NYSE:ROC The ROC Taiwan Fund
Investment Objectives
Capital growth through investment in equities of Taiwan companies. The fund intends to maintain at least 70% of its assets in Taiwan securities and is permitted to invest in debt securities of Taiwan issuers, including the R.O.C. Government. The fund was fully invested in September 1997 and intended to remain so.
Dividend Policy
Annual (cash $). Full dividend and Capital gain distribution (investor may re-invest).
RE: UK Distributor Status: The trustees intend to distribute as dividend to shareholders, at least annually, substantially all ot the Trust's net income from dividends and interest payments or, if greater, such amounts as will be required to ensure that the Trust qualifies as a "distributing fund" for the purpose of the UK offshore funds legislation ("income distributions"). For the latter purpose, income distributions must equal 85% of the greater of the income shown in the Trust's accounts and the amount that would be the Trust's UK taxable income...
The R.O.C. Taiwan Fund Reports First Quarter Financial Highlights
NEW YORK, April 16 /PRNewswire/ -- The R.O.C. Taiwan Fund (NYSE: ROC - news), a diversified closed-end investment company registered in the United States, today announced its first quarter 1998 financial results.
At March 31, 1998 total net assets for the Fund were $340,819,164 or a net asset value per share of $10.42. Total shares outstanding were 32,698,976. This compares with total net assets of $489,093,149 or a net asset value per share of $14.46 at March 31, 1997 when total shares outstanding were 33,815,376. Total net assets on December 31, 1997 were $313,343,927 or a net asset value per share of $9.58 with 32,698,976 shares outstanding. During 1997, the Fund made two distributions that on a per-share basis totaled $3.34. It also repurchased 1,116,400 shares in 1997 at a net cost of $13,340,943.
For the quarter ended March 31, 1998, the Fund had a realized capital gain of $12,820,806 or $0.39 per share. During the same quarter, the Fund had a net investment loss (ordinary income minus operating expenses) of ($1,065,405) or ($0.03) per share.
Currently selling at 8 5/16 with a NAV of 10.42 or 18% discount.
The TAIWAN WEIGHTED Index is at 8,619.49 up from 7,373.14 earlier. Taiwan economy has been fairly stable regardless of the Asia financial turmoil.
Bill Fortune III |
