2009年度決算

8681 コリア・エクイティ・ファンド

 2010年02月24日13時50分


平成 22 年2月 24 日
2009 年度 年次決算短信 : コリア・エクイティ・ファンド・インク : 8681 アメリカ合衆国ニューヨーク州 10281 : ニューヨーク市、トゥー・ワールド・フィナンシャル・ センター ビルディングB 島崎法律事務所 責任者役職名 代理人弁護士 : 氏名 島 崎 文 彰 担当:荻原 TEL(03)5802-5860

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績 (単位:別段の表示のない限り、米ドル) 2009 年 10 月 31 日終了年度 当年度 前年度 72,939,686 6.51 435,239 △111,406,158 △9.89 - - 増減率

純資産 1株当り純資産 正味投資収益(損失) 実現・未実現利益(損失) 1 株当り純利益(損失)

109,460,907 9.76 △278,520 36,913,767 3.26

* 1株当りの数値は、以下の発行済み株式数に基づく。 2009 年 10 月 31 日現在:11,212,000 株および 2008 年 10 月 31 日現在:11,212,000 株 (注) 四半期ベースの数値は発表していない。 本国において決算発表は行っていない。 上記の数値は 2009 年 10 月 31 日に終了した年度の株主向け報 告書に基づいたものである。

2009 年 10 月 31 日現在の資産の配分状況は以下の通りであった。 韓国の持分証券 負債控除後のその他の資産(純) 純資産

97.0% 3.0% 100.0%

産業別では、18.5%が家電、17.2%がサービス、14.1%が自動車装置部品に投資されていた。 2 配当金の推移
10 月 30 日終了年度 2005 2006 2007 2008 2009 配当金額 無 配 無 配 無 配 0.01951 ドル 0.01017 ドル 支払日(現地) 2008 年7月 18 日 2008 年 12 月 29 日





REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and Board of Directors of Korea Equity Fund, Inc. We have audited the accompanying statement of assets and liabilities of Korea Equity Fund, Inc. (the “Fund”), including the schedule of investments, as of October 31, 2008, and the related statements of operations for the year then ended, changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2008 by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund at October 31, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles. /s/ Ernst & Young LLP New York, New York December 22, 2008 KOREA EQUITY FUND, INC. SCHEDULE OF INVESTMENTS* OCTOBER 31, 2008 % of Net Assets

Shares KOREAN EQUITY SECURITIES Automotive Equipment and Parts Hyundai Mobis Automotive service components Hyundai Motor Company Passenger cars, trucks, autoparts and commercial vehicles Total Automotive Equipment and Parts 76,332 17,300 $

Cost

Market Value

5,457,171 613,921 6,071,092

$

4,442,321 790,396 5,232,717

6.1 1.1 7.2

See notes to financial statements.

KOREA EQUITY FUND, INC. SCHEDULE OF INVESTMENTS*—(Continued) OCTOBER 31, 2008 Shares Banking and Financial Services Hana Financial Group Inc. Commercial bank 26,967 50,000 53,000 86,910 64,700 $ Cost 529,348 2,209,513 2,530,108 2,809,498 1,778,673 9,857,140 $ Market Value 419,068 1,243,201 1,233,372 2,113,662 338,330 5,347,633 % of Net Assets 0.6 1.7 1.7 2.9 0.5 7.4

KB Financial Group, Inc.†
Commercial banking services Samsung Card Co., Ltd. Credit card services Shinhan Financial Group Co., Ltd. Consumer and commercial-related financial services Woori Finance Holdings Co., Ltd. Diversified finance services Total Banking and Financial Services Consumer Electronics LG Electronics Inc. Digital display equipment Samsung Electronics Co., Ltd. Consumer electronics, computers and telecommunications Total Consumer Electronics Food and Beverages CJ Corp. Processed food products Hite Brewery Co., Ltd.† Alcoholic and non-alcoholic beverages Lotte Chilsung Beverage Co., Ltd. Alcoholic and non-alcoholic beverages Nong Shim Co., Ltd. Instant noodles, snacks, and beverages Total Food and Beverages Investment Company Macquarie Korea Infrastructure Fund Investment company Iron and Steel POSCO Hot and cold rolled steel products

65,300 24,483

4,031,986 7,811,510 11,843,496

4,794,755 10,177,471 14,972,226

6.5 14.0 20.5

34,600 12,818 2,500 4,780

2,819,767 2,682,131 2,713,688 839,149 9,054,735

914,064 1,718,030 1,338,384 772,525 4,743,003

1.3 2.4 1.8 1.0 6.5

459,000

3,379,556

1,694,056

2.3

21,293

4,621,648

5,989,173

8.2

See notes to financial statements.

KOREA EQUITY FUND, INC. SCHEDULE OF INVESTMENTS*—(Continued) OCTOBER 31, 2008 Market Value $ 1,817,958 1,567,325 4,119,580 1,583,838 870,105 9,958,806 % of Net Assets 2.5 2.2 5.7 2.2 1.1 13.7

Shares Miscellaneous Manufacturing Hynix Semiconductor Inc.† Semiconductors Hyundai Heavy Industries Co., Ltd. Shipbuilding KT&G Corporation. Cigarettes and other tobacco products LG Fashion Corp. Apparel Woongjin Coway Co., Ltd. Water purifiers and air cleaners Total Miscellaneous Manufacturing Oil and Gas SK Energy Co., Ltd. Oil refinery, marketer, and distributor S-Oil Corporation Petroleum and related products Total Oil and Gas Retail CJ Home Shopping Miscellaneous products Shinsegae Co., Ltd. Department store chain Total Retail Services Daewoo Shipbuilding & Marine Engineering Co., Ltd. Shipbuilding LG Corp. Holding company Samsung Engineering Co., Ltd. Engineering and construction Samsung Fire & Marine Insurance Co., Ltd. Non-life insurance Total Services 216,640 12,115 64,500 98,000 42,660 $

Cost 6,236,106 4,082,886 4,100,467 2,927,824 871,059 18,218,342

15,492 30,700

763,451 1,533,306 2,296,757

873,908 1,540,964 2,414,872

1.2 2.1 3.3

35,000 6,660

2,557,721 1,426,328 3,984,049

993,978 2,313,147 3,307,125

1.3 3.2 4.5

104,860 48,000 39,000 44,500

3,912,029 1,324,353 2,005,849 7,600,717 14,842,948

969,568 1,890,909 1,536,364 5,808,858 10,205,699

1.3 2.6 2.1 8.0 14.0

See notes to financial statements.

KOREA EQUITY FUND, INC. SCHEDULE OF INVESTMENTS*—(Continued) OCTOBER 31, 2008 % of Net Assets 2.8

Cost Telecommunications SK Telecom Co., Ltd. Wireless services Transportation Hanjin Shipping Co., Ltd. Marine transportation TOTAL KOREAN EQUITY SECURITIES INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED Securities Lending Investment Fund, a series of the Brown Brothers Investment Trust TOTAL INVESTMENTS LIABILITIES IN EXCESS OF OTHER ASSETS, NET NET ASSETS 12,800 $ 1,684,376 $

Market Value 2,038,850

71,700

2,604,479 $ 88,458,618

924,802 $ 66,828,962

1.3 91.7

9,055,547 $ 97,514,165

9,055,547 $ 75,884,509 (2,944,823) $ 72,939,686

12.3 104.0 (4.0) 100.0

*The description following each investment is unaudited and not covered by the Report of Independent Registered Public Accounting Firm. †Non-income producing security. Portfolio securities and foreign currency holdings were translated at the following exchange rate as of October 31, 2008. South Korean won KRW 1,287.00 = USD $1.00

See notes to financial statements.

KOREA EQUITY FUND, INC. STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 2008

ASSETS: Investments in securities, at market value (cost—$97,514,165—including investment of cash collateral of securities loaned of $9,055,547) Receivable for dividends and interest, net of withholding taxes Securities lending interest receivable, net Prepaid expenses Cash and cash equivalents Total Assets LIABILITIES: Payable for collateral for securities on loan Accrued management fee Other accrued expenses Total Liabilities NET ASSETS: Capital stock (par value of 11,212,000 shares of capital stock outstanding, authorized 100,000,000, par value $0.10 each) Paid-in capital Accumulated net realized loss on investments and foreign currency transactions Unrealized net depreciation on investments and foreign exchange Accumulated net investment income Net Assets Net asset value per share

$ 75,884,509 26,114 19,184 19,926 6,258,372 82,208,105 9,055,547 62,975 149,897 9,268,419

1,121,200 100,307,314 (6,960,036) (21,631,892) 103,100 $ 72,939,686 $ 6.51

See notes to financial statements.

KOREA EQUITY FUND, INC. STATEMENT OF OPERATIONS FOR THE YEAR ENDED OCTOBER 31, 2008 INCOME: Dividend income (net of $396,355 of withholding taxes) Interest income Securities lending, net earnings Total Income EXPENSES: Management fee Legal fees Custodian fees Directors’ fees and expenses Auditing and tax reporting fees Shareholder reports Annual meeting expenses Registration fees Miscellaneous fees Transfer agency fees Insurance expense Total Expenses INVESTMENT INCOME—NET

$

2,037,724 119,460 116,697 $ 2,273,881

1,141,817 244,000 131,500 90,800 89,010 47,240 39,280 27,450 11,115 10,810 5,620 1,838,642 435,239

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: Realized gain (loss) on investments and foreign currency transactions: Net realized gain on investments Net realized loss on foreign exchange Net realized loss on investments and foreign exchange Change in net unrealized appreciation (depreciation) on investments Change in net unrealized depreciation on translation of foreign currency and other assets and liabilities denominated in foreign currency Net realized and unrealized loss on investments and foreign exchange NET DECREASE IN NET ASSETS RESULTING FROM INVESTMENT OPERATIONS

446,892 (332,044) 114,848 (84,866,083) (26,654,923) (111,406,158) $ (110,970,919)

See notes to financial statements.

KOREA EQUITY FUND, INC. STATEMENT OF CHANGES IN NET ASSETS For the Year Ended October 31, 2008 2007 FROM INVESTMENT OPERATIONS: Net investment income Net realized gain on investments Net realized loss on foreign exchange Change in net unrealized appreciation (depreciation) on investments Increase (decrease) in net assets resulting from investment operations FROM DISTRIBUTIONS TO SHAREHOLDERS: From net capital gains Net investment income ($0.01951 and $0 per share, respectively) Decrease in net assets FROM CAPITAL SHARE TRANSACTIONS: Net asset value of shares issued to shareholders on rights offering Increase in net assets derived from capital share transactions NET ASSETS: Beginning of year End of year (including accumulated net investment income of $435,239 in 2008) See notes to financial statements. $ 435,239 $ 275,262 446,892 12,691,753 (332,044) (56,611) (111,521,006) 50,553,508 (110,970,919) 63,463,912 0 (218,746) (218,746) 0 0 184,129,351 $ 72,939,686 0 0 0 25,813,148 25,813,148 94,852,291 $ 184,129,351


Origin: 2009年度決算

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