-----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, KPLtozHpcI9vD+lAtc+12fcbe86r/9caAP2AT6lvBGXzRA1+O1VKNRfAhqr9T0MK VxRtdG9xo5ifAuGARGsQWw== 0001387131-08-000044.txt : 20080304 0001387131-08-000044.hdr.sgml : 20080304 20080304132034 ACCESSION NUMBER: 0001387131-08-000044 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080131 FILED AS OF DATE: 20080304 DATE AS OF CHANGE: 20080304 EFFECTIVENESS DATE: 20080304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPARX ASIA FUNDS CENTRAL INDEX KEY: 0001260723 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21419 FILM NUMBER: 08662770 BUSINESS ADDRESS: STREET 1: 360 MADISON AVENUE STREET 2: 22ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2124525000 MAIL ADDRESS: STREET 1: 360 MADISON AVENUE STREET 2: 22ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: SPARX ASIA TRUST DATE OF NAME CHANGE: 20070807 FORMER COMPANY: FORMER CONFORMED NAME: SPARX FUNDS TRUST DATE OF NAME CHANGE: 20030820 0001260723 S000008448 SPARX JAPAN FUND C000023165 SPARX JAPAN FUND - INSTITUTIONAL SHARES SPARX C000023166 SPARX JAPAN FUND - INVESTOR SHARES SPXJX 0001260723 S000018458 SPARX Japan Smaller Companies Fund C000051052 Common Stock 0001260723 S000018459 SPARX Asia Pacific Opportunities Fund C000051053 Common Stock 0001260723 S000018460 SPARX Asia Pacific Equity Income Fund C000051054 Common Stock N-Q 1 q46123_nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number              811-21419                

 

 

SPARX Asia Funds
(Exact name of registrant as specified in charter)
 
360 Madison Avenue
 New York, New York 10017 
(Address of principal executive offices) (Zip code)
 
Kevin T. Medina, Esq.
SPARX Investment & Research, USA, Inc.
360 Madison Avenue
New York, New York 10017 
(Name and address of agent for service)

 

Registrant's telephone number, including area code: 212-452-5000

 

Date of fiscal year end: October 31  

 

Date of reporting period: January 31, 2008

 

 

Item 1. Schedule of Investments.

The Schedules of Investments are attached herewith.

 

 

SPARX ASIA FUNDS
SPARX JAPAN FUND
Portfolio of Investments — January 31, 2008 (unaudited)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

 

 

 

COMMON STOCKS - 97.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Banks - 7.5%

 

 

 

 

450

 

Mizuho Financial Group, Inc.

 

$

2,112,723

 

332

 

Sumitomo Mitsui Financial Group, Inc.

 

 

2,664,521

 

53,000

 

Suruga Bank, Ltd.

 

 

632,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,410,217

 

 

 

 

 

 

 

 

Chemicals - 11.5%

 

 

 

 

105,000

 

Kao Corp.

 

 

3,177,153

 

272,000

 

Taiyo Nippon Sanso Corp.

 

 

2,577,550

 

38,800

 

Unicharm Corp.

 

 

2,565,152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,319,855

 

 

 

 

 

 

 

 

Communication - 0.2%

 

 

 

 

3,800

 

Zenrin Co., Ltd.

 

 

122,393

 

 

 

 

 

 

 

 

Construction - 4.3%

 

 

 

 

216,000

 

Kajima Corp.

 

 

693,659

 

156,000

 

Obayashi Corp.

 

 

890,082

 

141,000

 

Shimizu Corp.

 

 

727,204

 

263,000

 

Taisei Corp.

 

 

773,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,084,471

 

 

 

 

 

 

 

 

Electrical Appliances - 6.9%

 

 

 

 

13,700

 

Keyence Corp.

 

 

2,927,828

 

14,000

 

Ricoh Co., Ltd.

 

 

220,423

 

210,000

 

Toshiba Corp.

 

 

1,435,083

 

39,000

 

Yaskawa Electric Corp.

 

 

417,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,000,453

 

 

 

 

 

 

 

 

Glass & Ceramics Products - 1.4%

 

 

 

 

219,000

 

Nippon Sheet Glass Co., Ltd.

 

 

1,011,043

 

 

 

 

 

 

 

 

Iron & Steel - 4.2%

 

 

 

 

13,700

 

JFE Holdings, Inc.

 

 

639,101

 

497,000

 

Sumitomo Metal Industries, Ltd.

 

 

2,376,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,015,678

 

 

 

 

 

 

 

 

Land Transportation - 2.0%

 

 

 

 

232,000

 

Tokyu Corp.

 

 

1,453,147

 

 

 

 

 

 

 

 

Machinery - 5.5%

 

 

 

 

463,000

 

IHI Corp.

 

 

924,811

 

70,000

 

Juki Corp.

 

 

340,592

 

90,200

 

Komatsu, Ltd.

 

 

2,199,008

 

52,000

 

Tadano, Ltd.

 

 

491,430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,955,841

 

 

 

 

 

 

 

 

Marine Transportation - 0.6%

 

 

 

 

46,000

 

Kawasaki Kisen Kaisha, Ltd.

 

 

449,002

 

 

 

 

 

 

 

 

Metal Products - 2.2%

 

 

 

 

133,000

 

NHK Spring Co., Ltd.

 

 

1,133,324

 

20,100

 

Sumco Corp.

 

 

445,449

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,578,773

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

 

 

 

 

 

Nonferrous Metals - 1.8%

 

 

 

 

77,000

 

Sumitomo Metal Mining Co., Ltd.

 

$

1,278,680

 

 

 

 

 

 

 

 

Other Products - 11.0%

 

 

 

 

61,000

 

Asics Corp.

 

 

795,575

 

156,600

 

Fuji Seal International, Inc.

 

 

3,017,206

 

582,000

 

Mizuno Corp.

 

 

4,087,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,899,950

 

 

 

 

 

 

 

 

Pharmaceuticals - 0.4%

 

 

 

 

22,000

 

Rohto Pharmaceutical Co., Ltd.

 

 

267,139

 

 

 

 

 

 

 

 

Precision Instruments - 2.5%

 

 

 

 

7,900

 

Mani, Inc.

 

 

484,356

 

24,400

 

Terumo Corp.

 

 

1,334,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,818,402

 

 

 

 

 

 

 

 

Real Estate - 2.3%

 

 

 

 

408

 

NTT Urban Development Corp.

 

 

648,490

 

10,090

 

Sumitomo Real Estate Sales Co., Ltd.

 

 

470,490

 

57,300

 

Tokyu Livable, Inc.

 

 

562,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,681,151

 

 

 

 

 

 

 

 

Retail Trade - 0.4%

 

 

 

 

9,400

 

St. Marc Holdings Co., Ltd.

 

 

293,252

 

 

 

 

 

 

 

 

Securities - 0.4%

 

 

 

 

35,100

 

Kyokuto Securities Co., Ltd.

 

 

302,670

 

 

 

 

 

 

 

 

Services - 0.9%

 

 

 

 

445

 

Intelligence, Ltd.

 

 

642,813

 

 

 

 

 

 

 

 

Transportation Equipment - 14.3%

 

 

 

 

178,000

 

Bosch Corp.

 

 

759,562

 

773,000

 

Isuzu Motors, Ltd.

 

 

3,313,148

 

46,500

 

Shimano, Inc.

 

 

1,804,851

 

265,000

 

T.RAD Co., Ltd.

 

 

1,631,685

 

51,000

 

Toyota Motor Corp.

 

 

2,761,195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,270,441

 

 

 

 

 

 

 

 

Wholesale Trade - 17.6%

 

 

 

 

219

 

Chip One Stop, Inc.*

 

 

102,767

 

240,000

 

Itochu Corp.

 

 

2,218,559

 

545,000

 

Marubeni Corp.

 

 

3,801,405

 

47,900

 

Misumi Group, Inc.

 

 

793,508

 

145,000

 

Mitsubishi Corp.

 

 

3,842,384

 

136,200

 

Sumitomo Corp.

 

 

1,903,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,661,912

 

 

 

 

 

 

 

 

Total Common Stocks
(Cost $75,716,292)

 

 

70,517,283

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENT - 1.8%

 

 

 

 

1,276,233

 

Blackrock Liquidity Funds TempCash Portfolio

 

 

1,276,233

 

 

 

 

 

 

 

 

Total Short-term Investment
(Cost $1,276,233)

 

 

1,276,233

 

 

 

 

 

 

See accompanying Notes to Portfolio of Investments.
1

 

SPARX ASIA FUNDS
SPARX JAPAN FUND
Portfolio of Investments (continued) — January 31, 2008 (unaudited)

 

 

 

 

 

 

 

 

 

Total Investments - 99.7%
(Cost $76,992,525)

 

 

71,793,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Other Assets And Liabilities - 0.3%

 

 

229,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.0%

 

$

72,022,958

 

 

 

 

 

 

 

 

*

Non-income producing.

 

 

 

 

 

 

 

 

Gross unrealized appreciation

 

$

3,722,273

 

 

Gross unrealized depreciation

 

 

(8,921,282

)

 

 

 

 

 

Gross unrealized depreciation

 

$

(5,199,009

)

 

 

 

 

Industry Concentration Table:
(% of Total Net Assets)

 

 

 

 

 

Wholesale Trade

 

 

17.6

%

Transportation Equipment

 

 

14.3

%

Chemicals

 

 

11.5

%

Other Products

 

 

11.0

%

Banks

 

 

7.5

%

Electrical Appliances

 

 

6.9

%

Machinery

 

 

5.5

%

Construction

 

 

4.3

%

Iron & Steel

 

 

4.2

%

Precision Instruments

 

 

2.5

%

Real Estate

 

 

2.3

%

Metal Products

 

 

2.2

%

Land Transportation

 

 

2.0

%

Nonferrous Metals

 

 

1.8

%

Glass & Ceramics Products

 

 

1.4

%

Services

 

 

0.9

%

Marine Transportation

 

 

0.6

%

Pharmaceuticals

 

 

0.4

%

Retail Trade

 

 

0.4

%

Securities

 

 

0.4

%

Communication

 

 

0.2

%

Cash And Net Other Assets

 

 

2.1

%

 

 

 

 

Total

 

 

100.0

%

 

 

 

 

See accompanying Notes to Portfolio of Investments.
2

 

SPARX ASIA FUNDS

SPARX JAPAN SMALLER COMPANIES FUND

Portfolio of Investments — January 31, 2008 (unaudited)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

 

 

 

COMMON STOCKS - 97.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals - 3.7%

 

 

 

 

16,000

 

Fujikura Kasei Co., Ltd.

 

$

111,163

 

4,000

 

Miraial Co., Ltd.

 

 

98,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

209,571

 

 

 

 

 

 

 

 

Communication - 14.8%

 

 

 

 

6,400

 

Hudson Soft Co., Ltd.*

 

 

96,217

 

10,000

 

Software Service, Inc.

 

 

108,496

 

9,000

 

SRA Holdings, Inc.

 

 

130,194

 

140

 

Telepark Corp.

 

 

150,261

 

17,000

 

Tohokushinsha Film Corp.

 

 

192,554

 

135

 

Works Applications Co., Ltd.

 

 

166,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

844,556

 

 

 

 

 

 

 

 

Computer Software & Services - 3.0%

 

 

 

 

6,100

 

Alpha Systems, Inc.

 

 

171,023

 

 

 

 

 

 

 

 

Construction - 2.0%

 

 

 

 

20,000

 

Totetsu Kogyo Co., Ltd.

 

 

113,990

 

 

 

 

 

 

 

 

Electrical Appliances - 10.7%

 

 

 

 

64,000

 

Clarion Co., Ltd.

 

 

155,675

 

8,700

 

Dai-Ichi Seiko Co., Ltd.

 

 

113,700

 

229

 

MCJ Co., Ltd.*

 

 

108,514

 

9,000

 

Optex Co., Ltd.

 

 

119,242

 

12,000

 

Suzuki Co., Ltd.

 

 

117,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

614,397

 

 

 

 

 

 

 

 

Fishery, Agriculture & Forestry - 0.9%

 

 

 

 

3,000

 

Hokuto Corp.

 

 

49,948

 

 

 

 

 

 

 

 

Foods - 2.1%

 

 

 

 

40,500

 

Snow Brand Milk Products Co., Ltd.

 

 

117,575

 

 

 

 

 

 

 

 

Glass & Ceramics Products - 0.7%

 

 

 

 

6,900

 

Mitani Sekisan Co., Ltd.

 

 

42,916

 

 

 

 

 

 

 

 

Industrial - 2.0%

 

 

 

 

13,800

 

Nihon Dengi Co., Ltd.

 

 

115,311

 

 

 

 

 

 

 

 

Land Transportation - 0.8%

 

 

 

 

50

 

SBS Holdings, Inc.

 

 

45,985

 

 

 

 

 

 

 

 

Machinery - 6.6%

 

 

 

 

9,500

 

HIRATA Corp.

 

 

139,641

 

17,800

 

Nittoku Engineering Co., Ltd.

 

 

128,034

 

7,000

 

Yushin Precision Equipment Co., Ltd.

 

 

110,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

377,709

 

 

 

 

 

 

 

 

Marine Transportation - 2.3%

 

 

 

 

22,000

 

Shinwa Kaiun Kaisha, Ltd.

 

 

128,886

 

 

 

 

 

 

 

 

Mining - 2.0%

 

 

 

 

22,000

 

Kanto Natural Gas Development Co., Ltd.

 

 

116,518

 

 

 

 

 

 

 

 

Other Financial Business - 3.5%

 

 

 

 

7,000

 

Japan Securities Finance Co., Ltd.

 

 

59,771

 

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

 

 

 

 

 

Other Financial Business (continued)

 

 

 

 

161

 

Money Partners Co., Ltd.

 

$

140,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

199,907

 

 

 

 

 

 

 

 

Other Products - 3.9%

 

 

 

 

73

 

Samantha Thavasa Japan, Ltd.

 

 

84,812

 

100

 

SRI Sports, Ltd.

 

 

139,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

223,841

 

 

 

 

 

 

 

 

Real Estate - 3.6%

 

 

 

 

73

 

RISA Partners, Inc.

 

 

135,549

 

7,000

 

Tokyu Livable, Inc.

 

 

68,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

204,226

 

 

 

 

 

 

 

 

Retail Trade - 4.9%

 

 

 

 

7,300

 

Chiyoda Co., Ltd.

 

 

106,567

 

13,800

 

Himaraya Co., Ltd.

 

 

51,969

 

27,700

 

Tokyo Derica Co., Ltd.

 

 

120,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

278,612

 

 

 

 

 

 

 

 

Services - 21.4%

 

 

 

 

100

 

Benefit One, Inc.

 

 

110,019

 

20,800

 

Culture Convenience Club Co., Ltd.

 

 

95,715

 

800

 

FujiStaff Holdings, Inc.

 

 

184,155

 

31

 

Kakaku.com, Inc.

 

 

142,420

 

70

 

Message Co., Ltd.

 

 

130,226

 

45

 

OPT, Inc.

 

 

133,696

 

95

 

Prestige International, Inc.

 

 

108,031

 

12,400

 

Studio Alice Co., Ltd.

 

 

142,224

 

90

 

United Technology Holdings Co., Ltd.

 

 

179,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,225,782

 

 

 

 

 

 

 

 

Textiles And Apparels - 2.7%

 

 

 

 

25,000

 

Yamato International, Inc.

 

 

156,061

 

 

 

 

 

 

 

 

Wholesale Trade - 6.2%

 

 

 

 

85

 

Japan Wind Development Co., Ltd.

 

 

221,346

 

6,600

 

Toshin Group Co., Ltd.

 

 

134,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

356,021

 

 

 

 

 

 

 

 

Total Common Stocks
(Cost $5,647,323)

 

 

5,592,835

 

 

 

 

 

 

SHORT-TERM INVESTMENT - 2.9%

 

 

 

 

 

 

Blackrock Liquidity Funds TempCash

 

 

 

 

164,457

 

Portfolio

 

 

164,457

 

 

 

 

 

 

 

 

Total Short-term Investment
(Cost $164,457)

 

 

164,457

 

 

 

 

 

 

See accompanying Notes to Portfolio of Investments.
3

 

SPARX ASIA FUNDS

SPARX JAPAN SMALLER COMPANIES FUND

Portfolio of Investments (continued) — January 31, 2008 (unaudited)

 

 

 

 

 

 

 

 

 

Total Investments - 100.7%
(Cost $5,811,780)

 

 

5,757,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Other Assets And Liabilities - (0.7%)

 

 

(37,405

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.0%

 

$

5,719,887

 

 

 

 

 

 

 

 

*

Non-income producing.


 

 

 

 

 

 

 

 

Gross unrealized appreciation

 

$

538,185

 

 

Gross unrealized deppreciation

 

 

(592,673

)

 

 

 

 

 

 

Gross unrealized deppreciation

 

$

(54,488

)

 

 

 

 

 

Industry Concentration Table:
(% of Total Net Assets)

 

 

 

Services

 

21.4%

Communication

 

14.8%

Electrical Appliances

 

10.7%

Machinery

 

6.6%

Wholesale Trade

 

6.2%

Retail Trade

 

4.9%

Other Products

 

3.9%

Chemicals

 

3.7%

Real Estate

 

3.6%

Other Financial Business

 

3.5%

Computer Software & Services

 

3.0%

Textiles And Apparels

 

2.7%

Marine Transportation

 

2.3%

Foods

 

2.1%

Construction

 

2.0%

Industrial

 

2.0%

Mining

 

2.0%

Fishery, Agriculture & Forestry

 

0.9%

Land Transportation

 

0.8%

Glass & Ceramics Products

 

0.7%

Cash And Net Other Assets

 

2.2%

 

 

Total

 

100.0%

 

 

See accompanying Notes to Portfolio of Investments.
4

 

SPARX ASIA FUNDS

SPARX ASIA PACIFIC OPPORTUNITIES FUND

Portfolio of Investments — January 31, 2008 (unaudited)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

 

 

 

COMMON STOCKS - 84.1%

 

 

 

 

 

 


Australia - 22.9%

 

 

 

 

2,578

 

ASX, Ltd.

 

$

111,785

 

 

 

Australia and New Zealand Banking

 

 

 

 

4,314

 

Group, Ltd.

 

 

102,290

 

28,856

 

Babcock & Brown Capital, Ltd.*

 

 

98,607

 

22,450

 

Brambles, Ltd.

 

 

218,476

 

72,003

 

ConnectEast Group

 

 

92,248

 

5,235

 

Macquarie Group, Ltd.

 

 

304,955

 

6,545

 

National Australia Bank, Ltd.

 

 

206,632

 

33,906

 

Transurban Group

 

 

202,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,337,498

 

 

 

 

 

 

 

 

China - 1.7%

 

 

 

 

118,000

 

Anhui Expressway Co., Ltd.

 

 

101,636

 

 

 

 

 

 

 

 

Hong Kong - 18.0%

 

 

 

 

91,000

 

C C Land Holdings, Ltd.

 

 

102,896

 

32,000

 

Great Eagle Holdings, Ltd.

 

 

107,664

 

36,500

 

Hongkong Electric Holdings, Ltd.

 

 

208,283

 

11,000

 

Jardine Strategic Holdings, Ltd.

 

 

161,343

 

142,491

 

Link REIT (The)

 

 

362,560

 

3,300

 

Standard Chartered PLC

 

 

107,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,050,662

 

 

 

 

 

 

 

 

India - 2.3%

 

 

 

 

3,220

 

Infosys Technologies, Ltd., SP ADR

 

 

133,308

 

 

 

 

 

 

 

 

Indonesia - 2.7%

 

 

 

 

203,500

 

PT Bank Rakyat Indonesia

 

 

157,387

 

 

 

 

 

 

 

 

Singapore - 13.0%

 

 

 

 

100,000

 

Olam International, Ltd.

 

 

184,963

 

41,000

 

Singapore Exchange, Ltd.

 

 

284,885

 

23,000

 

United Overseas Bank, Ltd.

 

 

286,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

755,855

 

 

 

 

 

 

 

 

South Korea - 14.9%

 

 

 

 

1,606

 

Hite Brewery Co., Ltd.*

 

 

213,442

 

1,762

 

Hyundai Mobis*

 

 

146,245

 

3,919

 

KT&G Corp.

 

 

337,148

 

2,970

 

S1 Corp.

 

 

172,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

869,678

 

 

 

 

 

 

 

 

Taiwan - 4.5%

 

 

 

 

75,000

 

Greatek Electronics, Inc.

 

 

81,001

 

294,000

 

Vanguard International Semiconductor Corp.

 

 

183,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

264,156

 

 

 

 

 

 

 

 

Thailand - 1.7%

 

 

 

 

27,200

 

Bangkok Bank Public Co., Ltd.

 

 

98,085

 

 

 

 

 

 

 

 

United Kingdom - 2.4%

 

 

 

 

9,600

 

HSBC Holdings PLC

 

 

142,400

 

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

 

(Cost $5,028,188)

 

 

4,910,665

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

 

 

 

PREFERRED STOCK - 4.6%

 

 

 

 

 

 


South Korea - 4.6%

 

 

 

 

585

 

Samsung Electronics Co., Ltd.

 

$

267,873

 

 

 

 

 

 

 

 

Total Preferred Stock

 

 

 

 

 

 

(Cost $262,239)

 

 

267,873

 

 

 

 

 

 

INVESTMENT COMPANIES - 7.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia - 7.8%

 

 

 

 

87,973

 

Macquarie Infrastructure Group

 

 

242,378

 

62,890

 

Macquarie Media Group, Ltd.

 

 

212,099

 

 

 

 

 

 

 

 

Total Investment Companies

 

 

 

 

 

 

(Cost $465,144)

 

 

454,477

 

 

 

 

 

 

WARRANTS - 2.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

India - 2.5%

 

 

 

 

 

 

Dabur India, Ltd., Expiration date

 

 

 

 

45,000

 

01/18/12

 

 

104,937

 

 

 

Infosys Technologies, Ltd., Expiration

 

 

 

 

1,100

 

date 05/10/10

 

 

41,661

 

 

 

 

 

 

 

 

Total Warrants

 

 

 

 

 

 

(Cost $177,032)

 

 

146,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 99.0%

 

 

 

 

 

 

(Cost $5,932,603)

 

 

5,779,613

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Other Assets And Liabilities - 1.0%

 

 

59,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.0%

 

$

5,839,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

 

Non-income producing.

 

 

 

 

 

 

 

 

 

 

 

PLC

 

Public Limited Company

 

 

 

 

SP ADR

 

Sponsored American Depositary Receipt

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross unrealized appreciation

 

$

174,852

 

 

 

Gross unrealized depreciation

 

 

(327,842

)

 

 

 

 

 

 

 

Gross unrealized depreciation

 

$

(152,990

)

 

 

 

 

 

 

 

 

 

 

Industry Concentration Table:

(% of Total Net Assets)

 

Commercial Banks

 

 

18.8

%

Transportation Infrastructure

 

 

11.0

%

Diversified Financial Services

 

 

9.6

%

Semicondustors & Semiconductor Equipment

 

 

9.1

%

Capital Markets

 

 

6.9

%

Commercial Services & Supplies

 

 

6.7

%

Real Estate Investment Trusts

 

 

6.2

%

Tobacco

 

 

5.8

%

Beverages

 

 

3.6

%

Electric Utilities

 

 

3.6

%

Media

 

 

3.6

%

Food & Staples Retailing

 

 

3.2

%

IT Services

 

 

3.0

%

Auto Components

 

 

2.5

%

Personal Products

 

 

1.8

%

Real Estate Management & Development

 

 

1.8

%

Textiles, Apparel & Luxury Goods

 

 

1.8

%

Cash And Net Other Assets

 

 

1.0

%

 

 

 

Total

 

 

100.0

%

 

 

 
See accompanying Notes to Portfolio of Investments.
5

 

SPARX ASIA FUNDS

SPARX ASIA PACIFIC EQUITY INCOME FUND

Portfolio of Investments — January 31, 2008 (unaudited)

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

 

COMMON STOCKS - 84.3%

 

 

 

 

 

 

 

Australia - 13.9%

 

 

 

 

6,230

 

Aristocrat Leisure, Ltd.

 

$

56,347

 

1,547

 

ASX, Ltd.

 

 

67,080

 

4,529

 

Australia and New Zealand Banking
Group, Ltd.

 

 

107,388

 

40,688

 

Babcock & Brown Japan Property Trust

 

 

45,468

 

815

 

Macquarie Group, Ltd.

 

 

47,476

 

5,553

 

Santos, Ltd.

 

 

60,913

 

8,301

 

TABCORP Holdings, Ltd.

 

 

104,839

 

29,063

 

Telstra Corp., Ltd.

 

 

114,340

 

17,801

 

Transurban Group

 

 

106,318

 

4,683

 

Westpac Banking Corp.

 

 

109,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

819,384

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

China - 3.8%

 

 

 

 

124,000

 

Anhui Expressway Co., Ltd.

 

 

106,804

 

112,000

 

Zhejiang Express Co., Ltd.

 

 

119,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

225,902

 

 

 

 

 

 

 

 

Hong Kong - 15.0%

 

 

 

 

202,000

 

Champion Real Estate Investment Trust

 

 

111,198

 

19,000

 

Citic Pacific, Ltd.

 

 

94,255

 

15,000

 

CLP Holdings, Ltd.

 

 

119,329

 

33,000

 

CNOOC, Ltd.

 

 

46,643

 

27,600

 

Dah Sing Banking Group, Ltd.

 

 

55,370

 

21,000

 

Hongkong Electric Holdings, Ltd.

 

 

119,834

 

63,500

 

Hopewell Highway Infrastructure, Ltd.

 

 

48,994

 

64,350

 

Link REIT (The)

 

 

163,735

 

9,500

 

Swire Pacific, Ltd., Class A

 

 

129,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

888,368

 

 

 

 

 

 

 

 

Indonesia - 1.2%

 

 

 

 

90,000

 

PT Bank Rakyat Indonesia

 

 

69,606

 

 

 

 

 

 

 

 

Malaysia - 4.4%

 

 

 

 

115,500

 

PLUS Expressways Berhad

 

 

117,666

 

22,400

 

Public Bank Berhad

 

 

79,376

 

12,500

 

Tanjong PLC

 

 

62,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259,553

 

 

 

 

 

 

 

 

Philippines - 1.3%

 

 

 

 

1,050

 

Philippine Long Distance Telephone Co.

 

 

78,063

 

 

 

 

 

 

 

 

Singapore - 13.5%

 

 

 

 

34,000

 

Ascendas Real Estate Investment Trust

 

 

52,676

 

76,000

 

CapitaCommercial Trust

 

 

112,553

 

27,000

 

CapitaMall Trust

 

 

57,206

 

47,000

 

ComfortDelGro Corp., Ltd.

 

 

52,539

 

43,000

 

MobileOne, Ltd.

 

 

57,530

 

129,000

 

Singapore Post, Ltd.

 

 

99,105

 

17,000

 

Singapore Press Holdings, Ltd.

 

 

52,732

 

43,000

 

Singapore Technologies Engineering, Ltd.

 

 

102,282

 

53,000

 

SMRT Corp., Ltd.

 

 

64,596

 

48,000

 

Suntec Real Estate Investment Trust

 

 

50,912

 

8,000

 

United Overseas Bank, Ltd.

 

 

99,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

801,612

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Value

 

 

 

 

 

South Korea - 11.0%

 

 

 

 

1,280

 

Kookmin Bank

 

$

84,193

 

1,210

 

KT Corp.

 

 

64,878

 

1,408

 

KT&G Corp.

 

 

121,129

 

2,450

 

LG Dacom Corp.

 

 

49,564

 

5,750

 

Pusan Bank

 

 

79,002

 

1,311

 

S-Oil Corp.

 

 

91,701

 

1,960

 

S1 Corp.

 

 

114,065

 

200

 

SK Telecom Co., Ltd.

 

 

45,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

650,089

 

 

 

 

 

 

 

 

Taiwan - 20.2%

 

 

 

 

96,000

 

Chang Hwa Commercial Bank

 

 

53,215

 

69,909

 

Chunghwa Telecom Co., Ltd.

 

 

148,800

 

94,000

 

Compal Electronics, Inc.

 

 

80,929

 

41,000

 

Coretronic Corp.

 

 

41,798

 

87,000

 

Far EasTone Telecommunications Co.,
Ltd.

 

 

107,513

 

25,000

 

Farglory Land Development Co., Ltd.

 

 

68,810

 

84,000

 

First Financial Holding Co., Ltd.

 

 

69,168

 

25,000

 

Formosa Chemicals & Fibre Corp.

 

 

52,019

 

39,000

 

Greatek Electronics, Inc.

 

 

42,120

 

9,000

 

Nan Ya Printed Circuit Board Corp.

 

 

42,985

 

15,000

 

Novatek Microelectronics Corp., Ltd.

 

 

52,068

 

30,000

 

Siliconware Precision Industries Co.

 

 

46,862

 

47,000

 

Taiwan Mobile Co., Ltd.

 

 

67,949

 

56,000

 

Taiwan Semiconductor Manufacturing
Co., Ltd.

 

 

104,931

 

100,000

 

Teco Electric & Machinery Co., Ltd.

 

 

46,056

 

43,000

 

TSRC Corp.

 

 

48,931

 

123,000

 

Vanguard International Semiconductor
Corp.

 

 

76,626

 

61,000

 

Wan Hai Lines, Ltd.

 

 

44,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,194,846

 

 

 

 

 

 

 

 

Total Common Stocks
(Cost $5,159,841)

 

 

4,987,423

 

 

 

 

 

 

 

 

 

 

 

 

 

PREFERRED STOCK - 1.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

South Korea - 1.8%

 

 

 

 

3,090

 

Hyundai Motor Co., Ltd.

 

 

103,858

 

 

 

 

 

 

 

 

Total Preferred Stock
(Cost $114,537)

 

 

103,858

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT COMPANIES - 6.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia - 4.4%

 

 

 

 

11,890

 

Macquarie Communications Infrastructure
Group

 

 

54,101

 

41,500

 

Macquarie Infrastructure Group

 

 

114,338

 

27,984

 

Macquarie Media Group, Ltd.

 

 

93,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

261,938

 

 

 

 

 

 

 

 

South Korea - 2.0%

 

 

 

 

16,300

 

Macquarie Korea Infrastructure Fund

 

 

119,346

 

 

 

 

 

 

 

 

Total Investment Companies
(Cost $388,168)

 

 

381,284

 

 

 

 

 

 

See accompanying Notes to Portfolio of Investments.
6

 

SPARX ASIA FUNDS

SPARX ASIA PACIFIC EQUITY INCOME FUND

Portfolio of Investments (continued) — January 31, 2008 (unaudited)

 

 

 

 

 

 

 

 

Shares

 

 

 

 

Value

 

 

 

 

SHORT-TERM INVESTMENTS - 7.5%

 

 

 

 

295,792

 

Blackrock Liquidity Funds TempCash
Portfolio

 

 

295,792

 

147,012

 

Blackrock Liquidity Funds TempFund
Portfolio

 

$

147,012

 

 

 

 

 

 

 

 

Total Short-term Investments
(Cost $442,804)

 

 

442,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 100.0%
(Cost $6,105,350)

 

 

5,915,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Other Assets And Liabilities – 0.0%

 

 

2,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.0%

 

$

5,917,738

 

 

 

 

 

 

 

 

PLC

Public Limited Company

 

 

 

 

 

 

 

 

 

Gross unrealized appreciation

 

$

235,245

 

 

 

Gross unrealized depreciation

 

 

(425,226

)

 

 

 

 

 

 

 

Gross unrealized depreciation

 

$

(189,981

)

 

 

 

 

 

 

 

 

 

 

Industry Concentration Table:
(% of Total Net Assets)

 

 

 

 

Commercial Banks

 

 

13.6

%

Transportation Infrastructure

 

 

12.3

%

Real Estate Investment Trusts

 

 

10.0

%

Diversified Telecommunication Services

 

 

6.3

%

Wireless Telecommunication Services

 

 

6.0

%

Semicondustors & Semiconductor Equipment

 

 

5.5

%

Electric Utilities

 

 

4.0

%

Media

 

 

3.4

%

Oil, Gas & Consumable Fuels

 

 

3.4

%

Real Estate Management & Development

 

 

3.4

%

Hotels, Restaurants & Leisure

 

 

2.8

%

Tobacco

 

 

2.1

%

Road & Rail

 

 

2.0

%

Commercial Services & Supplies

 

 

1.9

%

Automobiles

 

 

1.8

%

Aerospace & Defense

 

 

1.7

%

Air Freight & Logistics

 

 

1.7

%

Chemicals

 

 

1.7

%

Industrial Conglomerates

 

 

1.6

%

Computers & Peripherals

 

 

1.4

%

Electric Equipment & Instruments

 

 

1.4

%

Diversified Financial Services

 

 

1.1

%

Independent Power Producers & Energy Traders

 

 

1.1

%

Capital Markets

 

 

0.8

%

Electrical Equipment

 

 

0.8

%

Marine

 

 

0.7

%

Cash And Net Other Assets

 

 

7.5

%

 

 

 

Total

 

 

100.0

%

 

 

 

See accompanying Notes to Portfolio of Investments.
7

SPARX Asia Funds
Notes to Portfolio of Investments
January 31, 2008
(Unaudited)

a. Investment Valuation

Equity securities are valued at the last reported sale price for the day of valuation. If there is no such reported sale and the valuation is based on the over-the-counter market, a security will be valued at the mean between bid and asked prices. Short-term securities having a maturity of 60 days or less may be valued at amortized cost, which approximates market value. If securities do not have readily available market quotations, including circumstances under which market prices are determined not to be accurate (such as events materially affecting the value of securities occurring between the time when market price is determined and calculation of the Fund’s net asset value (“NAV”)), such securities are valued at their fair value, as determined in good faith in accordance with procedures established by the Fund’s Board of Trustees. In fair valuing a portfolio security, relevant factors that may be considered include, (i) acquisition cost; (ii) the nature and frequency of trades and quotes for the security; (iii) the number of dealers willing to purchase or sell the security and the number of other potential purchases; (iv) the registered nature of the security and the nature and duration of any restrictions on disposition; and (v) the market price of comparable securities (of the issuer or a related issuer of comparable companies in the same industry having similar financial and credit characteristics) with no legal or contractual restrictions on resale.

Fair valuing of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts of futures contracts. The effect of using fair value pricing is that the Funds’ NAV will reflect the affected portfolio securities’ value as determined in the judgment of the Board of Trustees or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from a security’s most recent closing price and from the prices used by other investment companies to calculate their net asset values. Because the Funds invest in Asian securities, the value of the Funds’ portfolio securities may change on days when you will not be able to purchase or redeem your shares.

Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the period. The Funds do not isolate that portion of the results of operations resulting from changes in the currency exchange rate from the fluctuations resulting from changes in the market prices of investments.

b. Securities Transactions and Investment Income

Securities transactions are accounted for on trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.

8

c. Foreign Currency

Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The effect of changes in foreign exchange rates on realized and unrealized security gains and losses is reflected as a component of such gains or losses. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards and other factors. Because of the Funds’ concentration in securities issued by companies located in Asia, the Funds will be particularly subject to the risks of any adverse social, political, and economic events which occur in Asia or affect Asian markets, and the value of the Funds’ shares may be more volatile than funds that do not similarly concentrate their investments.

d. Forward Contracts

The Funds may enter into forward currency contracts to reduce its exposure to changes in foreign currency exchange rates on its foreign holdings and to lock in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in foreign currencies. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in the U.S. dollars upon closing of such contract is included in net realized gain or loss from foreign currency transactions.

e. New Accounting Pronouncement

In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements.” The Statement defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. The Statement establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The Statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and is to be applied prospectively as of the beginning of the fiscal year in which this Statement is initially applied.

9

 

Item 2. Controls and Procedures.

 

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are 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)

  SPARX Asia Funds

 

By (Signature and Title)*

  /s/ Evan Gartenlaub
    Evan Gartenlaub, President
    (principal executive officer)

 

Date

  February 27, 2008

 

 

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/ Evan Gartenlaub
    Evan Gartenlaub, President
    (principal executive officer)

 

Date

  February 27, 2008

 

 

By (Signature and Title)*

  /s/ Hoi Fong
    Hoi Fong, Treasurer
    (principal financial officer)

 

Date

  February 27, 2008

 

 

* Print the name and title of each signing officer under his or her signature.

 

 

 EX-99.CERT 2 q46123_ex99.htm

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

 

I, Evan Gartenlaub, certify that:

 

1.

I have reviewed this report on Form N-Q of SPARX Asia Funds;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

 

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 Date:

  February 27, 2008

  

  /s/ Evan Gartenlaub

 

 

  

  Evan Gartenlaub, President

 

 

  

  (principal executive officer)

 

 

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

 

I, Hoi Fong, certify that:

 

1.

I have reviewed this report on Form N-Q of SPARX Asia Funds;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

 

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 Date:

  February 27, 2008

  

  /s/ Hoi Fong

 

 

  

  Hoi Fong, Treasurer

 

 

  

  (principal financial officer)

 

 

 

 

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