HSBC Managed Funds HSBC Global Money Funds Interim Report 2017/media/amg... · HSBC Global Money...

HSBC Managed FundsHSBC Global Money FundsInterim Report 2017

Contents

Page1. HSBCMANAGEDFUNDS

1.1 HSBCMANAGEDBALANCEDFUND

Investment Adviser’s Report 1Statement of Assets and Liabilities 2Portfolio Statement 3Statement of Movements in Portfolio Holdings 24Performance Record 26Distribution Disclosure 28

1.2 HSBCMANAGEDGROWTHFUND


1.3 HSBCMANAGEDSTABLEFUND


1.4 HSBCMANAGEDSTABLEGROWTHFUND

Investment Adviser’s Report 82Statement of Assets and Liabilities 83Portfolio Statement 84Statement of Movements in Portfolio Holdings 104Performance Record 106

2. HSBCGLOBALMONEYFUNDS

2.1 HSBCGLOBALMONEYFUNDS–HONGKONGDOLLAR

2.2 HSBCGLOBALMONEYFUNDS–USDOLLAR

Investment Adviser’s Report 107Statement of Assets and Liabilities 108Portfolio Statement 109Statement of Movements in Portfolio Holdings 111Performance Record 112

3. ADMINISTRATION 113

4. BOARDOFDIRECTORSOFHSBCINVESTMENTFUNDS(HONGKONG)LIMITED 114

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1

Investment Adviser’s Report

HSBCManagedBalancedFund

Marketreview

In the 6 months period ended January 2017, the fund delivered a positive return mainly driven by the favorable performance of equities amid the recent data releases which continue to show economic strength. Despite the recent stabilization, bond markets have been generally weak in the face of solid growth and increasing inflation together with the background of a zero return for global government bonds during the period inducing a negative return.

Market strength during Q3 has surprised many who looked for a setback in stock markets following the Brexit vote. In fact the opposite has turned out to be the case with global equities returning positively and macroeconomic data remaining resilient. The fourth quarter has seen the surprise election of Donald Trump as US President, an increase in interest rates from the US Fed, and ongoing uncertainties over the political situation in Europe. Although we have seen improving economic background, there remains a huge amount of uncertainty: (1) economic uncertainty; (2) political uncertainty; and (3) policy uncertainty. A fourth layer of complexity is linked to “pricing model uncertainty”.

As a result of this background we have reduced risk somewhat in portfolios, selling Asian and Japanese equities and reducing exposure to credit risk where appropriate. It is not that we are outright bearish, just that we would like to reduce risk now with a view that there will be market volatility as the year progresses which we will be able to take advantage of.

HSBCGlobalAssetManagement(HongKong)Limited31 January 2017

2

Statement of Assets and Liabilities


31January2017 31July2016HKD HKD

ASSETSFinancial assets at fair value through profit or loss 2,152,338,144 2,120,107,533Interest and dividends receivable 4,229,266 6,449,882Subscriptions receivable 3,277,648 14,419,050Amounts due from brokers 180,493 15,743,730Cash and cash equivalents 113,268,482 177,713,640

2,273,294,033 2,334,433,835

LIABILITIESFinancial liabilities at fair value through profit or loss 872,938 579,177Redemptions payable 4,924,132 4,706,051Amounts due to brokers 123,038 16,211,195Distributions payable – 1,965,982Other payables 3,917,257 3,847,720

9,837,365 27,310,125

NETASSETSATTRIBUTABLETOUNITHOLDERS 2,263,456,668 2,307,123,710

Representing:Financialliabilities 2,263,456,668 2,307,123,710

Units UnitsTotalnumberofunitsinissue

“A” class income units 14,008,355 14,042,727

Provident class units 55,353,991 58,735,663

Accumulation units 6,351,429 6,566,215

HKD HKDNetassetvalueperunit

“A” class income units 26.28 25.58

Provident class units 32.60 31.61

Accumulation units 14.27 13.88

3

Portfolio Statement

HSBCManagedBalancedFundas at 31 January 2017

HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets

EquitiesListed investments

AustraliaADELAIDE BRIGHTON LTD 28,300 853,511 0.04AGL ENERGY LTD 6,882 916,170 0.04AMCOR LTD 18,258 1,537,950 0.07ANSELL LTD 8,412 1,178,322 0.05ANZ BANKING GROUP LTD 23,261 4,013,292 0.18ARISTOCRAT LEISURE LTD 5,800 522,041 0.02ASX LTD 4,593 1,349,780 0.06AURIZON HOLDINGS LTD 41,503 1,224,814 0.05AUSNET SERVICES LTD 112,390 1,046,015 0.05BHP BILLITON LTD 26,267 4,121,902 0.18BRAMBLES LTD 14,804 907,784 0.04C.S.R. LTD 12,600 327,312 0.01CALTEX AUSTRALIA LTD 2,600 438,018 0.02COCHLEAR LTD 520 383,404 0.02COMMONWEALTH BANK OF

AUSTRALIA 14,480 6,965,157 0.31CSL LTD 4,289 2,837,192 0.13DULUXGROUP LTD 24,509 876,329 0.04FLIGHT CENTRE TRAVEL GROUP LTD 3,682 649,364 0.03FORTESCUE METALS GROUP LTD 43,465 1,705,167 0.08IOOF HOLDINGS LTD 20,000 1,072,073 0.05JAMES HARDIE INDUSTRIES PLC 4,500 548,171 0.02MACQUARIE GROUP LTD 2,643 1,317,105 0.06MEDIBANK PRIVATE LTD 25,223 401,156 0.02METCASH LTD 83,900 1,042,791 0.05NATIONAL AUSTRALIA BANK LTD 23,043 4,116,844 0.18NEWCREST MINING LTD 7,633 968,038 0.04ORIGIN ENERGY LTD 15,800 659,867 0.03OZ MINERALS LTD 26,161 1,383,833 0.06PERPETUAL LTD 3,400 937,298 0.04PLATINUM INVESTMENT

MANAGEMENT LTD 29,500 867,113 0.04QANTAS AIRWAYS LTD 37,000 743,206 0.03RAMSAY HEALTH CARE LTD 3,094 1,217,446 0.05REA GROUP LTD 3,005 930,364 0.04SEVEN WEST MEDIA LTD 192,800 919,909 0.04SONIC HEALTHCARE LTD 9,944 1,219,537 0.05SOUTH32 LTD 49,100 795,366 0.03SUNCORP GROUP LTD 6,300 483,546 0.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

TABCORP HOLDINGS LTD 33,621 938,733 0.04TELSTRA CORP LTD 54,215 1,596,770 0.07WESFARMERS LTD 7,961 1,887,967 0.08WESTPAC BANKING CORP 28,496 5,322,714 0.24WOODSIDE PETROLEUM LTD 10,603 1,971,146 0.09WOOLWORTHS 5,879 851,906 0.04

64,046,423 2.83

AustriaERSTE GROUP BANK AG 4,400 1,038,263 0.05TELEKOM AUSTRIA AG 16,300 780,193 0.03VIENNA INSURANCE GROUP AG

WIENER VERSICHERUNG GRUPPE 4,900 925,121 0.04VOESTALPINE AG 3,700 1,216,237 0.05

3,959,814 0.17

BelgiumANHEUSER-BUSCH INBEV SA 2,878 2,320,441 0.10BPOST SA 3,900 731,579 0.03ETABLISSEMENTEN FRANZ

COLRUYT NV 1,800 683,454 0.03KBC GROEP NV 2,755 1,386,590 0.06PROXIMUS SA 3,500 779,666 0.04SOFINA 320 337,031 0.02

6,238,761 0.28

CanadaARC RESOURCES LTD 7,786 938,362 0.04BANK OF MONTREAL 1,262 739,295 0.03BANK OF NOVA SCOTIA 2,277 1,053,781 0.05BCE INC 2,951 1,030,249 0.05BROOKFIELD ASSET MANAGEMENT

INC CLASS A 1,500 401,731 0.02CANADIAN IMPERIAL BANK OF

COMMERCE 1,450 956,264 0.04CANADIAN NATIONAL RAILWAY CO 1,690 909,658 0.04CANADIAN NATURAL RESOURCES

LTD 2,319 542,958 0.02CANADIAN UTILITIES LTD CLASS A 3,515 774,867 0.03

4

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


CENOVUS ENERGY INC 8,723 922,019 0.04CI FINANCIAL CORP 5,744 929,853 0.04CRESCENT POINT ENERGY CORP 8,900 803,538 0.04ENBRIDGE INC 1,615 532,492 0.02GOLDCORP INC 4,500 563,494 0.03GREAT-WEST LIFECO INC 2,300 488,135 0.02IMPERIAL OIL LTD 2,930 746,001 0.03INTACT FINANCIAL CORP 1,659 938,095 0.04INTER PIPELINE LTD 5,047 847,659 0.04METRO INC 4,052 953,295 0.04POTASH CORP OF SASKATCHEWAN

INC 6,523 939,882 0.04POWER CORPORATION OF CANADA 4,600 835,826 0.04ROGERS COMMUNICATIONS INC

CLASS B 2,368 795,567 0.04ROYAL BANK OF CANADA 2,783 1,549,653 0.07SUNCOR ENERGY INC 3,167 760,730 0.03TORONTO-DOMINION BANK 3,621 1,452,727 0.06TOURMALINE OIL CORP 4,600 832,814 0.04TRANSCANADA CORP 3,685 1,346,375 0.06TURQUOISE HILL RESOURCES LTD 36,300 1,017,557 0.05

24,602,877 1.09

DenmarkCOLOPLAST A/S 1,900 1,055,718 0.05DANSKE BANK A/S 3,779 977,022 0.04DSV A/S 3,673 1,384,875 0.06ISS A/S 3,753 1,035,467 0.05NOVO NORDISK A/S 7,826 2,183,047 0.10PANDORA A/S 580 589,545 0.03TRYG A/S 4,800 711,689 0.03VESTAS WIND SYSTEMS A/S 1,068 579,938 0.02

8,517,301 0.38

HoldingsMarket

value

%ofnet

assetvalue

HKD

FinlandELISA OYJ 3,000 785,640 0.03FORTUM OYJ 7,935 984,114 0.04KONE OYJ-B 2,275 799,330 0.04METSO OYJ 3,683 878,956 0.04NOKIA OYJ 28,333 985,987 0.04NOKIAN RENKAAT OYJ 3,779 1,100,239 0.05ORION OYJ CLASS B 3,582 1,295,194 0.06STORA ENSO OYJ R SHARES 7,956 701,845 0.03UPM-KYMMENE OYJ 2,600 457,850 0.02WARTSILA ABP OYJ 1,500 584,262 0.03

8,573,417 0.38

FranceAIR LIQUIDE SA 907 760,568 0.03AIRBUS GROUP SE 1,600 842,041 0.04ATOS SE 877 724,306 0.03AXA SA 9,868 1,880,044 0.08BIOMERIEUX SA 820 1,005,978 0.04BNP PARIBAS SA 4,744 2,354,237 0.10BOUYGUES SA 4,000 1,128,860 0.05BUREAU VERITAS SA 5,300 805,313 0.04CARREFOUR SA 5,788 1,099,571 0.05CNP ASSURANCES SA 7,300 1,064,212 0.05COMPAGNIE DE SAINT-GOBAIN 3,978 1,517,773 0.07CREDIT AGRICOLE SA 5,900 606,806 0.03DANONE SA 2,430 1,181,653 0.05EDENRED SA 1,918 324,323 0.01ELECTRICITE DE FRANCE SA 10,315 788,850 0.03ENGIE SA 11,546 1,071,306 0.05ESSILOR INTERNATIONAL SA 862 783,551 0.03EULER HERMES GROUP 1,050 735,994 0.03EURAZEO SA 1,800 860,053 0.04EUTELSAT COMMUNICATIONS SA 3,400 449,758 0.02FAURECIA SA 2,700 909,599 0.04LEGRAND SA 1,261 568,678 0.03L’OREAL SA 1,023 1,444,173 0.06LVMH MOET HENNESSY LOUIS

VUITTON SE 613 959,186 0.04MICHELIN (CIE GENERALE DES

ETABLISSEMENTS) 1,681 1,400,868 0.06ORANGE SA 8,622 1,035,698 0.05

5

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


PEUGEOT SA 5,522 796,444 0.04PUBLICIS GROUPE SA 2,237 1,192,286 0.05RENAULT SA 500 349,593 0.02SAFRAN SA 2,583 1,358,071 0.06SANOFI SA 5,126 3,201,895 0.14SCHNEIDER ELECTRIC SE 2,669 1,482,068 0.07SCOR SE 1,200 315,514 0.01SEB SA 1,185 1,158,140 0.05SOCIETE BIC SA 790 801,904 0.04SOCIETE GENERALE DE PARIS SA 4,316 1,637,867 0.07THALES SA 1,938 1,410,275 0.06TOTAL SA 9,820 3,842,260 0.17VALEO SA 2,673 1,266,869 0.06VINCI SA 2,931 1,595,111 0.07

46,711,696 2.06

GermanyADIDAS AG 973 1,188,376 0.05ALLIANZ SE 1,947 2,568,391 0.11BASF SE 4,226 3,158,168 0.14BAYER AG 2,758 2,360,857 0.10BAYERISCHE MOTOREN WERKE AG 1,500 1,058,715 0.05BRENNTAG AG 2,258 1,022,464 0.05CONTINENTAL AG 524 793,999 0.03DAIMLER AG 3,993 2,332,254 0.10DEUTSCHE BOERSE AG 730 521,791 0.02DEUTSCHE LUFTHANSA AG 7,400 765,423 0.03DEUTSCHE POST AG 4,729 1,227,526 0.05DEUTSCHE TELEKOM AG 13,138 1,780,332 0.08DEUTSCHE WOHNEN AG 2,200 556,028 0.02EMS-CHEMIE HOLDING AG 250 1,002,754 0.04EVONIK INDUSTRIES AG 4,300 1,081,012 0.05FIELMANN AG 1,600 867,265 0.04FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 1,800 834,092 0.04FRESENIUS MEDICAL CARE AG & CO

KGAA 2,011 1,269,638 0.06

HoldingsMarket

value

%ofnet

assetvalue

HKD

FUCHS PETROLUB SE 1,940 635,751 0.03FUCHS PETROLUB SE PREFERENCE

SHARES 2,617 928,051 0.04GEA GROUP AG 3,600 1,155,140 0.05HANNOVER RUECK 1,300 1,108,106 0.05HEIDELBERGER ZEMENT AG 700 523,240 0.02HENKEL AG & CO KGAA

PREFERENCE SHARES 1,137 1,074,521 0.05HUGO BOSS AG 1,000 499,778 0.02INFINEON TECHNOLOGIES AG 11,292 1,608,773 0.07K+S AG 5,062 994,971 0.04KION GROUP 2,200 1,038,632 0.05LINDE AG 920 1,160,173 0.05MUENCHENER

RUECKVERSICHERUNGS-GESELLSCHAFT AG 993 1,445,305 0.06

OSRAM LICHT AG 2,400 1,079,318 0.05PROSIEBENSAT.1 MEDIA SE 3,004 989,468 0.04RATIONAL AG 230 810,042 0.04SAP SE 4,060 2,881,250 0.13SIEMENS AG 2,311 2,277,997 0.10SUEDZUCKER AG 1,700 347,832 0.02TALANX AG 3,200 852,641 0.04THYSSENKRUPP AG 2,100 411,184 0.02UNITED INTERNET AG 2,700 876,091 0.04VOLKSWAGEN AG PREFERENCE

SHARES 487 587,652 0.03VONOVIA SE 1,700 431,511 0.02

48,106,512 2.12

GreeceFOLLI FOLLIE COMMERCIAL

MANUFACTURING AND TECHNICAL SA 2,900 430,916 0.02

JUMBO SA 6,200 675,874 0.03MOTOR OIL HELLAS CORINTH

REFINERIES SA 5,500 613,401 0.03

1,720,191 0.08

6

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


HongKongAAC TECHNOLOGIES HOLDINGS INC 33,419 2,673,520 0.12AGILE GROUP HOLDINGS LTD 222,794 926,823 0.04AGRICULTURAL BANK OF CHINA LTD

H SHARES 1,178,291 3,841,229 0.17AIA GROUP LTD 539,838 26,074,175 1.15AIR CHINA LTD H SHARES 88,000 492,800 0.02ALUMINUM CORP OF CHINA LTD 190,000 763,800 0.03ANHUI CONCH CEMENT CO LTD H

SHARES 70,806 1,780,771 0.08ANTA SPORTS PRODUCTS LTD 42,634 1,057,323 0.05ASM PACIFIC TECHNOLOGY LTD 11,500 1,086,750 0.05AVICHINA INDUSTRY &

TECHNOLOGY CO LTD 92,000 526,240 0.02BANK OF CHINA LTD H SHARES 3,502,023 12,397,161 0.55BANK OF COMMUNICATIONS CO

LTD H SHARES 337,417 1,940,148 0.09BANK OF EAST ASIA LTD 79,394 2,639,850 0.12BEIJING CAPITAL INTERNATIONAL

AIRPORT CO LTD H SHARES 73,659 555,389 0.02BEIJING JINGNENG CLEAN ENERGY

CO LTD H SHARES 442,000 1,025,440 0.04BELLE INTERNATIONAL HOLDINGS

LTD 384,885 1,832,053 0.08BOC HONG KONG HOLDINGS LTD 162,392 5,066,630 0.22BRILLIANCE CHINA AUTOMOTIVE

HOLDINGS LTD 131,739 1,446,494 0.06BYD CO LTD 29,000 1,252,800 0.05CATHAY PACIFIC AIRWAYS LTD 39,730 418,754 0.02CGN POWER CO LTD H SHARES 243,444 535,577 0.02CHEUNG KONG INFRASTRUCTURE

HOLDINGS LTD 28,966 1,811,823 0.08CHEUNG KONG PROPERTY

HOLDINGS LTD 131,003 6,733,554 0.30CHINA BLUECHEMICAL LTD 304,000 820,800 0.04CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 442,595 1,195,006 0.05CHINA CITIC BANK CORP LTD H

SHARES 357,251 1,832,698 0.08

HoldingsMarket

value

%ofnet

assetvalue

HKD

CHINA COMMUNICATIONS CONSTRUCTION CO LTD H SHARES 213,726 2,011,162 0.09

CHINA CONCH VENTURE HOLDINGS LTD 121,910 1,821,335 0.08

CHINA CONSTRUCTION BANK CORP H SHARES 4,231,323 24,541,673 1.08

CHINA DONGXIANG (GROUP) CO LTD 757,000 1,097,650 0.05CHINA EVERBRIGHT BANK CO LTD H

SHARES 157,937 592,264 0.03CHINA EVERBRIGHT INTERNATIONAL

LTD 50,334 476,160 0.02CHINA EVERBRIGHT LTD 75,368 1,122,983 0.05CHINA EVERGRANDE GROUP 290,820 1,579,153 0.07CHINA GALAXY SECURITIES CO H

SHARES 155,973 1,130,804 0.05CHINA GAS HOLDINGS LTD 81,948 922,734 0.04CHINA HONGQIAO GROUP LTD 193,874 1,550,992 0.07CHINA INTERNATIONAL CAPITAL CO

LTD 34,400 371,520 0.02CHINA LIFE INSURANCE CO LTD H

SHARES 288,718 6,221,873 0.27CHINA MACHINERY ENGINEERING

CORP 104,000 521,040 0.02CHINA MEDICAL SYSTEM HOLDINGS

LTD 64,000 814,080 0.04CHINA MENGNIU DAIRY CO LTD 113,116 1,649,231 0.07CHINA MERCHANTS BANK CO LTD H

SHARES 182,388 3,574,805 0.16CHINA MERCHANTS PORT

HOLDINGS INTERNATIONAL CO LTD 20,928 436,349 0.02

CHINA MINSHENG BANKING CORP LTD H SHARES 247,554 2,124,013 0.09

CHINA MOBILE LTD 247,527 21,745,247 0.96CHINA NATIONAL BUILDING

MATERIAL CO LTD H SHARES 138,000 629,280 0.03CHINA NATIONAL MATERIALS CO

LTD 434,000 885,360 0.04CHINA OVERSEAS LAND &

INVESTMENT LTD 182,731 4,193,676 0.18CHINA PACIFIC INSURANCE GROUP

CO LTD H SHARES 103,132 2,867,070 0.13

7

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


CHINA PETROLEUM & CHEMICAL CORP H SHARES 1,186,560 7,368,538 0.33

CHINA POWER INTERNATIONAL DEVELOPMENT LTD 377,000 1,059,370 0.05

CHINA RAILWAY CONSTRUCTION CORP H SHARES 145,721 1,576,701 0.07

CHINA RAILWAY GROUP LTD H SHARES 178,079 1,219,841 0.05

CHINA RAILWAY SIGNAL & COMMUNICATION CO LTD 76,000 420,280 0.02

CHINA RESOURCES BEER HOLDINGS CO LTD 36,667 579,339 0.03

CHINA RESOURCES CEMENT HOLDINGS LTD 187,076 675,344 0.03

CHINA RESOURCES GAS GROUP LTD 32,000 787,200 0.03CHINA RESOURCES LAND LTD 117,677 2,275,873 0.10CHINA RESOURCES POWER

HOLDINGS CO LTD 110,557 1,483,675 0.07CHINA SHENHUA ENERGY CO LTD H

SHARES 136,468 2,257,181 0.10CHINA SOUTH CITY HOLDINGS LTD 264,000 440,880 0.02CHINA SOUTHERN AIRLINES CO LTD

H SHARES 201,349 902,044 0.04CHINA STATE CONSTRUCTION

INTERNATIONAL HOLDINGS LTD 131,301 1,664,897 0.07CHINA TAIPING INSURANCE

HOLDINGS CO LTD 121,259 2,075,954 0.09CHINA TELECOM CORP LTD H

SHARES 658,934 2,431,466 0.11CHINA TRAVEL INTERNATIONAL

INVESTMENT HONG KONG LTD 484,000 1,055,120 0.05CHINA UNICOM HONG KONG LTD 249,227 2,297,873 0.10CHINA VANKE CO LTD H SHARES 86,851 1,719,650 0.08CHINA ZHONGWANG HOLDINGS LTD 299,512 1,030,321 0.05CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 323,709 1,537,618 0.07CHOW TAI FOOK JEWELLERY GROUP

LTD 52,600 348,212 0.02CIMC ENRIC HOLDINGS LTD 106,570 463,579 0.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

CITIC LTD 257,509 2,971,654 0.13CITIC SECURITIES CO LTD H SHARES 74,167 1,179,255 0.05CK HUTCHISON HOLDINGS LTD 120,003 11,214,280 0.50CLP HOLDINGS LTD 71,931 5,455,966 0.24CNOOC LTD 729,776 7,180,996 0.32COSCO SHIPPING PORTS LTD 184,025 1,424,353 0.06COUNTRY GARDEN HOLDINGS CO

LTD 421,394 1,879,417 0.08CRRC CORP LTD H SHARES 185,900 1,410,981 0.06CSPC PHARMACEUTICAL GROUP

LTD 183,494 1,607,407 0.07DAH SING BANKING GROUP LTD 44,800 680,960 0.03DAH SING FINANCIAL HOLDINGS LTD 7,200 432,720 0.02DALI FOODS GROUP CO LTD 284,500 1,220,505 0.05DONGFENG MOTOR GROUP CO LTD

H SHARES 225,483 1,864,744 0.08ENN ENERGY HOLDINGS LTD 44,371 1,703,846 0.07FIRST PACIFIC CO LTD 203,233 1,199,075 0.05FOSUN INTERNATIONAL LTD 46,558 551,247 0.02FRANSHION PROPERTIES CHINA LTD 164,000 375,560 0.02FULLSHARE HOLDINGS LTD 263,243 863,437 0.04FUYAO GLASS INDUSTRY GROUP H

SHARES 25,200 580,860 0.03GALAXY ENTERTAINMENT GROUP

LTD 98,431 3,656,712 0.16GCL POLY ENERGY HOLDINGS LTD 1,353,871 1,367,410 0.06GEELY AUTOMOBILE HOLDINGS LTD 229,570 2,118,931 0.09GF SECURITIES CO LTD 32,600 543,768 0.02GOLDEN EAGLE RETAIL GROUP LTD 104,525 1,174,861 0.05GREAT EAGLE HOLDINGS LTD 13,000 459,550 0.02GREAT WALL MOTOR CO LTD H

SHARES 148,661 1,165,502 0.05GUANGDONG INVESTMENT LTD 106,554 1,028,246 0.05GUANGZHOU AUTOMOBILE GROUP

CO LTD H SHARES 110,000 1,168,200 0.05GUANGZHOU R & F PROPERTIES CO

LTD H SHARES 46,160 460,677 0.02HAIER ELECTRONICS GROUP CO LTD 106,785 1,462,955 0.06HAITIAN INTERNATIONAL HOLDINGS

LTD 68,713 1,087,040 0.05HAITONG INTERNATIONAL

SECURITIES GROUP LTD 86,059 376,078 0.02HAITONG SECURITIES CO LTD H

SHARES 122,782 1,718,948 0.08

8

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


HANERGY THIN FILM POWER GROUP LTD 536,642 – –

HANG LUNG PROPERTIES LTD 122,773 2,357,242 0.10HANG SENG BANK LTD 31,116 4,944,332 0.22HENDERSON LAND DEVELOPMENT

CO LTD 59,736 2,571,635 0.11HENGAN INTERNATIONAL GROUP

CO LTD 33,700 2,148,375 0.09HONG KONG AND CHINA GAS CO

LTD 322,651 4,730,064 0.21HONG KONG EXCHANGES AND

CLEARING LTD 53,493 10,094,129 0.45HOPEWELL HIGHWAY

INFRASTRUCTURE LTD 88,000 360,800 0.02HOPEWELL HOLDINGS LTD 52,856 1,469,397 0.06HSBC HOLDINGS PLC 772,230 51,546,353 2.28HUATAI SECURITIES CO LTD H

SHARES 66,200 996,972 0.04HYSAN DEVELOPMENT CO LTD 42,034 1,492,207 0.07INDUSTRIAL AND COMM BANK OF

CHINA H SHARES 3,351,191 16,018,693 0.71JIANGSU EXPRESSWAY CO LTD H

SHARES 118,147 1,149,570 0.05JIANGXI COPPER CO LTD H SHARES 61,000 821,060 0.04JOHNSON ELECTRIC HOLDINGS LTD 17,446 361,132 0.02KERRY LOGISTICS NETWORK LTD 28,000 281,120 0.01KERRY PROPERTIES LTD 78,105 1,722,215 0.08KINGBOARD CHEMICAL HOLDINGS

LTD 34,000 911,200 0.04KINGBOARD LAMINATES HOLDINGS

LTD 49,000 419,440 0.02KINGSOFT CORP LTD 31,000 505,920 0.02KUNLUN ENERGY CO LTD 134,378 835,831 0.04KWG PROPERTY HOLDING LTD 239,094 1,071,141 0.05LEE & MAN PAPER MANUFACTURING

LTD 207,000 1,451,070 0.06LEGEND HOLDINGS CORP 47,500 837,900 0.04LENOVO GROUP LTD 457,843 2,339,578 0.10LI & FUNG LTD 488,298 1,650,447 0.07

HoldingsMarket

value

%ofnet

assetvalue

HKD

LONGFOR PROPERTIES 64,921 728,414 0.03LUYE PHARMA GROUP LTD 68,500 352,090 0.02MGM CHINA HOLDINGS LTD 36,400 551,096 0.02MINTH GROUP LTD 26,000 655,200 0.03MTR CORP LTD 58,764 2,327,054 0.10NEW CHINA LIFE INSURANCE CO

LTD H SHARES 39,198 1,477,765 0.06NEW WORLD DEVELOPMENT CO

LTD 276,395 2,487,555 0.11NINE DRAGONS PAPER HOLDINGS

LTD 76,000 682,480 0.03NWS HOLDINGS LTD 68,804 961,880 0.04PCCW LTD 61,523 290,389 0.01PEOPLE'S INSURANCE CO GROUPP

OF CHINA LTD H SHARES 532,000 1,617,280 0.07PETROCHINA CO LTD H SHARES 753,983 4,689,774 0.21PICC PROPERTY & CASUALTY CO

LTD H SHARES 274,987 3,250,346 0.14PING AN INSURANCE (GROUP) CO

OF CHINA LTD H SHARES 207,322 8,313,612 0.37POWER ASSETS HOLDINGS LTD 61,647 4,595,784 0.20RED STAR MACALLINE GROUP CORP

LTD H SHARES 83,000 648,230 0.03SA SA INTERNATIONAL HOLDINGS

LTD 263,728 817,557 0.04SAMSONITE INTERNATIONAL SA 38,817 951,017 0.04SANDS CHINA LTD 112,215 3,871,418 0.17SHANDONG WEIGAO GROUP

MEDICAL POLYMER CO LTD 260,000 1,323,400 0.06SHANGHAI PHARMACEUTICAL

HOLDINGG CO LTD H SHARES 29,366 583,209 0.03SHENGJING BANK CO LTD H SHARES 104,000 808,080 0.04SHENZHEN EXPRESSWAY CO LTD 150,000 1,065,000 0.05SHENZHEN INTERNATIONAL

HOLDINGS LTD 118,265 1,322,203 0.06SHENZHEN INVESTMENT LTD 407,716 1,292,460 0.06SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 26,283 1,262,898 0.06SHIMAO PROPERTY HOLDINGS LTD 105,101 1,097,254 0.05SINO BIOPHARMACEUTICAL LTD 129,721 797,784 0.03SINO LAND CO LTD 193,331 2,493,970 0.11SINO-OCEAN GROUP HOLDING LTD 175,400 589,344 0.03SINOPEC ENGINEERING GROUP CO

LTD 155,000 976,500 0.04

9

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


SINOPEC SHANGHAI PETROCHEMICAL CO LTD H SHARES 336,000 1,619,520 0.07

SINOPHARM GROUP CO LTD H SHARES 56,369 2,006,736 0.09

SINOTRANS LTD H SHARES 248,321 804,560 0.04SJM HOLDINGS LTD 144,332 894,858 0.04SUN HUNG KAI PROPERTIES LTD 64,330 6,909,042 0.30SUNAC CHINA HOLDINGS LTD 206,000 1,425,520 0.06SWIRE PACIFIC LTD CLASS A 20,174 1,596,772 0.07SWIRE PROPERTIES LTD 54,590 1,195,521 0.05TECHTRONIC INDUSTRIES CO LTD 66,165 1,779,839 0.08TELEVISION BROADCASTS LTD 31,860 949,428 0.04TENCENT HOLDINGS LTD 251,341 51,374,100 2.27TEXWINCA HOLDINGS LTD 166,000 826,680 0.04THE WHARF (HOLDINGS) LTD 64,393 3,770,210 0.17TIANJIN CAPITAL ENVIRONMENTAL

PROTECTION GROUP CO LTD 84,000 352,800 0.02TOWNGAS CHINA CO LTD 94,661 401,363 0.02TRAVELSKY TECHNOLOGY LTD H

SHARES 90,423 1,582,403 0.07WANT WANT CHINA HOLDINGS LTD 399,786 2,222,810 0.10WEICHAI POWER CO LTD H SHARES 46,000 634,800 0.03WH GROUP LTD 293,000 1,734,560 0.08WHEELOCK AND CO LTD 54,496 2,580,386 0.11WYNN MACAU LTD 68,800 981,088 0.04XINYI GLASS HOLDINGS LTD 92,000 644,920 0.03XINYI SOLAR HOLDINGS LTD 118,000 317,420 0.01YANZHOU COAL MINING CO LTD H

SHARES 94,000 574,340 0.03YUE YUEN INDUSTRIAL HOLDINGS

LTD 34,219 971,820 0.04YUEXIU PROPERTY CO LTD 318,000 362,520 0.02ZHUZHOU CSR TIMES ELECTRIC CO

LTD H SHARES 9,717 432,407 0.02ZIJIN MINING GROUP CO LTD H

SHARES 296,000 775,520 0.03

HoldingsMarket

value

%ofnet

assetvalue

HKD

ZTE CORP H SHARES 36,000 436,320 0.02

516,992,288 22.84

IndiaADANI ENTERPRISES LTD 74,100 738,996 0.03BAJAJ AUTO LTD 3,200 1,041,506 0.05BHARAT PETROLEUM CORP LTD 6,000 467,311 0.02CASTROL INDIA LTD 19,100 884,044 0.04HERO MOTOCORP LTD 3,200 1,162,591 0.05HOUSING DEVELOPMENT FINANCE

CORP LTD 12,900 2,011,428 0.09ICICI BANK LTD 17,900 550,185 0.02INFOSYS LIMITED 17,100 1,818,807 0.08ITC LTD 25,300 746,965 0.03LARSEN AND TOUBRO LTD 1,800 296,331 0.01MAHINDRA & MAHINDRA LTD 2,800 397,120 0.02MARUTI SUZUKI INDIA LTD 900 607,288 0.03NTPC LTD 9,300 184,168 0.01OIL & NATURAL GAS CORP LTD 27,900 643,921 0.03OIL INDIA LTD 15,700 591,108 0.03RELIANCE INDUSTRIES LTD 13,100 1,561,906 0.07RELIANCE INFRASTRUCTURE 15,200 895,279 0.04SUN PHARMACEUTICAL INDUSTRIES

LTD 10,000 721,095 0.03TATA MOTORS LTD 9,200 549,245 0.02UNION BANK OF INDIA 51,700 843,766 0.04

16,713,060 0.74

IndonesiaASTRA AGRO LESTARI TBK PT 67,981 623,189 0.03ASTRA INTERNATIONAL TBK PT 181,900 840,354 0.04BANK CENTRAL ASIA TBK PT 112,091 996,609 0.04BANK MANDIRI (PERSERO) TBK PT 122,469 775,739 0.03CHAROEN POKPHAND INDONESIA

TBK 420,700 757,874 0.03GUDANG GARAM 26,000 932,981 0.04INDOFOOD CBP SUKSES MAKMUR

TBK PT 173,800 848,383 0.04PT BANK RAKYAT INDONESIA

(PERSERO) TBK 183,440 1,249,884 0.06

10

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


TELEKOMUNIKASI INDONESIA TBK PER 765,643 1,721,869 0.08

8,746,882 0.39

IrelandCRH PLC 4,300 1,162,756 0.05GLANBIA PLC 6,300 826,771 0.03KERRY GROUP PLC-A 699 381,583 0.02

2,371,110 0.10

ItalyASSICURAZIONI GENERAL! SPA 12,705 1,570,372 0.07ENEL SPA 14,771 478,605 0.02ENI SPA 5,888 701,605 0.03FIAT CHRYSLER AUTOMOBILES NV 19,177 1,624,174 0.07INTESA SANPAOLO SPA 75,678 1,377,082 0.06ITALGAS SPA 3,109 91,769 0.00PRYSMIAN SPA 5,400 1,089,482 0.05SNAM SPA 37,243 1,099,304 0.05STMICROELECTRONICS NV 19,095 1,952,684 0.09UNICREDIT SPA 2,257 476,182 0.02

10,461,259 0.46

JapanABC-MART INC 2,000 904,310 0.04AISIN SEIKI CO LTD 1,700 605,791 0.03AJINOMOTO CO INC 4,818 740,053 0.03ALFRESA HOLDINGS CORP 3,933 502,865 0.02AMADA HOLDINGS CO LTD 13,000 1,190,835 0.05ASAHI GROUP HOLDINGS LTD 4,442 1,215,493 0.05ASTELLAS PHARMA INC 16,654 1,737,338 0.08AUTOBACS SEVEN CO LTD 7,900 952,903 0.04AZBIL CORP 1,400 328,571 0.01

HoldingsMarket

value

%ofnet

assetvalue

HKD

BRIDGESTONE CORP 5,821 1,662,248 0.07CANON INC 5,801 1,337,465 0.06CANON MARKETING JAPAN INC 6,100 906,488 0.04CENTRAL JAPAN RAILWAY CO 1,960 2,468,187 0.11CHIYODA CORP 13,000 681,885 0.03CHUBU ELECTRIC POWER CO INC 12,200 1,263,869 0.06CHUGAI PHARMACEUTICAL CO LTD 1,406 319,803 0.01CITIZEN WATCH CO LTD 21,700 1,052,970 0.05COCA-COLA WEST CO LTD 4,900 1,106,091 0.05COLOPL INC 5,000 336,704 0.02CONCORDIA FINANCIAL GROUP LTD 10,100 416,439 0.02CYBERAGENT INC 4,600 887,450 0.04DAI NIPPON PRINTING CO LTD 6,000 475,176 0.02DAICEL CORP 10,522 908,000 0.04DAIDO STEEL CO LTD 31,000 1,096,131 0.05DAI-ICHI LIFE HOLDINGS INC 10,635 1,511,505 0.07DAIICHI SANKYO CO LTD 5,829 1,014,268 0.04DAIKIN INDUSTRIES LTD 1,263 977,177 0.04DAIKYO INC 53,470 855,030 0.04DAITO TRUST CONSTRUCTION CO

LTD 1,452 1,580,273 0.07DAIWA HOUSE INDUSTRY CO LTD 2,217 468,207 0.02DAIWA SECURITIES GROUP INC 7,000 349,076 0.02DENKA CO LTD 28,000 1,073,041 0.05DENSO CORP 4,173 1,409,667 0.06DISCO CORP 1,273 1,267,007 0.06DMG MORI CO LTD 7,100 757,552 0.03DOWA HOLDINGS CO LTD 19,968 1,322,639 0.06EAST JAPAN RAILWAY CO 3,108 2,191,493 0.10EISAI CO LTD 1,091 467,358 0.02EXEDY CORP 2,300 485,102 0.02FANU CCORP 1,443 2,204,537 0.10FUJI HEAVY INDUSTRIES LTD 7,614 2,382,605 0.11FUJIFILM HOLDINGS CORP 1,653 498,465 0.02FUJITSU GENERAL LTD 3,000 458,220 0.02GUNGHO ONLINE ENTERTAINMENT

INC 19,400 327,606 0.01HANKYU HANSHIN HOLDINGS INC 2,400 633,568 0.03HASEKO CORP 11,968 1,027,834 0.05HEIWA CORP 5,189 974,258 0.04HINO MOTORS LTD 8,987 740,229 0.03HITACHI LTD 18,932 845,058 0.04HITACHI METALS LTD 8,377 904,198 0.04HONDA MOTOR CO LTD 14,104 3,292,615 0.15

11

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


HOYA CORP 3,916 1,328,519 0.06IBIDEN CO LTD 9,500 1,054,224 0.05INPEX CORP 7,800 597,031 0.03ITOCHU CORP 12,191 1,307,472 0.06JAFCO CO LTD 2,613 687,996 0.03JAPAN AIRLINES CO LTD 4,048 1,005,004 0.04JAPAN AVIATION ELECTRONICS

INDUSTRY LTD 5,000 476,279 0.02JAPAN EXCHANGE GROUP INC 7,084 822,739 0.04JAPAN PETROLEUM EXPLORATION

CO LTD 5,300 927,152 0.04JAPAN POST BANK CO LTD 3,500 331,707 0.01JAPAN TOBACCO INC 7,661 1,922,075 0.08JTEKT CORP 9,200 1,179,463 0.05KAKAKU.COM INC 7,126 1,003,945 0.04KAKEN PHARMACEUTICAL CO LTD 1,838 724,644 0.03KAO CORP 4,153 1,598,133 0.07KDDI CORP 16,781 3,504,644 0.15KEIYO BANK LTD 18,795 673,642 0.03KEYENCE CORP 774 2,340,410 0.10KINTETSU GROUP HOLDINGS CO

LTD 15,000 448,709 0.02KISSEI PHARMACEUTICAL CO LTD 4,700 893,137 0.04KOBAYASHI PHARMACEUTICAL CO

LTD 2,900 1,005,424 0.04KOEI TEMCO HOLDINGS CO LTD 5,900 779,168 0.03KOMATSU LTD 4,623 858,430 0.04KOMERI CO LTD 4,600 843,696 0.04KONAMI HOLDINGS CORP 3,500 1,090,410 0.05K’S HOLDINGS CORP 6,800 954,736 0.04KUBOTA CORP 11,103 1,377,515 0.06KURARAY CO LTD 10,091 1,246,395 0.06KURITA WATER INDUSTRIES LTD 2,900 535,693 0.02KYOCERA CORP 2,074 841,133 0.04KYORIN HOLDINGS INC 4,826 820,283 0.04KYUDENKO CORP 4,000 845,033 0.04LAWSON INC 1,810 1,027,991 0.05LEOPALACE21 CORP 14,200 634,230 0.03LINTEC CORP 5,700 992,018 0.04

HoldingsMarket

value

%ofnet

assetvalue

HKD

MAEDA ROAD CONSTRUCTION CO LTD 6,784 912,277 0.04

MAKITA CORP 1,100 595,176 0.03MARUBENI CORP 13,500 639,813 0.03MARUICHI STEEL TUBE LTD 3,500 914,304 0.04MATSUI SECURITIES CO LTD 4,600 307,231 0.01MATSUMOTOKIYOSHI HOLDINGS CO

LTD 2,159 834,832 0.04MAZDA MOTOR CORP 5,610 644,974 0.03MEIJI HOLDINGS CO LTD 1,048 631,330 0.03MITSUBISHI CORP 7,428 1,305,300 0.06MITSUBISHI ELECTRIC CORP 20,138 2,389,498 0.11MITSUBISHI ESTATE CO LTD 6,595 983,002 0.04MITSUBISHI MATERIALS CORP 5,000 1,328,550 0.06MITSUBISHI MOTORS CORP 15,724 664,365 0.03MITSUBISHI SHOKUHIN CO LTD 3,555 824,533 0.04MITSUBISHI UFJ FINANCIAL GROUP

INC 99,732 5,024,304 0.22MITSUI AND CO LTD 8,824 1,007,489 0.04MITSUI FUDOSAN CO LTD 5,575 1,005,423 0.04MIURA CO LTD 4,200 518,765 0.02MIZUHO FINANCIAL GROUP INC 172,795 2,504,689 0.11MOCHIDA PHARMACEUTICAL CO

LTD 1,700 947,940 0.04MS&AD INSURANCE GROUP

HOLDINGS INC 6,855 1,793,092 0.08MURATA MANUFACTURING CO LTD 879 924,239 0.04NEXON CO LTD 7,862 933,146 0.04NHK SPRING CO LTD 4,673 366,540 0.02NICHIREI CORP 3,481 550,883 0.02NIDEC CORP 937 685,233 0.03NIHON KOHDEN CORP 5,400 960,650 0.04NIKON CORP 2,600 327,054 0.01NINTENDO CO LTD 389 619,899 0.03NIPPO CORP 5,815 854,917 0.04NIPPON ELECTRIC GLASS CO LTD 8,000 358,967 0.02NIPPON KAYAKU CO LTD 9,229 939,547 0.04NIPPON SHOKUBAI CO LTD 1,800 966,481 0.04NIPPON STEEL & SUMITOMO METAL

CORP 6,558 1,236,945 0.05NIPPON TELEGRAPH AND

TELEPHONE CORP 5,666 1,944,474 0.09NIPRO CORP 11,500 1,001,909 0.04NISSAN MOTOR CO LTD 13,303 1,026,037 0.05

12

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


NITORI HOLDINGS CO LTD 691 601,064 0.03NOMURA HOLDINGS INC 29,789 1,444,453 0.06NORTH PACIFIC BANK LTD 38,424 1,205,029 0.05NTT DOCOMO INC 9,178 1,712,141 0.08OBIC BUSINESS CONSULTANTS CO

LTD 2,200 808,227 0.04OKUMA CORP 12,000 973,512 0.04OLYMPUS CORP 5,145 1,381,263 0.06ORACLE CORP JAPAN 2,220 967,060 0.04ORIENTAL LAND CO LTD 1,767 753,529 0.03ORIX CORP 13,256 1,559,658 0.07OSAKA GAS CO LTD 38,768 1,129,507 0.05OTSUKA HOLDINGS CO LTD 2,884 1,033,471 0.05PANASONIC CORP 8,555 694,917 0.03RESONA HOLDINGS INC 40,100 1,694,845 0.07ROHM CO LTD 2,600 1,297,464 0.06ROHTO PHARMACEUTICAL CO LTD 7,500 1,010,628 0.04SANKYO CO LTD 2,800 728,548 0.03SAWAI PHARMACEUTICAL CO LTD 1,800 734,476 0.03SCREEN HOLDING CO LTD 2,100 1,023,345 0.05SECOM CO LTD 1,700 956,845 0.04SEINO HOLDINGS CO LTD 11,300 1,016,418 0.04SEKISUI HOUSE LTD 4,908 618,562 0.03SEVEN & I HOLDINGS CO LTD 5,548 1,724,249 0.08SEVEN BANK LTD 14,400 321,581 0.01SHIGA BANK LTD 16,000 700,289 0.03SHIMACHU CO LTD 5,000 952,213 0.04SHIMAMURA CO LTD 1,160 1,182,523 0.05SHIMANO INC 416 510,670 0.02SHINETSU CHEMICAL CO LTD 1,805 1,212,639 0.05SHIONOGI & CO LTD 808 302,130 0.01SKY PERFECT JSAT HOLDINGS INC 14,100 493,704 0.02SKYLARK CO LTD 7,600 800,948 0.04SMC CORP 524 1,116,384 0.05SOFT BANK CORP 6,493 3,894,018 0.17SOMPO HOLDINGS INC 2,997 846,529 0.04SONY CORP 7,009 1,653,660 0.07SONY FINANCIAL HOLDINGS INC 4,800 629,598 0.03SQUARE ENIX HOLDINGS CO LTD 1,600 356,210 0.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

START TODAY CO LTD 11,400 1,668,162 0.07SUGI HOLDINGS CO LTD 2,000 723,724 0.03SUMITOMO CORP 9,800 956,473 0.04SUMITOMO ELECTRIC INDUSTRIES

LTD 7,100 806,245 0.04SUMITOMO FORESTRY CO LTD 9,569 1,022,967 0.05SUMITOMO HEAVY INDUSTRIES LTD 24,000 1,286,987 0.06SUMITOMO MITSUI FINANCIAL

GROUP INC 7,775 2,385,291 0.11SUMITOMO OSAKA CEMENT CO LTD 23,000 721,311 0.03SUMITOMO REAL ESTATE SALES CO

LTD 5,430 962,618 0.04SUMITOMO REALTY &

DEVELOPMENT CO LTD 4,332 914,873 0.04SUMITOMO RUBBER INDUSTRIES

LTD 8,500 1,034,063 0.05SURUGA BANK LTD 2,806 498,989 0.02SUZUKEN CO LTD 3,900 1,002,667 0.04SYSMEX CORP 1,315 612,711 0.03T&D HOLDINGS INC 14,725 1,708,645 0.08TADANO LTD 11,451 1,096,299 0.05TAIYO YUDEN CO LTD 3,500 333,154 0.01TAKEDA PHARMACEUTICAL CO LTD 3,823 1,244,794 0.06TERUMO CORP 1,500 431,132 0.02THE 77 BANK LTD 30,065 1,087,937 0.05THE AWA BANK LTD 17,883 868,986 0.04THE YOKOHAMA RUBBER CO LTD 2,488 341,090 0.02TOHO GAS CO LTD 17,869 1,038,272 0.05TOKIO MARINE HOLDINGS INC 5,490 1,790,229 0.08TOKYO ELECTRIC POWER CO INC 12,530 373,958 0.02TOKYO ELECTRON LTD 1,139 919,314 0.04TOKYO GAS CO LTD 34,267 1,180,472 0.05TOKYU CORP 10,000 572,775 0.03TONEN GENERAL SEKIYU KK 12,000 1,099,233 0.05TOYO SUISAN KAISHA LTD 3,388 941,091 0.04TOYOBO CO LTD 73,000 920,783 0.04TOYOTA MOTOR CORP 20,134 9,136,993 0.40TS TECH CO LTD 4,960 986,988 0.04UBE INDUSTRIES LTD 68,000 1,274,856 0.06WEST JAPAN RAILWAY CO 2,385 1,209,900 0.05YAMATO KOGYO CO LTD 5,100 1,188,147 0.05ZENKOKU HOSHO CO LTD 3,198 860,762 0.04

13

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


ZEON CORP 11,308 1,013,241 0.04

215,526,980 9.52

MalaysiaAMMB HOLDINGS BHD 110,604 887,375 0.04BERJAYA SPORTS TOTO BHD 77,650 398,547 0.02DIGI.COM BHD 39,300 341,464 0.02IHH HEALTHCARE BHD 30,400 335,494 0.01IJM CORPORATION BHD 151,600 879,018 0.04IOI CORP BHD 110,826 856,152 0.04MAXIS BHD 73,140 787,954 0.03MISC 24,800 318,874 0.01PETRONAS CHEMICALS GROUP BHD 28,700 358,461 0.02PETRONAS GAS BHD 7,278 266,203 0.01PUBLIC BANK BHD 28,480 1,002,782 0.04TENAGA NASIONAL BHD 53,958 1,266,576 0.06

7,698,900 0.34

NetherlandsAEGON NV 23,176 974,047 0.04AKZO NOBEL NV 940 494,936 0.02ASML HOLDING NV 1,594 1,502,398 0.07GEMALTO 2,300 1,036,854 0.04GRANDVISION NV 4,800 888,329 0.04HEINEKEN NV 2,185 1,268,459 0.06ING GROEP NV 17,942 1,993,505 0.09KONINKLIJKE AHOLD DELHAIZE NV 6,365 1,051,199 0.05KONINKLIJKE DSM NV 900 445,272 0.02ROYAL BOSKALIS WESTMINSTER NV 2,527 725,872 0.03UNILEVER NV 6,459 2,025,393 0.09

12,406,264 0.55

HoldingsMarket

value

%ofnet

assetvalue

HKD

NorwayDNB ASA 10,560 1,370,335 0.06MARINE HARVEST ASA 9,102 1,251,522 0.05STATOIL ASA 9,560 1,383,017 0.06YARA INTERNATIONAL ASA 4,004 1,312,557 0.06

5,317,431 0.23

PhilippinesMETROPOLITAN BANK AND TRUST

CO 63,000 800,570 0.04

Poland BANK MILLENNIUM SA 39,900 454,996 0.02BANK ZACHODNI WBK SA 990 661,426 0.03POLSKI KONCERN NAFTOWY ORLEN

SA 7,100 1,117,800 0.05

2,234,222 0.10

RussianFederation MAGNITOGORSK IRON & STEEL

WORK 126,600 645,096 0.03PUB JOIN STOCK SBERBANK OF

RUSSIA 56,700 1,260,504 0.06SURGUTNEFTEGAS 130,500 545,020 0.02

2,450,620 0.11

SingaporeCAPITALAND LTD 26,700 483,819 0.02COMFORTDELGRO CORP LTD 61,600 817,662 0.04DBS GROUP HOLDINGS LTD 11,402 1,191,309 0.05HONG KONG LAND HOLDINGS LTD 51,540 2,699,439 0.12JARDINE MATHESON HOLDINGS LTD 8,515 4,077,894 0.18JARDINE STRATEGIC HOLDINGS LTD 9,808 2,897,268 0.13KEPPEL CORPORATION LTD 15,000 509,744 0.02OVERSEA-CHINESE BANKING CORP

LTD 40,126 2,075,236 0.09SINGAPORE TELECOMMUNICATIONS

LTD 42,248 900,520 0.04

14

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


STARHUB LTD 35,652 583,198 0.02UNITED OVERSEAS BANK LTD 5,157 594,203 0.03VENTURE CORPORATION LTD 18,900 1,060,748 0.05WILMAR INTERNATIONAL LTD 19,100 408,170 0.02WING TAI HOLDINGS LTD 74,218 709,226 0.03YANGZIJIANG SHIPBUILDING

HOLDINGS LTD 197,907 877,472 0.04YANLORD LAND GROUP LTD 95,400 730,364 0.03

20,616,272 0.91

SouthKoreaAMOREPACIFIC CORP 180 380,990 0.02AMOREPACIFIC CORP PREFERENCE

SHARES 520 623,232 0.03BNK FINANCIAL GROUP INC 11,253 640,913 0.03CELLTRION INC 682 456,283 0.02CJ CHEILJEDANG CORP 170 402,390 0.02CJ KOREA EXPRESS CORP 710 772,730 0.03DAEWOO ENGINEERING &

CONSTRUCTION CO LTD 9,200 318,199 0.01DAEWOO INTERNATIONAL CORP 5,600 951,607 0.04DGB FINANCIAL GROUP INC 15,100 995,121 0.04DONGBU INSURANCE CO LTD 2,100 828,683 0.04E-MART INC 830 1,125,009 0.05HANA FINANCIAL GROUP INC 2,900 667,066 0.03HYOSUNG CORP 1,378 1,246,724 0.05HYUNDAI DEPARTMENT STORE CO

LTD 660 423,937 0.02HYUNDAI DEVELOPMENT CO

ENGINEERING & CONSTRUCTION 3,300 962,891 0.04HYUNDAI ENGINEERING &

CONSTRUCTION CO LTD 2,810 779,577 0.03HYUNDAI GLOVIS CO LTD 640 664,496 0.03HYUNDAI MIPO DOCKYARD CO LTD 1,100 421,586 0.02HYUNDAI MOBIS 890 1,438,094 0.06HYUNDAI MOTOR CO LTD 529 492,733 0.02HYUNDAI STEEL CO 3,018 1,172,800 0.05

HoldingsMarket

value

%ofnet

assetvalue

HKD

HYUNDAI WIA CORP 1,500 647,002 0.03KANGWON LAND INC 3,900 851,519 0.04KB FINANCIAL GROUP INC 5,212 1,635,626 0.07KIA MOTORS CORP 2,500 607,608 0.03KOREA ZINC CO LTD 290 948,803 0.04KT&G CORP 2,112 1,417,235 0.06LG DISPLAY CO LTD 5,291 1,082,805 0.05LG HAUSYS LTD 1,139 741,498 0.03LOTTE FINE CHEMICAL CO LTD 2,200 449,496 0.02NAVER CORP 255 1,290,599 0.06NHN ENTERTAINMENT CORP 1,800 636,986 0.03NONGSHIM CO LTD 350 743,151 0.03POSCO 470 850,450 0.04S1 CORP 1,551 870,943 0.04SAMSUNG ELECTRONIC CO LTD

PREFERENCE SHARES 156 1,636,374 0.07SAMSUNG ELECTRONICS CO LTD 856 11,276,717 0.50SAMSUNG FIRE & MARINE

INSURANCE CO LTD 190 341,262 0.02SAMSUNG SDI CO LTD 1,655 1,276,327 0.06SHINHAN FINANCIAL GROUP CO LTD 4,441 1,361,054 0.06SHINSEGAE CO LTD 650 763,850 0.03SK HOLDINGS CO LTD 330 477,039 0.02SK HYNIX INC 4,855 1,740,786 0.08SK INNOVATION CO LTD 590 618,491 0.03SKC CO LTD 4,501 933,152 0.04

48,963,834 2.16

SpainACCIONA SA 1,600 961,720 0.04ACERINOX SA 422 44,924 0.00AMADEUS IT GROUP SA 2,036 729,783 0.03BANCO BILBAO VIZCAYA

ARGENTARIA SA 32,102 1,689,181 0.07BANCO SANTANDER SA 66,129 2,855,258 0.13CORPORACION FINANCIERA ALBA

SA 2,100 763,905 0.03DISTRIBUIDORA INTERNACIONAL DE

ALIMENTACION SA 15,210 624,072 0.03IBERDROLA SA 12,115 592,680 0.03INDUSTRIA DE DISENO TEXTIL SA 2,335 597,882 0.03REPSOL SA 5,789 663,109 0.03

15

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


TELEFONICA SA 16,429 1,229,560 0.05ZARDOYA OTIS SA 8,906 582,516 0.03

11,334,590 0.50

SwedenALFA-LAVAL AB 8,300 1,202,355 0.05ATLAS COPCO AB-A SHARES 5,597 1,392,557 0.06ELECTROLUX AB SERIES B 5,700 1,176,338 0.05ERICSSON LM B SHARES 21,884 1,003,301 0.04GETINGE AB 5,700 715,416 0.03HENNES & MAURITZ AB B SHARES 5,946 1,319,469 0.06HUSQVARNA AB B SHARES 12,100 786,196 0.04INVESTMENT AB LATOUR 1,600 476,056 0.02INVESTOR AB B SHARES 4,315 1,336,338 0.06MELKER SCHORLING AB 1,358 657,550 0.03NORDEA BANK AB 14,507 1,361,091 0.06SKANDINAVISKA ENSKILDA BAN-A 14,288 1,246,058 0.06SKANSKA AB 6,300 1,196,710 0.05SKF AB B SHARES 8,200 1,281,035 0.06SVENSKA CELLULOSA AB SCA-B 3,042 710,149 0.03SVENSKA HANDELSBANKEN A

SHARES 7,078 820,518 0.04SWEDBANK AB A SHARES 6,109 1,198,929 0.05SWEDISH MATCH AB 4,167 1,052,671 0.05TELIASONERA AB 13,200 415,594 0.02VOLVO AB 7,900 783,977 0.03

20,132,308 0.89

SwitzerlandABB LTD 4,823 888,738 0.04ACTELION LTD 1,014 2,049,535 0.09ADECCO SA 568 314,489 0.01ARYZTA AG 2,900 619,458 0.03BALOISE HOLDING AG 1,100 1,098,704 0.05CIE FINANCIERE RICHEMONT 2,053 1,238,422 0.06

HoldingsMarket

value

%ofnet

assetvalue

HKD

CLARIANT AG 7,700 1,119,726 0.05CREDIT SUISSE GROUP AG 5,626 663,263 0.03GEBERIT AG 441 1,462,256 0.06KUEHNE & NAGEL 1,000 1,060,166 0.05LONZA GROUP AG 837 1,190,826 0.05NESTLE SA 13,826 7,861,747 0.35NOVARTIS LTD 9,478 5,400,566 0.24ROCHE HOLDING AG 3,455 6,331,231 0.28SIKA AG 35 1,427,253 0.06SONOVA HOLDING AG 1,100 1,128,118 0.05SULZER AG 1,100 966,340 0.04SWISS RE AG 2,191 1,587,034 0.07SWISSCOM AG 277 947,661 0.04SYNGENTA AG 422 1,393,946 0.06UBS GROUP AG 17,793 2,234,798 0.10ZURICH INSURANCE GROUP AG 968 2,158,304 0.10

43,142,581 1.91

TaiwanCATHAY REAL ESTATE

DEVELOPMENT CO LTD 102,000 480,447 0.02CHINA MOTOR CORP 100,000 709,199 0.03CHUNGHWA TELECOM CO LTD 36,000 908,962 0.04CTBC FINANCIAL HOLDING CO LTD 310,962 1,370,158 0.06DELTA ELECTRONICS INC 22,861 984,663 0.04E.SUN FINANCIAL HOLDING CO LTD 243,800 1,113,457 0.05ETERNAL MATERIALS CO LTD 91,800 771,482 0.04EVA AIRWAYS CORP 187,950 702,526 0.03FAR EASTONE

TELECOMMUNICATIONS CO LTD 53,000 976,095 0.04FORMOSA CHEMICALS & FIBRE

CORP 36,017 863,030 0.04FOXCONN TECHNOLOGY CO LTD 43,864 954,422 0.04FUBON FINANCIAL HOLDING CO LTD 129,840 1,626,306 0.07HON HAI PRECISION INDUSTRY CO

LTD 125,975 2,610,075 0.12HUA NAN FINANCIAL HOLDINGS CO

LTD 284,616 1,158,960 0.05LARGAN PRECISION CO LTD 1,000 1,101,547 0.05NAN YA PLASTICS CORP 52,312 951,770 0.04NOVATEK MICROELECTRONICS

CORP 33,000 902,650 0.04

16

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


SINOPAC FINANCIAL HOLDINGS CO LTD 448,000 1,022,474 0.05

TAIWAN FERTILIZER CO LTD 75,000 755,612 0.03TAIWAN SEMICONDUCTOR

MANUFACTURING CO 198,745 9,126,060 0.40TRANSCEND INFORMATION INC 20,000 423,291 0.02UNIMICRON TECHNOLOGY CORP 222,000 675,929 0.03

30,189,115 1.33

ThailandBANGKOK BANK PCL (FOREIG REG) 22,184 887,311 0.04BANGKOK LIFE ASSURANCE PCL 91,300 980,855 0.04CP ALL PUBLIC CO LTD (FOREIGN

REG) 47,800 637,298 0.03DELTA ELECTRONICS THAI PCL

(FOREIGN REG) 74,000 1,398,380 0.06GLOW ENERGY PCL (FOREIGN REG) 42,100 723,662 0.03INDORAMA VENTURES PCL 125,500 967,990 0.04KASIKORNBANK PCL (FOREIGN REG) 26,531 1,096,262 0.05PTT PCL (FOREIGN REG) 16,500 1,469,010 0.07

8,160,768 0.36

TurkeyFORD OTOMOTIV SANAYI 11,900 854,062 0.04TURK SISE VE CAM FABRIKALARI AS 102,100 847,764 0.04TURKIYE VAKIFLAR BANKASI T.A.O.

CLASS D 76,800 775,016 0.03

2,476,842 0.11

UnitedKingdom3I GROUP PLC 16,840 1,150,749 0.05ADMIRAL GROUP PLC 5,481 950,262 0.04AGGREKO PLC 7,270 714,668 0.03

HoldingsMarket

value

%ofnet

assetvalue

HKD

ANGLO AMERICAN PLC 12,997 1,722,992 0.08ASHMORE GROUP PLC 12,100 366,174 0.02ASHTEAD GROUP PLC 7,990 1,252,659 0.06ASSOCIATED BRITISH FOODS PLC 1,818 423,453 0.02ASTRAZENECA PLC 5,247 2,148,226 0.09AVIVA PLC 22,299 1,038,133 0.05BAE SYSTEMS PLC 9,431 535,823 0.02BARCLAYS PLC 38,979 835,039 0.04BELLWAY PLC 3,765 912,971 0.04BERKELEY GROUP HOLDINGS PLC 2,400 656,009 0.03BHP BILLITON PLC 9,642 1,353,055 0.06BOOKER GROUP PLC 55,900 1,112,132 0.05BP PLC 89,069 4,111,407 0.18BRITISH AMERICAN TOBACCO PLC 9,789 4,681,991 0.21BT GROUP PLC 44,291 1,313,758 0.06CENTRICA PLC 51,881 1,135,999 0.05COMPASS GROUP PLC 8,259 1,138,420 0.05DIAGEO PLC 12,449 2,677,861 0.12DIRECT LINE INSURANCE GROUP

PLC 29,247 1,013,562 0.04EASYJET PLC 4,418 409,723 0.02EXPERIAN PLC 4,921 734,516 0.03GLAXOSMITHKLINE PLC 22,983 3,428,235 0.15GLENCORE PLC 54,921 1,750,232 0.08HIKMA PHARMACEUTICALS PLC 3,586 638,522 0.03HOWDEN JOINERY GROUP PLC 21,700 799,470 0.04HSBC HOLDINGS PLC 75,978 5,016,860 0.22IMI PLC 6,299 716,986 0.03IMPERIAL TOBACCO GROUP PLC 4,350 1,559,947 0.07INCHCAPE PLC 14,500 1,015,618 0.04INTERCONTINENTAL HOTELS GROUP

PLC 3,479 1,249,806 0.06INTERNATIONAL CONSOLIDATED

AIRLINES GROUP SA 16,045 746,664 0.03J SAINSBURY PLC 33,567 845,093 0.04JOHNSON MATTHEY PLC 3,454 1,096,175 0.05KINGFISHER PLC 28,552 937,076 0.04LLOYDS BANKING GROUP PLC 283,634 1,797,812 0.08NATIONAL GRID PLC 21,541 1,950,805 0.09OLD MUTUAL PLC 52,018 1,054,704 0.05PERSIMMON PLC 5,329 1,003,502 0.04POLYMETAL INTERNATIONAL PLC 11,200 1,008,614 0.04PRUDENTIAL PLC 11,959 1,788,521 0.08RECKITT BENCKISER GROUP PLC 2,868 1,904,952 0.08

17

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


RIGHTMOVE PLC 2,100 824,111 0.04RIO TINTO PLC 10,903 3,715,663 0.16ROLLS-ROYCE HOLDINGS PLC 6,746 439,580 0.02ROYAL DUTCH SHELL PLC A SHARES 20,976 4,397,404 0.19ROYAL DUTCH SHELL PLC B SHARES 19,105 4,171,156 0.18ROYAL MAIL PLC 14,531 583,864 0.03SAGE GROUP PLC 16,500 987,381 0.04SHIRE PLC 4,292 1,834,952 0.08SKY PLC 3,794 370,742 0.02SMITH & NEPHEW PLC 10,339 1,193,998 0.05SSE PLC 5,247 762,687 0.03TAYLOR WIMPEY PLC 54,632 891,177 0.04TESCO PLC 42,700 811,169 0.04TRAVIS PERKINS PLC 7,000 992,897 0.04UNILEVER PLC 4,904 1,545,102 0.07VODAFONE GROUP PLC 112,679 2,137,805 0.09WILLIAM HILL PLC 22,575 570,559 0.03WOLSELEY PLC 1,300 622,730 0.03WPP PLC 9,442 1,699,673 0.07

91,251,826 4.03

UnitedStatesofAmerica3M CO 673 912,917 0.04ABBOTT LABORATORIES 4,992 1,617,947 0.07ABBVIE INC 3,865 1,832,682 0.08ACCENTURE PLC CLASS A 436 385,231 0.02ADVANSIX INC 59 11,761 0.00AETNA INC 1,489 1,370,381 0.06AFFILIATED MANAGERS GROUP INC 546 645,489 0.03AFLAC INC 2,240 1,216,492 0.05AGNC INVESTMENT CORP 6,000 869,202 0.04AIR PRODUCTS & CHEMICALS INC 410 444,623 0.02ALLEGHANY CORP 230 1,091,439 0.05ALLERGAN PLC 238 404,230 0.02ALLSTATE CORP 1,170 682,789 0.03ALLY FINANCIAL INC 6,900 1,130,755 0.05ALPHABET INC 432 2,670,871 0.12

HoldingsMarket

value

%ofnet

assetvalue

HKD

ALPHABET INC 566 3,602,104 0.16ALTRIA GROUP INC 4,189 2,313,629 0.10AMAZON.COM INC 731 4,670,848 0.21AMDOCS LTD 2,100 956,658 0.04AMEREN CORP 2,500 1,021,324 0.05AMERICAN AIRLINES GROUP INC 3,342 1,147,480 0.05AMERICAN ELECTRIC POWER CO

INC 958 476,187 0.02AMERICAN EXPRESS CO 2,921 1,731,157 0.08AMERICAN INTERNATIONAL GROUP

INC 1,071 534,018 0.02AMGEN INC 2,092 2,543,317 0.11ANTHEM INC 1,082 1,294,100 0.06APPLE INC 9,206 8,668,343 0.38APPLIED MATERIALS INC 2,300 611,243 0.03ARROW ELECTRONICS INC 1,208 689,125 0.03ASSURANT INC 720 542,639 0.02AT&T INC 10,223 3,344,293 0.15AUTOZONE INC 181 1,018,193 0.05AVNET INC 1,707 615,108 0.03AXIS CAPITAL HOLDINGS LTD 2,000 993,352 0.04BANK OF AMERICA CORP 13,945 2,449,742 0.11BB&T CORP 1,700 609,287 0.03BECTON DICKINSON & CO 430 591,532 0.03BED BATH & BEYOND INC 1,671 523,173 0.02BEMIS INC 2,300 869,482 0.04BERKSHIRE HATHAWAY INC CLASS A 1 1,908,648 0.08BERKSHIRE HATHAWAY INC CLASS B 1,887 2,403,320 0.11BEST BUY INC 3,365 1,162,427 0.05BIOGEN IDEC INC 447 961,587 0.04BLACKROCK INC 230 667,424 0.03BOEING CO 1,413 1,791,731 0.08BRISTOL MYERS SQUIBB CO 1,412 538,607 0.02BROADCOM LTD 552 854,491 0.04C.H. ROBINSON WORLDWIDE INC 1,176 694,047 0.03C.R. BARD INC 597 1,099,391 0.05CAMPBELL SOUP CO 605 292,133 0.01CAPITAL ONE FINANCIAL CORP 1,000 678,090 0.03CBRE GROUP INC CLASS A 3,301 777,629 0.03CELGENE CORP 1,494 1,346,465 0.06CENTURYLINK INC 4,836 970,376 0.04CHECK POINT SOFTWARE

TECHNOLOGIES LTD 1,400 1,072,947 0.05CHEVRON CORP 3,542 3,060,301 0.14

18

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


CHICAGO BRIDGE & IRON CO NV 100 25,769 0.00CHIPOTLE MEXICAN GRILL INC 330 1,079,133 0.05CHUBB LTD 950 969,263 0.04CISCO SYSTEMS INC 8,803 2,098,347 0.09CITIGROUP INC 4,845 2,098,876 0.09CNA FINANCIAL CORP 3,300 1,066,484 0.05COCA COLA CO 5,482 1,768,253 0.08COLGATE PALMOLIVE CO 1,757 880,431 0.04COMCAST CORP CLASS A 4,112 2,406,384 0.11CORE LABORATORIES NV 987 894,740 0.04COSTCO WHOLESALE CORP 896 1,139,842 0.05CSX CORP 670 241,171 0.01CUMMINS INC 790 901,155 0.04CVS HEALTH CORP 843 515,507 0.02D R HORTON INC 2,200 510,581 0.02DARDEN RESTAURANTS INC 1,800 1,023,489 0.05DELTA AIR LINES INC 2,300 843,069 0.04DENTSPLY SIRONA INC 2,200 967,901 0.04DISCOVER FINANCIAL SERVICES 760 408,551 0.02DISCOVERY COMMUNICATIONS INC

CLASS C 356 76,544 0.00DOVER CORP 1,800 1,085,921 0.05DOW CHEMICAL CO 2,718 1,257,592 0.06DST SYSTEMS INC 810 723,726 0.03E.I. DU PONT DE NEMOURS AND CO 1,056 618,637 0.03EBAY INC 2,100 518,658 0.02ELI LILLY & CO 567 338,897 0.02ENTERGY CORP 1,761 978,904 0.04EOG RESOURCES INC 812 640,014 0.03EVEREST RE GROUP LTD 439 749,160 0.03EXELON CORP 4,550 1,266,745 0.06EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 1,749 706,783 0.03EXPRESS SCRIPTS HOLDINGS CO 1,300 694,803 0.03EXXON MOBIL CORP 7,817 5,088,334 0.22F5 NETWORKS INC 989 1,028,546 0.05FACEBOOK INC CLASS A 3,485 3,524,027 0.16FASTENAL CO 2,800 1,079,357 0.05FIRST SOLAR INC 2,200 532,431 0.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

FIRSTENERGY CORP 2,000 470,527 0.02FLEX LTD 9,300 1,130,778 0.05FLOWSERVE CORP 2,600 991,769 0.04FLUOR CORP 1,983 853,967 0.04FNF GROUP 3,600 987,734 0.04FOOT LOCKER INC 1,790 951,968 0.04FORD MOTOR CO 15,186 1,456,422 0.06FRANKLIN RESOURCES INC 1,901 586,186 0.03FRONTIER COMMUNICATIONS CORP 15,195 411,483 0.02GAP INC 4,899 875,441 0.04GENERAL ELECTRIC CO 14,162 3,263,671 0.14GENERAL MILLS INC 925 448,444 0.02GENERAL MOTORS CO 3,000 852,209 0.04GENTEX CORP 6,204 1,005,624 0.04GENUINE PARTS CO 1,400 1,051,656 0.05GILEAD SCIENCES INC 3,292 1,850,647 0.08GOODYEAR TIRE & RUBR CO 3,700 929,904 0.04H&R BLOCK INC 3,495 581,972 0.03HARRIS CORP 678 540,341 0.02HARTFORD FINANCIAL SERVICES

GROUP INC 3,223 1,218,158 0.05HCA HOLDINGS INC 1,556 969,264 0.04HELMERICH & PAYNE INC 1,814 1,001,610 0.04HERBALIFE LTD 510 222,398 0.01HEWLETT PACKARD ENTERPRISE CO 7,842 1,380,051 0.06HOLOGIC INC 3,400 1,069,254 0.05HONEYWELL INTERNATIONAL INC 1,390 1,276,140 0.06HP INC 5,273 615,772 0.03ILLINOIS TOOL WORKS INC 895 883,355 0.04INGREDION INC 960 954,884 0.04INTEL CORP 11,349 3,242,401 0.14INTERNATIONAL BUSINESS

MACHINES CORP 1,581 2,140,930 0.09INTERNATIONAL FLAVORS &

FRAGRANCE INC 350 318,316 0.01INTERPUBLIC GROUP OF COS INC 2,807 512,495 0.02J B HUNT TRANSPORT SERVICES INC 1,400 1,076,315 0.05JABIL CIRCUIT INC 4,300 800,098 0.04JACOBS ENGINEERING GROUP INC 738 335,281 0.01JAZZ PHARMACEUTICALS PLC 800 756,816 0.03JOHNSON & JOHNSON 5,056 4,442,942 0.20JPMORGAN CHASE & CO 6,828 4,483,769 0.20JUNIPER NETWORKS INC 4,000 831,182 0.04KEYSIGHT TECHNOLOGIES INC 3,042 874,998 0.04

19

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


KIMBERLY CLARK CORP 470 441,748 0.02KLA-TENCOR CORP 576 380,389 0.02KRAFT HEINZ CO 2,072 1,435,549 0.06KROGER CO 2,152 567,068 0.03L BRANDS INC 1,221 570,440 0.03LAM RESEARCH CORP 1,400 1,247,734 0.06LEVEL 3 COMMUNICATIONS INC 2,493 1,150,198 0.05LIBERTY GLOBAL PLC SERIES C 848 231,153 0.01LIBERTY SIRIUSXM GROUP 3,500 974,691 0.04LINEAR TECHNOLOGY CORP 2,497 1,223,150 0.05LKQ CORP 1,900 470,442 0.02LOWE’S COMPANIES INC 648 367,451 0.02LYONDELLBASELL INDUSTRIES NV 1,427 1,032,741 0.05M&T BANK CORP 280 353,202 0.02MALLINCKRODT PLC 1,000 378,113 0.02MARATHON PETROLEUM CORP 2,584 963,410 0.04MARRIOTT INTERNATIONAL INC

CLASS A 1,761 1,155,993 0.05MARVELL TECHNOLOGY GROUP LTD 10,500 1,211,506 0.05MASTERCARD INCORPORATED A

SHRS 938 773,898 0.03MAXIM INTEGRATED PRODS INC 3,300 1,138,948 0.05MCDONALD’S CORP 2,238 2,128,480 0.09MCKESSON CORP 480 518,262 0.02MEDTRONIC PLC 2,572 1,517,135 0.07MERCK & CO INC 4,087 1,965,856 0.09MICHAEL KORS HOLDINGS LTD 2,780 923,454 0.04MICRON TECHNOLOGY INC 4,928 921,920 0.04MICROSOFT CORP 14,373 7,210,100 0.32MONSANTO CO 900 756,374 0.03MOODY’S CORP 948 762,582 0.03MOSAIC CO 2,600 632,868 0.03NEWMONT MINING CORP 1,900 534,867 0.02NISOURCE INC 5,200 902,599 0.04NORTHROP GRUMMAN CORP 708 1,258,478 0.06NVIDIA CORP 950 804,808 0.04NVR INC 62 893,846 0.04OCCIDENTAL PETROLEUM CORP 1,600 841,362 0.04

HoldingsMarket

value

%ofnet

assetvalue

HKD

OLD REPUBLIC INTERNATIONAL CORP 3,400 548,741 0.02

ORACLE CORP 6,045 1,881,370 0.08PATTERSON COS INC 1,489 480,748 0.02PAYPAL HOLDINGS INC 18 5,556 0.00PEPSICO INC 2,437 1,962,432 0.09PFIZER INC 8,912 2,194,172 0.10PHILIP MORRIS INTERNATIONAL INC 3,155 2,353,334 0.10PHILLIPS 66 1,868 1,183,038 0.05PINNACLE WEST CAPITAL CORP 1,151 693,314 0.03PNC FINANCIAL SERVICES GROUP

INC 959 896,369 0.04POLARIS INDUSTRIES INC 797 519,906 0.02PPL CORP 3,018 815,873 0.04PRAXAIR INC 550 505,460 0.02PRICELINE GROUP INC 74 904,427 0.04PROCTER & GAMBLE CO 3,318 2,255,308 0.10PRUDENTIAL FINANCIAL INC 950 774,806 0.03PUBLIC SERVICE ENTERPRISE

GROUP 2,489 854,601 0.04PULTEGROUP INC 6,000 1,001,422 0.04QIAGEN NV 5,296 1,185,075 0.05QORVO INC 2,190 1,091,119 0.05QUALCOMM INC 1,523 631,408 0.03RALPH LAUREN CORP 480 329,356 0.01RAYTHEON CO 948 1,060,421 0.05RENAISSANCERE HOLDINGS LTD 300 317,326 0.01RESMED INC 800 419,253 0.02ROCKWELL COLLINS INC 1,132 797,198 0.04ROSS STORES INC 2,140 1,097,757 0.05SAFEWAY PDC LLC CVR (Casa Ley) 740 - -SAFEWAY PDC LLC CVR (PDC) 740 - -SANTANDER CONSUMER USA

HOLDINGS INC 10,900 1,118,107 0.05SCANA CORP 2,044 1,089,590 0.05SCHLUMBERGER LTD 1,746 1,134,088 0.05SKYWORKS SOLUTIONS INC 1,986 1,413,720 0.06SNAP-ON INC 760 1,070,502 0.05SOUTHERN CO 2,944 1,129,155 0.05STANLEY BLACK & DECKER INC 510 490,701 0.02STAPLES INC 7,900 563,950 0.02STARBUCKS CORP 3,962 1,697,603 0.08STRYKER CORP 1,545 1,480,902 0.07SUNTRUST BANKS INC 2,939 1,295,765 0.06

20

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


SYMANTEC CORP 6,870 1,468,601 0.06SYNCHRONY FINANCIAL 5,183 1,440,563 0.06T. ROWE PRICE GROUP INC 560 293,043 0.01TE CONNECTIVITY LTD 2,246 1,295,735 0.06TECHNIPFMC LTD 4,424 1,126,283 0.05TECHNIPFMC LTD 3,270 853,043 0.04TEGNA INC 1,900 337,757 0.01TESLA MOTORS INC 128 250,216 0.01TESORO CORP 1,300 815,546 0.04TEXAS INSTRUMENTS INC 3,070 1,799,454 0.08THE HOME DEPOT INC 2,178 2,325,083 0.10THE PROGRESSIVE CORP 4,507 1,309,329 0.06THE TRAVELERS COS INC 1,405 1,284,024 0.06THE WALT DISNEY CO 2,219 1,905,171 0.08THERMO FISHER SCIENTIFIC INC 820 969,607 0.04TIFFANY & CO 1,850 1,130,010 0.05TIME WARNER INC 1,877 1,410,552 0.06TJX COS INC 2,541 1,477,161 0.07TRACTOR SUPPLY CO 780 445,872 0.02TRANSOCEAN LTD 8,700 943,064 0.04TWENTY-FIRST CENTURY FOX INC

CLASS B 955 229,790 0.01TYSON FOODS INC CLASS A 969 472,106 0.02U.S. BANCORP 3,179 1,298,716 0.06UNION PACIFIC CORP 1,800 1,488,585 0.07UNITED CONTINENTAL HOLDINGS

INC 1,130 617,886 0.03UNITED PARCEL SERVICE INC CLASS

B 1,334 1,129,602 0.05UNITED RENTALS INC 1,728 1,696,266 0.07UNITEDHEALTH GROUP INC 1,733 2,179,751 0.10UNIVERSAL HEALTH SERVICES INC

CLASS B 1,016 887,919 0.04VALERO ENERGY CORP 2,347 1,197,568 0.05VAREX IMAGING CORP 384 85,663 0.00VARIAN MEDICAL SYSTEMS INC 961 579,015 0.03VERISIGN INC 1,681 1,046,216 0.05VERIZON COMMUNICATIONS INC 7,926 3,014,145 0.13VISA INC CLASS A 3,429 2,200,649 0.10

HoldingsMarket

value

%ofnet

assetvalue

HKD

VOYA FINANCIAL INC 3,600 1,123,492 0.05W. R. BERKLEY CORP 2,132 1,111,851 0.05W. W. GRAINGER INC 260 509,543 0.02WALGREENS BOOTS ALLIANCE INC 1,151 731,807 0.03WAL-MART STORES INC 2,797 1,448,452 0.06WASTE CONNECTIONS INC 800 498,461 0.02WATERS CORP 890 978,210 0.04WELLS FARGO & CO 8,697 3,801,321 0.17WESTERN UNION CO 5,911 898,047 0.04WESTINGHOUSE AIR BRAKE

TECHNOLOGIES CORP 800 537,816 0.02WESTLAKE CHEMICAL CORP 2,151 1,033,300 0.05WYNDHAM WORLDWIDE CORP 1,800 1,104,218 0.05XEROX CORP 5,900 317,257 0.01XILINX INC 2,600 1,174,145 0.05XL GROUP LTD 3,600 1,049,468 0.05YUM BRANDS INC 958 487,114 0.02YUM CHINA HOLDINGS INC 958 204,271 0.01ZIMMER BIOMET HOLDINGS INC 761 698,723 0.03

303,374,129 13.40

Equities (Total) 1,593,838,843 70.41

Debtsecurities

BondsListed investments

AUSTRALIA (GOVERNMENT OF) 5.25% 15 MARCH 2019 602,000 3,800,342 0.17

AUSTRIA (REPUBLIC OF) 3.9% 15 JULY 2020 701,000 6,761,994 0.30

AUSTRIA (REPUBLIC OF) 4.65% 15 JANUARY 2018 113,000 995,000 0.04

BELGIUM (KINGDOM OF) 2.6% 22 JUNE 2024 592,000 5,748,434 0.25

BELGIUM (KINGDOM OF) 4% 28 MARCH 2019 161,000 1,482,026 0.07

BONOS Y OBLIG DEL ESTADO 5.15% 31 OCTOBER 2044 168,000 2,035,981 0.09

CANADA (GOVERNMENT OF) 1.5% 1 JUNE 2026 200,000 1,164,245 0.05

21

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Debtsecurities


DENMARK (KINGDOM OF) 1.5% 15 NOVEMBER 2023 1,479,000 1,825,154 0.08

EUROPEAN INVESTMENT BANK 1.4% 20 JUNE 2017 107,700,000 7,473,517 0.33

FRANCE (GOVERNMENT OF) 5.75% 25 OCTOBER 2032 369,000 4,956,913 0.22

FRANCE (GOVERNMENT OF) OAT 4.25% 25 OCTOBER 2023 1,354,000 14,302,643 0.63

FRANCE REPUBLIC OF (GOVERNMENT) 0.5% 25 MAY 2025 590,000 4,852,966 0.21

FRANCE REPUBLIC OF (GOVERNMENT) 3.25% 25 MAY 2045 290,000 3,083,843 0.14

GERMANY (REPUBLIC OF) 3.25% 4 JULY 2042 460,000 5,714,423 0.25

GERMANY FEDERAL REPUBLIC OF (GOVERNMENT) 0.5% 15 FEBRUARY 2026 615,000 5,262,564 0.23

ITALY (REPUBLIC OF) 4% 1 FEBRUARY 2037 753,000 7,280,140 0.32

ITALY (REPUBLIC OF) 4.5% 1 FEBRUARY 2018 967,000 8,486,921 0.38

ITALY (REPUBLIC OF) 4.5% 1 MARCH 2024 236,000 2,349,293 0.10

ITALY (REPUBLIC OF) 5.5% 1 NOVEMBER 2022 279,000 2,884,658 0.13

ITALY REPUBLIC OF (GOVERNMENT) 2% 1 DECEMBER 2025 510,000 4,242,151 0.19

JAPAN (GOVERNMENT OF) 0.3% 20 DECEMBER 2025 125,000,000 8,802,977 0.39

JAPAN GOVERNMENT 10 YEAR BOND #328 0.6% 20 MARCH 2023 103,600,000 7,428,653 0.33

JAPAN GOVERNMENT 10YR BOND #300 1.5% 20 MARCH 2019 93,000,000 6,641,464 0.29

JAPAN GOVERNMENT 10YR BOND #318 1% 20 SEPTEMBER 2021 94,050,000 6,810,055 0.30

JAPAN GOVERNMENT 20 YEAR BOND #150 1.4% 20 SEPTEMBER 2034 179,600,000 14,209,495 0.63

HoldingsMarket

value

%ofnet

assetvalue

HKD


JAPAN GOVERNMENT 20YR BOND #39 2.6% 20 MARCH 2018 135,750,000 9,662,021 0.43


MEXICO (UNITED STATES OF) 8% 11 JUNE 2020 44,250 1,723,478 0.08

NETHERLANDS (GOVERNMENT OF) 3.75% 15 JANUARY 2042 173,000 2,270,790 0.10

NETHERLANDS (GOVERNMENT OF) 4% 15 JULY 2018 277,000 2,480,695 0.11

NORWAY (GOVERNMENT OF) 4.5% 22 MAY 2019 520,000 533,110 0.02

SOUTH AFRICA (REPUBLIC OF) 10.5% 21 DECEMBER 2026 1,191,000 760,508 0.03

SPAIN (GOVERNMENT OF) 4.1% 30 JULY 2018 1,159,000 10,351,719 0.46

SPAIN (GOVERNMENT OF) 4.4% 31 OCTOBER 2023 340,000 3,494,312 0.15

SPAIN (GOVERNMENT OF) 5.75% 30 JULY 2032 113,000 1,396,398 0.06

SWEDEN (GOVERNMENT OF) 4.25% 12 MARCH 2019 1,445,000 1,413,577 0.06

SWITZERLAND (GOVERNMENT OF) 3% 8 JANUARY 2018 77,000 628,155 0.03

UK TREASURY 1.25% 22 JULY 2018 502,000 4,981,304 0.22UK TREASURY 4% 7 MARCH 2022 203,000 2,310,457 0.10UK TREASURY 4.25% 7 MARCH 2036 933,000 12,456,531 0.55US TREASURY NOTES 1.5% 31

AUGUST 2018 2,310,400 18,045,550 0.80US TREASURY NOTES 2% 31

OCTOBER 2021 1,015,000 7,907,120 0.35US TREASURY NOTES 2.125% 31

AUGUST 2020 2,262,000 17,846,463 0.79US TREASURY NOTES 2.5% 15 MAY

2024 2,408,000 18,967,702 0.84US TREASURY NOTES 3% 15

NOVEMBER 2044 1,089,000 8,348,269 0.37US TREASURY NOTES 4.375% 15

FEBRUARY 2038 2,115,000 20,374,031 0.90

22

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Debtsecurities


XTRA FINANCE CORP 5.15% 1 APRIL 2017 506,000 3,953,185 0.18

322,078,116 14.23

Unlisted but quoted investments

AUSTRALIA COMMONWEALTH OF (GOVERNMENT) 3.25% 21 APRIL 2025 465,000 2,872,837 0.13

BELGIUM (KINGDOM OF) 1% 22 JUN 2031 55,000 440,902 0.02

BONOS Y OBLIG DEL ESTADO 3.8% 30 APRIL 2024 100,000 994,247 0.04

CANADA (GOVERNMENT OF) 4% 1 JUNE 2017 434,000 2,612,605 0.12



GERMANY (REPUBLIC OF) 4% 4 JANUARY 2018 1,495,000 13,086,463 0.58

ITALY (REPUBLIC OF) 5.25% 1 NOVEMBER 2029 75,000 811,281 0.04

ITALY REPUBLIC OF (GOVERNMENT) 0.7% 1 MAY 2020 1,251,000 10,594,467 0.47

POLAND REPUBLIC OF (GOVERNMENT) 5.25% 25 OCTOBER 2020 681,000 1,440,460 0.06

SPAIN KINGDOM OF (GOVERNMENT) 1.15% 30 JULY 2020 456,000 3,963,103 0.17

UK OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 3.25% 22 JANUARY 2044 343,000 4,182,293 0.18

US TREASURY NOTES 0.625% 30 JUNE 2017 3,600,000 27,940,207 1.23

US TREASURY NOTES 1.75% 15 MAY 2022 950,000 7,279,816 0.32

HoldingsMarket

value

%ofnet

assetvalue

HKD

US TREASURY NOTES 4.25% 15 NOVEMBER 2017 1,700,000 13,546,946 0.60

94,811,441 4.19

Debt securities (Total) 416,889,557 18.42

UnitTrustsListed investments

AMERICAN TOWER CORP 1,006 807,911 0.03DUKE REALTY CORP 5,600 1,057,196 0.05HOSPITALITY PROPERTIES TRUST 3,586 866,193 0.04IRON MOUNTAIN INC 2,992 831,132 0.04KIMCO REALTY CORP 3,438 663,982 0.03LINK REIT 69,382 3,687,653 0.16PUBLIC STORAGE 649 1,082,701 0.05SIMON PROPERTY GROUP INC 823 1,173,545 0.05WEYERHAEUSER CO 2,942 715,202 0.03

10,885,515 0.48


HSBC POOLED INVESTMENT FUND – HSBC POOLED ASIAN BOND FUND CLASS W 11,412,079 130,724,226 5.78

Unit trusts (Total) 141,609,741 6.26

RightsIBERDROLA SA RTS (JAN 2017) 3 3 0.00

Rights (Total) 3 0.00

Totalfinancialassets 2,152,338,144 95.09

23

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialliabilities

Derivativeliabilities

Foreign currency forward contracts (872,938) (0.04)

Totalfinancialliabilities (872,938) (0.04)

Totalinvestments(Total cost of investments: $2,028,183,930) 2,151,465,206 95.05

Othernetassets 111,991,462 4.95

Totalnetassets 2,263,456,668 100.00

24

Statement of Movements in Portfolio Holdings

HSBCManagedBalancedFundfor the period from 1 August 2016 to 31 January 2017

%ofnetasset

value31January2017

%ofnetasset

value31July2016

Financialassets

Equities

Listed investmentsAustralia 2.83 2.90Austria 0.17 0.15Belgium 0.28 0.38Canada 1.09 0.93Denmark 0.38 0.44Finland 0.38 0.42France 2.06 2.25Germany 2.12 1.72Greece 0.08 0.07Hong Kong 22.84 22.63India 0.74 –Indonesia 0.39 0.27Ireland 0.10 0.13Italy 0.46 0.60Japan 9.52 9.98Malaysia 0.34 0.39Netherlands 0.55 0.46New Zealand – 0.02Norway 0.23 0.27Philippines 0.04 0.04Poland 0.10 0.08Russian Federation 0.11 –Singapore 0.91 0.99South Korea 2.16 2.23Spain 0.50 0.46Sweden 0.89 0.70Switzerland 1.91 1.97Taiwan 1.33 1.49Thailand 0.36 0.30Turkey 0.11 –United Kingdom 4.03 4.13United States of America 13.40 13.30

70.41 69.70

25


HSBCManagedBalancedFundfor the period from 1 August 2016 to 31 January 2017

%ofnetasset

value31January2017

%ofnetasset

value31July2016

BondsListed investments 14.23 12.57Unlisted but quoted investments 4.19 –

18.42 12.57

UnitTrustsListed investments 0.48 0.57Unlisted but quoted investments 5.78 9.06

6.26 9.63

Rights – –

Financialliabilities

Derivativeliabilities

Foreign currency forward contracts (0.04) (0.03)

Totalinvestments 95.05 91.87Othernetassets 4.95 8.13

Totalnetassets 100.00 100.00

26

Performance Record


(a) Pricerecord(Dealingnetassetvalueperunit)

“A”classincomeunits Bid Offer

Year Lowest Highest Lowest HighestHKD HKD HKD HKD

2007 20.99 26.99 22.15 28.482008 24.00 29.60 25.33 31.232009 14.62 24.28 15.42 25.622010 20.87 23.89 22.01 25.202011 21.89 25.86 23.09 27.282012 20.45 24.99 21.57 26.362013 22.02 25.87 23.23 27.292014 24.36 27.15 25.69 28.642015 25.24 28.12 26.63 29.672016 22.66 26.38 23.91 27.831 August 2016 to 31 January 2017 25.22 26.44 26.61 27.89

“L”classincomeunits Bid Offer


2007 25.38 28.40 25.38 28.402008 25.66 31.24 25.66 31.242009 16.60 26.21 16.60 26.212010 23.04 26.37 23.04 26.372011 24.36 28.83 24.36 28.832012 23.03 28.13 23.03 28.132013 25.06 29.49 25.06 29.492014 28.04 31.20 28.04 31.202015 30.61 30.99 30.61 30.992016 – – – –

Providentclassunits Bid Offer



27

Performance Record

AccumulationUnits Bid Offer



(b) Totalnetassetvalue

31January2017HKD

2016HKD

2015HKD

2014HKD

Total net asset value 2,263,456,668 2,307,123,710 2,359,456,259 2,246,677,977

(c) Netassetvalueperunit

31January2017HKD

2016HKD

2015HKD

2014HKD

Net asset value per unit– “A” class income units 26.28 25.58 26.37 26.84– “L” class income units – – – 31.05– Provident class units 32.60 31.61 32.17 32.50– Accumulation units 14.27 13.88 14.27 14.51

28

Distribution Disclosure


AClass

DateofDistribution

DateofPayment

DistributionPerUnit

TotalDistribution

HKD HKD

2016 Yearly Distribution 29 July 2016 12 August 2016 0.14 1,965,981.81

29


HSBC Managed Growth Fund

Market review

In the 6 months period ended January 2017, the fund delivered a positive return mainly driven by the favorable performance of equities amid the recent data releases which continue to show economic strength. Despite the recent stabilization, bond markets have been generally weak in the face of solid growth and increasing inflation together with the background of a zero return for global government bonds during the period inducing a negative return.



HSBC Global Asset Management (Hong Kong) Limited31 January 2017

30



31 January 2017 31 July 2016HKD HKD


2,940,269,777 3,122,183,198

LIABILITIESFinancial liabilities at fair value through profit or loss – 617,093Redemptions payable 10,850,676 11,086,472Amounts due to brokers 223,578 34,614,616Distributions payable – 1,589,251Other payables 3,391,399 3,514,413

14,465,653 51,421,845

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2,925,804,124 3,070,761,353

Representing:Financial liabilities 2,925,804,124 3,070,761,353

Units UnitsTotal number of units in issue

"A" class income units 11,549,799 12,225,006


HKD HKDNet asset value per unit

"A" class income units 19.43 18.46


31

Portfolio Statement

HSBC Managed Growth Fundas at 31 January 2017

HoldingsMarket

value

% of net

asset value

HKD


AustraliaADELAIDE BRIGHTON LTD 48,400 1,459,716 0.05AGL ENERGY LTD 11,704 1,558,101 0.05AMCOR LTD 28,088 2,365,973 0.08ANSELL LTD 12,162 1,703,609 0.06ANZ BANKING GROUP LTD 41,947 7,237,245 0.25ARISTOCRAT LEISURE LTD 9,800 882,069 0.03ASX LTD 7,736 2,273,437 0.08AURIZON HOLDINGS LTD 69,537 2,052,138 0.07AUSNET SERVICES LTD 167,846 1,562,144 0.05BHP BILLITON LTD 42,553 6,677,553 0.23BRAMBLES LTD 26,839 1,645,773 0.06C.S.R. LTD 21,100 548,118 0.02CALTEX AUSTRALIA LTD 4,300 724,415 0.02COCHLEAR LTD 860 634,091 0.02COMMONWEALTH BANK OF

AUSTRALIA 23,249 11,183,214 0.38CSL LTD 6,619 4,378,497 0.15DULUXGROUP LTD 41,359 1,478,808 0.05FLIGHT CENTRE TRAVEL GROUP LTD 8,479 1,495,373 0.05FORTESCUE METALS GROUP LTD 63,097 2,475,346 0.08INCITEC PIVOT LTD 336 7,620 0.00IOOF HOLDINGS LTD 33,600 1,801,083 0.06JAMES HARDIE INDUSTRIES PLC 8,000 974,526 0.03MACQUARIE GROUP LTD 4,903 2,443,347 0.08MEDIBANK PRIVATE LTD 45,771 727,959 0.02METCASH LTD 141,100 1,753,729 0.06NATIONAL AUSTRALIA BANK LTD 36,934 6,598,599 0.23NEWCREST MINING LTD 12,755 1,617,624 0.05ORIGIN ENERGY LTD 26,400 1,102,562 0.04OZ MINERALS LTD 46,400 2,454,411 0.08PERPETUAL LTD 5,800 1,598,920 0.05PLATINUM INVESTMENT

MANAGEMENT LTD 49,800 1,463,804 0.05QANTAS AIRWAYS LTD 55,700 1,118,826 0.04RAMSAY HEALTH CARE LTD 5,126 2,017,010 0.07REA GROUP LTD ORD NPV 4,499 1,392,914 0.05SEVEN WEST MEDIA LTD 280,800 1,339,785 0.05SONIC HEALTHCARE LTD 17,001 2,085,010 0.07SOUTH32 LTD 83,800 1,357,468 0.05SUNCORP GROUP LTD 10,600 813,586 0.03

HoldingsMarket

value

% of net

asset value

HKD

TABCORP HOLDINGS LTD 53,038 1,480,875 0.05TELSTRA CORP LTD 86,299 2,541,726 0.09WESFARMERS LTD 13,183 3,126,374 0.11WESTPAC BANKING CORP 45,089 8,422,089 0.29WOODSIDE PETROLEUM LTD 15,108 2,808,646 0.10WOOLWORTHS 9,941 1,440,516 0.05

104,824,629 3.58

AustriaERSTE GROUP BANK AG 6,800 1,604,588 0.06TELEKOM AUSTRIA AG 27,400 1,311,490 0.04VIENNA INSURANCE GROUP AG

WIENER VERSICHERUNG GRUPPE 8,300 1,567,042 0.05VOESTALPINE AG 6,300 2,070,890 0.07

6,554,010 0.22

BelgiumANHEUSER-BUSCH INBEV SA 4,777 3,851,546 0.13BPOST SA 6,000 1,125,506 0.04ETABLISSEMENTEN FRANZ

COLRUYT NV 2,700 1,025,181 0.03KBC GROEP NV 4,596 2,313,164 0.08PROXIMUS SA 5,400 1,202,913 0.04SOFINA 530 558,208 0.02

10,076,518 0.34

CanadaARC RESOURCES LTD 13,147 1,584,465 0.05BANK OF MONTREAL 2,511 1,470,975 0.05BANK OF NOVA SCOTIA 4,549 2,105,248 0.07BCE INC 4,619 1,612,579 0.06BROOKFIELD ASSET MANAGEMENT

INC CLASS A 3,100 830,243 0.03CANADIAN IMPERIAL BANK OF

COMMERCE 2,767 1,824,816 0.06CANADIAN NATIONAL RAILWAY CO 2,373 1,277,289 0.04CANADIAN NATURAL RESOURCES

LTD 4,568 1,069,526 0.04

32

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


CANADIAN UTILITIES LTD CLASS A 5,152 1,135,737 0.04CENOVUS ENERGY INC 14,638 1,547,233 0.05CI FINANCIAL CORP 4,766 771,532 0.03CRESCENT POINT ENERGY CORP 15,000 1,354,278 0.05ENBRIDGE INC 3,230 1,064,985 0.04GOLDCORP INC 7,600 951,679 0.03GREAT-WEST LIFECO INC 3,900 827,708 0.03IMPERIAL OIL LTD 4,408 1,122,312 0.04INTACT FINANCIAL CORP 2,488 1,406,860 0.05INTER PIPELINE LTD 7,822 1,313,729 0.04METRO INC 5,897 1,387,359 0.05POTASH CORP OF SASKATCHEWAN

INC 10,950 1,577,756 0.05POWER CORPORATION OF CANADA 6,900 1,253,738 0.04ROGERS COMMUNICATIONS INC

CLASS B 4,538 1,524,613 0.05ROYAL BANK OF CANADA 4,933 2,746,834 0.09SHAW COMMUNICATIONS INC

CLASS B 11 1,838 0.00SUNCOR ENERGY INC 6,132 1,472,938 0.05TORONTO-DOMINION BANK 6,065 2,433,247 0.08TOURMALINE OIL CORP 7,700 1,394,058 0.05TRANSCANADA CORP 6,031 2,203,525 0.08TURQUOISE HILL RESOURCES LTD 53,300 1,494,098 0.05

40,761,198 1.39

DenmarkCOLOPLAST A/S 3,000 1,666,923 0.06DANSKE BANK A/S 6,846 1,769,964 0.06DSV A/S 5,770 2,175,532 0.07ISS A/S 5,659 1,561,339 0.05NOVO NORDISK A/S 13,285 3,705,823 0.13PANDORA A/S 970 985,964 0.03TRYG A/S 7,100 1,052,707 0.04VESTAS WIND SYSTEMS A/S 1,956 1,062,133 0.04

13,980,385 0.48

HoldingsMarket

value

% of net

asset value

HKD

FinlandELISA OYJ 4,600 1,204,648 0.04FORTUM OYJ 12,212 1,514,557 0.05KONE OYJ-B 3,159 1,109,926 0.04METSO OYJ 5,477 1,307,098 0.04NOKIA OYJ 52,563 1,829,190 0.06NOKIAN RENKAAT OYJ 5,672 1,651,378 0.06ORION OYJ CLASS B 5,574 2,015,470 0.07STORA ENSO OYJ R SHARES 18,344 1,618,230 0.06UPM-KYMMENE OYJ 4,300 757,213 0.03WARTSILA ABP OYJ 2,500 973,770 0.03

13,981,480 0.48

FranceAIR LIQUIDE SA 1,532 1,284,663 0.04AIRBUS GROUP SE 2,200 1,157,807 0.04ATOS SE 990 817,632 0.03AXA SA 15,524 2,957,621 0.10BIOMERIEUX SA 1,400 1,717,524 0.06BNP PARIBAS SA 6,999 3,473,293 0.12BOUYGUES SA 6,800 1,919,062 0.07BUREAU VERITAS SA 7,900 1,200,372 0.04CARREFOUR SA 9,307 1,768,090 0.06CNP ASSURANCES SA 12,300 1,793,124 0.06COMPAGNIE DE SAINT-GOBAIN SA 6,331 2,415,540 0.08CREDIT AGRICOLE SA 9,900 1,018,200 0.03DANONE SA 4,655 2,263,619 0.08EDENRED SA 3,277 554,122 0.02ELECTRICITE DE FRANCE SA 17,407 1,331,218 0.05ENGIE SA 19,064 1,768,870 0.06ESSILOR INTERNATIONAL SA 1,706 1,550,739 0.05EULER HERMES GROUP SA 1,770 1,240,675 0.04EURAZEO SA 3,000 1,433,422 0.05EUTELSAT COMMUNICATIONS SA 5,100 674,637 0.02FAURECIA SA 4,000 1,347,555 0.05LEGRAND SA 2,347 1,058,435 0.04L’OREAL SA 1,819 2,567,889 0.09LVMH MOET HENNESSY LOUIS

VUITTON SE 1,032 1,614,812 0.05MICHELIN (CIE GENERALE DES

ETABLISSEMENTS) 2,796 2,330,058 0.08ORANGE SA 15,746 1,891,452 0.06

33

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


PEUGEOT SA 11,469 1,654,187 0.06PUBLICIS GROUPE SA 3,630 1,934,733 0.07RENAULT SA 1,200 839,023 0.03SAFRAN SA 4,115 2,163,555 0.07SANOFI SA 8,666 5,413,114 0.18SCHNEIDER ELECTRIC SE 4,408 2,447,717 0.08SCOR SE 3,000 788,785 0.03SEB SA 2,039 1,992,783 0.07SOCIETE BIC SA 1,500 1,522,603 0.05SOCIETE GENERALE DE PARIS SA 8,126 3,083,713 0.10THALES SA 3,031 2,205,647 0.08TOTAL SA 16,533 6,468,848 0.22VALEO SA 4,904 2,324,252 0.08VINCI SA 5,136 2,795,119 0.10

78,784,510 2.69

GermanyADIDAS AG 1,700 2,076,299 0.07ALLIANZ SE 3,039 4,008,906 0.14BASF SE 6,746 5,041,410 0.17BAYER AG 4,451 3,810,071 0.13BAYERISCHE MOTOREN WERKE AG 2,836 2,001,677 0.07BRENNTAG AG 3,469 1,570,828 0.05CONTINENTAL AG 949 1,437,987 0.05DAIMLER AG 6,319 3,690,838 0.13DEUTSCHE BOERSE AG 1,700 1,215,130 0.04DEUTSCHE LUFTHANSA AG 12,400 1,282,600 0.04DEUTSCHE POST AG 7,984 2,072,439 0.07DEUTSCHE TELEKOM AG 23,230 3,147,901 0.11DEUTSCHE WOHNEN AG 2,900 732,946 0.02EMS-CHEMIE HOLDING AG 410 1,644,517 0.06EVONIK INDUSTRIES AG 7,200 1,810,067 0.06FIELMANN AG 2,700 1,463,510 0.05FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 3,100 1,436,492 0.05FRESENIUS MEDICAL CARE AG & CO

KGAA 3,438 2,170,569 0.07FUCHS PETROLUB SE 2,445 801,242 0.03FUCHS PETROLUB SE PREFERENCE

SHARES 3,814 1,352,536 0.05

HoldingsMarket

value

% of net

asset value

HKD

GEA GROUP AG 6,100 1,957,321 0.07HANNOVER RUECK 2,200 1,875,256 0.06HEIDELBERGER ZEMENT AG 1,200 896,983 0.03HENKEL AG & CO KGAA

PREFERENCE SHARES 2,248 2,124,471 0.07HUGO BOSS AG 1,700 849,622 0.03INFINEON TECHNOLOGIES AG 18,457 2,629,572 0.09K+S AG 8,508 1,672,305 0.06KION GROUP 3,700 1,746,790 0.06LINDE AG 1,583 1,996,255 0.07MUENCHENER

RUECKVERSICHERUNGS-GESELLSCHAFT AG 1,635 2,379,731 0.08

OSRAM LICHT AG 4,100 1,843,836 0.06PROSIEBENSAT.1 MEDIA SE 4,596 1,513,847 0.05RATIONAL AG 380 1,338,331 0.05SAP SE 7,039 4,995,349 0.17SIEMENS AG 3,698 3,645,189 0.12SUEDZUCKER AG 2,800 572,899 0.02TALANX AG 5,400 1,438,831 0.05THYSSENKRUPP AG 3,500 685,307 0.02UNITED INTERNET AG 4,300 1,395,256 0.05VOLKSWAGEN AG PREFERENCE

SHARES 853 1,029,296 0.04VONOVIA SE 4,100 1,040,703 0.04

80,395,115 2.75


MANUFACTURING AND TECHNICAL SA 4,900 728,099 0.02

JUMBO SA 10,400 1,133,724 0.04MOTOR OIL HELLAS CORINTH

REFINERIES SA 9,300 1,037,206 0.04

2,899,029 0.10

Hong KongAAC TECHNOLOGIES HOLDINGS INC 52,126 4,170,080 0.14AGILE GROUP HOLDINGS LTD 342,306 1,423,993 0.05

34

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


AGRICULTURAL BANK OF CHINA LTD H SHARES 1,894,736 6,176,839 0.21

AIA GROUP LTD 899,125 43,427,737 1.48AIR CHINA LTD H SHARES 146,000 817,600 0.03ALUMINUM CORP OF CHINA LTD 320,000 1,286,400 0.04ANHUI CONCH CEMENT CO LTD H

SHARES 116,334 2,925,800 0.10ANTA SPORTS PRODUCTS LTD 71,241 1,766,777 0.06ASM PACIFIC TECHNOLOGY LTD 19,400 1,833,300 0.06AVICHINA INDUSTRY &

TECHNOLOGY CO LTD 197,000 1,126,840 0.04BANK OF CHINA LTD H SHARES 5,737,666 20,311,338 0.69BANK OF COMMUNICATIONS CO

LTD H SHARES 567,441 3,262,786 0.11BANK OF EAST ASIA LTD 130,034 4,323,630 0.15BEIJING CAPITAL INTERNATIONAL

AIRPORT CO LTD H SHARES 133,010 1,002,895 0.03BEIJING JINGNENG CLEAN ENERGY

CO LTD H SHARES 746,000 1,730,720 0.06BELLE INTERNATIONAL HOLDINGS

LTD 584,756 2,783,439 0.09BOC HONG KONG HOLDINGS LTD 278,081 8,676,127 0.30BRILLIANCE CHINA AUTOMOTIVE

HOLDINGS LTD 210,636 2,312,783 0.08BYD CO LTD 51,000 2,203,200 0.08CATHAY PACIFIC AIRWAYS LTD 88,999 938,049 0.03CGN POWER CO LTD H SHARES 503,909 1,108,600 0.04CHEUNG KONG INFRASTRUCTURE

HOLDINGS LTD 49,659 3,106,170 0.11CHEUNG KONG PROPERTY

HOLDINGS LTD 214,465 11,023,501 0.38CHINA BLUECHEMICAL LTD 458,000 1,236,600 0.04CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 790,382 2,134,031 0.07CHINA CITIC BANK CORP LTD H

SHARES 635,139 3,258,263 0.11CHINA COMMUNICATIONS

CONSTRUCTION CO LTD H SHARES 315,964 2,973,221 0.10

CHINA CONCH VENTURE HOLDINGS LTD 195,395 2,919,201 0.10

HoldingsMarket

value

% of net

asset value

HKD


CHINA DONGXIANG (GROUP) CO LTD 1,272,000 1,844,400 0.06CHINA EVERBRIGHT BANK CO LTD H

SHARES 287,537 1,078,264 0.04CHINA EVERBRIGHT INTERNATIONAL

LTD 84,812 802,322 0.03CHINA EVERBRIGHT LTD 131,054 1,952,705 0.07CHINA EVERGRANDE GROUP 464,580 2,522,669 0.09CHINA GALAXY SECURITIES CO H

SHARES 296,553 2,150,009 0.07CHINA GAS HOLDINGS LTD 138,834 1,563,271 0.05CHINA HONGQIAO GROUP LTD 309,053 2,472,424 0.08CHINA INTERNATIONAL CAPITAL CO

LTD 57,200 617,760 0.02CHINA JINMAO HOLDINGS GROUP




LTD 108,000 1,373,760 0.05CHINA MENGNIU DAIRY CO LTD 169,724 2,474,576 0.08CHINA MERCHANTS BANK CO LTD H

SHARES 285,509 5,595,976 0.19CHINA MERCHANTS HOLDINGS

INTERNATIONAL CO LTD 34,703 723,558 0.02CHINA MINSHENG BANKING CORP

LTD H SHARES 497,052 4,264,706 0.15CHINA MOBILE LTD 409,317 35,958,498 1.23CHINA NATIONAL BUILDING

MATERIAL CO LTD H SHARES 230,000 1,048,800 0.04CHINA NATIONAL MATERIALS CO

LTD 729,000 1,487,160 0.05CHINA OVERSEAS LAND &


CO LTD H SHARES 196,684 5,467,815 0.19CHINA PETROLEUM & CHEMICAL

CORP H SHARES 1,944,838 12,077,444 0.41CHINA POWER INTERNATIONAL

DEVELOPMENT LTD 633,000 1,778,730 0.06

35

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


CHINA RAILWAY CONSTRUCTION CORP H SHARES 239,987 2,596,659 0.09

CHINA RAILWAY GROUP LTD H SHARES 325,504 2,229,702 0.08


CHINA RESOURCES BEER HOLDINGS CO LTD 68,666 1,084,923 0.04

CHINA RESOURCES CEMENT HOLDINGS LTD 390,175 1,408,532 0.05

CHINA RESOURCES GAS GROUP LTD 54,000 1,328,400 0.05CHINA RESOURCES LAND LTD 173,942 3,364,038 0.11CHINA RESOURCES POWER

HOLDINGS CO LTD 188,294 2,526,905 0.09CHINA SHENHUA ENERGY CO LTD H

SHARES 259,097 4,285,464 0.15CHINA SOUTH CITY HOLDINGS LTD 442,000 738,140 0.02CHINA SOUTHERN AIRLINES CO LTD

H SHARES 318,614 1,427,391 0.05CHINA STATE CONSTRUCTION

INTERNATIONAL HOLDINGS LTD 212,680 2,696,782 0.09CHINA TAIPING INSURANCE

HOLDINGS CO LTD 179,852 3,079,066 0.10CHINA TELECOM CORP LTD H

SHARES 1,010,301 3,728,011 0.13CHINA TRAVEL INTERNATIONAL

INVESTMENT HONG KONG LTD 828,000 1,805,040 0.06CHINA UNICOM HONG KONG LTD 382,876 3,530,117 0.12CHINA VANKE CO LTD H SHARES 145,080 2,872,584 0.10CHINA ZHONGWANG HOLDINGS LTD 451,061 1,551,650 0.05CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 514,548 2,444,103 0.08CHOW TAI FOOK JEWELLERY GROUP

LTD 87,600 579,912 0.02CIMC ENRIC HOLDINGS LTD 193,647 842,364 0.03CITIC PACIFIC LTD 444,272 5,126,899 0.17CITIC SECURITIES CO LTD H SHARES 138,191 2,197,237 0.07CK HUTCHISON HOLDINGS LTD 196,877 18,398,156 0.63CLP HOLDINGS LTD 117,477 8,910,630 0.30CNOOC LTD 1,226,073 12,064,558 0.41COSCO PACIFIC LTD 304,063 2,353,448 0.08

HoldingsMarket

value

% of net

asset value

HKD

COUNTRY GARDEN HOLDINGS CO LTD 690,183 3,078,216 0.11

CRRC CORP LTD H SHARES 306,108 2,323,360 0.08CSPC PHARMACEUTICAL GROUP

LTD 318,504 2,790,095 0.10DAH SING BANKING GROUP LTD 74,400 1,130,880 0.04DAH SING FINANCIAL HOLDINGS LTD 12,000 721,200 0.02DALI FOODS GROUP CO LTD 493,500 2,117,115 0.07DONGFENG MOTOR GROUP CO LTD

H SHARES 346,306 2,863,951 0.10ENN ENERGY HOLDINGS LTD 68,065 2,613,696 0.09FIRST PACIFIC CO LTD 340,350 2,008,065 0.07FOSUN INTERNATIONAL LTD 79,589 942,334 0.03FULLSHARE HOLDINGS LTD 442,499 1,451,397 0.05FUYAO GLASS INDUSTRY GROUP H


LTD 162,570 6,039,476 0.21GCL POLY ENERGY HOLDINGS LTD 2,244,682 2,267,129 0.08GEELY AUTOMOBILE HOLDINGS LTD 371,316 3,427,247 0.12GF SECURITIES CO LTD 78,800 1,314,384 0.04GOLDEN EAGLE RETAIL GROUP LTD 163,328 1,835,807 0.06GREAT EAGLE HOLDINGS LTD 22,000 777,700 0.03GREAT WALL MOTOR CO LTD H

SHARES 251,431 1,971,219 0.07GUANGDONG INVESTMENT LTD 187,603 1,810,369 0.06GUANGZHOU AUTOMOBILE GROUP

CO LTD H SHARES 188,000 1,996,560 0.07GUANGZHOU R&F PROPERTIES CO

LTD H SHARES 84,109 839,408 0.03HAIER ELECTRONICS GROUP CO LTD 182,505 2,500,319 0.09HAITIAN INTERNATIONAL HOLDINGS

LTD 111,494 1,763,835 0.06HAITONG INTERNATIONAL


SHARES 187,071 2,618,994 0.09HANERGY THIN FILM POWER GROUP

LTD 978,017 – –HANG LUNG PROPERTIES LTD 202,625 3,890,400 0.13HANG SENG BANK LTD 51,102 8,120,108 0.28HENDERSON LAND DEVELOPMENT

CO LTD 95,461 4,109,596 0.14

36

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


HENGAN INTERNATIONAL GROUP CO LTD 51,774 3,300,593 0.11

HONG KONG AND CHINA GAS CO LTD 555,419 8,142,443 0.28

HONG KONG EXCHANGES AND CLEARING LTD 89,623 16,911,860 0.58

HOPEWELL HIGHWAY INFRASTRUCTURE LTD 148,000 606,800 0.02

HOPEWELL HOLDINGS LTD 87,433 2,430,637 0.08HSBC HOLDINGS PLC 1,265,165 84,449,764 2.89HUATAI SECURITIES CO LTD H

SHARES 110,600 1,665,636 0.06HYSAN DEVELOPMENT CO LTD 67,768 2,405,764 0.08INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LTD H SHARES 5,491,594 26,249,819 0.90JIANGSU EXPRESSWAY CO LTD H

SHARES 201,625 1,961,811 0.07JIANGXI COPPER CO LTD H SHARES 104,000 1,399,840 0.05JOHNSON ELECTRIC HOLDINGS LTD 31,296 647,827 0.02KERRY LOGISTICS NETWORK LTD 49,000 491,960 0.02KERRY PROPERTIES LTD 115,356 2,543,600 0.09KINGBOARD CHEMICAL HOLDINGS

LTD 59,000 1,581,200 0.05KINGBOARD LAMINATES HOLDINGS

LTD 81,500 697,640 0.02KINGSOFT CORP LTD 70,000 1,142,400 0.04KUNLUN ENERGY CO LTD 232,504 1,446,175 0.05KWG PROPERTY HOLDING LTD 402,789 1,804,495 0.06LEE & MAN PAPER MANUFACTURING

LTD 324,000 2,271,240 0.08LEGEND HOLDINGS CORP 79,300 1,398,852 0.05LENOVO GROUP LTD 753,271 3,849,215 0.13LI & FUNG LTD 771,866 2,608,907 0.09LONGFOR PROPERTIES CO LTD 118,340 1,327,775 0.05MGM CHINA HOLDINGS LTD 60,400 914,456 0.03MINTH GROUP LTD 42,000 1,058,400 0.04MTR CORP LTD 101,930 4,036,428 0.14NEW CHINA LIFE INSURANCE CO

LTD H SHARES 65,406 2,465,806 0.08NEW WORLD DEVELOPMENT CO

LTD 428,160 3,853,440 0.13

HoldingsMarket

value

% of net

asset value

HKD

NINE DRAGONS PAPER HOLDINGS LTD 129,000 1,158,420 0.04

NWS HOLDINGS LTD 124,383 1,738,874 0.06PCCW LTD 150,234 709,104 0.02PEOPLE’S INSURANCE GROUP OF

CHINA CO LTD H SHARES 813,524 2,473,113 0.08PETROCHINA CO LTD H SHARES 1,253,223 7,795,047 0.27PICC PROPERTY & CASUALTY CO

LTD 453,625 5,361,848 0.18PING AN INSURANCE (GROUP) CO


LTD H SHARES 141,800 1,107,458 0.04SA SA INTERNATIONAL HOLDINGS

LTD 394,031 1,221,496 0.04SAMSONITE INTERNATIONAL SA 49,094 1,202,803 0.04SANDS CHINA LTD 184,029 6,349,001 0.22SHANDONG WEIGAO GROUP

MEDICAL POLYMER CO LTD 436,000 2,219,240 0.08SHANGHAI PHARMACEUTICALS

HOLDING CO LTD H SHARES 53,399 1,060,504 0.04SHENGJING BANK CO LTD H SHARES 157,500 1,223,775 0.04SHENZHEN EXPRESSWAY CO LTD 260,000 1,846,000 0.06SHENZHEN INTERNATIONAL

HOLDINGS LTD 198,705 2,221,522 0.08SHENZHEN INVESTMENT LTD 656,393 2,080,766 0.07SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 48,900 2,349,645 0.08SHIMAO PROPERTY HOLDINGS LTD 173,109 1,807,258 0.06SINO BIOPHARMACEUTICAL LTD 144,073 886,049 0.03SINO LAND CO LTD 312,692 4,033,727 0.14SINO-OCEAN GROUP HOLDING LTD 319,436 1,073,305 0.04SINOPEC ENGINEERING GROUP CO

LTD 242,500 1,527,750 0.05SINOPEC SHANGHAI

PETROCHEMICAL CO LTD 550,000 2,651,000 0.09SINOPHARM GROUP CO LTD H

SHARES 87,151 3,102,576 0.11SINOTRANS LTD H SHARES 414,679 1,343,560 0.05SJM HOLDINGS LTD 262,108 1,625,070 0.06SUN HUNG KAI PROPERTIES LTD 105,910 11,374,734 0.39SUNAC CHINA HOLDINGS LTD 337,000 2,332,040 0.08SWIRE PACIFIC LTD CLASS A 38,313 3,032,474 0.10

37

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


SWIRE PROPERTIES LTD 99,509 2,179,247 0.07TECHTRONIC INDUSTRIES CO LTD 93,158 2,505,950 0.09TELEVISION BROADCASTS LTD 53,600 1,597,280 0.05TENCENT HOLDINGS LTD 418,167 85,473,335 2.92TEXWINCA HOLDINGS LTD 282,000 1,404,360 0.05THE WHARF (HOLDINGS) LTD 107,963 6,321,234 0.22TRAVELSKY TECHNOLOGY LTD H

SHARES 145,999 2,554,983 0.09WANT WANT CHINA HOLDINGS LTD 595,074 3,308,611 0.11WEICHAI POWER CO LTD H SHARES 78,000 1,076,400 0.04WH GROUP LTD 467,500 2,767,600 0.09WHEELOCK AND CO LTD 83,021 3,931,044 0.13WYNN MACAU LTD 116,000 1,654,160 0.06XINYI GLASS HOLDINGS LTD 156,000 1,093,560 0.04XINYI SOLAR HOLDINGS LTD 208,000 559,520 0.02YANZHOU COAL MINING CO LTD H


LTD 58,373 1,657,793 0.06YUEXIU PROPERTY CO LTD 534,000 608,760 0.02ZHUZHOU CSR TIMES ELECTRIC CO


SHARES 496,000 1,299,520 0.04ZTE CORP H SHARES 60,200 729,624 0.02

853,894,291 29.19

IndiaADANI ENTERPRISES LTD 123,600 1,232,658 0.04BAJAJ AUTO LTD 5,400 1,757,542 0.06BHARAT PETROLEUM CORP LTD 10,000 778,851 0.03BHARTI AIRTEL LTD 14,600 581,419 0.02CASTROL INDIA LTD 31,900 1,476,493 0.05HERO MOTOCORP LTD 5,300 1,925,541 0.07HOUSING DEVELOPMENT FINANCE

CORP LTD 23,500 3,664,230 0.13ICICI BANK LTD 29,900 919,025 0.03INDIAN OIL CORP LTD 15,000 622,910 0.02INFOSYS LIMITED 28,600 3,041,981 0.10

HoldingsMarket

value

% of net

asset value

HKD

ITC LTD 43,600 1,287,259 0.04LARSEN AND TOUBRO LTD 3,400 559,736 0.02MAHINDRA & MAHINDRA LTD 4,600 652,412 0.02MARUTI SUZUKI INDIA LTD 1,500 1,012,146 0.04NTPC LTD 29,900 592,108 0.02OIL & NATURAL GAS CORP LTD 46,500 1,073,202 0.04OIL INDIA LTD 26,200 986,435 0.03RELIANCE INDUSTRIES LTD 24,000 2,861,507 0.10RELIANCE INFRASTRUCTURE 25,300 1,490,168 0.05STATE BANK OF INDIA 23,400 695,552 0.02SUN PHARMACEUTICAL INDUSTRIES

LTD 16,700 1,204,229 0.04TATA MOTORS LTD 15,300 913,418 0.03UNION BANK OF INDIA 86,300 1,408,453 0.05

30,737,275 1.05

IndonesiaASTRA AGRO LESTARI TBK PT 97,660 895,259 0.03ASTRA INTERNATIONAL TBK PT 303,500 1,402,131 0.05BANK CENTRAL ASIA TBK PT 170,416 1,515,181 0.05BANK MANDIRI (PERSERO) TBK PT 154,996 981,770 0.04BANK RAKYAT INDONESIA

(PERSERO) TBK PT 313,552 2,136,413 0.07CHAROEN POKPHAND INDONESIA

TBK 702,800 1,266,066 0.04GUDANG GARAM 43,400 1,557,362 0.05INDOFOOD CBP SUKSES MAKMUR

TBK PT 296,600 1,447,815 0.05TELEKOMUNIKASI INDONESIA

PERSERO TBK 1,131,830 2,545,393 0.09

13,747,390 0.47

IrelandCRH PLC 7,400 2,001,023 0.07GLANBIA PLC 10,600 1,391,076 0.05KERRY GROUP PLC-A 1,271 693,836 0.02

4,085,935 0.14

38

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


ItalyASSICURAZIONI GENERALI SPA 21,091 2,606,905 0.09ENEL SPA 33,161 1,074,472 0.04ENI SPA 9,754 1,162,271 0.04FIAT CHRYSLER AUTOMOBILES NV 32,343 2,739,253 0.09INTESA SANPAOLO SPA 124,547 2,266,332 0.08ITALGAS SPA 4,092 120,784 0.00PRYSMIAN SPA 8,100 1,634,222 0.06SNAM SPA 62,362 1,840,743 0.06STMICROELECTRONICS NV 31,714 3,243,122 0.11UNICREDIT SPA 3,765 794,340 0.03UNIPOLSAI SPA 32,176 519,660 0.02

18,002,104 0.62

JapanABC-MART INC 3,400 1,537,327 0.05AISIN SEIKI CO LTD 2,900 1,033,408 0.04AJINOMOTO CO INC 8,802 1,352,002 0.05ALFRESA HOLDINGS CORP 7,726 987,830 0.03AMADA HOLDINGS CO LTD 22,700 2,079,382 0.07ASAHI GROUP HOLDINGS LTD 8,802 2,408,548 0.08ASTELLAS PHARMA INC 27,013 2,817,985 0.10AUTOBACS SEVEN CO LTD 13,200 1,592,192 0.05AZBIL CORP 2,400 563,264 0.02BRIDGESTONE CORP 9,020 2,575,757 0.09CANON INC 9,350 2,155,714 0.07CANON MARKETING JAPAN INC 10,300 1,530,627 0.05CENTRAL JAPAN RAILWAY CO 2,721 3,426,498 0.12CHIYODA CORP 17,000 891,696 0.03CHUBU ELECTRIC POWER CO INC 19,100 1,978,681 0.07CHUGAI PHARMACEUTICAL CO LTD 3,032 689,646 0.02CITIZEN HOLDINGS CO LTD 36,400 1,766,271 0.06COCA-COLA WEST CO LTD 8,300 1,873,582 0.06COLOPL INC 7,600 511,790 0.02CONCORDIA FINANCIAL GROUP LTD 16,900 696,813 0.02CYBERAGENT INC 7,400 1,427,638 0.05DAI NIPPON PRINTING CO LTD 10,000 791,960 0.03DAICEL CORP 15,941 1,375,635 0.05DAIDO STEEL CO LTD 55,000 1,944,748 0.07

HoldingsMarket

value

% of net

asset value

HKD

DAI-ICHI LIFE INSURANCE CO LTD 20,000 2,842,510 0.10DAIICHI SANKYO CO LTD 10,134 1,763,355 0.06DAIKIN INDUSTRIES LTD 2,088 1,615,475 0.06DAIKYO INC 78,208 1,250,612 0.04DAITO TRUST CONSTRUCTION CO

LTD 1,845 2,007,992 0.07DAIWA HOUSE INDUSTRY CO LTD 3,858 814,769 0.03DAIWA SECURITIES GROUP INC 10,736 535,383 0.02DENA CO LTD 2,049 357,169 0.01DENKI KAGAKU KOGYO KK 50,000 1,916,144 0.07DENSO CORP 6,794 2,295,058 0.08DISCO CORP 1,791 1,782,568 0.06DMG MORI CO LTD 10,500 1,120,324 0.04DOWA HOLDINGS CO LTD 34,560 2,289,183 0.08EAST JAPAN RAILWAY CO 4,565 3,218,843 0.11EISAI CO LTD 2,001 857,179 0.03EXEDY CORP 3,800 801,472 0.03FANUC CORP 2,227 3,402,290 0.12FUJI HEAVY INDUSTRIES LTD 11,883 3,718,479 0.13FUJIFILM HOLDINGS CORP 3,732 1,125,390 0.04FUJITSU GENERAL LTD 5,000 763,701 0.03GUNGHO ONLINE ENTERTAINMENT

INC 32,300 545,446 0.02HANKYU HANSHIN HOLDINGS INC 4,000 1,055,947 0.04HASEKO CORP 20,136 1,729,317 0.06HEIWA CORP 7,432 1,395,392 0.05HINO MOTORS LTD 13,730 1,130,894 0.04HITACHI LTD 32,153 1,435,198 0.05HITACHI METALS LTD 12,846 1,386,574 0.05HONDA MOTOR CO LTD 24,243 5,659,590 0.19HOYA CORP 6,339 2,150,531 0.07IBIDEN CO LTD 15,900 1,764,438 0.06INPEX CORP 13,100 1,002,705 0.03ITOCHU CORP 20,015 2,146,587 0.07JAFCO CO LTD 4,010 1,055,823 0.04JAPAN AIRLINES CO LTD 6,063 1,505,271 0.05JAPAN AVIATION ELECTRONICS

INDUSTRY LTD 8,000 762,046 0.03JAPAN EXCHANGE GROUP INC 13,692 1,590,194 0.05JAPAN PETROLEUM EXPLORATION

CO LTD 9,100 1,591,902 0.05JAPAN POST BANK CO LTD 5,800 549,685 0.02JAPAN TOBACCO INC 11,980 3,005,672 0.10JTEKT CORP 15,400 1,974,318 0.07

39

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


KAKAKU.COM INC 11,347 1,598,620 0.05KAKEN PHARMACEUTICAL CO LTD 2,934 1,156,750 0.04KAO CORP 6,308 2,427,408 0.08KDDI CORP 26,954 5,629,233 0.19KEIYO BANK LTD 30,670 1,099,260 0.04KEYENCE CORP 1,428 4,317,966 0.15KINTETSU GROUP HOLDINGS CO

LTD 24,000 717,934 0.02KISSEI PHARMACEUTICAL CO LTD 7,900 1,501,230 0.05KOBAYASHI PHARMACEUTICAL CO

LTD 5,000 1,733,490 0.06KOEI TEMCO HOLDINGS CO LTD 10,000 1,320,623 0.05KOMATSU LTD 6,607 1,226,833 0.04KOMERI CO LTD 7,700 1,412,274 0.05KONAMI HOLDINGS CORP 6,100 1,900,429 0.06K’S HOLDINGS CORP 11,800 1,656,748 0.06KUBOTA CORP 16,916 2,098,715 0.07KURARAY CO LTD 16,584 2,048,381 0.07KURITA WATER INDUSTRIES LTD 4,900 905,137 0.03KYOCERA CORP 4,707 1,908,975 0.07KYORIN HOLDINGS INC 7,374 1,253,371 0.04KYUDENKO CORP 6,000 1,267,550 0.04LAWSON INC 2,774 1,575,495 0.05LEOPALACE21 CORP 24,000 1,071,938 0.04LINTEC CORP 9,500 1,653,364 0.06MAEDA ROAD CONSTRUCTION CO

LTD 9,780 1,315,163 0.05MAKITA CORP 1,700 919,818 0.03MARUBENI CORP 22,600 1,071,094 0.04MARUICHI STEEL TUBE LTD 5,900 1,541,255 0.05MATSUI SECURITIES CO LTD 7,726 516,014 0.02MATSUMOTOKIYOSHI HOLDINGS CO

LTD 4,140 1,600,835 0.05MAZDA MOTOR CORP 11,051 1,270,519 0.04MEIJI HOLDINGS CO LTD 1,952 1,175,911 0.04MITSUBISHI CORP 10,839 1,904,705 0.07MITSUBISHI ELECTRIC CORP 32,032 3,800,795 0.13MITSUBISHI ESTATE CO LTD 10,670 1,590,391 0.05MITSUBISHI MATERIALS CORP 7,700 2,045,966 0.07MITSUBISHI MOTORS CORP 23,558 995,365 0.03MITSUBISHI SHOKUHIN CO LTD 5,063 1,174,293 0.04

HoldingsMarket

value

% of net

asset value

HKD

MITSUBISHI UFJ FINANCIAL GROUP INC 166,183 8,371,975 0.29

MITSUI AND CO LTD 11,475 1,310,170 0.04MITSUI FUDOSAN CO LTD 7,298 1,316,158 0.05MIURA CO LTD 7,000 864,608 0.03MIZUHO FINANCIAL GROUP INC 276,960 4,014,576 0.14MOCHIDA PHARMACEUTICAL CO

LTD 2,278 1,270,240 0.04MS&AD INSURANCE GROUP

HOLDINGS INC 11,654 3,048,388 0.10MURATA MANUFACTURING CO LTD 1,434 1,507,803 0.05NAGOYA RAILROAD CO LTD 2,000 76,646 0.00NEXON CO LTD 13,206 1,567,429 0.05NHK SPRING CO LTD 12,491 979,767 0.03NICHIREI CORP 8,313 1,315,567 0.05NIDEC CORP 1,716 1,254,920 0.04NIHON KOHDEN CORP 8,165 1,452,538 0.05NIKON CORP 4,300 540,897 0.02NINTENDO CO LTD 771 1,228,643 0.04NIPPO CORP 8,802 1,294,064 0.04NIPPON ELECTRIC GLASS CO LTD 12,000 538,450 0.02NIPPON KAYAKU CO LTD 12,692 1,292,093 0.04NIPPON SHOKUBAI CO LTD 3,400 1,825,575 0.06NIPPON STEEL & SUMITOMO METAL

CORP 11,592 2,186,438 0.07NIPPON TELEGRAPH AND

TELEPHONE CORP 9,126 3,131,886 0.11NIPRO CORP 19,400 1,690,177 0.06NISHI-NIPPON RAILROAD CO LTD 7,824 269,639 0.01NISSAN MOTOR CO LTD 26,617 2,052,923 0.07NITORI HOLDINGS CO LTD 1,100 956,831 0.03NOMURA HOLDINGS INC 48,346 2,344,272 0.08NORTH PACIFIC BANK LTD 65,598 2,057,242 0.07NTT DOCOMO INC 16,743 3,123,379 0.11OBIC BUSINESS CONSULTANTS CO

LTD 4,200 1,542,979 0.05OKUMA CORP 17,000 1,379,141 0.05OLYMPUS CORP 7,788 2,090,821 0.07ORACLE CORP JAPAN 3,618 1,576,046 0.05ORIENTAL LAND CO LTD 4,103 1,749,706 0.06ORIX CORP 23,194 2,728,931 0.09OSAKA GAS CO LTD 63,571 1,852,144 0.06OTSUKA HOLDINGS CO LTD 5,664 2,029,675 0.07PANASONIC CORP 14,419 1,171,246 0.04

40

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


RESONA HOLDINGS INC 66,800 2,823,332 0.10ROHM CO LTD 5,300 2,644,830 0.09ROHTO PHARMACEUTICAL CO LTD 12,600 1,697,855 0.06SANKYO CO LTD 4,200 1,092,823 0.04SAWAI PHARMACEUTICAL CO LTD 3,189 1,301,247 0.04SCREEN HOLDING CO LTD 3,600 1,754,306 0.06SECOM CO LTD 2,521 1,418,945 0.05SEINO HOLDINGS CO LTD 19,500 1,753,996 0.06SEKISUI HOUSE LTD 9,780 1,232,586 0.04SEVEN AND I HOLDINGS CO LTD 9,082 2,822,573 0.10SEVEN BANK LTD 24,000 535,969 0.02SHIGA BANK LTD 30,000 1,313,041 0.04SHIMACHU CO LTD 8,400 1,599,718 0.05SHIMAMURA CO LTD 1,578 1,608,639 0.06SHIMANO INC 880 1,080,264 0.04SHIN ETSU CHEMICAL CO LTD 3,657 2,456,854 0.08SHIONOGI & CO LTD 1,685 630,062 0.02SKY PERFECT JSAT HOLDINGS INC 24,100 843,848 0.03SKYLARK CO LTD 10,900 1,148,728 0.04SMC CORP 878 1,870,583 0.06SOFTBANK CORP 10,812 6,484,233 0.22SOMPO JAPAN NIPPONKOA

HOLDINGS INC 6,161 1,740,230 0.06SONY CORP 12,093 2,853,148 0.10SONY FINANCIAL HOLDINGS INC 8,000 1,049,330 0.04SQUARE ENIX HOLDINGS CO LTD 2,600 578,841 0.02START TODAY CO LTD 16,700 2,443,711 0.08SUGI HOLDINGS CO LTD 3,682 1,332,375 0.05SUMITOMO CORP 16,300 1,590,868 0.05SUMITOMO ELECTRIC INDUSTRIES

LTD 12,000 1,362,668 0.05SUMITOMO FORESTRY CO LTD 14,474 1,547,333 0.05SUMITOMO HEAVY INDUSTRIES LTD 39,000 2,091,354 0.07SUMITOMO MITSUI FINANCIAL

GROUP INC 11,793 3,617,973 0.12SUMITOMO OSAKA CEMENT CO LTD 43,000 1,348,538 0.05SUMITOMO REAL ESTATE SALES CO

LTD 9,085 1,610,569 0.06SUMITOMO REALTY &

DEVELOPMENT CO LTD 6,934 1,464,387 0.05

HoldingsMarket

value

% of net

asset value

HKD

SUMITOMO RUBBER INDUSTRIES LTD 14,292 1,738,686 0.06

SUZUKEN CO LTD 6,600 1,696,821 0.06SYSMEX CORP 2,345 1,092,630 0.04T & D HOLDINGS INC 24,352 2,825,733 0.10TADANO LTD 19,736 1,889,491 0.06TAIYO YUDEN CO LTD 5,900 561,603 0.02TAKEDA PHARMACEUTICAL CO LTD 6,738 2,193,938 0.08TERUMO CORP 3,800 1,092,202 0.04THE 77 BANK LTD 53,846 1,948,481 0.07THE AWA BANK LTD 25,846 1,255,931 0.04THE SURUGA BANK LTD 6,112 1,086,892 0.04THE YOKOHAMA RUBBER CO LTD 5,379 737,428 0.03TOHO GAS CO LTD 26,648 1,548,373 0.05TOKIO MARINE HOLDINGS INC 8,567 2,793,606 0.10TOKYO ELECTRIC POWER CO INC 24,450 729,710 0.02TOKYO ELECTRON LTD 2,047 1,652,183 0.06TOKYO GAS CO LTD 56,659 1,951,859 0.07TOKYU CORP 17,000 973,718 0.03TONENGENERAL SEKIYU KK 17,000 1,557,246 0.05TOYO SUISAN KAISHA LTD 5,281 1,466,914 0.05TOYOBO CO LTD 122,000 1,538,843 0.05TOYOTA MOTOR CORP 32,930 14,943,934 0.51TS TECH CO LTD 8,327 1,656,986 0.06UBE INDUSTRIES LTD 115,000 2,156,007 0.07WEST JAPAN RAILWAY CO 4,205 2,133,179 0.07YAMATO KOGYO CO LTD 8,500 1,980,245 0.07ZENKOKU HOSHO CO LTD 4,694 1,263,419 0.04ZEON CORP 16,802 1,505,524 0.05

358,049,590 12.24

MalaysiaAMMB HOLDINGS BHD 184,684 1,481,717 0.05BERJAYA SPORTS TOTO BHD 98,800 507,102 0.02DIGI.COM BHD 68,800 597,779 0.02IHH HEALTHCARE BHD 51,500 568,353 0.02IJM CORPORATION BHD 258,900 1,501,173 0.05IOI CORP BHD 170,566 1,317,655 0.04MAXIS BHD 113,156 1,219,055 0.04MISC 41,400 532,313 0.02PETRONAS CHEMICALS GROUP BHD 50,700 633,240 0.02PETRONAS GAS BHD 13,203 482,918 0.02

41

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


PUBLIC BANK BHD 51,737 1,821,663 0.06TENAGA NASIONAL BHD 87,396 2,051,479 0.07

12,714,447 0.43

Netherlands AEGON NV 38,053 1,599,302 0.05AKZO NOBEL NV 2,244 1,181,528 0.04ASML HOLDING NV 2,548 2,401,576 0.08GEMALTO 3,900 1,758,144 0.06GRANDVISION NV 8,000 1,480,549 0.05HEINEKEN NV 3,654 2,121,257 0.07ING GROEP NV 29,050 3,227,695 0.11KONINKLIJKE AHOLD DELHAIZE N

ORD 11,592 1,914,454 0.07KONINKLIJKE BOSKALIS

WESTMINSTER NV 5,820 1,671,774 0.06KONINKLIJKE DSM NV 1,500 742,119 0.03UNILEVER NV 10,754 3,372,206 0.11WOLTERS KLUWER NV 37 10,969 0.00

21,481,573 0.73

NorwayDNB ASA 17,799 2,309,714 0.08MARINE HARVEST ASA 14,138 1,943,971 0.06STATOIL ASA 16,166 2,338,687 0.08YARA INTERNATIONAL ASA 6,905 2,263,538 0.08

8,855,910 0.30


CO 91,700 1,165,275 0.04

PolandBANK MILLENNIUM SA 72,600 827,886 0.03BANK ZACHODNI WBK SA 1,800 1,202,593 0.04

HoldingsMarket

value

% of net

asset value

HKD

POLSKI KONCERN NAFTOWY ORLEN SA 10,800 1,700,316 0.06

3,730,795 0.13

Russian Federation MAGNITOGORSK IRON & STEEL

WORK 211,800 1,079,235 0.04PUB JOIN STOCK SBERBANK OF

RUSSIA 94,900 2,109,733 0.07SURGUTNEFTEGAS 218,300 911,709 0.03

4,100,677 0.14

SingaporeCAPITALAND LTD 46,800 848,043 0.03COMFORTDELGRO CORP LTD 98,600 1,308,790 0.04DBS GROUP HOLDINGS LTD 22,972 2,400,171 0.08HONG KONG LAND HOLDINGS LTD 83,036 4,349,061 0.15JARDINE MATHESON HOLDINGS LTD 13,778 6,598,382 0.23JARDINE STRATEGIC HOLDINGS LTD 16,854 4,978,646 0.17KEPPEL CORP LTD 26,300 893,752 0.03OVERSEA-CHINESE BANKING CORP

LTD 61,840 3,198,241 0.11SINGAPORE TELECOMMUNICATIONS

LTD 86,365 1,840,877 0.06STARHUB LTD 52,617 860,713 0.03UNITED OVERSEAS BANK LTD 8,677 999,787 0.03VENTURE CORPORATION LTD 31,800 1,784,750 0.06WILMAR INTERNATIONAL LTD 31,800 679,571 0.02WING TAI HOLDINGS LTD 106,408 1,016,833 0.04YANGZIJIANG SHIPBUILDING

HOLDINGS LTD 337,883 1,498,091 0.05YANLORD LAND GROUP LTD 173,700 1,329,813 0.05

34,585,521 1.18

South KoreaAMOREPACIFIC CORP 300 634,983 0.02AMOREPACIFIC CORP PREFERENCE

SHARES 870 1,042,715 0.04

42

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


BNK FINANCIAL GROUP INC 16,944 965,043 0.03CELLTRION INC 1,155 772,737 0.03CJ CHEILJEDANG CORP 290 686,430 0.02CJ KOREA EXPRESS CORP 1,200 1,306,023 0.04DAEWOO ENGINEERING &

CONSTRUCTION CO LTD 15,300 529,179 0.02DGB FINANCIAL GROUP INC 25,400 1,673,912 0.06DONGBU INSURANCE CO LTD 3,600 1,420,600 0.05E-MART INC 1,400 1,897,605 0.06HANA FINANCIAL GROUP INC 4,900 1,127,112 0.04HYOSUNG CORP 2,152 1,946,988 0.07HYUNDAI DEPARTMENT STORE CO

LTD 1,100 706,561 0.02HYUNDAI DEVELOPMENT CO

ENGINEERING & CONSTRUCTION 5,700 1,663,176 0.06HYUNDAI ENGINEERING &

CONSTRUCTION CO LTD 4,205 1,166,592 0.04HYUNDAI GLOVIS CO LTD 978 1,015,433 0.03HYUNDAI MIPO DOCKYARD CO LTD 1,900 728,194 0.02HYUNDAI MOBIS 1,576 2,546,557 0.09HYUNDAI MOTOR CO LTD 897 835,504 0.03HYUNDAI STEEL CO 5,300 2,059,590 0.07HYUNDAI WIA CORP 2,600 1,121,470 0.04KANGWON LAND INC 6,500 1,419,198 0.05KB FINANCIAL GROUP INC 8,492 2,664,954 0.09KIA MOTORS CORP 4,200 1,020,781 0.03KOREA ZINC CO LTD 570 1,864,888 0.06KT&G CORP 3,326 2,231,876 0.08LG DISPLAY CO LTD 8,378 1,714,560 0.06LG HAUSYS LTD 1,648 1,072,861 0.04LOTTE FINE CHEMICAL CO LTD 3,700 755,971 0.03NAVER CORP 421 2,130,753 0.07NHN ENTERTAINMENT CORP 3,300 1,167,808 0.04NONGSHIM CO LTD 580 1,231,507 0.04POSCO 1,070 1,936,132 0.07POSCO DAEWOO CORP 8,300 1,410,418 0.05S-1 CORP 2,249 1,262,895 0.04SAMSUNG ELECTRONIC CO LTD

PREFERENCE SHARES 249 2,611,905 0.09SAMSUNG ELECTRONICS CO LTD 1,461 19,246,827 0.66

HoldingsMarket

value

% of net

asset value

HKD

SAMSUNG FIRE & MARINE INSURANCE CO LTD 445 799,271 0.03

SAMSUNG SDI CO LTD 2,800 2,159,344 0.07SHINHAN FINANCIAL GROUP CO LTD 7,637 2,340,547 0.08SHINSEGAE CO LTD 1,100 1,292,669 0.04SK HOLDINGS CO LTD 550 795,065 0.03SK HYNIX INC 7,931 2,843,702 0.10SK INNOVATION CO LTD 1,000 1,048,290 0.04SKC CO LTD 7,499 1,554,701 0.05

82,423,327 2.82

SpainACCIONA SA 2,700 1,622,902 0.06ACERINOX SA 618 65,789 0.00AMADEUS IT HOLDING SA A SHARES 3,716 1,331,961 0.05BANCO BILBAO VIZCAYA

ARGENTARIA SA 52,886 2,782,819 0.09BANCO SANTANDER SA 115,168 4,972,620 0.17CORPORACION FINANCIERA ALBA

SA 3,600 1,309,551 0.04DISTRIBUIDORA INTERNACIONAL DE

ALIMENTACION SA 22,690 930,980 0.03IBERDROLA SA 20,240 990,165 0.03INDUSTRIA DE DISENO TEXTIL SA 3,891 996,299 0.03REPSOL SA 9,683 1,109,152 0.04TELEFONICA SA 25,478 1,906,795 0.07ZARDOYA OTIS SA 21,510 1,406,907 0.05

19,425,940 0.66

SwedenALFA-LAVAL AB 14,100 2,042,555 0.07ATLAS COPCO AB A SHARES 9,844 2,449,227 0.08ELECTROLUX AB SERIES B 9,500 1,960,564 0.07GETINGE AB 9,600 1,204,911 0.04HENNES & MAURITZ AB B SHARES 10,608 2,354,008 0.08HUSQVARNA AB B SHARES 20,200 1,312,493 0.05INVESTMENT LATOUR AB 2,700 803,345 0.03INVESTOR AB B SHARES 7,335 2,271,619 0.08MELKER SCHORLING AB 1,760 852,201 0.03NORDEA BANK AB 26,093 2,448,124 0.08

43

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


SKANDINAVISKA ENSKILDA BANKEN-A 23,714 2,068,101 0.07

SKANSKA AB 10,600 2,013,511 0.07SKF AB B SHARES 14,000 2,187,133 0.08SVENSKA CELLULOSA AB SCA-B 5,085 1,187,083 0.04SVENSKA HANDELSBANKEN A

SHARES 11,945 1,384,726 0.05SWEDBANK AB - A SHS ORD NPV 8,768 1,720,773 0.06SWEDBANK AB A SHARES 6,259 1,581,154 0.05TELEFONAKTIEBOLAGET LM

ERICSSON 36,694 1,682,286 0.06TELIA CO AB 22,200 698,954 0.02VOLVO AB 13,200 1,309,936 0.04

33,532,704 1.15

SwitzerlandABB LTD 8,046 1,482,643 0.05ACTELION LTD 1,715 3,466,422 0.12ADECCO SA 1,029 569,734 0.02ARYZTA AG 4,900 1,046,671 0.04BALOISE HOLDING AG 1,800 1,797,879 0.06CLARIANT AG 12,900 1,875,905 0.06COMPAGNIE FINANCIERE

RICHEMONT SA 3,199 1,929,718 0.07CREDIT SUISSE GROUP AG 7,151 843,049 0.03GEBERIT AG 745 2,470,251 0.08KUEHNE & NAGEL 1,700 1,802,283 0.06LONZA GROUP AG 1,430 2,034,505 0.07NESTLE SA 22,267 12,661,472 0.43NOVARTIS LTD 15,530 8,848,997 0.30ROCHE HOLDINGS AG 5,528 10,129,970 0.35SIKA AG 54 2,202,048 0.08SONOVA HOLDING AG 1,800 1,846,011 0.06SULZER AG 1,900 1,669,133 0.06SWISS RE AG 3,652 2,645,298 0.09SWISSCOM AG 456 1,560,049 0.05SYNGENTA AG 722 2,384,903 0.08UBS GROUP AG 27,476 3,450,981 0.12

HoldingsMarket

value

% of net

asset value

HKD

ZURICH INSURANCE GROUP AG 1,404 3,130,433 0.11

69,848,355 2.39


DEVELOPMENT CO LTD 170,000 800,764 0.03CHINA MOTOR CORP 168,000 1,191,454 0.04CHUNGHWA TELECOM CO LTD 61,000 1,540,186 0.05CTBC FINANCIAL HOLDING CO LTD 515,660 2,272,096 0.08DELTA ELECTRONICS INC 36,114 1,555,493 0.05E.SUN FINANCIAL HOLDING CO LTD 381,700 1,743,258 0.06ETERNAL MATERIALS CO LTD 137,160 1,152,684 0.04EVA AIRWAYS CORP 278,250 1,040,053 0.04FAR EASTONE

TELECOMMUNICATIONS CO LTD 80,000 1,473,351 0.05FORMOSA CHEMICAL & FIBRE CORP 73,351 1,757,618 0.06FORMOSA PETROCHEMICAL CORP 21,000 553,620 0.02FOXCONN TECHNOLOGY CO LTD 68,346 1,487,117 0.05FUBON FINANCIAL HOLDING CO LTD 205,274 2,571,152 0.09HON HAI PRECISION INDUSTRY CO

LTD 203,480 4,215,901 0.14HUA NAN FINANCIAL HOLDINGS CO

LTD 435,420 1,773,036 0.06LARGAN PRECISION CO LTD 2,000 2,203,095 0.07NAN YA PLASTIC CORP 94,867 1,726,020 0.06NOVATEK MICROELECTRONICS

CORP 57,000 1,559,123 0.05SINOPAC FINANCIAL HOLDINGS CO

LTD 756,000 1,725,424 0.06TAIWAN FERTILIZER CO LTD 112,000 1,128,381 0.04TAIWAN SEMICONDUCTOR

MANUFACTURING CO 316,995 14,555,916 0.50TRANSCEND INFORMATION INC 36,000 761,924 0.03UNIMICRON TECHNOLOGY CORP 379,000 1,153,951 0.04

49,941,617 1.71

ThailandBANGKOK BANK PCL (FOREIGN REG) 44,793 1,791,621 0.06BANGKOK LIFE ASSURANCE PCL 153,400 1,648,008 0.06

44

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


CP ALL PUBLIC CO LTD (FOREIGN REG) 80,700 1,075,940 0.04

DELTA ELECTRONICS THAI PCL (FOREIGN REG) 128,500 2,428,268 0.08

GLOW ENERGY PCL (FOREIGN REG) 64,400 1,106,980 0.04INDORAMA VENTURES PCL

(FOREIGN REG) 210,900 1,626,687 0.05KASIKORNBANK PCL (FOREIGN REG) 43,443 1,795,066 0.06PTT PCL (FOREIGN REG) 28,700 2,555,186 0.09

14,027,756 0.48

TurkeyFORD OTOMOTIV SANAYI 19,900 1,428,221 0.05TURK SISE VE CAM FABRIKALARI AS 172,500 1,432,315 0.05TURKIYE VAKIFLAR BANKASI T.A.O.

CLASS D 129,400 1,305,821 0.04

4,166,357 0.14

United Kingdom3I GROUP PLC 25,466 1,740,200 0.06ADMIRAL GROUP PLC 8,331 1,444,377 0.05AGGREKO PLC 12,218 1,201,075 0.04ANGLO AMERICAN PLC 20,470 2,713,677 0.09ASHMORE GROUP PLC 20,200 611,299 0.02ASHTEAD GROUP PLC 12,909 2,023,851 0.07ASSOCIATED BRITISH FOODS PLC 3,131 729,279 0.02ASTRAZENECA PLC 10,078 4,126,133 0.14AVIVA PLC 39,038 1,817,420 0.06BAE SYSTEMS PLC 24,103 1,369,413 0.05BARCLAYS PLC 65,750 1,408,549 0.05BARRATT DEVELOPMENTS PLC 9,876 460,550 0.02BELLWAY PLC 6,412 1,554,840 0.05BERKELEY GROUP HOLDINGS PLC 3,800 1,038,681 0.04BHP BILLITON PLC 17,251 2,420,821 0.08BOOKER GROUP PLC 93,400 1,858,196 0.06BP PLC 141,398 6,526,903 0.22

HoldingsMarket

value

% of net

asset value

HKD

BRITISH AMERICAN TOBACCO PLC 15,188 7,264,284 0.25BT GROUP PLC 68,228 2,023,776 0.07CENTRICA PLC 82,814 1,813,316 0.06COMPASS GROUP PLC 13,851 1,909,222 0.06DIAGEO PLC 19,378 4,168,334 0.14DIRECT LINE INSURANCE GROUP

PLC 49,261 1,707,152 0.06EASYJET PLC 6,727 623,858 0.02EXPERIAN PLC 9,019 1,346,190 0.05GLAXOSMITHKLINE PLC 36,555 5,452,688 0.19GLENCORE PLC 91,457 2,914,568 0.10HIKMA PHARMACEUTICALS PLC 5,379 957,782 0.03HOWDEN JOINERY GROUP PLC 37,000 1,363,151 0.05HSBC HOLDINGS PLC 119,312 7,878,222 0.27IMI PLC 9,388 1,068,593 0.04IMPERIAL TOBACCO GROUP PLC 7,245 2,598,118 0.09INCHCAPE PLC 24,500 1,716,044 0.06INTERCONTINENTAL HOTELS GROUP

PLC 5,733 2,059,540 0.07INTERNATIONAL CONSOLIDATED

AIRLINES GROUP SA 23,899 1,112,155 0.04J SAINSBURY PLC 56,486 1,422,108 0.05JOHNSON MATTHEY PLC 5,791 1,837,854 0.06KINGFISHER PLC 48,190 1,581,594 0.05LLOYDS BANKING GROUP PLC 488,173 3,094,280 0.11MONDI PLC 73 12,478 0.00NATIONAL GRID PLC 31,871 2,886,315 0.10OLD MUTUAL PLC 111,131 2,253,265 0.08PERSIMMON PLC 8,117 1,528,510 0.05POLYMETAL INTERNATIONAL PLC 16,500 1,485,904 0.05PRUDENTIAL PLC 19,470 2,911,825 0.10RECKITT BENCKISER GROUP PLC 4,504 2,991,598 0.10RELX PLC 182 25,282 0.00RIGHTMOVE PLC 3,500 1,373,519 0.05RIO TINTO PLC 16,879 5,752,241 0.20ROLLS-ROYCE HOLDINGS PLC 11,375 741,213 0.02ROYAL DUTCH SHELL PLC A SHARES 31,149 6,530,069 0.22ROYAL DUTCH SHELL PLC B SHARES 29,918 6,531,937 0.22ROYAL MAIL PLC 26,545 1,066,593 0.04SAGE GROUP PLC 25,500 1,525,953 0.05SHIRE PLC 6,632 2,835,369 0.10SKY PLC 9,126 891,774 0.03SMITH & NEPHEW PLC 16,273 1,879,286 0.06SSE PLC 9,508 1,382,052 0.05

45

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


STANDARD CHARTERED PLC 11,100 838,804 0.03TAYLOR WIMPEY PLC 92,037 1,501,341 0.05TESCO PLC 71,400 1,356,381 0.05TRAVIS PERKINS PLC 11,700 1,659,556 0.06UNILEVER PLC 8,850 2,788,368 0.09VODAFONE GROUP PLC 187,952 3,565,923 0.12WILLIAM HILL PLC 33,758 853,197 0.03WOLSELEY PLC 2,200 1,053,851 0.04WPP PLC 14,319 2,577,592 0.09

149,758,289 5.12

United States of America3M CO 1,137 1,542,329 0.05ABBOTT LABORATORIES 7,884 2,555,268 0.09ABBVIE INC 6,226 2,952,207 0.10ACCENTURE PLC CLASS A 809 714,798 0.02ADVANSIX INC 112 22,326 0.00AETNA INC 2,526 2,324,770 0.08AFFILIATED MANAGERS GROUP INC 859 1,015,522 0.03AFLAC INC 3,800 2,063,692 0.07AGNC INVESTMENT CORP 10,200 1,477,644 0.05AIR PRODUCTS & CHEMICALS INC 690 748,268 0.03ALLEGHANY CORP 390 1,850,700 0.06ALLERGAN PLC 397 674,282 0.02ALLSTATE CORP 2,231 1,301,969 0.04ALLY FINANCIAL INC 11,700 1,917,366 0.07ALPHABET INC 778 4,810,041 0.16ALPHABET INC 909 5,785,004 0.20ALTRIA GROUP INC 6,438 3,555,775 0.12AMAZON.COM INC 1,144 7,309,782 0.25AMDOCS LTD 3,500 1,594,430 0.05AMEREN CORP 4,300 1,756,678 0.06AMERICAN AIRLINES GROUP INC 5,827 2,000,708 0.07AMERICAN ELECTRIC POWER CO

INC 1,760 874,833 0.03AMERICAN EXPRESS CO 4,649 2,755,272 0.09AMERICAN INTERNATIONAL GROUP

INC 2,403 1,198,174 0.04AMGEN INC 3,272 3,977,885 0.14

HoldingsMarket

value

% of net

asset value

HKD

ANTHEM INC 1,900 2,272,450 0.08APPLE INC 14,656 13,800,047 0.47APPLIED MATERIALS INC 3,800 1,009,879 0.03ARROW ELECTRONICS INC 2,308 1,316,639 0.04ASSURANT INC 1,200 904,399 0.03AT&T INC 17,260 5,646,336 0.19AUTOZONE INC 350 1,968,881 0.07AVNET INC 3,235 1,165,714 0.04AXIS CAPITAL HOLDINGS LTD 1,600 794,682 0.03BANK OF AMERICA CORP 21,805 3,830,521 0.13BB&T CORP 2,800 1,003,532 0.03BECTON DICKINSON & CO 730 1,004,228 0.03BED BATH & BEYOND INC 3,938 1,232,948 0.04BEMIS INC 3,900 1,474,339 0.05BERKSHIRE HATHAWAY INC CLASS A 2 3,817,295 0.13BERKSHIRE HATHAWAY INC CLASS B 2,983 3,799,208 0.13BEST BUY INC 5,233 1,807,720 0.06BIOGEN INC 754 1,622,006 0.06BLACKROCK INC 390 1,131,718 0.04BOEING CO 2,742 3,476,946 0.12BRISTOL MYERS SQUIBB CO 2,359 899,840 0.03BROADCOM LTD 964 1,492,263 0.05C. R. BARD INC 892 1,642,642 0.06C.H. ROBINSON WORLDWIDE INC 2,240 1,321,995 0.05CAMPBELL SOUP CO 1,499 723,814 0.02CAPITAL ONE FINANCIAL CORP 1,700 1,152,752 0.04CBRE GROUP INC CLASS A 4,866 1,146,302 0.04CELGENE CORP 2,574 2,319,814 0.08CENTURYLINK INC 8,128 1,630,938 0.06CHECK POINT SOFTWARE

TECHNOLOGIES LTD 2,400 1,839,338 0.06CHEVRON CORP 5,624 4,859,156 0.17CHIPOTLE MEXICAN GRILL INC 550 1,798,555 0.06CHUBB LTD 1,600 1,632,443 0.06CISCO SYSTEMS INC 13,350 3,182,203 0.11CITIGROUP INC 7,316 3,169,324 0.11CNA FINANCIAL CORP 4,400 1,421,978 0.05COCA COLA CO 8,700 2,806,239 0.10COLGATE PALMOLIVE CO 2,966 1,486,259 0.05COMCAST CORP CLASS A 6,449 3,774,020 0.13CORE LABORATORIES NV 1,430 1,296,331 0.04COSTCO WHOLESALE CORP 1,513 1,924,756 0.07CUMMINS INC 1,496 1,706,490 0.06CVS CAREMARK CORP 1,347 823,710 0.03

46

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


D R HORTON INC 3,600 835,496 0.03DARDEN RESTAURANTS INC 3,000 1,705,815 0.06DELTA AIR LINES INC 3,400 1,246,276 0.04DENTSPLY SIRONA INC 3,700 1,627,834 0.06DISCOVER FINANCIAL SERVICES 1,283 689,699 0.02DISCOVERY COMMUNICATIONS INC

CLASS C 502 107,936 0.00DOVER CORP 3,100 1,870,197 0.06DOW CHEMICAL CO 5,021 2,323,167 0.08DST SYSTEMS INC 1,200 1,072,187 0.04DU PONT(EI)DE NEMOURS & CO 2,018 1,182,207 0.04EBAY INC 3,600 889,128 0.03ELI LILLY AND CO 940 561,841 0.02ENTERGY CORP 3,000 1,667,639 0.06EOG RESOURCES INC 1,355 1,068,004 0.04EVEREST RE GROUP LTD 481 820,833 0.03EXELON CORP 8,000 2,227,244 0.08EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 3,129 1,264,451 0.04EXPRESS SCRIPTS HOLDINGS CO 2,200 1,175,821 0.04EXXON MOBIL CORP 12,409 8,077,414 0.28F5 NETWORKS INC 1,536 1,597,418 0.05FACEBOOK INC CLASS A 5,675 5,738,551 0.20FASTENAL CO 4,247 1,637,153 0.06FIRST SOLAR INC 3,700 895,452 0.03FIRSTENERGY CORP 3,400 799,896 0.03FLEX LTD 15,800 1,921,106 0.07FLOWSERVE CORP 4,300 1,640,233 0.06FLUOR CORP 2,946 1,268,677 0.04FNF GROUP 6,000 1,646,224 0.06FOOT LOCKER INC 3,007 1,599,200 0.05FORD MOTOR CO 24,865 2,384,692 0.08FRANKLIN RESOURCES INC 3,669 1,131,360 0.04FRONTIER COMMUNICATIONS CORP 22,298 603,833 0.02GAP INC 10,056 1,796,985 0.06GENERAL ELECTRIC CO 23,842 5,494,453 0.19GENERAL MILLS INC 1,784 864,891 0.03GENERAL MOTORS CO 5,000 1,420,349 0.05GENTEX CORP 9,480 1,536,640 0.05GENUINE PARTS CO 2,400 1,802,838 0.06GGP INC 1,271 238,861 0.01

HoldingsMarket

value

% of net

asset value

HKD

GILEAD SCIENCES INC 6,017 3,382,546 0.12GOODYEAR TIRE & RUBR CO 6,300 1,583,350 0.05H&R BLOCK INC 5,223 869,711 0.03HARRIS CORP 1,266 1,008,955 0.03HARTFORD FINANCIAL SERVICES

GROUP INC 5,800 2,192,156 0.07HCA HOLDINGS INC 2,984 1,858,795 0.06HELMERICH & PAYNE INC 3,100 1,711,682 0.06HERBALIFE LTD 747 325,748 0.01HEWLETT PACKARD ENTERPRISE CO 13,192 2,321,555 0.08HOLOGIC INC 5,700 1,792,573 0.06HONEYWELL INTERNATIONAL INC 2,625 2,409,977 0.08HP INC 10,043 1,172,804 0.04ILLINOIS TOOL WORKS INC 1,700 1,677,882 0.06INGREDION INC 1,600 1,591,474 0.05INTEL CORP 18,279 5,222,297 0.18INTERNATIONAL BUSINESS

MACHINES CORP 2,620 3,547,904 0.12INTERNATIONAL FLAVORS &

FRAGRANCE INC 590 536,589 0.02J.B. HUNT TRANSPORT SERVICES

INC 2,300 1,768,232 0.06JABIL CIRCUIT INC 6,300 1,172,236 0.04JACOBS ENGINEERING GROUP INC 1,554 705,998 0.02JAZZ PHARMACEUTICALS PLC 1,200 1,135,224 0.04JOHNSON & JOHNSON 8,161 7,171,449 0.24JPMORGAN CHASE & CO 10,737 7,050,706 0.24JUNIPER NETWORKS INC 6,000 1,246,772 0.04KEYSIGHT TECHNOLOGIES INC 4,401 1,265,900 0.04KIMBERLY CLARK CORP 800 751,912 0.03KLA-TENCOR CORP 1,248 824,177 0.03KRAFT HEINZ CO 3,587 2,485,190 0.08KROGER CO 4,252 1,120,434 0.04L BRANDS INC 2,347 1,096,496 0.04LAM RESEARCH CORP 2,300 2,049,850 0.07LEVEL 3 COMMUNICATIONS INC 3,739 1,725,066 0.06LIBERTY GLOBAL PLC SERIES C 1,508 411,060 0.01LIBERTY SIRIUSXM GROUP-C 6,000 1,670,898 0.06LINEAR TECHNOLOGY CORP 4,083 2,000,048 0.07LKQ CORP 3,200 792,323 0.03LOWE’S COS INC 1,535 870,427 0.03LYONDELLBASELL INDUSTRIES NV

CLASS A 2,590 1,874,421 0.06M&T BANK CORP 470 592,876 0.02

47

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


MALLINCKRODT PLC 2,000 756,226 0.03MARATHON PETROLEUM CORP 4,894 1,824,663 0.06MARRIOTT INTERNATIONAL INC

CLASS A 2,670 1,752,697 0.06MARVELL TECHNOLOGY GROUP LTD 17,600 2,030,715 0.07MASTERCARD INC CLASS A 1,613 1,330,808 0.05MAXIM INTEGRATED PRODS INC 5,500 1,898,247 0.06MCDONALD’S CORP 3,445 3,276,414 0.11MCKESSON CORP 810 874,568 0.03MEDTRONIC PLC 4,317 2,546,451 0.09MERCK & CO INC 6,592 3,170,766 0.11MICHAEL KORS HOLDINGS LTD 4,671 1,551,602 0.05MICRON TECHNOLOGY INC 8,232 1,540,026 0.05MICROSOFT CORP 23,183 11,629,566 0.40MONSANTO CO 1,500 1,260,623 0.04MOODY’S CORP 1,856 1,492,988 0.05MOSAIC CO 4,400 1,071,008 0.04NEWMONT MINING CORP 3,100 872,679 0.03NISOURCE INC 8,700 1,510,117 0.05NORTHROP GRUMMAN CORP 1,376 2,445,856 0.08NVIDIA CORP 1,600 1,355,465 0.05NVR INC 118 1,701,191 0.06OCCIDENTAL PETROLEUM CORP 2,600 1,367,213 0.05OLD REPUBLIC INTERNATIONAL

CORP 5,600 903,809 0.03ORACLE CORP 10,092 3,140,908 0.11PATTERSON COS INC 2,829 913,389 0.03PEPSICO INC 3,646 2,935,997 0.10PFIZER INC 13,293 3,272,792 0.11PHILIP MORRIS INTERNATIONAL INC 4,892 3,648,974 0.12PHILLIPS 66 3,489 2,209,647 0.08PINNACLE WEST CAPITAL CORP 2,182 1,314,346 0.04PNC FINANCIAL SERVICES GROUP

INC 1,791 1,674,032 0.06POLARIS INDUSTRIES INC 1,183 771,705 0.03PPL CORP 5,898 1,594,440 0.05PRAXAIR INC 910 836,306 0.03PRICELINE.COM INC 125 1,527,748 0.05PROCTER & GAMBLE CO 5,521 3,752,729 0.13PRUDENTIAL FINANCIAL INC 1,600 1,304,936 0.04

HoldingsMarket

value

% of net

asset value

HKD

PUBLIC SERVICE ENTERPRISE GROUP 4,769 1,637,442 0.06

PULTEGROUP INC 10,100 1,685,727 0.06QIAGEN NV 8,956 2,004,065 0.07QORVO INC 3,700 1,843,443 0.06QUALCOMM INC 2,626 1,088,693 0.04RALPH LAUREN CORP 800 548,927 0.02RAYTHEON CO 1,883 2,106,301 0.07RENAISSANCERE HOLDINGS LTD 500 528,877 0.02RESMED INC 1,200 628,880 0.02ROCKWELL COLLINS INC 2,157 1,519,043 0.05ROSS STORES INC 4,076 2,090,868 0.07SAFEWAY PDC LLC CVR (Casa Ley) 1,428 - -SAFEWAY PDC LLC CVR (PDC) 1,428 - -SANTANDER CONSUMER USA

HOLDINGS INC 18,300 1,877,189 0.06SCANA CORP 3,161 1,685,026 0.06SCHLUMBERGER LTD 3,205 2,081,760 0.07SKYWORKS SOLUTIONS INC 3,345 2,381,114 0.08SNAP-ON INC 1,300 1,831,121 0.06SOUTHERN CO 5,566 2,134,810 0.07STANLEY BLACK & DECKER INC 850 817,835 0.03STAPLES INC 13,300 949,434 0.03STARBUCKS CORP 6,351 2,721,221 0.09STRYKER CORP 2,483 2,379,987 0.08SUNTRUST BANKS INC 4,700 2,072,165 0.07SYMANTEC CORP 11,922 2,548,567 0.09SYNCHRONY FINANCIAL 8,924 2,480,336 0.08T. ROWE PRICE GROUP INC 930 486,660 0.02TE CONNECTIVITY LTD 3,695 2,131,674 0.07TECHNIPFMC LTD 11,714 3,013,000 0.10TEGNA INC 3,200 568,853 0.02TESLA MOTORS INC 307 600,128 0.02TESORO CORP 2,100 1,317,421 0.04TEXAS INSTRUMENTS INC 5,425 3,179,817 0.11THE HOME DEPOT INC 3,366 3,593,311 0.12THE PROGRESSIVE CORP 7,552 2,193,932 0.07THE TRAVELERS COS INC 2,358 2,154,967 0.07THE WALT DISNEY CO 3,347 2,873,641 0.10THERMO FISHER SCIENTIFIC INC 1,400 1,655,426 0.06TIFFANY & CO 3,200 1,954,611 0.07TIME WARNER INC 2,752 2,068,109 0.07TJX COS INC 4,092 2,378,804 0.08TRACTOR SUPPLY CO 1,300 743,121 0.03

48

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


TRANSOCEAN LTD 10,300 1,116,501 0.04TWENTY-FIRST CENTURY FOX INC

CLASS B 1,282 308,472 0.01TYSON FOODS INC CLASS A 1,834 893,542 0.03U.S. BANCORP 5,402 2,206,878 0.08UNION PACIFIC CORP 3,073 2,541,345 0.09UNITED CONTINENTAL HOLDINGS

INC 1,890 1,033,455 0.04UNITED PARCEL SERVICE INC CLASS

B 2,360 1,998,396 0.07UNITED RENTALS INC 2,700 2,650,416 0.09UNITEDHEALTH GROUP INC 2,680 3,370,879 0.12UNIVERSAL HEALTH SERVICES INC

CLASS B 1,591 1,390,432 0.05VALERO ENERGY CORP 4,284 2,185,932 0.07VAREX IMAGING CORP 734 163,742 0.01VARIAN MEDICAL SYSTEMS INC 1,835 1,105,612 0.04VERISIGN INC 2,457 1,529,181 0.05VERIZON COMMUNICATIONS INC 12,561 4,776,769 0.16VISA INC CLASS A 5,438 3,489,977 0.12VOYA FINANCIAL INC 6,100 1,903,694 0.07W. W. GRAINGER INC 430 842,705 0.03W.R. BERKLEY CORP 3,032 1,581,206 0.05WALGREEN BOOTS ALLIANCE INC 2,363 1,502,398 0.05WAL-MART STORES INC 4,766 2,468,116 0.08WASTE CONNECTIONS INC 1,200 745,326 0.03WATERS CORP 1,500 1,648,668 0.06WELLS FARGO & CO 13,538 5,917,246 0.20WESTERN UNION CO 8,802 1,337,271 0.05WESTINGHOUSE AIR BRAKE

TECHNOLOGIES CORP 2,000 1,344,540 0.05WESTLAKE CHEMICAL CORP 3,663 1,759,637 0.06WYNDHAM WORLDWIDE CORP 3,000 1,840,363 0.06XEROX CORP 9,900 532,346 0.02XILINX INC 4,300 1,941,855 0.07XL GROUP LTD 6,000 1,749,113 0.06YUM BRANDS INC 1,602 814,569 0.03YUM CHINA HOLDINGS INC 1,602 341,590 0.01ZIMMER BIOMET HOLDINGS INC 1,445 1,326,747 0.05

503,306,939 17.20

HoldingsMarket

value

% of net

asset value

HKD

Equities (Total) 2,643,838,941 90.36

Unit trustsListed investments

AMERICAN TOWER CORP 1,959 1,573,259 0.05DUKE REALTY CORP 8,700 1,642,429 0.06HOSPITALITY PROPERTIES TRUST 6,100 1,473,446 0.05IRON MOUNTAIN INC 4,649 1,291,421 0.05KIMCO REALTY CORP 6,650 1,284,316 0.04LINK REIT 114,047 6,061,598 0.21PUBLIC STORAGE 1,231 2,053,628 0.07SIMON PROPERTY GROUP INC 1,301 1,855,143 0.06WEYERHAEUSER CO 5,615 1,365,009 0.05

18,600,249 0.64

Unit trustsUnlisted but quoted investments




Total investments (Total cost of investments: $2,544,803,790) 2,789,696,039 95.35

Other net assets 136,108,085 4.65

Total net assets 2,925,804,124 100.00

49


HSBC Managed Growth Fundfor the period from 1 August 2016 to 31 January 2017

% ofnet asset

value31 January 2017

% ofnet asset

value31 July 2016

Financial assets

Equities

Listed investmentsAustralia 3.58 3.57Austria 0.22 0.18Belgium 0.34 0.46Canada 1.39 1.19Denmark 0.48 0.53Finland 0.48 0.50France 2.69 2.87Germany 2.75 2.17Greece 0.10 0.09Hong Kong 29.19 28.47India 1.05 – Indonesia 0.47 0.31Ireland 0.14 0.17Italy 0.62 0.74Japan 12.24 12.57Malaysia 0.43 0.47Netherlands 0.73 0.60New Zealand - 0.03 Norway 0.30 0.32Philippines 0.04 0.05 Poland 0.13 0.10Russian Federation 0.14 – Singapore 1.18 1.21South Korea 2.82 2.81Spain 0.66 0.57Sweden 1.15 0.87Switzerland 2.39 2.46Taiwan 1.71 1.82Thailand 0.48 0.38Turkey 0.14 – United Kingdom 5.12 5.09United States of America 17.20 16.93

90.36 87.53

50


HSBC Managed Growth Fundfor the period from 1 August 2016 to 31 January 2017

% ofnet asset


% ofnet asset

value31 July 2016

Unit trustsListed investments 0.64 0.80Unlisted but quoted investments 4.35 9.02

4.99 9.82

Rights 0.00 0.00

Financial assets

Derivative financial liabilitiesForeign currency forward contracts – (0.02)

Total investments 95.35 97.33Other net assets 4.65 2.67

Total net assets 100.00 100.00

51

Performance Record


(a) Price record (Dealing net asset value per unit)

“A” class income units Bid Offer



“L” class income units Bid Offer


2007 17.64 20.34 17.64 20.342008 17.50 22.74 17.50 22.742009 10.23 17.82 10.23 17.822010 15.24 17.93 15.24 17.932011 16.16 19.83 16.16 19.832012 14.79 19.11 14.79 19.112013 16.55 20.40 16.55 20.402014 19.31 22.02 19.31 22.022015 21.49 21.84 21.49 21.842016 – – – –

52

Performance Record

Provident class units Bid Offer



(b) Total net asset value

31 January 2017HKD

2016HKD

2015HKD

2014HKD


(c) Net asset value per unit

31 January 2017HKD

2016HKD

2015HKD

2014HKD

Net asset value per unit– “A” class income units 19.43 18.46 19.48 19.63– “L” class income units N/A N/A N/A 21.90– Provident class units 23.16 21.92 22.79 22.76

53



A Class

Date ofDistribution

Date ofPayment

DistributionPer Unit

TotalDistribution

HKD HKD

2016 Yearly Distribution 29 July 2016 12 August 2016 0.13 1,589,250.82

54


HSBC Managed Stable Fund

Market review

In the 6 months period ended January 2017, the fund delivered a negative return mainly driven by the unfavorable performance of bond markets as the asset class has been generally weak in the face of solid growth and increasing inflation together with the background of a zero return for global government bonds during the period inducing a negative return. Equities were rather resilient amid the recent data releases which continue to show economic strength.




55





1,603,760,803 1,744,289,296

LIABILITIESFinancial liabilities at fair value through profit or loss 1,677,691 698,410Redemptions payable 4,909,145 5,387,098Amounts due to brokers 32,864 6,356,689Distributions payable – 56,041Other payables 1,752,437 1,758,606

8,372,137 14,256,844

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1,595,388,666 1,730,032,452

Representing:Financial liabilities 1,595,388,666 1,730,032,452

Units UnitsTotal number of units in issue

“A” class income units 1,922,096 1,868,043


HKD HKDNet asset value per unit

“A” class income units 13.59 13.91


56

Portfolio Statement

HSBC Managed Stable Fundas at 31 January 2017

HoldingsMarket

value

% of net

asset value

HKD

Financial assets


AustraliaADELAIDE BRIGHTON LTD 8,675 261,633 0.02AGL ENERGY LTD 2,111 281,028 0.02AMCOR LTD 5,326 448,632 0.03ANSELL LTD 2,389 334,642 0.02ANZ BANKING GROUP LTD 7,784 1,342,997 0.08ARISTOCRAT LEISURE LTD 1,800 162,013 0.01ASX LTD 1,204 353,829 0.02AURIZON HOLDINGS LTD 10,892 321,439 0.02AUSNET SERVICES LTD 30,835 286,981 0.02BHP BILLITON LTD 8,251 1,294,773 0.08BRAMBLES LTD 4,018 246,385 0.01C.S.R. LTD 4,000 103,909 0.01CALTEX AUSTRALIA LTD 800 134,775 0.01COCHLEAR LTD 160 117,970 0.01COMMONWEALTH BANK OF

AUSTRALIA 4,454 2,142,459 0.13CSL LTD 1,441 953,228 0.06DULUXGROUP LTD 7,761 277,498 0.02FLIGHT CENTRE TRAVEL GROUP LTD 1,490 262,779 0.02FORTESCUE METALS GROUP LTD 12,153 476,772 0.03IOOF HOLDINGS LTD 5,940 318,406 0.02JAMES HARDIE INDUSTRIES PLC 1,300 158,360 0.01MACQUARIE GROUP LTD 858 427,573 0.03MEDIBANK PRIVATE LTD 7,600 120,873 0.01METCASH LTD 24,798 308,214 0.02NATIONAL AUSTRALIA BANK LTD 6,939 1,239,716 0.08NEWCREST MINING LTD 2,273 288,268 0.02ORIGIN ENERGY LTD 5,000 208,819 0.01OZ MINERALS LTD 7,670 405,718 0.02PERPETUAL LTD 1,028 283,395 0.02PLATINUM INVESTMENT

MANAGEMENT LTD 9,300 273,361 0.02QANTAS AIRWAYS LTD 10,700 214,927 0.01RAMSAY HEALTH CARE LTD 860 338,398 0.02REA GROUP LTD 830 256,972 0.01SEVEN WEST MEDIA LTD 55,820 266,335 0.02SONIC HEALTHCARE LTD 2,745 336,648 0.02SOUTH32 LTD 15,700 254,323 0.01

HoldingsMarket

value

% of net

asset value

HKD

SUNCORP GROUP LTD 2,000 153,507 0.01TABCORP HOLDINGS LTD 9,299 259,638 0.02TELSTRA CORP LTD 15,650 460,932 0.03WESFARMERS LTD 2,557 606,398 0.04WESTPAC BANKING CORP 8,773 1,638,692 0.10WOODSIDE PETROLEUM LTD 3,060 568,868 0.03WOOLWORTHS 1,832 265,469 0.02

19,457,552 1.22

AustriaERSTE GROUP BANK AG 1,400 330,356 0.02TELEKOM AUSTRIA AG 5,100 244,110 0.02VIENNA INSURANCE GROUP AG

WIENER VERSICHERUNG GRUPPE 1,500 283,200 0.02VOESTALPINE AG 1,070 351,723 0.02

1,209,389 0.08

BelgiumANHEUSER-BUSCH INBEV SA 917 739,348 0.05BPOST SA 1,100 206,343 0.01ETABLISSEMENTEN FRANZ

COLRUYT NV 530 201,239 0.01KBC GROEP NV 760 382,508 0.03PROXIMUS SA 960 213,851 0.01SOFINA 100 105,322 0.01

1,848,611 0.12

CanadaARC RESOURCES LTD 2,287 275,627 0.02BANK OF MONTREAL 355 207,963 0.01BANK OF NOVA SCOTIA 674 311,923 0.02BCE INC 768 268,123 0.02BROOKFIELD ASSET MANAGEMENT

INC CLASS A 580 155,336 0.01CANADIAN IMPERIAL BANK OF

COMMERCE 412 271,711 0.02CANADIAN NATIONAL RAILWAY CO 516 277,742 0.02CANADIAN NATURAL RESOURCES

LTD 656 153,592 0.01

57

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


CANADIAN UTILITIES LTD CLASS A 1,025 225,957 0.01CENOVUS ENERGY INC 2,552 269,746 0.02CI FINANCIAL CORP 1,738 281,352 0.02CRESCENT POINT ENERGY CORP 2,800 252,799 0.01ENBRIDGE INC 606 199,808 0.01GOLDCORP INC 1,400 175,309 0.01GREAT-WEST LIFECO INC 740 157,052 0.01IMPERIAL OIL LTD 544 138,507 0.01INTACT FINANCIAL CORP 465 262,938 0.02INTER PIPELINE LTD 1,419 238,325 0.01METRO INC 1,103 259,498 0.02POTASH CORP OF SASKATCHEWAN

INC 1,980 285,293 0.02POWER CORP OF CANADA 1,300 236,212 0.01ROGERS COMMUNICATIONS INC

CLASS B 674 226,441 0.01ROYAL BANK OF CANADA 923 513,952 0.03SUNCOR ENERGY INC 914 219,547 0.01TORONTO-DOMINION BANK 1,224 491,063 0.03TOURMALINE OIL CORP 1,400 253,465 0.02TRANSCANADA CORP 957 349,656 0.02TURQUOISE HILL RESOURCES LTD 10,400 291,531 0.02

7,250,468 0.45

DenmarkCOLOPLAST A/S 500 277,820 0.02DANSKE BANK A/S 1,100 284,394 0.02DSV A/S 918 346,125 0.02ISS A/S 854 235,622 0.02NOVO NORDISK A/S 2,290 638,791 0.04PANDORA A/S 180 182,962 0.01TRYG A/S 1,400 207,576 0.01VESTAS WIND SYSTEMS A/S 310 168,334 0.01

2,341,624 0.15

HoldingsMarket

value

% of net

asset value

HKD

FinlandELISA OYJ 860 225,217 0.01FORTUM OYJ 2,188 271,360 0.02KONE OYJ 586 205,893 0.01METSO OYJ 1,100 262,517 0.02NOKIA OYJ 9,639 335,437 0.02NOKIAN RENKAAT OYJ 850 247,474 0.02ORION OYJ CLASS B 1,028 371,708 0.02STORA ENSO OYJ R SHARES 3,262 287,760 0.02UPM-KYMMENE OYJ 820 144,399 0.01WARTSILA ABP OYJ 470 183,069 0.01

2,534,834 0.16

FranceAIR LIQUIDE SA 280 234,795 0.01AIRBUS GROUP SE 507 266,822 0.02ATOS SE 251 207,299 0.01AXA SA 2,974 566,604 0.04BIOMERIEUX SA 255 312,835 0.02BNP PARIBAS SA 1,480 734,458 0.05BOUYGUES SA 1,226 345,996 0.02BUREAU VERITAS SA 1,500 227,919 0.01CARREFOUR SA 1,635 310,608 0.02CNP ASSURANCES SA 2,169 316,202 0.02COMPAGNIE DE SAINT-GOBAIN 1,214 463,192 0.03CREDIT AGRICOLE SA 1,900 195,412 0.01DANONE SA 755 367,139 0.02EDENRED SA 1,826 308,766 0.02ELECTRICITE DE FRANCE SA 3,223 246,482 0.01ENGIE SA 2,971 275,667 0.02ESSILOR INTERNATIONAL SA 303 275,424 0.02EULER HERMES GROUP 330 231,312 0.01EURAZEO SA 560 267,572 0.02EUTELSAT COMMUNICATIONS SA 980 129,636 0.01FAURECIA SA 830 279,618 0.02LEGRAND SA 370 166,860 0.01L’OREAL SA 325 458,804 0.03LVMH MOET HENNESSY LOUIS


ETABLISSEMENTS) 487 405,843 0.02ORANGE SA 2,699 324,211 0.02

58

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


PEUGEOT SA 2,014 290,481 0.02PUBLICIS GROUPE SA 570 303,801 0.02RENAULT SA 220 153,821 0.01SAFRAN SA 726 381,711 0.02SANOFI SA 1,683 1,051,266 0.07SCHNEIDER ELECTRIC SE 789 438,124 0.03SCOR SE 570 149,869 0.01SEB SA 344 336,203 0.02SOCIETE BIC SA 264 267,978 0.02SOCIETE GENERALE DE PARIS SA 1,564 593,518 0.04THALES SA 466 339,106 0.02TOTAL SA 3,154 1,234,062 0.08VALEO SA 801 379,634 0.02VEOLIA ENVIRONNEMENT SA 520 68,656 0.00VINCI SA 1,043 567,622 0.04

14,821,136 0.93

GermanyADIDAS AG 286 349,307 0.02ALLIANZ SE 593 782,258 0.05BASF SE 1,286 961,051 0.06BAYER AG 884 756,707 0.05BAYERISCHE MOTOREN WERKE AG 471 332,436 0.02BRENNTAG AG 622 281,653 0.02CONTINENTAL AG 150 227,290 0.01DAIMLER AG 1,223 714,337 0.04DEUTSCHE BOERSE AG 200 142,956 0.01DEUTSCHE LUFTHANSA AG 2,300 237,902 0.01DEUTSCHE POST AG 1,362 353,540 0.02DEUTSCHE TELEKOM AG 4,243 574,970 0.04DEUTSCHE WOHNEN AG 650 164,281 0.01EMS-CHEMIE HOLDING AG 77 308,848 0.02EVONIK INDUSTRIES AG 1,320 331,846 0.02FIELMANN AG 510 276,441 0.02FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 580 268,763 0.02FRESENIUS MEDICAL CARE AG & CO

KGAA 558 352,291 0.02

HoldingsMarket

value

% of net

asset value

HKD

FUCHS PETROLUB SE 560 183,516 0.01FUCHS PETROLUB SE PREFERENCE

SHARES 663 235,116 0.01GEA GROUP AG 1,070 343,333 0.02HANNOVER RUECK 387 329,875 0.02HEIDELBERGER ZEMENT AG 200 149,497 0.01HENKEL AG & CO KGAA

PREFERENCE SHARES 345 326,042 0.02HUGO BOSS AG 320 159,929 0.01INFINEON TECHNOLOGIES AG 3,600 512,893 0.03K+S AG 1,491 293,066 0.02KION GROUP 660 311,589 0.02LINDE AG 255 321,570 0.02MUENCHENER

RUECKVERSICHERUNGS-GESELLS CHAFT AG 263 382,795 0.02

OSRAM LICHT AG 717 322,446 0.02PROSIEBENSAT.1 MEDIA SE 782 257,578 0.02RATIONAL AG 71 250,056 0.02SAP SE 1,286 912,632 0.06SIEMENS AG 777 765,904 0.05SUEDZUCKER AG 792 162,049 0.01TALANX AG 1,000 266,450 0.02THYSSENKRUPP AG 660 129,229 0.01UNITED INTERNET AG 750 243,359 0.02VOLKSWAGEN AG PREFERENCE

SHARES 124 149,628 0.01VONOVIA SE 770 195,449 0.01

14,620,878 0.92


MANUFACTURING AND TECHNICAL SA 910 135,218 0.01

JUMBO SA 1,900 207,123 0.01MOTOR OIL HELLAS CORINTH

REFINERIES SA 1,700 189,597 0.01

531,938 0.03

59

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


Hong KongAAC TECHNOLOGIES HOLDINGS INC 11,556 924,480 0.06AGILE GROUP HOLDINGS LTD 60,000 249,600 0.02AGRICULTURAL BANK OF CHINA LTD

H SHARES 382,937 1,248,375 0.08AIA GROUP LTD 166,396 8,036,927 0.50AIR CHINA LTD H SHARES 28,000 156,800 0.01ALUMINUM CORP OF CHINA LTD 60,000 241,200 0.01ANHUI CONCH CEMENT CO LTD H

SHARES 20,734 521,460 0.03ANTA SPORTS PRODUCTS LTD 11,000 272,800 0.02ASM PACIFIC TECHNOLOGY LTD 3,600 340,200 0.02AVICHINA INDUSTRY &

TECHNOLOGY CO LTD 27,000 154,440 0.01BANK OF CHINA LTD H SHARES 1,064,712 3,769,080 0.24BANK OF COMMUNICATIONS CO

LTD H SHARES 98,958 569,008 0.04BANK OF EAST ASIA LTD 22,869 760,394 0.05BEIJING CAPITAL INTERNATIONAL

AIRPORT CO LTD H SHARES 20,000 150,800 0.01BEIJING JINGNENG CLEAN ENERGY

CO LTD H SHARES 132,000 306,240 0.02BELLE INTERNATIONAL HOLDINGS

LTD 109,108 519,354 0.03BOC HONG KONG HOLDINGS LTD 49,931 1,557,847 0.10BRILLIANCE CHINA AUTOMOTIVE

HOLDINGS LTD 38,979 427,989 0.03BYD CO LTD 8,000 345,600 0.02CATHAY PACIFIC AIRWAYS LTD 11,000 115,940 0.01CGN POWER CO LTD H SHARES 70,000 154,000 0.01CHEUNG KONG INFRASTRUCTURE

HOLDINGS LTD 8,056 503,903 0.03CHEUNG KONG PROPERTY

HOLDINGS LTD 39,904 2,051,066 0.13CHINA BLUECHEMICAL LTD 86,000 232,200 0.01CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 134,276 362,545 0.02CHINA CITIC BANK CORP LTD H

SHARES 124,993 641,214 0.04

HoldingsMarket

value

% of net

asset value

HKD

CHINA COMMUNICATIONS CONSTRUCTION CO LTD H SHARES 64,164 603,783 0.04

CHINA CONCH VENTURE HOLDINGS LTD 36,000 537,840 0.03


CHINA DONGXIANG (GROUP) CO LTD 223,000 323,350 0.02CHINA EVERBRIGHT BANK CO LTD H


LTD 20,884 197,563 0.01CHINA EVERBRIGHT LTD 21,734 323,837 0.02CHINA EVERGRANDE GROUP 77,736 422,106 0.03CHINA FOODS LTD 68,000 239,360 0.01CHINA GALAXY SECURITIES CO H

SHARES 52,676 381,901 0.02CHINA GAS HOLDINGS LTD 20,000 225,200 0.01CHINA HONGQIAO GROUP LTD 55,500 444,000 0.03CHINA INTERNATIONAL CAPITAL CO




LTD 19,000 241,680 0.01CHINA MENGNIU DAIRY CO LTD 28,600 416,988 0.03CHINA MERCHANTS BANK CO LTD H

SHARES 59,458 1,165,377 0.07CHINA MERCHANTS PORT

HOLDINGS INTERNATIONAL CO LTD 7,351 153,268 0.01

CHINA MINSHENG BANKING CORP LTD H SHARES 97,975 840,625 0.05

CHINA MOBILE LTD 76,801 6,746,968 0.42CHINA NATIONAL BUILDING

MATERIAL CO LTD H SHARES 44,000 200,640 0.01CHINA NATIONAL MATERIALS CO

LTD 136,000 277,440 0.02CHINA OVERSEAS LAND &


CO LTD H SHARES 36,434 1,012,865 0.06

60

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


CHINA PETROLEUM & CHEMICAL CORP H SHARES 360,965 2,241,593 0.14

CHINA POWER INTERNATIONAL DEVELOPMENT LTD 111,000 311,910 0.02

CHINA RAILWAY CONSTRUCTION CORP H SHARES 44,015 476,242 0.03

CHINA RAILWAY GROUP LTD H SHARES 57,996 397,273 0.02


CHINA RESOURCES BEER HOLDINGS CO LTD 12,666 200,123 0.01

CHINA RESOURCES CEMENT HOLDINGS LTD 66,000 238,260 0.01

CHINA RESOURCES GAS GROUP LTD 10,000 246,000 0.01CHINA RESOURCES LAND LTD 34,814 673,303 0.04CHINA RESOURCES POWER

HOLDINGS CO LTD 34,648 464,976 0.03CHINA SHENHUA ENERGY CO LTD H

SHARES 45,977 760,460 0.05CHINA SOUTH CITY HOLDINGS LTD 84,000 140,280 0.01CHINA SOUTHERN AIRLINES CO LTD 50,000 224,000 0.01CHINA STATE CONSTRUCTION

INTERNATIONAL HOLDINGS LTD 34,034 431,551 0.03CHINA TAIPING INSURANCE

HOLDINGS CO LTD 32,600 558,112 0.03CHINA TELECOM CORP LTD H

SHARES 208,664 769,970 0.05CHINA TRAVEL INTERNATIONAL

INVESTMENT HONG KONG LTD 140,000 305,200 0.02CHINA UNICOM HONG KONG LTD 75,013 691,620 0.04CHINA VANKE CO LTD H SHARES 23,660 468,468 0.03CHINA ZHONGWANG HOLDINGS LTD 71,200 244,928 0.01CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 99,000 470,250 0.03CHOW TAI FOOK JEWELLERY GROUP

LTD 16,400 108,568 0.01CIMC ENRIC HOLDINGS LTD 30,000 130,500 0.01CITIC LTD 89,825 1,036,580 0.06

HoldingsMarket

value

% of net

asset value

HKD

CITIC SECURITIES CO LTD H SHARES 26,442 420,428 0.03CK HUTCHISON HOLDINGS LTD 36,904 3,448,679 0.22CLP HOLDINGS LTD 21,470 1,628,499 0.10CNOOC LTD 229,928 2,262,492 0.14COSCO SHIPPING PORTS LTD 51,662 399,864 0.02COUNTRY GARDEN HOLDINGS CO

LTD 122,933 548,281 0.03CRRC CORP LTD H SHARES 54,641 414,725 0.03CSPC PHARMACEUTICAL GROUP

LTD 52,000 455,520 0.03DAH SING BANKING GROUP LTD 14,000 212,800 0.01DAH SING FINANCIAL HOLDINGS LTD 2,400 144,240 0.01DALI FOODS GROUP CO LTD 82,500 353,925 0.02DONGFENG MOTOR GROUP CO LTD

H SHARES 68,524 566,693 0.04ENN ENERGY HOLDINGS LTD 14,678 563,635 0.03FIRST PACIFIC CO LTD 52,335 308,776 0.02FOSUN INTERNATIONAL LTD 15,296 181,105 0.01FRANSHION PROPERTIES CHINA LTD 48,000 109,920 0.01FULLSHARE HOLDINGS LTD 77,388 253,833 0.02FUYAO GLASS INDUSTRY GROUP H


LTD 29,828 1,108,110 0.07GCL POLY ENERGY HOLDINGS LTD 368,600 372,286 0.02GEELY AUTOMOBILE HOLDINGS LTD 70,000 646,100 0.04GF SECURITIES CO LTD 15,000 250,200 0.02GOLDEN EAGLE RETAIL GROUP LTD 31,000 348,440 0.02GREAT EAGLE HOLDINGS LTD 4,000 141,400 0.01GREAT WALL MOTOR CO LTD H

SHARES 44,893 351,961 0.02GUANGDONG INVESTMENT LTD 34,000 328,100 0.02GUANGZHOU AUTOMOBILE GROUP

CO LTD H SHARES 28,000 297,360 0.02GUANGZHOU R&F PROPERTIES CO

LTD H SHARES 13,600 135,728 0.01HAIER ELECTRONICS GROUP CO LTD 33,000 452,100 0.03HAITIAN INTERNATIONAL HOLDINGS

LTD 19,000 300,580 0.02HAITONG INTERNATIONAL


SHARES 32,874 460,236 0.03

61

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


HANERGY THIN FILM POWER GROUP LTD 141,272 – –

HANG LUNG PROPERTIES LTD 34,262 657,830 0.04HANG SENG BANK LTD 10,299 1,636,511 0.10HENDERSON LAND DEVELOPMENT

CO LTD 19,456 837,581 0.05HENGAN INTERNATIONAL GROUP

CO LTD 9,414 600,142 0.04HONG KONG AND CHINA GAS CO

LTD 98,112 1,438,322 0.09HONG KONG EXCHANGES AND


INFRASTRUCTURE LTD 27,500 112,750 0.01HOPEWELL HOLDINGS LTD 15,500 430,900 0.03HSBC HOLDINGS PLC 231,090 15,425,257 0.97HUATAI SECURITIES CO LTD H

SHARES 19,800 298,188 0.02HYSAN DEVELOPMENT CO LTD 13,000 461,500 0.03INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LTD H SHARES 1,021,271 4,881,675 0.31JIANGSU EXPRESSWAY CO LTD H

SHARES 36,000 350,280 0.02JIANGXI COPPER CO LTD H SHARES 19,000 255,740 0.02JOHNSON ELECTRIC HOLDINGS LTD

H SHARES 4,500 93,150 0.01KERRY LOGISTICS NETWORK LTD 8,000 80,320 0.00KERRY PROPERTIES LTD 20,395 449,710 0.03KINGBOARD CHEMICAL HOLDINGS


LTD 15,500 132,680 0.01KINGSOFT CORP LTD 11,000 179,520 0.01KUNLUN ENERGY CO LTD 38,000 236,360 0.01KWG PROPERTY HOLDING LTD 70,063 313,882 0.02LEE & MAN PAPER MANUFACTURING

LTD 58,000 406,580 0.03LEGEND HOLDINGS CORP 14,900 262,836 0.02LENOVO GROUP LTD 147,804 755,278 0.05

HoldingsMarket

value

% of net

asset value

HKD

LI & FUNG LTD 144,000 486,720 0.03LIFESTYLE INTERNATIONAL

HOLDINGS LTD 11,500 114,770 0.01LONGFOR PROPERTIES 19,000 213,180 0.01LUYE PHARMA GROUP LTD 31,500 161,910 0.01MGM CHINA HOLDINGS LTD 11,200 169,568 0.01MINTH GROUP LTD 8,000 201,600 0.01MTR CORP LTD 18,848 746,381 0.05NEW CHINA LIFE INSURANCE CO

LTD H SHARES 11,365 428,460 0.03NEW WORLD DEVELOPMENT CO

LTD 82,716 744,444 0.05NINE DRAGONS PAPER HOLDINGS

LTD 24,000 215,520 0.01NWS HOLDINGS LTD 20,136 281,501 0.02PCCW LTD 28,361 133,864 0.01PEOPLE’S INSURANCE GROUP OF

CHINA CO LTD H SHARES 146,804 446,284 0.03PETROCHINA CO LTD H SHARES 228,510 1,421,332 0.09PICC PROPERTY AND CASUALTY CO

LTD 83,657 988,826 0.06PING AN INSURANCE (GROUP) CO


LTD H SHARES 26,600 207,746 0.01SA SA INTERNATIONAL HOLDINGS

LTD 76,221 236,285 0.01SAMSONITE INTERNATIONAL SA 9,129 223,661 0.01SANDS CHINA LTD 34,239 1,181,246 0.07SHANDONG WEIGAO GROUP

MEDICAL POLYMER CO LTD 64,000 325,760 0.02SHANGHAI PHARMACEUTICALS

HOLDING CO LTD H SHARES 8,500 168,810 0.01SHENGJING BANK CO LTD H SHARES 27,000 209,790 0.01SHENZHEN EXPRESSWAY CO LTD 46,000 326,600 0.02SHENZHEN INTERNATIONAL

HOLDINGS LTD 35,588 397,874 0.02SHENZHEN INVESTMENT LTD 111,558 353,639 0.02SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 8,000 384,400 0.02SHIMAO PROPERTY HOLDINGS LTD 25,120 262,253 0.02SINO BIOPHARMACEUTICAL LTD 36,370 223,676 0.01SINO LAND CO LTD 59,438 766,750 0.05

62

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SINO-OCEAN GROUP HOLDING LTD 50,921 171,095 0.01SINOPEC ENGINEERING GROUP CO

LTD 44,500 280,350 0.02SINOPEC SHANGHAI

PETROCHEMICAL CO LTD H SHARES 102,000 491,640 0.03

SINOPHARM GROUP CO LTD H SHARES 16,323 581,099 0.04

SINOTRANS LTD H SHARES 70,636 228,861 0.01SJM HOLDINGS LTD 42,000 260,400 0.02SUN HUNG KAI PROPERTIES LTD 20,410 2,192,034 0.14SUNAC CHINA HOLDINGS LTD 59,000 408,280 0.03SWIRE PACIFIC LTD CLASS A 7,157 566,477 0.04SWIRE PROPERTIES LTD 18,070 395,733 0.02TECHTRONIC INDUSTRIES CO LTD 17,092 459,775 0.03TELEVISION BROADCASTS LTD 9,400 280,120 0.02TENCENT HOLDINGS LTD 76,976 15,733,894 0.99TEXWINCA HOLDINGS LTD 50,000 249,000 0.02THE WHARF (HOLDINGS) LTD 23,428 1,371,709 0.09TIANJIN CAPITAL ENVIRONMENTAL

PROTECTION GROUP CO LTD 26,000 109,200 0.01TOWNGAS CHINA CO LTD 632 2,680 0.00TRAVELSKY TECHNOLOGY LTD H

SHARES 26,000 455,000 0.03WANT WANT CHINA HOLDINGS LTD 114,314 635,586 0.04WEICHAI POWER CO LTD H SHARES 15,000 207,000 0.01WH GROUP LTD 86,000 509,120 0.03WHEELOCK AND CO LTD 15,772 746,804 0.05WYNN MACAU LTD 21,600 308,016 0.02XINYI GLASS HOLDINGS LTD 30,000 210,300 0.01XINYI SOLAR HOLDINGS LTD 34,000 91,460 0.01YANZHOU COAL MINING CO LTD H


LTD 11,000 312,400 0.02YUEXIU PROPERTY CO LTD 96,000 109,440 0.01ZHUZHOU CSR TIMES ELECTRIC CO

LTD H SHARES 3,339 148,586 0.01

HoldingsMarket

value

% of net

asset value

HKD

ZIJIN MINING GROUP CO LTD H SHARES 124,000 324,880 0.02

ZTE CORP H SHARES 11,400 138,168 0.01

158,023,756 9.91

IndiaADANI ENTERPRISES LTD 23,300 232,370 0.01BAJAJ AUTO LTD 1,000 325,471 0.02BHARAT PETROLEUM CORP LTD 1,900 147,982 0.01CASTROL INDIA LTD 6,000 277,710 0.02HERO MOTOCORP LTD 1,000 363,310 0.02HOUSING DEVELOPMENT FINANCE

CORP LTD 4,100 639,291 0.04ICICI BANK LTD 5,600 172,125 0.01INDIAN OIL CORP LTD 2,800 116,276 0.01INFOSYS LIMITED 5,400 574,360 0.04ITC LTD 8,200 242,099 0.01MAHINDRA & MAHINDRA LTD 870 123,391 0.01MARUTI SUZUKI INDIA LTD 280 188,934 0.01NTPC LTD 5,600 110,896 0.01OIL & NATURAL GAS CORP LTD 8,800 203,101 0.01OIL INDIA LTD 4,900 184,486 0.01RELIANCE INDUSTRIES LTD 4,500 536,533 0.03RELIANCE INFRASTRUCTURE 4,800 282,720 0.02STATE BANK OF INDIA 4,400 130,788 0.01TATA MOTORS LTD 2,900 173,131 0.01UNION BANK OF INDIA 16,200 264,391 0.02

5,289,365 0.33

IndonesiaASTRA AGRO LESTARI TBK PT 19,800 181,508 0.01ASTRA INTERNATIONAL TBK PT 57,100 263,795 0.02BANK CENTRAL ASIA TBK PT 32,600 289,849 0.02BANK MANDIRI (PERSERO) TBK PT 28,900 183,057 0.01CHAROEN POKPHAND INDONESIA

TBK 133,500 240,495 0.01GUDANG GARAM 7,700 276,306 0.02INDOFOOD CBP SUKSES MAKMUR

TBK PT 55,500 270,916 0.02PT BANK RAKYAT INDONESIA

(PERSERO) TBK 53,200 362,483 0.02

63

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


TELEKOMUNIKASI INDONESIA (PERSERO) TBK PT 208,300 468,450 0.03

2,536,859 0.16

IrelandCRH PLC 1,248 337,470 0.02GLANBIA PLC 2,000 262,467 0.01KERRY GROUP PLC-A 200 109,179 0.01

709,116 0.04

ItalyASSICURAZIONI GENERALI SPA 3,300 407,889 0.03ENEL SPA 4,066 131,745 0.01ENI SPA 1,860 221,635 0.01FIAT CHRYSLER AUTOMOBILES NV 5,600 474,285 0.03INTESA SANPAOLO SPA 24,069 437,974 0.03ITALGAS SPA 764 22,551 0.00PRYSMIAN SPA 1,603 323,415 0.02SALVATORE FERRAGAMO SPA 1,000 205,026 0.01SNAM SPA 10,543 311,198 0.02STMICROELECTRONICS NV 6,171 631,056 0.04UNICREDIT SPA 704 148,530 0.01UNIPOLSAI SPA 7,200 116,284 0.01

3,431,588 0.22

JapanABC-MART INC 600 271,293 0.02AISIN SEIKI CO LTD 500 178,174 0.01AJINOMOTO CO INC 1,300 199,682 0.01ALFRESA HOLDINGS CORP 1,120 143,201 0.01AMADA HOLDINGS CO LTD 3,900 357,251 0.02ASAHI GROUP HOLDINGS LTD 1,250 342,045 0.02ASTELLAS PHARMA INC 5,798 604,845 0.04AUTOBACS SEVEN CO LTD 2,500 301,551 0.02

HoldingsMarket

value

% of net

asset value

HKD

AZBIL CORP 500 117,347 0.01BRIDGESTONE CORP 1,611 460,038 0.03CANON INC 1,919 442,440 0.03CANON MARKETING JAPAN INC 1,800 267,488 0.02CENTRAL JAPAN RAILWAY CO 607 764,382 0.05CHIYODA CORP 4,000 209,811 0.01CHUBU ELECTRIC POWER CO INC 3,700 383,305 0.02CHUGAI PHARMACEUTICAL CO LTD 400 90,982 0.01CITIZEN WATCH CO LTD 6,400 310,553 0.02COCA-COLA WEST CO LTD 1,400 316,026 0.02COLOPL INC 1,400 94,277 0.01CONCORDIA FINANCIAL GROUP LTD 3,200 131,941 0.01CYBERAGENT INC 1,200 231,509 0.01DAI NIPPON PRINTING CO LTD 2,000 158,392 0.01DAICEL CORP 2,430 209,698 0.01DAIDO STEEL CO LTD 9,000 318,232 0.02DAI-ICHI LIFE HOLDINGS INC 3,669 521,458 0.03DAIICHI SANKYO CO LTD 1,500 261,006 0.02DAIKIN INDUSTRIES LTD 525 406,190 0.03DAIKYO INC 14,000 223,872 0.01DAITO TRUST CONSTRUCTION CO

LTD 450 489,754 0.03DAIWA HOUSE INDUSTRY CO LTD 900 190,070 0.01DAIWA SECURITIES GROUP INC 2,000 99,736 0.01DENKA CO LTD 8,000 306,583 0.02DENSO CORP 1,160 391,856 0.02DIC CORP 615 148,787 0.01DISCO CORP 360 358,305 0.02DMG MORI CO LTD 2,100 224,065 0.01DOWA HOLDINGS CO LTD 7,100 470,289 0.03EAST JAPAN RAILWAY CO 996 702,293 0.04EBARA CORP 540 129,898 0.01EISAI CO LTD 320 137,080 0.01EXEDY CORP 700 147,640 0.01FANUC CORP 464 708,874 0.04FUJI HEAVY INDUSTRIES LTD 2,273 711,277 0.04FUJIFILM HOLDINGS CORP 500 150,776 0.01FUJITSU GENERAL LTD 1,000 152,740 0.01GREE INC 200 8,381 0.00GUNGHO ONLINE ENTERTAINMENT

INC 12,800 216,152 0.01HANKYU HANSHIN HOLDINGS INC 800 211,189 0.01HASEKO CORP 3,600 309,175 0.02HEIWA CORP 1,200 225,305 0.01

64

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


HINO MOTORS LTD 2,573 211,929 0.01HITACHI LTD 7,772 346,915 0.02HITACHI METALS LTD 2,000 215,876 0.01HONDA MOTOR CO LTD 4,496 1,049,603 0.07HOYA CORP 1,301 441,369 0.03IBIDEN CO LTD 3,000 332,913 0.02IIDA GROUP HOLDINGS CO LTD 1,000 145,779 0.01INPEX CORP 2,500 191,356 0.01ITOCHU CORP 3,800 407,546 0.03JAFCO CO LTD 800 210,638 0.01JAPAN AIRLINES CO LTD 1,300 322,753 0.02JAPAN AVIATION ELECTRONICS

INDUSTRY LTD 2,000 190,512 0.01JAPAN EXCHANGE GROUP INC 1,962 227,867 0.01JAPAN PETROLEUM EXPLORATION

CO LTD 1,300 227,415 0.01JAPAN POST BANK CO LTD 1,100 104,251 0.01JAPAN TOBACCO INC 2,317 581,314 0.04JTEKT CORP 2,700 346,147 0.02KAKAKU.COM INC 2,000 281,770 0.02KAKEN PHARMACEUTICAL CO LTD 600 236,554 0.02KAO CORP 1,232 474,091 0.03KDDI CORP 5,454 1,139,046 0.07KEIYO BANK LTD 5,300 189,960 0.01KEYENCE CORP 218 659,185 0.04KINTETSU GROUP HOLDINGS CO

LTD 5,000 149,569 0.01KISSEI PHARMACEUTICAL CO LTD 1,200 228,035 0.01KOBAYASHI PHARMACEUTICAL CO

LTD 800 277,358 0.02KOEI TEMCO HOLDINGS CO LTD 1,800 237,712 0.02KOMATSU LTD 1,141 211,869 0.01KOMERI CO LTD 1,200 220,095 0.01KONAMI HOLDINGS CORP 1,000 311,546 0.02K’S HOLDINGS CORP 2,100 294,845 0.02KUBOTA CORP 3,356 416,368 0.03KURARAY CO LTD 2,700 333,492 0.02KURITA WATER INDUSTRIES LTD 800 147,777 0.01KYOCERA CORP 860 348,782 0.02

HoldingsMarket

value

% of net

asset value

HKD

KYORIN HOLDINGS INC 1,100 186,969 0.01KYUDENKO CORP 800 169,007 0.01LAWSON INC 490 278,296 0.02LEOPALACE21 CORP 4,500 200,988 0.01LINTEC CORP 1,500 261,057 0.02MAEDA ROAD CONSTRUCTION CO

LTD 2,200 295,844 0.02MAKITA CORP 300 162,321 0.01MARUBENI CORP 4,300 203,792 0.01MARUICHI STEEL TUBE LTD 1,000 261,230 0.02MATSUI SECURITIES CO LTD 1,400 93,505 0.01MATSUMOTOKIYOSHI HOLDINGS CO

LTD 800 309,340 0.02MAZDA MOTOR CORP 1,700 195,447 0.01MEIJI HOLDINGS CO LTD 360 216,869 0.01MIRACA HOLDINGS INC 280 99,584 0.01MITSUBISHI CORP 1,800 316,308 0.02MITSUBISHI ELECTRIC CORP 5,973 708,733 0.04MITSUBISHI ESTATE CO LTD 1,900 283,200 0.02MITSUBISHI MATERIALS CORP 1,400 371,994 0.02MITSUBISHI MOTORS CORP 4,800 202,808 0.01MITSUBISHI SHOKUHIN CO LTD 900 208,742 0.01MITSUBISHI UFJ FINANCIAL GROUP

INC 30,597 1,541,417 0.10MITSUI AND CO LTD 2,485 283,727 0.02MITSUI FUDOSAN CO LTD 1,173 211,545 0.01MIURA CO LTD 1,200 148,219 0.01MIZUHO FINANCIAL GROUP INC 50,866 737,310 0.05MOCHIDA PHARMACEUTICAL CO

LTD 450 250,925 0.02MS&AD INSURANCE GROUP

HOLDINGS INC 2,200 575,464 0.04MURATA MANUFACTURING CO LTD 335 352,241 0.02NEXON CO LTD 2,500 296,727 0.02NHK SPRING CO LTD 1,500 117,657 0.01NICHIREI CORP 1,300 205,730 0.01NIDEC CORP 290 212,079 0.01NIHON KOHDEN CORP 1,300 231,268 0.01NIKON CORP 800 100,632 0.01NINTENDO CO LTD 100 159,357 0.01NIPPO CORP 1,600 235,231 0.01NIPPON ELECTRIC GLASS CO LTD 2,000 89,742 0.01NIPPON KAYAKU CO LTD 2,900 295,231 0.02NIPPON SHOKUBAI CO LTD 700 375,854 0.02

65

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


NIPPON STEEL & SUMITOMO METAL CORP 1,892 356,862 0.02

NIPPON TELEGRAPH AND TELEPHONE CORP 1,638 562,133 0.04

NIPRO CORP 3,400 296,217 0.02NISSAN MOTOR CO LTD 4,362 336,433 0.02NITORI HOLDINGS CO LTD 250 217,462 0.01NOMURA HOLDINGS INC 7,100 344,275 0.02NORTH PACIFIC BANK LTD 11,950 374,768 0.02NTT DOCOMO INC 3,271 610,200 0.04OBIC BUSINESS CONSULTANTS CO

LTD 800 293,901 0.02OKUMA CORP 4,000 324,504 0.02OLYMPUS CORP 1,300 349,007 0.02ORACLE CORP JAPAN 740 322,353 0.02ORIENTAL LAND CO LTD 780 332,627 0.02ORIX CORP 4,100 482,393 0.03OSAKA GAS CO LTD 9,400 273,869 0.02OTSUKA HOLDINGS CO LTD 1,073 384,506 0.02PANASONIC CORP 2,735 222,162 0.01RESONA HOLDINGS INC 13,900 587,490 0.04ROHM CO LTD 1,000 499,025 0.03ROHTO PHARMACEUTICAL CO LTD 2,200 296,451 0.02SANKYO CO LTD 800 208,157 0.01SAWAI PHARMACEUTICAL CO LTD 580 236,664 0.02SCREEN HOLDING CO LTD 800 389,846 0.02SECOM CO LTD 560 315,196 0.02SEINO HOLDINGS CO LTD 3,400 305,825 0.02SEKISUI HOUSE LTD 1,550 195,348 0.01SEVEN & I HOLDINGS CO LTD 1,681 522,434 0.03SEVEN BANK LTD 4,500 100,494 0.01SHIGA BANK LTD 5,000 218,840 0.01SHIMACHU CO LTD 1,300 247,575 0.02SHIMAMURA CO LTD 360 366,990 0.02SHIMANO INC 140 171,860 0.01SHIN ETSU CHEMICAL CO LTD 724 486,399 0.03SHIONOGI & CO LTD 400 149,569 0.01SKY PERFECT JSAT HOLDINGS INC 4,500 157,565 0.01SKYLARK CO LTD 2,300 242,392 0.02

HoldingsMarket

value

% of net

asset value

HKD

SMC CORP 160 340,881 0.02SOFTBANK CORP 2,175 1,304,403 0.08SOMPO HOLDINGS INC 810 228,792 0.01SONY CORP 2,026 478,002 0.03SONY FINANCIAL HOLDINGS INC 1,500 196,749 0.01SQUARE ENIX HOLDINGS CO LTD 500 111,316 0.01START TODAY CO LTD 3,100 453,623 0.03SUGI HOLDINGS CO LTD 700 253,303 0.02SUMITOMO CORP 2,900 283,038 0.02SUMITOMO ELECTRIC INDUSTRIES

LTD 2,100 238,467 0.02SUMITOMO FORESTRY CO LTD 2,700 288,642 0.02SUMITOMO HEAVY INDUSTRIES LTD 8,000 428,996 0.03SUMITOMO MITSUI FINANCIAL

GROUP INC 2,536 778,019 0.05SUMITOMO OSAKA CEMENT CO LTD 8,000 250,891 0.02SUMITOMO REAL ESTATE SALES CO

LTD 1,360 241,098 0.02SUMITOMO REALTY &

DEVELOPMENT CO LTD 1,112 234,843 0.01SUMITOMO RUBBER INDUSTRIES

LTD 2,500 304,136 0.02SURUGA BANK LTD 916 162,891 0.01SUZUKEN CO LTD 1,100 282,804 0.02SYSMEX CORP 400 186,376 0.01T&D HOLDINGS INC 4,150 481,554 0.03TADANO LTD 3,700 354,232 0.02TAISEI CORP 2,600 143,725 0.01TAIYO YUDEN CO LTD 1,100 104,706 0.01TAKEDA PHARMACEUTICAL CO LTD 1,266 412,218 0.03TERUMO CORP 700 201,195 0.01THE 77 BANK LTD 10,100 365,480 0.02THE AWA BANK LTD 5,100 247,824 0.02THE YOKOHAMA RUBBER CO LTD 850 116,530 0.01TOHO GAS CO LTD 5,500 319,576 0.02TOKIO MARINE HOLDINGS INC 1,593 519,460 0.03TOKYO ELECTRIC POWER CO INC 4,150 123,857 0.01TOKYO ELECTRON LTD 370 298,636 0.02TOKYO GAS CO LTD 10,418 358,892 0.02TOKYU CORP 3,000 171,833 0.01TONENGENERAL SEKIYU KK 3,000 274,808 0.02TOTO LTD 575 180,526 0.01TOYO SUISAN KAISHA LTD 900 249,995 0.02TOYO TIRE & RUBBER CO LTD 600 56,740 0.00

66

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


TOYOBO CO LTD 23,000 290,110 0.02TOYOTA MOTOR CORP 6,203 2,814,978 0.18TS TECH CO LTD 1,400 278,585 0.02UBE INDUSTRIES LTD 18,000 337,462 0.02WEST JAPAN RAILWAY CO 750 380,472 0.02YAMATO KOGYO CO LTD 1,400 326,158 0.02ZENKOKU HOSHO CO LTD 800 215,325 0.01ZEON CORP 3,400 304,653 0.02

66,724,433 4.18

MalaysiaAMMB HOLDINGS BHD 34,500 276,793 0.02BERJAYA SPORTS TOTO BHD 22,560 115,792 0.01DIGI.COM BHD 12,100 105,133 0.01IHH HEALTHCARE BHD 9,000 99,324 0.00IJM CORP BHD 46,600 270,200 0.02IOI CORP BHD 32,200 248,751 0.01MAXIS BHD 21,200 228,392 0.01MISC 7,800 100,291 0.01PETRONAS CHEMICALS GROUP BHD 8,200 102,417 0.01PETRONAS GAS BHD 2,100 76,811 0.00PUBLIC BANK BHD 8,300 292,243 0.02TENAGA NASIONAL BHD 14,042 329,613 0.02

2,245,760 0.14

NetherlandsAEGON NV 6,360 267,300 0.01AKZO NOBEL NV 420 221,141 0.01ASML HOLDING NV 472 444,876 0.03GEMALTO 698 314,663 0.02GRANDVISION NV 1,520 281,304 0.02HEINEKEN NV 573 332,644 0.02ING GROEP NV 5,673 630,317 0.04KONINKLIJKE AHOLD DELHAIZE NV 1,692 279,439 0.02KONINKLIJKE DSM NV 280 138,529 0.01

HoldingsMarket

value

% of net

asset value

HKD

ROYAL BOSKALIS WESTMINSTER NV 1,026 294,715 0.02UNILEVER NV 2,102 659,138 0.04WOLTERS KLUWER NV 6 1,779 0.00

3,865,845 0.24

New ZealandAIR NEW ZEALAND LTD 12,800 152,925 0.01

NorwayDNB ASA 2,898 376,063 0.03MARINE HARVEST ASA 2,473 340,037 0.02STATOIL ASA 2,389 345,610 0.02YARA INTERNATIONAL ASA 1,150 376,983 0.02

1,438,693 0.09


CO 19,200 243,983 0.02

PolandBANK MILLENNIUM SA 13,100 149,385 0.01BANK ZACHODNI WBK SA 330 220,475 0.01POLSKI KONCERN NAFTOWY ORLEN

SA 2,074 326,524 0.02

696,384 0.04

Russian FederationMAGNITOGORSK IRON & STEEL

WORK 40,200 204,841 0.01PUB JOIN STOCK SBERBANK OF

RUSSIA 17,025 378,485 0.03SURGUTNEFTEGAS 41,400 172,903 0.01

756,229 0.05

67

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SingaporeCAPITALAND LTD 8,200 148,589 0.01COMFORTDELGRO CORP LTD 17,100 226,981 0.01DBS GROUP HOLDINGS LTD 3,567 372,689 0.02HONG KONG LAND HOLDINGS LTD 17,043 892,637 0.06JARDINE MATHESON HOLDINGS LTD 2,507 1,200,620 0.08JARDINE STRATEGIC HOLDINGS LTD 2,923 863,450 0.05KEPPEL CORP LTD 4,600 156,322 0.01OVERSEA-CHINESE BANKING CORP

LTD 13,886 718,156 0.04SINGAPORE TELECOMMUNICATIONS

LTD 15,147 322,859 0.02STARHUB LTD 10,400 170,124 0.01UNITED OVERSEAS BANK LTD 1,646 189,656 0.01VENTURE CORP LTD 5,600 314,296 0.02WILMAR INTERNATIONAL LTD 6,000 128,221 0.01WING TAI HOLDINGS LTD 21,600 206,409 0.01YANGZIJIANG SHIPBUILDING


6,415,653 0.40

South KoreaAMOREPACIFIC CORP 38 80,431 0.01AMOREPACIFIC CORP PREFERENCE

SHARES 130 155,808 0.01BNK FINANCIAL GROUP INC 2,168 123,478 0.01CELLTRION INC 220 147,188 0.01CJ CHEILJEDANG CORP 92 217,764 0.01CJ KOREA EXPRESS CORP 220 239,437 0.02DAEWOO ENGINEERING &

CONSTRUCTION CO LTD 2,900 100,302 0.01DAEWOO INTERNATIONAL CORP 1,499 254,725 0.02DGB FINANCIAL GROUP INC 4,700 309,740 0.02DONGBU INSURANCE CO LTD 632 249,394 0.02E-MART INC 245 332,081 0.02HANA FINANCIAL GROUP INC 910 209,321 0.01

HoldingsMarket

value

% of net

asset value

HKD

HYOSUNG CORP 355 321,181 0.02HYUNDAI DEPARTMENT STORE CO


ENGINEERING & CONSTRUCTION 1,037 302,581 0.02HYUNDAI ENGINEERING &

CONSTRUCTION CO LTD 810 224,718 0.01HYUNDAI GLOVIS CO LTD 190 197,272 0.01HYUNDAI MIPO DOCKYARD CO LTD 360 137,974 0.01HYUNDAI MOBIS 289 466,977 0.03HYUNDAI MOTOR CO LTD 228 212,369 0.01HYUNDAI STEEL CO 943 366,451 0.02HYUNDAI WIA CORP 490 211,354 0.01KANGWON LAND INC 1,210 264,189 0.02KB FINANCIAL GROUP INC 1,617 507,446 0.03KIA MOTORS CORP 780 189,574 0.01KOREA ZINC CO LTD 100 327,173 0.02KT&G CORP 509 341,559 0.02LG DISPLAY CO LTD 1,537 314,547 0.02LG HAUSYS LTD 360 234,363 0.02LOTTE FINE CHEMICAL CO LTD 690 140,978 0.01NAVER CORP 68 344,160 0.02NHN ENTERTAINMENT CORP 610 215,868 0.01NONGSHIM CO LTD 110 233,562 0.02POSCO 189 341,990 0.02S1 CORP 440 247,076 0.02SAMSUNG ELECTRONIC CO LTD

PREFERENCE SHARES 45 472,031 0.03SAMSUNG ELECTRONICS CO LTD 272 3,583,256 0.22SAMSUNG FIRE & MARINE

INSURANCE CO LTD 100 179,611 0.01SAMSUNG SDI CO LTD 490 377,885 0.02SHINHAN FINANCIAL GROUP CO LTD 1,228 376,351 0.02SHINSEGAE CO LTD 210 246,782 0.02SK HOLDINGS CO LTD 100 144,557 0.01SK HYNIX INC 1,535 550,382 0.03SK INNOVATION CO LTD 190 199,175 0.01SKC CO LTD 1,320 273,664 0.02

15,101,614 0.95

68

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SpainACCIONA SA 471 283,106 0.02ACERINOX SA 127 13,520 0.00AMADEUS IT GROUP SA 590 211,479 0.01BANCO BILBAO VIZCAYA

ARGENTARIA SA 8,789 462,470 0.03BANCO SANTANDER SA 20,225 873,257 0.06CORPORACION FINANCIERA ALBA

SA 670 243,722 0.02DISTRIBUIDORA INTERNACIONAL DE

ALIMENTACION SA IBERDROLA SA 4,400 180,534 0.01IBERDROLA SA 3,829 187,319 0.01INDUSTRIA DE DISENO TEXTIL SA 918 235,056 0.01REPSOL SA 1,788 204,809 0.01TELEFONICA SA 5,083 380,416 0.02ZARDOYA OTIS SA 4,095 267,842 0.02

3,543,530 0.22

SwedenALFA-LAVAL AB 2,452 355,202 0.02ATLAS COPCO AB A SHARES 1,421 353,551 0.02ELECTROLUX AB SERIES B 1,697 350,218 0.02GETINGE AB 1,800 225,921 0.01HENNES & MAURITZ AB B SHARES 2,086 462,902 0.03HUSQVARNA AB B SHARES 3,800 246,904 0.02INVESTMENT AB LATOUR 520 154,718 0.01INVESTOR AB B SHARES 1,115 345,311 0.02MELKER SCHORLING AB 390 188,840 0.01NORDEA BANK AB 4,795 449,881 0.03SKANDINAVISKA ENSKILDA

BANKEN-A 3,821 333,230 0.02SKANSKA AB 1,784 338,878 0.02SKF AB B SHARES 2,452 383,061 0.02SVENSKA CELLULOSA AB SCA-B 950 221,776 0.01SVENSKA HANDELSBANKEN A

SHARES 2,110 244,602 0.02SWEDBANK A SHARES 1,630 319,897 0.02

HoldingsMarket

value

% of net

asset value

HKD

SWEDISH MATCH AB 1,131 285,714 0.02TELEFONAKTIEBOLAGET LM

ERICSSON 6,126 280,855 0.02TELIASONERA AB 4,100 129,086 0.01VOLVO AB 2,500 248,094 0.02

5,918,641 0.37

SwitzerlandABB LTD 1,556 286,725 0.02ACTELION LTD 306 618,499 0.04ADECCO SA 189 104,645 0.01ARYZTA AG 858 183,274 0.01BALOISE HOLDING AG 321 320,622 0.02CLARIANT AG 2,357 342,752 0.02COMPAGNIE FINANCIERE

RICHEMONT SA 566 341,425 0.02CREDIT SUISSE GROUP AG 1,786 210,556 0.01GEBERIT AG 112 371,367 0.02KUEHNE & NAGEL 302 320,170 0.02LONZA GROUP AG 239 340,033 0.02NESTLE SA 4,166 2,368,873 0.15NOVARTIS LTD 2,879 1,640,455 0.10ROCHE HOLDING AG 1,013 1,856,306 0.12SIKA AG 10 407,787 0.02SONOVA HOLDING AG 321 329,205 0.02SULZER AG 360 316,257 0.02SWISS RE AG 616 446,195 0.03SWISSCOM AG 78 266,850 0.02SYNGENTA AG 115 379,867 0.02UBS GROUP AG 5,818 730,740 0.05ZURICH INSURANCE GROUP AG 272 606,466 0.04

12,789,069 0.80


DEVELOPMENT CO LTD 32,000 150,699 0.01CHINA MOTOR CORP 31,000 219,852 0.01CHUNGHWA TELECOM CO LTD 10,000 252,490 0.02CTBC FINANCIAL HOLDING CO LTD 79,133 348,675 0.02DELTA ELECTRONICS INC 8,490 365,679 0.02E.SUN FINANCIAL HOLDING CO LTD 68,600 313,302 0.02

69

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


ETERNAL MATERIALS CO LTD 24,840 208,754 0.01EVA AIRWAYS CORP 57,750 215,860 0.01FAR EASTONE


CORP 12,000 287,541 0.02FORMOSA PETROCHEMICAL CORP 4,000 105,452 0.01FORMOSA PLASTICS CORP 6,000 133,968 0.01FOXCONN TECHNOLOGY CO LTD 10,241 222,830 0.02FUBON FINANCIAL HOLDING CO LTD 41,000 513,544 0.03HON HAI PRECISION INDUSTRY CO

LTD 40,358 836,177 0.05HUA NAN FINANCIAL HOLDINGS CO

LTD 87,084 354,607 0.02NAN YA PLASTICS CORP 13,000 236,523 0.02NOVATEK MICROELECTRONICS

CORP 11,000 300,883 0.02SINOPAC FINANCIAL HOLDINGS CO

LTD 142,000 324,088 0.02TAIWAN FERTILIZER CO LTD 22,000 221,646 0.01TAIWAN SECOM CO LTD 5,000 107,803 0.01TAIWAN SEMICONDUCTOR

MANUFACTURING CO 59,392 2,727,188 0.17TRANSCEND INFORMATION INC 7,000 148,152 0.01UNIMICRON TECHNOLOGY CORP 71,000 216,176 0.01

9,051,308 0.57

ThailandBANGKOK BANK PCL (FOREIG REG) 8,300 331,982 0.02BANGKOK LIFE ASSURANCE PCL 27,000 290,066 0.02CP ALL PUBLIC CO LTD (FOREIGN

REG) 15,100 201,322 0.01DELTA ELECTRONICS THAI PCL

(FOREIGN REG) 21,900 413,845 0.03GLOW ENERGY PCL (FOREIGN REG) 11,500 197,675 0.01INDORAMA VENTURES PCL

(FOREIGN REG) 43,700 337,061 0.02KASIKORNBANK PCL (FOREIGN REG) 7,543 311,677 0.02

HoldingsMarket

value

% of net

asset value

HKD

PTT PCL (FOREIGN REG) 4,200 373,930 0.02

2,457,558 0.15


CLASS D 24,200 244,211 0.01

785,963 0.05

United Kingdom3I GROUP PLC 4,550 310,921 0.02ADMIRAL GROUP PLC 1,533 265,782 0.02AGGREKO PLC 2,322 228,261 0.01ANGLO AMERICAN PLC 4,353 577,071 0.04ASHMORE GROUP PLC 3,800 114,997 0.01ASHTEAD GROUP PLC 2,140 335,506 0.02ASSOCIATED BRITISH FOODS PLC 596 138,822 0.01ASTRAZENECA PLC 1,704 697,651 0.04AVIVA PLC 6,845 318,670 0.02BAE SYSTEMS PLC 4,462 253,509 0.02BARCLAYS PLC 15,404 329,997 0.02BARRATT DEVELOPMENTS PLC 1,536 71,629 0.00BELLWAY PLC 1,151 279,105 0.02BERKELEY GROUP HOLDINGS PLC 670 183,136 0.01BHP BILLITON PLC 2,671 374,820 0.02BOOKER GROUP PLC 16,689 332,028 0.02BP PLC 26,978 1,245,299 0.08BRITISH AMERICAN TOBACCO PLC 2,865 1,370,304 0.09BT GROUP PLC 13,149 390,025 0.02CENTRICA PLC 12,953 283,622 0.02COMPASS GROUP PLC 2,465 339,775 0.02DIAGEO PLC 3,292 708,131 0.04DIRECT LINE INSURANCE GROUP

PLC 8,629 299,040 0.02EASYJET PLC 1,289 119,541 0.01EXPERIAN PLC 1,450 216,429 0.01GLAXOSMITHKLINE PLC 6,602 984,780 0.06GLENCORE PLC 16,751 533,824 0.03HIKMA PHARMACEUTICALS PLC 896 159,541 0.01HOWDEN JOINERY GROUP PLC 7,100 261,578 0.02HSBC HOLDINGS PLC 22,987 1,517,841 0.09

70

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


IMI PLC 1,800 204,886 0.01IMPERIAL TOBACCO GROUP PLC 1,255 450,054 0.03INCHCAPE PLC 4,337 303,775 0.02INTERCONTINENTAL HOTELS GROUP

PLC 934 335,533 0.02INTERNATIONAL CONSOLIDATED

AIRLINES GROUP SA 4,900 228,025 0.01J SAINSBURY PLC 10,547 265,534 0.02JOHNSON MATTHEY PLC 1,054 334,501 0.02KINGFISHER PLC 8,462 277,723 0.02LLOYDS BANKING GROUP PLC 95,600 605,960 0.04NATIONAL GRID PLC 6,530 591,373 0.04OLD MUTUAL PLC 18,582 376,764 0.02PERSIMMON PLC 1,364 256,854 0.02POLYMETAL INTERNATIONAL PLC 3,112 280,250 0.02PRUDENTIAL PLC 3,600 538,396 0.03RECKITT BENCKISER GROUP PLC 859 570,556 0.04RIGHTMOVE PLC 650 255,082 0.02RIO TINTO PLC 3,282 1,118,482 0.07ROLLS-ROYCE HOLDINGS PLC 2,773 180,693 0.01ROYAL DUTCH SHELL PLC A SHARES 5,900 1,236,875 0.08ROYAL DUTCH SHELL PLC B SHARES 5,979 1,305,383 0.08ROYAL MAIL PLC 4,659 187,201 0.01SAGE GROUP PLC 4,169 249,478 0.02SHIRE PLC 1,255 536,548 0.03SKY PLC 1,743 170,322 0.01SMITH & NEPHEW PLC 2,452 283,169 0.02SSE PLC 1,546 224,721 0.01STANDARD CHARTERED PLC 2,100 158,693 0.01TAYLOR WIMPEY PLC 16,127 263,069 0.02TESCO PLC 13,500 256,458 0.02TRAVIS PERKINS PLC 2,074 294,181 0.02UNILEVER PLC 1,682 529,947 0.03VODAFONE GROUP PLC 36,696 696,216 0.04WILLIAM HILL PLC 6,561 165,822 0.01WOLSELEY PLC 420 201,190 0.01WPP PLC 2,408 433,469 0.03

27,608,818 1.73

HoldingsMarket

value

% of net

asset value

HKD

United States of America3M CO 237 321,488 0.02ABBOTT LABORATORIES 1,483 480,652 0.03ABBVIE INC 1,144 542,455 0.03ACCENTURE PLC CLASS A 209 184,663 0.01ADVANSIX INC 16 3,189 0.00AES CORP 454 40,300 0.00AETNA INC 437 402,187 0.02AFFILIATED MANAGERS GROUP INC 155 183,243 0.01AFLAC INC 596 323,674 0.02AGNC INVESTMENT CORP 1,900 275,247 0.02AIR PRODUCTS & CHEMICALS INC 130 140,978 0.01ALLEGHANY CORP 65 308,450 0.02ALLERGAN PLC 75 127,383 0.01ALLSTATE CORP 315 183,828 0.01ALLY FINANCIAL INC 2,074 339,882 0.02ALPHABET INC 140 865,560 0.05ALPHABET INC 170 1,081,904 0.07ALTRIA GROUP INC 1,329 734,021 0.05AMAZON.COM INC 219 1,399,338 0.09AMDOCS LTD 613 279,253 0.02AMEREN CORP 754 308,031 0.02AMERICAN AIRLINES GROUP INC 915 314,166 0.02AMERICAN ELECTRIC POWER CO

INC 290 144,149 0.01AMERICAN EXPRESS CO 797 472,349 0.03AMERICAN INTERNATIONAL GROUP

INC 324 161,552 0.01AMERIPRISE FINANCIAL INC 154 134,156 0.01AMGEN INC 621 754,971 0.05ANTHEM INC 272 325,319 0.02APPLE INC 2,796 2,632,706 0.16APPLIED MATERIALS INC 710 188,688 0.01ARROW ELECTRONICS INC 340 193,959 0.01ASSURANT INC 230 173,343 0.01AT&T INC 3,300 1,079,543 0.07AUTOZONE INC 61 343,148 0.02AVNET INC 485 174,767 0.01AXIS CAPITAL HOLDINGS LTD 521 258,768 0.02BANK OF AMERICA CORP 4,750 834,440 0.05BB&T CORP 530 189,954 0.01BECTON DICKINSON & CO 140 192,592 0.01BED BATH & BEYOND INC 737 230,747 0.01BEMIS INC 688 260,088 0.02

71

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


BERKSHIRE HATHAWAY INC CLASS B 1,147 1,460,842 0.09BEST BUY INC 880 303,993 0.02BIOGEN IDEC INC 135 290,412 0.02BLACKROCK INC 73 211,834 0.01BOEING CO 396 502,141 0.03BRISTOL MYERS SQUIBB CO 446 170,127 0.01BROADCOM LTD 149 230,651 0.01C.H. ROBINSON WORLDWIDE INC 342 201,840 0.01C.R. BARD INC 163 300,169 0.02CAMPBELL SOUP CO 186 89,813 0.01CAPITAL ONE FINANCIAL CORP 320 216,989 0.01CARDINAL HEALTH INC 180 104,695 0.01CBRE GROUP INC CLASS A 944 222,382 0.01CBS CORP CLASS B 350 175,140 0.01CELGENE CORP 443 399,253 0.02CENTURYLINK INC 1,443 289,548 0.02CHECK POINT SOFTWARE

TECHNOLOGIES LTD 424 324,950 0.02CHEVRON CORP 1,027 887,332 0.06CHIPOTLE MEXICAN GRILL INC 98 320,470 0.02CHUBB LTD 283 288,738 0.02CISCO SYSTEMS INC 2,940 700,800 0.04CITIGROUP INC 1,278 553,635 0.03CNA FINANCIAL CORP 943 304,756 0.02COCA COLA CO 1,686 543,830 0.03COLGATE PALMOLIVE CO 608 304,668 0.02COMCAST CORP CLASS A 1,360 795,886 0.05CORE LABORATORIES NV 266 241,136 0.01COSTCO WHOLESALE CORP 269 342,207 0.02CSX CORP 410 147,582 0.01CUMMINS INC 226 257,799 0.02CVS HEALTH CORP 257 157,159 0.01D R HORTON INC 680 157,816 0.01DARDEN RESTAURANTS INC 528 300,224 0.02DELTA AIR LINES INC 700 256,586 0.02DENTSPLY SIRONA INC 651 286,411 0.02DISCOVER FINANCIAL SERVICES 240 129,016 0.01DISCOVERY COMMUNICATIONS INC

CLASS C 94 20,211 0.00

HoldingsMarket

value

% of net

asset value

HKD

DOVER CORP 547 329,999 0.02DOW CHEMICAL CO 839 388,197 0.02DST SYSTEMS INC 230 205,502 0.01E.I. DU PONT DE NEMOURS AND CO 304 178,093 0.01EBAY INC 690 170,416 0.01ELECTRONIC ARTS INC 200 129,472 0.01ELI LILLY AND CO 177 105,793 0.01ENTERGY CORP 537 298,507 0.02EOG RESOURCES INC 325 256,163 0.02EVEREST RE GROUP LTD 126 215,021 0.01EXELON CORP 1,329 370,001 0.02EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 482 194,780 0.01EXPRESS SCRIPTS HOLDINGS CO 420 224,475 0.01EXXON MOBIL CORP 2,366 1,540,105 0.10F5 NETWORKS INC 314 326,555 0.02FACEBOOK INC CLASS A 1,228 1,241,752 0.08FASTENAL CO 754 290,655 0.02FIRST SOLAR INC 690 166,990 0.01FIRSTENERGY CORP 650 152,921 0.01FLEX LTD 2,829 343,975 0.02FLOWSERVE CORP 754 287,613 0.02FLUOR CORP 579 249,343 0.02FNF GROUP 1,037 284,522 0.02FOOT LOCKER INC 526 279,740 0.02FORD MOTOR CO 4,620 443,084 0.03FRANKLIN RESOURCES INC 540 166,513 0.01FRONTIER COMMUNICATIONS CORP 4,360 118,069 0.01GAP INC 1,779 317,903 0.02GENERAL ELECTRIC CO 4,629 1,066,766 0.07GENERAL MILLS INC 269 130,412 0.01GENERAL MOTORS CO 930 264,185 0.02GENTEX CORP 1,718 278,475 0.02GENUINE PARTS CO 434 326,013 0.02GILEAD SCIENCES INC 995 559,354 0.03GOODYEAR TIRE & RUBR CO 1,131 284,249 0.02H&R BLOCK INC 1,029 171,345 0.01HARRIS CORP 200 159,393 0.01HARTFORD FINANCIAL SERVICES

GROUP INC 923 348,855 0.02HCA HOLDINGS INC 441 274,708 0.02HELMERICH AND PAYNE INC 549 303,133 0.02HERBALIFE LTD 124 54,073 0.00HEWLETT PACKARD ENTERPRISE CO 2,329 409,862 0.03

72

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


HOLLYFRONTIER CORP 750 168,591 0.01HOLOGIC INC 1,037 326,122 0.02HONEYWELL INTERNATIONAL INC 370 339,692 0.02HP INC 1,542 180,072 0.01ILLINOIS TOOL WORKS INC 252 248,721 0.02INGREDION INC 283 281,492 0.02INTEL CORP 3,448 985,091 0.06INTERNATIONAL BUSINESS

MACHINES CORP 520 704,164 0.04INTERNATIONAL FLAVORS &

FRAGRANCE INC 110 100,042 0.01INTERPUBLIC GROUP OF COS INC 797 145,514 0.01J B HUNT TRANSPORT SERVICES INC 405 311,363 0.02JABIL CIRCUIT INC 1,300 241,890 0.01JACOBS ENGINEERING GROUP INC 238 108,126 0.01JAZZ PHARMACEUTICALS PLC 200 189,204 0.01JOHNSON & JOHNSON 1,588 1,395,449 0.09JPMORGAN CHASE & CO 2,047 1,344,211 0.08JUNIPER NETWORKS INC 1,200 249,354 0.02KEYSIGHT TECHNOLOGIES INC 870 250,246 0.02KIMBERLY CLARK CORP 150 140,983 0.01KLA-TENCOR CORP 185 122,174 0.01KRAFT HEINZ CO 581 402,536 0.02KROGER CO 576 151,780 0.01L BRANDS INC 353 164,918 0.01LAM RESEARCH CORP 416 370,755 0.02LEVEL 3 COMMUNICATIONS INC 698 322,037 0.02LIBERTY GLOBAL PLC SERIES C 198 53,972 0.00LIBERTY SIRIUSXM GROUP 1,037 288,787 0.02LINEAR TECHNOLOGY CORP 725 355,140 0.02LKQ CORP 610 151,036 0.01LOWE’S COMPANIES INC 209 118,514 0.01LYONDELLBASELL INDUSTRIES NV 386 279,354 0.02M&T BANK CORP 88 111,006 0.01MALLINCKRODT PLC 380 143,683 0.01MARATHON PETROLEUM CORP 742 276,645 0.02MARRIOTT INTERNATIONAL INC

CLASS A 462 303,276 0.02MARVELL TECHNOLOGY GROUP LTD 3,300 380,759 0.02

HoldingsMarket

value

% of net

asset value

HKD

MASTERCARD INCORPORATED A SHRS 301 248,341 0.02

MAXIM INTEGRATED PRODS INC 1,000 345,136 0.02MCDONALD’S CORP 643 611,534 0.04MCKESSON CORP 150 161,957 0.01MEDTRONIC PLC 767 452,427 0.03MERCK & CO INC 1,296 623,379 0.04MICHAEL KORS HOLDINGS LTD 820 272,386 0.02MICRON TECHNOLOGY INC 2,615 489,209 0.03MICROSOFT CORP 4,379 2,196,690 0.14MONSANTO CO 280 235,316 0.01MOODY’S CORP 273 219,604 0.01MOSAIC CO 820 199,597 0.01NEWMONT MINING CORP 590 166,090 0.01NISOURCE INC 1,600 277,723 0.02NORTHROP GRUMMAN CORP 196 348,392 0.02NVIDIA CORP 300 254,150 0.02NVR INC 18 259,504 0.02OCCIDENTAL PETROLEUM CORP 490 257,667 0.02OLD REPUBLIC INTERNATIONAL

CORP 1,060 171,078 0.01ORACLE CORP 2,080 647,353 0.04PATTERSON COS INC 430 138,833 0.01PEPSICO INC 757 609,586 0.04PFIZER INC 2,463 606,401 0.04PHILIP MORRIS INTERNATIONAL INC 1,025 764,554 0.05PHILLIPS 66 634 401,524 0.02PINNACLE WEST CAPITAL CORP 329 198,176 0.01PNC FINANCIAL SERVICES GROUP

INC 280 261,714 0.02POLARIS INDUSTRIES INC 234 152,645 0.01PPG INDUSTRIES INC 180 139,682 0.01PPL CORP 882 238,436 0.01PRAXAIR INC 170 156,233 0.01PRICELINE GROUP INC 23 281,106 0.02PROCTER & GAMBLE CO 1,147 779,638 0.05PRUDENTIAL FINANCIAL INC 300 244,676 0.01PUBLIC SERVICE ENTERPRISE

GROUP 714 245,153 0.02PULTEGROUP INC 1,792 299,091 0.02QIAGEN NV 1,460 326,701 0.02QORVO INC 690 343,777 0.02QUALCOMM INC 483 200,243 0.01RALPH LAUREN CORP 150 102,924 0.01

73

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


RAYTHEON CO 295 329,983 0.02RENAISSANCERE HOLDINGS LTD 283 299,345 0.02RESMED INC 300 157,220 0.01ROCKWELL COLLINS INC 318 223,948 0.01ROSS STORES INC 579 297,010 0.02SAFEWAY PDC LLC CVR (Casa Ley) 220 – –SAFEWAY PDC LLC CVR (PDC) 220 – –SANTANDER CONSUMER USA

HOLDINGS INC 3,206 328,867 0.02SCANA CORP 537 286,257 0.02SCHLUMBERGER LTD 470 305,282 0.02SEAGATE TECHNOLOGY PLC 407 142,586 0.01SKYWORKS SOLUTIONS INC 602 428,529 0.03SNAP-ON INC 226 318,333 0.02SOUTHERN CO 921 353,245 0.02STANLEY BLACK & DECKER INC 160 153,945 0.01STAPLES INC 2,500 178,465 0.01STARBUCKS CORP 1,247 534,304 0.03STRYKER CORP 414 396,824 0.02SUNTRUST BANKS INC 842 371,226 0.02SYMANTEC CORP 1,896 405,308 0.03SYNCHRONY FINANCIAL 1,587 441,091 0.03T. ROWE PRICE GROUP INC 180 94,192 0.01TE CONNECTIVITY LTD 656 378,451 0.02TECHNIPFMC LTD 1,328 338,088 0.02TECHNIPFMC LTD 1,052 274,435 0.02TEGNA INC 403 71,640 0.00TESLA MOTORS INC 50 97,741 0.01TESORO CORP 370 232,117 0.01TEXAS INSTRUMENTS INC 1,032 604,898 0.04THE HOME DEPOT INC 658 702,436 0.04THE PROGRESSIVE CORP 1,131 328,567 0.02THE TRAVELERS COS INC 392 358,247 0.02THE WALT DISNEY CO 676 580,395 0.04THERMO FISHER SCIENTIFIC INC 245 289,700 0.02TIFFANY & CO 566 345,722 0.02TIME WARNER INC 492 369,735 0.02TJX COS INC 692 402,281 0.02TRACTOR SUPPLY CO 250 142,908 0.01

HoldingsMarket

value

% of net

asset value

HKD

TRANSOCEAN LTD 2,546 275,982 0.02TWENTY-FIRST CENTURY FOX INC

CLASS B 193 46,439 0.00TYSON FOODS INC CLASS A 276 134,470 0.01U.S. BANCORP 1,015 414,658 0.03UNION PACIFIC CORP 581 480,482 0.03UNITED CONTINENTAL HOLDINGS

INC 480 262,465 0.02UNITED PARCEL SERVICE INC CLASS

B 370 313,308 0.02UNITED RENTALS INC 511 501,616 0.03UNITEDHEALTH GROUP INC 536 674,176 0.04UNIVERSAL HEALTH SERVICES INC

CLASS B 278 242,954 0.01VALERO ENERGY CORP 820 418,409 0.03VAREX IMAGING CORP 107 23,870 0.00VARIAN MEDICAL SYSTEMS INC 268 161,474 0.01VERISIGN INC 401 249,573 0.02VERIZON COMMUNICATIONS INC 2,460 935,503 0.06VISA INC CLASS A 1,029 660,387 0.04VOYA FINANCIAL INC 1,037 323,628 0.02W. R. BERKLEY CORP 575 299,866 0.02W. W. GRAINGER INC 82 160,702 0.01WALGREENS BOOTS ALLIANCE INC 327 207,907 0.01WAL-MART STORES INC 881 456,234 0.03WASTE CONNECTIONS INC 280 174,461 0.01WATERS CORP 264 290,166 0.02WELLS FARGO & CO 2,708 1,183,624 0.07WESTERN UNION CO 1,603 243,541 0.01WESTINGHOUSE AIR BRAKE

TECHNOLOGIES CORP 370 248,740 0.02WESTLAKE CHEMICAL CORP 644 309,366 0.02WYNDHAM WORLDWIDE CORP 528 323,904 0.02XEROX CORP 1,900 102,167 0.01XILINX INC 757 341,857 0.02XL GROUP LTD 1,037 302,305 0.02YUM BRANDS INC 423 215,083 0.01YUM CHINA HOLDINGS INC 423 90,195 0.01ZIMMER HOLDINGS INC 220 201,996 0.01

93,453,308 5.86

Equities (Total) 487,856,828 30.59

74

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Debt securities


AUSTRALIA (GOVERNMENT OF) 5.25% 15 MARCH 2019 1,417,000 8,945,324 0.56

AUSTRIA (REPUBLIC OF) 3.9% 15 JULY 2020 840,000 8,102,817 0.51

AUSTRIA (REPUBLIC OF) 4.65% 15 JANUARY 2018 262,000 2,306,991 0.14

BELGIUM (KINGDOM OF) 4% 28 MARCH 2019 2,459,000 22,635,419 1.42

BELGIUM KINGDOM OF (GOVERNMENT) 2.6% 22 JUNE 2024 467,000 4,534,660 0.28

BONOS Y OBLIG DEL ESTADO 5.15% 31 OCTOBER 2044 800,000 9,695,149 0.61

DENMARK (KINGDOM OF) 1.5% 15 NOVEMBER 2023 3,305,000 4,078,522 0.26


EUROPEAN INVESTMENT BANK 2.15% 18 JANUARY 2027 132,600,000 11,133,122 0.70


FRANCE (GOVERNMENT OF) OAT 4% 25 APRIL 2018 1,695,000 15,009,996 0.94

FRANCE (GOVERNMENT OF) OAT 4.25% 25 OCTOBER 2023 5,764,000 60,886,585 3.82


GERMANY (REPUBLIC OF) 5.5% 4 JANUARY 2031 373,000 5,146,299 0.32

HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA 0.27% 18 DECEMBER 2017 100,000 99,518 0.01

HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA 1.35% 25 MARCH 2019 600,000 603,864 0.04

ITALY (REPUBLIC OF) 4% 1 FEBRUARY 2017 1,316,000 11,036,571 0.69

HoldingsMarket

value

% of net

asset value

HKD

ITALY (REPUBLIC OF) 4% 1 FEBRUARY 2037 2,119,000 20,486,875 1.28


ITALY (REPUBLIC OF) 5.5% 1 NOVEMBER 2022 1,162,000 12,014,237 0.75





JAPAN GOVERNMENT 20 YEAR BOND #61 1% 20 MARCH 2023 178,500,000 13,105,967 0.82



JPMORGAN CHASE & CO 4.22% 19 SEPTEMBER 2018 4,000,000 4,122,000 0.26

KOREA FINANCE CORP 4.42% 12 APRIL 2021 2,000,000 2,120,600 0.13

MEXICO (UNITED STATES OF) 8% 11 JUNE 2020 119,050 4,636,838 0.29



SOUTH AFRICA (REPUBLIC OF) 10.5% 21 DECEMBER 2026 4,592,165 2,932,309 0.18


SPAIN (GOVERNMENT OF) 4.4% 31 OCTOBER 2023 1,279,000 13,144,781 0.82


SWEDEN (GOVERNMENT OF) 4.25% 12 MARCH 2019 3,320,000 3,247,802 0.20

75

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Debt securities


SWITZERLAND (GOVERNMENT OF) 3% 8 JANUARY 2018 142,000 1,158,416 0.07

UK TREASURY NOTES 4% 7 MARCH 2022 1,052,000 11,973,401 0.75

UK TREASURY NOTES 4.25% 7 MARCH 2036 2,553,000 34,085,234 2.14

US TREASURY NOTES 1.5% 31 AUGUST 2018 8,139,000 63,570,260 3.98

US TREASURY NOTES 2% 31 OCTOBER 2021 2,420,000 18,852,444 1.18

US TREASURY NOTES 2.125% 31 AUGUST 2020 3,395,000 26,785,473 1.68

US TREASURY NOTES 2.5% 15 MAY 2024 5,406,000 42,582,806 2.67

US TREASURY NOTES 3% 15 NOVEMBER 2044 2,650,000 20,314,888 1.27

US TREASURY NOTES 4.375% 15 FEBRUARY 2038 3,913,000 37,694,367 2.36

US TREASURY NOTES 4.625% 15 FEBRUARY 2017 5,375,000 41,771,673 2.62

XTRA FINANCE CORP 5.15% 1 APRIL 2017 612,000 4,781,322 0.30

742,208,438 46.52


ASB FINANCE LTD 2.63% 14 DECEMBER 2021 1,000,000 980,200 0.06

AUSTRALIA COMMONWEALTH OF (GOVERNMENT) 3.25% 21 APRIL 2025 759,000 4,689,212 0.29

CANADA (GOVERNMENT OF) 4% 1 JUNE 2017 1,008,000 6,067,986 0.38


CATERPILLAR FINANCIAL SERVICE 2.14% 13 DECEMBER 2019 2,000,000 1,989,600 0.13

HoldingsMarket

value

% of net

asset value

HKD

CHINA CONSTRUCTION BANK ASIA 1.4% 14 MARCH 2017 7,600,000 58,956,317 3.70

FRANCE (GOVERNMENT OF) 2.25% 25 MAY 2024 90,000 849,314 0.05

GERMANY (REPUBLIC OF) 4% 4 JANUARY 2018 1,320,000 11,554,603 0.72

GERMANY (REPUBLIC OF) 4% 4 JANUARY 2037 125,000 1,638,658 0.10


HKCG FINANCE LTD 3.3% 16 MAY 2022 2,000,000 2,022,800 0.13

HONG KONG (GOVERNMENT OF) 2.16% 9 DECEMBER 2019 150,000 153,930 0.01

HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA 1.17% 19 DECEMBER 2018 2,850,000 2,857,752 0.18

ITALY (REPUBLIC OF) 4.75% 1 SEPTEMBER 2028 80,000 821,963 0.05

ITALY REPUBLIC OF (GOVERNMENT) 0.7% 1 MAY 2020 1,749,000 14,811,928 0.93

KIWIBANK LTD 1.4% 30 NOVEMBER 2017 4,000,000 3,988,400 0.25

KOREA EXPRESSWAY CORP 1.65% 18 OCTOBER 2019 3,000,000 2,917,800 0.18

KOREA GAS CORP 2.6% 20 JUNE 2017 2,000,000 2,007,000 0.13

NETHERLANDS (GOVERNMENT OF) 0.25% 15 JULY 2025 7,000 57,875 0.00

NORDEA BANK AB 3.045% 27 AUG 2025 2,000,000 1,929,600 0.12

OP YRITYSPANKKI OYJ 2.16% 18 SEP 2020 2,000,000 1,958,600 0.12

POLAND REPUBLIC OF (GOVERNMENT) 5.25% 25 OCTOBER 2020 1,420,000 3,003,603 0.19

ROYAL BANK OF CANADA 1.7% 20 AUGUST 2018 2,000,000 1,991,800 0.13

ROYAL BANK OF CANADA 1.83% 14 APRIL 2020 1,000,000 976,300 0.06

SINGTEL GROUP TREASURY PTE LTD 3.32% 4 APRIL 2018 1,000,000 1,011,500 0.06

76

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

SPAIN (GOVERNMENT OF) 4.8% 31 JANUARY 2024 45,000 473,565 0.03

SUMITOMO MITSUI BANKING CORP 2.09% 20 APRIL 2020 3,000,000 2,942,700 0.18

TOTAL CAPITAL INTERNATIONAL SA 3.088% 14 SEP 2026 2,000,000 1,922,200 0.12

URBAN RENEWAL AUTHORITY 1.5% 13 JULY 2017 2,000,000 2,003,200 0.13

US TREASURY NOTES 0.625% 30 JUNE 2017 2,900,000 22,507,389 1.41


168,689,969 10.57


Unit TrustsListed investments

ABF HONG KONG BOND INDEX FUND 85,900 8,385,214 0.53

AMERICAN TOWER CORP 288 231,291 0.01DUKE REALTY CORP 1,509 284,876 0.02HOSPITALITY PROPERTIES TRUST 1,075 259,665 0.02IRON MOUNTAIN INC 840 233,339 0.02KIMCO REALTY CORP 990 191,199 0.01LINK REIT 21,569 1,146,392 0.07PUBLIC STORAGE 192 320,306 0.02SIMON PROPERTY GROUP INC 239 340,799 0.02WEYERHAEUSER CO 833 202,503 0.01

11,595,584 0.73




HoldingsMarket

value

% of net

asset value

HKD


Rights (Total) 10 0.00

Total financial assets 1,508,038,974 94.53

Financial liabilities

Derivative liabilities

Foreign currency forward contracts (1,677,691) (0.11)

Total financial liabilities (1,677,691) (0.11)

Total investments (Total cost of investments: $1,509,696,189) 1,506,361,283 94.42


Total net assets 1,595,388,666 100.00

77


HSBC Managed Stable Fundfor the period from 1 August 2016 to 31 January 2017

% ofnet asset


% ofnet asset

value31 July 2016

Financial assets

Equities

Listed investmentsAustralia 1.22 1.26Austria 0.08 0.06Belgium 0.12 0.16Canada 0.45 0.38Denmark 0.15 0.17Finland 0.16 0.16France 0.93 0.97Germany 0.92 0.74Greece 0.03 0.03Hong Kong 9.91 9.94India 0.33 –Indonesia 0.16 0.08Ireland 0.04 0.05Italy 0.22 0.25Japan 4.18 4.30Malaysia 0.14 0.16Netherlands 0.24 0.20New Zealand 0.01 0.01Norway 0.09 0.10Philippines 0.02 0.02Poland 0.04 0.03Russian Federation 0.05 –Singapore 0.40 0.44South Korea 0.95 0.95Spain 0.22 0.20Sweden 0.37 0.29Switzerland 0.80 0.87Taiwan 0.57 0.65Thailand 0.15 0.13Turkey 0.05 –United Kingdom 1.73 1.78United States of America 5.86 5.89

30.59 30.27

Debt securities

BondsListed investments 46.52 44.34Unlisted but quoted investments 10.57 1.96

57.09 46.30

78


HSBC Managed Stable Fundfor the period from 1 August 2016 to 31 January 2017

% ofnet asset


% ofnet asset

value31 July 2016

Unit trustsListed investments 0.73 0.75Unlisted but quoted investments 6.12 8.46

6.85 9.21

Rights 0.00 0.00






79

Performance Record


(a) Price record (Dealing net asset value per unit)

“A” class income units Bid Offer



“L” class income units Bid Offer


2007 14.20 14.97 14.20 14.972008 14.35 16.01 14.35 16.012009 11.98 15.16 11.98 15.162010 14.11 15.53 14.11 15.532011 14.89 16.35 14.89 16.352012 14.99 16.29 14.99 16.292013 15.42 16.58 15.42 16.582014 0.00 16.71 0.00 16.712015 N/A N/A N/A N/A2016 N/A N/A N/A N/A

80

Performance Record

“Provident” class units Bid Offer



(b) Total net asset value

31 January 2017HKD

2016HKD

2015HKD

2014HKD


(c) Net asset value per unit

31 January 2017HKD

2016HKD

2015HKD

2014HKD

Net asset value per unit– “A” class income units 13.59 13.91 13.62 14.25– “L” class income units N/A N/A N/A N/A– Provident class units 17.15 17.49 16.97 17.61

81



A Class

Date ofDistribution

Date ofPayment

DistributionPer Unit

TotalDistribution

HKD HKD

2016 Yearly Distribution 29 July 2016 12 August 2016 0.03 56,041.30

82


HSBC Managed Stable Growth Fund

Market review

In the 6 months period ended January 2017, the fund delivered a marginal positive return mainly driven by the favorable performance of equities amid the recent data releases which continue to show economic strength. Despite the recent stabilization, bond markets have been generally weak in the face of solid growth and increasing inflation together with the background of a zero return for global government bonds during the period inducing a negative return, offsetting most of the contribution from equities.




83




ASSETSFinancial assets at fair value through profit or loss 303,403,139 315,251,689Interest and dividends receivable 1,187,768 1,541,730Subscriptions recievable 659,751 1,804,811Amounts due from brokers 20,473 1,794,930Cash and cash equivalents 16,821,280 25,879,945

322,092,411 346,273,105

LIABILITIESFinancial liabilities at fair value through profit or loss 326,104 135,027Redemptions payable – 36,777Amounts due to brokers 14,805 1,978,818Other payables 566,601 597,681

907,510 2,748,303

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 321,184,901 343,524,802

Representing:Total equity 321,184,901 343,524,802

Total number of units in issue


Net asset value per unit


84

Portfolio Statement

HSBC Managed Stable Growth Fundas at 31 January 2017

HoldingsMarket

value

% of net

asset value

HKD


Australia100F HOLDINGS LTD 1,959 105,010 0.03ADELAIDE BRIGHTON LTD 3,000 90,478 0.03AGL ENERGY LTD 628 83,603 0.03AMCOR LTD 1,784 150,274 0.05ANSELL LTD 841 117,804 0.04ANZ BANKING GROUP LTD 2,517 434,266 0.13ARISTOCRAT LEISURE LTD 580 52,204 0.02ASX LTD 435 127,837 0.04AURIZON HOLDINGS LTD 3,918 115,626 0.04AUSNET SERVICES LTD 11,253 104,732 0.03BHP BILLITON LTD 2,589 406,274 0.13BRAMBLES LTD 1,587 97,315 0.03C.S.R. LTD 1,300 33,770 0.01CALTEX AUSTRALIA LTD 270 45,486 0.01COCHLEAR LTD 53 39,078 0.01COMMONWEALTH BANK OF

AUSTRALIA 1,423 684,490 0.21CSL LTD 436 288,416 0.09DULUXGROUP LTD 2,349 83,989 0.03FLIGHT CENTRE TRAVEL GROUP LTD 494 87,123 0.03FORTESCUE METALS GROUP LTD 4,315 169,281 0.05INCITEC PIVOT LTD 23 522 –JAMES HARDIE INDUSTRIES PLC 510 62,126 0.02MACQUARIE GROUP LTD 293 146,013 0.04MEDIBANK PRIVATE LTD 3,700 58,846 0.02METCASH LTD 8,208 102,017 0.03NATIONAL AUSTRALIA BANK LTD 2,365 422,529 0.13NEWCREST MINING LTD 663 84,083 0.03ORIGIN ENERGY LTD 1,600 66,822 0.02OZ MINERALS LTD 2,911 153,983 0.05PERPETUAL LTD 350 96,487 0.03PLATINUM INVESTMENT

MANAGEMENT LTD 3,000 88,181 0.03QANTAS AIRWAYS LTD 3,800 76,329 0.02RAMSAY HEALTH CARE LTD 262 103,093 0.03REA GROUP LTD 230 71,209 0.02SEVEN WEST MEDIA LTD 20,700 98,766 0.03SONIC HEALTHCARE LTD 926 113,565 0.03SOUTH32 5,200 84,234 0.03SUNCORP-METWAY LTD 420 32,236 0.01TABCORP HOLDINGS LTD 2,688 75,052 0.02TELSTRA CORP LTD 5,294 155,922 0.05WESFARMERS LTD 807 191,382 0.06WESTPAC BANKING CORP 2,899 541,499 0.17WOODSIDE PETROLEUM LTD 878 163,224 0.05

HoldingsMarket

value

% of net

asset value

HKD

WOOLWORTHS 577 83,611 0.03

6,388,787 1.99

AustriaERSTE GROUP BANK AG 470 110,905 0.03TELEKOM AUSTRIA AG 1,700 81,370 0.03VIENNA INSURANCE GROUP AG 520 98,176 0.03VOESTALPINE AG 373 122,610 0.04

413,061 0.13

BelgiumANHEUSER-BUSCH INBEV SA/NV 307 247,525 0.08BPOST SA 480 90,040 0.03ETABLISSEMENTEN FRANZ

COLRUYT NV 190 72,142 0.02KBC GROEP NV 249 125,322 0.04PROXIMUS NV 330 73,511 0.02SOFINA 32 33,703 0.01

642,243 0.20

CanadaARC RESOURCES LTD 765 92,197 0.03BANK OF MONTREAL 162 94,902 0.03BANK OF NOVA SCOTIA 280 129,582 0.04BCE INC 252 87,978 0.03BROOKFIELD ASSET MANAGEMENT

INC CLASS A 130 34,817 0.01CANADIAN IMPERIAL BANK OF

COMMERCE 188 123,985 0.04CANADIAN NATIONAL RAILWAY CO 143 76,971 0.02CANADIAN NATURAL RESOURCES

LTD 310 72,582 0.02CANADIAN UTILITIES LTD CLASS A 445 98,098 0.03CENOVUS ENERGY INC 912 96,398 0.03CI FINANCIAL CORP 374 60,544 0.02CRESCENT POINT ENERGY CORP 870 78,548 0.02ENBRIDGE INC 202 66,603 0.02GOLDCORP INC 450 56,349 0.02GREAT-WEST LIFECO INC 230 48,813 0.02IMPERIAL OIL LTD 271 68,999 0.02INTACT FINANCIAL CORP 156 88,211 0.03

85

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


INTER PIPELINE LTD 620 104,131 0.03METRO INC 433 101,870 0.03POTASH CORPORATION OF

SASKATCHEWAN 670 96,538 0.03POWER CORPORATION OF CANADA 480 87,217 0.03ROGERS COMMUNICATIONS INC

CLASS B 303 101,798 0.03ROYAL BANK OF CANADA 279 155,355 0.05SUNCOR ENERGY INC 428 102,808 0.03TELUS CORP 57 14,737 –TORONTO-DOMINION BANK 358 143,628 0.05TOURMALINE OIL CORP 390 70,608 0.02TRANSCANADA CORP 333 121,667 0.04TURQUOISE HILL RESOURCES LTD 3,800 106,521 0.03

2,582,455 0.80

DenmarkCOLOPLAST A/S 176 97,793 0.03DANSKE BANK A/S 470 121,514 0.04DSV A/S 289 108,965 0.03ISS A/S 305 84,150 0.03NOVO NORDISK A/S 876 244,358 0.08PANDORA 57 57,938 0.02TRYG A/S 520 77,100 0.02VESTAS WIND SYSTEMS A/S 140 76,022 0.02

867,840 0.27

FinlandELISA OYJ 310 81,183 0.03FORTUM OYJ 820 101,698 0.03KONE OYJ-B 199 69,919 0.02METSO OYJ 438 104,530 0.03NOKIA OYJ 2,703 94,064 0.03NOKIAN TYRES PLC 320 93,167 0.03ORION OYJ CLASS B 382 138,125 0.04SAMPO OYJ A SHARES 95 34,175 0.01STORA ENSO OYJ R SHARES 1,000 88,216 0.03UPM-KYMMENE OYJ 260 45,785 0.01

HoldingsMarket

value

% of net

asset value

HKD

WARTSILA ABP OYJ 160 62,321 0.02

913,183 0.28

FranceAIR LIQUIDE SA 95 79,663 0.02AIRBUS GROUP SE 137 72,100 0.02ATOS SE 63 52,031 0.02AXA SA 902 171,848 0.05BIOMERIEUX SA 88 107,959 0.03BNP PARIBAS SA 446 221,330 0.07BOUYGUES SA 420 118,530 0.04BUREAU VERITAS SA 550 83,570 0.03CARREFOUR SA 474 90,048 0.03CNP ASSURANCES SA 770 112,253 0.03COMPAGNIE DE SAINT-GOBAIN 388 148,038 0.05CREDIT AGRICOLE S.A. 580 59,652 0.02DANONE SA 257 124,973 0.04EDENRED SA 297 50,221 0.02ELECTRICITE DE FRANCE SA 1,075 82,212 0.03ENGIE SA 935 86,755 0.03ESSILOR INTERNATIONAL SA 90 81,809 0.03EULER HERMES GROUP 110 77,104 0.02EURAZEO SA 150 71,671 0.02EUTELSAT COMMUNICATIONS SA 360 47,621 0.01FAURECIA SA 290 97,698 0.03LEGRAND SA 160 72,156 0.02L’OREAL SA 107 151,052 0.05LVMH MOET HENNESSY LOUIS


ETABLISSEMENTS) 168 140,003 0.04ORANGE SA 878 105,468 0.03PEUGEOT SA 787 113,510 0.03PUBLICIS GROUPE SA 209 111,394 0.03RENAULT SA 52 36,358 0.01SAFRAN SA 203 106,732 0.03SANOFI SA 559 349,173 0.11SCHNEIDER ELECTRIC SE 230 127,717 0.04SCOR SE 130 34,181 0.01SEB SA 106 103,597 0.03SOCIETE BIC SA 93 94,401 0.03SOCIETE GENERALE DE PARIS SA 483 183,292 0.06THALES SA 158 114,976 0.04TOTAL SA 1,043 408,093 0.13VALEO SA 249 118,014 0.04

86

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


VINCI SA 291 158,368 0.05

4,665,714 1.45

GermanyADIDAS 99 120,914 0.04ALLIANZ SE 195 257,235 0.08BASF SE 437 326,578 0.10BAYER AG 281 240,537 0.08BAYERISCHE MOTOREN WERKE AG 155 109,401 0.03BRENNTAG AG 235 106,412 0.03CONTINENTAL AG 62 93,947 0.03DAIMLER AG 380 221,953 0.07DEUTSCHE BOERSE AG 89 63,616 0.02DEUTSCHE LUFTHANSA AG 770 79,645 0.02DEUTSCHE POST AG 462 119,923 0.04DEUTSCHE TELEKOM AG 1,310 177,518 0.06DEUTSCHE WOHNEN AG 240 60,658 0.02EMS-CHEMIE HOLDING AG 25 100,275 0.03EVONIK INDUSTRIES AG 440 110,615 0.03FIELMANN AG 160 86,727 0.03FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 190 88,043 0.03FRESENIUS MEDICAL CARE AG & CO

KGAA 175 110,486 0.03FUCHS PETROLUB SE 152 49,811 0.02FUCHS PETROLUB SE PREFERENCE

SHARES 198 70,216 0.02GEA GROUP AG 360 115,514 0.04HANNOVER RUECK - REG 131 111,663 0.03HEIDELBERGER ZEMENT AG 74 55,314 0.02HENKEL AG & CO KGAA

PREFERENCE SHARES 126 119,076 0.04HUGO BOSS AG 100 49,978 0.02INFINEON TECHNOLOGIES AG 1,130 160,991 0.05K+S AG 529 103,979 0.03KION GROUP 220 103,863 0.03LINDE AG 84 105,929 0.03MUENCHENER

RUECKVERSICHERUNGS-GESELLSCHAFT AG 100 145,549 0.05

OSRAM LICHT AG 243 109,281 0.03

HoldingsMarket

value

% of net

asset value

HKD

PROSIEBENSAT.1 MEDIA SE 316 104,085 0.03RATIONAL AG 23 81,004 0.03SAP SE 414 293,802 0.09SIEMENS AG 235 231,644 0.07SUEDZUCKER AG 168 34,374 0.01TALANX AG 340 90,593 0.03THYSSENKRUPP AG 210 41,118 0.01UNITED INTERNET AG 230 74,630 0.02VOLKSWAGEN AG PREFERENCE

SHARES 55 66,367 0.02VONOVIA SE 240 60,919 0.02

4,854,183 1.51


MANUFACTURING AND TECHNICAL SA 200 29,718 0.01

JUMBO SA 480 52,326 0.02MOTOR OIL HELLAS CORINTH

REFINERIES SA 400 44,611 0.01

126,655 0.04

Hong KongAAC TECHNOLOGIES HOLDINGS INC 3,500 280,000 0.09AGILE GROUP HOLDINGS LTD 18,000 74,880 0.02AGRICULTURAL BANK OF CHINA LTD

H SHARES 122,655 399,855 0.12AIA GROUP LTD 55,125 2,662,537 0.83AIR CHINA LTD H SHARES 8,000 44,800 0.01ALUMINUM CORP OF CHINA LTD 20,000 80,400 0.03ANHUI CONCH CEMENT CO LTD 6,386 160,608 0.05ANTA SPORTS PRODUCTS LTD 4,000 99,200 0.03ASM PACIFIC TECHNOLOGY LTD 1,100 103,950 0.03AVICHINA INDUSTRY &

TECHNOLOGY CO LTD 12,000 68,640 0.02BANK OF CHINA LTD H SHARES 353,180 1,250,257 0.39BANK OF COMMUNICATIONS CO

LTD H SHARES 30,728 176,686 0.06BANK OF EAST ASIA LTD 8,416 279,832 0.09BEIJING CAPITAL INTERNATIONAL

AIRPORT CO LTD H SHARES 10,000 75,400 0.02

87

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


BEIJING JINGNENG CLEAN ENGY CO LTD H SHARES 42,000 97,440 0.03

BELLE INTERNATIONAL HOLDINGS LTD 34,129 162,454 0.05

BOC HONG KONG HOLDINGS LTD 16,822 524,846 0.16BRILLIANCE CHINA AUTOMOTIVE

HOLDINGS LTD 13,181 144,727 0.05BYD CO LTD 3,000 129,600 0.04CATHAY PACIFIC AIRWAYS LTD 5,000 52,700 0.02CGN POWER CO LTD H SHARES 24,000 52,800 0.02CHEUNG KONG INFRASTRUCTURE

HOLDINGS LTD 3,766 235,563 0.07CHEUNG KONG PROPERTY

HOLDINGS LTD 13,135 675,139 0.21CHINA BLUECHEMICAL LTD 28,000 75,600 0.02CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 42,369 114,396 0.04CHINA CITIC BANK CORP LTD H

SHARES 40,311 206,795 0.06CHINA COMMUNICATIONS

CONSTRUCTION CO LTD H SHARES 17,895 168,392 0.05

CHINA CONCH VENTURE HOLDINGS LTD 12,000 179,280 0.06

CHINA CONSTRUCTION BANK CORP H SHARES 427,780 2,481,124 0.77

CHINA DONGXIANG (GROUP) CO LTD 66,000 95,700 0.03CHINA EVERBRIGHT BANK CO LTD H


LTD 6,181 58,472 0.02CHINA EVERBRIGHT LTD 7,415 110,483 0.03CHINA EVERGRANDE GROUP 24,858 134,979 0.04CHINA GALAXY SECURITIES CO H

SHARES 17,152 124,352 0.04CHINA GAS HOLDINGS LTD 8,000 90,080 0.03CHINA HONGQIAO GROUP LTD 17,000 136,000 0.04CHINA INTERNATIONAL CAPITAL CO 3,600 38,880 0.01CHINA JINMAO HOLDINGS GROUP

LTD 18,000 41,220 0.01

HoldingsMarket

value

% of net

asset value

HKD

CHINA LIFE INSURANCE CO LTD H SHARES 29,253 630,402 0.20

CHINA MACHINERY ENGINEERING CORP 10,000 50,100 0.02

CHINA MEDICAL SYSTEM HOLDINGS LTD 7,000 89,040 0.03

CHINA MENGNIU DAIRY CO LTD 11,064 161,313 0.05CHINA MERCHANTS BANK CO LTD H

SHARES 19,363 379,515 0.12CHINA MERCHANTS HOLDINGS

INTERNATIONAL CO LTD 1,825 38,051 0.01CHINA MINSHENG BANKING CORP

LTD H SHARES 31,837 273,161 0.09CHINA MOBILE LTD 25,427 2,233,762 0.70CHINA NATIONAL BUILDING

MATERIAL H SHARES 14,000 63,840 0.02CHINA NATIONAL MATERIALS CO

LTD H SHARES 45,000 91,800 0.03CHINA OVERSEAS LAND &

INVESTMENT LTD 18,480 424,116 0.13CHINA PACIFIC INSURANCE GROUP

CO LTD H SHARES 11,936 331,821 0.10CHINA PETROLEUM & CHEMICAL

CORP H SHARES 114,739 712,529 0.22CHINA POWER INTERNATIONAL

DEVELOPMENT LTD 38,000 106,780 0.03CHINA RAILWAY CONSTRUCTION

CORP H SHARES 13,801 149,327 0.05CHINA RAILWAY GROUP LTD H

SHARES 17,655 120,937 0.04CHINA RAILWAY SIGNAL &

COMMUNICATION CO LTD 8,000 44,240 0.01CHINA RESOURCES BEER HOLDINGS

CO LTD 4,000 63,200 0.02CHINA RESOURCES CEMENT

HOLDINGS LTD 30,000 108,300 0.03CHINA RESOURCES GAS GROUP LTD 4,000 98,400 0.03CHINA RESOURCES LAND LTD 12,528 242,292 0.08CHINA RESOURCES POWER

HOLDINGS CO LTD 11,136 149,445 0.05CHINA SHENHUA ENERGY CO LTD H

SHARES 16,009 264,789 0.08CHINA SOUTH CITY HOLDINGS LTD 28,000 46,760 0.01CHINA SOUTHERN AIRLINES CO LTD

H SHARES 22,000 98,560 0.03

88

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


CHINA STATE CONSTRUCTION INTERNATIONAL HOLDINGS LTD 12,947 164,168 0.05

CHINA TAIPING INSURANCE HOLDINGS CO LTD 9,954 170,412 0.05

CHINA TELECOM CORP LTD H SHARES 66,272 244,544 0.08

CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LTD 50,000 109,000 0.03

CHINA UNICOM HONG KONG LTD 22,129 204,029 0.06CHINA VANKE CO LTD H SHARES 8,642 171,112 0.05CHINA ZHONGWANG HOLDINGS LTD 29,200 100,448 0.03CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 29,000 137,750 0.04CHOW TAI FOOK JEWELLERY GROUP

LTD 5,400 35,748 0.01CIMC ENRIC HOLDINGS LTD 14,000 60,900 0.02CITIC LTD 28,071 323,939 0.10CITIC SECURITIES CO LTD H SHARES 7,090 112,731 0.04CK HUTCHISON HOLDINGS LTD 12,635 1,180,741 0.37CLP HOLDINGS LTD 6,944 526,702 0.16CNOOC LTD 75,172 739,692 0.23COSCO PACIFIC LTD 15,860 122,756 0.04COUNTRY GARDEN HOLDINGS CO

LTD 43,201 192,676 0.06CRRC CORP LTD H SHARES 18,000 136,620 0.04CSPC PHARMACEUTICAL GROUP

LTD 18,000 157,680 0.05DAH SING BANKING GROUP LTD 4,400 66,880 0.02DAH SING FINANCIAL HOLDINGS LTD 800 48,080 0.02DALI FOODS GROUP CO LTD 29,000 124,410 0.04DONGFENG MOTOR GROUP CO LTD

H SHARES 20,480 169,370 0.05ENN ENERGY HOLDINGS LTD 5,649 216,922 0.07FIRST PACIFIC CO LTD 20,480 120,832 0.04FOSUN INTERNATIONAL LTD 4,840 57,306 0.02FULLSHARE HOLDINGS LTD 21,870 71,734 0.02FUYAO GLASS INDUSTRY GROUP H


LTD 10,415 386,917 0.12GCL POLY ENERGY HOLDINGS LTD 117,600 118,776 0.04

HoldingsMarket

value

% of net

asset value

HKD

GEELY AUTOMOBILE HOLDINGS LTD 25,000 230,750 0.07GF SECURITIES CO LTD H SHARES 3,800 63,384 0.02GOLDEN EAGLE RETAIL GROUP LTD 9,000 101,160 0.03GREAT EAGLE HOLDINGS LTD 1,000 35,350 0.01GREAT WALL MOTOR CO LTD H

SHARES 14,447 113,264 0.04GUANGDONG INVESTMENT LTD 10,000 96,500 0.03GUANGZHOU AUTOMOBILE GROUP

CO LTD H SHARES 10,000 106,200 0.03GUANGZHOU R&F PROPERTIES CO

LTD H SHARES 4,000 39,920 0.01HAIER ELECTRONICS GROUP CO LTD 11,000 150,700 0.05HAITIAN INTERNATIONAL HOLDINGS

LTD 6,000 94,920 0.03HAITONG INTERNATIONAL


SHARES 11,485 160,790 0.05HANERGY THIN FILM POWER GROUP

LTD 64,025 – –HANG LUNG PROPERTIES LTD 13,240 254,208 0.08HANG SENG BANK LTD 3,331 529,296 0.17HENDERSON LAND DEVELOPMENT

CO LTD 6,075 261,529 0.08HENGAN INTERNATIONAL GROUP

CO LTD 3,678 234,473 0.07HONG KONG AND CHINA GAS CO

LTD 33,453 490,421 0.15HONG KONG EXCHANGES AND


INFRASTRUCTURE LTD 9,000 36,900 0.01HOPEWELL HOLDINGS LTD 5,000 139,000 0.04HSBC HOLDINGS PLC 77,363 5,163,980 1.61HUATAI SECURITIES CO LTD H

SHARES 6,600 99,396 0.03HYSAN DEVELOPMENT CO LTD 5,000 177,500 0.06INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LTD H SHARES 338,620 1,618,604 0.50JIANGSU EXPRESSWAY CO LTD H

SHARES 12,000 116,760 0.04JIANGXI COPPER CO LTD H SHARES 5,000 67,300 0.02JOHNSON ELECTRIC HOLDINGS LTD 2,000 41,400 0.01KERRY LOGISTICS NETWORK LTD 3,000 30,120 0.01

89

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


KERRY PROPERTIES LTD 7,061 155,695 0.05KINGBOARD CHEMICAL HOLDINGS


LTD 5,000 42,800 0.01KINGSOFT CORP LTD 3,000 48,960 0.02KUNLUN ENERGY CO LTD 12,000 74,640 0.02KWG PROPERTY HOLDING LTD 22,458 100,612 0.03LEE & MAN PAPER MANUFACTURING

LTD 19,000 133,190 0.04LEGEND HOLDINGS CORP 4,900 86,436 0.03LENOVO GROUP LTD 47,194 241,161 0.08LI & FUNG LTD 47,505 160,567 0.05LONGFOR PROPERTIES 8,000 89,760 0.03LUYE PHARMA GROUP LTD 7,000 35,980 0.01MGM CHINA HOLDINGS LTD 3,600 54,504 0.02MINTH GROUP LTD 2,000 50,400 0.02MTR CORP LTD 5,908 233,957 0.07NEW CHINA LIFE INSURANCE CO

LTD H SHARES 3,548 133,760 0.04NEW WORLD DEVELOPMENT CO

LTD 27,965 251,685 0.08NINE DRAGONS PAPER HOLDINGS

LTD 8,000 71,840 0.02NWS HOLDINGS LTD 7,451 104,165 0.03PCCW LTD 6,098 28,783 0.01PEOPLE’S INSURANCE GROUP OF

CHINA CO LTD H SHARES 46,253 140,609 0.04PETROCHINA CO LTD H SHARES 75,103 467,141 0.15PICC PROPERTY AND CASUALTY CO

LTD 26,831 317,142 0.10PING AN INSURANCE (GROUP) CO

OF CHINA LTD H SHARES 22,012 882,681 0.28POWER ASSETS HOLDINGS LTD 5,932 442,231 0.14RED STAR MACALLINE GROUP C H

SHARES 8,800 68,728 0.02SA SA INTERNATIONAL HOLDINGS

LTD 22,666 70,265 0.02SAMSONITE INTERNATIONAL SA 3,444 84,378 0.03SANDS CHINA LTD 11,041 380,915 0.12

HoldingsMarket

value

% of net

asset value

HKD

SHANDONG WEIGAO GROUP MEDICAL POLYMER CO LTD H SHARES 24,000 122,160 0.04

SHANGHAI PHARMACEUTICALS HOLDING CO LTD H SHARES 3,700 73,482 0.02

SHENGJING BANK CO LTD H SHARES 9,000 69,930 0.02SHENZHEN EXPRESSWAY CO LTD H

SHARES 16,000 113,600 0.04SHENZHEN INTERNATIONAL

HOLDINGS LTD 12,214 136,553 0.04SHENZHEN INVESTMENT LTD 38,606 122,381 0.04SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 3,000 144,150 0.05SHIMAO PROPERTY HOLDINGS LTD 9,710 101,372 0.03SINO BIOPHARMACEUTICAL LTD 8,544 52,546 0.02SINO LAND CO LTD 21,442 276,602 0.09SINO-OCEAN GROUP HOLDINGS LTD 22,117 74,313 0.02SINOPEC ENGINEERING GROUP CO

LTD 14,500 91,350 0.03SINOPEC SHANGHAI

PETROCHEMICAL CO LTD H SHARES 34,000 163,880 0.05

SINOPHARM GROUP CO LTD H SHARES 5,038 179,353 0.06

SINOTRANS LTD H SHARES 26,012 84,279 0.03SJM HOLDINGS LTD 15,000 93,000 0.03SUN HUNG KAI PROPERTIES LTD 6,904 741,490 0.23SUNAC CHINA HOLDINGS LTD 19,000 131,480 0.04SWIRE PACIFIC LTD CLASS A 2,524 199,775 0.06SWIRE PROPERTIES LTD 6,000 131,400 0.04TECHTRONIC INDUSTRIES CO LTD 5,857 157,553 0.05TELEVISION BROADCASTS LTD 3,300 98,340 0.03TENCENT HOLDINGS LTD 25,690 5,251,036 1.64TEXWINCA HOLDINGS LTD 14,000 69,720 0.02THE WHARF (HOLDINGS) LTD 6,944 406,571 0.13TIANJIN CAPITAL ENVIRONMENTAL

PROTECTION GROUP CO LTD H SHARES 8,000 33,600 0.01

TRAVELSKY TECHNOLOGY LTD H SHARES 9,000 157,500 0.05

WANT WANT CHINA HOLDINGS LTD 36,310 201,884 0.06WEICHAI POWER CO LTD H SHARES 5,000 69,000 0.02WH GROUP LTD 27,500 162,800 0.05WHEELOCK AND CO LTD 5,649 267,480 0.08

90

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


WYNN MACAU LTD 6,800 96,968 0.03XINYI GLASS HOLDING CO LTD 10,000 70,100 0.02XINYI SOLAR HOLDINGS LTD 12,000 32,280 0.01YANZHOU COAL MINING CO LTD H


LTD 3,500 99,400 0.03YUEXIU PROPERTY CO LTD 34,000 38,760 0.01ZHUZHOU CRRC TIMES ELECTRIC CO


SHARES 30,000 78,600 0.02ZTE CORP H SHARES 3,600 43,632 0.01

52,438,873 16.33

IndiaADANI ENTERPRISES LTD 7,600 75,795 0.02BAJAJ AUTO LTD - NEW SHARES 330 107,405 0.03BHARAT PETROLEUM CORP LTD 610 47,510 0.01CASTROL INDIA LTD 2,000 92,570 0.03HERO MOTOCORP LTD 320 116,259 0.04HOUSING DEVELOPMENT FINANCE

CORP LTD 1,400 218,295 0.07ICICI BANK LTD 1,800 55,326 0.02INFOSYS LTD 1,700 180,817 0.06ITC LTD 2,700 79,716 0.02LARSEN AND TOUBRO LTD 210 34,572 0.01MAHINDRA & MAHINDRA LTD 280 39,712 0.01MARUTI SUZUKI INDIA LTD 92 62,078 0.02NTPC LTD 1,400 27,724 0.01OIL & NATURAL GAS CORP LTD 2,800 64,623 0.02OIL INDIA LTD 1,600 60,240 0.02RELIANCE INDUSTRIES LTD 1,300 154,998 0.05RELIANCE INFRASTRUCTURE 1,500 88,350 0.03SUN PHARMACEUTICAL INDUSTRIES

LTD 1,000 72,110 0.02TATA MOTORS LTD 940 56,118 0.02

HoldingsMarket

value

% of net

asset value

HKD

UNION BANK OF INDIA 5,300 86,498 0.03

1,720,716 0.54

IndonesiaASTRA AGRO LESTARI TBK 8,555 78,425 0.03ASTRA INTERNATIONAL TBK 18,600 85,929 0.03BANK CENTRAL ASIA TBK 8,800 78,241 0.02BANK MANDIRI (PERSERO) TBK 9,700 61,441 0.02CHAROEN POKPHAND INDONESIA

TBK 41,800 75,301 0.02GUDANG GARAM TBK 2,700 96,887 0.03INDOFOOD CBP SUKSES MAKMUR

TBK 18,300 89,329 0.03PT BANK RAKYAT INDONESIA

(PERSERO) TBK 19,200 130,821 0.04TELEKOMUNIKASI INDONESIA

PERSERO TBK 71,757 161,376 0.05

857,750 0.27

IrelandCRH PLC 398 107,623 0.03GLANBIA PLC 550 72,178 0.02KERRY GROUP PLC-A 88 48,039 0.02

227,840 0.07

ItalyASSICURAZIONI GENERAL! SPA 1,186 146,593 0.05ENEL SPA 1,774 57,481 0.02ENI SPA 601 71,614 0.02FIAT CHRYSLER AUTOMOBILES NV 1,980 167,694 0.05INTESA SANPAOLO SPA 7,642 139,058 0.04ITALGAS SPA 253 7,468 –PRYSMIAN SPA 541 109,150 0.04SNAM SPA 3,667 108,239 0.03STMICROELECTRONICS NV 1,822 186,321 0.06UNICREDIT SPA 338 71,311 0.02

91

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


UNIPOLSAI SPA 2,000 32,301 0.01

1,097,230 0.34

JapanABC-MART INC 200 90,431 0.03AISIN SEIKI CO LTD 200 71,270 0.02AJINOMOTO CO INC 547 84,020 0.03ALFRESA HOLDINGS CORP 536 68,532 0.02AMADA HOLDINGS CO LTD 1,300 119,084 0.04ASAHI GROUP HOLDINGS LTD 517 141,470 0.04ASTELLAS PHARMA INC 1,840 191,948 0.06AUTOBACS SEVEN CO LTD 700 84,434 0.03AZBIL CORP 100 23,469 0.01BRIDGESTONE CORP 619 176,762 0.05CANON INC 526 121,273 0.04CANON MARKETING JAPAN INC 500 74,302 0.02CENTRAL JAPAN RAILWAY CO 192 241,782 0.08CHIYODA CORP 1,000 52,453 0.02CHUBU ELECTRIC POWER CO INC 1,100 113,955 0.04CHUGAI PHARMACEUTICAL CO LTD 188 42,762 0.01CITIZEN HOLDINGS CO LTD 2,200 106,753 0.03COCA-COLA WEST CO LTD 500 112,866 0.03COLOPL INC 600 40,404 0.01CONCORDIA FINANCIAL GROUP LTD 1,000 41,232 0.01CYBERAGENT INC 400 77,170 0.02DAI NIPPON PRINTING CO LTD 1,000 79,196 0.02DAICEL CORP 1,000 86,295 0.03DAIDO STEEL CO LTD 3,000 106,077 0.03DAI-ICHI LIFE HOLDINGS INC

(FORMERLY KNOWN AS DAI-ICHI LIFE INSURANCE CO LTD) 1,140 162,023 0.05

DAIICHI SANKYO CO LTD 578 100,574 0.03DAIKIN INDUSTRIES LTD 129 99,807 0.03DAIKYO INC 5,000 79,954 0.02DAITO TRUST CONSTRUCTION CO

LTD 92 100,128 0.03DAIWA HOUSE INDUSTRY CO LTD 250 52,797 0.02DAIWA SECURITIES GROUP INC 1,000 49,868 0.02DENKA CO LTD 3,000 114,969 0.04

HoldingsMarket

value

% of net

asset value

HKD

DENSO CORP 451 152,351 0.05DISCO CORP 130 129,388 0.04DMG MORI CO LTD 800 85,358 0.03DOWA HOLDINGS CO LTD 2,500 165,595 0.05EAST JAPAN RAILWAY CO 255 179,804 0.06EISAI CO LTD 139 59,544 0.02EXEDY CORP 200 42,183 0.01FANUC CORP 112 171,108 0.05FUJI HEAVY INDUSTRIES LTD 836 261,605 0.08FUJIFILM HOLDINGS CORP 221 66,643 0.02GUNGHO ONLINE ENTERTAINMENT

INC 4,300 72,614 0.02HANKYU HANSHIN HOLDINGS INC 200 52,797 0.02HASEKO CORP 1,200 103,058 0.03HEIWA CORP 488 91,624 0.03HINO MOTORS LTD 1,117 92,004 0.03HITACHI LTD 1,491 66,553 0.02HITACHI METALS LTD 700 75,557 0.02HONDA MOTOR CO LTD 1,466 342,241 0.11HOYA CORP 445 150,968 0.05IBIDEN CO LTD 900 99,874 0.03INPEX CORP 800 61,234 0.02ITOCHU CORP 1,100 117,974 0.04JAFCO CO LTD 240 63,191 0.02JAPAN AIRLINES CO LTD 440 109,240 0.03JAPAN EXCHANGE GROUP INC 774 89,893 0.03JAPAN PETROLEUM EXPLORATION

CO LTD 500 87,467 0.03JAPAN POST BANK CO LTD 400 37,909 0.01JAPAN TOBACCO INC 724 181,645 0.06JTEKT CORP 900 115,382 0.04KAKAKU.COM INC 588 82,840 0.03KAKEN PHARMACEUTICAL CO LTD 200 78,851 0.02KAO CORP 462 177,784 0.06KDDI CORP 1,769 369,448 0.11KEIYO BANK LTD 2,000 71,683 0.02KEYENCE CORP 106 320,521 0.10KINTETSU GROUP HOLDINGS CO

LTD 1,000 29,914 0.01KISSEI PHARMACEUTICAL CO LTD 500 95,015 0.03KOBAYASHI PHARMACEUTICAL CO

LTD 300 104,009 0.03KOEI TEMCO HOLDINGS CO LTD 600 79,237 0.02KOMATSU LTD 334 62,019 0.02

92

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


KOMERI CO LTD 400 73,365 0.02KONAMI HOLDINGS CORP 400 124,618 0.04K’S HOLDINGS CORP 700 98,282 0.03KUBOTA CORP 1,061 131,635 0.04KURARAY CO LTD 1,011 124,874 0.04KURITA WATER INDUSTRIES LTD 300 55,417 0.02KYOCERA CORP 300 121,668 0.04KYORIN HOLDINGS INC 388 65,949 0.02LAWSON INC 184 104,503 0.03LEOPALACE21 CORP 1,400 62,530 0.02LINTEC CORP 500 87,019 0.03MAEDA ROAD CONSTRUCTION CO

LTD 100 13,447 –MAKITA CORP 100 54,107 0.02MARUBENI CORP 1,300 61,612 0.02MARUICHI STEEL TUBE LTD 400 104,492 0.03MATSUI SECURITIES CO LTD 500 33,395 0.01MATSUMOTOKIYOSHI HOLDINGS CO

LTD 280 108,269 0.03MAZDA MOTOR CORP 668 76,799 0.02MEIJI HOLDINGS CO LTD 148 89,157 0.03MITSUBISHI CORP 610 107,193 0.03MITSUBISHI ELECTRIC CORP 2,233 264,959 0.08MITSUBISHI ESTATE CO LTD 234 34,878 0.01MITSUBISHI MATERIALS CORP 500 132,855 0.04MITSUBISHI MOTORS CORP 1,711 72,293 0.02MITSUBISHI SHOKUHIN CO LTD 400 92,774 0.03MITSUBISHI UFJ FINANCIAL GROUP

INC 10,176 512,647 0.16MITSUI AND CO LTD 683 77,982 0.02MIURA CO LTD 400 49,406 0.02MIZUHO FINANCIAL GROUP INC 15,836 229,545 0.07MOCHIDA PHARMACEUTICAL CO

LTD 170 94,794 0.03MS&AD INSURANCE GROUP

HOLDINGS INC 751 196,442 0.06MURATA MANUFACTURING CO LTD 96 100,941 0.03NEXON CO LTD 794 94,240 0.03NHK SPRING CO LTD 623 48,867 0.02NICHIREI CORP 470 74,379 0.02NIDEC CORP 100 73,131 0.02

HoldingsMarket

value

% of net

asset value

HKD

NIHON KOHDEN CORP 500 88,949 0.03NIKON CORP 300 37,737 0.01NINTENDO CO LTD 84 133,860 0.04NIPPO CORP 300 44,106 0.01NIPPON ELECTRIC GLASS CO LTD 1,000 44,871 0.01NIPPON KAYAKU CO LTD 1,000 101,804 0.03NIPPON SHOKUBAI CO LTD 200 107,387 0.03NIPPON STEEL & SUMITOMO METAL

CORP 606 114,301 0.04NIPPON TELEGRAPH AND

TELEPHONE CORP 594 203,851 0.06NIPRO CORP 1,100 95,835 0.03NISSAN MOTOR CO LTD 1,501 115,770 0.04NITORI HOLDINGS CO LTD 54 46,972 0.01NOMURA HOLDINGS INC 2,950 143,044 0.04NORTH PACIFIC BANK LTD 3,835 120,271 0.04NTT DOCOMO INC 1,124 209,680 0.07OBIC BUSINESS CONSULTANTS CO

LTD 300 110,213 0.03OKUMA CORP 1,000 81,126 0.03OLYMPUS CORP 429 115,172 0.04ORACLE CORP JAPAN 259 112,824 0.04ORIENTAL LAND CO LTD 208 88,701 0.03ORIX CORP 1,459 171,661 0.05OSAKA GAS CO LTD 4,105 119,599 0.04OTSUKA HOLDINGS CO LTD 322 115,388 0.04PANASONIC CORP 903 73,350 0.02RESONA HOLDINGS INC 4,000 169,062 0.05ROHM CO LTD 300 149,707 0.05ROHTO PHARMACEUTICAL CO LTD 600 80,850 0.03SANKYO CO LTD 300 78,059 0.02SAWAI PHARMACEUTICAL CO LTD 239 97,522 0.03SCREEN HOLDING CO LTD 200 97,461 0.03SECOM CO LTD 200 112,570 0.03SEINO HOLDINGS CO LTD 1,000 89,949 0.03SEKISUI HOUSE LTD 703 88,600 0.03SEVEN & I HOLDINGS CO LTD 594 184,608 0.06SEVEN BANK LTD 1,500 33,498 0.01SHIGA BANK LTD 2,000 87,536 0.03SHIMACHU CO LTD 500 95,221 0.03SHIMAMURA CO LTD 70 71,359 0.02SHIMANO INC 57 69,972 0.02SHIN ETSU CHEMICAL CO LTD 230 154,519 0.05SHIONOGI & CO LTD 100 37,392 0.01

93

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


SKY PERFECT JSAT HOLDINGS INC 1,500 52,522 0.02SKYLARK CO LTD 700 73,772 0.02SMC CORP 66 140,613 0.04SOFTBANK CORP 690 413,811 0.13SOMPO HOLDINGS INC 357 100,838 0.03SONY CORP 696 164,210 0.05SONY FINANCIAL HOLDINGS INC 500 65,583 0.02SQUARE ENIX HOLDINGS CO LTD 200 44,526 0.01START TODAY CO LTD 1,080 158,036 0.05SUGI HOLDINGS CO LTD 200 72,372 0.02SUMITOMO CORP 1,000 97,599 0.03SUMITOMO ELECTRIC INDUSTRIES

LTD 600 68,133 0.02SUMITOMO FORESTRY CO LTD 694 74,192 0.02SUMITOMO HEAVY INDUSTRIES LTD 2,000 107,249 0.03SUMITOMO MITSUI FINANCIAL

GROUP INC 747 229,172 0.07SUMITOMO OSAKA CEMENT CO LTD 3,000 94,084 0.03SUMITOMO REAL ESTATE SALES CO

LTD 513 90,944 0.03SUMITOMO REALTY &

DEVELOPMENT CO LTD 470 99,259 0.03SUMITOMO RUBBER INDUSTRIES

LTD 735 89,416 0.03SURUGA BANK LTD 382 67,931 0.02SUZUKEN CO LTD 400 102,838 0.03SYSMEX CORP 178 82,937 0.03T&D HOLDINGS INC 1,405 163,032 0.05TADANO LTD 1,200 114,886 0.04TAIYO YUDEN CO LTD 400 38,075 0.01TAKEDA PHARMACEUTICAL CO LTD 469 152,710 0.05TERUMO CORP 200 57,484 0.02THE 77 BANK LTD 3,441 124,517 0.04THE AWA BANK LTD 1,500 72,889 0.02THE YOKOHAMA RUBBER CO LTD 400 54,838 0.02TOHO GAS CO LTD 2,035 118,243 0.04TOKIO MARINE HOLDINGS INC 568 185,219 0.06TOKYO ELECTRIC POWER CO INC 1,700 50,736 0.02TOKYO ELECTRON LTD 160 129,140 0.04TOKYO GAS CO LTD 3,479 119,849 0.04TOKYU CORP 1,000 57,278 0.02

HoldingsMarket

value

% of net

asset value

HKD

TONENGENERAL SEKIYU KK 1,000 91,603 0.03TOYO SUISAN KAISHA LTD 300 83,332 0.03TOYOBO CO LTD 7,000 88,294 0.03TOYOTA MOTOR CORP 2,043 927,132 0.29TS TECH CO LTD 530 105,464 0.03UBE INDUSTRIES LTD 6,000 112,487 0.03WEST JAPAN RAILWAY CO 282 143,057 0.04YAMATO KOGYO CO LTD 500 116,485 0.04ZENKOKU HOSHO CO LTD 300 80,747 0.03ZEON CORP 600 53,762 0.02

21,778,302 6.78

Malaysia101 CORP BHD 10,600 81,887 0.03AMMB HOLDINGS BHD 9,000 72,207 0.02BERJAYA SPORTS TOTO BHD 8,359 42,903 0.01DIGI.COM BHD 4,300 37,361 0.01IHH HEALTHCARE BHD 3,200 35,315 0.01IJM CORPORATION BHD 16,300 94,512 0.03MAXIS BHD 5,800 62,485 0.02MISC BHD 2,500 32,145 0.01PETRONAS CHEMICALS GROUP BHD 1,800 22,482 0.01PETRONAS GAS BHD 900 32,919 0.01PUBLIC BANK BHD 3,200 112,672 0.04TENAGA NASIONAL BHD 4,479 105,137 0.03

732,025 0.23

NetherlandsAEGON NV 2,398 100,784 0.03AKZO NOBEL NV 115 60,551 0.02ASML HOLDING NV 151 142,322 0.04BOSKALIS WESTMINSTER NV 314 90,195 0.03GEMALTO 230 103,685 0.03GRANDVISION NV 490 90,684 0.03HEINEKEN NV 212 123,072 0.04ING GROEP NV 1,974 219,328 0.07KONINKLIJKE AHOLD DELHIZE NV 680 112,304 0.04KONINKLIJKE DSM NV 92 45,517 0.01UNILEVER NV 698 218,877 0.07

1,307,319 0.41

94

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


New ZealandAIR NEW ZEALAND LTD 1,200 14,337 –

NorwayDNB ASA 1,183 153,514 0.05MARINE HARVEST ASA 711 97,762 0.03STATOIL ASA 921 133,238 0.04YARA INTERNATIONAL ASA 422 138,337 0.04

522,851 0.16


CO 6,800 86,411 0.03

PolandBANK MILLENNIUM SA 5,800 66,140 0.02BANK ZACHODNI WBK SA 120 80,173 0.02POLSKI KONCERN NAFTOWY ORLEN

SA 770 121,226 0.04

267,539 0.08

RussiaMAGNITOGORSK IRON & STEEL WORK 12,500 63,694 0.02PUB JOIN STOCK SBERBANK OF

RUSSIA 5,600 124,494 0.04SURGUTNEFTEGAS 12,800 53,458 0.02

241,646 0.08

SingaporeCAPITALAND LTD 2,000 36,241 0.01COMFORTDELGRO CORP LTD 6,300 83,625 0.03DBS GROUP HOLDINGS LTD 1,176 122,871 0.04HONG KONG LAND HOLDINGS LTD 5,415 283,614 0.09

HoldingsMarket

value

% of net

asset value

HKD

JARDINE MATHESON HOLDINGS LTD 959 459,272 0.14JARDINE STRATEGIC HOLDINGS LTD 1,123 331,732 0.10KEPPEL CORP LTD 1,300 44,178 0.02OVERSEA-CHINESE BANKING CORP

LTD 3,645 188,512 0.06SINGAPORE TELECOMMUNICATIONS

LTD 4,855 103,485 0.03STARHUB LTD 2,600 42,531 0.01UNITED OVERSEAS BANK LTD 570 65,677 0.02VENTURE CORP LTD 1,600 89,799 0.03WILMAR INTERNATIONAL LTD 1,900 40,603 0.01WING TAI HOLDINGS LTD 6,600 63,070 0.02YANGZIJIANG SHIPBUILDING


2,131,318 0.66

South KoreaAMOREPACIFIC CORP 18 38,099 0.01AMOREPACIFIC CORP - PREF 52 62,323 0.02BNK FINANCIAL GROUP INC 959 54,620 0.02CELLTRION INC 69 46,163 0.02CJ CHEILJEDANG CORP 18 42,606 0.01CJ KOREA EXPRESS CORP 70 76,185 0.02DAEWOO ENGINEERING &

CONSTRUCTION CO LTD 940 32,512 0.01DGB FINANCIAL GROUP INC 1,580 104,125 0.03DONGBU INSURANCE CO LTD 205 80,895 0.03E-MART INC 74 100,302 0.03HANA FINANCIAL GROUP INC 310 71,307 0.02HYOSUNG CORP 137 123,949 0.04HYUNDAI DEPARTMENT STORE CO


ENGINEERING & CONSTRUCTION 336 98,040 0.03HYUNDAI ENGINEERING &

CONSTRUCTION CO LTD 350 97,100 0.03HYUNDAI GLOVIS CO LTD 81 84,100 0.03HYUNDAI MIPO DOCKYARD CO LTD 110 42,159 0.01HYUNDAI MOBIS 99 159,968 0.05HYUNDAI MOTOR CO LTD 56 52,161 0.02HYUNDAI STEEL CO 308 119,689 0.04

95

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


HYUNDAI WIA CORP 160 69,013 0.02KANGWON LAND INC 350 76,418 0.02KB FINANCIAL GROUP INC 622 195,196 0.06KIA MOTORS CORP 210 51,039 0.02KOREA ZINC CO LTD 33 107,967 0.03KT&G CORP 208 139,576 0.04LG DISPLAY CO LTD 519 106,213 0.03LG HAUSYS LTD 84 54,685 0.02LOTTE FINE CHEMICAL CO LTD 210 42,906 0.01NAVER CORP 22 111,346 0.04NHN ENTERTAINMENT CORP 170 60,160 0.02NONGSHIM CO LTD 30 63,699 0.02POSCO 55 99,521 0.03POSCO DAEWOO CORP 560 95,161 0.03S1 CORP 138 77,492 0.02SAMSUNG ELECTRONIC CO LTD

PREFERENCE SHARES 15 157,344 0.05SAMSUNG ELECTRONICS CO LTD 89 1,172,462 0.37SAMSUNG FIRE & MARINE

INSURANCE CO LTD 20 35,922 0.01SAMSUNG SDI CO LTD 159 122,620 0.04SHINHAN FINANCIAL GROUP CO LTD 398 121,977 0.04SHINSEGAE CO LTD 64 75,210 0.02SK HOLDINGS CO LTD 23 33,248 0.01SK HYNIX INC 536 192,186 0.06SK INNOVATION CO LTD 62 64,994 0.02SKC CO LTD 470 97,441 0.03

4,951,850 1.54

SpainACCIONA S.A. 170 102,183 0.03AMADEUS IT HOLDING SA A SHARES 260 93,194 0.03BANCO BILBAO VIZCAYA

ARGENTARIA SA 3,266 171,854 0.05BANCO SANTANDER SA 7,306 315,452 0.10CORPORACION FINANCIERA ALBA

SA 220 80,028 0.02DISTRIBUIDORA INTERNACIONAL DE

ALIMENTACION SA 1,900 77,958 0.02

HoldingsMarket

value

% of net

asset value

HKD

IBERDROLA SA 1,243 60,809 0.02INDUSTRIA DE DISENO TEXTIL SA 239 61,197 0.02REPSOL SA 431 49,369 0.02TELEFONICA SA 1,485 111,139 0.03ZARDOYA OTIS SA 1,244 81,366 0.03

1,204,549 0.37

SwedenALFA LAVAL AB 840 121,684 0.04ATLAS COPCO ABA SHARES 599 149,034 0.05ELECTROLUX AB SERIES B 560 115,570 0.03GETINGE AB B SHARES 600 75,307 0.02HENNES & MAURITZ AB B SHARES 571 126,710 0.04HUSQVARNA AB B SHARES 1,200 77,970 0.02INVESTMENT LATOUR AB 170 50,581 0.01INVESTOR AB B SHARES 395 122,330 0.04MELKER SCHORLING AB 78 37,768 0.01NORDEA BANK AB 1,471 138,014 0.04SKANDINAVISKA ENSKILDA

BANKEN-A 1,510 131,687 0.04SKANSKA AB B SHARES 616 117,011 0.04SKF AB - B SHARES 802 125,291 0.04SVENSKA CELLULOSA AB SCA-B 240 56,027 0.02SVENSKA HANDELSBANKEN A

SHARES 740 85,785 0.03SWEDBANK ABA SHARES 550 107,941 0.03SWEDISH MATCH AB 330 83,365 0.03TELEFONAKTIEBOLAGET LM

ERICSSON 1,987 91,097 0.03TELIA CO AB 940 29,595 0.01VOLVO AB B SHARES 640 63,512 0.02

1,906,279 0.59

SwitzerlandABB LTD 494 91,030 0.03ACTELION LTD 98 198,081 0.06ADECCO SA 63 34,882 0.01ARYZTA AG 289 61,732 0.02BALOISE HOLDING AG 110 109,870 0.03CLARIANT AG 770 111,973 0.03COMPAGNIE FINANCIERE

RICHEMONT SA 242 145,980 0.05

96

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


CREDIT SUISSE GROUP AG 414 48,807 0.02GEBERIT AG 41 135,947 0.04KUEHNE AND NAGEL

INTERNATIONAL 100 106,017 0.03LONZA GROUP AG 85 120,932 0.04NESTLE SA 1,363 775,030 0.24NOVARTIS LTD 951 541,880 0.17ROCHE HOLDING AG 354 648,699 0.20SIKA AG 4 163,115 0.05SONOVA HOLDING AG 103 105,633 0.03SULZER AG - REG 110 96,634 0.03SWISS RE AG 218 157,907 0.05SWISSCOM AG 26 88,950 0.03SYNGENTA AG 40 132,127 0.04UBS GROUP AG 1,704 214,022 0.07ZURICH INSURANCE GROUP AG 95 211,817 0.07

4,301,065 1.34


DEVELOPMENT CO LTD 10,000 47,096 0.02CHINA MOTOR CORP 10,000 70,920 0.02CHUNGHWA TELECOM CO LTD 3,000 75,747 0.02CTBC FINANCIAL HOLDING CO LTD 27,333 120,434 0.04DELTA ELECTRONICS INC 1,901 81,879 0.03E.SUN FINANCIAL HOLDING CO LTD 25,400 116,004 0.04ETERNAL MATERIALS CO LTD 10,800 90,763 0.03EVA AIRWAYS CORP 18,950 70,832 0.02FAR EASTONE


CORP 4,000 95,847 0.03FORMOSA PETROCHEMICAL CORP 1,000 26,363 0.01FOXCONN TECHNOLOGY CO LTD 5,100 110,969 0.03FUBON FINANCIAL HOLDING CO LTD 11,000 137,780 0.04HON HAI PRECISION INDUSTRY CO

LTD 13,859 287,145 0.09HUA NAN FINANCIAL HOLDINGS CO

LTD 26,798 109,122 0.03NAN YA PLASTICS CORP 5,000 90,970 0.03

HoldingsMarket

value

% of net

asset value

HKD

NOVATEK MICROELECTRONICS CORP 3,000 82,059 0.03

SINOPAC HOLDINGS CO 45,000 102,704 0.03TAIWAN FERTILIZER CO LTD 7,000 70,524 0.02TAIWAN SEMICONDUCTOR

MANUFACTURING CO 20,246 929,665 0.29TRANSCEND INFORMATION INC 2,000 42,329 0.01UNIMICRON TECHNOLOGY CORP 22,000 66,984 0.02

2,918,220 0.91

ThailandBANGKOK BANK PCL (FOREIGN REG) 2,700 107,994 0.03BANGKOK LIFE ASSURANCE PCL 9,600 103,135 0.03CP ALL PUBLIC CO LTD (FOREIGN

REG) 4,800 63,996 0.02DELTA ELECTRONICS (THAILAND)

PCL (FOREIGN REG) 7,800 147,397 0.05GLOW ENERGY PCL (FOREIGN REG) 5,100 87,665 0.03INDORAMA VENTURES PCL 13,100 101,041 0.03KASIKORNBANK PCL (FOREIGN REG) 2,631 108,713 0.04PTT PCL (FOREIGN REG) 1,500 133,546 0.04

853,487 0.27


CLASS D SHARES 7,500 75,685 0.02

247,333 0.08

United Kingdom31 GROUP PLC 1,629 111,317 0.03ADMIRAL GROUP PLC 505 87,554 0.03AGGREKO PLC 707 69,501 0.02ANGLO AMERICAN PLC 1,422 188,512 0.06ASHMORE GROUP PLC 1,200 36,315 0.01ASHTEAD GROUP PLC 800 125,423 0.04ASSOCIATED BRITISH FOODS PLC 202 47,050 0.01ASTRAZENECA PLC 617 252,612 0.08

97

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


AVIVA PLC 1,957 91,108 0.03BAE SYSTEMS PLC 1,115 63,349 0.02BARCLAYS PLC 3,952 84,663 0.03BARRATT DEVELOPMENTS PLC 619 28,866 0.01BELLWAY PLC 397 96,268 0.03BERKELEY GROUP HOLDINGS PLC 290 79,268 0.02BHP BILLITON PLC 1,064 149,310 0.05BOOKER GROUP PLC 5,600 111,412 0.03BP PLC 8,654 399,467 0.12BRITISH AMERICAN TOBACCO PLC 969 463,464 0.14BT GROUP PLC 4,244 125,885 0.04CENTRICA PLC 4,751 104,029 0.03COMPASS GROUP PLC 728 100,347 0.03DIAGEO PLC 1,268 272,755 0.09DIRECT LINE INSURANCE GROUP

PLC 2,829 98,040 0.03EASYJET PLC 415 38,487 0.01EXPERIAN PLC 622 92,841 0.03GLAXOSMITHKLINE PLC 2,365 352,773 0.11GLENCORE PLC 5,765 183,720 0.06HIKMA PHARMACEUTICALS PLC 330 58,760 0.02HOWDEN JOINERY GROUP PLC 2,330 85,842 0.03HSBC HOLDINGS PLC 7,307 482,484 0.15IMI PLC 790 89,922 0.03IMPERIAL TOBACCO GROUP PLC 402 144,161 0.05INCHCAPE PLC 1,500 105,064 0.03INTERCONTINENTAL HOTELS GROUP

PLC 345 123,939 0.04INTERNATIONAL CONSOLIDATED

AIRLINES GROUP SA 1,720 80,041 0.03J SAINSBURY PLC 2,941 74,044 0.02JOHNSON MATTHEY PLC 305 96,796 0.03KINGFISHER PLC 2,654 87,104 0.03LLOYDS BANKING GROUP PLC 26,511 168,040 0.05NATIONAL GRID PLC 2,104 190,543 0.06OLD MUTUAL PLC 6,761 137,084 0.04PERSIMMON PLC 490 92,272 0.03POLYMETAL INTERNATIONAL PLC 1,091 98,250 0.03PRUDENTIAL PLC 1,159 173,334 0.05RECKITT BENCKISER GROUP PLC 284 188,635 0.06RIGHTMOVE PLC 180 70,638 0.02RIO TINTO PLC 1,153 392,934 0.12

HoldingsMarket

value

% of net

asset value

HKD

ROLLS-ROYCE HOLDINGS PLC 712 46,395 0.01ROYAL DUTCH SHELL PLC A SHARES 1,974 413,829 0.13ROYAL DUTCH SHELL PLC B SHARES 1,926 420,500 0.13ROYAL MAIL PLC 2,103 84,500 0.03SAGE GROUP PLC 1,491 89,223 0.03SHIRE PLC 430 183,837 0.06SKY PLC 411 40,162 0.01SMITH & NEPHEW PLC 933 107,747 0.03SSE PLC 663 96,372 0.03STANDARD CHARTERED PLC 680 51,386 0.02TAYLOR WIMPEY PLC 5,158 84,139 0.03TESCO PLC 4,200 79,787 0.02TRAVIS PERKINS PLC 700 99,290 0.03UNILEVER PLC 572 180,220 0.06VODAFONE GROUP PLC 11,704 222,054 0.07WILLIAM HILL PLC 1,728 43,673 0.01WOLSELEY PLC 130 62,273 0.02WPP PLC 866 155,890 0.05

9,255,500 2.88 United States of America3M CO 71 96,311 0.03ABBOTT LABORATORIES 482 156,220 0.05ABBVIE INC 391 185,402 0.06ACCENTURE PLC CLASS A 46 40,644 0.01ADVANSIX INC 5 997 –AETNA INC 145 133,449 0.04AFFILIATED MANAGERS GROUP INC 67 79,208 0.02AFLAC INC 219 118,934 0.04AGNC INVESTMENT CORP REIT 640 92,715 0.03AIR PRODUCTS AND CHEMICALS

INC 42 45,547 0.01ALLEGHANY CORP 23 109,144 0.03ALLERGAN PLC 37 62,842 0.02ALLSTATE CORP 143 83,452 0.03ALLY FINANCIAL INC 690 113,075 0.04ALPHABET INC CLASS A 41 253,485 0.08ALPHABET INC CLASS C 58 369,120 0.12ALTRIA GROUP INC 414 228,657 0.07AMAZON.COM INC 76 485,615 0.15AMDOCS LTD 180 81,999 0.03AMEREN CORP 270 110,303 0.03AMERICAN AIRLINES GROUP INC 346 118,800 0.04

98

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


AMERICAN ELECTRIC POWER CO INC 131 65,115 0.02

AMERICAN EXPRESS CO 290 171,871 0.05AMERICAN INTERNATIONAL GROUP

INC 114 56,842 0.02AMGEN INC 214 260,167 0.08ANTHEM INC 111 132,759 0.04APPLE INC 897 844,613 0.26APPLIED MATERIALS INC 230 61,124 0.02ARROW ELECTRONICS INC 157 89,563 0.03ASSURANT INC 71 53,510 0.02AT&T INC 1,023 334,658 0.10AUTOZONE INC 20 112,507 0.04AVNET INC 218 78,555 0.02AXIS CAPITAL HOLDINGS LTD 180 89,402 0.03BANK OF AMERICA CORP 1,335 234,522 0.07BB AND T CORP 160 57,345 0.02BECTON DICKINSON & CO 33 45,397 0.01BED BATH & BEYOND INC 215 67,314 0.02BEMIS CO 240 90,729 0.03BERKSHIRE HATHAWAY INC CLASS B 349 444,493 0.14BEST BUY INC 313 108,125 0.03BIOGEN DEC INC 44 94,653 0.03BLACKROCK INC 24 69,644 0.02BOEING CO 170 215,566 0.07BRISTOL MYERS SQUIBB CO 140 53,403 0.02BROADCOM LTD 65 100,619 0.03C.H. ROBINSON WORLDWIDE INC 157 92,658 0.03C.R. BARD INC 49 90,235 0.03CAMPBELL SOUP CO 78 37,663 0.01CAPITAL ONE FINANCIAL CORP 77 52,213 0.02CBRE GROUP INC CLASS A 289 68,081 0.02CELGENE CORP 155 139,694 0.04CENTURYLINK INC 427 85,680 0.03CHECK POINT SOFTWARE

TECHNOLOGIES LTD 130 99,631 0.03CHEVRON CORP 370 319,681 0.10CHIPOTLE MEXICAN GRILL INC 31 101,373 0.03CHUBB LTD 81 82,642 0.03CISCO SYSTEMS INC 779 185,688 0.06CITIGROUP INC 450 194,942 0.06CNA FINANCIAL CORP 350 113,112 0.04

HoldingsMarket

value

% of net

asset value

HKD

COCA COLA CO 596 192,243 0.06COLGATE PALMOLIVE CO 219 109,741 0.03COMCAST CORP CLASS A 415 242,862 0.08CORE LABORATORIES NV 71 64,363 0.02COSTCO WHOLESALE CORP 81 103,044 0.03CUMMINS INC 101 115,211 0.04CVS HEALTH CORP 82 50,144 0.02D. R. HORTON INC 210 48,737 0.02DARDEN RESTAURANTS INC 190 108,035 0.03DELTA AIR LINES INC 200 73,310 0.02DENTSPLY SIRONA INC 215 94,590 0.03DISCOVER FINANCIAL SERVICES 85 45,693 0.01DISCOVERY COMMUNICATIONS INC

CLASS C 37 7,955 -DOVER CORP 180 108,592 0.03DOW CHEMICAL CO 307 142,046 0.04DST SYSTEMS INC 70 62,544 0.02E.I. DU PONT DE NEMOURS AND CO 136 79,673 0.02EBAY INC 230 56,805 0.02ELI LILLY AND CO 57 34,069 0.01ENTERGY CORP 180 100,058 0.03EOG RESOURCES INC 81 63,844 0.02EVEREST RE GROUP LTD 57 97,271 0.03EXELON CORP 423 117,766 0.04EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 212 85,671 0.03EXPRESS SCRIPTS HOLDINGS CO 140 74,825 0.02EXXON MOBIL CORP 792 515,538 0.16F5 NETWORKS INC 96 99,839 0.03FACEBOOK INC CLASS A 326 329,651 0.10FASTENAL CO 218 84,036 0.03FIRST SOLAR INC 230 55,663 0.02FIRSTENERGY CORP 200 47,053 0.01FLEX LTD 970 117,941 0.04FLOWSERVE CORP 250 95,362 0.03FLUOR CORP 184 79,238 0.02FNF GROUP 350 96,030 0.03FOOT LOCKER INC 187 99,451 0.03FORD MOTOR CO 1,522 145,968 0.05FRANKLIN RESOURCES INC 247 76,164 0.02FRONTIER COMMUNICATIONS CORP 1,900 51,452 0.02GAP INC 578 103,287 0.03GENERAL ELECTRIC CO 1,495 344,527 0.11GENERAL MILLS INC 119 57,692 0.02

99

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


GENERAL MOTORS CO 240 68,177 0.02GENTEX CORP 460 74,563 0.02GENUINE PARTS CO 140 105,166 0.03GILEAD SCIENCES INC 386 216,996 0.07GOODYEAR TIRE AND RUBBER CO 310 77,911 0.02H&R BLOCK INC 269 44,793 0.01HARRIS CORP 89 70,930 0.02HARTFORD FINANCIAL SERVICES

GROUP INC 352 133,041 0.04HCA HOLDINGS INC 172 107,142 0.03HELMERICH AND PAYNE INC 193 106,566 0.03HERBALIFE LTD 44 19,187 0.01HEWLETT PACKARD ENTERPRISE CO 770 135,506 0.04HOLOGIC INC 336 105,667 0.03HONEYWELL INTERNATIONAL INC 134 123,024 0.04HP INC 596 69,600 0.02ILLINOIS TOOL WORKS INC 105 103,634 0.03INGREDION INCORPORATED 94 93,499 0.03INTEL CORP 1,161 331,697 0.10INTERNATIONAL BUSINESS

MACHINES CORP 169 228,853 0.07INTERNATIONAL FLAVORS AND

FRAGRANCE INC 36 32,741 0.01J B HUNT TRANSPORT SERVICES INC 140 107,631 0.03JABIL CIRCUIT INC 450 83,731 0.03JACOBS ENGINEERING GROUP INC 111 50,428 0.02JAZZ PHARMACEUTICALS PLC 60 56,761 0.02JOHNSON & JOHNSON 508 446,403 0.14JPMORGAN CHASE & CO 658 432,091 0.13JUNIPER NETWORKS INC 400 83,118 0.03KEYSIGHT TECHNOLOGIES INC 376 108,152 0.03KIMBERLY CLARK CORP 50 46,995 0.01KLA-TENCOR CORP 85 56,134 0.02KRAFT HEINZ CO 192 133,024 0.04KROGER CO 246 64,823 0.02L BRANDS INC 159 74,283 0.02LAM RESEARCH CORP 140 124,773 0.04LEVEL 3 COMMUNICATIONS INC 264 121,802 0.04LIBERTY GLOBAL PLC SERIES C 103 28,076 0.01LIBERTY SIRIUSXM GROUP 370 103,039 0.03LINEAR TECHNOLOGY CORP 283 138,627 0.04

HoldingsMarket

value

% of net

asset value

HKD

LKQ CORP 190 47,044 0.01LOWE’S COMPANIES INC 75 42,529 0.01LYONDELLBASELL INDUSTRIES NV 172 124,479 0.04M AND T BANK CORP 29 36,582 0.01MALLINCKRODT PLC 81 30,627 0.01MARATHON PETROLEUM CORP 284 105,886 0.03MARRIOTT INTERNATIONAL INC

CLASS A 139 91,245 0.03MARVELL TECHNOLOGY GROUP LTD 1,026 118,381 0.04MASTERCARD INC CLASS A 97 80,030 0.03MAXIM INTEGRATED PRODUCTS INC 320 110,443 0.03MCDONALD’S CORP 222 211,136 0.07MCKESSON CORP 38 41,029 0.01MEDTRONIC PLC 267 157,494 0.05MERCK & CO INC 422 202,983 0.06MICHAEL KORS HOLDINGS LTD 232 77,065 0.02MICRON TECHNOLOGY INC 831 155,462 0.05MICROSOFT CORP 1,418 711,328 0.22MONSANTO CO 88 73,957 0.02MOODY’S CORP 124 99,747 0.03NEWMONT MINING CORP 180 50,672 0.02NISOURCE INC 500 86,788 0.03NORTHROP GRUMMAN CORP 70 124,426 0.04NVIDIA CORP 93 78,786 0.02NVR INC 7 100,918 0.03OCCIDENTAL PETE 150 78,878 0.02OLD REPUBLIC INTERNATIONAL

CORP 630 101,679 0.03ORACLE CORP 681 211,946 0.07PATTERSON COS INC 194 62,636 0.02PEPSICO INC 225 181,185 0.06PFIZER INC 856 210,751 0.07PHILIP MORRIS INTERNATIONAL INC 324 241,674 0.08PHILLIPS 66 228 144,397 0.05PINNACLE WEST CAPITAL CORP 148 89,149 0.03PNC FINANCIAL SERVICES GROUP

INC 124 115,902 0.04POLARIS INDUSTRIES INC 101 65,885 0.02PPL CORP 396 107,053 0.03PRAXAIR INC 56 51,465 0.02PRICELINE GROUP INC 7 85,554 0.03PROCTER & GAMBLE CO 364 247,418 0.08PRUDENTIAL FINANCIAL INC 73 59,538 0.02

100

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


PUBLIC SERVICE ENTERPRISE GROUP 320 109,872 0.03

PULTEGROUP INC 520 86,790 0.03QIAGEN NV 521 116,583 0.04QORVO INC 226 112,600 0.04QUALCOMM INC 162 67,162 0.02RALPH LAUREN CORP 49 33,622 0.01RAYTHEON CO 110 123,045 0.04RENAISSANCERE HOLDINGS LTD 46 48,657 0.02RESMED INC 90 47,166 0.01ROCKWELL COLLINS INC 146 102,819 0.03ROSS STORES INC 234 120,035 0.04SAFEWAY PDC LLC CVR (Casa Ley) 93 – –SAFEWAY PDC LLC CVR (PDC) 93 – –SANTANDER CONSUMER USA

HOLDINGS INC 1,063 109,041 0.03SCANA CORP 215 114,609 0.04SCHLUMBERGER LTD 177 114,968 0.04SKYWORKS SOLUTIONS INC 197 140,233 0.04SNAP-ON INC 80 112,684 0.04SOUTHERN CO 300 115,063 0.04STANLEY BLACK AND DECKER INC 51 49,070 0.02STAPLES INC 510 36,407 0.01STARBUCKS CORP 345 147,823 0.05STRYKER CORP 144 138,026 0.04SUNTRUST BANKS INC 280 123,448 0.04SYMANTEC CORP 655 140,019 0.04SYNCHRONY FINANCIAL 524 145,641 0.05T. ROWE PRICE GROUP INC 57 29,828 0.01TE CONNECTIVITY LTD 222 128,074 0.04TECHNIPFMC LTD 484 123,219 0.04TECHNIPFMC LTD 400 104,348 0.03TEGNA INC 200 35,553 0.01TESLA MOTORS INC 19 37,141 0.01TESORO CORP 129 80,927 0.03TEXAS INSTRUMENTS INC 342 200,460 0.06THE HOME DEPOT INC 219 233,789 0.07THE MOSAIC CO 269 65,478 0.02THE PROGRESSIVE CORP 421 122,305 0.04THE TRAVELERS COS INC 122 111,495 0.03

HoldingsMarket

value

% of net

asset value

HKD

THE WALT DISNEY CO 207 177,724 0.06THERMO FISHER SCIENTIFIC INC 80 94,596 0.03TIFFANY & CO 187 114,223 0.04TIME WARNER INC 181 136,020 0.04TJX COS INC 254 147,658 0.05TRACTOR SUPPLY CO 77 44,016 0.01TRANSOCEAN LTD 910 98,642 0.03TWENTY-FIRST CENTURY FOX INC

CLASS B 112 26,949 0.01TYSON FOODS INC CLASS A 124 60,414 0.02U.S. BANCORP 334 136,449 0.04UNION PACIFIC CORP 189 156,301 0.05UNITED CONTINENTAL HOLDINGS

INC 140 76,552 0.02UNITED PARCEL SERVICE INC CLASS

B 125 105,847 0.03UNITED RENTALS INC 168 164,915 0.05UNITEDHEALTH GROUP INC 160 201,247 0.06UNIVERSAL HEALTH SERVICES INC

CLASS B 85 74,285 0.02VALERO ENERGY CORP 274 139,810 0.04VARIAN MEDICAL SYSTEMS INC 124 74,712 0.02VERISIGN INC 171 106,427 0.03VERIZON COMMUNICATIONS INC 801 304,609 0.09VISA INC CLASS A 347 222,696 0.07VOYA FINANCIAL INC 380 118,591 0.04W. R. BERKLEY CORP 185 96,479 0.03W.W. GRAINGER INC 26 50,954 0.02WALGREENS BOOTS ALLIANCE INC 125 79,475 0.02WAL-MART STORES INC 274 141,893 0.04WASTE CONNECTIONS INC 90 56,077 0.02WATERS CORP 78 85,731 0.03WELLS FARGO & CO 868 379,389 0.12WESTERN UNION CO 450 68,368 0.02WESTINGHOUSE AIR BRAKE

TECHNOLOGIES CORP 122 82,017 0.03WESTLAKE CHEMICAL CORP 233 111,929 0.03WYNDHAM WORLDWIDE CORP 180 110,422 0.03XEROX CORP 610 32,801 0.01XILINX INC 250 112,899 0.04XL GROUP LTD 370 107,862 0.03YUM BRANDS INC 100 50,847 0.02YUM CHINA HOLDINGS INC 100 21,323 0.01

101

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


ZIMMER BIOMET HOLDINGS INC 101 92,735 0.03

30,954,307 9.64

Equities (Total) 161,470,868 50.27

Debt securities


AUSTRALIA (GOVERNMENT OF) 3.25% 21 APRIL 2025 155,000 957,612 0.30

AUSTRALIA (GOVERNMENT OF) 5.25% 15 MARCH 2019 172,000 1,085,812 0.34

AUSTRIA (REPUBLIC OF) 4.65% 15 JANUARY 2018 182,000 1,602,566 0.50



DENMARK (KINGDOM OF) 1.5% 15 NOVEMBER 2023 561,000 692,300 0.22


EUROPEAN INVESTMENT BANK 2.15% 18 JANUARY 2027 4,800,000 403,009 0.13

FRANCE (GOVERNMENT OF) 4.5% 25 APRIL 2041 75,000 951,227 0.30


FRANCE (GOVERNMENT OF) OAT 4% 25 APRIL 2018 86,000 761,569 0.24

FRANCE (GOVERNMENT OF) OAT 4.25% 25 OCTOBER 2023 667,000 7,045,689 2.19


ITALY (REPUBLIC OF) 0.7% 1 MAY 2020 310,000 2,625,328 0.82

HoldingsMarket

value

% of net

asset value

HKD

ITALY (REPUBLIC OF) 4% 1 FEBRUARY 2017 44,000 369,004 0.12

ITALY (REPUBLIC OF) 4% 1 FEBRUARY 2037 275,000 2,658,750 0.83


ITALY (REPUBLIC OF) 5% 1 MARCH 2022 175,000 1,751,540 0.55

ITALY (REPUBLIC OF) 5.5% 1 NOVEMBER 2022 119,000 1,230,374 0.38



JAPAN GOVERNMENT 20 YEAR BOND #150 1.4% 20 SEPTEMBER 2034 12,250,000 969,189 0.30





MEXICO (UNITED STATES OF) 8% 11 JUNE 2020 23,700 923,083 0.29



POLAND (GOVERNMENT OF) 5.25% 25 OCTOBER 2020 235,000 497,075 0.15

SOUTH AFRICA (REPUBLIC OF) 10.5% 21 DECEMBER 2026 440,000 280,960 0.09




102

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD


SWEDEN (GOVERNMENTOF) 4.25% 12 MARCH 2019 660,000 645,647 0.20

SWITZERLAND (GOVERNMENT OF) 3% 8 JANUARY 2018 28,000 228,420 0.07

UK TREASURY 2.25% 7 SEPTEMBER 2023 186,000 1,965,320 0.61

UK TREASURY 4.25% 7 MARCH 2036 381,000 5,086,751 1.58US TREASURY NOTES 1.5% 31

AUGUST 2018 914,000 7,138,865 2.22US TREASURY NOTES 2% 31

OCTOBER 2021 540,000 4,206,744 1.31US TREASURY NOTES 2.125% 31

AUGUST 2020 540,000 4,260,429 1.33US TREASURY NOTES 2.5% 15 MAY

2024 519,800 4,094,440 1.27US TREASURY NOTES 3% 15

NOVEMBER 2044 424,000 3,250,382 1.01US TREASURY NOTES 4% 15 AUGUST

2018 178,000 1,444,504 0.45US TREASURY NOTES 4.5% 15 MAY

2038 541,000 5,295,470 1.65XTRA FINANCE CORP 5.15% 1 APRIL

2017 398,000 3,109,422 0.97

109,791,228 34.18


BELGIUM (KINGDOM OF) #76 1.9% 22 JUNE 2038 6,000 52,741 0.02

BUNDESREPUB DEUTSCHLAND #7 4% 4 JANUARY 2018 280,000 2,450,976 0.76

BUNDESREPUB. DEUTSCHLAND 0% 15 AUGUST 2026 20,000 162,017 0.05

CANADA (GOVERNMENT OF) 4% 1 JUNE 2017 167,000 1,005,311 0.31


NETHERLANDS (GOVERNMENT OF) 0.25% 15 JULY 2025 6,000 49,607 0.02

HoldingsMarket

value

% of net

asset value

HKD

REPUBLIC OF AUSTRIA #1 1.65% 21 OCTOBER 2024 4,000 36,953 0.01

US TREASURY N/B 0.625% 30 JUNE 2017 305,000 2,367,156 0.74


US TREASURY NOTES 4.25% 15 NOVEMBER 2017 700,000 5,578,154 1.74

14,859,524 4.63


Unit trustsListed investments

AMERICAN TOWER CORP 118 94,765 0.03DUKE REALTY CORP 440 83,065 0.03HOSPITALITY PROPERTIES TRUST 380 91,789 0.03IRON MOUNTAIN INC 345 95,836 0.03KIMCO REALTY CORP 448 86,522 0.03LINK REIT 7,322 389,164 0.12PUBLIC STORAGE 66 110,105 0.03SIMON PROPERTY GROUP INC 69 98,390 0.03WEYERHAEUSER CO 381 92,621 0.03

1,142,257 0.36




103

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Rights

IBERDROLA SA RIGHTS 35 39 –

Rights (Total) 39 –

Total financial assets 303,403,139 94.46



Foreign currency forward contracts (326,104) (0.10)

Total financial liabilities (326,104) (0.10)

Total investments (Total cost of investments: HK$296,939,018) 303,077,035 94.36


Total net assets 321,184,901 100.00

104


HSBC Managed Stable Growth Fundfor the period from 1 August 2016 to 31 January 2017

% ofnet asset


% ofnet asset

value31 July 2016

Financial assets

Equities

Listed investments Australia 1.99 2.11Austria 0.13 0.11Belgium 0.20 0.28Canada 0.80 0.68Denmark 0.27 0.31Finland 0.28 0.30France 1.45 1.57Germany 1.51 1.22Greece 0.04 0.03Hong Kong 16.33 16.49India 0.54 –Indonesia 0.27 0.18Ireland 0.07 0.09Italy 0.34 0.43Japan 6.78 7.11Malaysia 0.23 0.27Netherlands 0.41 0.33New Zealand – 0.02Norway 0.16 0.18Philippines 0.03 0.03Poland 0.08 0.06Russia 0.08 –Singapore 0.66 0.70South Korea 1.54 1.60Spain 0.37 0.32Sweden 0.59 0.45Switzerland 1.34 1.46Taiwan 0.91 1.06Turkey 0.08 –Thailand 0.27 0.23United Kingdom 2.88 2.99United States of America 9.64 9.68

50.27 50.29

105


HSBC Managed Stable Growth Fundfor the period from 1 August 2016 to 31 January 2017

% ofnet asset


% ofnet asset

value31 July 2016

Bonds Listed investments 34.18 31.22Unlisted but quoted investments 4.63 0.60

38.81 31.82

Unit trusts Listed investments 0.36 0.47Unlisted but quoted investments 5.02 9.19

5.38 9.66

Rights – –


Derivative financial liabilities




106

Performance Record


(a) Price record (dealing net asset value per unit)

Provident class units Bid Offer


2006 12.56 14.38 13.26 15.182007 13.81 16.65 13.81 16.652008 15.45 18.09 15.45 18.092009 11.46 16.17 11.46 16.172010 14.98 16.69 14.98 16.692011 15.83 18.15 15.83 18.152012 15.57 17.94 15.57 17.942013 16.56 18.65 16.56 18.652014 17.72 19.35 17.72 19.352015 18.26 19.57 18.26 19.572016 16.82 18.70 16.82 18.701 August 2016 to 31 January 2017 18.14 19.16 18.14 19.16

(b) Total net asset value (calculated in accordance with HKFRS)

31 January 2017HKD

2016HKD

2015HKD

2014HKD

Total net asset value 321,184,901 343,524,802 362,266,836 434,939,367

(c) Net asset value per unit (calculated in accordance with HKFRS)

31 January 2017HKD

2016HKD

2015HKD

2014HKD

Net asset value per unit– Provident class units 18.72 18.70 18.62 19.25

107


HSBC Global Money Funds

Market review

HSBC Global Money Funds – Hong Kong Dollar

The Fed hiked policy rates by 25bp in December 2016. This was its second rate hike since it embarked on its hiking cycle in December 2015. It continues to maintain relatively hawkish language in an environment of generally upbeat US economic data. Liquidity conditions in Hong Kong are slightly tighter. 3M and 6M HIBOR levels have increased. In 2017, we expect HKD rates at the short-end to largely mirror movements in US short-end rates.

The Fund Manager will continue to look for solid issuers in the 3 month segment. The Fund Manager will endeavor to reinvest maturities to 3 months and beyond only if sufficiently compensated from a term premium standpoint. The Fund Manager however will manage the weighted average maturity, keeping in mind expectations around further Fed hikes, so as to benefit from any uptick in short-term rates.

HSBC Global Money Funds – US Dollar

The target federal funds rate are currently set in a range of 50-75 basis points. In January, U.S. Treasury Bill yields were slightly lower on the three month bill, down two basis basis points, and dropped similarly by three basis points on the six month bill.

In a well-telegraphed move, the FOMC hiked the target range for the federal funds rate 25bp at its policy meeting in December. However, there was an unexpected shift upward in the median projection for the federal funds rate at the end of 2017 from 1.1% to 1.4%. The new projection implies three 25bp rate hikes in 2017 instead of the two previously projected.

The US labour market is at (or close to) full employment and underlying inflation is rising. Meanwhile, the prospect of US fiscal stimulus should also boost inflationary pressures and increase treasury issuance. With yields still low (and real yields even lower), we prefer to be underweight and instead maintain a preference for risk assets.

Performance may now be somewhat less challenging as levels on short maturities have risen to a trading range of 40 - 150 basis points in anticipation of the Federal Reserve raising interest rates during various intervals during the course of 2017.

The portfolio is positioned to provide safety and liquidity, while taking advantage of slightly elevated short term corporate credit spreads on high quality issuers.

With the internal liquidity buckets being applied to the fund in overnight and one week, we have decreased investment in commercial paper and certificate of deposits to 41% of the portfolio, with the remainder of the fund holding U.S. treasury bills.

The policy outlook under a Trump administration remains extremely uncertain. A stronger US dollar (amid rising wage inflation) could extend the recent deteriorating trend in corporate profits. An elevated corporate profit share also suggests little capacity for upside in earnings growth. Rising inflation without an associated pickup in economic growth would imply a less constructive Fed hiking cycle than one driven by both inflation and growth.

As the Fed tightens policy, the USD tends to appreciate against other currencies. For non-US borrowers of USD, the carrying cost of USD debt can go up more quickly than for domestic US borrowers. A tightening of global monetary conditions could slow the global economy with adverse repercussions for US economic growth as well.

We continue to place the biggest premiums, in terms of investment strategies, on the overall safety and liquidity of the Fund and will continue to focus on the preservation factor first, with secondary considerations given to yield.


108



31 January 2017 31 July 2016

HK Dollar sub-fund

US Dollar sub-fund

HK Dollar sub-fund

US Dollar sub-fund

HKD USD HKD USD

ASSETSFinancial assets at fair value through profit or loss 1,378,165,202 144,985,484 1,278,963,063 117,967,432Interest receivable 1,112,757 34,042 641,731 0Cash and cash equivalents 2,018,124,607 17,255,164 1,863,104,421 14,912,640

3,397,402,566 162,274,690 3,142,709,215 132,880,072

LIABILITIESRedemptions payable 2,117,918 41 1,259,150 441,247 Amounts due to brokers 49,897,880 14,973,478 49,933,295 0 Other payables 1,332,430 147,840 1,123,182 121,639

53,348,228 15,121,359 52,315,627 562,886

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 3,344,054,338 147,153,331 3,090,393,588 132,317,186

Representing:Equity – 147,153,331 – 132,317,186 Financial liabilities 3,344,054,338 – 3,090,393,588 –

Units Units Units UnitsTotal number of units in issue

Series A units 161,506,456 74,636,542 149,420,889 67,186,450

Series L units 214,325 – 200,714 –

HKD USD HKD USDNet asset value per unit

Series A units 20.68 1.97 20.66 1.97

Series L units 19.73 – 19.75 –

109

Portfolio Statement

HSBC Global Money Funds – Hong Kong Dollaras at 31 January 2017

HoldingsMarket

value

% of net

asset value

HKD

Fixed income instrumentsUnlisted but quoted investments

AGRICULTURAL BANK CHINA LTD HONG KONG BRANCH 0% 23 MARCH 2017 50,000,000 49,912,605 1.49

AGRICULTURAL BANK CHINA LTD HONG KONG BRANCH 0% 18 APRIL 2017 (REG) 60,000,000 59,879,109 1.79

AGRICULTURAL BANK CHINA LTD HONG KONG BRANCH 0% 18 APRIL 2017 60,000,000 59,876,619 1.79

BANK OF CHINA LTD/HONG KONG SER CD 0% 06 FEBRUARY 2017 50,000,000 49,994,464 1.50

BANK OF CHINA LTD/HONG KONG SER CD1 0% 09 MARCH 2017 50,000,000 49,941,977 1.49

BANK OF CHINA LTD/SYDNEY SER CD 0% 28 FEBRUARY 2017 40,000,000 39,968,717 1.20

BANK OF NOVA SCOTIA/HK CD 0% 19 APRIL 2017 50,000,000 49,916,998 1.49

CHINA DEVELOPMENT BANK CORP HONG KONG BRANCH CD 0% 29 MARCH 2017 80,000,000 79,848,267 2.39

DZ BANK AG DEUTSCHE ZENTRAL 30 MARCH 2017 50,000,000 49,932,992 1.49

HONG KONG MORTGAGE CORP SER EMTN 04 MAY 2017 50,000,000 49,897,880 1.49

HONG KONG TREASURY BILLS 08 MARCH 2017 130,000,000 129,958,894 3.89

HONG KONG TREASURY BILLS 15 MARCH 2017 210,000,000 209,876,906 6.28

INDUSTRIAL AND COMMERCIAL BANK OF CHINA ASIA LTD 0% 10 APRIL 2017 50,000,000 49,874,669 1.49

INDUSTRIAL AND COMMERCIAL BANK OF CHINA ASIA LTD 0% 25 APRIL 2017 50,000,000 49,884,318 1.49

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD SYDNEY BRANCH 0% 15 March 2017 40,000,000 39,949,507 1.20

ING BANK NV ECP 10 APRIL 2017 50,000,000 49,931,195 1.49ING BANK NV ECP 24 MARCH 2017 50,000,000 49,944,917 1.49MIZUHO BANK LIMITED 0% 11 APRIL

2017 50,000,000 49,917,943 1.49

HoldingsMarket

value

% of net

asset value

HKD

NATIXIS (SINGAPORE) 0% 07 MARCH 2017 50,000,000 49,971,632 1.50

STANDARD CHARTERED BANK ECD 20 APRIL 2017 55,000,000 54,885,377 1.64

THE EXPORT IMPORT BANK OF KOREA ZCP 09 MARCH 2017 50,000,000 49,959,643 1.49

THE TORONTO DOMINION BANK ZCP 06 JUNE 2017 55,000,000 54,840,573 1.64

Fixed income instruments (Total) 1,378,165,202 41.21

Total investments (Total cost of investments: HK$1,366,147,685) 1,378,165,202 41.21

Other net assets 1,965,889,136 58.79

Total net assets 3,344,054,338 100.00

110

Portfolio Statement

HSBC Global Money Funds – US Dollar as at 31 January 2017

HoldingsMarket

value

% of net

asset value

USD

Fixed income instrumentsUnlisted but quoted investments

ANZ NEW ZEALAND INTERNATIONAL LTD OF LONDON UCP 02 MARCH 2017 1,000,000 999,315 0.68

BANK OF MONTREAL CHICAGO 1.01% 15 MARCH 2017 2,000,000 2,000,138 1.36

BNP PARIBAS NEW YORK BRANCH UCP 07 FEBRUARY 2017 1,000,000 999,875 0.68

BPCE ZCP 01 FEBRUARY 2017 1,000,000 1,000,000 0.68CANADIAN IMP BK COMM NY 1.26%

03 APRIL 2017 2,000,000 2,000,866 1.36CDP FINANCIAL INC SER 144A UCP

07 MARCH 2017 1,000,000 999,178 0.68COMMONWEALTH BANK OF

AUSTRALIA ZCP 16 MARCH 2017 2,000,000 1,997,611 1.36CREDIT AGRICOLE CIB NY ZCP 09

FEBRUARY 2017 1,100,000 1,099,780 0.75DANSKE CORPORATION SER A ZCP

17 FEBRUARY 2017 1,000,000 999,609 0.68DNB BANK ASA UCP 26 JULY 2017 1,000,000 994,167 0.67EXXON MOBIL CORP UCP 22

FEBRUARY 2017 2,000,000 1,999,300 1.36ING (US) FUNDING LLC UCP 01

FEBRUARY 2017 2,000,000 2,000,000 1.36JP MORGAN SECURITIES LLC ZCP 01

FEBRUARY 2017 1,000,000 1,000,000 0.68KFW UCP 01 FEBRUARY 2017 1,000,000 1,000,000 0.68MACQUARIE BANK LIMITED UCP 0%

144A 21 FEBRUARY 2017 1,000,000 999,511 0.68MIZUHO BANK LTD NEW YORK 0%

UCP 27 FEBRUARY 2017 2,000,000 1,998,628 1.36NATIONWIDE BUILDING SOC UCP

0% 144A 07 MARCH 2017 1,000,000 999,121 0.68NESTLE CAPITAL CORP ZCP 09

FEBRUARY 2017 2,000,000 1,999,667 1.36NORDEA BANK FINLAND NY 1.1% 27

FEBUARY 2017 2,000,000 2,000,371 1.36ONTARIO TEACHERS’ FINANCE

TRUST UCP 17 APRIL 2017 1,000,000 997,542 0.68ROYAL BANK OF CANADA NY 1.195%

02 MARCH 2017 2,000,000 2,000,662 1.36

HoldingsMarket

value

% of net

asset value

USD

STANDARD CHARTERED BANK UCP SER 144A 01 MARCH 2017 1,000,000 999,300 0.68

SUMITOMO MITSUI BANKING SER 144A UCP 08 FEBRUARY 2017 1,000,000 999,844 0.68

TORONTO DOMINION HDG USA ZCP 11 MAY 2017 1,000,000 996,893 0.68

TOTAL CAPITAL CANADA LTD UCP 26 APRIL 2017 2,000,000 1,995,707 1.36

TOYOTA MOTOR CREDIT CORP ZCP 06 FEBRUARY 2017 1,000,000 999,899 0.68

US TREASURY BILL 02 FEBRUARY 2017 10,000,000 9,999,909 6.79

US TREASURY BILL 04 MAY 2017 6,000,000 5,992,180 4.07US TREASURY BILL 09 FEBRUARY

2017 18,000,000 17,998,533 12.23US TREASURY BILL 11 MAY 2017 3,000,000 2,995,722 2.03US TREASURY BILL 16 FEBRUARY

2017 5,000,000 4,998,969 3.40US TREASURY BILL 25 MAY 2017 10,000,000 9,984,304 6.78US TREASURY BILL 27 APRIL 2017 10,000,000 9,987,238 6.79US TREASURY BILL 02 MARCH 2017 9,000,000 8,996,509 6.11US TREASURY BILL 06 APRIL 2017 8,000,000 7,992,761 5.43US TREASURY BILL 13 APRIL 2017 12,000,000 11,986,297 8.14US TREASURY BILL 18 MAY 2017 8,000,000 7,988,411 5.43US TREASURY BILL 20 APRIL 2017 8,000,000 7,990,120 5.43WESTPAC BANKING CORP ZCP 21

MARCH 2017 2,000,000 1,997,547 1.36

Fixed income instruments (Total) 144,985,484 98.53

Total investments (Total cost of investments: US$144,338,732) 144,985,484 98.53


Total net assets 147,153,331 100.00

111


HSBC Global Money Funds – Hong Kong Dollarfor the period from 1 August 2016 to 31 January 2017

% ofnet asset


% ofnet asset

value31 July 2016

Fixed income instruments

Unlisted but quoted investments 41.21 41.39

Total investments 41.21 41.39

Other net assets 58.79 58.61


HSBC Global Money Funds – US Dollarfor the period from 1 August 2016 to 31 January 2017

% ofnet asset


% ofnet asset

value31 July 2016

Fixed income instruments

Unlisted but quoted investments 98.53 89.16

Total investments 98.53 89.16

Other net assets 1.47 10.84


112

Performance Record


Hong Kong Dollar sub-fund US Dollar sub-fundSeries A units Series L units Series A units

Price Price PriceYear Lowest Highest Lowest Highest Lowest Highest

HKD HKD HKD HKD USD USD

1997 12.85 13.53 – – 1.27 1.341998 13.53 14.58 – – 1.34 1.411999 14.59 15.66 – – 1.41 1.482000 15.66 16.61 – – 1.48 1.562001 16.61 17.50 – – 1.56 1.652002 17.50 17.91 – – 1.65 1.682003 17.91 18.15 – – 1.68 1.702004 18.15 18.20 – – 1.70 1.712005 18.20 18.34 – – 1.71 1.752006 18.34 19.00 – – 1.75 1.822007 19.00 19.77 19.31 19.72 1.82 1.912008 19.73 20.29 19.68 20.14 1.91 1.982009 20.30 20.56 20.14 20.37 1.97 1.982010 20.45 20.46 20.11 20.20 1.98 1.982011 20.45 20.47 20.02 20.10 1.98 1.982012 20.47 20.51 19.97 20.02 1.98 1.982013 20.51 20.54 19.90 19.97 1.96 2.022014 20.54 20.58 19.86 19.90 1.97 1.982015 20.58 20.63 19.80 19.86 1.97 1.972016 20.63 20.68 19.75 19.85 1.97 1.97August 2016 – January 2017 20.66 20.68 19.73 19.75 1.97 1.97

31 January 2017 2016 2015 2014 2013 2012 2011

Total net asset value (in HK$) – Series A units 3,339,826,015 3,086,429,365 2,203,316,894 2,153,355,080 1,957,772,488 1,981,266,280 1,737,771,378 – Series L units 4,228,323 3,964,223 3,407,065 2,898,920 24,949,920 43,739,206 37,611,159

3,344,054,338 3,090,393,588 2,206,723,959 2,156,254,000 1,982,722,408 2,025,005,486 1,775,382,537

Net asset value per unit (in HK$) – Series A units 20.68 20.66 20.62 20.58 20.54 20.51 20.47 – Series L units 19.73 19.75 19.81 19.86 19.90 19.97 20.02

Total net asset value (in US$) 147,153,331 132,317,186 115,251,019 111,224,408 98,947,175 105,256,815 83,250,222

Net asset value per unit (in US$) 1.97 1.97 1.97 1.97 1.98 1.98 1.98

113

HSBC Investment Funds (Hong Kong) LimitedHSBC Main Building,1 Queen’s Road Central,Hong Kong

HSBC Global Asset Management (Hong Kong) LimitedHSBC Main Building,1 Queen’s Road Central,Hong Kong

HSBC Global Asset Management (France)Immeuble Ile de France,4 Place de la Pyramide,La Défense 9,92800 Puteaux,France

HSBC Global Asset Management (UK) Limited8 Canada Square,London E14 5HQ,United Kingdom

HSBC Global Asset Management (USA) Inc.452 5th Avenue, 7th Floor,New York, NY 10018,USA

HSBC Institutional Trust Services (Asia) LimitedHSBC Main Building,1 Queen’s Road Central,Hong Kong

HSBC Trustee (Cayman) LimitedPO Box 484,HSBC House,68 West Bay Road,Grand Cayman, KY1-1106Cayman Islands

KPMGPO Box 493,Century Yard,Cricket SquareGrand Cayman, KY1-1106,Cayman Islands

Fund Name Manager / Registrar’s Agent

Investment Adviser

Investment Sub-Adviser

Trustee / Registrar / Registrar’s Agent / Delegate of Trustee

Auditors

HSBC Managed Funds– HSBC Managed Balanced Fund – HSBC Managed Growth Fund – HSBC Managed Stable Fund – HSBC Managed Stable Growth Fund

HSBC Investment Funds (Hong Kong) Limited

HSBC Global Asset Management (Hong Kong) Limited

HSBC Global Asset Management (France) HSBC Global Asset Management (UK) Limited

Trustee / Registrar:HSBC Trustee (Cayman) LimitedRegistrar’s Agent:HSBC Investment Funds (Hong Kong) LimitedDelegate of Trustee:HSBC Institutional Trust Services (Asia) Limited

KPMG

HSBC Global Money Funds– HK Dollar– US Dollar

HSBC Investment Funds (Hong Kong) Limited

HSBC Global Asset Management (Hong Kong) Limited

For US Dollar Fund only HSBC Global Asset Management (USA) Inc.

Trustee:HSBC Trustee (Cayman) LimitedRegistrar:HSBC Investment Funds (Hong Kong) Limited Delegate of Trustee:HSBC Institutional Trust Services (Asia) Limited

KPMG

Administration

114

Stuart Glenn BERRY

Pedro Augusto BOTELHO BASTOS

Guillermo Eduardo MALDONADO-CODINA

Chun Pong Stephen TAM

Ka Yin Joanne LAU

Board of Directors of HSBC Investment Funds (Hong Kong) Limited

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Issued by HSBC Global Asset Management (Hong Kong) Limited

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