Daiwa Global Funds · Daiwa Global Funds Socie´te´ d’Investissement a` Capital Variable Annual...

Daiwa Global Funds

Société d’Investissement à Capital Variable

Annual Report includingAudited Financial Statements

For the period from May 7, 2019 (date of incorporation)to December 31, 2019

R.C.S. : Luxembourg B 234 524

No subscription can be received on the basis of financial statements. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annualreport, the key investor information document (KIID) and the most recent semi-annual report, if published thereafter.

Table of Contents

Page

Management and Administration 3

Information to Shareholders 4

Investment Manager’s Report 5

Auditor’s Report 9

Statement of Net Assets 12

Statement of Operations and Changes in Net Assets 14

Changes in the Number of Shares 17

Statistics 17

Daiwa Global Funds - Daiwa Small/Mid-Cap Japanese Equity Fund*

Statement of Investments 19

Daiwa Global Funds - Daiwa Income Focus Japanese Equity Fund*


Daiwa Global Funds - Daiwa Japanese Equity Fund*


Daiwa Global Funds - Daiwa Small/Mid-Cap Emerging Asean Equity Fund*


Daiwa Global Funds - Daiwa Income Focus Asian Equity Fund*


Daiwa Global Funds - Daiwa Asian Equity Fund*


Notes to the Financial Statements 34

Unaudited Appendix 40

Daiwa Global Funds

2

* Please refer to Note 1.

Management and Administration

BOARD OF DIRECTORS

Mr. Isaho Nakasho

Managing Director of Daiwa Asset Management (Europe) Ltd UK

Mr. Hiroyuki Chida (until resignation on September 27, 2019)

Managing Director of International Business Department

Daiwa Asset Management Co. Ltd Japan

Mr. Yo Han Choi (as from September 2019)

Executive Director of Institutional Investors Support Department

Daiwa Asset Management Co. Ltd Japan

Mr. Martin Dobbins

Independent Director

Grand Duchy of Luxembourg

DEPOSITARY BANK AND PAYING AGENT

RBC Investor Services Bank Société anonyme

14, Porte de France

L-4360 Esch-sur-Alzette


REGISTERED OFFICE OF THE FUND

106, route d’Arlon

L-8210 Mamer


MANAGEMENT COMPANY

Lemanik Asset Management Société anonyme


L-8210 Mamer


CENTRAL ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER

AGENT

RBC Investor Services Bank Société anonyme

14, Porte de France

L-4360 Esch-sur-Alzette


AUDITOR

PricewaterhouseCoopers, Société coopérative

2, rue Gerhard Mercator

L-2182 Luxembourg


DOMICILIARY AGENT

Lemanik Asset Management Société anonyme


L-8210 Mamer


LEGAL ADVISER

Arendt & Medernach Société anonyme

41A, Avenue J.F. Kennedy

L-2082 Luxembourg


INVESTMENT MANAGER

Daiwa Asset Management (Singapore) Ltd.

3, Phillip Street, #16-04

Royal Group Building

Singapore 048693

Singapore

SUB-INVESTMENT MANAGER

Daiwa Asset Management Co. Ltd

GranTokyo North Tower 9-1

Marunouch 1-chome

Chiyoda-ku, Tokyo 100-6753

Japan

Daiwa Global Funds

3

Information to Shareholders

The annual general meeting of shareholders will be held within six (6) months of the end of each financial year in Luxembourg in order to approve the

financial statements of the Fund for the previous financial year. The annual general meeting of shareholders will be held at the registered office of the Fund,

or at such alternative location in Luxembourg as may be specified in the convening notice of such meeting.

Other general meetings of shareholders may be held at such place and time as indicated in the convening notice in order to decide on any other matters

relating to the Fund. General meetings of shareholders of any Sub-Fund or any Share Class within a Sub-Fund may be held at such time and place as

indicated in the convening notice in order to decide on any matters which relate exclusively to such Sub-Fund or Share Class.

Notices of all general meetings may be made through announcements filed with the Luxembourg Trade and Companies Register and be published at least

fifteen days before the meeting on the RESA and a Luxembourg newspaper and sent at least eight calendar days before the meeting to all registered

shareholders by ordinary mail (letter missive); or if the addressees have individually accepted to receive the convening notices by another means of

communication ensuring access to the information, by such means of communication. Alternatively, convening notices will be sent to registered

shareholders by registered mail only at least eight calendar days prior to the meeting. Convening notices will also be published and/or communicated to

investors as required by applicable laws and regulations in other jurisdictions where the Shares are distributed may be published on the following website

https://www.daiwa-am.co.jp/english/. Notices will include the agenda and will specify the date, time and place of the meeting, the conditions of admission,

and the quorum and voting requirements.

The financial year of the Fund will begin on 1 January of each year and end on 31 December of the same year except for the first period which will begin on

May 7, 2019 and will end on December 31, 2019. Each year, the Fund will issue an Annual Report as of the end of the previous financial year comprising,

inter alia, the audited financial statements of the Fund and each Sub-Fund and a report of the Board of Directors on the activities of the Fund. The Fund will

also issue a Semi-Annual Report as of 30 June of the current financial year. The first financial period will end on December 31, 2019 and the first Annual

Report is issued as of December 31, 2019. The first Semi-Annual Report has been issued as of June 30, 2019.

The Annual Report shall be made available to investors within four (4) months following the end of the reporting period and the Semi-Annual Report will be

made available to investors within two (2) months following the end of the reporting period. Investors may obtain, upon request, a copy of the latest financial

reports from the Management Company free of charge and on the following website https://www.daiwa-am.co.jp/english/.

The publication of the Net Asset Values will take place on the relevant Valuation Day or the next Business Day following such Valuation Day, as provided

for in the relevant Supplement. The Net Asset Value per Share of each Share Class within each Sub-Fund will be available from the Administrator during

normal business hours.

The global exposure of the Sub-Fund is calculated and monitored under the commitment approach. The global exposure of the Sub-Fund may not exceed

its Net Asset Value.

The changes in the composition of the Statements of Investments are available upon request and free of charge at the registered office of the Management

Company.

Daiwa Global Funds

4

Investment Manager’s Report

Daiwa Small/Mid-Cap Japanese Equity Fund

Market

Japan Equity market in Japanese yen terms advanced since the inception of May to the end of 2019. During this term, the characteristic of the market

would be said as that the impact from the positive or negative expectations on US-China trade war had been huge, and the market had been supported

from the expectation on interest rate cuts.

Since its inception to September, Japan Equities in Japanese yen terms showed positive performance. The market was positively driven by the

postponement of the fourth additional customs tariffs on imports from China at the end of June, and by the precautionary measures on rate cut from FOMC

held in July. At the beginning of the August, the market declined due to the concern on the possible expansion of additional tariffs on the imports from

China, but the impact was limited supported by the announcement of the US government to postpone the tariffs on a part of imports from China. During

September, the market gained again, fuelled by the positive anticipation of the improvement in the relationship between the US and China.

During the fourth quarter, Japan Equity market continued to show its positive performance. In October, the market was driven by the expectation of

progress in the US-China trade war, and by the alleviation of concerns over the Brexit without an agreement. Though the US-China trade talks ended with

no written agreement, announcement from the US government to avoid additional tariffs on China favourably affected Japanese Equities. In addition, the

news of a victory for the ruling Conservative Party in the UK’s general election alleviated concerns about potential chaotic breakaway of the UK from the

European Union (EU), contributing to the Nikkei Stock Average to reach its year-high level of 24,000 yen at the middle of the December.

Fund NAV per share

The Fund’s net asset value rose 3.58% in JPY Class since its inception due to the steady equity market in Japan, driven by a global monetary easing policy

and heightened expectations for progress in the US-China trade talks.

Fund position

We have developed the portfolio by paying attention to market growth potential, competitiveness in growth areas, and growth potential of companies. From

a market growth perspective, we took notice of long-term promising markets, where the Japanese government is taking the initiative, such as the work style

reform, assisting the disabled in finding employment, and digital transformation (DX), as well as electronic commerce (EC). Accordingly, by sector, we put

more weight on services, and information/telecommunications, among others. By individual equity, we bought DX-related stocks, and sold some stocks that

no longer had long-term growth potential or a competitive advantage, and that had become less attractive after a rise in equity prices.

As for performance factors, the Fund benefited from putting more weight on services, and information and telecommunications. By individual equity, the

Fund had a positive impact from M&A Capital Partners and Strike, both offering M&A intermediary services, and S-Pool, which offers employment support

services for the disabled. On the other hand, the Fund was negatively impacted by ItoKuro and Enigmo. Basically, we have been keeping our stance that

they would grow and be competitive from a long-term perspective, but both names dropped after announcing their performance results, being regarded as

a temporary slowdown in growth.

Investment policy

We aim to generate long-term capital growth through a portfolio of listed equities issued primarily by small/mid-cap Japanese companies. In constructing

portfolio, we take bottom-up approach focusing on various factors, including but not limited to, the competitive advantages of those companies compared to

peers mainly in the product/service development capability and the potential growth of their business and/or earnings driven by their business model,

expansion of market share, growth of the market in which they are involved and other factors.

Daiwa Income Focus Japanese Equity Fund

Market














Daiwa Global Funds

5

Fund NAV per share

The Fund’s net asset value rose 16.72% in JPY Class since its inception due to the steady equity market in Japan, driven by a global monetary easing

policy and heightened expectations for progress in the US-China trade talks.

Fund position

While the market environment is highly uncertain and sensitive to the US trade policy actions, we have built the portfolio by paying attention to dividend

yields, shareholder return policy, and growth in operating performance. Accordingly, by sector, we put more weight on wholesale trade, chemicals, and

machinery, and less weight on electrical machinery, transportation equipment, and trucking, among others. By individual equity, the portfolio included high

composition ratios of Z Holdings, which we valued highly as its business operations are backed by stable cash flow, and Takeda Pharmaceutical, which

was expected to enhance its capital structure.

We continued buying stocks that were expected to turn around their performance from the next term onward or expand their business in the mid-to long-

term. On the other hand, we sold some stocks whose business prospects had become uncertain and less attractive after equity price hikes. Specifically, we

adjusted the weight of telecommunications equities in the light of impacts of a future pricing strategy, and newly bought IHI, which was expected to see a

recovery in machinery orders toward the next term. On the other hand, we sold Sumitomo Corp., which had failed to meet investors’ expectations of high

shareholder returns, and also sold KH Neochem, experiencing the delay of return from its capital investment.

As for performance against the market, the Fund benefited from putting more weight on non-ferrous metals, and less weight on trucking and food &

beverage. By individual equity, the Fund had a positive impact against the market from Z Holdings, DKS, and Taiyo Yuden, but was negatively impacted by

Kawada Technologies and KH Neochem.

Investment policy

We aim to generate long-term capital growth through a portfolio of good dividend generating listed equities issued primarily by Japanese companies. In

constructing portfolio, we focus on various factors, including but not limited to, forward dividend yield of target companies, potential growth of their business

and/or earnings and valuation compared to other companies in the same field. We combine these factors to seek attractive long-term total return.

Daiwa Japanese Equity Fund

Market














Fund NAV per share

The Fund’s net asset value rose 21.78% in JPY Class since its inception due to the steady equity market in Japan, driven by a global monetary easing

policy and heightened expectations for progress in the US-China trade talks.

Fund position

We have built the portfolio by keeping an eye on companies with a competitive advantage in the mid-to long-term such as related to the Internet of Things

or healthcare; resistant to external factors and with good prospects for growth; and the progress status of their mid-to long-term management strategies.

Trends in earnings results and equity price positioning have been also taken into account. Accordingly, by sector, we put more weight on electrical

machinery and precision machinery, among others. By individual equity, we bought some stocks that were expected to increase the earnings growth in the

mid-to long-term. On the other hand, we sold some stocks that had reported disappointing earnings results.

As for performance factors, the Fund benefited from putting more weight on in electronic machinery. By individual equity, the Fund had a positive impact

from Advantest and Tokyo Electron in the semiconductor manufacturing device market, which was expected to see high demand in the mid-to long-term.

On the other hand, the Fund was negatively impacted by Pola Orbis Holdings due to heightened uncertainty about inbound demand from tourism and its

sluggish earnings results.

Daiwa Global Funds

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Investment Manager’s Report (continued)

Investment policy

We aim to generate long-term capital growth through a portfolio of listed equities issued primarily by Japanese companies. In constructing portfolio, we

mainly focus on growth factors, including but not limited to, earnings growth and/or potential growth of the business of those companies compared to peers

from domestic and/or global business perspective, based on bottom-up analysis.

Daiwa Small/Mid-Cap Emerging Asean Equity Fund

Market

EM ASEAN equities in US dollar terms declined between the inception and the end of 2019.

In the third quarter of 2019, EM ASEAN equities in US dollar terms declined. The EM ASEAN equity markets were down due to negative events, such as

violent protests in Indonesia. On the other hand, the overall EM ASEAN currencies were eventually flat against US dollar although the mixed optimistic and

pessimistic views about the trade war between U.S. and China fluctuated the currencies through the quarter.

In the fourth quarter of 2019, EM ASEAN equities in US dollar terms rebounded. The EM ASEAN equity markets gained on the back of the optimism about

US-China trade talks given the first phase of a broader trade deal agreement between two countries. Besides, the overall EM ASEAN currencies also

appreciated given the optimistic view on US-China trade talks.

Fund NAV per share

NAV per share increased by 8.80% for the USD share class return, since its inception to the period end as prices of the holding stocks were up on the back

of solid fundamentals. Besides, appreciation of the EM ASEAN currencies positively contributed to NAV per share.

Fund position

Based on bottom-up approach, we constructed the portfolio by focusing on strong fundamentals, management and corporate governance, which led to high

weights in Indonesia, Malaysia, and Thailand.

After constructing the portfolio, we bought Malaysian hire purchase financing companies with their strong earnings outlook and reasonable valuations given

untapped market opportunities. We also accumulated a position of a Philippine home improvement retailer with its solid earnings outlook given the strong

demand and store expansion.

On the other hand, we sold property developers in Philippines given the negative outlook for the industry as China urged the Philippines government to

crack down on Philippine Offshore Gaming Operations, one of the biggest tenants and employers in Philippines. We also trimmed a position of an oil-

related stock to lock in profit in Malaysia.

Investment policy

We focus on Indonesian market where we see good investment opportunities given the expected structural reforms and the rising private consumption. We

also find good investment opportunities in Malaysia as a beneficiary of the trade war between the US and China.

Daiwa Income Focus Asian Equity Fund

Market

Asia ex-Japan equities in US dollar terms performed strongly in the period between the inception of the Fund and the end of 2019.

In the earlier part of the period under review, Asian regional markets weathered a series of bad news such as drone attack on Saudi oil production facilities,

potential impeachment of President Trump, weak economic data in the global manufacturing sector and ongoing tariff war between the US and China.

By the beginning of the fourth quarter, however, markets took a decisive positive turn. Markets were encouraged by anticipations of a partial trade

agreement between the US and China. Investors believed that both leaders were motivated to forge a deal in order to prevent further damage to their

already weak economies. At about the same time, trade-related economic data in Asia, such as manufacturing PMI and export, started to see

improvements. Low global interest rates also supported market rally.

Fund NAV per share

NAV per share increased by 7.80% for the USD share class return, since its inception to the period end as prices of the holding stocks were higher on the

back of improving economic conditions and prospect for earnings turnaround. Furthermore, all Asian ex-Japan currencies appreciated against USD during

the period under review, thus contributing positively to NAV per share as well.

Daiwa Global Funds

7


Fund position

Based on our investment approach, we maintained high weighting in China, Korea and Taiwan, with a focus on Financials, Information Technology,

Communication Services and Consumer Discretionary. We focus on selecting stocks with superior, sustainable and growing dividend potential, based on

our assessment of the macro environment and bottom-up company analysis. During the period under review, we progressively increased our weighting in

higher dividend Korean and Taiwanese stocks as their prices retreated to more attractive levels while earnings prospects stabilized. ASEAN stocks have

been trimmed to fund this strategy.

Investment policy

We believe markets will trade sideways with an upside bias in the near term, as investors reposition for the new calendar year. During this time, investors

are likely to keep optimistic view that earnings revisions are likely to be positive and hence better prospect for higher dividend payment. However, we will

turn more cautious if those catalysts are not in sight by February at the start of reporting season, when management are expected to give forward guidance.

We maintain our large weightings in Information Technology, Financials and Consumer Discretionary sectors. We will also be looking for opportunities to

add to our infrastructure-related stocks. We prefer North Asian over India and ASEAN.

Daiwa Asian Equity Fund

Market

Asia ex-Japan equities in US dollar terms performed strongly in the period between the inception of the Fund and the end of 2019.

In the earlier part of the period under review, Asian regional markets weathered a series of bad news such as drone attack on Saudi oil production facilities,

potential impeachment of President Trump, weak economic data in the global manufacturing sector and ongoing tariff war between the US and China.

By the beginning of the fourth quarter, however, markets took a decisive positive turn. Markets were encouraged by anticipations of a partial trade

agreement between the US and China. Investors believed that both leaders were motivated to forge a deal in order to prevent further damage to their

already weak economies. At about the same time, trade-related economic data in Asia, such as manufacturing PMI and export, started to see

improvements. Low global interest rates also supported market rally.

Fund NAV per share

NAV per share increased by 9.90% for the USD share class return, since its inception to the period end as prices of the holding stocks were higher on the

back of improving economic conditions and prospect for earnings turnaround. Furthermore, all Asian ex-Japan currencies appreciated against USD during

the period under review, thus contributing positively to NAV per share as well.

Fund position

Based on our investment approach, we maintained high weighting in China, Korea and Taiwan, with a focus on Information Technology, Financials and

Consumer Discretionary. We focus on selecting stocks with superior earnings growth potential based on our assessment of the macro environment and

bottom-up company analysis. During the period under review, we progressively increased our weighting in Korea and Taiwan as stock prices retreated to

more attractive levels while prospects for technology sector improved. ASEAN stocks have been trimmed to fund this strategy.

Investment policy

We believe markets will trade sideways with an upside bias in the near term, as investors reposition for the new calendar year. During this time, investors

are likely to keep optimistic view that earnings revisions are likely to be positive. However, we will turn more cautious if those catalysts are not in sight by

February at the start of reporting season, when management are expected to give forward guidance. We maintain our large weightings in Information

Technology, Financials and Consumer Discretionary sectors. We will also be looking for opportunities to add to our infrastructure-related stocks. We prefer

North Asian over India and ASEAN.

The Board of Directors of Daiwa Global Funds

March 27, 2020

The information stated in the report is historical and is not representative of future results.

Daiwa Global Funds

8


PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders ofDaiwa Global Funds

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Daiwa Global Funds (the “Fund”) and of each of its sub-funds as at 31 December 2019, and of the results of their operations and changes in their net assets for the period from 7 May 2019 (date of incorporation) to 31 December 2019 in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

the statement of net assets as at 31 December 2019; the statement of operations and changes in net assets for the period from 7 May 2019 (date of

incorporation) to 31 December 2019; the statement of investments as at 31 December 2019; and the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

pwc

Audit report

To the Shareholders ofDaiwa Global Funds

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial positionof Daiwa Global Funds (the “Fund”) and of each of its sub-funds as at 31 December 2019, and of theresults of their operations and changes in their net assets for the period from 7 May 2019 (date ofincorporation) to 31 December 2019 in accordance with Luxembourg legal and regulatory requirementsrelating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

the statement of net assets as at 31 December 2019;the statement of operations and changes in net assets for the period from 7 May 2019 (date ofincorporation) to 31 December 2019;the statement of investments as at 31 December 2019; and

o the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of23 July 2016) and with International Standards on Auditing (|SAs) as adopted for Luxembourg by the“Commission de Surveillance du Secteur Financier" (CSSF). Our responsibilities under the Law of23 July 2016 and |SAs as adopted for Luxembourg by the CSSF are further described in the“Responsibilities of the “Réviseur d’entreprises agree” for the audit of the financial statements” sectionof our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board forAccountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourgby the CSSF together with the ethical requirements that are relevant to our audit of the financialstatements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors of the Fund is responsible for the other information. The other informationcomprises the information stated in the annual report but does not include the financial statements andour audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express anyform of assurance conclusion thereon.

PricewaterhouseCoopers, Société coopérative, 2 rue GerhardMercator, B.P. 1443, L—1014 LuxembourgT: +352 494848 1, F : +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert—comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 — TVA LU25482518

10

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

obtain an understanding of internal control relevant to the audit in order to design 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;

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

pwc

In connection with our audit of the financial statements, our responsibility is to read the other informationidentified above and, in doing so, consider whether the other information is materially inconsistent withthe financial statements or our knowledge obtained in the audit, or otherwise appears to be materiallymisstated. If, based on the work we have performed, we conclude that there is a material misstatementof this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financialstatements in accordance with Luxembourg legal and regulatory requirements relating to the preparationand presentation of the financial statements, and for such internal control as the Board of Directors ofthe Fund determines is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessingthe Fund’s and each of its sub-funds’ ability to continue as a going concern, disclosing, as applicable,matters related to going concern and using the going concern basis of accounting unless the Board ofDirectors of the Fund either intends to liquidate the Fund or close any of its sub-funds or to ceaseoperations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatement, whether due to fraud or error, and to issue an auditreport that includes our opinion. Reasonable assurance is a high level of assurance, but is not aguarantee that an audit conducted in accordance with the Law of 23 July 2016 and with |SAs as adoptedfor Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatementscan arise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of thesefinancial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with |SAs as adopted for Luxembourgby the CSSF, we exercise professional judgment and maintain professional scepticism throughout theaudit. We also:

o identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectinga material misstatement resulting from fraud is higher than for one resulting from error, as fraud mayinvolve collusion, forgery, intentional omissions, misrepresentations, or the override of internalcontrol;

o obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Fund's internal control;

o evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Board of Directors of the Fund;

10

11

conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund or any of its sub-funds to cease to continue as a going concern;

evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérativeRepresented by

Antoine Geoffroy

Luxembourg, 27 March 2020

PWG_J“

o conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concernbasis of accounting and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds‘ability to continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our audit report to the related disclosures in the financial statements or,if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our audit report. However, future events or conditions may causethe Fund or any of its sub-funds to cease to continue as a going concern;

o evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and eventsin a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérative Luxembourg, 27 March 2020Represented by

Antoine Geoffroy

11

Statement of Net Assetsas at December 31, 2019

Daiwa Global

Funds - Daiwa

Small/Mid-Cap

Japanese

Equity Fund*

Daiwa Global

Funds - Daiwa

Income Focus

Japanese

Equity Fund*

Daiwa Global

Funds - Daiwa

Japanese Equity

Fund*

Daiwa Global

Funds - Daiwa

Small/Mid-Cap

Emerging Asean

Equity Fund*

Note JPY JPY JPY USD

ASSETS

Investments portfolio at market value (2a) 199,295,200 221,567,890 220,417,410 1,953,029

Cash at bank 6,666,854 9,715,436 21,383,468 62,121

Receivable on sale of investments - 5,177,037 1,001,792 -

Interest and dividends receivable, net (2h) 452,224 451,808 98,045 4,094

TOTAL ASSETS 206,414,278 236,912,171 242,900,715 2,019,244

LIABILITIES

Payable on purchase of investments - 4,314,859 219,392 -

Invesment management and TER payable (4),(11) 355,406 399,682 420,501 3,701

Taxes and expenses payable - - - 8,535

TOTAL LIABILITIES 355,406 4,714,541 639,893 12,236

TOTAL NET ASSETS 206,058,872 232,197,630 242,260,822 2,007,008

Net Asset Value Per Share

Class I (JPY) Acc 10,358 11,672 12,178 10,957

Class I (USD) Acc 10.38 11.69 12.21 10.88

Number of shares outstanding

Class I (JPY) Acc 18,800 18,800 18,800 18,800

Class I (USD) Acc 10,000.000 10,000.000 10,000.000 10,000.000

Daiwa Global Funds

The accompanying notes form an integral part of these financial statements.12


Daiwa Global

Funds - Daiwa

Income Focus

Asian Equity

Fund*

Daiwa Global

Funds - Daiwa

Asian Equity

Fund*

COMBINED

Note USD USD USD

ASSETS

Investments portfolio at market value (2a) 1,961,347 2,008,873 11,832,854

Cash at bank 62,572 56,176 528,893

Receivable on sale of investments - - 56,940

Interest and dividends receivable, net (2h) 3,253 1,868 18,449

TOTAL ASSETS 2,027,172 2,066,917 12,437,136

LIABILITIES

Payable on purchase of investments - - 41,785

Invesment management and TER payable (4),(11) 3,647 3,679 21,860

Taxes and expenses payable - - 8,535

TOTAL LIABILITIES 3,647 3,679 72,180

TOTAL NET ASSETS 2,023,525 2,063,238 12,364,956

Net Asset Value Per Share

Class I (JPY) Acc 11,058 11,275

Class I (USD) Acc 10.78 10.99

Number of shares outstanding

Class I (JPY) Acc 18,800 18,800

Class I (USD) Acc 10,000.000 10,000.000

Daiwa Global Funds



Statement of Net Assetsas at December 31, 2019 (continued)

Statement of Operations and Changes in Net Assetsfor the period ended December 31, 2019

Daiwa Global

Funds - Daiwa

Small/Mid-Cap

Japanese

Equity Fund*

Daiwa Global

Funds - Daiwa

Income Focus

Japanese

Equity Fund*

Daiwa Global

Funds - Daiwa

Japanese Equity

Fund*

Note JPY JPY JPY

NET ASSETS AT THE BEGINNING OF THE PERIOD - - -

INCOME

Dividends, net (2h) 819,045 2,796,045 1,574,215

Bank interests, net (2h) 568 47,742 568

TOTAL INCOME 819,613 2,843,787 1,574,783

EXPENSES

Investment management fee (4) 788,833 863,504 897,602

Interest paid 34,748 24,984 59,854

Capital gains tax - - -

Fixed fee TER (11) 90,154 98,693 102,580

TOTAL EXPENSES 913,735 987,181 1,060,036

NET RESULT ON INVESTMENTS (94,122) 1,856,606 514,747

Net realised gain/(loss) on sales of investments (2b) 2,793,301 2,134,174 1,362,634

Net realised loss on foreign exchange (2c) (6,205) (5,575) (6,205)

NET REALISED GAIN/(LOSS) 2,692,974 3,985,205 1,871,176

Change in net unrealised appreciation on investments 4,431,403 29,277,930 41,455,151

NET INCREASE IN NET ASSETS AS A RESULT OF

OPERATIONS 7,124,377 33,263,135 43,326,327

EVOLUTION OF THE CAPITAL

Subscriptions of shares 198,934,495 198,934,495 198,934,495

NET ASSETS AT THE END OF THE PERIOD 206,058,872 232,197,630 242,260,822

Daiwa Global Funds



Daiwa Global

Funds - Daiwa

Small/Mid-Cap

Emerging Asean

Equity Fund*

Daiwa Global

Funds - Daiwa

Income Focus

Asian Equity

Fund*

Daiwa Global

Funds - Daiwa

Asian Equity

Fund*

Note USD USD USD

NET ASSETS AT THE BEGINNING OF THE PERIOD - - -

INCOME

Dividends, net (2h) 11,247 11,910 7,189

Bank interests, net (2h) 885 1,010 968

TOTAL INCOME 12,132 12,920 8,157

EXPENSES

Investment management fee (4) 6,876 4,609 4,639

Interest paid 22 22 22

Capital gains tax 8,638 - -

Fixed fee TER (11) 1,673 921 928

TOTAL EXPENSES 17,209 5,552 5,589

NET RESULT ON INVESTMENTS (5,077) 7,368 2,568

Net realised gain/(loss) on sales of investments (2b) 4,940 (12,641) (2,599)

Net realised loss on foreign exchange (2c) (6,562) (4,766) (5,033)

NET REALISED GAIN/(LOSS) (6,699) (10,039) (5,064)

Change in net unrealised appreciation on investments 168,198 156,206 190,944

NET INCREASE IN NET ASSETS AS A RESULT OF

OPERATIONS 161,499 146,167 185,880


Subscriptions of shares 1,845,509 1,877,358 1,877,358

NET ASSETS AT THE END OF THE PERIOD 2,007,008 2,023,525 2,063,238

Daiwa Global Funds



Statement of Operations and Changes in Net Assetsfor the period ended December 31, 2019 (continued)

COMBINED

Note USD

NET ASSETS AT THE BEGINNING OF THE PERIOD -

INCOME

Dividends, net (2h) 78,167

Bank interests, net (2h) 3,314

TOTAL INCOME 81,481

EXPENSES

Investment management fee (4) 39,623

Interest paid 1,168

Capital gains tax 8,638

Fixed fee TER (11) 6,207

TOTAL EXPENSES 55,636

NET RESULT ON INVESTMENTS 25,845

Net realised gain/(loss) on sales of investments (2b) 47,665

Net realised loss on foreign exchange (2c) (16,527)

NET REALISED GAIN/(LOSS) 56,983

Change in net unrealised appreciation on investments 1,208,013

NET INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 1,264,996


Subscriptions of shares 11,099,960

NET ASSETS AT THE END OF THE PERIOD 12,364,956

Daiwa Global Funds


Statement of Operations and Changes in Net Assetsfor the period ended December 31, 2019 (continued)

Changes in the Number of Sharesfor the period ended December 31, 2019

Daiwa Global

Funds - Daiwa

Small/Mid-Cap

Japanese Equity

Fund*

Daiwa Global

Funds - Daiwa

Income Focus

Japanese Equity

Fund*

Daiwa Global

Funds - Daiwa

Japanese Equity

Fund*

Daiwa Global

Funds - Daiwa

Small/Mid-Cap

Emerging Asean

Equity Fund*

Class I (JPY) Acc

Number of shares outstanding at the beginning of the period - - - -

Number of shares issued 18,800 18,800 18,800 18,800

Number of shares redeemed - - - -

Number of shares outstanding at the end of the period 18,800 18,800 18,800 18,800

Class I (USD) Acc

Number of shares outstanding at the beginning of the period - - - -

Number of shares issued 10,000.000 10,000.000 10,000.000 10,000.000

Number of shares redeemed - - - -

Number of shares outstanding at the end of the period 10,000.000 10,000.000 10,000.000 10,000.000

StatisticsDaiwa Global

Funds - Daiwa

Small/Mid-Cap

Japanese Equity

Fund*

Daiwa Global

Funds - Daiwa

Income Focus

Japanese Equity

Fund*

Daiwa Global

Funds - Daiwa

Japanese Equity

Fund*

Daiwa Global

Funds - Daiwa

Small/Mid-Cap

Emerging Asean

Equity Fund*

JPY JPY JPY USD

Total Net Asset Value

December 31, 2019 206,058,872 232,197,630 242,260,822 2,007,008

NAV per share at the end of the period

December 31, 2019

Class I (JPY) Acc 10,358 11,672 12,178 10,957

Class I (USD) Acc 10.38 11.69 12.21 10.88

17

Daiwa Global Funds


Daiwa Global

Funds - Daiwa

Income Focus

Asian Equity

Fund*

Daiwa Global

Funds - Daiwa

Asian Equity

Fund*

Class I (JPY) Acc

Number of shares outstanding at the beginning of the period - -

Number of shares issued 18,800 18,800

Number of shares redeemed - -

Number of shares outstanding at the end of the period 18,800 18,800

Class I (USD) Acc

Number of shares outstanding at the beginning of the period - -

Number of shares issued 10,000.000 10,000.000

Number of shares redeemed - -

Number of shares outstanding at the end of the period 10,000.000 10,000.000

Daiwa Global

Funds - Daiwa

Income Focus

Asian Equity

Fund*

Daiwa Global

Funds - Daiwa

Asian Equity

Fund*

USD USD

Total Net Asset Value

December 31, 2019 2,023,525 2,063,238

NAV per share at the end of the period

December 31, 2019

Class I (JPY) Acc 11,058 11,275

Class I (USD) Acc 10.78 10.99

18

Daiwa Global Funds


Changes in the Number of Sharesfor the period ended December 31, 2019 (continued)

Statistics (continued)


Statement of Investmentsas at December 31, 2019

(expressed in JPY)

Description Quantity Currency Cost Market Value % net

assets

Transferable securities admitted to an official stock exchange listing

Shares

Japan

ATRAE. INC. 600 JPY 1,950,600 2,253,000 1.09

AVANT CORP 2,000 JPY 2,094,138 2,088,000 1.01

BENGO4.COM. INC. 400 JPY 2,112,412 2,300,000 1.12

CHARM CARE CORPORATION 2,400 JPY 1,997,184 2,404,800 1.17

COMPUTER ENGINEER.& CONSULT. 4,000 JPY 7,778,000 8,240,000 4.00

COMTURE CORP 1,000 JPY 2,193,230 2,350,000 1.14

CYBOSU INC 2,000 JPY 2,319,849 2,968,000 1.44

DIGITAL ARTS 200 JPY 1,777,088 1,116,000 0.54

DIP CORP 800 JPY 1,792,038 2,588,000 1.26

EBASE CO LTD 1,900 JPY 1,986,488 2,217,300 1.08

EGUARANTEE INC 3,000 JPY 4,054,410 3,774,000 1.83

ELAN CORPORATION 1,200 JPY 2,223,852 1,932,000 0.94

ENIGMO INC. 6,600 JPY 10,529,970 5,874,000 2.85

ESOL CO. LTD 2,100 JPY 3,949,554 4,319,700 2.10

FULLCAST HOLDINGS CO LTD 900 JPY 1,891,764 2,241,900 1.09

FUTURE SHS 3,000 JPY 5,715,125 5,445,000 2.64

GMO CLOUD KK 2,500 JPY 8,175,000 6,365,000 3.09

GRACE TECHNOLOGY. INC 800 JPY 2,093,136 2,241,600 1.09

GREMZ INC 1,200 JPY 2,029,368 2,799,600 1.36

GUNOSY INC 2,100 JPY 4,043,382 3,137,400 1.52

I LL 1,500 JPY 2,317,679 2,982,000 1.45

IBJ INC 6,600 JPY 5,981,646 8,197,200 3.98

INFOCOM CORP TOKYO 1,700 JPY 4,030,921 4,564,500 2.22

IR JAPAN HOLDINGS. LTD 800 JPY 2,059,656 3,884,000 1.88

ISTYLE INC 2,600 JPY 2,066,350 1,703,000 0.83

ITOKURO INC 4,200 JPY 10,133,760 5,947,200 2.89

JP ELE 2,800 JPY 6,215,440 7,680,400 3.73

KAMAKURA SHINSHO. LTD 1,300 JPY 1,981,148 2,241,200 1.09

LACTO JAPAN CO. LTD 500 JPY 2,070,450 1,790,000 0.87

LINK AND MOTIVATION INC 9,800 JPY 5,943,994 6,232,800 3.02

M&A CAPITAL PARTNERS CO. LTD 500 JPY 1,571,800 2,215,000 1.07

MARKLINES CO. LTD 1,000 JPY 1,948,460 1,976,000 0.96

OISIX RA DAICHI INC 2,000 JPY 2,866,140 2,428,000 1.18

OPEN DOOR INC 1,400 JPY 4,211,732 2,191,000 1.06

ORO CO. LTD 700 JPY 2,027,690 2,677,500 1.30

RAKUS CO. LTD 1,600 JPY 2,044,128 3,201,600 1.55

S-POOL INC 11,000 JPY 6,207,102 9,295,000 4.51

SANSAN.INC. 300 JPY 1,588,671 1,662,000 0.81

SHIFT INC 800 JPY 4,777,304 6,384,000 3.10

SIGMAXYZ INC. 3,500 JPY 7,824,316 7,231,000 3.51

SILVER LIFE CO. LTD 800 JPY 2,086,860 2,131,200 1.03

SOFTBANK TECHNOLOGY CORP 900 JPY 2,119,518 1,816,200 0.88

SOLASTO CORP 4,200 JPY 4,036,074 5,388,600 2.62

SOLDOUT. INC 800 JPY 1,813,128 1,612,800 0.78

STRIKE CO LTD 1,000 JPY 1,925,380 5,500,000 2.67

TEAMSPIRIT INC 800 JPY 2,370,672 2,023,200 0.98

TECHMATRIX CORP 1,100 JPY 2,091,892 2,585,000 1.25

TKP CORP 700 JPY 3,946,677 3,118,500 1.51

TOBILA SYSTEMS INC 600 JPY 1,895,590 1,451,400 0.70

VALUECOMMERCE CO LTD 4,000 JPY 10,281,160 9,376,000 4.55

Daiwa Global Funds




assets

VECTOR INC 5,200 JPY 5,829,564 5,543,200 2.69

VISION INC 4,200 JPY 7,892,307 7,610,400 3.69

194,863,797 199,295,200 96.72

Total - Shares 194,863,797 199,295,200 96.72

Total - Transferable securities admitted to an official stock exchange listing 194,863,797 199,295,200 96.72

Total Investment Portfolio 194,863,797 199,295,200 96.72

Other Net Assets 6,763,672 3.28

Total Net Assets 206,058,872 100.00

Daiwa Global Funds




Statement of Investmentsas at December 31, 2019 (continued)

(expressed in JPY)



(expressed in JPY)


assets


Shares

Japan

AISIN SEIKI CO LTD 300 JPY 1,134,007 1,221,000 0.53

ALCONIX CORP 800 JPY 1,082,939 1,151,200 0.50

ALPS ALPINE REGISTERED SHS 300 JPY 540,861 747,600 0.32

ARGO GRAPHICS INC TOKYO 300 JPY 693,333 1,017,000 0.44

ASAHI HOLDINGS INC 500 JPY 1,164,563 1,353,000 0.58

ASAHI YUKIZAI 800 JPY 1,149,806 1,429,600 0.62

ASTI CORP 100 JPY 164,105 203,300 0.09

BELLSYSTEM24 HOLDINGS INC 700 JPY 1,087,986 1,204,000 0.52

BOURBON CORP 300 JPY 523,637 529,500 0.23

BROTHER INDUSTRIES LTD 400 JPY 892,959 908,400 0.39

C.I. TAKIRON — REGISTERED SHS 2,300 JPY 1,468,307 1,699,700 0.73

CHINO CORP 200 JPY 228,345 287,200 0.12

CHIYODA INTEGRE CO LTD 100 JPY 201,768 229,000 0.10

CREATE MEDIC CO LTD 100 JPY 91,865 105,000 0.05

DAIHO CORP 300 JPY 827,889 863,700 0.37

DAIKI ALUMINIUM INDUSTRY CO LT 1,700 JPY 1,154,963 1,300,500 0.56

DAIKI AXIS CO. LTD 1,000 JPY 818,123 963,000 0.41

DAITRON SHS 800 JPY 964,765 1,524,800 0.66

DAIWABO HLDGS 200 JPY 914,232 1,346,000 0.58

DENSO CORP 500 JPY 2,224,507 2,483,000 1.07

DENTSU INC TOKYO 300 JPY 1,066,240 1,132,500 0.49

DEXERIALS CORP 1,800 JPY 1,290,535 1,985,400 0.85

DIC CORP 200 JPY 531,850 607,000 0.26

DKS CO. LTD 700 JPY 2,042,293 3,087,000 1.33

EBARA JITSUGYO CO LTD 500 JPY 950,550 1,113,000 0.48

EDION CORP 900 JPY 851,993 1,091,700 0.47

EIKEN CHEMICAL CO LTD 500 JPY 942,062 1,013,000 0.44

EIZO SHS 200 JPY 797,482 779,000 0.34

ELEMATEC CORP 600 JPY 584,564 693,000 0.30

ESPEC CORP 400 JPY 894,558 900,000 0.39

FINE SINTER CO LTD 300 JPY 669,554 612,300 0.26

FUJI CORP 1,400 JPY 993,630 988,400 0.43

FUJIMAK CORP 900 JPY 655,227 801,000 0.34

FUJIMORI KOGYO 100 JPY 295,342 348,000 0.15

FULLCAST HOLDINGS CO LTD 100 JPY 210,260 249,100 0.11

GIKEN LTD 400 JPY 1,474,448 2,016,000 0.87

HAGIWARA ELECTRIC CO LTD 200 JPY 569,152 568,600 0.24

HANWA CO LTD 100 JPY 276,816 287,700 0.12

HIRAKAWA HEWTECH CORP TOKYO 500 JPY 581,869 806,000 0.35

HOKUETSU INDUSTRIES CO LTD 1,000 JPY 1,215,371 1,318,000 0.57

HONDA MOTOR CO. LTD 400 JPY 1,112,774 1,239,600 0.53

HOSHINO /REIT 1 JPY 563,844 561,000 0.24

ICHIYOSHI SECURITIES CO LTD 1,200 JPY 936,782 772,800 0.33

IDEC CORP 100 JPY 191,339 226,200 0.10

IDOM — SHS 200 JPY 54,788 125,600 0.05

IHI CORP 800 JPY 2,105,548 2,059,200 0.89

INABATA +CO LTD. OSAKA 500 JPY 676,698 819,500 0.35

INFOCOM CORP TOKYO 500 JPY 1,185,923 1,342,500 0.58

INPEX CORP 900 JPY 871,433 1,022,850 0.44

Daiwa Global Funds




assets

ITOCHU TECHNO-SOLUTIONS 200 JPY 539,160 615,000 0.26

IWAKI CO LTD 700 JPY 707,301 865,900 0.37

J. FRONT RETAILING CO LTD 800 JPY 1,028,250 1,224,000 0.53

JALUX INC 100 JPY 283,526 248,000 0.11

JAPAN BRIDGE CORP 3,100 JPY 858,341 840,100 0.36

JAPAN HOTEL REIT INVEST CORP 31 JPY 2,712,507 2,517,200 1.08

JAPAN PROCE 200 JPY 140,526 181,000 0.08

JAPAN TOBACCO INC 500 JPY 1,248,230 1,216,250 0.52

JUKI CORP 800 JPY 764,771 705,600 0.30

JX HOLDINGS 900 JPY 468,616 448,110 0.19

KAWADA TECHNOLOGIES 200 JPY 1,613,268 1,344,000 0.58

KI-STAR /REIT 300 JPY 453,141 643,500 0.28

KITAGAWA IRON WORKS 200 JPY 409,960 482,200 0.21

KITO CORPORATION 800 JPY 1,276,109 1,377,600 0.59

KOMEDA HOLDINGS CO. LTD 400 JPY 826,658 850,400 0.37

KONAMI HLDS SHS 200 JPY 1,026,068 897,000 0.39

KROSAKI HARIMA CORP 200 JPY 1,206,001 1,284,000 0.55

KUREHA CORP 100 JPY 693,559 658,000 0.28

KURIMOTO LTD 400 JPY 598,795 869,600 0.37

KYOWA LEATHER CLOTH 1,700 JPY 1,334,464 1,422,900 0.61

KYUDENKO CORP 300 JPY 927,397 970,500 0.42

LINTEC CORP 200 JPY 430,976 488,800 0.21

MARUZEN CO LTD 400 JPY 937,971 855,200 0.37

MARUZEN SHOWA UNYU CO LTD 500 JPY 1,643,937 1,605,000 0.69

MCJ CO LTD 2,000 JPY 1,367,286 1,670,000 0.72

MCUBS MIDCITY INVESTMENT CORP 17 JPY 1,794,441 2,006,000 0.86

MEIDENSHA CORPORATION 300 JPY 655,137 726,600 0.31

MIKUNI CORP 2,500 JPY 927,970 885,000 0.38

MITSUBISHI CHEMICAL HLDGS CORP 1,700 JPY 1,226,983 1,389,750 0.60

MITSUBISHI CORP 900 JPY 2,555,760 2,610,000 1.12

MITSUBISHI UFJ FINANCIAL GROUP 6,900 JPY 3,491,369 4,093,080 1.76

MITSUI CHEMICALS INC 300 JPY 718,182 804,000 0.35

MITSUI MINING+SMELTING 400 JPY 923,380 1,169,600 0.50

MS&AD INSURANCE GROUP HOLDINGS 700 JPY 2,420,761 2,527,700 1.09

NAKAMOTO PACKS CO. LTD 300 JPY 432,987 486,600 0.21

NICHIAS CORP 700 JPY 1,346,718 1,949,500 0.84

NIDEC CORP 100 JPY 1,366,674 1,500,500 0.65

NIHON DENKEI CO LTD 400 JPY 537,843 534,800 0.23

NIHON TOKUSHU TORYO CO LTD 600 JPY 701,710 906,000 0.39

NIHON UNISYS LTD 200 JPY 707,361 685,000 0.30

NIKKON HLDGS SHS 400 JPY 988,408 1,098,400 0.47

NINTENDO CO. LTD 100 JPY 3,895,085 4,397,000 1.89

NIP STL TRDG RG REGISTERED SHS 400 JPY 1,693,938 2,116,000 0.91

NIPPON AIR CON SEVICES CO LTD 900 JPY 600,892 767,700 0.33

NIPPON CHEMICAL INDUSTRIAL LTD 200 JPY 502,921 631,000 0.27

NIPPON CONCEPT CORPORATION 100 JPY 117,165 145,900 0.06

NIPPON FINE CHEMICAL 700 JPY 884,086 905,100 0.39

NIPPON KANZAI CO LTD 100 JPY 189,212 197,400 0.09

NIPPON KOEI CO LTD 100 JPY 299,418 372,000 0.16

NIPPON PILLAR PACK. CO LTD 700 JPY 750,399 1,063,300 0.46

NIPPON PISTON RING CO LTD 900 JPY 1,216,017 1,443,600 0.62

NIPPON REIT /REIT 2 JPY 838,813 956,000 0.41

NIPPON TEL&TEL 1,400 JPY 3,731,680 3,859,800 1.66

NIPPON THOMPSON 1,800 JPY 781,290 936,000 0.40

NIPPON YAKIN KOGYO 300 JPY 629,330 701,100 0.30

NIPRO CORP 400 JPY 481,377 526,000 0.23

NISHIMOTO CO. LTD 200 JPY 805,421 715,000 0.31

Daiwa Global Funds





(expressed in JPY)


assets

NISSAN MOTOR CO. LTD 900 JPY 664,870 572,490 0.25

NITTO SEIKO CO LTD 1,500 JPY 823,899 961,500 0.41

NOMURA REAL ESTATE HDGS INC 100 JPY 223,901 262,000 0.11

NS SOLUTIONS CORPORATION 100 JPY 339,499 360,000 0.16

NS TOOL CO LTD 500 JPY 1,079,579 1,343,000 0.58

NTT DOCOMO INC 400 JPY 1,000,957 1,215,200 0.52

ORIX CORP 1,800 JPY 2,798,619 3,259,800 1.40

OSAKA SODA SHS 500 JPY 1,308,325 1,575,000 0.68

OTSUKA HOLDINGS CO LTD 600 JPY 2,192,863 2,929,800 1.26

PAL GROUP HLDGS — SHS 400 JPY 1,321,206 1,526,000 0.66

PARK24 CO LTD TOKYO 400 JPY 974,159 1,067,600 0.46

POWDERTECH CO LTD 300 JPY 859,373 1,267,500 0.55

PREMIUM GROUP CO LTD 1,100 JPY 2,140,900 2,602,600 1.12

PRESS KOGYO CO LTD 1,800 JPY 835,755 786,600 0.34

R-INVESCO /REIT 57 JPY 1,013,525 1,281,360 0.55

RECRUIT HOLDINGS CO. LTD 300 JPY 1,043,012 1,229,700 0.53

RESONA HOLDINGS INC 6,400 JPY 2,955,295 3,065,600 1.32

RESTAR HLDGS RG REGISTERED SHS 400 JPY 600,799 812,000 0.35

RHEON AUTOMATIC MACHINERY CO L 700 JPY 1,128,260 1,103,900 0.48

RIKEN VINYL INDUSTRY 700 JPY 334,115 376,600 0.16

ROHM CO. LTD 200 JPY 1,351,621 1,756,000 0.76

SAC S BAR HOLDINGS INC 300 JPY 301,147 275,400 0.12

SAKAI OVEX 100 JPY 164,016 187,500 0.08

SANEI ARCHITECTURE /REIT 500 JPY 732,465 823,500 0.35

SANYO CHEMICAL INDUST. 100 JPY 527,590 542,000 0.23

SANYO TRADING CO LTD 1,000 JPY 2,200,912 2,646,000 1.14

SEIBU HOLDINGS INC 100 JPY 182,111 179,500 0.08

SEIKO HOLDINGS CORP 700 JPY 1,852,071 2,046,100 0.88

SENKO GRP HLDGS — SHS 1,500 JPY 1,318,110 1,399,500 0.60

SEPTENI HOLDINGS CO LTD 2,200 JPY 709,652 620,400 0.27

SEVEN BANK LTD 2,000 JPY 709,062 716,000 0.31

SHIKOKU CHEMICALS CORP. 600 JPY 671,582 828,000 0.36

SHIN-ETSU POLYMER CO LTD 2,300 JPY 1,759,712 2,562,200 1.10

SHINSHO CORP 300 JPY 683,453 845,700 0.36

SHINWA CO. LTD 1,000 JPY 985,530 1,127,000 0.49

SHOEI CO LTD 200 JPY 866,987 1,038,000 0.45

SODICK CO LTD 800 JPY 814,922 779,200 0.34

SOFT99 500 JPY 446,725 522,000 0.22

SOFTBANK CORP. 1,400 JPY 2,074,447 2,043,300 0.88

SRA HOLDINGS INC *OPR* 200 JPY 484,819 538,000 0.23

STAR MICRONICS CO LTD 200 JPY 265,495 315,000 0.14

STARZEN CO LTD 200 JPY 806,786 884,000 0.38

SUMITOMO FORESTRY CO 700 JPY 864,684 1,130,500 0.49

SUMITOMO METAL MINING CO.LTD 300 JPY 861,924 1,063,200 0.46

SUMITOMO MITSUI FINANC. GR 1,300 JPY 4,940,290 5,249,400 2.26

SUMITOMO MITSUI TRUST HOLDINGS 600 JPY 2,396,747 2,602,200 1.12

SUNCALL CORP 300 JPY 150,422 170,700 0.07

T&D HOLDINGS INC TOKYO 700 JPY 815,878 976,500 0.42

TAISEI ONCHO CO LTD 100 JPY 167,963 208,600 0.09

TAIYO HOLDINGS CO LTD 400 JPY 1,328,469 1,782,000 0.77

TAIYO KAGAKU CO LTD 500 JPY 832,463 1,000,000 0.43

TAIYO YUDEN CO LTD 600 JPY 1,204,697 2,013,000 0.87

TAKEDA PHARMACEUTICAL CO LTD 1,000 JPY 3,769,029 4,332,000 1.87

Daiwa Global Funds





(expressed in JPY)


assets

TAKUMA CO LTD 700 JPY 911,964 918,400 0.40

TAMRON CO LTD 100 JPY 220,598 251,900 0.11

TAMURA CORP. 1,700 JPY 897,425 1,215,500 0.52

TDK CORP *OPR* 100 JPY 945,262 1,239,000 0.53

TECHNOPRO HOLDINGS.INC. 100 JPY 558,694 765,000 0.33

TENMA CORP 100 JPY 191,435 201,700 0.09

TOKAI HOLDINGS 2,500 JPY 2,227,010 2,747,500 1.18

TOKIO MARINE HOLDINGS INC 500 JPY 2,761,918 3,059,500 1.32

TOKYO ELECTRON CO LTD 100 JPY 1,484,436 2,392,500 1.03

TOKYO ROPE MFG CO LTD 800 JPY 780,010 1,040,800 0.45

TOYO MACHINERY & METAL CO LTD 2,200 JPY 1,268,010 1,203,400 0.52

TOYO TIRE CORP 1,000 JPY 1,365,154 1,575,000 0.68

TOYOBO CO LTD 600 JPY 902,499 999,600 0.43

TOYOTA INDUSTRIES CORP 400 JPY 2,319,169 2,532,000 1.09

TOYOTA MOTOR CORP 400 JPY 2,694,895 3,085,600 1.33

TRANSACTION CO LTD 1,100 JPY 888,561 1,119,800 0.48

UNIMAT RETIRE SHS 300 JPY 492,330 478,800 0.21

USHIO INC 600 JPY 984,672 974,400 0.42

VALQUA RG REGISTERED SHS 100 JPY 244,966 262,500 0.11

WORKMAN CO LTD 100 JPY 519,219 1,019,000 0.44

YACHIYO INDUSTRY CO LTD 400 JPY 266,311 283,200 0.12

YAMABIKO CORP 900 JPY 829,666 1,076,400 0.46

YUASA TRADING CO LTD 200 JPY 589,101 737,000 0.32

Z HOLDINGS CORP 11,000 JPY 3,434,532 5,071,000 2.18

192,289,960 221,567,890 95.42

Total - Shares 192,289,960 221,567,890 95.42





Daiwa Global Funds





(expressed in JPY)



(expressed in JPY)


assets


Shares

Japan

ADASTRIA SHS 100 JPY 268,287 248,900 0.10

ADVANTEST CORP. 1,700 JPY 4,335,391 10,472,000 4.32

AMANO CORP. 400 JPY 1,128,620 1,334,000 0.55

ANDO HAZAMA SHS 1,300 JPY 922,454 1,237,600 0.51

ARISAWA MFG 100 JPY 76,824 101,200 0.04

ASAHI INTECC CO LTD 1,200 JPY 3,345,312 3,840,000 1.59

ASKA PHARMACEUTICAL CO LTD 100 JPY 117,587 126,000 0.05

BRIDGESTONE CORP 100 JPY 406,815 407,000 0.17

CASIO COMPUTER CO. LTD 900 JPY 1,193,144 1,971,900 0.81

DAI-ICHI LIFE HLDGS SHS 700 JPY 1,105,139 1,271,550 0.52

DAIHO CORP 200 JPY 551,566 575,800 0.24

DIP CORP 500 JPY 822,095 1,617,500 0.67

DISCO CORP. 100 JPY 1,523,054 2,590,000 1.07

EGUARANTEE INC 100 JPY 135,100 125,800 0.05

EN-JAPAN INC 100 JPY 386,964 477,500 0.20

FUJIFILM HOLDINGS CORP 100 JPY 520,233 523,000 0.22

FUKUSIMA INDUSTRIES CORP. 100 JPY 355,233 410,000 0.17

FURUKAWA CO. LTD 100 JPY 131,844 144,600 0.06

GMO INTERNET INC 600 JPY 1,019,022 1,245,000 0.51

GMO PAYMENT GATEWAY INC 500 JPY 3,660,430 3,740,000 1.54

HASEKO CORP 1,800 JPY 1,955,538 2,647,800 1.09

ISTYLE INC 300 JPY 238,341 196,500 0.08

ITOKURO INC 100 JPY 241,196 141,600 0.06

JAPAN EXCHANGE GROUP INC 1,500 JPY 2,529,285 2,895,000 1.20

JAPAN MATERIAL CO LTD 500 JPY 685,580 913,500 0.38

JAPAN POST BANK CO. LTD. 200 JPY 222,686 210,000 0.09

JCR PHARMACEUTICALS CO 100 JPY 678,395 886,000 0.37

KAO CORP. 600 JPY 5,073,288 5,415,000 2.24

KEYENCE CORP 400 JPY 12,354,372 15,396,000 6.36

KOSE CORP TOKYO 100 JPY 1,717,099 1,600,000 0.66

LION CORP. 700 JPY 1,474,060 1,487,500 0.61

MAKINO MILLING MACHINE CO LTD 200 JPY 756,318 1,004,000 0.41

MEBUKI FIN GRP 800 JPY 218,896 224,000 0.09

MITSUBISHI UFJ FINANCIAL GROUP 10,300 JPY 5,292,239 6,109,960 2.52

MONOTARO CO LTD 1,200 JPY 2,795,712 3,507,600 1.45

MORINAGA + CO. LTD 400 JPY 1,975,940 2,096,000 0.87

MS&AD INSURANCE GROUP HOLDINGS 100 JPY 345,598 361,100 0.15

MURATA MANUFACTUR CO LTD 600 JPY 2,835,246 4,047,600 1.67

NAKABAYASHI CO LTD 200 JPY 99,672 124,600 0.05

NIDEC CORP 500 JPY 6,828,930 7,502,500 3.10

NINTENDO CO. LTD 200 JPY 7,785,106 8,794,000 3.63

NIPPON KANZAI CO LTD 100 JPY 181,983 197,400 0.08

NIPPON MEAT PACKERS 100 JPY 439,983 451,000 0.19

NIPPON TEL&TEL 1,600 JPY 3,905,592 4,411,200 1.82

NISSEI PLASTIC INDUSTRIAL 100 JPY 89,341 100,500 0.04

NITTO DENKO CORPO 100 JPY 476,973 618,000 0.26

NOHMI BOSAI LTD 100 JPY 205,757 245,800 0.10

NOJIMA CO LTD 200 JPY 368,230 456,800 0.19

Daiwa Global Funds




assets

NOMURA HOLDINGS INC 3,000 JPY 1,031,490 1,690,200 0.70

NS SOLUTIONS CORPORATION 300 JPY 1,017,834 1,080,000 0.45

NTT DOCOMO INC 900 JPY 2,250,684 2,734,200 1.13

OKAMOTO INDUSTR. INC. 100 JPY 484,817 405,500 0.17

OPEN HOUSE 800 JPY 1,806,388 2,504,000 1.03

OTSUKA HOLDINGS CO LTD 700 JPY 2,661,891 3,418,100 1.41

PEPTIDREAM INC. 700 JPY 3,761,532 3,920,000 1.62

PILOT CORP TOKYO 100 JPY 407,944 442,000 0.18

POLA ORBIS HOLDINGS INC 300 JPY 904,437 784,200 0.32

RECRUIT HOLDINGS CO. LTD. 300 JPY 1,042,335 1,229,700 0.51

ROHM CO. LTD 200 JPY 1,350,742 1,756,000 0.72

RYOHIN KEIKAKU CO LTD 1,500 JPY 2,958,727 3,834,000 1.58

SAN-IN GODO BANK LTD 100 JPY 69,889 67,000 0.03

SANWA HOLDINGS CORP 1,900 JPY 2,062,374 2,335,100 0.96

SCSK — SHS 800 JPY 4,230,152 4,536,000 1.87

SHIMADZU CORP 300 JPY 817,173 1,032,000 0.43

SHIN-ETSU CHEMICAL CO 700 JPY 6,350,659 8,442,000 3.48

SHINSEI BANK LTD 400 JPY 619,572 670,000 0.28

SHIONOGI & CO LTD 1,400 JPY 8,340,010 9,473,800 3.91

SIIX CORP. OSAKA 100 JPY 120,367 152,300 0.06

SMS CO LTD 100 JPY 264,051 302,500 0.12

SOFTBANK GROUP SHS 800 JPY 4,122,672 3,804,800 1.57

SOHGO SECURITY SERVICES CO 300 JPY 1,575,882 1,776,000 0.73

SONY CORP 2,000 JPY 10,690,191 14,802,000 6.11

SQUARE ENIX HOLDINGS CO LTD 1,200 JPY 4,861,867 6,516,000 2.69

SUBARU SHS 800 JPY 2,206,995 2,170,800 0.90

SUMITOMO HEAVY IND LTD 300 JPY 1,036,572 939,000 0.39

SUMITOMO MITSUI FINANC. GR 600 JPY 2,271,287 2,422,800 1.00

TAISEI CORP. 600 JPY 2,383,782 2,727,000 1.13

TAIYO YUDEN CO LTD 400 JPY 1,025,360 1,342,000 0.55

TAKEUCHI MFG CO LTD SAKAKI 800 JPY 1,439,040 1,316,800 0.54

TENMA CORP 100 JPY 178,806 201,700 0.08

TERUMO CORP. 2,300 JPY 7,126,550 8,935,500 3.69

TOKUYAMA 100 JPY 242,987 286,300 0.12

TOKYO ELECTRON CO LTD 300 JPY 4,450,413 7,177,500 2.96

TOKYO OHKA KOGYO 100 JPY 315,248 428,000 0.18

TOKYO ROPE MFG CO LTD 100 JPY 97,437 130,100 0.05

TOYOTA INDUSTRIES CORP 300 JPY 1,733,550 1,899,000 0.78

TOYOTA MOTOR CORP 700 JPY 4,553,873 5,399,800 2.23

TRUSCO NAKAYAMA CORP 100 JPY 240,470 280,200 0.12

YAMAHA CORP. 300 JPY 1,468,980 1,824,000 0.75

YAMAICHI ELECTRONICS CO LTD 100 JPY 90,327 171,200 0.07

YAOKO CO LTD 100 JPY 520,432 558,000 0.23

178,962,259 220,417,410 90.98

Total - Shares 178,962,259 220,417,410 90.98





Daiwa Global Funds





(expressed in JPY)



(expressed in USD)


assets


Shares

Indonesia

BEKASI FAJAR IN 1,575,100 IDR 34,378 24,506 1.22

BK DANAMON INDONESIA TBK -A- 31,600 IDR 10,706 8,991 0.45

BK TABUNGAN PENSIUNAN 247,600 IDR 55,531 75,797 3.78

JAPFA COMFEED INDONESIA -A- 936,000 IDR 103,535 103,490 5.15

JAYA REAL PROPERTY 814,400 IDR 31,227 35,197 1.75

PAKUWON JATI TBK PT 189,800 IDR 9,895 7,793 0.39

PT ACE HARDWARE INDONESIA TBK 653,200 IDR 81,319 70,340 3.50

PT CIPUTRA DEVELOPMENT TBK 272,400 IDR 21,544 20,406 1.02

PT ERAJAYA TBK 260,300 IDR 34,854 33,655 1.68

PT MAP AKTIF ADIPERKASA TBK 142,900 IDR 55,759 54,553 2.72

PT METRODATA ELECTRONICS TBK 130,600 IDR 11,740 17,591 0.88

PT MITRA ADIPERKASA TBK 530,300 IDR 34,587 40,298 2.01

PT PERUSAHAAN PERKEBUNAN 135,300 IDR 10,797 14,472 0.72

PT SELAMAT SEMPURNA TBK 848,900 IDR 90,623 91,108 4.54

PT TUNAS BARU LAMPUNG TBK 150,200 IDR 9,689 10,765 0.53

RAMAYANA LESTARI SENTOSA TBK 568,100 IDR 51,883 43,580 2.17

648,067 652,542 32.51

Malaysia

AEON CREDIT /REIT 16,600 MYR 66,294 57,383 2.86

DUFU TECHNOLOGY CORP BHD 34,800 MYR 17,316 27,564 1.37

ELK-DESA RES RG 24,000 MYR 10,048 9,681 0.48

FRONTKEN CORPORATION BHD 16,500 MYR 7,797 9,237 0.46

GREATECH TECHNOLOGY BHD 45,000 MYR 11,111 26,403 1.31

GUAN CHONG BHD 45,800 MYR 18,979 34,486 1.72

HIBISCUS PETROLEUM BHD 267,300 MYR 68,923 61,426 3.06

MAGNI-TECH INDUSTRIES BHD MTI 16,266 MYR 9,293 10,220 0.51

MI TECHNOVATION BHD 36,450 MYR 10,634 17,020 0.85

MTAG GROUP RG 156,800 MYR 20,720 20,316 1.01

PENTAMASTER CORP BHD 105,400 MYR 74,038 116,982 5.83

SERBA DINAMIK HOLDINGS BHD 127,470 MYR 60,774 68,557 3.42

SYARIKAT TAKAFUL MALAYSIA 56,400 MYR 92,072 78,592 3.92

UCHI TECHNOLOGIES BHD 46,300 MYR 31,564 31,467 1.57

UWC BHD 47,600 MYR 15,496 37,238 1.85

VITROX CORPORATION BHD 5,500 MYR 9,323 10,649 0.53

YINSON HOLDINGS BHD 71,700 MYR 106,089 113,584 5.66

630,471 730,805 36.41

Philippines

CENTURY PACIFIC FOOD INC 34,600 PHP 9,461 10,369 0.51

MAX S GROUP INC 79,300 PHP 21,868 19,414 0.97

ROBINSON S LAND CORP RLC 28,300 PHP 14,599 15,393 0.77

SECURITY BANK CORP. 3,020 PHP 10,148 11,627 0.58

WILCON DEPOT INC 275,100 PHP 93,454 97,763 4.87

149,530 154,566 7.70

Daiwa Global Funds




assets

Thailand

AEON THANA SINS (TH) /FOR. REG. 4,800 THB 34,989 30,781 1.53

AMATA CORP. PUBLIC CO /FOR. REG. 16,200 THB 12,817 10,932 0.55

CHAYO GRP-F RG 42,100 THB 7,770 7,633 0.38

COM7 PUBLIC COMPANY LTD 127,300 THB 90,110 113,260 5.64

JMT NETWORK 36,900 THB 22,379 24,778 1.24

MUANGTHAI 35,900 THB 65,710 76,838 3.83

NETBAY PUBLIC COMPANY LTD 47,100 THB 49,323 50,603 2.52

PRE-BUILT PUBLIC CO LTD 31,600 THB 10,945 9,389 0.47

SISB PUBLIC CO LTD 44,500 THB 10,794 14,343 0.71

TQM CORPORATION PUBLIC CO LTD 23,800 THB 29,778 52,738 2.63

VINYTHAI PUBLIC CO /FOREIG. REG. 28,100 THB 22,148 23,821 1.19

356,763 415,116 20.69

Total - Shares 1,784,831 1,953,029 97.31


Other transferable securities

Shares

Philippines

ALTUS PROPERTY VENTURES INC 544 PHP 0 0 0

0 0 0

Total - Shares 0 0 0

Total - Other transferable securities 0 0 0


Other Net Assets 53,979 2.69


Daiwa Global Funds





(expressed in USD)



(expressed in USD)


assets


Shares

Bermudas

BRILLIANCE CHINA AUTOMOTIVE 18,000 HKD 21,023 18,678 0.93

CHINA GAS HOLDINGS LIMITED 4,600 HKD 20,256 17,250 0.85

41,279 35,928 1.78

Cayman Islands

CHAILEASE 8,000 TWD 34,721 36,924 1.82

CHINA MENGNIU DAIRY CO LTD 4,000 HKD 15,934 16,181 0.80

CHINA YUHUA EDUCATION CORP LTD 34,000 HKD 19,014 23,011 1.14

LI NING COMPANY LTD 6,000 HKD 19,372 17,992 0.89

LONGFOR PPT 5,000 HKD 18,990 23,437 1.16

SANDS CHINA /IPO 4,000 HKD 18,363 21,395 1.06

SHENZHOU INTL GROUP LTD 1,300 HKD 18,431 19,016 0.94

SHIMAO PROPERTY HLD LTD 6,500 HKD 19,420 25,210 1.24

SUNNY OPTICAL TECHNOLOGY 600 HKD 10,555 10,395 0.51

TENCENT HOLDINGS LTD 2,000 HKD 86,152 96,471 4.77

XINYI GLASS HOLDING CO LTD 18,000 HKD 21,063 23,856 1.18

282,015 313,888 15.51

China

AIER EYE HOSPITAL GROUP CO LTD 3,600 CNY 19,332 20,463 1.01

ANHUI CONCH CEMENT CO -H- 3,000 HKD 18,422 21,883 1.08

CHINA CONSTRUCTION BANK CO -H- 75,000 HKD 56,280 64,822 3.20

CHINA LIFE INSURANCE CO LTD -H- 16,000 HKD 39,021 44,486 2.20

CHINA RAILWAY CONSTR CORP -H- 18,500 HKD 20,312 20,266 1.00

CHINA STATE CONSTR ENGINEER -A- 26,300 CNY 19,003 21,237 1.05

DONGFENG MOTOR -H- 20,000 HKD 19,703 18,827 0.93

PING AN INSUR. (GRP) CO -H- 2,500 HKD 30,005 29,569 1.46

WEICHAI POWER CO LTD /-H- 12,000 HKD 19,635 25,335 1.25

YONYOU NETWORK SHS -A- 2,300 CNY 9,609 9,385 0.47

251,322 276,273 13.65

Hong Kong

AIA GROUP LTD 3,800 HKD 37,520 39,919 1.97

CHINA MOBILE LTD 7,000 HKD 58,520 58,882 2.91

CHINA UNICO (HK) 18,000 HKD 17,781 16,967 0.84

CNOOC LTD 13,000 HKD 19,675 21,637 1.07

GALAXY ENTERTAINMENT GROUP 3,000 HKD 19,047 22,115 1.09

GUANGDONG INVESTMENT LTD 16,000 HKD 33,753 33,493 1.66

HANG LUNG PROPERTIES LTD 8,000 HKD 18,108 17,568 0.87

LENOVO GROUP LTD 14,000 HKD 9,361 9,403 0.46

NEW WORLD DEVELOPMENT CO. LTD 29,000 HKD 38,471 39,775 1.97

SUN HUNG KAI PROPERTIES LTD 2,500 HKD 37,011 38,302 1.89

289,247 298,061 14.73

India

HOUSING DEVT. FIN. CORP /ADR 400 USD 20,804 25,176 1.25

RELIANCE IND. /GDR 2SHS 144A 570 USD 19,296 24,709 1.22

40,100 49,885 2.47

Indonesia

INDOFOOD CBP 45,200 IDR 38,214 36,302 1.79

PT TELEKOM INDON PERSERO PT 122,400 IDR 38,115 35,001 1.73

76,329 71,303 3.52

Daiwa Global Funds




assets

Malaysia

SYARIKAT TAKAFUL MALAYSIA 12,900 MYR 20,151 17,976 0.89

20,151 17,976 0.89

Philippines

SECURITY BANK CORP. 2,400 PHP 9,613 9,240 0.46

9,613 9,240 0.46

Singapore

CAPITALAND LTD 7,600 SGD 18,656 21,179 1.05

NETLINK NBN TRUST 58,000 SGD 38,992 40,731 2.01

SHENG SIONG GROUP SHS 22,000 SGD 18,902 20,273 1.00

SINGAPORE TELEC /BOARD LOT 1000 16,500 SGD 37,154 41,322 2.04

UTD OVERSEAS BK /LOCAL 2,100 SGD 36,890 41,215 2.04

150,594 164,720 8.14

South Korea

BGF RETAIL CO. LTD. (TENTATIVE) 116 KRW 18,822 17,027 0.84

HANA FINANCIAL GROUP INC 1,427 KRW 37,670 45,601 2.25

HYUNDAI MOBIS 92 KRW 18,527 20,396 1.01

HYUNDAI MOTOR CO LTD 183 KRW 19,487 19,097 0.95

KB FINANCIAL GROUP INC 525 KRW 19,050 21,664 1.07

KT CORPORATION 824 KRW 19,468 19,267 0.95

LG ELECTRONICS INC 320 KRW 19,805 19,980 0.99

LG HOUSEHOLD & HEALTHCARE LTD 18 KRW 19,039 19,657 0.97

SAMSUNG ELECTRONICS CO LTD 2,501 KRW 92,919 120,855 5.97

SAMSUNG FIRE & MARINE INSUR. 93 KRW 20,042 19,611 0.97

SK INNOVATION CO LTD 137 KRW 19,201 17,796 0.88

304,030 340,951 16.85

Taiwan

CTBC FINANCIAL HOLDING CO LTD 56,000 TWD 37,715 41,955 2.08

CTCI CORP 14,000 TWD 19,246 17,840 0.88

MEDIA TEK INCORPORATION 3,000 TWD 38,460 44,500 2.20

MEGA FINANCIAL HOLDING COMPANY 40,000 TWD 37,378 40,938 2.02

TAIWAN SEMICOND. MANUFACT 13,000 TWD 112,498 143,918 7.11

WIWYNN CORPORATION 1,000 TWD 18,140 21,238 1.05

263,437 310,389 15.34

Thailand

BANGKOK BK PUB. /NV DEP. RECEIPT 6,500 THB 38,753 34,917 1.72

ELECTR.GENERATING /FOREIGN REG 1,800 THB 20,663 19,822 0.98

TISCO FIN GRP /FOREIGN REG 5,400 THB 17,608 17,994 0.89

77,024 72,733 3.59

Total - Shares 1,805,141 1,961,347 96.93



Other Net Assets 62,178 3.07


Daiwa Global Funds





(expressed in USD)

Daiwa Global Funds - Daiwa Asian Equity Fund*


(expressed in USD)


assets


Shares

Bermudas

BRILLIANCE CHINA AUTOMOTIVE 18,000 HKD 21,008 18,678 0.90

CHINA GAS HOLDINGS LIMITED 4,600 HKD 20,256 17,249 0.84

41,264 35,927 1.74

Cayman Islands

AIRTAC INTERNATIONAL GROUP 2,000 TWD 23,952 31,205 1.51

ALIBABA GROUP HOLDING LTD /ADR 440 USD 78,015 93,680 4.54

CHAILEASE 8,000 TWD 34,721 36,924 1.79

CHINA MENGNIU DAIRY CO LTD 9,000 HKD 35,851 36,408 1.76

CHINA YUHUA EDUCATION CORP LTD 34,000 HKD 19,014 23,011 1.12

LI NING COMPANY LTD 6,000 HKD 19,372 17,992 0.87

LONGFOR PPT 5,000 HKD 18,833 23,437 1.14

MEITUAN DIANPING 1,400 HKD 18,610 18,321 0.89

NEW ORIENTALEDUCAT. TECH /ADR 200 USD 22,784 24,600 1.19

SANDS CHINA /IPO 4,000 HKD 18,363 21,395 1.04

SHENZHOU INTL GROUP LTD 1,300 HKD 17,783 19,016 0.92

SHIMAO PROPERTY HLD LTD 6,500 HKD 19,149 25,210 1.22

SUNNY OPTICAL TECHNOLOGY 1,100 HKD 19,350 19,057 0.92

TENCENT HOLDINGS LTD 2,000 HKD 85,293 96,471 4.68

WH GROUP LTD 19,500 HKD 19,076 20,159 0.98

WUXI BIOLOGICS (CAYMAN) INC. 1,000 HKD 11,145 12,669 0.61

XINYI GLASS HOLDING CO LTD 18,000 HKD 21,063 23,856 1.16

482,374 543,411 26.34

China

AIER EYE HOSPITAL GROUP CO LTD 3,600 CNY 19,332 20,463 0.99

ANHUI CONCH CEMENT CO -H- 6,000 HKD 36,221 43,767 2.12

CHANGCHUN 300 CNY 20,641 19,268 0.93

CHINA CONSTRUCTION BANK CO -H- 75,000 HKD 56,280 64,821 3.14

CHINA LIFE INSURANCE CO LTD -H- 8,000 HKD 19,511 22,243 1.08

CHINA RAILWAY CONSTR CORP -H- 18,500 HKD 20,312 20,266 0.98

CHINA STATE CONSTR ENGINEER -A- 26,200 CNY 19,896 21,157 1.03

DONGFENG MOTOR -H- 20,000 HKD 19,702 18,827 0.91

HUNDSUN TECHNOLOGIES INC 1,700 CNY 20,072 18,987 0.92

PING AN INSUR. (GRP) CO -H- 2,000 HKD 24,004 23,655 1.15

VENUSTECH GROUP INC 4,200 CNY 20,054 20,397 0.99

WEICHAI POWER CO LTD /-H- 12,000 HKD 19,635 25,335 1.23

WUXI APPTEC CO.. LTD. 1,700 HKD 18,402 21,100 1.02

YONYOU NETWORK SHS -A- 4,800 CNY 19,974 19,587 0.95

334,036 359,873 17.44

Hong Kong

AIA GROUP LTD 3,800 HKD 38,388 39,919 1.93

CHINA MOBILE LTD 2,000 HKD 16,472 16,823 0.82

CHINA UNICO (HK) 36,000 HKD 37,012 33,935 1.64

CNOOC LTD 13,000 HKD 19,675 21,637 1.05

Daiwa Global Funds · Daiwa Global Funds Socie´te´ d’Investissement a` Capital Variable Annual...

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Transcript of Daiwa Global Funds · Daiwa Global Funds Socie´te´ d’Investissement a` Capital Variable Annual...