
Tower Room 1001
205
Dun Hua North Road
Taipei,
Taiwan, R.O.C.
|
Secretary,
Treasurer
and
Chief
Financial
Officer
|
Since
June 2004
|
Senior
Manager, KPMG (Taipei Office), from prior to 2000 to 2004; Assurances
and
Advisory Unit of International Practice Group, KPMG (Taipei Office),
2000-2004
|
None
|
(a)
AUDIT FEES:
|
|||
REGISTRANT
|
INVESTMENT
ADVISOR
|
||
FY
2004
|
$60,295
|
$0
|
|
FY
2005
|
$12,068
|
$0
|
|
(b)
AUDIT-RELATED FEES:
|
|||
REGISTRANT
|
INVESTMENT
ADVISOR
|
||
FY
2004
|
$16,418
|
$0
|
|
FY
2005
|
$0
|
$0
|
|
(c)
TAX FEES
|
|||
REGISTRANT
|
INVESTMENT
ADVISOR
|
||
FY
2004
|
$36,277
|
$0
|
|
FY
2005
|
$3,625
|
$0
|
|
(d)
ALL OTHER FEES
|
|||
REGISTRANT
|
INVESTMENT
ADVISOR
|
||
FY
2004
|
$0
|
$0
|
|
FY
2005
|
$0
|
$0
|
|
REGISTRANT
|
INVESTMENT
ADVISOR
|
||
FY
2004
|
$36,277
|
$0
|
|
FY
2005
|
$3,625
|
$0
|
|
Period
|
(a)
Total
Number of Shares (or Units) Purchased
|
(b)
Average
Price Paid per Share (or Unit)
|
(c)
Total
Number of Shares (or Units) Purchased as Part of Publicly Announced
Plans
or Programs
|
(d)
Maximum
Number (or Approximate Dollar Value) of Shares (or Units) that May
Yet Be
Purchased Under the Plans or Programs
|
January
1
To
January
31
|
149,200(a)
|
4.69
|
149,200
|
1,918,432(b)
|
February
1
To
February
29
|
1,109,600(a)
|
5.06
|
1,109,600
|
808,832(b)
|
March
1
to
March
31
|
128,600(a)
|
5.04
|
128,600
|
680,232(b)
|
April
1
to
April
30
|
100,000(a)
|
4.70
|
100,000
|
580,232(b)
|
May
1
to
May
31
|
93,100(a)
|
4.79
|
93,100
|
487,132(b)
|
June
1
to
June
30
|
101,200(a)
|
5.06
|
101,200
|
385,932(b)
|
July
1
to
July
31
|
64,400(a)
|
5.18
|
64,400
|
321,532(b)
|
August
1
to
August
31
|
81,600(a)
|
5.22
|
81,600
|
239,932(b)
|
September
1
to
September
30
|
44,900(a)
|
4.86
|
44,900
|
195,032(b)
|
October
1
to
October
31
|
62,200(a)
|
4.77
|
62,200
|
132,832(b)
|
November
1
to
November
30
|
7,800(a)
|
4.75
|
7,800
|
125,032(b)
|
December
1
to
December
31
|
1,974,441(c)
|
5.74
|
1,974,441
|
0(c)
|
(a) |
Open
Market repurchase
|
(b) |
Fund
may repurchase up to 2,179,932 shares under its repurchase program
commenced November 1, 2004.
|
(c) |
Semi-Annual
repurchase offer
|