UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: | 811-04710 |
Exact name of registrant as specified in charter: | The Asia Pacific Fund, Inc. |
Address of principal executive offices: |
48 Wall Street, 22nd Floor New York, NY 10005 |
Name and address of agent for service: |
Hoyt M. Peters AST Fund Solutions, LLC 48 Wall Street, 22nd Floor New York, NY 10005 |
Registrant’s telephone number, including area code: | 212-269-5500 |
Date of fiscal year end: | 03/31/2018 |
Date of reporting period: | 12/31/2017 |
Item 1. Schedule of Investments
The Asia Pacific Fund, Inc.
Schedule of Investments
as of December 31, 2017 (unaudited)
Shares | Value | |||||||
LONG-TERM INVESTMENTS 96.6% | ||||||||
COMMON STOCKS 90.1% | ||||||||
CHINA (INCLUDING HONG KONG AND MACAU SARs) 58.4% | ||||||||
BOC Hong Kong Holdings Ltd. (Banking) | 291,500 | $ | 1,477,489 | |||||
China Communications Construction Co. Ltd. (Class "H" Shares) (Industrials) | 666,000 | 756,968 | ||||||
China Construction Bank Corp. (Class "H" Shares) (Banking) | 10,110,000 | 9,316,959 | ||||||
China Lilang Ltd. (Consumer Discretionary) | 2,975,000 | 2,402,740 | ||||||
China Machinery Engineering Corp. (Class "H" Shares) (Industrials) | 1,258,000 | 816,355 | ||||||
China Power International Development Ltd. (Utilities) | 1,687,489 | 442,777 | ||||||
China Resources Power Holdings Co. Ltd. (Utilities) | 1,988,622 | 3,705,989 | ||||||
China State Construction International Holdings Ltd. (Industrials) | 1,428,000 | 1,999,567 | ||||||
China Tian Lun Gas Holdings Ltd. (Utilities) | 1,164,000 | 916,260 | ||||||
China Yongda Automobiles Services Holdings Ltd. (Consumer Discretionary) | 293,000 | 337,146 | ||||||
Chongqing Changan Automobile Co. Ltd. (Class "B" Shares) (Consumer Discretionary) | 1,346,685 | 1,482,364 | ||||||
Chongqing Rural Commercial Bank Co Ltd. (Class "H" Shares) (Banking) | 1,873,000 | 1,323,328 | ||||||
Chow Sang Sang Holdings International Ltd. (Consumer Discretionary) | 422,000 | 1,019,776 | ||||||
CIFI Holdings Group Co. Ltd. (Real Estate) | 3,884,000 | 2,341,481 | ||||||
CK Asset Holdings Ltd. (Real Estate) | 372,156 | 3,253,391 | ||||||
Convenience Retail Asia Ltd. (Consumer Staples) | 1,290,000 | 610,917 | ||||||
CRRC Corp. Ltd. (Class "H" Shares) (Industrials) | 918,000 | 982,289 | ||||||
CSI Properties Ltd. (Real Estate) | 25,940,000 | 1,344,669 | ||||||
Datang International Power Generation Co. Ltd. (Class "H" Stock)* (Utilities) | 1,666,000 | 492,581 | ||||||
Ecogreen International Group Ltd. (Materials) | 682,000 | 131,811 | ||||||
EGL Holdings Co. Ltd. (Consumer Discretionary) | 1,424,000 | 249,701 | ||||||
Far East Consortium International Ltd. (Real Estate) | 5,692,162 | 3,424,251 | ||||||
Far East Horizon Ltd. (Financials) | 3,797,000 | 3,241,582 | ||||||
FSE Engineering Holdings Ltd. (Industrials) | 2,397,000 | 767,006 | ||||||
Goldpac Group Ltd. (Information Technology) | 3,119,000 | 946,137 | ||||||
Haitian International Holdings Ltd. (Industrials) | 632,000 | 1,900,971 | ||||||
HKBN Ltd. (Telecommunication Services) | 1,174,000 | 1,484,621 | ||||||
Hopefluent Group Holdings Ltd. (Real Estate) | 926,000 | 406,533 | ||||||
Huayu Automotive Systems Co. Ltd. (Class "A" Shares) (Consumer Discretionary) | 673,499 | 3,070,667 | ||||||
Jinmao Hotel and Jinmao China Hotel Investments and Management Ltd. (Real Estate) | 764,500 | 483,387 | ||||||
Lee & Man Chemical Co. Ltd. (Materials) | 1,954,000 | 1,403,066 | ||||||
Lifestyle International Holdings Ltd. (Consumer Discretionary) | 597,000 | 793,163 | ||||||
Longfor Properties Co. Ltd. (Real Estate) | 2,726,000 | 6,831,704 | ||||||
Midea Group Co. Ltd. (Class "A" Shares) (Consumer Discretionary) | 360,100 | 3,065,163 | ||||||
Nameson Holdings Ltd. (Consumer Discretionary) | 2,154,000 | 873,968 | ||||||
Oi Wah Pawnshop Credit Holdings Ltd. (Diversified Financial Services) | 3,470,637 | 148,814 | ||||||
PetroChina Co. Ltd. (Class "H" Shares) (Energy) | 5,872,000 | 4,096,124 | ||||||
Ping An Insurance Group Co. of China Ltd. (Class "H" Shares) (Insurance) | 434,000 | 4,518,953 | ||||||
Qingdao Port International Co. Ltd. (Class "H" Shares) 144A@ (Industrials) | 4,574,000 | 3,067,736 | ||||||
Sinopharm Group Co. Ltd. (Class "H" Shares) (Health Care) | 202,000 | 873,894 | ||||||
SITC International Holdings Co. Ltd. (Industrials) | 3,429,000 | 3,388,249 | ||||||
Skyworth Digital Holdings Ltd. (Consumer Discretionary) | 3,371,699 | 1,450,035 | ||||||
SmarTone Telecommunications Holdings Ltd. (Telecommunication Services) | 418,500 | 504,588 | ||||||
Springland International Holdings Ltd. (Consumer Staples) | 1,555,000 | 378,159 | ||||||
Times Property Holdings Ltd (Real Estate) | 1,267,000 | 1,247,078 | ||||||
TK Group Holdings Ltd. (Industrials) | 2,684,000 | 1,676,459 | ||||||
Transtech Optelecom Science Holdings Ltd.* (Information Technology) | 1,048,000 | 395,707 | ||||||
Wonderful Sky Financial Group Holdings Ltd. (Consumer Discretionary) | 3,244,000 | 506,560 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd. (Class "H" Shares) (Industrials) | 1,601,860 | 2,722,784 | ||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. (Class "H" Shares) 144A@ (Information Technology) | 545,500 | 2,506,569 | ||||||
91,578,486 | ||||||||
INDIA 1.0% | ||||||||
State Bank of India (Banking) | 330,277 | 1,603,585 |
1
Schedule of Investments
as of December 31, 2017 (unaudited) continued
Shares | Value | |||||||
INDONESIA 5.7% | ||||||||
Pembangunan Perumahan Perser (Industrials) | 3,267,600 | $ | 635,818 | |||||
PT Acset Indonusa Tbk (Industrials) | 3,548,900 | 643,471 | ||||||
PT Adhi Karya Persero Tbk (Industrials) | 196,100 | 27,245 | ||||||
PT Bank Pan Indonesia Tbk* (Banking) | 7,616,000 | 639,929 | ||||||
PT Bekasi Fajar Industrial Estate Tbk (Real Estate) | 20,658,300 | 380,658 | ||||||
PT Cikarang Listrindo Tbk 144A@ (Utilities) | 5,510,900 | 528,039 | ||||||
PT Garuda Maintenance Facility Aero Asia (Industrials) | 2,313,000 | 54,213 | ||||||
PT Indosat Tbk (Telecommunication Services) | 3,482,400 | 1,232,027 | ||||||
PT Jaya Real Property Tbk (Real Estate) | 2,493,300 | 165,393 | ||||||
PT Link Net Tbk (Telecommunication Services) | 2,494,000 | 1,011,019 | ||||||
PT Mitra Pinasthika Mustika Tbk (Consumer Discretionary) | 6,309,700 | 451,108 | ||||||
PT Nusa Raya Cipta Tbk (Industrials) | 1,482,800 | 41,530 | ||||||
PT Panin Financial Tbk* (Insurance) | 58,714,000 | 1,073,232 | ||||||
PT Puradelta Lestari Tbk (Real Estate) | 15,689,700 | 197,747 | ||||||
PT Total Bangun Persada Tbk (Industrials) | 5,582,900 | 271,584 | ||||||
PT Ultrajaya Milk Industry & Trading Co. Tbk (Consumer Staples) | 3,318,200 | 316,718 | ||||||
PT Waskita Karya Persero Tbk (Industrials) | 5,051,200 | 822,786 | ||||||
PT XL Axiata Tbk* (Telecommunication Services) | 2,148,500 | 468,735 | ||||||
8,961,252 | ||||||||
MALAYSIA 1.2% | ||||||||
CB Industrial Product Holding Bhd (Industrials) | 552,800 | 245,871 | ||||||
Mah Sing Group Bhd (Real Estate) | 1,721,925 | 616,949 | ||||||
SP Setia Bhd (Real Estate) | 544,453 | 538,130 | ||||||
UOA Development Bhd (Real Estate) | 801,600 | 473,393 | ||||||
1,874,343 | ||||||||
PHILIPPINES 0.7% | ||||||||
Metropolitan Bank & Trust Co. (Banking) | 436,820 | 887,291 | ||||||
Pryce Corp.* (Energy) | 1,989,900 | 271,060 | ||||||
1,158,351 | ||||||||
SINGAPORE 3.5% | ||||||||
AIMS AMP Capital Industrial REIT (Real Estate Investment Trusts) | 478,556 | 486,625 | ||||||
Asian Pay Television Trust (Consumer Discretionary) | 1,497,800 | 660,736 | ||||||
BOC Aviation Ltd. 144A@ (Industrials) | 526,000 | 2,804,086 | ||||||
CapitaLand Retail China Trust (Real Estate Investment Trusts) | 614,373 | 744,166 | ||||||
China Jinjiang Environment Holding Co. Ltd. (Utilities) | 273,600 | 140,129 | ||||||
Viva Industrial Trust (Real Estate) | 810,800 | 566,823 | ||||||
5,402,565 | ||||||||
SOUTH KOREA 11.1% | ||||||||
Amotech Co. Ltd.* (Information Technology) | 11,254 | 518,259 | ||||||
BH Co. Ltd.* (Information Technology) | 55,342 | 1,411,271 | ||||||
DB Insurance Co. Ltd. (Insurance) | 25,767 | 1,713,708 | ||||||
E-MART, Inc. (Consumer Staples) | 6,374 | 1,613,520 | ||||||
Fila Korea Ltd. (Consumer Discretionary) | 14,705 | 1,120,852 | ||||||
GS Retail Co. Ltd. (Consumer Staples) | 43,786 | 1,648,289 | ||||||
Hotel Shilla Co. Ltd. (Consumer Discretionary) | 13,847 | 1,098,137 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. (Insurance) | 39,249 | 1,723,136 | ||||||
Hyundai Steel Co. (Materials) | 16,046 | 878,329 | ||||||
Kangwon Land, Inc. (Consumer Discretionary) | 21,408 | 695,903 | ||||||
KB Financial Group, Inc. (Banking) | 56,800 | 3,363,804 | ||||||
Nasmedia Co. Ltd. (Consumer Discretionary) | 15,876 | 1,104,817 | ||||||
V One Tech Co. Ltd.* (Information Technology) | 11,407 | 505,593 | ||||||
17,395,618 | ||||||||
TAIWAN 7.4% | ||||||||
Accton Technology Corp. (Information Technology) | 290,000 | 1,032,982 | ||||||
Basso Industry Corp. (Consumer Discretionary) | 383,000 | 858,447 | ||||||
Chilisin Electronics Corp. (Information Technology) | 151,840 | 502,587 | ||||||
ChipMOS Technologies, Inc. (Information Technology) | 417,000 | 371,339 |
The Asia Pacific Fund, Inc. 2
The Asia Pacific Fund, Inc.
Schedule of Investments
as of December 31, 2017 (unaudited)
Shares | Value | |||||||
TAIWAN (cont'd.) | ||||||||
Flexium Interconnect, Inc. (Information Technology) | 405,178 | $ | 1,450,055 | |||||
Inventec Corp. (Information Technology) | 899,000 | 717,484 | ||||||
Kerry TJ Logistics Co. Ltd. (Industrials) | 343,000 | 440,874 | ||||||
King Yuan Electronics Co. Ltd. (Information Technology) | 1,721,000 | 1,749,425 | ||||||
Primax Electronics Ltd. (Information Technology) | 195,000 | 517,667 | ||||||
Taiwan Sakura Corp. (Consumer Discretionary) | 377,000 | 476,975 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 347,000 | 2,676,093 | ||||||
TURVO International Co. Ltd. (Industrials) | 223,000 | 779,340 | ||||||
11,573,268 | ||||||||
THAILAND 1.1% | ||||||||
AP Thailand PCL (Real Estate) | 3,356,200 | 942,290 | ||||||
Kang Yong Electric PCL (Consumer Discretionary) | 4,800 | 69,224 | ||||||
Supalai PCL (Real Estate) | 959,600 | 697,837 | ||||||
1,709,351 | ||||||||
TOTAL COMMON STOCKS (cost $118,974,628) | 141,256,819 | |||||||
PREFERENCE STOCKS 6.4% | ||||||||
MALAYSIA 0.0% | ||||||||
SP Setia Bhd Islamic Convertible Preference Shares(1) (Real Estate) | 192,160 | 41,785 | ||||||
41,785 | ||||||||
SOUTH KOREA 6.4% | ||||||||
Samsung Fire & Marine Insurance Co. Ltd. (Insurance) | 11,226 | 1,856,057 | ||||||
Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 4,183 | 8,166,335 | ||||||
10,022,392 | ||||||||
TOTAL PREFERENCE STOCKS (cost $5,565,130) | 10,064,177 | |||||||
WARRANTS* 0.1% | ||||||||
MALAYSIA 0.0% | ||||||||
Mah Sing Group Bhd, expiring 02/21/20 (Real Estate) | 423,637 | 10,468 | ||||||
SINGAPORE 0.0% | ||||||||
Ezion Holdings Ltd., expiring 04/24/20(1) (Energy) | 286,063 | 0 | ||||||
0 | ||||||||
THAILAND 0.1% | ||||||||
Supalai Public Company Ltd., expiring 10/20/18 (Real Estate) | 239,900 | 141,334 | ||||||
TOTAL WARRANTS (cost $89,238) | 151,802 | |||||||
TOTAL LONG-TERM INVESTMENTS (cost $124,628,996) | 151,472,798 | |||||||
SHORT-TERM INVESTMENT 0.1% | ||||||||
MONEY MARKET MUTUAL FUND | ||||||||
JPMorgan Prime Money Market Fund/Premier (cost $120,224) | 120,224 | 120,224 |
3
Schedule of Investments
as of December 31, 2017 (unaudited) continued
TOTAL INVESTMENTS 96.7% (cost $124,749,220)(a) | $ | 151,593,022 | ||
Other assets in excess of liabilities 3.3% | 5,104,836 | |||
NET ASSETS 100.0% | $ | 156,697,858 |
* | Non-income producing security. |
144A@ | Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. |
(1) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Measurements table located at the end of the Portfolio of Investments. |
The following abbreviations are used in the quarterly report:
MSCI | Morgan Stanley Capital International |
REIT | Real Estate Investment Trusts |
(a) | The United States federal income tax basis of investments and the net unrealized appreciation were as follows: |
Tax Basis | $ | 125,312,085 | ||
Appreciation | 31,840,213 | |||
Depreciation | (5,559,276 | ) | ||
Net Unrealized Appreciation | $ | 26,280,937 |
The book basis may differ from tax basis due to certain tax-related adjustments.
Industry Classification: |
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2017 were as follows :
Industrials | 15.9% |
Real Estate | 15.3 |
Consumer Discretionary | 13.9 |
Banking | 11.9 |
Information Technology | 9.8 |
Insurance | 6.9 |
Technology Hardware & Equipment | 5.2 |
Utilities | 4.0 |
Telecommunication Services | 3.0 |
Consumer Staples | 2.9 |
Energy | 2.8 |
Financials | 2.0 |
Materials | 1.5 |
Real Estate Investment Trusts | 0.8 |
Health Care | 0.6 |
Diversified Financial Services | 0.1 |
Money Market Mutual Fund | 0.1 |
96.7 | |
Other assets in excess of liabilities | 3.3 |
100.00% |
The Asia Pacific Fund, Inc. 4
Notes to Schedule of Investments (unaudited)
Securities Valuation:
The Fund holds securities and other assets that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date and is in compliance with FASB ASC 820-10-50. The Board of Directors (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to the Investment Manager, Value Partners Hong Kong Limited. Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. The Valuation Procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly-scheduled quarterly meeting.
Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the table following the Schedule of Investments.
Common stocks and preference shares, exchange-traded funds, and derivative instruments such as futures or options that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1in the fair value hierarchy.
In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.
For common stocks and preference shares traded on foreign securities exchanges, certain valuation adjustments will be applied when events occur after the close of the security's foreign market and before the Fund's normal pricing time. These securities are valued using pricing vendor services that provide adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy.
Investments in open end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.
Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.
When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.
Market values of investments traded in foreign currency are translated into U.S. dollars at the current rates of exchange.
Fair Value:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.
Level 1--quoted prices generally in active markets for identical securities.
Level 2--quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3--unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of December 31, 2017 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities | ||||||||||||
Common Stocks | ||||||||||||
China (including Hong Kong and Macau SARs) | $ | 91,578,486 | $ | — | $ | — | ||||||
India | 1,603,585 | — | — | |||||||||
Indonesia | 8,961,252 | — | — | |||||||||
Malaysia | 1,874,343 | — | — | |||||||||
Philippines | 1,158,351 | — | — | |||||||||
Singapore | 5,402,565 | — | — | |||||||||
South Korea | 17,395,618 | — | — | |||||||||
Taiwan | 11,573,268 | — | — | |||||||||
Thailand | — | 1,709,351 | — | |||||||||
Preference Stocks | ||||||||||||
Malaysia | — | — | 41,785 | |||||||||
South Korea | 10,022,392 | — | — | |||||||||
Warrants | ||||||||||||
Malaysia | 10,468 | — | — | |||||||||
Singapore | — | — | — | |||||||||
Thailand | 141,334 | — | — | |||||||||
Money Market Mutual Fund | 120,224 | — | — | |||||||||
Total | $ | 149,841,886 | $ | 1,709,351 | $ | 41,785 |
The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:
Balance as of 3/31/17 | $ | - | ||
Realized gain (loss) | - | |||
Unrealized gain (loss) | - | |||
Purchases | 41,785 | |||
Sales | - | |||
Accrued discount (premium) | - | |||
Transfers into Level 3 | - | |||
Transfers out of Level 3 | - | |||
Balance as of 12/31/17 | $ | 41,785 |
During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.
New Accounting Pronouncements:
On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. . The compliance dates of the other amendments and rules are is April 2019 for larger fund groups and April 2020 for smaller fund groups. Management is currently evaluating the impacts to the financial statement disclosures.
Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
Item 2. Controls and Procedures
(a) | It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
(b) | There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. |
Item 3. Exhibits
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | The Asia Pacific Fund, Inc. | |
By (Signature and Title)* | /s/ Hoyt M. Peters | |
Hoyt M. Peters | ||
Secretary |
Date February 9, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ King Lun Au | |
King Lun Au | ||
President and Principal Executive Officer | ||
Date February 9, 2018 |
||
By (Signature and Title)* | /s/ Frank J. Maresca | |
Frank J. Maresca | ||
Treasurer and Principal Financial Officer | ||
Date February 9, 2018 |
* | Print the name and title of each signing officer under his or her signature. |