The Fund's investment objective is to seek long-term capital appreciation through investment primarily in equity securities listed on the Taiwan Stock Exchange (TSE) in the Republic of China (“ROC”).

It is anticipated that at least 80% of the Fund's assets will be invested in equity securities listed on the TSE.

This objective may not be changed without the approval of a majority of the Fund's outstanding voting securities and the consent of the ROC Securities and Futures Bureau.

Consistent with this objective, the Fund's Board of Directors has adopted an operating policy under which, in normal circumstances, at least 80% of the Fund's Total Assets will be invested in initial public offerings and secondary public offerings of equity securities, if such securities will be listed on the TSE immediately following the offering of such securities, and the Fund may invest in equity securities traded in the over-the-counter market in Taiwan.
Investment in the Fund involves certain risks which are not normally associated with investments in the United States, including a high degree of stock price volatility in the ROC securities markets. See the Fund's prospectus for a full discussion of these risks.
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