mufg global fund sicav · director mr. akio iida, chief manager, mitsubishi ufj trust and banking...

MUFG Global Fund SICAV

Société d'Investissement à Capital Variable

Luxembourg

AUDITED ANNUAL REPORT AS AT MARCH 31, 2017

R.C.S. Luxembourg No. B-182.362

1

MUFG Global Fund SICAV Société d’Investissement à Capital Variable

Luxembourg




Any subscriptions not based on the information contained in the relevant currently valid prospectus accompanied by the relevant key investor information document, and the most recent annual report and semi-annual report, if the latter was published after the annual report, shall be invalid.

2


3

TABLE OF CONTENTS

MANAGEMENT AND ADMINISTRATION ............................................................................. 4

INFORMATION TO SHAREHOLDERS ................................................................................. 6

MANAGER’S REPORT ......................................................................................................... 7

RISK DISCLOSURE ............................................................................................................ 11

AUDIT REPORT .................................................................................................................. 12

STATEMENT OF NET ASSETS .......................................................................................... 14

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ................................. 16

MUFG Asia Pacific ex Japan Equity High Growth Fund

Statement of investments and other net assets ....................................... 18

Geographical classification of investments .............................................. 21

MUFG Asia Pacific ex Japan Equity Income Growth Fund



MUFG Asia Pacific ex Japan Equity Stable Growth Fund



MUFG Japan Equity Strategic Value Fund



MUFG Japan Equity Small Cap Fund



CHANGES IN THE NUMBER OF SHARES AND STATISTICAL INFORMATION .............. 36

NOTES TO THE FINANCIAL STATEMENTS ..................................................................... 41

UNAUDITED APPENDIX ..................................................................................................... 47


4

MANAGEMENT AND ADMINISTRATION REGISTERED 287-289, Route d’Arlon, L-1150 Luxembourg

OFFICE

MANAGEMENT MUFG Lux Management Company S.A., 287-289, Route d’Arlon, L-1150 Luxembourg

COMPANY

BOARD OF

DIRECTORS OF

THE SICAV

Chairman MUFG Lux Management Company S.A., represented by Jean-François FORTEMPS, Managing

Director and Conducting Officer, MUFG Lux Management Company S.A., Luxembourg Director Mr. Jun KAWAKUBO, Senior Vice President, Mitsubishi UFJ Investor Services & Banking

(Luxembourg) S.A., Luxembourg (resigned on March 18, 2016) Director Mr. Hiroyasu OMURA, Senior Deputy General Manager of the Global Asset Management

Business Division of Mitsubishi UFJ Trust and Banking (appointed on July 13, 2016)

Director Mr. Masaru YOSHIDA Senior Vice President, Mitsubishi UFJ Investor Services & Banking

(Luxembourg) S.A., Luxembourg

BOARD OF

DIRECTORS OF

THE MANAGEMENT

COMPANY

Chairman Mr. Ko TERAWAKI, Managing Director, Mitsubishi UFJ Investor Services & Banking

(Luxembourg) S.A., Luxembourg (resigned on December 15, 2016)

Chairman Mr. Shunji MAEHARA, Associate General Manager, Mitsubishi UFJ Trust and Banking

Corporation, Japan (appointed on December 15, 2016)

Director Mr. Jean-François FORTEMPS, Managing Director and Conducting Officer, MUFG Lux

Management Company S.A., Luxembourg

Director Mr. Paul GUILLAUME, Non-Executive and Independent Director, Altra Partners S.A.,

Luxembourg

Director Mr. Jiro OMORI, Senior Deputy General Manager, in the Trust Assets Planning Division of

Mitsubishi UFJ Trust and Banking Corporation, Japan (resigned on December 15, 2016)

Director Mr. Akio IIDA, Chief Manager, Mitsubishi UFJ Trust and Banking Corporation, Japan

(appointed on December 15, 2016)

CONDUCTING Mr. Jean-François FORTEMPS, Managing Director and Conducting Officer

OFFICERS Mr. Krzysztof DUDEK

Ms. Nathalie CHILLA (appointed on March 3, 2017)

Ms. Varsha PATEL-HAWES (appointed on March 3, 2017)

Mr. Andrea PAPAZZONI (resigned on October 31, 2016)


5

MANAGEMENT AND ADMINISTRATION (continued)

INVESTMENT Mitsubishi UFJ Asset Management (UK) Ltd, 24 Lombard Street, London EC3V 9AJ,

MANAGER United Kingdom

SUB-INVESTMENT Mitsubishi UFJ Trust and Banking, Corporation 4-5, Marunouchi 1-Chome, Chiyoda-ku,

MANAGERS Tokyo 100-8212, Japan

MU Investments Co., Ltd. 3-11, Kanda Surugadai 2-Chome, Chiyoda-ku, Tokyo 101-0062,

Japan

DEPOSITARY BANK, Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A., 287-289, Route d’Arlon,

DOMICILIARY AGENT, L-1150 Luxembourg

REGISTRAR,

TRANSFER,

ADMINISTRATIVE AND

PAYING AGENT

REPRESENTATIVE IN Mitsubishi UFJ Asset Management (UK) Ltd, 24 Lombard Street, London EC3V 9AJ,

UNITED KINGDOM United Kingdom

REPRESENTATIVE IN Société Générale Securities Services, 29 Boulevard Haussmann, 75009 Paris, France

FRANCE

AUDITOR PricewaterhouseCoopers, Société coopérative, 2, rue Gerhard Mercator, L-2182 Luxembourg

OF THE FUND

AUDITOR OF THE Deloitte Audit, Société à responsabilité limitée, 560, rue de Neudorf, L-2220 Luxembourg

MANAGEMENT

COMPANY


6

INFORMATION TO SHAREHOLDERS Financial year and reporting

The financial year starts on April 1 and ends on March 31 of each year.

Audited annual reports are made available at the registered office of the Fund no later than four months after the end of the

financial year and unaudited semi-annual reports are made available two months after the end of such period.

The Fund’s Annual General Meeting is held on Wednesday of the 3rd week in July. If such day is a legal bank holiday in

Luxembourg, the Annual General Meeting should hold on the next following full bank business day in Luxembourg.

Documents available for inspection

Copies of the following documents can be inspected during normal business hours (except for weekends and holidays) at

the registered office of the Management Company and the depositary bank:

The Fund’s full prospectus;

The Fund’s Key Investor Information Document (KIID);

The Fund’s Articles of Incorporation;

The Fund’s annual and semi-annual financial report.

The statement of changes in the investment portfolio for the year ended March 31, 2017 is available free of charge at the

Registered Office of the Management Company.


7

MANAGER’S REPORT Equity Market Review

MUFG Asia Pacific ex Japan Equity High Growth Fund / MUFG Asia Pacific ex Japan Equity Income Growth Fund /


The MSCI AC Asia Pacific ex Japan Total Index, net dividends denominated in USD, returned +18.19% over the twelve

months ended 31st March 2017.

From April until June, the Asia Pacific equity market was almost flat despite its volatility on the back of concerns over

BREXIT and Fed rate hikes. From July through September, the market went up strongly due to receding expectations for

the Fed rate hikes and better-than-expected earnings results in the region were well received. The market was also pushed

up by strong money inflow into this region. In particular, China and Hong Kong were supported by money flow in

anticipation of the launch of the Shenzhen-Hong Kong Stock Connect.

Coming into October, the market started to slide due to a rise in US long-term rates fuelled by hawkish comments by Fed

officials, and increasing European rates in expectation of tapering of quantitative easing by the ECB. The market declined

further especially after US treasury yields shot up as a result of the US Presidential election in early November and foreign

investors pulled money out of this region.

However, since January, the market has turned positive. The market was supported by strong US and European markets

on the back of stabilization of rising long-term interest rates and US dollar. In addition, resilient Chinese macroeconomic

figures also fueled the market. On top of that, robust earnings results in the region since late-January provided another

boost. Especially since March, the market appreciated largely driven by corporate earnings.

Among the countries in the region, Taiwan and Korea outperformed due to strong earnings results mainly in Information

Technology sector. On the other hand, Malaysia and the Philippines underperformed mainly due to strong foreign money

outflow caused by a rise in US long-term yields.

Performance Review


The Sub-fund underperformed the MSCI AC Asia Pacific ex Japan index by 6.52% (in USD) over the twelve-month period,

mainly during October 2016 to March 2017.

Our stock selection in Consumer and Information Technology sectors contributed negatively, especially in Korea, Taiwan

and Australia. The Sub-fund focuses on stocks with strong earnings growth on the back of mid-long term growth driver and

high ability to deliver earnings growth, and that worked well until September. Since October, however, our holdings such as

Taiwanese consumer related names faced profit-taking. Some of our holdings in Taiwan and Australia declined sharply as

they posted weaker-than-expected earnings results. As for individual stocks, one of the worst contributors was G8

Education (GEM AU, Australia, Child care center operator). The company released semi-annual results, which were

weaker than market expectations due to slower expansion of its center network and faster wage increases. We did not hold

Samsung Electronics, one of the biggest benchmark names, but the stock rallied strongly during this period, and that also

affected our performance negatively.

In terms of country allocation, we overweight the Philippines as a result of bottom up stock picking, and this position

contributed negatively, while our overweight position in Taiwan contributed positively.


8

MANAGER’S REPORT (continued) Performance Review (continued)


The Sub-fund underperformed the MSCI AC Asia Pacific ex Japan index by 4.34% (in USD) over the twelve-month period.

The strategy focusing on companies with 1) above average dividend yields and 2) potential to increase dividends on the

back of future earnings growth did not work well duréing this period mainly in Australia and Taiwan. Investors’ preference

for defensive stocks with high dividend yields abated due to rising interest rates globally, while some of our holdings in

Korea, Singapore and Malaysia performed strongly as they delivered strong earnings growth.

As for individual stocks, one of the worst contributors was Servcorp (SRV AU, Contracted serviced offices provider). Its

share price dropped sharply as the company revised their profit forecast downward. The other detractor was Estia Health

(EHE AU, Operator of retirement homes facilities). Estia posted weaker-than-expected profits as its costs increased due to

business expansion and adjustments in expense accruals. We sold off the position as its poor cost control could disrupt

future dividend growth.

In terms of country allocation, we overweight Malaysia and Singapore while underweight China. These positions worked

negatively.


The Sub-fund underperformed the MSCI AC Asia Pacific ex Japan Index by 6.54% (USD I class) over the twelve-month

period, especially from October 2016 to February 2017. Our stock selection in Taiwan, Korea and Australia contributed

negatively.

The Sub-fund outperformed the overall market significantly due to earnings driven markets at the beginning of the fiscal

year. Our stock selection focusing on structural growth worked well especially in China.

However, the Sub-fund heavily underperformed especially from November to February. Our bottom-up stock picking

focusing on long-term structural growth drivers did not work, while cyclical and value stocks such as financials and

commodity related stocks led the market rally. One of the worst contributors was Jollibee Foods (JFC PM, Fast food

restaurants), which released weaker-than-expected earnings results due to increased staff costs. Also, our underweight

position in Samsung Electronics, which is one of the biggest benchmark names and rallied strongly during this period,

contributed negatively.

Overall, the stocks we invest in with a focus on structural growth lagged the market.

Equity Market Review


The Tokyo Stock Exchange Price Index, TOPIX, returned 14.7% in Japanese Yen over the twelve months ended 31st

March 2017.

The Japanese equity market started April on a negative note due to a stronger yen and a slide in oil prices. After a brief

rebound, concerns over the impact of the earthquakes in Kumamoto Prefecture weighed on Japanese shares. In June, the

outcome of the UK referendum to leave the EU intensified global risk aversion and the Japanese stock market tumbled to

its lowest level of the period.

The market rebounded in July along with other global equity markets with uncertainties receding on the back of a landslide

victory for the ruling party in the upper house election and the Bank of Japan’s decision to expand its ETF purchase

programme. A prompt election of a new prime minister in the UK also bolstered investor sentiment. Thereafter, Japanese

stocks extended gains, supported by the Bank of Japan’s announcement of new policy framework to keep the 10-year JGB

yield around zero in late September.


9

MANAGER’S REPORT (continued) Equity Market Review (continued)

MUFG Japan Equity Strategic Value Fund (continued)

After an initial sell-off in the wake of Mr Trump’s victory in the US presidential election on November 9, the Japanese equity

market moved up sharply on the yen depreciation amid growing expectations for a massive corporate tax cut, infrastructure

spending and easing of regulations under his administration. Entering 2017, the upward trend was weakened by concerns

about President Trump’s protectionist policies and political battle against the Congress; however, in March, the TOPIX

index reached its highest level in the period. Although the US Federal Reserve raised its interest rate in December 2016

and March 2017, the central bank’s cautious stance limited the impact on equity markets.

Performance Review


MUFG Japan Equity Strategic Value Fund posted positive returns amid strong advance in Japanese equities since July,

and returned 23.5% (in JPY, JPY I Class) over the twelve months period. Our strategy struggled in the fiscal year to March

2016, when investors had preferred to overvalued names, such as stable growth stocks. However, investor focus shifted

towards valuations reflecting the bottoming out in the global economy, with a part of large-cap stocks as well as cyclical

stocks - which had been left undervalued - outperforming the overall market. It provided a positive backdrop for the Fund.

At the stock level, notable positive contributor was Disco (6146 JP), a semiconductor equipment manufacturer. Its share

price rose sharply on the back of a recovery in the semiconductor market. The Fund also benefited by Ebara (6361 JP),

Komatsu (6301 JP), Omron (6645 JP) and Mitsubishi Electric (6503). Although they had been undervalued in light of

uncertain outlook for the global economy, stock prices rallied on expectations for earnings recovery. On the other hand,

negative contributors included domestic demand related stocks, which we newly purchased in the latter half of the period,

such as Aiful (8515 JP) and Japan Tobacco (2914 JP).

Equity Market Review


The Russell/Nomura Small-cap Index rose 17.02%, while the large-cap TOPIX Index rose 14.69% in Japanese yen over

the twelve months ended 31st March 2017.

Japanese stocks were largely driven by the strong yen from April to June. The dollar/yen moved from 112 to 106 yen in

April when the Bank of Japan did not implement further easing as the market had hoped. The yen appreciated further to

below 100 yen at one point on a flight to safety with the UK's vote to leave the EU in June. Small caps declined by a

smaller margin as they tend to be more domestic demand oriented and less sensitive to the exchange rate.

The market rebounded in July mainly due to Japan’s ruling party’s strong victory in the Upper House election and the BOJ's

decision to double its purchase of exchange traded funds (ETFs), while market sentiment was changeable with shifting

expectations for Fed and BOJ policy in August and September.

The Japanese stocks rallied from October to December, and were largely driven by a rotation from defensive quality into

value stocks and economic cyclicals. Improved market sentiment backed by solid US macro indicators, rising oil prices,

and a weaker yen supported the markets in October. The yen dropped further in November due to the surprising outcome

of the US presidential election, which improved market sentiment especially in global demand related sectors, real estate

and banks. The market rally was led by large cap bellwethers. In particular, companies with robust earnings growth but

without earnings surprises tend to face profit-taking, while valued stocks with weak earnings gained sharply as share prices

of such stocks were expected to have bottomed out.

The market continued to gain for the fourth quarter. The trend reversals eased gradually, and the small-caps rallied on

President Trump’s promise of a “phenomenal” tax announcement, while large-cap stocks were weighed down by a stronger

yen.


10

MANAGER’S REPORT (continued) Performance Review


MUFG Japan Equity Small Cap Fund outperformed the Russell/Nomura Small-cap Index by 9.2% (in JPY, JPY I class) over

the twelve-month period.

The Fund struggled during the second and third quarter. The trend reversals in sector and size were negative for our

strategy with a tilt to quality defensive stocks, and our domestic demand driven names contributed negatively despite solid

earnings growth. However, the Fund increased weightings in banks and high beta names related to global demand driven

stocks, for example in semiconductor and automotive sectors, while it decreased quality defensive stocks by locking in

profits in names that have become expensive in services sector.

The Fund outperformed during the fourth quarter. In addition to strong earnings results, the trend reversals have gradually

eased since late-December, and some of our quality defensive holdings recovered.

The top stock contributors was M&A Capital Partners (6080 JP), an advisory firm in M&A due diligence/corporate

regeneration to support owners of small and medium companies with business succession. The share price gained

significantly as the company continued to announce strong earnings results on the back of Japan’s demographics with a

rapidly aging society. The second was MCJ (6670), a manufacturer and provider of personal computers and related

products. Strong orders in high-end computers continued due to strong demand from professionals such as graphics/game

creators.

Luxembourg, June 30, 2017

The figures stated in this report are historical and not necessarily indicative of future performance.


11

RISK DISCLOSURE

The Management Company uses a Risk Management Process for the Company in accordance with the Law of

December 17, 2010 as amended and other applicable regulations, in particular CSSF Circular 11/512. This Risk

Management Process provides for the measurement and control of the overall risk of all funds using the commitment

approach.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +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

12

Audit report

AUDIT REPORT

To the Shareholders of MUFG Global Fund SICAV

We have audited the accompanying financial statements of MUFG Global Fund SICAV and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at March 31, 2017 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the “Réviseur d’entreprises agréé” Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

pwc

Opinion

In our opinion, the financial statements grve a true and fair view of the financial position ofMUFG Global Fund SICAV and of each of its sub-funds as of March Jr,2or7,and of the results of theiroperations and changes in their net assets for the year then ended in accordance with Luxembourglegal and regulatory requirements relating to the preparation of the financial statements.

Other information

The Board of Directors of the SICAV is responsible for the other information. The other informationcomprises the information included in the annual report but does not include the financial statementsand our audit report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the otherinformation 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 this fact. We have nothing to report in this regard.

PricewaterhouseCoopers, Soci6t6 coop6rative Luxembourg, June go, 2olz

13


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

14

STATEMENT OF NET ASSETS AS AT MARCH 31, 2017

ASSETS MUFG Asia Pacific ex

Japan Equity High Growth Fund

MUFG Asia Pacific ex Japan Equity Income

Growth Fund

MUFG Asia Pacific ex Japan Equity Stable

Growth Fund

ASSETS USD USD USD

ASSETS

Investments in securities at cost value (note 2) 3,191,036.51 1,629,393.20 95,121,192.93

Unrealized appreciation/(depreciation) 139,952.49 137,915.43 12,133,984.03

Investments in securities at market value (note 2) 3,330,989.00 1,767,308.63 107,255,176.96

Cash at banks (note 2) 102,118.26 36,756.94 1,859,397.82

Dividends receivable (note 2) 3,806.43 2,381.86 277,679.56

Interest receivable (note 2) 34.21 24.29 474.72

Other assets 17,714.24 18,528.03 10,184.23

Receivable on investments sold - - 860,078.49

Total Assets 3,454,662.14 1,824,999.75 110,262,991.78

LIABILITIES

Accrued expenses (note 3) (12,876.39) (12,223.99) (106,547.48)

Payable on investments purchased - - -

Other payables (85.26) (24.00) (2,217.81)

Total Liabilities (12,961.65) (12,247.99) (108,765.29)

TOTAL NET ASSETS 3,441,700.49 1,812,751.76 110,154,226.49

SHARES OUTSTANDING

Class JPY B 33,298.75981 18,035.49811 510,266.24400

Class JPY B 2* - - 312,283.05920

Class JPY I - - -

Class USD I - - 152,306.52390

NET ASSET VALUE PER SHARE

Class JPY B (expressed in JPY) 11,517 11,200 13,082

Class JPY B 2* (expressed in JPY) - - 11,519

Class JPY I (expressed in JPY) - - -

Class USD I (expressed in USD) - - 117.964200

*Launched on May 9, 2016



15

STATEMENT OF NET ASSETS AS AT MARCH 31, 2017 (continued)

ASSETS MUFG Japan Equity

Strategic Value Fund MUFG Japan Equity

Small Cap Fund Combined

ASSETS JPY JPY EUR

ASSETS

Investments in securities at cost value (note 2) 284,363,781 745,308,265 102,082,325.00

Unrealized appreciation/(depreciation) 13,601,869 175,582,635 13,192,127.37

Investments in securities at market value (note 2) 297,965,650 920,890,900 115,274,452.37

Cash at banks (note 2) 8,292,838 15,770,736 2,070,240.20

Dividends receivable (note 2) 2,325,686 6,181,416 336,788.98

Interest receivable (note 2) - - 498.55

Other assets 1,683,511 210,043 59,295.70

Receivable on investments sold - 203,378 805,856.34

Total Assets 310,267,685 943,256,473 118,547,132.14

hidden

LIABILITIES

Accrued expenses (note 3) (2,674,337) (3,060,792) (171,208.74)

Payable on investments purchased - (1,299,726) (10,905.58)

Other payables - - (2,175.74)

Total Liabilities (2,674,337) (4,360,518) (184,290.06)

TOTAL NET ASSETS 307,593,348 938,895,955 118,362,842.08

SHARES OUTSTANDING

Class JPY B - -

Class JPY B 2 - -

Class JPY I 30,000.00000 30,000.00000

Class USD I - 33,355.06730

NET ASSET VALUE PER SHARE

Class JPY B (expressed in JPY) - -

Class JPY B 2 (expressed in JPY) - -

Class JPY I (expressed in JPY) 10,253 13,302

Class USD I (expressed in USD) - 145.242300



16

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED MARCH 31, 2017

ASSETS MUFG Asia Pacific ex

Japan Equity High Growth Fund

MUFG Asia Pacific ex Japan Equity Income

Growth Fund

MUFG Asia Pacific ex Japan Equity Stable

Growth Fund

USD USD USD

NET ASSETS AT THE BEGINNING OF THE YEAR 6,211,198.68 2,924,077.20 88,722,848.51

INCOME

Dividends, net (note 2) 93,407.86 73,414.53 2,211,764.31

Interest on bank account (note 2) 157.74 147.09 1,732.48

Other income (note 14) 17,219.97 18,294.87 -

Total Income 110,785.57 91,856.49 2,213,496.79

EXPENSES

Administration and Transfer Agent fees (note 6) (2,946.26) (1,606.93) (71,955.89)

Custodian fees (note 7) (842.64) (459.13) (20,559.01)

Facilities Agent fees (note 8) (234.79) (234.79) (234.79)

Investment Management fees (note 4) - - (219,850.12)

Management Company fees (note 9) (842.64) (459.13) (20,562.63)

Other expenses (note 15) (6,598.09) (6,403.89) (12,969.37)

Other taxes (7,398.57) (658.24) (123,823.95)

Professional fees (13,751.50) (13,013.13) (13,751.50)

Sub-custodian fees (15,812.04) (13,309.84) (59,462.35)

"Taxe d'abonnement" (note 5) (405.91) (227.02) (10,732.83)

Total Expenses (48,832.44) (36,372.10) (553,902.44)

NET INVESTMENT INCOME/(LOSS) 61,953.13 55,484.39 1,659,594.35

Net realized gain/(loss) on investments (note 2) 46,972.86 36,056.03 2,331,938.02

Net realized gain/(loss) on currencies and forward foreign

exchange contracts (note 2) (153,448.13) (71,047.45) (2,174,045.17)

NET REALIZED GAIN/(LOSS) FOR THE YEAR (106,475.27) (34,991.42) 157,892.85

Change in net unrealized appreciation/depreciation:

- on investments 521,276.69 267,263.11 9,381,817.96

- on forward foreign exchange contracts (note 2) (0.06) (0.06) (0.06)

- on foreign exchange translation of other assets and liabilities

(note 2) (713.20) (1,136.33) (5,322.67)

520,563.43 266,126.72 9,376,495.23

INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS

476,041.29 286,619.69 11,193,982.43

Subscriptions - - 72,829,124.23

Redemptions (3,245,539.48) (1,397,945.13) (62,149,575.30)

Dividends (note 13) - - (442,153.38)

(3,245,539.48) (1,397,945.13) 10,237,395.55

NET ASSETS AT THE END OF THE YEAR 3,441,700.49 1,812,751.76 110,154,226.49


*The opening balance was combined using the foreign exchange rates as at March 31, 2017. The same net assets when combined using the foreign exchange rate ruling as at March 31, 2016 reflected a figure of EUR 97,735,551.87. The accompanying notes form an integral part of these financial statements.

17

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED MARCH 31, 2017 (continued)


ASSETS MUFG Japan Equity

Strategic Value Fund


Combined

JPY JPY EUR

NET ASSETS AT THE BEGINNING OF THE YEAR 249,080,270 1,270,098,177 104,241,599.06*

INCOME

Dividends, net (note 2) 4,576,142 13,156,986 2,372,706.39

Interest on bank account (note 2) - - 1,904.83

Other income (note 14) 1,683,510 - 47,331.19

Total Income 6,259,652 13,156,986 2,421,942.41

EXPENSES

Administration and Transfer Agent fees (note 6) (190,627) (628,813) (78,409.55)

Custodian fees (note 7) (54,456) (179,659) (22,403.61)

Facilities Agent fees (note 8) (26,197) (26,197) (1,098.19)

Investment Management fees (note 4) (1,906,195) (6,694,771) (277,721.74)

Management Company fees (note 9) (54,456) (179,659) (22,407.00)

Other expenses (note 15) (653,612) (646,805) (35,193.88)

Other taxes - - (123,304.90)

Professional fees (1,474,136) (1,404,854) (62,038.14)

Sub-custodian fees - - (82,823.83)

"Taxe d'abonnement" (note 5) (27,485) (74,703) (11,484.10)

Total Expenses (4,387,164) (9,835,461) (716,884.94)

NET INVESTMENT INCOME/(LOSS) 1,872,488 3,321,525 1,705,057.47

Net realized gain/(loss) on investments (note 2) (2,711,505) 50,368,641 2,657,803.44

Net realized gain/(loss) on currencies and forward foreign

exchange contracts (note 2) 16,336 (110,965) (2,243,364.01)

NET REALIZED GAIN/(LOSS) FOR THE YEAR (2,695,169) 50,257,676 414,439.43

Change in net unrealized appreciation/depreciation:

- on investments 59,335,126 152,515,422 11,286,574.96

- on forward foreign exchange contracts (note 2) (6) (6) (0.27)

- on foreign exchange translation of other assets and liabilities

(note 2) 639 (20,897) (6,875.79)

59,335,759 152,494,519 11,279,698.90

INCREASE/(DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS

58,513,078 206,073,720 13,399,195.80

Subscriptions - 41,584,301 68,442,159.68

Redemptions - (578,860,243) (67,306,711.14)

Dividends (note 13) - - (413,401.32)

- (537,275,942) 722,047.22

NET ASSETS AT THE END OF THE YEAR 307,593,348 938,895,955 118,362,842.08

MUFG Global Fund SICAV MUFG Asia Pacific ex Japan Equity High Growth Fund


18

Statement of investments and other net assets

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT MARCH 31, 2017 (expressed in USD)

Description Currency Nominal/ Quantity

Cost (note 2)

Market value (note 2)

% of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN ON ANOTHER REGULATED MARKET

SHARES

AUSTRALIA BHP BILLITON LTD AUD 6,930 165,555.08 127,088.67 3.69%

G8 EDUCATION LTD AUD 19,300 49,286.26 60,069.86 1.75%

SEEK LTD AUD 2,800 40,986.48 34,004.80 0.99%

TECHNOLOGY ONE LTD AUD 14,000 37,441.62 54,787.89 1.59%

WESTPAC BANKING CORP AUD 1,980 54,233.54 52,956.13 1.54%

WOODSIDE PETROLEUM LTD AUD 3,710 112,816.27 90,791.97 2.64%

460,319.25 419,699.32 12.20%

CAYMAN ISLANDS CHINA RESOURCES LAND LTD HKD 16,000 38,055.19 43,234.90 1.26%

38,055.19 43,234.90 1.26%

CHINA ALIBABA GROUP HOLDING LTD USD 1,100 103,161.77 118,613.00 3.45%

BEIJING URBAN CONSTRUCTION DESIGN & DEVELOPMENT

GROUP CO LTD HKD 63,000 41,341.23 39,478.87 1.15%

CIFI HOLDINGS GROUP CO LTD HKD 124,000 27,747.72 48,186.32 1.40%

PING AN INSURANCE GROUP CO OF CHINA LTD HKD 17,500 104,846.14 97,954.06 2.85%

SITC INTERNATIONAL HOLDINGS CO LTD HKD 99,000 49,650.14 68,025.48 1.98%

TENCENT HOLDINGS LTD HKD 5,500 85,211.21 157,678.70 4.58%

VIPSHOP HOLDINGS LTD USD 4,600 69,053.55 61,364.00 1.78%

XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO LTD HKD 24,000 37,074.58 36,132.02 1.05%

518,086.34 627,432.45 18.24%

HONG KONG

CANVEST ENVIRONMENTAL PROTECTION GROUP CO LTD HKD 100,000 44,273.53 59,962.68 1.74%

CHINA OILFIELD SERVICES LTD HKD 56,000 57,301.88 53,755.39 1.56%

CNOOC LTD HKD 64,000 92,432.80 76,422.83 2.22%

CSPC PHARMACEUTICAL GROUP LTD HKD 64,000 58,428.70 83,834.52 2.44%

FAR EAST HORIZON LTD HKD 73,000 59,288.78 68,571.06 1.99%

311,725.69 342,546.48 9.95%

INDIA

HDFC BANK LTD USD 1,100 42,723.26 82,742.00 2.40%

INFOSYS LTD USD 4,100 64,182.30 64,780.00 1.88%

LARSEN & TOUBRO LTD USD 2,400 64,956.80 58,080.00 1.69%

MARUTI SUZUKI INDIA LTD INR 690 57,732.03 63,922.89 1.86%

229,594.39 269,524.89 7.83%



19

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT MARCH 31, 2017 (expressed in USD) (continued)


Cost (note 2)


% of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN ON ANOTHER REGULATED MARKET (continued)

SHARES (continued)

INDONESIA

BUMI SERPONG DAMAI TBK PT IDR 337,000 41,873.71 47,671.38 1.38%

MITRA ADIPERKASA TBK PT IDR 131,000 48,459.33 58,738.88 1.71%

WASKITA KARYA PERSERO TBK PT IDR 236,000 30,438.97 41,973.66 1.22%

120,772.01 148,383.92 4.31%

MALAYSIA GLOBETRONICS TECHNOLOGY BHD MYR 39,000 36,000.72 45,472.83 1.32%

INARI AMERTRON BHD MYR 96,000 38,230.44 44,252.63 1.29%

74,231.16 89,725.46 2.61%

PHILIPPINES CONCEPCION INDUSTRIAL CORP PHP 37,300 31,860.52 46,462.38 1.35%

FILINVEST LAND INC PHP 1,700,000 72,736.75 55,565.52 1.61%

MEGAWORLD CORP PHP 430,000 43,031.40 28,966.62 0.84%

147,628.67 130,994.52 3.80%

SINGAPORE OVERSEA-CHINESE BANKING CORP LTD SGD 9,300 65,890.49 64,693.34 1.88%

SEMBCORP INDUSTRIES LTD SGD 31,200 69,385.16 71,005.51 2.06%

135,275.65 135,698.85 3.94%

SOUTH KOREA COSMAX INC KRW 390 48,255.11 47,429.13 1.38%

HANSSEM CO LTD KRW 220 38,643.15 43,279.98 1.26%

HS INDUSTRIES CO LTD KRW 5,100 46,406.45 49,937.40 1.45%

HYUNDAI HEAVY INDUSTRIES CO LTD KRW 521 69,938.54 76,871.14 2.23%

JUSUNG ENGINEERING CO LTD KRW 3,800 35,944.79 33,028.70 0.96%

LOTTE CHEMICAL CORP KRW 125 41,831.66 41,413.31 1.20%

NCSOFT CORP KRW 150 39,269.33 40,910.31 1.19%

SK HYNIX INC KRW 1,970 80,933.48 88,960.92 2.58%

SK MATERIALS CO LTD KRW 210 34,145.35 30,515.07 0.89%

TOKAI CARBON KOREA CO LTD KRW 1,740 53,673.15 50,412.23 1.46%

VIEWORKS CO LTD KRW 540 32,540.00 31,145.49 0.90%

521,581.01 533,903.68 15.50%

TAIWAN

CATHAY FINANCIAL HOLDING CO LTD TWD 45,000 65,478.59 72,225.43 2.10%

ENNOCONN CORP TWD 3,000 47,714.97 39,202.44 1.14%

GETAC TECHNOLOGY CORP TWD 16,000 22,995.77 22,990.85 0.67%

LAND MARK OPTOELECTRONICS CORP TWD 3,500 41,904.42 34,085.85 0.99%

SILERGY CORP TWD 4,000 39,220.76 73,823.84 2.14%


* Fair valued


20



Cost (note 2)


% of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN ON ANOTHER REGULATED MARKET (continued)

SHARES (continued)

TAIWAN (continued)

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD USD 5,200 95,532.06 170,768.00 4.96%

TTFB CO LTD TWD 7,000 49,966.34 54,791.13 1.59%

362,812.91 467,887.54 13.59%

THAILAND CHULARAT HOSPITAL PCL THB 576,000 28,170.42 41,906.15 1.22%

SIAM COMMERCIAL BANK PCL/THE THB 8,000 38,071.22 37,948.34 1.10%

SRISAWAD POWER 1979 PCL THB 32,700 40,820.00 41,157.51 1.20%

107,061.64 121,012.00 3.52%

TOTAL I. 3,027,143.91 3,330,044.01 96.75%

II. OTHER TRANSFERABLE SECURITIES AND MONEY MARKET INSTRUMENT

SHARES

HONG KONG

CHINA LUMENA NEW MATERIALS CORP (in liquidation)* HKD 918,000 163,892.60 944.99 0.03%

163,892.60 944.99 0.03%

TOTAL II. 163,892.60 944.99 0.03%

TOTAL INVESTMENTS IN SECURITIES

3,191,036.51 3,330,989.00 96.78%

CASH AT BANKS 102,118.26 2.97%

OTHER NET ASSETS/(LIABILITIES) 8,593.23 0.25%

TOTAL NET ASSETS 3,441,700.49 100.00%


21

Geographical cl assification of investments

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS

AS AT MARCH 31, 2017

(in % of net assets)

CHINA 18.24%

SOUTH KOREA 15.50%

TAIWAN 13.59%

AUSTRALIA 12.20%

HONG KONG 9.98%

INDIA 7.83%

INDONESIA 4.31%

SINGAPORE 3.94%

PHILIPPINES 3.80%

THAILAND 3.52%

MALAYSIA 2.61%

CAYMAN ISLANDS 1.26%

96.78%

MUFG Global Fund SICAV MUFG Asia Pacific ex Japan Equity Income Growth Fund


22





Cost (note 2)


% of net assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN ON ANOTHER REGULATED MARKET

SHARES

AUSTRALIA AMCOR LTD/AUSTRALIA AUD 1,560 15,000.50 17,922.09 0.99%

APA GROUP AUD 3,250 19,177.80 22,214.19 1.24%

BHP BILLITON LTD AUD 2,100 57,234.85 38,511.72 2.12%

G8 EDUCATION LTD AUD 7,700 19,469.44 23,965.70 1.32%

GUD HOLDINGS LTD AUD 1,950 14,473.58 17,612.68 0.97%

MACQUARIE GROUP LTD AUD 740 41,442.72 50,918.71 2.81%

RETAIL FOOD GROUP LTD AUD 2,980 12,259.38 12,116.65 0.67%

RIO TINTO LTD AUD 350 17,131.43 16,142.67 0.89%

SERVCORP LTD AUD 2,500 11,265.96 11,728.82 0.65%

TRANSURBAN GROUP AUD 3,200 20,545.80 28,487.87 1.57%

WESTPAC BANKING CORP AUD 5,100 145,698.54 136,402.16 7.52%

WOODSIDE PETROLEUM LTD AUD 1,670 52,385.77 40,868.62 2.25%

426,085.77 416,891.88 23.00%

CHINA BANK OF CHINA LTD HKD 108,000 61,414.32 53,642.15 2.97%

INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD HKD 129,000 79,525.30 84,323.49 4.65%

PING AN INSURANCE GROUP CO OF CHINA LTD HKD 9,500 50,927.28 53,175.06 2.93%

TENCENT HOLDINGS LTD HKD 4,100 70,486.62 117,542.30 6.48%

262,353.52 308,683.00 17.03%

HONG KONG AIA GROUP LTD HKD 5,000 26,981.20 31,525.45 1.74%

BOC HONG KONG HOLDINGS LTD HKD 7,000 21,628.17 28,598.08 1.58%

CHINA MOBILE LTD HKD 3,000 31,120.84 32,831.50 1.81%

CHINA PETROLEUM & CHEMICAL CORP HKD 38,000 29,231.27 30,804.86 1.70%

CK HUTCHISON HOLDINGS LTD HKD 2,000 23,816.04 24,602.72 1.36%

SINO LAND CO LTD HKD 14,000 22,981.23 24,535.80 1.35%

155,758.75 172,898.41 9.54%

INDIA

EMAMI LTD INR 1,010 15,145.40 16,554.92 0.91%

HDFC BANK LTD USD 400 20,579.90 30,088.00 1.66%

35,725.30 46,642.92 2.57%

INDONESIA

HANJAYA MANDALA SAMPOERNA TBK PT IDR 126,000 36,923.60 36,876.67 2.03%

36,923.60 36,876.67 2.03%



23



Cost (note 2)


% of net assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE OR DEALT IN ON ANOTHER REGULATED MARKET (continued)

SHARES (continued)

MACAO MGM CHINA HOLDINGS LTD HKD 6,000 9,363.28 12,507.24 0.69%

9,363.28 12,507.24 0.69%

MALAYSIA BERMAZ AUTO BHD MYR 22,600 13,201.93 10,213.54 0.57%

MALAYAN BANKING BHD MYR 13,100 36,138.28 26,404.25 1.46%

SYARIKAT TAKAFUL MALAYSIA BHD MYR 24,700 20,011.50 22,157.72 1.22%

VS INDUSTRY BHD MYR 79,000 27,602.41 30,882.39 1.70%

96,954.12 89,657.90 4.95%

NEW ZEALAND AUCKLAND INTERNATIONAL AIRPORT LTD NZD 5,300 26,180.17 25,045.56 1.38%

FISHER & PAYKEL HEALTHCARE CORP LTD NZD 3,400 20,248.16 23,054.67 1.27%

46,428.33 48,100.23 2.65%

SINGAPORE KEPPEL CORP LTD SGD 9,400 39,347.52 46,687.18 2.58%

OVERSEA-CHINESE BANKING CORP LTD SGD 5,000 37,384.79 34,781.36 1.92%

SINGAPORE O&G LTD SGD 19,800 9,697.59 18,562.94 1.02%

86,429.90 100,031.48 5.52%

SOUTH KOREA HYUNDAI MOBIS CO LTD KRW 65 14,849.75 13,978.81 0.77%

KOREA ELECTRIC POWER CORP KRW 470 18,717.39 19,522.04 1.08%

KUMHO PETROCHEMICAL CO LTD KRW 140 9,804.82 9,864.97 0.54%

LG CHEM LTD KRW 55 12,459.44 14,459.45 0.80%

SAMSUNG ELECTRONICS CO LTD USD 109 76,440.86 100,007.50 5.52%

SAMSUNG SDI CO LTD KRW 200 20,439.66 24,680.32 1.36%

SHINHAN FINANCIAL GROUP CO LTD USD 500 24,767.30 20,895.00 1.15%

SK HYNIX INC KRW 430 19,215.09 19,417.87 1.07%

SK INNOVATION CO LTD KRW 125 17,422.84 18,610.84 1.03%

SK TELECOM CO LTD USD 1,100 27,052.45 27,698.00 1.53%

241,169.60 269,134.80 14.85%

TAIWAN

BASSO INDUSTRY CORP TWD 9,000 24,962.33 27,347.78 1.51%

ELITE MATERIAL CO LTD TWD 2,000 5,297.27 7,777.87 0.43%

MACAUTO INDUSTRIAL CO LTD TWD 3,000 15,376.08 17,104.72 0.94%

MAKALOT INDUSTRIAL CO LTD TWD 4,426 25,079.46 18,160.57 1.00%

MEDIATEK INC TWD 2,000 13,667.77 14,171.54 0.78%



24



Cost (note 2)


% of net assets


SHARES (continued)

TAIWAN (continued) SPORTON INTERNATIONAL INC TWD 9,069 49,384.39 53,351.45 2.94%

TAIWAN MOBILE CO LTD TWD 7,000 24,466.98 25,723.00 1.42%

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD USD 2,300 49,510.61 75,532.00 4.17%

207,744.89 239,168.93 13.19%

THAILAND KRUNG THAI BANK PCL THB 45,000 24,456.14 26,715.17 1.47%

24,456.14 26,715.17 1.47%

TOTAL INVESTMENTS IN SECURITIES

1,629,393.20 1,767,308.63 97.49%

CASH AT BANKS

36,756.94 2.03%

OTHER NET ASSETS/(LIABILITIES)

8,686.19 0.48%

TOTAL NET ASSETS

1,812,751.76 100.00%


25


GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS AS AT MARCH 31, 2017


AUSTRALIA 23.00%

CHINA 17.03%

SOUTH KOREA 14.85%

TAIWAN 13.19%

HONG KONG 9.54%

SINGAPORE 5.52%

MALAYSIA 4.95%

NEW ZEALAND 2.65%

INDIA 2.57%

INDONESIA 2.03%

THAILAND 1.47%

MACAO 0.69%

97.49%

MUFG Global Fund SICAV MUFG Asia Pacific ex Japan Equity Stable Growth Fund


26

MUFG Asia Pacific ex Japan Equity Stable Gr owth Fund




Cost (note 2)


% of net assets


SHARES

AUSTRALIA APN OUTDOOR GROUP LTD AUD 190,000 877,108.58 826,166.55 0.75%

BHP BILLITON LTD AUD 108,290 2,592,920.15 1,985,921.00 1.80%

COMMONWEALTH BANK OF AUSTRALIA AUD 48,000 3,019,988.93 3,145,749.29 2.86%

CORPORATE TRAVEL MANAGEMENT LTD AUD 180,670 2,375,431.52 2,760,616.91 2.51%

HANSEN TECHNOLOGIES LTD AUD 330,000 968,079.58 863,469.92 0.78%

INVOCARE LTD AUD 107,360 1,073,908.07 1,158,060.00 1.05%

NANOSONICS LTD AUD 374,000 907,511.30 884,448.29 0.80%

RAMSAY HEALTH CARE LTD AUD 16,120 802,241.88 859,447.25 0.78%

SONIC HEALTHCARE LTD AUD 104,300 1,663,954.19 1,759,983.44 1.60%

WESTPAC BANKING CORP AUD 74,500 1,682,886.16 1,992,541.31 1.81%

15,964,030.36 16,236,403.96 14.74%

CAYMAN ISLANDS HAITIAN INTERNATIONAL HOLDINGS LTD HKD 1,231,000 2,329,194.45 2,863,858.97 2.60%

2,329,194.45 2,863,858.97 2.60%

CHINA ALIBABA GROUP HOLDING LTD USD 45,200 4,523,697.90 4,873,916.08 4.42%

INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD HKD 3,299,000 1,981,436.39 2,156,458.86 1.96%

PING AN INSURANCE GROUP CO OF CHINA LTD HKD 328,000 1,823,872.61 1,835,939.01 1.67%

SITC INTERNATIONAL HOLDINGS CO LTD HKD 2,800,000 1,698,873.79 1,923,952.90 1.75%

TAL EDUCATION GROUP USD 25,700 1,086,375.34 2,738,848.99 2.49%

TENCENT HOLDINGS LTD HKD 237,100 4,543,139.81 6,797,385.32 6.17%

15,657,395.84 20,326,501.16 18.46%

HONG KONG AIA GROUP LTD HKD 465,200 2,652,160.25 2,933,127.45 2.65%

BOC HONG KONG HOLDINGS LTD HKD 410,000 1,658,101.69 1,675,030.56 1.52%

BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD HKD 484,000 827,995.06 809,624.91 0.73%

CHINA OILFIELD SERVICES LTD HKD 1,100,000 1,078,583.85 1,055,909.41 0.96%

CSPC PHARMACEUTICAL GROUP LTD HKD 1,720,000 1,611,384.45 2,253,052.82 2.05%

DAIRY FARM INTERNATIONAL HOLDINGS LTD USD 128,000 1,014,246.46 1,162,240.00 1.06%

GUANGDONG INVESTMENT LTD HKD 594,000 799,547.80 846,878.98 0.77%

JARDINE MATHESON HOLDINGS LTD USD 14,900 874,363.60 957,325.00 0.87%

MTR CORP LTD HKD 190,000 880,236.66 1,067,168.50 0.97%

SANDS CHINA LTD HKD 506,000 2,266,437.92 2,343,949.04 2.13%

VITASOY INTERNATIONAL HOLDINGS LTD HKD 800,000 1,568,277.78 1,589,397.16 1.44%

15,231,335.52 16,693,703.83 15.15%



27



Cost (note 2)


% of net assets


SHARES (continued)

INDIA

ASIAN PAINTS LTD INR 101,000 1,416,004.63 1,669,723.57 1.51%

HDFC BANK LTD USD 44,600 2,533,947.32 3,354,812.05 3.04%

LARSEN & TOUBRO LTD USD 49,000 1,183,710.14 1,185,800.04 1.08%

MARICO LTD INR 563,250 2,155,955.81 2,557,546.25 2.32%

MINDA INDUSTRIES LTD INR 130,000 839,654.80 889,689.68 0.81%

SHREE CEMENT LTD INR 4,000 1,002,600.06 1,052,326.12 0.96%

VAKRANGEE LTD INR 258,000 1,190,469.97 1,306,985.50 1.19%

10,322,342.73 12,016,883.21 10.91%

INDONESIA BANK CENTRAL ASIA TBK PT IDR 1,400,000 1,624,662.29 1,738,771.53 1.58%

UNILEVER INDONESIA TBK PT IDR 592,200 1,788,415.89 1,925,411.05 1.75%

WIJAYA KARYA PERSERO TBK PT IDR 6,180,000 1,207,182.88 1,117,691.64 1.01%

4,620,261.06 4,781,874.22 4.34%

MALAYSIA GLOBETRONICS TECHNOLOGY BHD MYR 1,000,000 987,840.15 1,165,969.95 1.06%

MY EG SERVICES BHD MYR 4,110,000 1,151,961.21 1,718,110.95 1.56%

2,139,801.36 2,884,080.90 2.62%

PHILIPPINES AYALA LAND INC PHP 2,722,700 2,037,083.77 1,793,427.70 1.63%

BANK OF THE PHILIPPINE ISLANDS PHP 567,420 1,168,238.03 1,144,452.50 1.04%

JOLLIBEE FOODS CORP PHP 167,520 776,004.71 659,396.11 0.60%

3,981,326.51 3,597,276.31 3.27%

SINGAPORE SEMBCORP INDUSTRIES LTD SGD 536,000 1,243,477.42 1,219,838.26 1.10%

VENTURE CORP LTD SGD 115,000 922,399.91 943,999.14 0.86%

2,165,877.33 2,163,837.40 1.96%

SOUTH KOREA OSSTEM IMPLANT CO LTD KRW 22,720 1,301,323.05 1,062,555.66 0.96%

SAMSUNG ELECTRONICS CO LTD USD 2,330 1,540,788.61 2,137,775.00 1.94%

SAMSUNG HEAVY INDUSTRIES CO LTD KRW 123,000 1,310,645.90 1,231,869.80 1.12%

4,152,757.56 4,432,200.46 4.02%



28



Cost (note 2)


% of net assets


TAIWAN

ADVANTECH CO LTD TWD 297,000 2,235,233.62 2,486,215.70 2.26%

ASPEED TECHNOLOGY INC TWD 71,000 1,142,209.20 1,333,772.76 1.21%

CATHAY FINANCIAL HOLDING CO LTD TWD 700,000 1,078,100.27 1,123,506.63 1.02%

ELITE MATERIAL CO LTD TWD 296,000 934,282.02 1,151,124.66 1.05%

POYA INTERNATIONAL CO LTD TWD 166,290 1,882,644.17 1,956,514.13 1.78%

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD USD 152,100 3,559,299.93 4,994,964.02 4.53%

VOLTRONIC POWER TECHNOLOGY CORP TWD 91,101 1,370,490.62 1,215,981.05 1.10%

WT MICROELECTRONICS CO LTD TWD 830,000 1,224,111.40 1,213,166.35 1.10%

13,426,371.23 15,475,245.30 14.05%

THAILAND

BEAUTY COMMUNITY PCL THB 5,050,000 1,173,875.75 1,543,106.58 1.40%

CP ALL PCL THB 929,000 1,310,766.21 1,595,081.85 1.45%

FORTH SMART SERVICE PCL THB 780,000 432,704.46 415,394.69 0.38%

SRISAWAD POWER 1979 PCL THB 1,010,000 1,246,244.77 1,271,225.90 1.15%

4,163,591.19 4,824,809.02 4.38%

UNITED STATES OF AMERICA

NEXTEER AUTOMOTIVE GROUP LTD HKD 650,000 966,907.79 958,502.22 0.87%

966,907.79 958,502.22 0.87%

TOTAL INVESTMENTS IN SECURITIES 95,121,192.93 107,255,176.96 97.37%

CASH AT BANKS 1,859,397.82 1.69%

OTHER NET ASSETS/(LIABILITIES) 1,039,651.71 0.94%

TOTAL NET ASSETS 110,154,226.49 100.00%


29



CHINA 18.46%

HONG KONG 15.15%

AUSTRALIA 14.74%

TAIWAN 14.05%

INDIA 10.91%

THAILAND 4.38%

INDONESIA 4.34%

SOUTH KOREA 4.02%

PHILIPPINES 3.27%

MALAYSIA 2.62%

CAYMAN ISLANDS 2.60%

SINGAPORE 1.96%

UNITED STATES OF AMERICA 0.87%

97.37%

MUFG Global Fund SICAV MUFG Japan Equity Strategic Value Fund


30

MUFG Japan Eq uity Str ategic Value Fund


STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT MARCH 31, 2017 (expressed in JPY)


Cost (note 2)


% of net assets


SHARES

JAPAN AIFUL CORP JPY 26,400 8,437,048 8,632,800 2.81%

CITIZEN WATCH CO LTD JPY 12,700 10,404,657 9,067,800 2.95%

DAIDO METAL CO LTD JPY 5,800 6,773,211 5,672,400 1.84%

DISCO CORP JPY 500 4,724,913 8,465,000 2.75%

EBARA CORP JPY 2,900 7,851,566 10,541,500 3.43%

FP CORP JPY 1,800 7,943,266 9,324,000 3.03%

HITACHI METALS LTD JPY 6,500 11,998,139 10,153,000 3.30%

IRISO ELECTRONICS CO LTD JPY 1,400 10,595,418 9,996,000 3.25%

JAPAN TOBACCO INC JPY 2,000 7,492,505 7,236,000 2.35%

KOMATSU LTD JPY 3,500 8,439,711 10,155,250 3.30%

KURARAY CO LTD JPY 5,600 7,967,182 9,452,800 3.07%

MISUMI GROUP INC JPY 4,700 6,866,124 9,456,400 3.07%

MITSUBISHI ELECTRIC CORP JPY 5,900 8,602,200 9,422,300 3.06%

MIZUHO FINANCIAL GROUP INC JPY 42,600 9,442,448 8,690,400 2.83%

MURATA MANUFACTURING CO LTD JPY 600 7,855,531 9,501,000 3.09%

MUSASHI SEIMITSU INDUSTRY CO LTD JPY 3,500 8,998,937 9,961,000 3.24%

NGK INSULATORS LTD JPY 4,100 8,939,012 10,332,000 3.36%

NIDEC CORP JPY 900 7,104,600 9,535,500 3.10%

NIPPON SHOKUBAI CO LTD JPY 1,200 9,699,592 9,096,000 2.96%

OILES CORP JPY 4,200 9,983,400 8,618,400 2.80%

OMRON CORP JPY 2,000 10,010,439 9,770,000 3.18%

ORIX CORP JPY 5,200 9,053,200 8,567,000 2.79%

RAKUTEN INC JPY 8,500 15,006,165 9,477,500 3.08%

RELO GROUP INC JPY 6,000 6,650,561 11,076,000 3.60%

SHIMAMURA CO LTD JPY 600 7,302,848 8,826,000 2.87%

SMC CORP/JAPAN JPY 300 9,940,225 9,876,000 3.21%

SUMITOMO ELECTRIC INDUSTRIES LTD JPY 5,500 8,794,385 10,153,000 3.30%

SUMITOMO MITSUI FINANCIAL GROUP INC JPY 2,200 10,330,380 8,899,000 2.89%

TOPCON CORP JPY 4,800 7,304,667 9,561,600 3.11%

TOYOTA MOTOR CORP JPY 1,400 11,982,600 8,458,800 2.75%

WARABEYA NICHIYO HOLDINGS CO LTD JPY 4,000 8,728,643 10,328,000 3.36%

YAHOO JAPAN CORP JPY 18,800 9,140,208 9,663,200 3.14%

284,363,781 297,965,650 96.87%

TOTAL INVESTMENTS IN SECURITIES 284,363,781 297,965,650 96.87%

CASH AT BANKS 8,292,838 2.70%

OTHER NET ASSETS/(LIABILITIES) 1,334,860 0.43%

TOTAL NET ASSETS 307,593,348 100.00%


31




JAPAN 96.87%

96.87%

MUFG Global Fund SICAV MUFG Japan Equity Small Cap Fund


32

MUFG Japan Eq uity Small Cap Fund


STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT MARCH 31, 2017 (expressed in JPY)


Cost (note 2)


% of net assets


SHARES

JAPAN 77 BANK LTD/THE JPY 26,000 12,076,731 12,532,000 1.32%

ADVENTURE INC JPY 500 4,080,446 5,070,000 0.54%

ANEST IWATA CORP JPY 16,000 14,551,943 16,224,000 1.73%

AOI ELECTRONICS CO LTD JPY 2,700 10,237,136 9,207,000 0.98%

CHUBU STEEL PLATE CO LTD JPY 4,300 2,709,311 2,790,700 0.30%

CI TAKIRON CORP JPY 9,000 4,662,396 5,211,000 0.56%

COMPUTER ENGINEERING & CONSULTING LTD JPY 6,000 9,053,724 12,810,000 1.36%

CREO CO LTD JPY 14,500 6,278,748 6,220,500 0.66%

CTS CO LTD JPY 7,600 5,324,689 5,206,000 0.55%

CYBERAGENT INC JPY 3,400 9,267,625 11,203,000 1.19%

DAI NIPPON TORYO CO LTD JPY 21,000 4,432,501 5,208,000 0.55%

DAIICHI JITSUGYO CO LTD JPY 11,000 6,183,551 7,667,000 0.82%

DAINICHI CO LTD JPY 4,200 3,130,534 2,994,600 0.32%

DIAMOND DINING CO LTD JPY 7,900 9,623,858 13,532,700 1.44%

EIKEN CHEMICAL CO LTD JPY 6,000 12,434,147 18,510,000 1.97%

EREX CO LTD JPY 9,300 4,723,537 12,210,900 1.30%

FUJI CORP LTD JPY 6,700 4,686,558 4,877,600 0.52%

FUJI KYUKO CO LTD JPY 11,000 12,636,937 10,857,000 1.16%

FUJIBO HOLDINGS INC JPY 3,400 8,242,355 10,455,000 1.11%

FUNAI SOKEN HOLDINGS INC JPY 6,600 9,951,249 12,995,400 1.38%

FUYO GENERAL LEASE CO LTD JPY 2,100 11,157,585 10,479,000 1.12%

GAKUJO CO LTD JPY 4,900 5,330,466 6,223,000 0.66%

GEOSTR CORP JPY 13,800 9,755,640 15,262,800 1.63%

GFOOT CO LTD JPY 10,700 9,579,268 7,971,500 0.85%

GUNMA BANK LTD/THE JPY 22,000 10,970,231 12,782,000 1.36%

HACHIJUNI BANK LTD/THE JPY 11,000 7,810,362 6,919,000 0.74%

HAKUDO CO LTD JPY 4,200 5,550,481 7,261,800 0.77%

HIKAKU.COM CORP JPY 8,600 9,509,257 9,098,800 0.97%

HIRAKAWA HEWTECH CORP JPY 7,100 5,624,846 8,882,100 0.95%

HONSHU CHEMICAL INDUSTRY CO LTD JPY 3,000 3,175,517 2,469,000 0.26%

IRISO ELECTRONICS CO LTD JPY 1,300 8,892,224 9,282,000 0.99%

JAC RECRUITMENT CO LTD JPY 2,300 2,347,129 4,176,800 0.44%

JAFCO CO LTD JPY 700 3,282,161 2,618,000 0.28%

JEOL LTD JPY 12,000 8,386,256 7,104,000 0.76%

JFE CONTAINER CO LTD JPY 13,000 5,487,827 5,460,000 0.58%

KAGA ELECTRONICS CO LTD JPY 4,900 8,592,892 9,682,400 1.03%

KANTO DENKA KOGYO CO LTD JPY 12,000 9,558,465 11,520,000 1.23%

KOIKE SANSO KOGYO CO LTD JPY 11,000 4,106,327 3,344,000 0.36%

KONOSHIMA CHEMICAL CO LTD JPY 4,100 3,752,575 8,245,100 0.88%



33

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT MARCH 31, 2017 (expressed in JPY) (continued)


Cost (note 2)


% of net assets


SHARES (continued)

JAPAN (continued) KRS CORP JPY 3,500 8,919,132 9,611,000 1.02%

KUSURI NO AOKI HOLDINGS CO LTD JPY 1,200 6,699,812 5,958,000 0.63%

M&A CAPITAL PARTNERS CO LTD JPY 4,800 8,338,834 26,304,000 2.80%

MAEDA KOSEN CO LTD JPY 8,400 9,919,855 11,701,200 1.25%

MATSUI SECURITIES CO LTD JPY 6,300 6,236,042 5,487,300 0.58%

MCJ CO LTD JPY 18,600 8,079,742 24,291,600 2.59%

MITSUI HIGH-TEC INC JPY 10,400 9,009,205 11,689,600 1.25%

MITSUI SUGAR CO LTD JPY 3,400 8,475,751 9,210,600 0.98%

NIPPON AIR CONDITIONING SERVICES CO LTD JPY 15,000 8,259,902 10,050,000 1.07%

NIPPON CERAMIC CO LTD JPY 3,600 6,597,192 8,701,200 0.93%

NIPPON KODOSHI CORP JPY 4,600 5,160,847 4,572,400 0.49%

NITTO SEIKO CO LTD JPY 12,000 4,647,881 5,544,000 0.59%

NITTOKU ENGINEERING CO LTD JPY 1,200 1,640,924 2,989,200 0.32%

NOHMI BOSAI LTD JPY 4,000 5,785,596 6,116,000 0.65%

NORITAKE CO LTD/NAGOYA JAPAN JPY 2,100 5,765,658 5,987,100 0.64%

OBARA GROUP INC JPY 1,100 5,971,965 5,412,000 0.58%

OPEN HOUSE CO LTD JPY 4,300 8,700,012 11,455,200 1.22%

OUTSOURCING INC JPY 4,500 12,174,764 19,890,000 2.12%

PEPTIDREAM INC JPY 1,700 7,643,523 8,925,000 0.95%

PHARMA FOODS INTERNATIONAL CO LTD JPY 10,600 4,361,315 4,642,800 0.49%

POCKET CARD CO LTD JPY 7,300 4,105,381 4,438,400 0.47%

PRESSANCE CORP JPY 9,200 9,713,963 12,328,000 1.31%

PRESTIGE INTERNATIONAL INC JPY 23,000 12,727,761 23,069,000 2.46%

QUICK CO LTD JPY 9,800 9,105,228 11,564,000 1.23%

RELIA INC JPY 8,700 9,992,391 9,526,500 1.01%

ROLAND DG CORP JPY 2,100 5,677,978 7,035,000 0.75%

SANYO DENKI CO LTD JPY 17,000 12,369,217 14,127,000 1.50%

SEIKAGAKU CORP JPY 4,000 6,692,095 7,420,000 0.79%

SENKO GROUP HOLDINGS CO LTD JPY 12,000 9,481,386 8,604,000 0.92%

SEPTENI HOLDINGS CO LTD JPY 33,000 13,912,851 13,200,000 1.41%

SHIBAURA MECHATRONICS CORP JPY 1,000 280,168 290,000 0.03%

SHINKAWA LTD JPY 9,000 6,424,931 7,497,000 0.80%

SHOEI CO LTD JPY 3,900 8,216,230 10,838,100 1.15%

SIIX CORP JPY 3,500 11,640,932 15,680,000 1.67%

SOGO MEDICAL CO LTD JPY 4,000 13,618,472 16,760,000 1.79%

STAR MICA CO LTD JPY 7,300 9,884,758 16,717,000 1.78%

SYUPPIN CO LTD JPY 6,000 7,912,993 9,762,000 1.04%



34

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS AS AT MARCH 31, 2017 (expressed in JPY) (continued)

Description Currency Nominal/

Quantity Cost

(note 2) Market value

(note 2) % of net assets


SHARES (continued)

JAPAN (continued) TAIKO PHARMACEUTICAL CO LTD JPY 3,900 6,804,941 7,382,700 0.79%

TAKANO CO LTD JPY 3,900 2,573,854 3,939,000 0.42%

TAKARA HOLDINGS INC JPY 5,600 4,863,256 6,725,600 0.72%

TAKEEI CORP JPY 7,300 7,587,653 7,650,400 0.81%

TEMONA INC JPY 100 255,000 255,000 0.03%

TOKAI CORP/GIFU JPY 3,400 10,497,669 13,838,000 1.47%

TOKAI TOKYO FINANCIAL HOLDINGS INC JPY 8,400 6,336,501 4,863,600 0.52%

TOPY INDUSTRIES LTD JPY 3,800 9,760,344 11,240,400 1.20%

TORIDOLL HOLDINGS CORP JPY 3,400 7,011,643 8,224,600 0.88%

TOSHO CO LTD JPY 4,500 13,743,690 21,262,500 2.26%

TOWA CORP JPY 10,000 7,468,038 19,870,000 2.12%

TRUSCO NAKAYAMA CORP JPY 4,600 10,235,307 11,872,600 1.26%

TSUKUI CORP JPY 30,300 18,176,781 19,967,700 2.13%

UCS CO LTD JPY 8,500 9,192,694 8,984,500 0.96%

USER LOCAL INC JPY 100 294,000 1,247,000 0.13%

UZABASE INC JPY 400 1,004,000 1,644,000 0.18%

VEGA CORP CO LTD JPY 4,000 5,723,432 6,200,000 0.66%

WARABEYA NICHIYO HOLDINGS CO LTD JPY 2,100 5,174,491 5,422,200 0.58%

WELLNET CORP JPY 7,400 10,480,229 10,034,400 1.07%

YAMADA CONSULTING GROUP CO LTD JPY 2,300 8,346,116 10,994,000 1.17%

YONDOSHI HOLDINGS INC JPY 2,400 6,372,109 5,944,800 0.63%

ZENKOKU HOSHO CO LTD JPY 3,000 12,104,345 11,370,000 1.21%

745,308,265 920,890,900 98.08%

TOTAL INVESTMENTS IN SECURITIES 745,308,265 920,890,900 98.08%

CASH AT BANKS 15,770,736 1.68%

OTHER NET ASSETS/(LIABILITIES) 2,234,319 0.24%

TOTAL NET ASSETS 938,895,955 100.00%


35




JAPAN 98.08%

98.08%


36

CHANGES IN THE NUMBER OF SHARES AND STATISTICMATION

Year ended

March 31, 2017

Year ended March 31, 2016


Number of shares outstanding at the beginning of the year 67,110.58511 77,297.97021 119,728.49741

Number of shares issued - 12,261.04480 1,536.48390

Number of shares redeemed (33,811.82530) (22,448.42990) (43,967.01110)

Number of shares outstanding at the end of the year 33,298.75981 67,110.58511 77,297.97021

STATISTICAL INFORMATION

Net asset value per share at the end of the year


Total Net Assets (expressed in USD) 3,441,700.49 6,211,198.68 7,978,496.02


37

CHANGES IN THE NUMBER OF SHARES





Number of shares issued - 4,012.52970 -








38


Year ended

March 31, 2017



Class JPY B


Number of shares issued 130,294.18410 235,499.51700 758,250.19490



Class JPY B 2

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

Number of shares issued 352,679.50450 - -

Number of shares redeemed (40,396.44530) - -

Number of shares outstanding at the end of the year 312,283.05920 - -

Class USD I


Number of shares issued 217,445.90760 30,780.70840 21,534.70760

Number of shares redeemed (124,038.15840) (40,945.35060) -





Class JPY B 2 (expressed in JPY) 11,519 - -

Class USD I (expressed in USD) 117.964200 105.653700 114.644300



39


Year ended

March 31, 2017


Period from March 20, 2015

(launch date) to March 31, 2015

Number of shares outstanding at the beginning of the year/period 30,000.00000 30,000.00000 -

Number of shares issued - - 30,000.00000

Number of shares redeemed - - -

Number of shares outstanding at the end of the year/period 30,000.00000 30,000.00000 30,000.00000


Net asset value per share at the end of the year/period

Class JPY I (expressed in JPY) 10,253 8,303 9,913

Total Net Assets (expressed in JPY) 307,593,348 249,080,270 297,399,368


40


Year ended

March 31, 2017


Period from March 20, 2015

(launch date) to March 31, 2015

Class JPY I

Number of shares outstanding at the beginning of the year/period 30,000.00000 30,000.00000 -

Number of shares issued - - 30,000.00000

Number of shares redeemed - - -

Number of shares outstanding at the end of the year/period 30,000.00000 30,000.00000 30,000.00000

Class USD I

Number of shares outstanding at the beginning of the year/period 74,328.80430 - -

Number of shares issued 3,244.09170 76,366.72790 -

Number of shares redeemed (44,217.82870) (2,037.92360) -

Number of shares outstanding at the end of the year/period 33,355.06730 74,328.80430 -


Net asset value per share at the end of the year/period

Class JPY I (expressed in JPY) 13,302 10,541 9,967

Class USD I (expressed in USD) 145.242300 114.178000 -

Total Net Assets (expressed in JPY) 938,895,955 1,270,098,177 299,038,201


NOTES TO THE FINANCIAL STATEMENTS AS AT MARCH 31, 2017

41

NOTES TO TH E FIN ANCIAL STATEMENTS

NOTE 1 GENERAL

MUFG Global Fund SICAV (the “Fund”) is an open-ended investment fund and has been incorporated on

November 20, 2013 under the Luxembourg law as a “Société d’Investissement à Capital Variable” for an

unlimited period of time.

The Fund may offer a choice of several separate sub-funds investing in transferable securities and/or other

liquid financial assets permitted by Part I of the law of December 17, 2010 as amended related to

Undertakings for Collective Investments (in the following referred to as “Investment Fund Law”) transposing

Directive 2014/91/EC of the European Parliament and of the Council of July 23, 2014 (the “UCITS V”) and

Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coordination of

laws, regulations and administrative provisions relating to Undertakings for Collective Investments in

Transferable Securities (the “UCITS”), as such has been and as such may be amended from time to time.

The Management Company "MUFG Lux Management Company S.A." is registered with the Luxembourg

Supervisory Authority, the CSSF, under Chapter 15 of the Investment Fund Law and complies with the

rules of CSSF circular 12/546 (as amended by CSSF Circular 15/633).

With effect from May 1, 2016, the Management Company has changed its name from MUGC Lux

Management S.A. to MUFG Lux Management Company S.A. and the Depositary Bank, Domiciliary Agent,

Registrar, Transfer, Administrative and Paying Agent have changed their name from Mitsubishi UFJ Global

Custody S.A. to Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A..

As at March 31, 2017, the following five sub-funds are being offered to investors:

- MUFG Asia Pacific ex Japan Equity High Growth Fund expressed in USD and launched on

February 21, 2014;

- MUFG Asia Pacific ex Japan Equity Income Growth Fund, expressed in USD and launched on

February 21, 2014;

- MUFG Asia Pacific ex Japan Equity Stable Growth Fund, expressed in USD and launched on

December 24, 2013;

- MUFG Japan Equity Strategic Value Fund, expressed in JPY and launched on March 20, 2015;

- MUFG Japan Equity Small Cap Fund, expressed in JPY and launched on March 20, 2015.

Class A and C shares are accessible to retail investors whereas Class B and I shares are only accessible to

institutional investors and JPY Class B and JPY Class B 2 shares are only accessible to institutional

investors who live in Japan. All share classes are accumulating share classes, except class JPY B 2 that is a

distributing share class.

There is currently one share class (JPY B) issued for the MUFG Asia Pacific ex Japan Equity High Growth

Fund and MUFG Asia Pacific ex Japan Equity Income Growth Fund, one share class (JPY I) for the MUFG

Japan Equity Strategic Value Fund, three share classes (JPY B, JPY B 2 and USD I) for the MUFG Asia

Pacific ex Japan Equity Stable Growth Fund and two share classes (JPY I and USD I) for the MUFG Japan

Equity Small Cap Fund.

Investment objectives and policy:

The Fund’s investment objective is to provide investors with the opportunity of achieving long term capital

growth through investment in assets within each of the sub-funds. The sub-fund’s assets are invested in

conformity with each sub-fund’s investment objective and policy.


NOTES TO THE FINANCIAL STATEMENTS AS AT MARCH 31, 2017 (continued)

42

NOTE 1 GENERAL (continued)

The sub-funds (ex Japan Equity) invest primarily in marketable equity securities of Asia and Pacific countries

(ex Japan) and companies whose headquarters are not in Asia Pacific countries (ex Japan) that generate

over half of their profits from Asia and Pacific countries (ex Japan), including equity-related securities such

as ADRs and GDRs, exchange traded funds and stock index futures.

The sub-funds (Japan Equity) invest in marketable equity securities listed in Japan, including exchange

traded funds and stock index futures.

Secondarily, the sub-funds may invest in cash, cash equivalents and short-term fixed income securities. The

sub-funds invest less than 15% in interest-bearing securities on taxation of savings income in the form of

interest payments.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Presentation of financial statements

The financial statements are prepared in accordance with Luxembourg legal and regulatory requirements

relating to the preparation of the financial statements.

Combined accounts

The combined accounts of the Fund are expressed in EUR and the accounts of the sub-funds are kept in

currency of each sub-fund. The combined statement of net assets and the combined statement of operations

and changes in net assets are the sum of the statements of net assets, the statement of operations and

changes in net assets of each sub-fund converted with the exchange rate prevailing at year-end.

Valuation of the assets The assets of the Fund are valued as follows:

a) securities listed on a stock exchange or traded on any other regulated market are valued at the last

available price on such stock exchange or market. If a security is listed on several stock exchanges or

markets, the last available price on the stock exchange or market which constitutes the main market for

such securities, is determining;

b) securities no longer listed on any stock exchange or traded on a regulated market are valued at their last

available closing market price;

c) securities for which the price referred to in (a) and/or (b) is not representative of the fair market value, are

valued prudently, and in good faith on the basis of their reasonably foreseeable sale price;

d) cash and other liquid assets are valued at their face value.

Net realized gain/(loss) on sales of securities

The net realized gain/(loss) on the sales of securities is calculated on the basis of the average cost of the

securities sold.

The security transactions are accounted on their trade date.



43

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Investment income

Interest income is recognized on an annual basis.

Dividends are recorded on the ex-dividend date.

Cost of investment securities

The cost of investment securities expressed in currencies other than the accounting currency is translated

into the accounting currency with the exchange rate of the transaction date.

Foreign exchange translation

For each sub-fund, assets and liabilities denominated in other currencies than the sub-fund’s currency have

been translated into the prevailing exchange rate in effect at balance sheet date. The income, expenses

and realized gain/loss denominated in other currencies than the sub-fund’s currency have been translated

into the prevailing exchange rate in effect at the transaction date. Gains and losses on foreign exchange

transactions are recognized in the statement of operations and changes in net assets. Realized and

unrealized gains and losses on investments and derivative instruments include those that result from

foreign currency changes.

Applicable currency exchange rates used as at March 31, 2017 are as follows:

1 EUR = 1.402045 AUD

1 EUR = 8.312008 HKD

1 EUR = 14,252.288525 IDR

1 EUR = 69.451229 INR

1 EUR = 119.179956 JPY

1 EUR = 1,196.077765 KRW

1 EUR = 4.733294 MYR

1 EUR = 1.530005 NZD

1 EUR = 53.664671 PHP

1 EUR = 1.494482 SGD

1 EUR = 36.717652 THB

1 EUR = 32.452821 TWD

1 EUR = 1.069550 USD

Valuation of forward foreign exchange contracts

Forward foreign exchange contracts are valued at the closing date by reference to the forward rate of

exchange applicable to the outstanding life of the contract. The unrealized appreciation or depreciation on

open forward foreign exchange contracts is calculated as the difference between the contract rate and the

rate to close out the contract. The realized gain or loss and the change in net unrealized appreciation or

depreciation on those contracts are disclosed in the statement of operations and changes in net assets.



44

NOTE 3 ACCRUED EXPENSES

NOTE 4 INVESTMENT MANAGEMENT FEES

The Investment Manager is entitled to an investment management fee, calculated on the average Net

Asset Value of the Fund, over the concerned period, and payable on a quarterly basis at a rate of 0% for

class JPY B, 0.45% for JPY B 2, 0.70% for class JPY I and 0.70% for class USD I.

For MUFG Japan Equity Small Cap Fund, the applicable rate for JPY I and USD I is 0.75%.

NOTE 5 “TAXE D’ABONNEMENT”

Under Luxembourg law, there are currently no Luxembourg taxes on income, withholding or capital gains

due by the Fund. The Fund is, however, subject to a “taxe d’abonnement” of 0.05% per year, calculated

and payable quarterly, on the aggregate Net Asset Value of the outstanding shares of the Fund at the end

of each quarter. This annual tax is however reduced to 0.01% on the aggregate Net Asset Value of the

shares dedicated to institutional investors and for investments in money market instruments.

NOTE 6 ADMINISTRATION AND TRANSFER AGENT FEES

The fees to be paid to the Administrative and Transfer Agent are 0.07% (plus VAT when applicable) per

annum of the average daily Net Asset Value of the Fund during the relevant quarter. NOTE 7 CUSTODIAN FEES

The fees to be paid to the Custodian are 0.02% (plus VAT when applicable) per annum of the average daily

Net Asset Value of the Fund during the relevant quarter.

MUFG Asia Pacific

ex Japan Equity

High Growth Fund

MUFG Asia Pacific

ex Japan Equity

Income Growth Fund

MUFG Asia Pacific ex

Japan Equity Stable

Growth Fund

USD USD USD

Administration and Transfer Agent fees (note 6) 600.87 328.79 19,132.01

Custodian fees (note 7) 172.47 93.90 5,466.37

Facilities Agent fees (note 8) 117.64 117.64 117.64

Investment Management fees (note 4) - - 65,151.00

Management Company fees (note 9) 172.47 93.90 5,466.37

Other fees 3,879.91 3,788.71 2,024.74

Professional fees 7,849.56 7,754.31 6,470.70

“Taxe d’abonnement” (note 5) 83.47 46.74 2,718.65

TOTAL 12,876.39 12,223.99 106,547.48

MUFG Japan Equity


MUFG Japan Equity

Small Cap Fund

JPY JPY

Administration and Transfer Agent fees (note 6) 52,962 156,732

Custodian fees (note 7) 15,118 44,779

Facilities Agent fees (note 8) 12,674 12,674

Investment Management fees (note 4) 529,615 1,678,461

Management Company fees (note 9) 15,118 44,779

Other fees 627,498 389,559

Professional fees 1,413,799 711,329

“Taxe d’abonnement” (note 5) 7,553 22,479

TOTAL 2,674,337 3,060,792



45

NOTE 8 FACILITIES AGENT FEES

The Facilities Agent (Representative in United Kingdom) is entitled to a facilities agent fee of EUR 2,200 per

annum, calculated and payable quarterly. NOTE 9 MANAGEMENT COMPANY FEES

The Management Company is entitled to a fee payable quarterly in arrears at an annual rate of 0.02%

calculated on the basis of average daily Net Asset Value of the Fund during the relevant quarter.

NOTE 10 NET ASSET VALUE CALCULATION / SUBSCRIPTION AND REPURCHASE

The Net Asset Value per share, the subscription and the redemption prices for shares of the Fund are

determined on each Valuation Day. A “Valuation Day” is each day that is a bank business day where banks

are open for business in Japan, Luxembourg, UK and the United States. NOTE 11 COLLATERAL

As at March 31, 2017, none of the sub-funds used collateral during the Fund financial year. Therefore a

description of the permitted types of collateral, the level of collateral required and the haircut policy as

referred in the ESMA Guidelines and the Fund prospectus were not disclosed.

NOTE 12 TRANSACTION COSTS

The Fund incurred transaction costs (brokerage fees) in connection with the purchase and sale of

transferable securities, money market instruments or other permissible assets. The transaction costs are

included in the cost of investments and in the net realized gain/(loss) on investments.

Transaction costs for the year ended March 31, 2017 are as follows:

MUFG Asia Pacific ex Japan Equity High Growth Fund USD 22,130.79

MUFG Asia Pacific ex Japan Equity Income Growth Fund USD 8,774.30

MUFG Asia Pacific ex Japan Equity Stable Growth Fund USD 579,591.20

MUFG Japan Equity Strategic Value Fund JPY 176,840

MUFG Japan Equity Small Cap Fund JPY 323,366

NOTE 13 DIVIDENDS


The Board of Directors of the SICAV decided to distribute the following dividends:

Ex-date Payment date Class of share Distribution rate Total amount Currency

09/02/2016 09/09/2016 JPY B 2 103 24,585,066 JPY

03/02/2017 03/07/2017 JPY B 2 79 23,330,455 JPY



46

NOTE 14 OTHER INCOME

Each share class has a set TER (Total Expense Ratio) cap rate including the annual tax but excluding

sub-depositary fees and other taxes. The fees over the TER Cap rates are covered by Mitsubishi UFJ Trust

and Banking Corporation, Japan and are booked against the “Other income” caption.

The CAP TER rates are set respectively at 90bps and 20bps for the USD I and JPY B class of shares for the

MUFG Asia Pacific ex Japan Equity High Growth Fund, the MUFG Asia Pacific ex Japan Equity Income

Growth Fund and the MUFG Asia Pacific ex Japan Equity Stable Growth Fund.

The CAP TER rate is set at 130bps for the JPY I class of shares for the MUFG Japan Equity Strategic Value

Fund and at 135bps for the USD I and JPY I class of shares for the MUFG Japan Equity Small Cap Fund. NOTE 15 OTHER EXPENSES

MUFG Asia Pacific

ex Japan Equity

High Growth Fund

MUFG Asia Pacific

ex Japan Equity

Income Growth Fund

MUFG Asia Pacific

ex Japan Equity

Stable Growth Fund

USD USD USD

CSSF expenses 1,105.68 1,047.68 1,085.65

Insurance fee 1,332.25 1,332.25 1,332.25

Miscellaneous expenses 344.31 182.62 6,523.02

Out of pocket expenses 2,239.19 2,239.19 2,100.93

Registration expenses 2.78 2.78 2.78

Reporting expenses 1,559.17 1,591.40 1,564.78

VAT paid (custody) 14.71 7.97 359.96

TOTAL 6,598.09 6,403.89 12,969.37

MUFG Japan Equity


MUFG Japan Equity

Small Cap Fund

JPY JPY

CSSF expenses 114,476 109,209

Insurance fee 149,650 149,650

Miscellaneous expenses - -

Out of pocket expenses 231,018 227,015

Registration expenses 307 307

Reporting expenses 157,197 157,475

VAT paid (custody) 964 3,149

TOTAL 653,612 646,805


UNAUDITED APPENDIX

47

Remuneration policy

The remuneration policy implemented by MUFG Lux Management Company S.A. is compliant with the rules

in terms of remuneration specified in the European Directive 2014/91/EU amending Directive 2009/65/EC on

undertakings for collective investment in transferable securities, which is applicable to the Fund, and came

into force on March 18, 2016. It is implemented in national law under the Luxembourg Act of May 10, 2016

implementing Directive 2014/91/EU. These rules, about remuneration policies and practices, have for

objective to be consistent with and to promote sound and effective risk management of fund managers and

the funds they manage.

The Management Company has adopted a remuneration policy compliant with the AIFMD and UCITS

standards and consistent with and promoting sound and effective risk management. It does not encourage

risk-taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the funds

managed by the Management Company. The remuneration policy is in line with the business strategy,

objectives, values and interests of the Management Company and the funds it manages and the best

interest of investors of such funds, and includes measures to avoid conflicts of interest.

The Management Company has contractual delegation arrangements in place with external parties

regarding accomplishment of some activities, including portfolio management activities. The Management

Company ensures that the appointed delegates to which portfolio management activities have been

outsourced are subject to regulatory requirements on remuneration that are equally as effective as those

applicable under AIFMD, UCITS and ESMA guidelines through a due diligence process and on a contractual

basis.

The remuneration policy applies to all remunerations (fixed and variable remuneration) paid by the

Management Company to persons that have an employment contract with the Management Company, as

the case may be, directors, management and staff of the Management Company. In accordance with the

applicable regulatory provisions, the application of the policy falls within the scope of the third level controls

made by the internal auditor and the compliance officer of the Management Company. The result of such

controls has to be reported to the Management Company's board of directors on an annual basis.

The Management Company has taken into consideration the principle of proportionality in the sense that it

shall comply with the principles stated in any relevant law applicable to the Fund or to the Management

Company and AIFMD in a way and to the extent that is appropriate to its size, internal organization and the

nature, scope and complexity of its activities. Considering more specifically its particular nature:

- small number of employees;

- liquidity profile of the funds managed by the Management Company being largely assets that can

be readily converted to cash;

- investment management being delegated and carried out by well-known portfolio management

companies.

The beneficiaries of the remuneration policy of the Management Company are:

- the Management Company's directors;

- the management’s members for whom it is to be noted that to prevent any potential conflict of

interest, those members of the management that are also members of the board of directors are

prohibited from board meetings deciding the management’s remuneration when it concerns their

own remuneration for those specific items;

- and the staff whose fixed remuneration of the staff is determined by the management under the

supervision of the Management Company's board of directors.


UNAUDITED APPENDIX (continued)

48

Remuneration policy (continued)

These beneficiaries are categorised under three categories:

1.) the identified persons,

2.) the risk takers and

3.) all other staff of the Management Company.

The identified persons are the board members (executive and non-executive directors), the senior

management (conducting officers and managing director), the control functions (compliance, internal audit

and risk management) and the risk takers. There is however no risk taker identified for the Management

Company. All other staff are anyone not belonging to the identified staff.

The Management Company has a performance based-culture and therefore rewards its employees through

variable remuneration. This is designed to attract, retain and motivate its employees without encouraging

taking inappropriate risks.

The Management Company's board of directors and management do not accept that a variable

remuneration be fixed in the employment contract. The Management Company's board of directors may

decide to allocate a variable remuneration based on the list of criteria described in the detailed policy and

based on the results of the annual appraisal process. The annual appraisal process is used to evaluate and

measure an employee’s performance against defined objectives. The 'Specific Measurable Achievable

Realistic and Time-bound' (or else known as «SMART») objectives concept is utilized when setting

objectives. If approved by the Management Company's board of directors, the variable remuneration is paid

through an annual discretionary bonus.

For all the employees mentioned in the policy as being the identified persons, the assessment of

performance is set in a multi-year framework appropriate to the holding period of the investors of the funds

managed by the Management Company. The Management Company also ensures that the assessment of

the performance of its identified persons lives up to the long-term performance of the Fund and its

investment risks.

The board of the directors of the Management Company when deciding about fixed and variable

remuneration takes care that the fixed component represents a sufficiently high proportion of the total

compensation for a fully flexible policy to be exercised on variable remuneration components, including the

possibility to pay no variable remuneration.

This measure aims to avoid any possible, if any, inappropriate risk-taking by the employees. Depending on

the performance assessed during the annual appraisal process, depending on the achievements of the

employees, on their adherence to the Management Company's principles and on the annual profitability of

the Management Company, the Management Company's board of directors and/or the management may

decide to not allocate any variable remuneration.

The Management Company states that their detailed remuneration policy is easily accessible on the

following website: http://www.lu.tr.mufg.jp/lmsa/. All details of the up-to-date remuneration policy and a

description of how the remuneration and benefits are calculated, the identity of those responsible for the

allocation of remuneration and advantages are available in this policy. Due to the principle of proportionality,

the Management Company confirms that they have not set-up any remuneration committee as explained in

the remuneration policy. A paper version of the policy will be made available to investors free of charge

upon simple request.



49

Remuneration policy (continued)

Figures for 2016

1. Aggregate quantitative information for members of staff of MUFG Lux Management Company S.A.

in 2016:

Business Area Number of

Employees *

Total Remuneration (kEUR) (fixed + variable) **

Of which total variable remuneration (kEUR)

MUFG Lux Management Company S.A. (‘MUFGLM’)

8.6

799

102

MUFG Lux Management Company S.A. of which attributable to the UCITS ****

8.6 5 1

* Number of employees is all the employees of the Management Company, registered on the payroll of the Management Company during the year. This number has been computed on full time equivalent prorata temporis basis, during the year. ** Fixed remuneration consists of salaries paid, pension contributions as well as other non-monetary benefits such as car allowances. Variable remuneration consists of annual bonuses paid in accordance with remuneration policies.

2. Aggregate quantitative information for members of staff whose actions have a material impact on

the risk profile and are therefore “Identified Staff”*** in 2016:

Business Area Total Remuneration

(kEUR)

MUFG Lux Management Company S.A. (‘MUFGLM’)

664

MUFG Lux Management Company S.A. of which attributable to the UCITS****

4

*** The total remuneration disclosed in the table is the remuneration paid by the Management Company to

the Identified Staff. The Identified Staff are the Board Members (Executive and Non-Executive Directors),

the Senior Management (Conducting Officers and Managing Director), the Control Functions (Compliance,

Internal Audit and Risk Management) and the Risk Takers. There is no risk taker identified for MUFGLM.

Internal Audit roles are outsourced function and therefore not included in this figure.

**** The Breakdown of the proportion of the total remuneration of the staff of MUFGLM attributable to the

UCITS has been estimated by the prorata of the total assets under management of MUFG Global Fund

SICAV divided by the total assets under management of MUFG Lux Management Company on the

31.12.2016.

3. Other information for MUFG Lux Management Company S.A.:

Number of funds

(31.12.2016) AuM (billion Eur) at

31/12/2016

UCITS funds AIFs

2 72

0.874 18.743



50

Disclosure in accordance with regulation (EU) No. 2015/2365 on SFTR

The Fund does not use any instruments falling into the scope of SFTR.