-----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, Th+xnCnOMR8b7ScYhCKcLrGv30lCJZzxticDdR+yzn0RcKuCXQW/MTLVtjIKyc3v 7DwKm+2/PStPm97O7ebzYg== 0000748691-03-000002.txt : 20030828 0000748691-03-000002.hdr.sgml : 20030828 20030828130753 ACCESSION NUMBER: 0000748691-03-000002 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030828 EFFECTIVENESS DATE: 20030828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KOREA FUND INC CENTRAL INDEX KEY: 0000748691 IRS NUMBER: 133226146 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04058 FILM NUMBER: 03870391 BUSINESS ADDRESS: STREET 1: 345 PARK AVE STREET 2: C/O SCUDDER STEVENS & CLARK INC CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 6173305464 NSAR-B 1 answer.fil ANSWER FILE PAGE 1 000 B000000 06/30/2003 000 C000000 748691 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 THE KOREA FUND, INC. 001 B000000 811-4058 001 C000000 6172952588 002 A000000 345 PARK AVENUE 002 B000000 NEW YORK 002 C000000 NY 002 D010000 10154 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC. 008 B000001 A 008 C000001 801-252 008 D010001 NEW YORK 008 D020001 NY 008 D030001 10154 008 A000002 DEUTSCHE INVESTMENTS TRUST MGMT. CO. LTD. 008 B000002 S 008 C000002 801-0001 008 D010002 SEOUL 008 D050002 KOREA 010 A000001 SCUDDER FUND ACCOUNTING CORPORATION 010 C010001 BOSTON 010 C020001 MA 010 C030001 02110 010 A000002 STATE STREET BANK AND TRUST COMPANY 010 B000002 85-11329 010 C010002 BOSTON 010 C020002 MA PAGE 2 010 C030002 02110 012 A000001 SCUDDER INVESTMENTS SERVICE COMPANY 012 B000001 84-1713 012 C010001 KANSAS CITY 012 C020001 MO 012 C030001 64105 012 A000002 DST SYSTEMS, INC. 012 B000002 84-0048 012 C010002 KANSAS CITY 012 C020002 MO 012 C030002 64105 013 A000001 PRICEWATERHOUSECOOPERS LLP 013 B010001 BOSTON 013 B020001 MA 013 B030001 02110 014 A000001 SCUDDER INVESTOR SERVICES INC. 014 B000001 8-000298 014 A000002 SCUDDER DISTRIBUTORS INC. 014 B000002 8-047765 014 A000003 SCUDDER FINANCIAL SERVICES INC. 014 B000003 8-049521 014 A000004 AMERITRADE 014 B000004 8-016335 014 A000005 DEUTSCHE SECURITIES AUSTRALIA INC. 014 B000005 8-031670 014 A000006 BT BROKERAGE CORPORATION 014 B000006 8-034120 014 A000007 DEUTSCHE BANC ALEX. BROWN INC. 014 B000007 8-035766 014 A000008 TRADEWEB LLC 014 B000008 8-049994 014 A000009 MARKETAXESS CORPORATION 014 B000009 8-050727 014 A000010 BROKERTEC USA LLC 014 B000010 8-051803 014 A000011 CREDITEX 014 B000011 8-051918 014 A000012 ADIRONDACKTRADING PARTNERS LLC 014 B000012 8-052384 014 A000013 BONDBOOK HOLDINGS, LLC 014 B000013 8-052679 014 A000014 NDB CAPITAL MARKETS, LP 014 B000014 8-013967 014 A000015 DEUTSCHE BANK SECURITIES INC. 014 B000015 8-017822 014 A000016 ALFA MENKUL DEGERLER AS 014 B000016 8-000000 014 A000017 BANKERS TRUST A.S. 014 B000017 8-000000 014 A000018 BANKERS TRUST ARGENTINA S.A. 014 B000018 8-000000 PAGE 3 014 A000019 BANKERS TRUST CARIBE CAPITAL MARKETS, INC. 014 B000019 8-000000 014 A000020 BANKERS TRUST INTERNATIONAL PLC 014 B000020 8-000000 014 A000021 BANKERS TRUST INVESTMENTS PLC 014 B000021 8-000000 014 A000022 BANKERS TRUST MENKUL DEGERLER AS 014 B000022 8-000000 014 A000023 BANKERS TRUST POLAND SP.Z.O.O. 014 B000023 8-000000 014 A000024 BANKERS TRUST S.A. AGENTE DEL MERCADO ABIERTO 014 B000024 8-000000 014 A000025 BANKERS TRUST SECURITIES (PACIFIC) LIMITED 014 B000025 8-000000 014 A000026 BANKERS TRUSTEE COMPANY LIMITED 014 B000026 8-000000 014 A000027 BENCHMARK SECURITIES MANAGEMENT LIMITED 014 B000027 8-000000 014 A000028 BENDER MENKUL DEGERLER A.S. 014 B000028 8-000000 014 A000029 BT (FAR EAST) LIMITED 014 B000029 8-000000 014 A000030 BT ASIA SECURITIES LIMITED 014 B000030 8-000000 014 A000031 BT BROKERAGE (PHILIPPINES) INC. 014 B000031 8-000000 014 A000032 BT BROKERAGE AND ASSOCIATES PTE LTD 014 B000032 8-000000 014 A000033 BT FINANCIAL TRADING 014 B000033 8-000000 014 A000034 BT FRANCE S.A. 014 B000034 8-000000 014 A000035 BT FUTURES (SINGAPORE) LTD. 014 B000035 8-000000 014 A000036 BT NOTES LIMITED 014 B000036 8-000000 014 A000037 BT SECURITIES (EUROPE) LIMITED 014 B000037 8-000000 014 A000038 DB (RUSSIA) LIMITED 014 B000038 8-000000 014 A000039 DB ARBITRAGE LIMITED 014 B000039 8-000000 014 A000040 DB BROKER GMBH 014 B000040 8-000000 014 A000041 DB CORRETORA - SOCIEDADE CORRETORA DE VALORES 014 B000041 8-000000 014 A000042 DB EQUITY LIMITED 014 B000042 8-000000 014 A000043 DB FOREX CORPORATION 014 B000043 8-000000 014 A000044 DB INVESTMENT RESOURCES (US) CORPORATION PAGE 4 014 B000044 8-000000 014 A000045 DEUTSCHE ASSET MANAGEMENT (AUSTRALIA LIMITED) 014 B000045 8-000000 014 A000046 DEUTSCHE ASSET MANAGEMENT (INTERNATIONAL) LTD 014 B000046 8-000000 014 A000047 DEUTSCHE ASSET MANAGEMENT INVESTMENT SERVICES 014 B000047 8-000000 014 A000048 DEUTSCHE ASSET MANAGEMENT LIFE & PENSIONS LTD 014 B000048 8-000000 014 A000049 DEUTSCHE ASSET MANAGEMENT LIMITED 014 B000049 8-000000 014 A000050 DEUTSCHE BANK (CAYMAN) LIMITED 014 B000050 8-000000 014 A000051 DEUTSCHE BANK AG 014 B000051 8-000000 014 A000052 DEUTSCHE BANK AG (LONDON BRANCH) 014 B000052 8-000000 014 A000053 DEUTSCHE BANK AG (SYDNEY BRANCH) 014 B000053 8-000000 014 A000054 DEUTSCHE BANK AG TOKYO BRANCH 014 B000054 8-000000 014 A000055 DEUTSCHE BANK AG, HONG KONG BRANCH 014 B000055 8-000000 014 A000056 DEUTSCHE BANK CANADA 014 B000056 8-000000 014 A000057 DEUTSCHE BANK CORRETORA DE VALORES SA 014 B000057 8-000000 014 A000058 DEUTSCHE BANK FUTURES INC. 014 B000058 8-000000 014 A000059 DEUTSCHE BANK INTERNATIONAL LIMITED 014 B000059 8-000000 014 A000060 DEUTSCHE BANK SA - BANCO ALEMAO 014 B000060 8-000000 014 A000061 DEUTSCHE BANK SECURITIES (PTY) LIMITED 014 B000061 8-000000 014 A000062 DEUTSCHE BANK SOCIETA DI INTERMEDIAZIONE MOBI 014 B000062 8-000000 014 A000063 DEUTSCHE BANK TRUST COMPANY AMERICAS 014 B000063 8-000000 014 A000064 DEUTSCHE CAPITAL MARKETS AUSTRALIA LIMITED 014 B000064 8-00000 014 A000065 DEUTSCHE CORPORATE FINANCE NEW ZEALAND LTD 014 B000065 8-000000 014 A000066 DEUTSCHE FINANCE NEW ZEALAND LIMITED 014 B000066 8-000000 014 A000067 DEUTSCHE FINANCIAL PLANNING LIMITED 014 B000067 8-000000 014 A000068 DEUTSCHE FUNDS MANAGEMENT LIMITED 014 B000068 8-000000 014 A000069 DEUTSCHE FUTURES AUSTRALIA LIMITED 014 B000069 8-000000 PAGE 5 014 A000070 DEUTSCHE FUTURES HONG KONG LIMITED 014 B000070 8-000000 014 A000071 DEUTSCHE FUTURES LONDON LIMITED 014 B000071 8-000000 014 A000072 DEUTSCHE FUTURES NEW ZEALAND LIMITED 014 B000072 8-000000 014 A000073 DEUTSCHE FUTURES SINGAPORE 014 B000073 8-000000 014 A000074 DEUTSCHE INVESTMENT TRUST MANAGERS LIMITED 014 B000074 8-000000 014 A000075 DEUTSCHE INVESTMENTS FUNDS LIMITED 014 B000075 8-000000 014 A000076 DEUTSCHE MANAGEMENT NEW ZEALAND LIMITED 014 B000076 8-000000 014 A000077 DEUTSCHE NEW ZEALAND LIMITED 014 B000077 8-000000 014 A000078 DEUTSCHE PROPERTY ASSET MANAGEMENT LIMITED 014 B000078 8-000000 014 A000079 DEUTSCHE REGIS PARTNERS INC 014 B000079 8-000000 014 A000080 DEUTSCHE SECURITIES (INDIA) PRIVATE LIMITED 014 B000080 8-000000 014 A000081 DEUTSCHE SECURITIES ASIA LIMITED 014 B000081 8-000000 014 A000082 DEUTSCHE SECURITIES ASIA LIMITED HONG KONG 014 B000082 8-000000 014 A000083 DEUTSCHE SECURITIES ASIA LIMITED SINGAPORE 014 B000083 8-000000 014 A000084 DEUTSCHE SECURITIES ASIA LIMITED TAIPEI 014 B000084 8-000000 014 A000085 DEUTSCHE SECURITIES CORREDORES DE BOLSA LTDA 014 B000085 8-000000 014 A000086 DEUTSCHE SECURITIES INDIA PVT LTD 014 B000086 8-000000 014 A000087 DEUTSCHE SECURITIES KOREA CO 014 B000087 8-000000 014 A000088 DEUTSCHE SECURITIES LIMITED TOKYO BRANCH 014 B000088 8-000000 014 A000089 DEUTSCHE SECURITIES NEW ZEALAND LIMITED 014 B000089 8-000000 014 A000090 DEUTSCHE SECURITIES, SOCIEDAD DE VALORES 014 B000090 8-000000 014 A000091 DEUTSCHE SECURITISATION AUSTRALIA PTY LIMITED 014 B000091 8-000000 014 A000092 DEUTSCHE STRUCTURED FINANCE AUSTRALIA LIMITED 014 B000092 8-000000 014 A000093 DEUTSCHE UNIT TRUST MANAGERS LIMITED 014 B000093 8-000000 014 A000094 DIDIER PHILIPPE S.A. 014 B000094 8-000000 014 A000095 DMG & PARTNERS SECURITIES PTE LTD PAGE 6 014 B000095 8-000000 018 000000 Y 019 A000000 Y 019 B000000 200 019 C000000 SCUDDERINV 020 A000001 UBS AG 020 B000001 13-3873456 020 C000001 87 020 A000002 CREDIT SUISSE FIRST BOSTON 020 B000002 13-5659485 020 C000002 78 020 A000003 GOLDMAN, SACHS & CO. 020 B000003 13-5108880 020 C000003 76 020 A000004 MORGAN STANLEY & CO. 020 B000004 13-2655998 020 C000004 66 020 A000005 SAMSUNG SECURITIES 020 B000005 UNKNOWN 020 C000005 53 020 A000006 J.P. MORGAN CHASE 020 B000006 13-3224016 020 C000006 53 020 A000007 ABN AMRO 020 B000007 UNKNOWN 020 C000007 45 020 A000008 MERRILL LYNCH 020 B000008 13-5674085 020 C000008 23 020 A000009 CREDIT LYONNAIS 020 B000009 UNKNOWN 020 C000009 22 020 A000010 DAEWOO SECURITIES 020 B000010 UNKNOWN 020 C000010 12 021 000000 520 022 A000001 SCUDDER CASH MANAGEMENT QP TRUST 022 B000001 02-6123123 022 C000001 30290 022 D000001 59401 022 A000002 J.P. MORGAN CHASE 022 B000002 13-3224016 022 C000002 0 022 D000002 11900 022 A000003 UBS AG 022 B000003 13-3873456 022 C000003 284 022 D000003 0 022 C000004 0 022 D000004 0 022 C000005 0 PAGE 7 022 D000005 0 022 C000006 0 022 D000006 0 022 C000007 0 022 D000007 0 022 C000008 0 022 D000008 0 022 C000009 0 022 D000009 0 022 C000010 0 022 D000010 0 023 C000000 30574 023 D000000 71301 024 000000 Y 025 A000001 GOOD MORNING SHINHAN SECURITIES CO. 025 B000001 unknown 025 C000001 E 025 D000001 6256 025 A000002 SAMSUNG SECURITIES CO., LTD. 025 B000002 unknown 025 C000002 E 025 D000002 3151 025 A000003 LG INVESTMENT AND SECURITIES CO., LTD. 025 B000003 unknown 025 C000003 E 025 D000003 2609 025 A000004 DONGWON SECURITIES CO., INC. 025 B000004 unknown 025 C000004 E 025 D000004 0 025 A000005 DELETE 025 D000005 0 025 D000006 0 025 D000007 0 025 D000008 0 026 A000000 N 026 B000000 Y 026 C000000 Y 026 D000000 Y 026 E000000 Y 026 F000000 N 026 G010000 Y 026 G020000 N 026 H000000 N 027 000000 N 028 A010000 0 028 A020000 0 028 A030000 0 028 A040000 0 028 B010000 0 028 B020000 0 PAGE 8 028 B030000 0 028 B040000 0 028 C010000 0 028 C020000 0 028 C030000 0 028 C040000 0 028 D010000 0 028 D020000 0 028 D030000 0 028 D040000 0 028 E010000 0 028 E020000 0 028 E030000 0 028 E040000 0 028 F010000 0 028 F020000 0 028 F030000 0 028 F040000 0 028 G010000 0 028 G020000 0 028 G030000 0 028 G040000 0 028 H000000 0 030 A000000 0 030 B000000 0.00 030 C000000 0.00 031 A000000 0 031 B000000 0 032 000000 0 033 000000 0 035 000000 0 036 B000000 0 038 000000 0 042 A000000 0 042 B000000 0 042 C000000 0 042 D000000 0 042 E000000 0 042 F000000 0 042 G000000 0 042 H000000 0 043 000000 0 044 000000 0 045 000000 Y 046 000000 N 047 000000 Y 048 000000 0.000 048 A010000 50000 048 A020000 1.150 048 B010000 50000 048 B020000 1.100 PAGE 9 048 C010000 250000 048 C020000 1.000 048 D010000 400000 048 D020000 0.950 048 E010000 300000 048 E020000 0.900 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 048 I020000 0.000 048 J010000 0 048 J020000 0.000 048 K010000 1050000 048 K020000 0.850 049 000000 N 050 000000 N 051 000000 N 052 000000 N 053 A000000 N 054 A000000 Y 054 B000000 Y 054 C000000 Y 054 D000000 N 054 E000000 N 054 F000000 N 054 G000000 N 054 H000000 Y 054 I000000 N 054 J000000 Y 054 K000000 N 054 L000000 Y 054 M000000 Y 054 N000000 N 054 O000000 Y 055 A000000 N 055 B000000 Y 056 000000 Y 057 000000 N 058 A000000 N 059 000000 Y 060 A000000 N 060 B000000 N 061 000000 0 062 A000000 N 062 B000000 0.0 062 C000000 0.0 062 D000000 0.0 PAGE 10 062 E000000 0.0 062 F000000 0.0 062 G000000 0.0 062 H000000 0.0 062 I000000 0.0 062 J000000 0.0 062 K000000 0.0 062 L000000 0.0 062 M000000 0.0 062 N000000 0.0 062 O000000 0.0 062 P000000 0.0 062 Q000000 0.0 062 R000000 0.0 063 A000000 0 063 B000000 0.0 066 A000000 Y 066 C000000 Y 067 000000 N 068 A000000 N 068 B000000 Y 069 000000 N 070 A010000 Y 070 A020000 N 070 B010000 Y 070 B020000 N 070 C010000 Y 070 C020000 N 070 D010000 Y 070 D020000 N 070 E010000 Y 070 E020000 N 070 F010000 Y 070 F020000 N 070 G010000 Y 070 G020000 N 070 H010000 Y 070 H020000 N 070 I010000 N 070 I020000 N 070 J010000 Y 070 J020000 Y 070 K010000 Y 070 K020000 Y 070 L010000 Y 070 L020000 Y 070 M010000 Y 070 M020000 Y 070 N010000 Y 070 N020000 N 070 O010000 Y PAGE 11 070 O020000 N 070 P010000 Y 070 P020000 N 070 Q010000 N 070 Q020000 N 070 R010000 N 070 R020000 N 071 A000000 118214 071 B000000 60094 071 C000000 826674 071 D000000 7 072 A000000 12 072 B000000 2347 072 C000000 17134 072 D000000 0 072 E000000 0 072 F000000 8338 072 G000000 0 072 H000000 0 072 I000000 53 072 J000000 1206 072 K000000 0 072 L000000 183 072 M000000 172 072 N000000 0 072 O000000 0 072 P000000 0 072 Q000000 413 072 R000000 154 072 S000000 249 072 T000000 0 072 U000000 0 072 V000000 0 072 W000000 144 072 X000000 10912 072 Y000000 26 072 Z000000 8595 072AA000000 12055 072BB000000 24304 072CC010000 0 072CC020000 83104 072DD010000 8788 072DD020000 0 072EE000000 33705 073 A010000 0.1800 073 A020000 0.0000 073 B000000 0.6700 073 C000000 0.0000 074 A000000 11898 074 B000000 0 074 C000000 0 PAGE 12 074 D000000 11804 074 E000000 97473 074 F000000 757624 074 G000000 0 074 H000000 0 074 I000000 1484 074 J000000 0 074 K000000 0 074 L000000 21 074 M000000 18 074 N000000 880322 074 O000000 267 074 P000000 746 074 Q000000 0 074 R010000 0 074 R020000 0 074 R030000 0 074 R040000 667 074 S000000 0 074 T000000 878642 074 U010000 49864 074 U020000 0 074 V010000 17.62 074 V020000 0.00 074 W000000 0.0000 074 X000000 1262 074 Y000000 0 075 A000000 0 075 B000000 867305 076 000000 14.99 077 A000000 Y 077 B000000 Y 077 C000000 N 077 D000000 N 077 Q010000 Y 077 Q020000 Y 077 Q030000 N 078 000000 N 080 A000000 ICI MUTUAL INSURANCE COMPANY 080 B000000 CONTINENTAL CASUALTY 080 C000000 150000 081 A000000 Y 081 B000000 194 082 A000000 Y 082 B000000 100 083 A000000 N 083 B000000 0 084 A000000 N 084 B000000 0 085 A000000 Y 085 B000000 N PAGE 13 086 A010000 0 086 A020000 0 086 B010000 75 086 B020000 985 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 087 A010000 THE KOREA FUND, INC. 087 A020000 500634-100 087 A030000 KF 088 A000000 N 088 B000000 N 088 C000000 N 088 D000000 N SIGNATURE JOHN MILLETTE TITLE SECRETARY EX-99.77Q1 OTHR EXHB 3 ex77q3-14.txt BROKER Q#14 Sub-item 77Q3 - Item 14: Additional Affiliated Broker/Dealers Execution Ltd. IBOXX Ltd. K & N Kenanga Bhd K&N Kenanga Holdings Bhd Kenanga Deutsche Futures Kenanga Deutsche Futures Sdn Bhd MaxBlue Investimentos Distribuidora de Titulos e Valores Mobiliarios S. A. Morgan Grenfell & Co Limited Morgan Grenfell Private Equity Limited Morgan Grenfell Securities MTS Japan Securities Co. Ltd. National Discount Brokers Group, Inc. Nissay Deutsche Asset Management Europe Limited (33%) OTC Deriv Limited Pro Capital Spolka Akcyjna PT Bina Tatalaksana Pasifik PT BT Prima Securities Indonesia PT Deutsche Securities Indonesia Regis Partners Inc. Scudder Kemper Investors SOCX LLC Tasfiye Halinde Bankers Trust Menkul Degerler A.S. TheMarkets.com Tokai Deutsche Asset Management Limited (40%) Yieldbroker Pty Ltd. *AsiaBondPortal *BondsinAsia *BT Opera Trading S.A. (dormant) *DB Securities S. A. *DBS Finance S. A. *LoanX *Mortgage Ramp *Swapsclear *Swapswire Limited *Volbroker.com Limited *Yensai Banca Carime S.p.A. Bank Inicjatyw Spoleczno-Ekonomicznych SA Dr. Jung & Partner GmbH EDORA Funding GmbH EuroPace IPD Ltd. eXtrahyp.de Aktiengesellschaft Millennium Clearing Company, L.L.C. Minex Corporation Osaka Stock Exchange Co., Ltd. Scudder Weisel Capital, L.L.C. SLB Funding GmbH TISCO Securities Hong Kong Limited WERDA Betelligungsgesellschaft mbG n:sharedat\sec_reg\nsar\022803\exh14.doc EX-99.77B ACCT LTTR 4 ex77b-kf.txt AUDITOR'S LETTER REPORT OF INDEPENDENT AUDITORS To the Board of Directors and the Shareholders of The Korea Fund, Inc.: In planning and performing our audit of the financial statements of The Korea Fund, Inc. (the "Fund"), for the year ended June 30, 2003, we considered its internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on internal control. The management of the Fund is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those controls include the safeguarding of assets against unauthorized acquisition, use, or disposition. Because of inherent limitations in internal control, errors or fraud may occur and not be detected. Also, projection of any evaluation of internal control to future periods is subject to the risk that controls may become inadequate because of changes in conditions or that the effectiveness of their design and operation may deteriorate. Our consideration of internal control would not necessarily disclose all matters in internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving internal control and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above as of June 30, 2003. This report is intended solely for the information and use of the Board of Directors, management, and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. PricewaterhouseCoopers LLP Boston, Massachusetts August 12, 2003 -----END PRIVACY-ENHANCED MESSAGE-----