2011年度中間決算短信(4)

8681 コリア・エクイティ・ファンド

 2011年07月21日15時30分



*Please refer to the Schedule of Investments for a
breakdown of the valuation by industry type.
During the six months ended April 30, 2011, there
were no transfers between Level 1 and Level 2.
During the six months ended April 30, 2011, the
Fund did not hold any instrument which used significant unobservable inputs (Level 3) in determining fair
value.

7. Share Repurchases and Discount
Management Plan
The Board of Directors of the Fund announced a
Discount Management Plan on June 3, 2010. The Plan

consisted of an open-market share repurchase program and a tender offer component. The Fund commenced share repurchases on the New York Stock
Exchange on July 1, 2010. Between July 1, 2010 and
August 13, 2010, the Fund repurchased 149,609
shares of its common stock for an aggregate purchase price of $1,483,505.
The Board of Directors announced an enhanced
Discount Management Plan on August 17, 2010 that
provided for a tender offer of up to 20 percent of the
Fund’s outstanding shares of common stock. The enhanced Plan also contemplates that the Board of Directors will annually evaluate whether, taking into account the Fund’s performance, trading discount from
net asset value and other relevant factors, the Fund
should make an additional tender offer for between 5
and 15 percent of its outstanding shares of common
stock. On November 17, 2010, the Fund commenced
a tender offer for up to 2,212,479 shares of its outstanding common stock at a price equal to 98 percent
of the net asset value per share on the expiration date
of the offer (or if the tender offer is extended, on the
date to which the tender offer is extended). The tender
offer expired on December 17, 2010, at which time the
offer was oversubscribed. The Fund purchased the
maximum number of shares covered by the offer at a
price of $12.79 per share, which represented a price
equal to 98 percent of the net asset value per share as
of the close of trading on the New York Stock Exchange on December 17, 2010. As a result of the tender offer, $28,297,607 was distributed to the shareholders.

8. Subsequent Event
On June 7, 2011, the Fund announced that it indends to commence a tender offer for up to 10 percent of its outstanding shares during the forth calendar quarter of 2011 if the Fund’s shares trade at a
volume-weighted average discount of more that 7.5%
for a period of ten consecutive trading days during the
third quarter of 2011. The Fund stated that it would
announce the specific terms and timing for such an
offer following the end of the third quarter.

KOREA EQUITY FUND, INC.
FINANCIAL HIGHLIGHTS
Selected per share data and ratios for a share of common stock outstanding throughout each period:
For the Six
Months Ended
April 30, 2011
(Unaudited)

2010

For the Year Ended
October 31,
2009
2008
2007

12.30
(0.06)

9.76
(0.07)

6.51
(0.02)

16.42
0.04

$11.28
0.02

$8.18
(0.04)

3.72
3.66

2.61
2.54

3.28
3.26

(9.93)
(9.89)

5.64
5.66

3.14
3.10





(0.01)

(0.02)













(0.38)




0.16
0.16













(0.14)

(0.52)





$16.12

$12.30

$9.76

$6.51

$16.42

$11.28

Market value, end of period . . . . . . . . . . . . . . . . . $14.72
$11.25
$8.40
$5.54
$15.38
Total investment return† . . . . . . . . . . . . . . . . . . . .
30.8%
23.9%
51.9%
(63.9%)
47.9%
Ratio to average net assets/supplemental data: .
Net assets, end of period (000) . . . . . . . . . . . . $142,612 $136,026 $109,460
$72,940
$184,129
Operating expenses before waiver of a
portion of the management fee . . . . . . . . . .
2.32%††* 1.81%†† 1.64%†† 1.36%†† 1.36%††
Operating expenses after waiver of a portion
of the management fee . . . . . . . . . . . . . . . .
2.32%††* 1.81%†† 1.64%†† 1.36%†† 1.36%††
Net investment income (loss) . . . . . . . . . . . . . .
(0.87%) (0.68%)
(0.33%)
0.32%
0.20%
Portfolio turnover . . . . . . . . . . . . . . . . . . . . . . .
68%
52%
57%
45%
20%

$10.40
32.5%

Net asset value, beginning of period . . . . . . . . .
Net investment income (loss)@ . . . . . . . . . . . . .
Net realized and unrealized gain (loss) on
investments and foreign currency . . . . . . . .
Total from investment operations . . . . . . . . . . . . ..
Distributions:
Dividends from investment income, net . . . . . .
Fund Share Transactions
Dilutive effect of Rights Offering** . . . . . . . . . . . .
Offering costs charged to paid-in capital in
excess of par . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of the Tender Offer*** . . . . . . . . . . . . . . . . .
Total Fund share transactions . . . . . . . . . .
Net asset value, end of period

.........

2006

$94,852
1.92%
1.68%
(0.40%)
31%

† Based on market value per share, adjusted for reinvestment of income dividends and capital distributions and capital
share transactions. Total investment return does not reflect sales commissions.
††There was no waiver for the six months ended April 30, 2011 or for the years ended October 31, 2010, 2009, 2008 and
2007.
@Based on average shares outstanding.
* Annualized
**Decrease is due to the Rights Offering (See Note 4).
*** Increase is due to the Tender Offer (See Note 7)

See notes to financial statements.

BOARD OF DIRECTORS

Rodney A. Buck
David B. Chemidlin
Phillip Goldstein
E. Han Kim
Shigeru Shinohara
Chor Weng Tan
OFFICERS

Shigeru Shinohara, President
Kenneth L. Munt, Vice President
Hiroyuki Nakano, Vice President
Rita Chopra-Brathwaite, Treasurer
Neil A. Daniele, Secretary and Chief Compliance Officer
MANAGER

Nomura Asset Management U.S.A. Inc.
Two World Financial Center, Building B
New York, New York 10281
Internet Address
www.nomura.com
INVESTMENT ADVISER

Nomura Asset Management Co., Ltd.
1-12-1 Nihonbashi, Chuo-ku

Origin: 2011年度中間決算短信

コリア・エクイティ・ファンドの株価 »