ザ・コリア・ファンド・インク 外国会社臨時報告書（外国特定有価証券）
| 提出書類 | 外国会社臨時報告書（外国特定有価証券） 異動 |
|---|---|
| 提出日 | |
| 提出者 | ザ・コリア・ファンド・インク |
| カテゴリ | 外国会社臨時報告書（外国特定有価証券） |
EDINET提出書類
ザ・コリア・ファンド・インク(E05803)
外国会社臨時報告書（外国特定有価証券）
【表紙】
【提出書類】 外国会社臨時報告書
【提出先】 関東財務局長
【提出日】 2021年1月8日
【ファンド名】 ザ・コリア・ファンド・インク
【発行者名】 ザ・コリア・ファンド・インク
(The Korea Fund, Inc.)
【代表者の役職氏名】 社長兼最高経営責任者
(President and Chief Executive Officer)
サイモン・クリネージ
(Simon Crinage)
【本店の所在の場所】 英国 ロンドン EC4Y 0JP ビクトリア・エンバンクメント60
(60 Victoria Embankment, London, EC4Y 0JP, United Kingdom)
登記上の所在地
アメリカ合衆国 21201 メリーランド州
ボルチモア、ウェスト・カムデン・ストリート351
ザ・コーポレーション・トラスト・インコーポレーテッド気付
(c/o The Corporation Trust Incorporated
351 West Camden Street, Baltimore
Maryland 21201, U.S.A.)
【代理人の氏名又は名称】 弁護士 門 田 正 行
【代理人の住所又は所在地】 東京都千代田区丸の内二丁目7番2 号 JPタワー
長島・大野・常松法律事務所
【事務連絡者氏名】 弁護士 田 中 郁 乃
【連絡場所】 東京都千代田区丸の内二丁目7番2号 JPタワー
長島・大野・常松法律事務所
【電話番号】 03-6889-7000
【縦覧に供する場所】 該当なし
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EDINET提出書類
ザ・コリア・ファンド・インク(E05803)
外国会社臨時報告書（外国特定有価証券）
１【提出理由】
ザ・コリア・ファンド・インク（以下、「当ファンド」という。）は、当ファンドの主要な関係法人の異
動並びに運用に関する基本方針及び運用体制の変更がありましたので、金融商品取引法 第24条の5第4項並び
に特定有価証券の内容等の開示に関する内閣府令第29条第2項第2号及び第3号 の規定に基づき、本報告書を
提出いたします。
２【報告内容】
1. Changes of Major Related Companies
(1) Company Name, Amount of Capital and Summary of Related Business
(A) Companies that are no longer major related companies
(a) Investment Manager/Administrator
(i) Company name
Allianz Global Investors U.S. LLC ("AllianzGI U.S.")
(ii) Amount of capital
US$ 121.5 billion (approximately 12,575 billion yen) as of November 30, 2020
(Note) Unless otherwise noted, the term “US$” in this document refers to United
States dollar. For the information of the Japanese readers, all amounts
expressed in United States dollar in this document have been converted at
the mean of the Telegraphic Transfer Spot Buying and Selling Exchange
Rates published by MUFG Bank, Ltd. on December 30, 2020, which was
one US dollar to 103.50 yen.
(iii) Summary of related business
AllianzGI U.S. provides the Fund with investment management services and
administrative services.
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ザ・コリア・ファンド・インク(E05803)
外国会社臨時報告書（外国特定有価証券）
(b) Custodian/Accounting Agent
(i) Company name
State Street Bank & Trust Co. ("State Street")
(ii) Amount of capital
US$ 26.4 billion (approximately 2,732 billion yen) as of September 30, 2020
(iii) Summary of related business
State Street provides the Fund with custodian and investment accounting services.
(B) Companies that newly became major related companies
Investment Advisor
(i) Company name
JPMorgan Asset Management (Asia Pacific) Limited ("JPMorgan Asia")
(ii) Amount of capital
US$152.3 million (approximately 15,763 million yen) as of November 30, 2020
(iii) Summary of related business
Under the Investment Advisory Agreement, JPMorgan Asia provides the day-to-day
portfolio management services required by the Fund.
Fund Services Provider
(i) Company name
JPMorgan Funds Limited ("JPMFL")
(ii) Amount of capital
£65.2 million (approximately 9,116 million yen) as of December 31, 2019
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ザ・コリア・ファンド・インク(E05803)
外国会社臨時報告書（外国特定有価証券）
(Note) Unless otherwise noted, the term “£” in this document refers to United
Kingdom pound sterling. For the information of the Japanese readers, all
amounts expressed in United Kingdom pound sterling in this document have
been converted at the mean of the Telegraphic Transfer Spot Buying and
Selling Exchange Rates published by MUFG Bank, Ltd. on December 30,
2020, which was one United Kingdom pound sterling to 139.82 yen.
(iii) Summary of related business
Under the Services Agreement between the Fund and JPMFL, JPMFL provides or
procures compliance, legal, recordkeeping, service provider oversight and other
administrative services for the Fund, including the provision of personnel of JPMFL
or its affiliates to serve as officers of the Fund.
Fund Administrative Services Provider
(i) Company name
JP Morgan Chase Bank, N.A. ("JPMorgan Chase")
(ii) Amount of capital
US$246.1 billion (approximately 25,471 billion yen) as of December 31 , 2019
(iii) Summary of related business
Under the Fund Administrative Services Agreement between the Fund and JPMorgan
Chase, JPMorgan Chase provides fund accounting, financial regulatory and reporting,
treasury, tax, compliance reporting and other administrative services for the Fund.
Custodian
(i) Company name
JP Morgan Chase Bank, N.A. ("JPMorgan Chase")
(ii) Amount of capital
US$246.1 billion (approximately 25,471 billion yen) as of December 31, 2019
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ザ・コリア・ファンド・インク(E05803)
外国会社臨時報告書（外国特定有価証券）
(iii) Summary of related business
Under the Global Custody Agreement between the Fund and JPMorgan Chase,
JPMorgan Chase serves as custodian and provides related services on behalf of the
Fund.
(2) Reason for the Changes and Date of the Changes
(i) Reason for the changes
AllianzGI U.S., the current investment manager and administrator of the Fund, has
determined to transition away from the business of serving as sponsor/administrator of
U.S. registered open- and closed-end funds. Therefore, the Fund entered into a new
investment advisory agreement with JPMorgan Asia and new administrative, custody and
other agreements with affiliates of JPMorgan Asia.
(ii) Date of the changes
January 1, 2021
2. Change in a basic policy concerning investment
(1) Summary of the Content of the Change
Conditional Performance-Based Tender Offer Policy
In connection with the Investment Advisory Agreement with JPMorgan Asia, the Board
of Directors of the Fund has adopted a policy pursuant to which it will cause the Fund to
conduct an issuer tender offer for up to twenty-five percent (25%) of its then issued and
outstanding shares of common stock on or before September 30, 2024, and thereafter on
each third year anniversary, if the Fund’s total return investment performance measured
on a net asset value basis does not equal or exceed the total return investment
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ザ・コリア・ファンド・インク(E05803)
外国会社臨時報告書（外国特定有価証券）
performance of the MSCI Korea 25/50 Index (as described and measured in the Fund’s
June 30, 2020 annual shareholder report) during the period commencing on April 1, 2021
and ending on June 30, 2024 (and for three-year testing periods thereafter). The Directors
may not terminate or amend the policy without shareholder approval. However, the size
of any such tender offer (up to twenty-five percent (25%)) , the price at which shares are
to be tendered and other terms and conditions of such tender offer would be determined
by the Board of Directors in its discretion based on its review and consideration of the
then-current size of the Fund, market conditions and other factors it deems relevant.
(2) Date of the Change
December 3, 2020 (announcement date) (April 1, 2021 (commencement date))
3. Change in a framework for management of investment
(1) Summary of the Content of the Change
As a result of the change of major related companies as mentioned above, "PART I.
INFORMATION CONCERNING FUND, I. DESCRIPTION OF FUND, 1. Outline of
Foreign Investment Corporation, (4) Organization of Foreign Investment Corporation, (b)
Framework for Management of Investment" of the Foreign Company Annual Report filed
on October 16, 2020 was amended as follows.
PART I. INFORMATION CONCERNING FUND
I. DESCRIPTION OF FUND
1. Outline of Foreign Investment Corporation
(4) Organization of Foreign Investment Corporation
(b) Framework for Management of Investment
Pursuant to the Investment Advisory Agreement and other agreements with various
affiliates of JPMorgan Asia, the JPMorgan entities collectively provide all of the
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外国会社臨時報告書（外国特定有価証券）
investment advisory and administrative services for the Fund that have previously been
provided or procured by AllianzGI U.S.
In addition, JPMorgan Chase provides the custody services to the Fund previously
provided by State Street in its capacity as the Fund’s current custodian.
As the Investment Advisor, JPMorgan Asia provides the day-to-day portfolio
management services required by the Fund and is obligated to manage the Fund in
accordance with applicable laws and regulations. The Fund’s portfolio is managed by
JPMorgan Asia’s Korea investment team, John Cho and Seol Kim, who are part of
JPMorgan’s Emerging Markets and Asia Pacific (“EMAP”) Equities team and are
supported by the product and sector analysts within the wider team. JPMorgan Asia has a
strong team-orientated investment approach, with portfolio managers and research
analysts across the group participating in the investment process.
JPMFL provides or procures compliance, legal, recordkeeping, service provider oversight
and other administrative services for the Fund, including the provision of personnel to
serve as officers of the Fund.
JPMorgan Chase Bank, N.A. provides fund accounting, financial regulatory and
reporting, treasury, tax, compliance reporting and other administrative services for the
Fund.
The Fund’s Chief Compliance Officer (“CCO”) is Mr. Steven Ungerman, who is based in
New York oversees the administration of policies and procedures and conducts periodic
onsite reviews on the Investment Advisor to ensure that they are complying with all
aspects of firm and the Fund’s compliance program.
Risk Oversight
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外国会社臨時報告書（外国特定有価証券）
The Fund has retained various JPMorgan entities to provide services and these entities are
immediately responsible for the management of risks that may arise from Fund
investments and operations. Some employees of these JPMorgan entities serve as officers
of the Fund, including the Fund’s President, the Fund’s Treasurer, the Fund’s Secretary,
the Fund’s Chief Compliance Officer and the Fund’s Chief Legal Officer.
The Board oversees the performance of these JPMorgan entities, both directly and
through the Committee structure it has established. The Board receives a wide range of
reports, on both a regular basis and an as-needed basis, relating to the Fund’s activities
and to the actual and potential risks of the Fund. These include, among others, reports on
investment risks, compliance with applicable laws and the Fund’s financial accounting
and reporting.
In addition, the Board meets periodically with the portfolio managers of the Fund to
receive reports regarding the portfolio management of the Fund and its performance,
including its investment risks, and the Korean market in general.
In addition, the Board has appointed a Chief Compliance Officer (“CCO”). The CCO
oversees the development of compliance policies and procedures that are reasonably
designed to minimize the risk of violations of the federal securities laws (“Compliance
Policies”). The CCO reports directly to the Independent Directors, and the CCO or a
member of his team provides presentations to the Board at its quarterly meetings and an
annual report on the application of the Compliance Policies. The Board periodically
discusses relevant risks affecting the Fund with the CCO at these meetings. The Board has
approved the Compliance Policies and reviews the CCO’s reports. Further, the Board
annually reviews the sufficiency of the Compliance Policies, as well as the appointment
and compensation of the CCO.
(2) Date of the Change
January 1, 2021
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以 上
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