HSBC Managed Funds HSBC Global Money Funds

HSBC Managed FundsHSBC Global Money FundsInterim Report 2018

Contents

Page1. HSBC MANAGED FUNDS

1.1 HSBC MANAGED BALANCED FUND

Investment Adviser’s Report 1Statement of Financial Position 2Portfolio Statement 3Statement of Movements in Portfolio Holdings 23Performance Record 25Distribution Disclosure 27

1.2 HSBC MANAGED GROWTH FUND


1.3 HSBC MANAGED STABLE FUND


1.4 HSBC MANAGED STABLE GROWTH FUND

Investment Adviser’s Report 82Statement of Financial Position 83Portfolio Statement 84Statement of Movements in Portfolio Holdings 104Performance Record 106

2. HSBC GLOBAL MONEY FUNDS

2.1 HSBC GLOBAL MONEY FUNDS – HONG KONG DOLLAR

2.2 HSBC GLOBAL MONEY FUNDS – US DOLLAR

Investment Adviser’s Report 107Statement of Financial Position 108Portfolio Statement 109Statement of Movements in Portfolio Holdings 112Performance Record 113

3. ADMINISTRATION 114

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1

Investment Adviser’s Report

HSBC Managed Balanced Fund

Market review

In the 6 months period ended January 2018, the fund delivered a positive return mainly driven by good equity performance across major stock markets in the world. Corporate earnings continue to be supportive to the economic growth story in many countries, giving a positive market sentiment to look for higher risk premium. Bond markets have fared less well as it has become clear that global central banks have less reason to maintain ultra-loose monetary policy going forward, however, global government bonds returned positively as well on an unhedged basis supported by the appreciation of the currencies against the Hong Kong dollar.

As stock markets continue to make all-time highs it is natural to question whether they are becoming over exuberant and vulnerable to a meaningful sell-off. High levels of valuation is often cited as a reason for caution, however on close examination this is not a particularly strong argument. Another reason given for caution is that markets have lost their risk aversion and investors are all in the market. There does seem to be a more positive sentiment around early in 2018 with most investors expecting equities to produce the best returns in 2018. But there is also still a lot of caution around, and retail investors have not really embraced the bull market fully. There are always many reasons for caution, but with the economic and earnings background still favourable it is difficult to become too negative about markets, even as they reach all-time highs. At present we therefore maintain exposure to equity markets and global government bonds, providing a diversified portfolio which should continue to provide investors with attractive returns in the future.

HSBC Global Asset Management (Hong Kong) Limited31 January 2018

2

Statement of Financial Position


31 January 2018 31 July 2017HKD HKD

ASSETSFinancial assets at fair value through profit or loss 1,766,368,992 2,215,953,478Interest and dividends receivable 3,855,004 8,408,052Subscriptions receivable 3,004,476 4,980,056Amounts due from brokers 50,047,403 36,082,659Cash and cash equivalents 115,458,556 64,748,165

1,938,734,431 2,330,172,410

LIABILITIESFinancial liabilities at fair value through profit or loss 2,731,915 2,981,115Bank overdrafts – 10,827Redemptions payable 35,061,775 5,371,367Amounts due to brokers 34,027,882 14,362,881Distributions payable 1 3,466,426Other payables 4,985,093 4,474,839

Total liabilities 76,806,666 30,667,455

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1,861,927,765 2,299,504,955

Representing:Financial liabilities 1,861,927,765 2,299,504,955

Units UnitsTotal number of units in issue

“A” class income units 12,499,951 13,609,680

Provident class units 32,426,248 49,318,374

Accumulation units 7,504,423 6,433,421

HKD HKDNet asset value per unit

"A" class income units 32.38 29.07

Provident class units 40.83 36.52

Accumulation units 17.75 15.94

3

Portfolio Statement

HSBC Managed Balanced Fundas at 31 January 2018

HoldingsMarket

value

% of net

asset value

HKD

Financial assets

EquitiesListed investments

AustraliaADELAIDE BRIGHTON LTD 18,321 753,064 0.04AGL ENERGY LTD 3,970 589,368 0.03AMCOR LTD 6,533 602,438 0.03ANSELL LTD 4,625 736,695 0.04ANZ BANKING GROUP LTD 15,200 2,751,339 0.15ARISTOCRAT LEISURE LTD 4,123 624,093 0.03ASX LTD 2,680 929,133 0.05AUSNET SERVICES LTD 62,262 668,392 0.04BHP BILLITON LTD 13,717 2,623,640 0.14C.S.R. LTD 22,782 727,211 0.04CALTEX AUSTRALIA LTD 2,301 506,710 0.03COCHLEAR LTD 460 506,111 0.03COMMONWEALTH BANK OF

AUSTRALIA 9,524 4,757,398 0.25CSL LTD 2,076 1,925,156 0.10DULUXGROUP LTD 15,315 708,073 0.04FLIGHT CENTRE TRAVEL GROUP LTD 2,138 690,990 0.04FORTESCUE METALS GROUP LTD 24,350 764,925 0.04INSURANCE AUSTRALIA GROUP LTD 16,872 773,648 0.04IOOF HOLDINGS LTD 12,591 878,780 0.05MACQUARIE GROUP LTD 1,608 1,050,290 0.06MAGELLAN FINANCIAL GROUP LTD 3,233 564,112 0.03METCASH LTD 42,022 851,657 0.04NATIONAL AUSTRALIA BANK LTD 13,838 2,553,007 0.14ORICA LTD 7,795 947,885 0.05ORIGIN ENERGY LTD 11,425 675,836 0.04OZ MINERALS LTD 10,447 618,645 0.03PERPETUAL LTD 2,266 751,733 0.04PLATINUM INVESTMENT

MANAGEMENT LTD 15,164 798,092 0.04QANTAS AIRWAYS LTD 18,348 612,403 0.03QBE INSURANCE GROUP LTD 8,977 612,898 0.03RIO TINTO LTD 2,209 1,075,172 0.06SOUTH32 LTD 28,720 694,842 0.04SUNCORP GROUP LTD 5,671 490,624 0.03TABCORP HOLDINGS LTD 21,451 702,387 0.04TELSTRA CORP LTD 33,373 775,710 0.04WESFARMERS LTD 4,282 1,188,114 0.06WESTPAC BANKING CORP 16,729 3,280,267 0.18

HoldingsMarket

value

% of net

asset value

HKD

WOODSIDE PETROLEUM LTD 5,316 1,115,099 0.06WOOLWORTHS GROUP LTD 7,074 1,207,430 0.06

43,083,367 2.31

AustriaANDRITZ AG 1,017 478,813 0.03ERSTE GROUP BANK AG 2,552 1,007,803 0.05TELEKOM AUSTRIA AG 10,258 778,607 0.04VIENNA INSURANCE GROUP AG

WIENER VERSICHERUNG GRUPPE 3,084 857,603 0.05VOESTALPINE AG 2,375 1,209,810 0.06

4,332,636 0.23

BelgiumANHEUSER-BUSCH INBEV SA 1,554 1,379,997 0.08BPOST SA 2,516 656,507 0.04ETABLISSEMENTEN FRANZ

COLRUYT NV 1,430 621,007 0.03KBC GROEP NV 1,580 1,191,561 0.06PROXIMUS SA 2,267 599,928 0.03SOFINA 506 692,207 0.04

5,141,207 0.28

CanadaARC RESOURCES LTD 6,310 544,281 0.03BANK OF MONTREAL 1,060 684,762 0.04BANK OF NOVA SCOTIA 1,404 731,461 0.04BARRICK GOLD CORP 6,688 754,258 0.04BCE INC 1,776 651,265 0.04CANADIAN IMPERIAL BANK OF

COMMERCE 1,030 800,192 0.04CANADIAN NATIONAL RAILWAY CO 1,000 628,470 0.03CI FINANCIAL CORP 2,550 481,365 0.03ENBRIDGE INC 1,791 514,154 0.03GREAT-WEST LIFECO INC 2,005 444,570 0.02IMPERIAL OIL LTD 2,378 586,249 0.03INTER PIPELINE LTD 3,815 573,501 0.03MANULIFE FINANCIAL CORP 2,642 439,611 0.02METRO INC 2,364 620,324 0.03

4

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


NUTRIEN LTD 1,700 697,418 0.04POWER CORPORATION OF CANADA 2,878 575,941 0.03ROGERS COMMUNICATIONS INC

CLASS B 1,688 646,006 0.03ROYAL BANK OF CANADA 1,757 1,179,718 0.06SUNCOR ENERGY INC 2,457 697,985 0.04TECK RESOURCES LTD CLASS B 4,109 935,714 0.05TORONTO-DOMINION BANK 2,286 1,090,410 0.06TOURMALINE OIL CORP 4,120 521,904 0.03TRANSCANADA CORP 2,317 836,505 0.05

15,636,064 0.84

Czech RepublicMONETA MONEY BANK AS 16,770 546,584 0.03

DenmarkCARLSBERG A/S 942 949,372 0.05DANSKE BANK A/S 2,567 818,338 0.04H LUNDBECK A/S 1,719 687,760 0.04NOVO NORDISK A/S 4,919 2,147,089 0.12PANDORA A/S 1,033 768,709 0.04VESTAS WIND SYSTEMS A/S 1,011 541,355 0.03

5,912,623 0.32

FinlandFORTUM OYJ 4,755 809,165 0.04KONE OYJ-B 1,905 855,685 0.05METSO OYJ 2,219 608,631 0.03NESTE OYJ 2,038 1,105,660 0.06NOKIAN RENKAAT OYJ 2,110 836,338 0.05ORION OYJ CLASS B 2,076 653,353 0.04UPM-KYMMENE OYJ 3,596 950,928 0.05WARTSILA ABP OYJ 1,197 642,168 0.03

6,461,928 0.35

HoldingsMarket

value

% of net

asset value

HKD

FranceAIR LIQUIDE SA 670 708,635 0.04ALSTOM RGPT 1,792 617,228 0.03ARKEMA 908 910,373 0.05ATOS SE 808 999,846 0.05AXA SA 3,091 797,960 0.04BNP PARIBAS SA 3,284 2,131,059 0.12BOUYGUES SA 2,149 937,436 0.05CAPGEMINI SA 542 564,805 0.03CARREFOUR SA 4,129 775,457 0.04CNP ASSURANCES SA 4,611 927,306 0.05COMPAGNIE DE SAINT-GOBAIN 2,229 1,016,748 0.06CREDIT AGRICOLE SA 4,471 661,076 0.04DANONE SA 1,326 897,421 0.05ELECTRICITE DE FRANCE SA 8,945 965,255 0.05ELIOR GROUP SA 3,822 691,173 0.04ENGIE SA 4,528 616,782 0.03ESSILOR INTERNATIONAL SA 634 706,697 0.04EURAZEO SA 174 143,684 0.01FAURECIA SA 302 212,982 0.01HERMES INTERNATIONAL SA 108 468,487 0.03L’OREAL SA 645 1,150,711 0.06LVMH MOET HENNESSY LOUIS

VUITTON SE 711 1,749,932 0.09MICHELIN (CIE GENERALE DES

ETABLISSEMENTS) 990 1,242,422 0.07ORANGE SA 5,897 835,724 0.05PERNOD RICARD SA 612 765,061 0.04PEUGEOT SA 4,298 757,571 0.04RENAULT SA 642 554,038 0.03SAFRAN SA 1,456 1,290,133 0.07SANOFI SA 3,321 2,301,329 0.12SARTORIUS STEDIM BIOTECH 910 618,892 0.03SCHNEIDER ELECTRIC SE 1,553 1,142,146 0.06SCOR SE 1,605 563,765 0.03SEB SA 437 708,521 0.04SOCIETE BIC SA 674 606,150 0.03SOCIETE GENERALE DE PARIS SA 2,829 1,291,538 0.07THALES SA 1,035 911,244 0.05TOTAL SA 6,213 2,823,134 0.15UBISOFT ENTERTAINMENT 1,180 792,632 0.04VALEO SA 955 590,875 0.03

5

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


VEOLIA ENVIRONNEMENT SA 4,524 894,382 0.05

37,340,610 2.01

GermanyADIDAS AG 584 1,065,783 0.06ALLIANZ SE 1,276 2,534,426 0.14BASF SE 2,565 2,357,270 0.13BAYER AG 2,206 2,269,370 0.12BAYERISCHE MOTOREN WERKE AG 1,066 955,260 0.05BEIERSDORF AG 932 869,234 0.05CECONOMY AG 3,519 397,222 0.02COMMERZBANK 3,446 445,155 0.02CONTINENTAL AG 355 836,032 0.05COVESTRO AG 1,206 1,087,884 0.06DAIMLER AG 2,674 1,925,934 0.10DEUTSCHE BANK AG 5,649 814,283 0.04DEUTSCHE BOERSE AG 690 695,501 0.04DEUTSCHE LUFTHANSA AG 4,672 1,308,301 0.07DEUTSCHE POST AG 2,957 1,096,863 0.06DEUTSCHE TELEKOM AG 8,068 1,110,382 0.06DEUTSCHE WOHNEN SE 1,552 550,442 0.03EMS-CHEMIE HOLDING AG 162 932,314 0.05EVONIK INDUSTRIES AG 2,677 829,457 0.04FIELMANN AG 1,006 691,043 0.04FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 1,165 1,081,094 0.06FRESENIUS MEDICAL CARE AG & CO

KGAA 681 617,090 0.03FUCHS PETROLUB SE 1,308 520,617 0.03FUCHS PETROLUB SE PREFERENCE

SHARES 1,460 625,927 0.03GEA GROUP AG 2,288 890,840 0.05HANNOVER RUECK 675 724,118 0.04HEIDELBERGER ZEMENT AG 493 419,256 0.02HELLA GMBH & CO KGAA 206 115,111 0.01HENKEL AG & CO KGAA

PREFERENCE SHARES 589 646,207 0.03

HoldingsMarket

value

% of net

asset value

HKD

HUGO BOSS AG 847 611,863 0.03INFINEON TECHNOLOGIES AG 6,329 1,443,626 0.08KION GROUP 266 191,585 0.01LINDE AG 594 1,066,380 0.06MERCK KGAA 527 451,971 0.02MUENCHENER

RUECKVERSICHERUNGS-GESELLSCHAFT AG 546 1,012,394 0.05

PORSCHE AUTOMOBIL HOLDING SE PREF 1,588 1,151,176 0.06

PROSIEBENSAT.1 MEDIA SE 2,131 639,310 0.03RATIONAL AG 125 689,358 0.04SAP SE 2,765 2,447,049 0.13SIEMENS AG 1,701 2,021,342 0.11SUEDZUCKER AG 1,488 223,131 0.01TALANX AG 2,001 694,869 0.04UNITED INTERNET AG 774 442,687 0.02VOLKSWAGEN AG PREFERENCE

SHARES 385 664,051 0.04VONOVIA SE 1,715 663,563 0.04

42,826,771 2.30

GreeceMOTOR OIL HELLAS CORINTH

REFINERIES SA 3,444 676,171 0.04

Hong KongAAC TECHNOLOGIES HOLDINGS INC 15,419 2,016,805 0.11AGILE GROUP HOLDINGS LTD 82,794 1,162,428 0.06AGRICULTURAL BANK OF CHINA LTD

H SHARES 644,291 3,092,597 0.17AIA GROUP LTD 336,238 22,527,946 1.21AIR CHINA LTD H SHARES 106,000 1,212,640 0.06ALUMINUM CORP OF CHINA LTD 132,000 699,600 0.04ANHUI CONCH CEMENT CO LTD H

SHARES 42,306 1,823,389 0.10ANHUI EXPRESSWAY CO LTD H

SHARES 66,000 430,320 0.02ANTA SPORTS PRODUCTS LTD 30,634 1,154,902 0.06ASM PACIFIC TECHNOLOGY LTD 6,000 640,800 0.03BAIC MOTOR CORP LTD 53,000 648,720 0.03BANK OF CHINA LTD H SHARES 2,069,023 9,745,098 0.52

6

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


BANK OF COMMUNICATIONS CO LTD H SHARES 196,417 1,331,707 0.07

BANK OF EAST ASIA LTD 44,785 1,515,972 0.08BEIJING CAPITAL INTERNATIONAL

AIRPORT CO LTD H SHARES 61,659 731,276 0.04BEIJING JINGNENG CLEAN ENERGY

CO LTD H SHARES 306,000 679,320 0.04BOC HONG KONG HOLDINGS LTD 94,392 3,770,960 0.20BRILLIANCE CHINA AUTOMOTIVE

HOLDINGS LTD 41,739 834,780 0.04BYD CO LTD 11,000 810,150 0.04BYD ELECTRONIC CO LTD 54,500 1,050,760 0.06CAFE DE CORAL HOLDINGS LTD 16,000 331,200 0.02CGN POWER CO LTD H SHARES 259,444 573,371 0.03CHINA BLUECHEMICAL LTD 236,000 665,520 0.04CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 414,595 1,372,309 0.07CHINA CITIC BANK CORP LTD H

SHARES 219,251 1,411,976 0.08CHINA COMMUNICATIONS

CONSTRUCTION CO LTD H SHARES 73,726 688,601 0.04

CHINA CONCH VENTURE HOLDINGS LTD 69,410 1,520,079 0.08

CHINA CONSTRUCTION BANK CORP H SHARES 2,474,323 22,318,393 1.20

CHINA DONGXIANG (GROUP) CO LTD 303,000 481,770 0.03CHINA EVERBRIGHT BANK CO LTD H

SHARES 149,937 664,221 0.04CHINA EVERBRIGHT LTD 60,000 1,158,000 0.06CHINA EVERGRANDE GROUP 81,820 2,115,047 0.11CHINA GALAXY SECURITIES CO H

SHARES 172,973 1,105,297 0.06CHINA GAS HOLDINGS LTD 18,748 429,329 0.02CHINA HUARONG ASSET

MANAGEMENT 165,000 651,750 0.03CHINA LIFE INSURANCE CO LTD H

SHARES 183,718 4,859,341 0.26CHINA MENGNIU DAIRY CO LTD 45,116 1,152,714 0.06

HoldingsMarket

value

% of net

asset value

HKD

CHINA MERCHANTS BANK CO LTD H SHARES 97,388 3,734,830 0.20

CHINA MERCHANTS PORT HOLDINGS INTERNATIONAL CO LTD 40,698 842,449 0.04

CHINA MINSHENG BANKING CORP LTD H SHARES 165,054 1,477,233 0.08

CHINA MINSHENG FINANCIAL HOLDINGS 1,723,100 482,468 0.03

CHINA MOBILE LTD 144,527 11,937,930 0.64CHINA NATIONAL BUILDING

MATERIAL CO LTD H SHARES 110,000 919,600 0.05CHINA NATIONAL MATERIALS CO

LTD 145,000 1,033,850 0.06CHINA OVERSEAS LAND &

INVESTMENT LTD 102,731 3,112,749 0.17CHINA PACIFIC INSURANCE GROUP

CO LTD H SHARES 87,532 3,475,020 0.19CHINA PETROLEUM & CHEMICAL

CORP H SHARES 660,560 4,465,386 0.24CHINA POWER INTERNATIONAL

DEVELOPMENT LTD 280,000 599,200 0.03CHINA RAILWAY CONSTRUCTION

CORP H SHARES 90,721 862,757 0.05CHINA RAILWAY GROUP LTD H

SHARES 124,079 745,715 0.04CHINA RAILWAY SIGNAL &

COMMUNICATION CO LTD 142,000 856,260 0.05CHINA RESOURCES BEER HOLDINGS

CO LTD 46,667 1,379,010 0.07CHINA RESOURCES GAS GROUP LTD 28,000 721,000 0.04CHINA RESOURCES LAND LTD 65,677 2,049,122 0.11CHINA RESOURCES PHARMACEUTIC 52,000 535,600 0.03CHINA RESOURCES POWER

HOLDINGS CO LTD 72,557 1,047,723 0.06CHINA SHENHUA ENERGY CO LTD H

SHARES 85,468 2,081,146 0.11CHINA SOUTH CITY HOLDINGS LTD 222,000 523,920 0.03CHINA SOUTHERN AIRLINES CO LTD

H SHARES 79,349 809,360 0.04CHINA TAIPING INSURANCE

HOLDINGS CO LTD 20,059 677,994 0.04CHINA TELECOM CORP LTD H

SHARES 428,934 1,659,975 0.09

7

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LTD 334,000 965,260 0.05

CHINA UNICOM HONG KONG LTD 137,227 1,608,300 0.09CHINA VANKE CO LTD H SHARES 42,351 1,622,043 0.09CHINA ZHONGWANG HOLDINGS LTD 176,712 795,204 0.04CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 180,709 1,281,227 0.07CHOW TAI FOOK JEWELLERY GROUP

LTD 44,000 385,440 0.02CITIC LTD 149,509 1,844,941 0.10CK ASSET HOLDINGS LTD 85,003 6,345,474 0.34CK HUTCHISON HOLDINGS LTD 71,003 7,497,917 0.40CK INFRASTRUCTURE HOLDINGS

LTD 17,966 1,251,332 0.07CLP HOLDINGS LTD 44,931 3,587,740 0.19CNOOC LTD 410,776 5,003,252 0.27COSCO SHIPPING ENERGY

TRANSPORT CO LTD 168,000 756,000 0.04COSCO SHIPPING PORTS LTD 119,671 980,105 0.05COUNTRY GARDEN HOLDINGS CO

LTD 187,394 3,151,967 0.17CRRC CORP LTD H SHARES 123,900 960,225 0.05CSC FINANCIAL CO LTD H SHARES 113,500 827,415 0.04CSPC PHARMACEUTICAL GROUP

LTD 81,494 1,414,736 0.08DAH SING BANKING GROUP LTD 37,200 688,200 0.04DAH SING FINANCIAL HOLDINGS LTD 14,400 760,320 0.04DALI FOODS GROUP CO LTD 57,500 442,175 0.02DONGFENG MOTOR GROUP CO LTD

H SHARES 129,483 1,323,316 0.07ENN ENERGY HOLDINGS LTD 11,371 686,808 0.04FAR EAST HORIZON LTD 63,000 531,090 0.03FIRST PACIFIC CO LTD 139,233 776,920 0.04GALAXY ENTERTAINMENT GROUP

LTD 56,431 3,910,668 0.21GCL POLY ENERGY HOLDINGS LTD 887,871 1,198,626 0.06GEELY AUTOMOBILE HOLDINGS LTD 133,570 3,345,929 0.18GF SECURITIES CO LTD 38,200 667,736 0.04GREAT EAGLE HOLDINGS LTD 12,173 499,702 0.03

HoldingsMarket

value

% of net

asset value

HKD

GREAT WALL MOTOR CO LTD H SHARES 132,661 1,266,913 0.07

GUANGDONG INVESTMENT LTD 80,554 937,649 0.05GUANGZHOU AUTOMOBILE GROUP

CO LTD H SHARES 62,000 1,098,640 0.06GUANGZHOU R & F PROPERTIES CO

LTD H SHARES 36,960 813,120 0.04HAIER ELECTRONICS GROUP CO LTD 64,785 1,736,238 0.09HAITIAN INTERNATIONAL HOLDINGS

LTD 42,000 1,026,900 0.06HAITONG INTERNATIONAL

SECURITIES GROUP LTD 99,000 549,450 0.03HANERGY THIN FILM POWER GROUP

LTD 536,642 – –HANG LUNG PROPERTIES LTD 70,773 1,465,001 0.08HANG SENG BANK LTD 20,016 3,726,979 0.20HENDERSON LAND DEVELOPMENT

CO LTD 36,210 1,980,687 0.11HENGAN INTERNATIONAL GROUP

CO LTD 14,200 1,065,000 0.06HONG KONG AND CHINA GAS CO

LTD 202,416 3,129,351 0.17HONG KONG EXCHANGES AND

CLEARING LTD 34,182 10,131,545 0.54HOPEWELL HIGHWAY

INFRASTRUCTURE LTD 74,500 357,600 0.02HOPEWELL HOLDINGS LTD 33,856 1,071,542 0.06HSBC HOLDINGS PLC 481,976 40,582,379 2.18HYSAN DEVELOPMENT CO LTD 30,034 1,312,486 0.07INDUSTRIAL AND COMM BANK OF

CHINA H SHARES 2,172,191 16,074,213 0.86JIANGSU EXPRESSWAY CO LTD H

SHARES 74,147 894,213 0.05JIANGXI COPPER CO LTD H SHARES 52,000 688,480 0.04JOHNSON ELECTRIC HOLDINGS LTD 15,446 493,500 0.03KERRY LOGISTICS NETWORK LTD 25,500 287,640 0.02KERRY PROPERTIES LTD 20,605 770,627 0.04KINGBOARD CHEMICAL HOLDINGS

LTD 38,000 1,635,900 0.09KINGBOARD LAMINATES HOLDINGS

LTD 51,000 702,780 0.04KINGSOFT CORP LTD 53,000 1,417,750 0.08KUNLUN ENERGY CO LTD 92,378 716,853 0.04

8

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


LEE & MAN PAPER MANUFACTURING LTD 125,000 1,152,500 0.06

LEGEND HOLDINGS CORP 32,200 911,260 0.05LENOVO GROUP LTD 273,843 1,235,032 0.07L'OCCITANE INTERNATIONAL SA 42,250 612,625 0.03LONGFOR PROPERTIES 47,921 1,224,382 0.07LUYE PHARMA GROUP LTD 111,000 775,890 0.04MELCO INTERNATIONAL

DEVELOPMENT LTD 27,000 635,850 0.03MTR CORP LTD 33,264 1,490,227 0.08NEW CHINA LIFE INSURANCE CO

LTD H SHARES 12,700 647,065 0.03NEW WORLD DEVELOPMENT CO

LTD 104,280 1,320,185 0.07NINE DRAGONS PAPER HOLDINGS

LTD 55,000 669,900 0.04NWS HOLDINGS LTD 52,562 801,045 0.04PCCW LTD 93,000 419,430 0.02PEOPLE'S INSURANCE CO GROUP

OF CHINA LTD H SHARES 381,000 1,703,070 0.09PETROCHINA CO LTD H SHARES 575,983 3,571,095 0.19PICC PROPERTY & CASUALTY CO

LTD H SHARES 152,987 2,484,509 0.13PING AN INSURANCE (GROUP) CO

OF CHINA LTD H SHARES 133,322 12,352,283 0.66POSTAL SAVINGS BANK OF CHINA H

SHARES 233,000 1,218,590 0.07POWER ASSETS HOLDINGS LTD 27,147 1,888,074 0.10PRADA SPA 18,000 575,100 0.03RED STAR MACALLINE GROUP CORP

LTD H SHARES 60,000 618,000 0.03SAMSONITE INTERNATIONAL SA 35,817 1,214,196 0.07SANDS CHINA LTD 61,415 2,861,939 0.15SHANDONG WEIGAO GROUP

MEDICAL POLYMER CO LTD 160,000 926,400 0.05SHANGRI-LA ASIA LTD 24,000 477,600 0.03SHENZHEN EXPRESSWAY CO LTD 110,000 904,200 0.05SHENZHEN INTERNATIONAL

HOLDINGS LTD 72,936 1,156,765 0.06

HoldingsMarket

value

% of net

asset value

HKD

SHENZHEN INVESTMENT LTD 271,249 949,372 0.05SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 19,283 1,557,102 0.08SHIMAO PROPERTY HOLDINGS LTD 67,101 1,566,808 0.08SHUI ON LAND LTD 257,613 700,707 0.04SIHUAN PHARMACEUTICAL

HOLDINGS GROUP LTD 306,000 918,000 0.05SINO BIOPHARMACEUTICAL LTD 62,721 904,437 0.05SINO LAND CO LTD 105,661 1,523,632 0.08SINO-OCEAN GROUP HOLDING LTD 207,400 1,341,878 0.07SINOPEC SHANGHAI

PETROCHEMICAL CO LTD H SHARES 210,000 1,005,900 0.05

SINOPHARM GROUP CO LTD H SHARES 24,369 841,949 0.05

SINOTRANS LTD H SHARES 209,000 992,750 0.05SINOTRUK HONG KONG LTD 82,500 848,100 0.05SJM HOLDINGS LTD 103,332 808,056 0.04SUN ART RETAIL GROUP LTD 52,000 552,240 0.03SUN HUNG KAI PROPERTIES LTD 38,330 5,209,047 0.28SUNAC CHINA HOLDINGS LTD 81,000 3,041,550 0.16SUNNY OPTICAL TECHNOLOGY

GROUP CO LTD 12,100 1,310,430 0.07SWIRE PACIFIC LTD CLASS A 15,674 1,226,491 0.07SWIRE PROPERTIES LTD 34,790 951,507 0.05TECHTRONIC INDUSTRIES CO LTD 35,165 1,832,097 0.10TENCENT HOLDINGS LTD 90,441 41,928,448 2.25TEXWINCA HOLDINGS LTD 94,000 402,320 0.02THE WHARF (HOLDINGS) LTD 56,393 1,807,396 0.10TRAVELSKY TECHNOLOGY LTD H

SHARES 53,000 1,301,150 0.07VTECH HOLDINGS LTD 2,700 292,140 0.02WANT WANT CHINA HOLDINGS LTD 206,786 1,428,891 0.08WH GROUP LTD 192,500 1,865,325 0.10WHARF REAL ESTATE INVESTMENT

CO LTD 38,393 2,075,142 0.11WHEELOCK AND CO LTD 31,496 1,929,130 0.10WYNN MACAU LTD 30,400 839,040 0.04XINYI GLASS HOLDINGS LTD 126,000 1,499,400 0.08YUE YUEN INDUSTRIAL HOLDINGS

LTD 20,000 706,000 0.04YUEXIU PROPERTY CO LTD 268,000 450,240 0.02ZHEJIANG EXPRESSWAY CO LTD H

SHARES 96,000 888,960 0.05

9

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


ZHUZHOU CSR TIMES ELECTRIC CO LTD H SHARES 9,017 390,436 0.02

ZIJIN MINING GROUP CO LTD H SHARES 232,000 914,080 0.05

425,100,252 22.83

IndiaADANI PORTS & SPECIAL ECONOMIC

ZONE LTD 16,138 850,265 0.05BAJAJ AUTO LTD 2,010 824,853 0.04BAJAJ HOLDINGS AND INVESTMENT

LTD 1,657 580,931 0.03BHARAT PETROLEUM CORP LTD 8,025 485,430 0.03BHARTI AIRTEL LTD 8,358 452,076 0.02CASTROL INDIA LTD 24,638 556,721 0.03COLGATE-PALMOLIVE (INDIA) LTD 3,584 493,816 0.03CUMMINS INDIA LTD 5,617 623,937 0.03DIVI’S LABORATORIES LTD 4,211 536,708 0.03GAIL INDIA LTD 12,755 750,214 0.04GLAXOSMITHKLINE CONSUMER

HEALTHCARE LTD 855 704,180 0.04GREAT EASTERN SHIPPING CO LTD 8,183 404,775 0.02HERO MOTOCORP LTD 1,998 907,015 0.05HINDUSTAN UNILEVER LTD 3,021 508,821 0.03HOUSING DEVELOPMENT FINANCE

CO LTD 7,305 1,757,358 0.09ICICI BANK LTD 15,090 655,876 0.03ICICI PRUDENTIAL LIFE INSURANCE

CO LTD 2,194 109,728 0.01INDIAN OIL CORP LTD 8,025 412,255 0.02INFOSYS LIMITED 10,215 1,445,394 0.08ITC LTD 18,293 610,182 0.03KANSAI NEROLAC PAINTS LTD 10,321 646,271 0.03MARICO LTD 11,263 428,805 0.02MARUTI SUZUKI INDIA LTD 610 713,681 0.04MPHASIS LTD 6,122 677,172 0.04MRF LTD 59 494,184 0.03

HoldingsMarket

value

% of net

asset value

HKD

NHPC LIMITED 167,411 609,369 0.03NMDC LTD 38,554 666,591 0.04OIL & NATURAL GAS CORP LTD 23,144 578,745 0.03OIL INDIA LTD 13,304 585,447 0.03ORACLE FINANCIAL SERVICES

SOFTWARE LTD 964 495,279 0.03RELIANCE INDUSTRIES LTD 15,104 1,785,203 0.10RELIANCE INFRASTRUCTURE 11,533 705,073 0.04RURAL ELECTRIFICATION

CORPORATION LTD 30,702 587,652 0.03STATE BANK OF INDIA 12,520 481,511 0.03TATA CONSULTANCY SERVICES LTD 2,430 930,035 0.05TATA MOTORS LTD 8,186 401,903 0.02TORRENT PHARMACEUTICALS LTD 3,817 635,074 0.03UNION BANK OF INDIA 34,698 581,787 0.03

25,674,317 1.38

IndonesiaASTRA AGRO LESTARI TBK PT 52,281 397,048 0.02ASTRA INTERNATIONAL TBK PT 127,100 631,131 0.03BANK CENTRAL ASIA TBK PT 63,691 845,546 0.05BANK MANDIRI (PERSERO) TBK PT 134,438 640,081 0.04PT BANK RAKYAT INDONESIA

(PERSERO) TBK 539,900 1,166,999 0.06TELEKOMUNIKASI INDONESIA TBK

PER 258,243 601,945 0.03

4,282,750 0.23

IrelandCRH PLC 2,354 683,883 0.04GLANBIA PLC 4,404 590,880 0.03KERRY GROUP PLC-A 680 568,148 0.03PENTAIR PLC 1,303 728,681 0.04

2,571,592 0.14

ItalyA2A 46,432 699,431 0.04ASSICURAZIONI GENERALI SPA 7,021 1,092,502 0.06

10

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


ATLANTIA 1,867 485,343 0.03BUZZI UNICEM SPA 4,729 624,809 0.03ENEL SPA 23,960 1,192,960 0.06ENI SPA 6,590 930,148 0.05INTESA SANPAOLO SPA 38,552 1,187,192 0.06ITALGAS SPA 14,000 678,503 0.04MONCLER 2,791 721,737 0.04SALVATORE FERRAGAMO SPA 2,139 472,268 0.02STMICROELECTRONICS NV 6,496 1,217,148 0.07UNICREDIT SPA 3,620 625,932 0.03

9,927,973 0.53

JapanABC-MART INC 1,500 763,121 0.04ADASTRIA HOLDINGS CO LTD 1,600 267,013 0.01AISIN SEIKI CO LTD 1,400 639,015 0.03AMADA HOLDINGS CO LTD 8,700 1,007,405 0.05ANA HOLIDAYS INC 3,000 954,438 0.05ASAHI KASEI CORP 6,700 683,882 0.04ASHIKAGA HOLDINGS CO LTD 22,700 805,146 0.04ASTELLAS PHARMA INC 9,854 1,016,761 0.05AZBIL CORP 2,800 1,017,208 0.05BRIDGESTONE CORP 3,421 1,300,661 0.07CANON INC 5,601 1,745,415 0.09CAPCOM CO LTD 1,400 416,814 0.02CENTRAL JAPAN RAILWAY CO 1,100 1,627,633 0.09CHUBU ELECTRIC POWER CO INC 3,700 363,084 0.02CHUGAI PHARMACEUTICAL CO LTD 1,200 496,136 0.03CITIZEN WATCH CO LTD 14,000 836,638 0.05COCA-COLA BOTTLERS JAPAN

HOLDINGS INC 3,400 939,176 0.05COLOPL INC 3,800 259,217 0.01CONCORDIA FINANCIAL GROUP LTD 8,000 378,909 0.02DAICEL CORP 7,122 674,648 0.04DAI-ICHI LIFE HOLDINGS INC 7,635 1,250,357 0.07DAIICHI SANKYO CO LTD 4,429 1,164,704 0.06DAIKIN INDUSTRIES LTD 963 903,598 0.05

HoldingsMarket

value

% of net

asset value

HKD

DAIKYO INC 3,847 635,936 0.03DAITO TRUST CONSTRUCTION CO

LTD 852 1,163,912 0.06DAIWA HOUSE INDUSTRY CO LTD 3,517 1,084,899 0.06DAIWA SECURITIES GROUP INC 9,000 504,434 0.03DENA CO LTD 4,500 761,938 0.04DENSO CORP 1,273 622,368 0.03DISCO CORP 753 1,378,033 0.07EAST JAPAN RAILWAY CO 1,708 1,327,275 0.07EXEDY CORP 1,900 519,388 0.03FANUC CORP 713 1,505,868 0.08FUJIFILM HOLDINGS CORP 1,753 526,308 0.03FUJITSU GENERAL LTD 2,400 370,941 0.02GLORY LIMITED 1,500 457,872 0.02GREE INC 12,900 654,435 0.04GUNGHO ONLINE ENTERTAINMENT

INC 16,000 359,992 0.02HAMAMATSU PHOTONICS K.K. 3,000 866,303 0.05HANKYU HANSHIN HOLDINGS INC 1,500 472,382 0.03HASEKO CORP 7,768 948,467 0.05HEIWA CORP 3,689 577,304 0.03HINO MOTORS LTD 6,087 629,380 0.03HIROSE ELECTRIC CO LTD 800 937,241 0.05HITACHI HIGH-TECHNOLOGIES CORP 2,800 1,027,239 0.06HITACHI LTD 24,932 1,547,816 0.08HONDA MOTOR CO LTD 7,804 2,139,468 0.12HORIBA LIMITED 1,500 753,447 0.04HOYA CORP 3,416 1,363,135 0.07IIDA GROUP HOLDINGS CO LTD 5,300 820,681 0.04INPEX CORP 6,200 630,402 0.03ITOCHU CORP 7,791 1,194,119 0.06JAFCO CO LTD 1,813 802,842 0.04JAPAN AIRLINES CO LTD 2,848 839,349 0.05JAPAN AVIATION ELECTRONICS

INDUSTRY LTD 2,000 262,399 0.01JAPAN EXCHANGE GROUP INC 5,484 770,582 0.04JAPAN PETROLEUM EXPLORATION

CO LTD 4,300 927,425 0.05JAPAN TOBACCO INC 6,161 1,594,566 0.09JTEKT CORP 6,300 877,567 0.05JXTG HOLDINGS INC 17,200 892,053 0.05KAKAKU.COM INC 5,500 753,125 0.04KAKEN PHARMACEUTICAL CO LTD 1,338 548,398 0.03KAMIGUMI COMPANY LIMITED 2,600 446,006 0.02

11

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


KANEKA CORP 10,000 725,144 0.04KANSAI ELECTRIC POWER CO INC 4,700 455,827 0.02KAO CORP 2,753 1,491,915 0.08KDDI CORP 8,781 1,732,183 0.09KEIYO BANK LTD 14,795 553,387 0.03KEYENCE CORP 644 3,065,447 0.16KIRIN HOLDINGS CO LTD 3,000 584,916 0.03KISSEI PHARMACEUTICAL CO LTD 3,300 729,479 0.04KOEI TEMCO HOLDINGS CO LTD 4,600 795,681 0.04KOMATSU LTD 2,923 887,005 0.05KOMERI CO LTD 3,200 721,131 0.04KONAMI HOLDINGS CORP 2,700 1,207,234 0.07KUBOTA CORP 6,603 1,048,940 0.06KURARAY CO LTD 6,391 934,206 0.05KURITA WATER INDUSTRIES LTD 2,400 613,936 0.03KYOCERA CORP 1,774 921,712 0.05KYORIN HOLDINGS INC 3,526 524,509 0.03KYUSHU ELECTRIC POWER CO INC 8,700 744,333 0.04KYUSHU RAILWAY COMPANY 3,400 853,907 0.05LAWSON INC 1,310 692,742 0.04LEOPALACE21 CORP 7,400 479,870 0.03MAEDA ROAD CONSTRUCTION CO

LTD 4,784 833,335 0.05MAKITA CORP 1,400 515,626 0.03MARUBENI CORP 19,000 1,113,927 0.06MARUICHI STEEL TUBE LTD 2,800 658,075 0.04MEIJI HOLDINGS CO LTD 948 620,187 0.03MINEBEA MITSUMI INC 2,200 388,898 0.02MITSUBISHI CORP 4,528 989,578 0.05MITSUBISHI ELECTRIC CORP 5,938 847,778 0.05MITSUBISHI SHOKUHIN CO LTD 2,455 571,714 0.03MITSUBISHI UFJ FINANCIAL GROUP

INC 58,032 3,413,096 0.18MITSUI AND CO LTD 8,700 1,193,177 0.06MITSUI FUDOSAN CO LTD 3,475 711,516 0.04MIZUHO FINANCIAL GROUP INC 109,295 1,607,803 0.09MOCHIDA PHARMACEUTICAL CO

LTD 1,100 660,511 0.04MS&AD INSURANCE GROUP

HOLDINGS INC 4,355 1,158,038 0.06

HoldingsMarket

value

% of net

asset value

HKD

MURATA MANUFACTURING CO LTD 1,179 1,360,984 0.07NEXON CO LTD 5,262 1,366,792 0.07NGK INSULATORS LTD 5,300 843,847 0.05NHK SPRING CO LTD 5,973 518,299 0.03NIDEC CORP 700 875,260 0.05NIHON KOHDEN CORP 3,900 721,267 0.04NINTENDO CO LTD 389 1,337,097 0.07NIPPO CORP 4,815 862,886 0.05NIPPON KAYAKU CO LTD 5,829 670,785 0.04NIPPON PAPER INDUSTRIES CO LTD 4,400 653,891 0.04NIPPON SHOKUBAI CO LTD 1,500 832,984 0.04NIPPON TELEGRAPH AND

TELEPHONE CORP 3,466 1,289,209 0.07NISSAN MOTOR CO LTD 10,203 850,625 0.05NITTO DENKO CORP 1,000 714,682 0.04NOF CORP 3,100 650,394 0.04NOMURA HOLDINGS INC 18,389 932,241 0.05NTT DOCOMO INC 6,078 1,177,854 0.06OBIC BUSINESS CONSULTANTS CO

LTD 1,100 486,319 0.03OMRON CORP 1,300 634,358 0.03ORACLE CORP JAPAN 1,520 956,273 0.05ORIENTAL LAND CO LTD 1,667 1,273,317 0.07ORIX CORP 10,756 1,568,407 0.08OSG CORPORATION 2,300 455,687 0.02PANASONIC CORP 5,855 679,231 0.04RESONA HOLDINGS INC 23,400 1,102,105 0.06ROHM CO LTD 1,200 1,029,246 0.06ROHTO PHARMACEUTICAL CO LTD 4,400 928,184 0.05SANKYO CO LTD 2,100 532,680 0.03SCREEN HOLDING CO LTD 1,500 1,018,927 0.05SEGA SAMMY HOLDINGS INC 2,800 305,564 0.02SEINO HOLDINGS CO LTD 7,500 973,248 0.05SEKISUI HOUSE LTD 4,408 631,075 0.03SENSHU IKEDA HOLDINGS INC 20,900 627,486 0.03SEVEN & I HOLDINGS CO LTD 3,448 1,108,333 0.06SHIGA BANK LTD 14,000 587,854 0.03SHIKOKU ELECTRIC POWER CO INC 6,900 609,121 0.03SHIMACHU CO LTD 3,000 774,944 0.04SHIMAMURA CO LTD 760 698,689 0.04SHINETSU CHEMICAL CO LTD 1,605 1,427,218 0.08SHIONOGI & CO LTD 1,408 609,070 0.03SKYLARK CO LTD 5,300 596,997 0.03SMC CORP 424 1,626,019 0.09

12

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SOFT BANK CORP 4,293 2,762,364 0.15SOMPO HOLDINGS INC 1,600 500,550 0.03SONY CORP 4,509 1,682,977 0.09SONY FINANCIAL HOLDINGS INC 3,900 557,229 0.03SQUARE ENIX HOLDINGS CO LTD 3,000 1,069,444 0.06START TODAY CO LTD 3,800 872,680 0.05SUBARU CORP 4,314 1,118,388 0.06SUMITOMO CORP 6,200 834,761 0.04SUMITOMO FORESTRY CO LTD 5,869 788,513 0.04SUMITOMO HEAVY INDUSTRIES LTD 2,800 998,148 0.05SUMITOMO MITSUI FINANCIAL

GROUP INC 6,075 2,123,400 0.11SUMITOMO OSAKA CEMENT CO LTD 18,000 662,948 0.04SUMITOMO REALTY &

DEVELOPMENT CO LTD 2,332 699,474 0.04SUMITOMO RUBBER INDUSTRIES

LTD 5,600 849,479 0.05SURUGA BANK LTD 2,906 458,518 0.02T&D HOLDINGS INC 3,000 417,674 0.02TADANO LTD 6,700 914,082 0.05TAIYO YUDEN CO LTD 3,000 395,103 0.02TAKEDA PHARMACEUTICAL CO LTD 4,023 1,849,227 0.10TDK CORP 1,800 1,296,230 0.07TEIJIN LTD 4,400 760,140 0.04THE 77 BANK LTD 4,513 922,918 0.05THE AWA BANK LTD 12,883 639,726 0.03TODA CORP 11,000 676,275 0.04TOHOKU ELECTRIC POWER CO INC 8,000 806,543 0.04TOKIO MARINE HOLDINGS INC 4,290 1,580,025 0.09TOKYO ELECTRIC POWER CO INC 11,530 365,170 0.02TOKYO ELECTRON LTD 939 1,376,622 0.07TOPPAN FORMS CO LTD 5,500 484,349 0.03TOSOH CORP 1,800 322,445 0.02TOYO SUISAN KAISHA LTD 2,588 820,580 0.04TOYOBO CO LTD 4,700 699,484 0.04TOYOTA BOSHOKU CORPORATION 2,300 384,491 0.02TOYOTA MOTOR CORP 12,634 6,771,519 0.36TS TECH CO LTD 2,700 902,525 0.05ULVAC INC 900 470,125 0.03

HoldingsMarket

value

% of net

asset value

HKD

WEST JAPAN RAILWAY CO 1,685 987,153 0.05YAMAGUCHI FINANCIAL GROUP INC 7,000 641,021 0.03YAMATO KOGYO CO LTD 3,500 783,721 0.04ZENKOKU HOSHO CO LTD 2,298 839,777 0.05ZENSHO HOLDINGS CO LTD 5,100 697,987 0.04ZEON CORP 7,108 835,795 0.05

169,572,066 9.11

MalaysiaALLIANCE BANK MALAYSIA BERHAD 60,500 525,674 0.03AMMB HOLDINGS BHD 16,304 157,694 0.01BRITISH AMERICAN TOBACCO 8,000 548,701 0.03DIGI.COM BHD 36,900 366,526 0.02HONG LEONG FINANCIAL GROUP 16,900 629,416 0.03MAXIS BHD 49,040 598,312 0.03MISC 47,700 722,668 0.04PETRONAS CHEMICALS GROUP BHD 27,200 444,290 0.02PUBLIC BANK BHD 17,000 749,808 0.04TENAGA NASIONAL BHD 33,158 1,049,950 0.06WESTPORTS HOLDINGS BHD 27,300 191,736 0.01

5,984,775 0.32

NetherlandsAEGON NV 14,088 756,069 0.04AERCAP HOLDINGS NV 1,579 668,139 0.04AIRBUS SE 887 799,436 0.04AKZO NOBEL NV 863 634,184 0.03ASML HOLDING NV 969 1,540,856 0.08ASR NEDERLAND NV-W/I 1,380 473,304 0.03HEINEKEN NV 1,258 1,110,031 0.06ING GROEP NV 9,230 1,423,642 0.08KONINKLIJKE AHOLD DELHAIZE NV 3,832 670,952 0.04KONINKLIJKE PHILIPS NV 2,663 852,623 0.05KONINKLIJKE VOPAK 1,264 448,175 0.02UNILEVER NV 4,716 2,143,599 0.11WOLTERS KLUWER NV 1,011 419,937 0.02YANDEX N V SHARESS CLASS A 2,313 700,665 0.04

12,641,612 0.68

13

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


New ZealandAIR NEW ZEALAND LTD 21,887 390,225 0.02FISHER & PAYKEL HEALTHCARE

CORP 11,515 889,862 0.05SKY CITY ENTERTAINMENT GROUP

LTD 20,051 481,684 0.02

1,761,771 0.09

NorwayDNB ASA 6,704 1,068,332 0.06MARINE HARVEST ASA 4,603 625,886 0.03STATOIL ASA 6,143 1,126,648 0.06YARA INTERNATIONAL ASA 2,602 982,270 0.05

3,803,136 0.20

PhilippinesGT CAPITAL HOLDING INC 3,310 678,766 0.04MEGAWORLD CORP 670,400 505,952 0.03METROPOLITAN BANK AND TRUST

CO 39,700 602,259 0.03

1,786,977 0.10

Poland BANK HANDLOWY W WARSZAWIE

SA 2,855 567,604 0.03

Portugal ENERGIAS DE PORTUGAL SA 29,476 812,493 0.04

HoldingsMarket

value

% of net

asset value

HKD

Russian Federation GAZPROM PJSC 55,100 1,098,042 0.06MAGNITOGORSK IRON & STEEL

OJSC 98,600 625,138 0.03PUB JOIN STOCK SBERBANK OF

RUSSIA 35,750 1,314,441 0.07PUBLIC JOINT STOCK COMPANY

ALROSA 64,200 727,331 0.04SURGUTNEFTEGAS 116,800 466,626 0.03TRANSNEFT PJSC - PREF 31 775,664 0.04

5,007,242 0.27

SingaporeBOC AVIATION LTD 16,500 759,000 0.04CAPITALAND LTD 24,100 552,878 0.03DBS GROUP HOLDINGS LTD 8,605 1,357,176 0.07HONG KONG LAND HOLDINGS LTD 38,740 2,181,621 0.12JARDINE MATHESON HOLDINGS LTD 5,315 2,638,928 0.14JARDINE STRATEGIC HOLDINGS LTD 5,855 1,822,625 0.10KEPPEL CORPORATION LTD 13,200 683,714 0.04OVERSEA-CHINESE BANKING CORP

LTD 20,726 1,601,015 0.09SIA ENGINEERING CO LTD 27,500 548,732 0.03SINGAPORE EXCHANGE LTD 17,300 847,503 0.04SINGAPORE TELECOMMUNICATIONS

LTD 32,348 684,120 0.04UNITED OVERSEAS BANK LTD 7,149 1,171,527 0.06VENTURE CORPORATION LTD 6,200 854,146 0.04WING TAI HOLDINGS LTD 18 260 –

15,703,245 0.84

South KoreaBGF CO LTD 3,760 422,740 0.02CELLTRION INC 423 978,120 0.05DB INSURANCE CO LTD 872 462,415 0.02DGB FINANCIAL GROUP INC 9,424 855,922 0.05HANKOOK TIRE CO LTD 1,599 626,584 0.03HANWHA CHEMICAL CORP 2,359 608,202 0.03HYOSUNG CORP 809 799,943 0.04HYUNDAI GLOVIS CO LTD 523 534,383 0.03

14

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


HYUNDAI HEAVY INDUSTRIES CO LTD 656 667,876 0.04

HYUNDAI MIPO DOCKYARD CO LTD 979 799,530 0.04HYUNDAI MOBIS 554 1,004,297 0.05HYUNDAI MOTOR CO LTD 599 710,753 0.04HYUNDAI STEEL CO 1,641 685,110 0.04INDUSTRIAL BANK OF KOREA 5,966 727,569 0.04KANGWON LAND INC 2,513 597,289 0.03KB FINANCIAL GROUP INC 3,010 1,483,743 0.08KIA MOTORS CORP 3,390 860,359 0.05KOREA ELECTRIC POWER CORP 1,661 434,933 0.02LG DISPLAY CO LTD 3,112 733,960 0.04LG ELECTRONICS INC 768 576,583 0.03LG ELECTRONICS INC PREFERENCE

SHARES 2,671 843,195 0.05LG HAUSYS LTD 696 466,452 0.02LOTTE CHEMICAL CORP 292 898,275 0.05LOTTE CHILSUNG BEVERAGE CO LTD 48 532,988 0.03LS CORP 982 568,219 0.03NAVER CORP 160 1,066,445 0.06NH INVESTMENT & SECURITIES CO 6,631 815,953 0.04NHN ENTERTAINMENT CORP 1,231 745,660 0.04NONGSHIM CO LTD 200 473,894 0.03SAMSUNG ELECTRONIC CO LTD

PREFERENCE SHARES 92 1,421,155 0.08SAMSUNG ELECTRONICS CO LTD 511 9,338,314 0.50SAMSUNG FIRE & MARINE

INSURANCE PREFERENCE SHARES 13 18,187 –SAMSUNG SECURITIES CO LTD 1,482 472,730 0.03SK HOLDINGS CO LTD 283 660,196 0.04SK HYNIX INC 2,749 1,479,923 0.08SK INNOVATION CO LTD 419 627,602 0.03WOORI BANK CO LTD 7,971 983,761 0.05YUHAN CORP 198 337,908 0.02

36,321,168 1.95

HoldingsMarket

value

% of net

asset value

HKD

SpainACCIONA SA 1,005 714,249 0.04AMADEUS IT GROUP SA 1,383 841,940 0.04BANCO BILBAO VIZCAYA

ARGENTARIA SA 18,436 1,359,459 0.07BANCO SANTANDER SA 48,364 2,819,417 0.15CAIXABANK 12,861 544,731 0.03CORPORACION FINANCIERA ALBA

SA 1,344 658,697 0.04ENDESA SA 3,691 650,940 0.03GRIFOLS SA PRF 3,391 658,166 0.04IBERDROLA SA 16,945 1,082,757 0.06MEDIASET ESPANA

COMMUNICACION 4,306 382,134 0.02REPSOL SA 7,625 1,125,937 0.06TELEFONICA SA 9,543 767,388 0.04ZARDOYA OTIS SA 7,981 715,424 0.04

12,321,239 0.66

SwedenALFA-LAVAL AB 5,311 1,093,164 0.06ARJO AB 5,589 143,589 0.01ATLAS COPCO AB-A SHARES 3,475 1,278,610 0.07ELECTROLUX AB SERIES B 3,580 991,765 0.05ERICSSON LM B SHARES 10,368 522,413 0.03GETINGE AB 4,912 527,775 0.03HENNES & MAURITZ AB B SHARES 4,124 572,220 0.03HUSQVARNA AB B SHARES 7,813 639,682 0.03ICA GRUPPEN AB 2,105 645,193 0.03INDUSTRIVARDEN A SHARES 2,417 534,316 0.03INVESTOR AB B SHARES 2,522 967,136 0.05NORDEA BANK AB 9,101 881,257 0.05SKANDINAVISKA ENSKILDA BAN-A 8,889 881,088 0.05SKF AB B SHARES 5,182 1,004,948 0.05SVENSKA CELLULOSA AB SCA-B 10,136 823,012 0.04SWEDBANK AB A SHARES 3,425 686,893 0.04SWEDISH MATCH AB 2,320 737,428 0.04TELIASONERA AB 11,878 467,798 0.03TRELLEBORG AB B SHARES 2,675 560,185 0.03VOLVO AB 4,907 785,970 0.04

14,744,442 0.79

15

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SwitzerlandABB LTD 2,979 650,428 0.04ADECCO GROUP AG 529 340,938 0.02BALOISE HOLDING AG 700 896,993 0.05CIE FINANCIERE RICHEMONT 1,240 931,883 0.05CREDIT SUISSE GROUP AG 7,765 1,173,381 0.06FLUGHAFEN ZUERICH AG 374 746,410 0.04GARMIN LTD 1,124 553,325 0.03GEBERIT AG 268 994,408 0.05GIVAUDAN 39 735,028 0.04KUEHNE + NAGEL INTERNATIONAL

AG 660 949,024 0.05LAFARGEHOLCIM LTD 1,528 732,806 0.04LONZA GROUP AG 647 1,409,378 0.08NESTLE SA 9,378 6,345,494 0.34NOVARTIS AG 6,763 4,791,181 0.26ROCHE HOLDING AG 1,958 3,780,001 0.20SIKA AG 22 1,492,857 0.08SULZER AG 729 812,095 0.04SWISS LIFE HOLDING AG 332 976,284 0.05SWISS RE AG 1,665 1,286,021 0.07SWISSCOM AG 178 761,407 0.04UBS GROUP AG 9,232 1,468,077 0.08ZURICH INSURANCE GROUP AG 597 1,536,544 0.08

33,363,963 1.79

TaiwanADVANCED SEMICONDUCTOR

ENGINEERING INC 41,000 455,512 0.03AU OPTRONICS CORP 221,000 824,371 0.04CHENG UEI PRECISION INDUSTRY

CO LTD 38,000 468,581 0.03CHINA LIFE INSURANCE CO LTD 51,760 416,707 0.02CHINA MOTOR CORPORATION 7,000 50,062 –CTBC FINANCIAL HOLDING CO LTD 193,962 1,108,695 0.06E.SUN FINANCIAL HOLDING

COMPANY LTD 164,915 849,723 0.05

HoldingsMarket

value

% of net

asset value

HKD

ETERNAL MATERIALS CO LTD 68,940 571,670 0.03FAR EASTONE

TELECOMMUNICATIONS CO LTD 37,000 754,625 0.04FENG HSIN STEEL CO LTD 28,043 450,783 0.02FORMOSA CHEMICALS & FIBER

CORP 31,017 907,282 0.05HON HAI PRECISION INDUSTRY CO

LTD 79,975 1,978,796 0.11INNOLUX CORPORATION 222,000 819,165 0.04MEGA FINANCIAL HOLDING CO LTD 66,000 448,105 0.02NAN YA PLASTICS CORP 31,312 673,068 0.04NOVATEK MICROELECTRONICS

CORP 22,000 723,227 0.04SINOPAC FINANCIAL HOLDINGS CO

LTD 294,720 794,861 0.04TAIWAN BUSINESS BANK 207,840 481,902 0.03TAIWAN SEMICONDUCTOR

MANUFACTURING CO LTD 126,745 8,673,348 0.47TRANSCEND INFORMATION INC 18,000 407,208 0.02UNIMICRON TECHNOLOGY CORP 145,000 824,935 0.04VANGUARD INTERNATIONAL

SEMICONDUCTOR CORP 24,000 423,792 0.02YULON NISSAN MOTOR CO LTD 7,000 496,866 0.03

23,603,284 1.27

ThailandBANGKOK BANK PCL (FOREIG REG) 17,084 947,127 0.05BANGKOK LIFE ASSURANCE

(FOREIGN REG) 68,522 633,136 0.04CP ALL PUBLIC CO LTD (FOREIGN

REG) 34,100 679,126 0.04DELTA ELECTRONICS THAI PCL

(FOREIGN REG) 47,900 921,068 0.05INDORAMA VENTURES PCL 71,500 999,907 0.05KASIKORNBANK PCL (FOREIGN REG) 16,731 965,160 0.05PTT PCL (FOREIGN REG) 11,000 1,340,535 0.07

6,486,059 0.35

16

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


TurkeyARCELIK A.S. 8,962 356,141 0.02FORD OTOMOTIV SANAYI 7,454 932,469 0.05TURKIYE SINAI KALKINMA BANKASI 140,496 474,540 0.03TURKIYE VAKIFLAR BANKASI T.A.O.

CLASS D 50,233 788,639 0.04

2,551,789 0.14

United Kingdom3I GROUP PLC 9,786 1,013,780 0.05AGGREKO PLC 8,140 730,272 0.04ANGLO AMERICAN PLC 7,932 1,507,389 0.08ASHMORE GROUP PLC 8,427 403,411 0.02ASHTEAD GROUP PLC 3,459 809,850 0.04ASTRAZENECA PLC 3,903 2,121,283 0.11AUTO TRADER GROUP PLC 19,394 776,770 0.04AVIVA PLC 14,617 834,348 0.04BAE SYSTEMS PLC 10,061 664,706 0.04BARCLAYS PLC 29,223 649,870 0.04BARRATT DEVELOPMENTS PLC 11,591 754,445 0.04BELLWAY PLC 2,416 892,417 0.05BERKELEY GROUP HOLDINGS PLC 1,530 674,911 0.04BHP BILLITON PLC 6,497 1,130,191 0.06BOOKER GROUP PLC 34,692 874,362 0.05BP PLC 59,370 3,308,976 0.18BRITISH AMERICAN TOBACCO PLC 7,047 3,777,142 0.20BT GROUP PLC 25,947 737,217 0.04CENTRICA PLC 38,403 570,014 0.03COMPASS GROUP PLC 5,062 834,678 0.04DIAGEO PLC 6,311 1,777,664 0.10DIRECT LINE INSURANCE GROUP

PLC 20,242 831,448 0.04EASYJET PLC 2,275 420,041 0.02EXPERIAN PLC 3,582 646,616 0.03FERGUSON PLC 1,027 620,943 0.03GLAXOSMITHKLINE PLC 13,801 2,026,834 0.11GLENCORE PLC 32,164 1,444,212 0.08

HoldingsMarket

value

% of net

asset value

HKD

HALMA PLC 6,556 931,176 0.05HIKMA PHARMACEUTICALS PLC 6,134 659,739 0.04HOWDEN JOINERY GROUP PLC 13,780 711,623 0.04HSBC HOLDINGS PLC 49,475 4,133,193 0.22IMI PLC 4,356 643,895 0.03IMPERIAL TOBACCO GROUP PLC 2,534 816,925 0.04INTERCONTINENTAL HOTELS GROUP

PLC 2,036 1,067,051 0.06INTERNATIONAL CONSOLIDATED

AIRLINES GROUP SA 9,611 684,363 0.04JOHNSON MATTHEY PLC 2,206 848,953 0.05LEGAL & GENERAL GROUP PLC 38,380 1,155,141 0.06LLOYDS BANKING GROUP PLC 216,975 1,677,487 0.09LONDON STOCK EXCHANGE GROUP

PLC 1,276 557,332 0.03MEGGITT PLC 14,029 724,326 0.04NATIONAL GRID PLC 10,290 920,983 0.05OLD MUTUAL PLC 41,630 1,082,563 0.06PERSIMMON PLC 3,057 850,716 0.05POLYMETAL INTERNATIONAL PLC 7,107 652,300 0.04PRUDENTIAL PLC 5,367 1,137,776 0.06RECKITT BENCKISER GROUP PLC 1,523 1,152,398 0.06RELX PLC 3,732 646,712 0.03RIGHTMOVE PLC 1,462 717,602 0.04RIO TINTO PLC 5,293 2,308,935 0.12ROYAL DUTCH SHELL PLC A SHARES 10,605 2,904,618 0.16ROYAL DUTCH SHELL PLC B SHARES 11,146 3,094,324 0.17ROYAL MAIL PLC 12,707 663,561 0.04SAGE GROUP PLC 9,466 788,799 0.04SHIRE PLC 2,329 861,965 0.05SKY PLC 4,883 575,155 0.03SMITH & NEPHEW PLC 6,168 870,579 0.05SSE PLC 4,391 637,103 0.03ST JAMES’S PLACE PLC 4,622 610,986 0.03STANDARD CHARTERED PLC 5,939 541,399 0.03STANDARD LIFE ABERDEEN PLC 8,975 424,753 0.02TAYLOR WIMPEY PLC 36,275 769,011 0.04TRAVIS PERKINS PLC 4,343 705,494 0.04UNILEVER PLC 2,794 1,243,050 0.07VODAFONE GROUP PLC 67,771 1,692,995 0.09WILLIAM HILL PLC 17,351 598,258 0.03

71,897,029 3.86

17

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


United States of America3M CO 426 834,650 0.05ABBOTT LABORATORIES 2,785 1,354,015 0.07ABBVIE INC 2,038 1,788,800 0.10ACCENTURE PLC CLASS A 794 997,984 0.05ACTIVISION BLIZZARD INC COM 1,069 619,811 0.03ADOBE SYSTEMS INC 255 398,415 0.02AETNA INC 894 1,306,316 0.07AFFILIATED MANAGERS GROUP INC 372 580,839 0.03AFLAC INC 1,434 989,248 0.05AGNC INVESTMENT CORP 3,900 573,164 0.03AIR PRODUCTS & CHEMICALS INC 724 953,434 0.05ALASKA AIR GROUP INC 662 340,337 0.02ALLEGHANY CORP 89 436,948 0.02ALLERGAN PLC 446 628,813 0.03ALLSTATE CORP 833 643,513 0.03ALLY FINANCIAL INC 4,387 1,021,489 0.06ALPHABET INC 698 6,420,370 0.34ALTRIA GROUP INC 3,083 1,696,146 0.09AMAZON.COM INC 495 5,617,291 0.30AMDOCS LTD 1,299 694,948 0.04AMEREN CORP 1,613 714,444 0.04AMERICAN AIRLINES GROUP INC 1,663 706,544 0.04AMERICAN ELECTRIC POWER CO

INC 942 506,758 0.03AMERICAN EXPRESS CO 1,646 1,279,686 0.07AMGEN INC 1,018 1,481,374 0.08ANDEAVOR 781 660,701 0.04ANSYS INC 634 801,590 0.04ANTERO RESOURCES

CORPORATION 4,321 656,666 0.04APPLE INC 6,393 8,371,924 0.45APPLIED MATERIALS INC 1,588 666,109 0.04ARROW ELECTRONICS INC 936 595,480 0.03ASHLAND GLOBAL HOLDINGS INC 852 483,731 0.03ASSURANT INC 642 459,355 0.02AT&T INC 5,395 1,580,267 0.09AUTOLIV INC 731 870,258 0.05AUTOMATIC DATA PROCESSING IN 629 608,222 0.03

HoldingsMarket

value

% of net

asset value

HKD

AVANGRID INC 1,656 631,037 0.03AVNET INC 1,731 575,405 0.03AXIS CAPITAL HOLDINGS LTD 856 338,307 0.02BANK OF AMERICA CORP 6,940 1,736,988 0.09BAXTER INTERNATIONAL INC 1,810 1,019,716 0.05BB&T CORP 1,439 621,167 0.03BECTON DICKINSON & CO 424 805,661 0.04BED BATH & BEYOND INC 2,107 380,354 0.02BERKSHIRE HATHAWAY INC CLASS A 1 2,529,262 0.14BERKSHIRE HATHAWAY INC CLASS B 1,095 1,836,055 0.10BIOGEN IDEC INC 463 1,259,535 0.07BIOVERATIV INC 1,232 993,089 0.05BLACKROCK INC 165 725,025 0.04BOEING CO 612 1,696,273 0.09BRISTOL MYERS SQUIBB CO 1,999 978,756 0.05BROADCOM LTD 361 700,323 0.04BROWN & BROWN INC 1,081 443,718 0.02CA INC 2,474 693,707 0.04CAMPBELL SOUP CO 802 291,999 0.02CAPITAL ONE FINANCIAL CORP 818 665,130 0.04CELGENE CORP 903 714,470 0.04CENTERPOINT ENERGY INC 3,013 664,091 0.04CHECK POINT SOFTWARE

TECHNOLOGIES LTD 901 728,743 0.04CHEVRON CORP 2,352 2,305,945 0.12CHUBB LTD 598 730,349 0.04CIGNA CORP 348 567,101 0.03CISCO SYSTEMS INC 4,340 1,410,079 0.08CIT GROUP INC COM USD0.01 1,733 687,081 0.04CITIGROUP INC 2,324 1,426,535 0.08CITRIX SYS INC 1,056 766,147 0.04CNA FINANCIAL CORP 1,632 691,331 0.04COCA COLA CO 4,504 1,676,492 0.09COCA-COLA EUROPEAN PARTNERS

PLC 2,115 664,341 0.04COGNIZANT TECHNOLOGY

SOLUTION CORP 876 534,287 0.03COLGATE PALMOLIVE CO 1,100 638,731 0.03COMCAST CORP CLASS A 3,803 1,265,054 0.07COOPER COS INC 384 734,851 0.04CORNING INC 3,460 844,882 0.05COSTCO WHOLESALE CORP 333 507,547 0.03CUMMINS INC 559 821,972 0.04D R HORTON INC 1,618 620,733 0.03

18

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


DANAHER CORP 813 644,023 0.03DARDEN RESTAURANTS INC 1,117 837,399 0.05DELTA AIR LINES INC 1,480 657,155 0.04DENTSPLY SIRONA INC 1,373 653,030 0.04DISCOVERY COMMUNICATIONS INC

CLASS C 356 66,437 –DOWDUPONT INC 1,861 1,100,121 0.06DR PEPPER SNAPPLE GROUP INC 928 866,279 0.05DST SYSTEMS INC 729 475,362 0.03DXC TECHNOLOGY CO 606 471,847 0.03EASTMAN CHEMICAL CO 972 754,011 0.04EBAY INC 3,203 1,016,614 0.05EDGEWELL PERSONAL CARE CO 1,325 585,119 0.03ELECTRONIC ARTS INC 1,111 1,103,236 0.06EMERSON ELECTRIC CO 1,023 577,937 0.03EVEREST RE GROUP LTD 257 461,924 0.02EXELON CORP 3,015 908,130 0.05EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 1,268 644,148 0.03EXXON MOBIL CORP 4,919 3,358,755 0.18F5 NETWORKS INC 647 731,442 0.04FACEBOOK INC CLASS A 2,796 4,087,055 0.22FASTENAL CO 1,776 763,444 0.04FEDEX CORP 340 698,011 0.04FLEX LTD 5,921 834,058 0.04FNF GROUP 2,391 728,968 0.04FORTIVE CORP 1,452 863,340 0.05FRANKLIN RESOURCES INC 1,764 585,132 0.03GAP INC 3,768 979,623 0.05GENERAL ELECTRIC CO 7,420 938,429 0.05GENERAL MILLS INC 925 423,166 0.02GENERAL MOTORS CO 3,317 1,100,274 0.06GENTEX CORP 3,980 737,144 0.04GENUINE PARTS CO 934 760,256 0.04GGP INC 780 140,500 0.01GILEAD SCIENCES INC 2,691 1,763,782 0.09GOODYEAR TIRE & RUBR CO 2,515 684,942 0.04H&R BLOCK INC 2,685 557,356 0.03HARLEY DAVIDSON INC 1,755 665,193 0.04

HoldingsMarket

value

% of net

asset value

HKD

HARTFORD FINANCIAL SERVICES GROUP INC 2,186 1,004,660 0.05

HELMERICH & PAYNE INC 1,343 756,618 0.04HERBALIFE LTD 400 259,641 0.01HOLOGIC INC 2,112 705,357 0.04ILLINOIS TOOL WORKS INC 635 862,553 0.05INGERSOLL-RAND PLC 1,115 825,260 0.04INGREDION INC 627 704,418 0.04INTEL CORP 7,377 2,777,622 0.15INTERNATIONAL BUSINESS

MACHINES CORP 855 1,094,718 0.06INTERNATIONAL FLAVORS &

FRAGRANCE INC 316 371,478 0.02INTUIT INC 358 470,133 0.03INTUITIVE SURGICAL INC COM NEW 371 1,252,602 0.07J B HUNT TRANSPORT SERVICES INC 857 809,921 0.04JABIL INC 2,730 542,996 0.03JAZZ PHARMACEUTICALS PLC 658 750,053 0.04JOHNSON & JOHNSON 3,101 3,351,704 0.18JPMORGAN CHASE & CO 4,298 3,888,431 0.21JUNIPER NETWORKS INC 2,683 548,756 0.03KEYSIGHT TECHNOLOGIES INC 1,783 651,541 0.04KINDER MORGAN INC 3,130 440,171 0.02KLA-TENCOR CORP 668 573,675 0.03LAM RESEARCH CORP 790 1,183,392 0.06LEGGETT & PLATT INC 1,635 594,773 0.03LIBERTY GLOBAL PLC SERIES C 848 237,181 0.01LKQ CORP 1,645 540,770 0.03LOEWS CORP 1,099 443,972 0.02LOWE’S COMPANIES INC 764 625,823 0.03LYONDELLBASELL INDUSTRIES NV 966 905,454 0.05MALLINCKRODT PLC 1,560 220,358 0.01MARATHON PETROLEUM CORP 1,836 994,730 0.05MARRIOTT INTERNATIONAL INC

CLASS A 1,008 1,161,632 0.06MARVELL TECHNOLOGY GROUP LTD 6,628 1,209,441 0.07MASTERCARD INCORPORATED A

SHRS 1,132 1,496,306 0.08MAXIM INTEGRATED PRODS INC 2,062 983,798 0.05MCDONALD’S CORP 1,067 1,428,247 0.08MEDTRONIC PLC 1,527 1,025,815 0.06MERCK & CO INC 3,212 1,488,508 0.08METLIFE INC 1,401 526,744 0.03METTLER-TOLEDO INTERNATIONAL 149 786,945 0.04

19

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


MICHAEL KORS HOLDINGS LTD 1,815 936,932 0.05MICRON TECHNOLOGY INC 1,647 563,198 0.03MICROSOFT CORP 8,883 6,601,099 0.35MONSANTO CO 652 621,130 0.03MOODY’S CORP 693 876,945 0.05MOSAIC CO 2,354 502,639 0.03MURPHY OIL CORP 2,165 543,563 0.03NEWELL BRANDS INC 3,068 634,460 0.03NORFOLK SOUTHERN CORP 453 534,585 0.03NORTHROP GRUMMAN CORP 255 679,177 0.04NVR INC 27 671,163 0.04NXP SEMICONDUCTORS NV 587 552,412 0.03OCCIDENTAL PETROLEUM CORP 1,132 663,775 0.04OLD REPUBLIC INTERNATIONAL

CORP 2,996 503,577 0.03ORACLE CORP 3,298 1,330,771 0.07PAYCHEX INC 1,504 802,856 0.04PAYPAL HOLDINGS INC 1,408 939,595 0.05PEPSICO INC 1,507 1,417,967 0.08PFIZER INC 7,175 2,078,644 0.11PG&E CORP 2,401 796,806 0.04PHILIP MORRIS INTERNATIONAL INC 1,518 1,273,138 0.07PHILLIPS 66 1,316 1,054,006 0.06PINNACLE WEST CAPITAL CORP 952 595,309 0.03PPL CORP 2,084 519,478 0.03PRAXAIR INC 468 591,124 0.03PRICELINE GROUP INC 55 822,525 0.04PRINCIPAL FINANCIAL GROUP INC 868 458,938 0.02PROCTER & GAMBLE CO 2,274 1,535,641 0.08PRUDENTIAL FINANCIAL INC 649 603,145 0.03PULTEGROUP INC 3,787 942,799 0.05QIAGEN NV 3,299 865,960 0.05QORVO INC 1,388 779,148 0.04QUALCOMM INC 1,181 630,434 0.03RAYTHEON CO 412 673,296 0.04RENAISSANCERE HOLDINGS LTD 619 615,545 0.03ROBERT HALF INTERNATIONAL INC 1,203 544,605 0.03ROCKWELL COLLINS INC 812 879,552 0.05ROSS STORES INC 1,517 977,569 0.05

HoldingsMarket

value

% of net

asset value

HKD

S&P GLOBAL INC 311 440,520 0.02SAFEWAY PDC LLC CVR (Casa Ley) 1,480 – –SALESFORCE.COM INC 521 464,180 0.03SANTANDER CONSUMER USA

HOLDINGS INC 6,858 925,281 0.05SCANA CORP 1,615 513,350 0.03SCHLUMBERGER LTD 1,241 714,198 0.04SKYWORKS SOLUTIONS INC 1,146 871,330 0.05SNAP-ON INC 526 704,784 0.04SOUTHERN CO 2,088 736,700 0.04SOUTHWEST AIRLINES CO 1,300 618,207 0.03STANLEY BLACK & DECKER INC 506 657,881 0.04STARBUCKS CORP 2,242 996,203 0.05STRYKER CORP 855 1,099,265 0.06SUNTRUST BANKS INC 776 429,110 0.02SYMANTEC CORP 2,049 436,392 0.02SYNCHRONY FINANCIAL 3,347 1,038,759 0.06TE CONNECTIVITY LTD 1,394 1,117,895 0.06TECHNIPFMC LTD 3,979 1,008,011 0.05TEXAS INSTRUMENTS INC 1,767 1,515,694 0.08THE HOME DEPOT INC 1,414 2,221,860 0.12THE PROGRESSIVE CORP 2,556 1,081,547 0.06THE TRAVELERS COS INC 891 1,044,779 0.06THE WALT DISNEY CO 1,639 1,393,079 0.07THERMO FISHER SCIENTIFIC INC 527 923,760 0.05THOMSON REUTERS CORP 1,878 637,306 0.03TIFFANY & CO 1,201 1,001,823 0.05TIME WARNER INC 1,034 771,132 0.04TJX COS INC 1,509 947,982 0.05TOLL BROTHERS INC 1,722 627,364 0.03TORCHMARK CORP 730 518,722 0.03TWENTY-FIRST CENTURY FOX INC

CLASS B 659 188,082 0.01U.S. BANCORP 2,027 905,902 0.05UNION PACIFIC CORP 1,056 1,102,637 0.06UNITED CONTINENTAL HOLDINGS

INC 971 515,068 0.03UNITED PARCEL SERVICE INC

CLASS B 886 882,303 0.05UNITEDHEALTH GROUP INC 855 1,583,428 0.09UNIVERSAL HEALTH SERVICES INC

CLASS B 669 635,755 0.03VALERO ENERGY CORP 1,616 1,213,009 0.07VARIAN MEDICAL SYSTEMS INC 744 741,943 0.04

20

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


VERISIGN INC 923 829,630 0.04VERIZON COMMUNICATIONS INC 4,953 2,094,652 0.11VISA INC CLASS A 2,173 2,111,414 0.11W. R. BERKLEY CORP 1,234 704,379 0.04W. W. GRAINGER INC 230 485,100 0.03WALGREENS BOOTS ALLIANCE INC 1,129 664,577 0.04WAL-MART STORES INC 1,682 1,402,395 0.08WATERS CORP 455 767,304 0.04WELLS FARGO & CO 5,196 2,673,316 0.14WESTERN UNION CO 3,829 622,626 0.03WYNDHAM WORLDWIDE CORP 1,132 1,099,032 0.06XILINX INC 1,622 926,360 0.05XL GROUP LTD 1,436 413,772 0.02YUM BRANDS INC 857 567,005 0.03YUM CHINA HOLDINGS INC 2,074 752,524 0.04ZIMMER BIOMET HOLDINGS INC 630 626,386 0.03

244,560,967 13.14

Equities (Total) 1,293,005,706 69.45

Debt securities

BondsListed investments

AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 3.25% 21 APRIL 2025 644,000 4,236,691 0.23

AUSTRALIA (GOVERNMENT OF) 5.25% 15 MARCH 2019 390,000 2,564,759 0.14

AUSTRIA (REPUBLIC OF) 3.9% 15 JULY 2020 631,000 6,788,958 0.36

BELGIUM (KINGDOM OF) 2.6% 22 JUNE 2024 768,623 8,533,711 0.46

BONOS Y OBLIG DEL ESTADO 5.15% 31 OCTOBER 2044 183,000 2,725,428 0.15

HoldingsMarket

value

% of net

asset value

HKD

BUNDESREPUB. DEUTSCHLAND 0.25% 15 FEB 2027 349,000 3,303,592 0.18

CANADA (GOVERNMENT) 0.75% 1 MAY 2019 333,000 2,098,261 0.11

CANADA (GOVERNMENT) 1.5% 1 JUNE 2026 141,000 846,402 0.05

CANADA (GOVERNMENT) 5.75% 1 JUNE 2029 434,000 3,708,464 0.20

DENMARK (KINGDOM OF) 1.5% 15 NOVEMBER 2023 1,295,197 1,822,719 0.10

FRANCE (GOVERNMENT OF) 5.75% 25 OCTOBER 2032 446,511 7,031,371 0.38

FRANCE (GOVERNMENT OF) OAT 4.25% 25 OCTOBER 2023 1,107,320 13,243,698 0.71

FRANCE REPUBLIC OF (GOVERNMENT) 0.5% 25 MAY 2025 311,619 3,031,333 0.16

FRANCE REPUBLIC OF (GOVERNMENT) 3.25% 25 MAY 2045 354,156 4,635,454 0.25

GERMANY (REPUBLIC OF) 3.25% 4 JULY 2042 559,000 7,806,529 0.42

GERMANY (REPUBLIC OF) 3.75% 4 JANURARY 2019 935,000 9,484,032 0.51

GERMANY FEDERAL REPUBLIC OF (GOVERNMENT) 0.5% 15 FEBRUARY 2026 88,000 860,675 0.05

ITALY REPUBLIC OF (GOVERNMENT) 0.7% 1 MAY 2020 1,345,000 13,319,633 0.72

ITALY (REPUBLIC OF) 4% 1 FEBRUARY 2037 756,000 8,756,351 0.47

ITALY (REPUBLIC OF) 4.5% 1 FEBRUARY 2018 1,013,000 9,872,310 0.53

ITALY (REPUBLIC OF) 5.5% 1 NOVEMBER 2022 142,000 1,685,500 0.09

ITALY REPUBLIC OF (GOVERNMENT) 2% 1 DECEMBER 2025 470,000 4,676,197 0.25

JAPAN (GOVERNMENT OF) 0.3% 20 DECEMBER 2025 110,000,000 8,063,205 0.43

JAPAN GOVERNMENT 10 YEAR BOND #328 0.6% 20 MARCH 2023 118,600,000 8,792,945 0.47

JAPAN GOVERNMENT 10YR BOND #300 1.5% 20 MARCH 2019 21,000,000 1,532,447 0.08

JAPAN GOVERNMENT 10YR BOND #318 1% 20 SEPTEMBER 2021 80,050,000 5,964,293 0.32

21

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Debt securities


JAPAN GOVERNMENT 20 YEAR BOND #150 1.4% 20 SEPTEMBER 2034 174,600,000 14,486,474 0.78


JAPAN GOVERNMENT 20YR BOND #39 2.6% 20 MARCH 2018 109,750,000 7,891,609 0.42


MEXICO (UNITED STATES OF) 8% 11 JUNE 2020 54,750 2,356,096 0.13

NETHERLANDS (GOVERNMENT OF) 3.75% 15 JANUARY 2042 162,000 2,414,521 0.13

NETHERLANDS (GOVERNMENT OF) 4% 15 JULY 2018 176,000 1,750,143 0.09

NORWAY (GOVERNMENT OF) 4.5% 22 MAY 2019 770,000 824,455 0.04

POLAND REPUBLIC OF (GOVERNMENT) 5.25% 25 OCTOBER 2020 808,000 2,063,121 0.11

SOUTH AFRICA (REPUBLIC OF) 10.5% 21 DECEMBER 2026 1,191,000 883,306 0.05

SPAIN KINGDOM OF (GOVERNMENT) 1.15% 30 JULY 2020 489,000 4,914,310 0.26

SPAIN (GOVERNMENT OF) 4.1% 30 JULY 2018 810,000 8,067,896 0.43

SPAIN (GOVERNMENT OF) 4.4% 31 OCTOBER 2023 283,000 3,345,673 0.18


SWEDEN (GOVERNMENT OF) 4.25% 12 MARCH 2019 1,400,000 1,472,249 0.08

UK OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 3.25% 22 JANUARY 2044 267,000 3,734,910 0.20

UK TREASURY 4% 7 MARCH 2022 328,000 4,098,363 0.22

HoldingsMarket

value

% of net

asset value

HKD

UK TREASURY 4.25% 7 MARCH 2036 928,000 14,082,582 0.76US TREASURY NOTES 1.5% 31

AUGUST 2018 4,075,400 31,838,183 1.71US TREASURY NOTES 1.75% 15 MAY

2022 1,569,000 11,922,874 0.64US TREASURY NOTES 2% 31

OCTOBER 2021 1,442,000 11,115,521 0.60US TREASURY NOTES 2.125% 31

AUGUST 2020 1,708,000 13,319,377 0.72US TREASURY NOTES 2.25% 15

AUGUST 2027 1,026,000 7,717,608 0.41US TREASURY NOTES 2.5% 15 MAY

2024 2,300,000 17,867,766 0.96US TREASURY NOTES 3% 15

NOVEMBER 2044 1,252,000 9,935,517 0.53US TREASURY NOTES 4.375% 15

FEBRUARY 2038 1,281,000 12,387,114 0.67US TREASURY NOTES 6.125% 15

NOVEMBER 2027 245,000 2,480,503 0.13

368,387,957 19.79

Unit TrustsListed investments

AMERICAN TOWER CORP 737 851,403 0.05DUKE REALTY CORP 3,259 673,194 0.04HOSPITALITY PROPERTIES TRUST 2,642 587,072 0.03IRON MOUNTAIN INC 2,023 554,273 0.03KIMCO REALTY CORP 3,558 442,755 0.02LINK REIT 50,882 3,521,034 0.19PUBLIC STORAGE 465 711,974 0.04SIMON PROPERTY GROUP INC 503 642,729 0.03WEYERHAEUSER CO 2,387 700,864 0.04

8,685,298 0.47

22

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Debt securities

Unit TrustsUnlisted but quoted investments

HSBC GLOBAL INVESTMENT FUNDS-HSBC INVESTMENT FUNDS LUXEMBOURG SA 410,512 37,142,534 1.99

HSBC INDEX TRACKER INVESTMENT FUND - EUROPEAN INDEX FUND CLASS INSTITUTIONAL ACCUMULATION 182,428 19,596,596 1.05

HSBC INDEX TRACKER INVESTMENT FUND - JAPAN INDEX FUND CLASS INSTITUTIONAL ACCUMULATION 2,646,679 38,327,838 2.06

95,066,968 5.10

Unit trusts (Total) 103,752,266 5.57

RightsAGILE GROUP-PREF OFFER 2018 RTS 1,776 – –HYUNDAI HEAVY IND RTS 09 MARCH

2018 115 – –IBERDROLA SA RIGHTS 2018 19 – –UNICREDIT SPA RTS 21 FEB 2018 3,738 145 –

Rights (Total) 145 –

Stapled Securities

AustraliaAPA GROUP STAPLED SECURITY LTD 8,252 421,243 0.02MACQUARIE ATLAS ROADS GROUP

LTD 16,000 581,661 0.03

1,002,904 0.05

HoldingsMarket

value

% of net

asset value

HKD

Derivative assets

Foreign currency forward contracts 220,014 0.01

Total financial assets 1,766,368,992 94.87

Financial liabilities

Derivative liabilities

Foreign currency forward contracts (2,731,915) (0.15)

Total financial liabilities (2,731,915) (0.15)

Total investments (Total cost of investments: $1,412,247,095) 1,763,637,077 94.72

Other net assets 98,290,688 5.28

Total net assets 1,861,927,765 100.00

23

Statement of Movements in Portfolio Holdings

HSBC Managed Balanced Fundfor the period from 1 August 2017 to 31 January 2018

% ofnet asset

value31 January 2018

% ofnet asset

value31 July 2017

Financial assets

Equities

Listed investmentsAustralia 2.31 2.47Austria 0.23 0.23Belgium 0.28 0.28Canada 0.84 1.04Czech Republic 0.03 0.02Denmark 0.32 0.33Finland 0.35 0.40France 2.01 2.05Germany 2.30 2.27Greece 0.04 0.04Hong Kong 22.83 22.65India 1.38 1.07Indonesia 0.23 0.31Ireland 0.14 0.11Italy 0.53 0.40Japan 9.11 9.30Malaysia 0.32 0.25Netherlands 0.68 0.54New Zealand 0.09 0.04Norway 0.20 0.20Philippines 0.10 0.10Poland 0.03 0.10Portugal 0.04 0.05Russian Federation 0.27 0.21Singapore 0.84 0.96South Korea 1.95 2.07Spain 0.66 0.56Sweden 0.79 0.90Switzerland 1.79 1.83Taiwan 1.27 1.31Thailand 0.35 0.32Turkey 0.14 0.14United Kingdom 3.86 3.88United States of America 13.14 12.96

69.45 69.39

24


HSBC Managed Balanced Fundfor the period from 1 August 2017 to 31 January 2018

% ofnet asset


% ofnet asset

value31 July 2017

BondsListed investments 19.79 19.05

Certificate of depositsUnlisted but quoted investments – 5.15

Unit TrustsListed investments 0.47 0.53Unlisted but quoted investments 5.10 2.18

5.57 2.71

Rights – –

Stapled securitiesAustralia 0.05 –

Foreign currency forward contracts

Foreign currency forward contracts 0.01 0.07



Foreign currency forward contracts (0.15) (0.13)

Total investments 94.72 96.24Other net assets 5.28 3.76

Total net assets 100.00 100.00

25

Performance Record


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

“A” class income units

Bid OfferYear Lowest Highest Lowest Highest

HKD 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 27.832017 25.22 29.28 26.61 30.891 August 2017 to 31 January 2018 28.87 32.61 30.46 34.40

“L” class income units


HKD HKD HKD HKD

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 N/A N/A N/A N/A2017 N/A N/A N/A N/A1 August 2017 to 31 January 2018 N/A N/A N/A N/A

Provident class units


HKD HKD HKD HKD


26

Performance Record

Accumulation units


HKD HKD HKD HKD


(b) Total net asset value

31 January 2018HKD

2017HKD

2016HKD

2015HKD

Total net asset value 1,861,927,765 2,299,504,955 2,307,123,710 2,359,456,259

(c) Net asset value per unit

31 January 2018HKD

2017HKD

2016HKD

2015HKD

Net asset value per unit– “A” class income units 32.38 29.07 25.58 26.37– Provident class units 40.83 36.52 31.61 32.17– Accumulation units 17.75 15.94 13.88 14.27

27

Distribution Disclosure


A Class

Date ofDistribution

Date ofPayment

DistributionPer Unit

TotalDistribution

HKD HKD

2017 Yearly Distribution 31 July 2017 09 August 2017 0.254703 3,466,426.41

28


HSBC Managed Growth Fund

Market review




29




ASSETSFinancial assets at fair value through profit or loss 2,231,350,313 2,969,435,572Interest and dividends receivable 1,315,819 7,486,191Subscriptions receivable 11,811,259 9,869,820Amounts due from brokers 1,195,104 27,023,656Cash and cash equivalents 57,986,525 67,732,699

2,303,659,020 3,081,547,938

LIABILITIESFinancial liabilities at fair value through profit or loss 2,393,870 2,504,559Redemptions payable 15,484,169 7,743,008Amounts due to brokers – 9,108,277Distributions payable – 2,267,405Other payables 3,857,645 3,818,812

21,735,684 25,442,061

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2,281,923,336 3,056,105,877

Representing:Financial liabilities 2,281,923,336 3,056,105,877


“A” class income units 10,042,906 11,000,539



“A” class income units 25.04 21.91


30

Portfolio Statement

HSBC Managed Growth Fundas at 31 January 2018

HoldingsMarket

value

% of net

asset value

HKD

Financial assets


AustraliaADELAIDE BRIGHTON LTD 28,673 1,178,572 0.05AGL ENERGY LTD 6,151 913,149 0.04AMCOR LTD 10,123 933,488 0.04ANSELL LTD 7,399 1,178,553 0.05ANZ BANKING GROUP LTD 24,322 4,402,504 0.19ARISTOCRAT LEISURE LTD 6,339 959,526 0.04ASX LTD 4,288 1,486,613 0.07AUSNET SERVICES LTD 99,631 1,069,553 0.05BHP BILLITON LTD 21,950 4,198,360 0.18C.S.R. LTD 36,456 1,163,691 0.05CALTEX AUSTRALIA LTD 3,425 754,229 0.03COCHLEAR LTD 685 753,666 0.03COMMONWEALTH BANK OF

AUSTRALIA 15,266 7,625,623 0.33CSL LTD 3,320 3,078,766 0.14DULUXGROUP LTD 24,506 1,133,009 0.05FLIGHT CENTRE TRAVEL GROUP LTD 3,421 1,105,648 0.05FORTESCUE METALS GROUP LTD 38,964 1,224,006 0.05INSURANCE AUSTRALIA GROUP LTD 26,998 1,237,965 0.05IOOF HOLDINGS LTD 20,147 1,406,145 0.06MACQUARIE GROUP LTD 2,572 1,679,942 0.07MAGELLAN FINANCIAL GROUP LTD 4,812 839,625 0.04METCASH LTD 67,243 1,362,810 0.06NATIONAL AUSTRALIA BANK LTD 22,143 4,085,217 0.18ORICA LTD 12,473 1,516,737 0.07ORIGIN ENERGY LTD 18,282 1,081,456 0.05OZ MINERALS LTD 16,153 956,540 0.04PERPETUAL LTD 3,535 1,172,717 0.05PLATINUM INVESTMENT

MANAGEMENT LTD 24,264 1,277,032 0.06Q B E INSURANCE GROUP LTD 14,366 980,828 0.04QANTAS AIRWAYS LTD 29,360 979,952 0.04RIO TINTO LTD 3,534 1,720,080 0.08SOUTH32 LTD 45,957 1,111,868 0.05SUNCORP GROUP LTD 8,442 730,355 0.03TABCORP HOLDINGS LTD 34,325 1,123,930 0.05TELSTRA CORP LTD 53,404 1,241,304 0.06WESFARMERS LTD 6,852 1,901,205 0.08

HoldingsMarket

value

% of net

asset value

HKD

WESTPAC BANKING CORP 26,909 5,276,388 0.23WOODSIDE PETROLEUM LTD 8,507 1,784,452 0.08WOOLWORTHS GROUP LTD 11,319 1,931,991 0.09

68,557,495 3.00

AustriaANDRITZ AG 1,513 712,335 0.03ERSTE GROUP BANK AG 4,082 1,612,010 0.07TELEKOM AUSTRIA AG 16,414 1,245,862 0.05VIENNA INSURANCE GROUP AG

WIENER VERSICHERUNG GRUPPE 4,935 1,372,332 0.06VOESTALPINE AG 3,800 1,935,697 0.09

6,878,236 0.30

BelgiumANHEUSER-BUSCH INBEV SA 2,485 2,206,752 0.10BPOST SA 4,025 1,050,255 0.05ETABLISSEMENTEN FRANZ

COLRUYT NV 2,150 933,683 0.04KBC GROEP NV 2,527 1,905,743 0.08PROXIMUS SA 3,628 960,097 0.04SOFINA 809 1,106,710 0.05

8,163,240 0.36

CanadaARC RESOURCES LTD 9,777 843,333 0.04BANK OF MONTREAL 1,696 1,095,619 0.05BANK OF NOVA SCOTIA 2,246 1,170,130 0.05BCE INC 2,842 1,042,171 0.04CANADIAN IMPERIAL BANK OF

COMMERCE 1,647 1,279,530 0.06CANADIAN NATIONAL RAILWAY CO 1,598 1,004,295 0.04CI FINANCIAL CORP 3,796 716,573 0.03ENBRIDGE INC 2,666 765,346 0.03GREAT-WEST LIFECO INC 3,106 688,695 0.03IMPERIAL OIL LTD 3,539 872,470 0.04INTER PIPELINE LTD 5,802 872,203 0.04METRO INC 3,782 992,414 0.04

31

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


NUTRIEN LTD 2,719 1,115,459 0.05POWER CORPORATION OF CANADA 4,460 892,528 0.04ROGERS COMMUNICATIONS INC

CLASS B 2,701 1,033,686 0.05ROYAL BANK OF CANADA 2,811 1,887,415 0.08SUNCOR ENERGY INC 3,808 1,081,778 0.05TECK RESOURCES LTD CLASS B 6,574 1,497,052 0.06TORONTO-DOMINION BANK 3,657 1,744,369 0.08TOURMALINE OIL CORP 6,132 776,776 0.03TRANSCANADA CORP 3,706 1,337,974 0.06

22,709,816 0.99


DenmarkCARLSBERG A/S 1,507 1,518,794 0.07DANSKE BANK A/S 4,107 1,309,276 0.06H LUNDBECK A/S 2,750 1,100,256 0.05NOVO NORDISK A/S 7,872 3,436,041 0.15PANDORA A/S 1,652 1,229,339 0.05VESTAS WIND SYSTEMS A/S 1,504 805,339 0.03

9,399,045 0.41

FinlandFORTUM OYJ 7,608 1,294,665 0.06KONE OYJ-B 3,047 1,368,647 0.06METSO OYJ 3,550 973,699 0.04NESTE OYJ 3,261 1,769,164 0.08NOKIAN RENKAAT OYJ 3,376 1,338,140 0.06ORION OYJ CLASS B 3,249 1,022,517 0.04UPM-KYMMENE OYJ 5,752 1,521,062 0.07

HoldingsMarket

value

% of net

asset value

HKD

WARTSILA ABP OYJ 1,871 1,003,756 0.04

10,291,650 0.45

FranceAIR LIQUIDE SA 1,050 1,110,548 0.05ALSTOM RGPT 2,867 987,496 0.04ARKEMA 1,452 1,455,795 0.06ATOS SE 1,292 1,598,764 0.07AXA SA 4,946 1,276,839 0.06BNP PARIBAS SA 5,255 3,410,084 0.15BOUYGUES SA 3,438 1,499,723 0.07CAPGEMINI SA 840 875,343 0.04CARREFOUR SA 6,347 1,192,013 0.05CNP ASSURANCES SA 7,377 1,483,568 0.07COMPAGNIE DE SAINT-GOBAIN SA 3,565 1,626,158 0.07CREDIT AGRICOLE SA 7,153 1,057,633 0.05DANONE SA 2,121 1,435,468 0.06ELECTRICITE DE FRANCE SA 14,312 1,544,409 0.07ELIOR GROUP SA 6,116 1,106,021 0.05ENGIE SA 6,901 940,021 0.04ESSILOR INTERNATIONAL SA 1,013 1,129,155 0.05EURAZEO SA 269 222,132 0.01FAURECIA SA 480 338,515 0.01HERMES INTERNATIONAL 168 728,757 0.03L’OREAL SA 1,031 1,839,353 0.08LVMH MOET HENNESSY LOUIS

VUITTON SE 1,138 2,800,875 0.12MICHELIN (CIE GENERALE DES

ETABLISSEMENTS) 1,583 1,986,621 0.09ORANGE SA 9,436 1,337,272 0.06PERNOD-RICARD SA 979 1,223,848 0.05PEUGEOT SA 6,876 1,211,972 0.05RENAULT SA 956 825,017 0.04SAFRAN SA 2,329 2,063,681 0.09SANOFI SA 5,314 3,682,404 0.16SARTORIUS STEDIM BIOTECH 1,354 920,857 0.04SCHNEIDER ELECTRIC SE 2,484 1,826,845 0.08SCOR SE 2,389 839,150 0.04SEB SA 699 1,133,310 0.05SOCIETE BIC SA 1,079 970,379 0.04SOCIETE GENERALE DE PARIS SA 4,525 2,065,821 0.09THALES SA 1,655 1,457,110 0.06

32

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


TOTAL SA 9,942 4,517,560 0.20UBISOFT ENTERTAINMENT 1,887 1,267,539 0.06VALEO SA 1,480 915,701 0.04VEOLIA ENVIRONNEMENT 7,239 1,431,129 0.06

59,334,886 2.60

GermanyADIDAS AG 935 1,706,348 0.07ALLIANZ SE 2,040 4,051,903 0.18BASF SE 4,103 3,770,713 0.17BAYER AG 3,529 3,630,375 0.16BAYERISCHE MOTOREN WERKE AG 1,704 1,526,982 0.07BEIERSDORF AG 1,491 1,390,588 0.06CECONOMY AG 5,599 632,011 0.03COMMERZBANK 5,483 708,295 0.03CONTINENTAL AG 567 1,335,297 0.06COVESTRO AG 1,930 1,740,975 0.08DAIMLER AG 4,278 3,081,207 0.13DEUTSCHE BANK AG 9,038 1,302,795 0.06DEUTSCHE BOERSE AG 1,103 1,111,794 0.05DEUTSCHE LUFTHANSA AG 7,475 2,093,226 0.09DEUTSCHE POST AG 4,730 1,754,536 0.08DEUTSCHE TELEKOM AG 12,910 1,776,777 0.08DEUTSCHE WOHNEN SE 2,310 819,278 0.04EMS-CHEMIE HOLDING AG 252 1,450,266 0.06EVONIK INDUSTRIES AG 4,283 1,327,069 0.06FIELMANN AG 1,608 1,104,570 0.05FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 1,864 1,729,751 0.08FRESENIUS MEDICAL CARE AG & CO

KGAA 1,047 948,741 0.04FUCHS PETROLUB SE 1,947 774,954 0.03FUCHS PETROLUB SE PREFERENCE

SHARES 2,262 969,758 0.04GEA GROUP AG 3,660 1,425,032 0.06HANNOVER RUECK 1,080 1,158,589 0.05HEIDELBERGER ZEMENT AG 784 666,728 0.03HELLA GMBH & CO KGAA 338 188,872 0.01

HoldingsMarket

value

% of net

asset value

HKD

HENKEL AG & CO KGAA PREFERENCE SHARES 913 1,001,676 0.04

HUGO BOSS AG 1,354 978,114 0.04INFINEON TECHNOLOGIES AG 10,127 2,309,938 0.10KION GROUP 423 304,664 0.01LINDE AG 950 1,705,490 0.07MERCK KGAA 784 672,381 0.03MUENCHENER

RUECKVERSICHERUNGS-GESELLSCHAFT AG 872 1,616,864 0.07

PORSCHE AUTOMOBIL HOLDING SE PREFERENCE SHARES 2,539 1,840,576 0.08

PROSIEBENSAT.1 MEDIA SE 3,409 1,022,716 0.04RATIONAL AG 194 1,069,883 0.05SAP SE 4,424 3,915,278 0.17SIEMENS AG 2,721 3,233,435 0.14SUEDZUCKER AG 2,367 354,940 0.02TALANX AG 3,202 1,111,929 0.05UNITED INTERNET AG 1,232 704,640 0.03VOLKSWAGEN AG PREFERENCE

SHARES 615 1,060,756 0.05VONOVIA SE 2,744 1,061,701 0.05

68,142,411 2.99


REFINERIES SA 5,510 1,081,795 0.05

Hong KongAAC TECHNOLOGIES HOLDINGS INC 23,626 3,090,281 0.14AGILE GROUP HOLDINGS LTD 132,306 1,857,576 0.08AGRICULTURAL BANK OF CHINA LTD

H SHARES 1,029,736 4,942,733 0.22AIA GROUP LTD 535,925 35,906,975 1.57AIR CHINA LTD H SHARES 166,000 1,899,040 0.08ALUMINUM CORP OF CHINA LTD 212,000 1,123,600 0.05ANHUI CONCH CEMENT CO LTD H

SHARES 66,834 2,880,545 0.13ANHUI EXPRESSWAY COMPANY LTD

H SHARES 102,000 665,040 0.03ANTA SPORTS PRODUCTS LTD 47,241 1,780,986 0.08ASM PACIFIC TECHNOLOGY LTD 9,200 982,560 0.04

33

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


BAIC MOTOR CORP LTD H SHARES 82,000 1,003,680 0.04BANK OF CHINA LTD H SHARES 3,318,666 15,630,917 0.69BANK OF COMMUNICATIONS CO

LTD H SHARES 313,441 2,125,130 0.09BANK OF EAST ASIA LTD 71,335 2,414,690 0.11BEIJING CAPITAL INTERNATIONAL

AIRPORT CO LTD H SHARES 97,010 1,150,539 0.05BEIJING JINGNENG CLEAN ENERGY

CO LTD H SHARES 472,000 1,047,840 0.05BOC HONG KONG HOLDINGS LTD 151,081 6,035,686 0.26BRILLIANCE CHINA AUTOMOTIVE

HOLDINGS LTD 64,636 1,292,720 0.06BYD CO LTD 17,000 1,252,050 0.06BYD ELECTRONIC CO LTD 86,500 1,667,720 0.07CAFE DE CORAL HOLDINGS LTD 24,000 496,800 0.02CGN POWER CO LTD H SHARES 401,909 888,219 0.04CHINA BLUECHEMICAL LTD 366,000 1,032,120 0.05CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 661,382 2,189,174 0.10CHINA CITIC BANK CORP LTD H

SHARES 351,139 2,261,335 0.10CHINA COMMUNICATIONS

CONSTRUCTION CO LTD H SHARES 113,964 1,064,424 0.05

CHINA CONCH VENTURE HOLDINGS LTD 110,395 2,417,650 0.11

CHINA CONSTRUCTION BANK CORP H SHARES 3,950,238 35,631,147 1.56


SHARES 229,537 1,016,849 0.04CHINA EVERBRIGHT LTD 94,000 1,814,200 0.08CHINA EVERGRANDE GROUP 129,580 3,349,643 0.15CHINA GALAXY SECURITIES CO H

SHARES 276,053 1,763,979 0.08CHINA GAS HOLDINGS LTD 29,834 683,199 0.03CHINA HUARONG ASSET

MANAGEMENT CO LTD 263,000 1,038,850 0.05

HoldingsMarket

value

% of net

asset value

HKD

CHINA LIFE INSURANCE CO LTD H SHARES 293,461 7,762,043 0.34

CHINA MENGNIU DAIRY CO LTD 72,724 1,858,098 0.08CHINA MERCHANTS BANK CO LTD H

SHARES 155,509 5,963,770 0.26CHINA MERCHANTS HOLDINGS

INTERNATIONAL CO LTD 63,012 1,304,348 0.06CHINA MINSHENG BANKING CORP

LTD H SHARES 263,552 2,358,790 0.10CHINA MINSHENG FINANCIAL

HOLDINGS CORP LTD 2,586,800 724,304 0.03CHINA MOBILE LTD 231,317 19,106,784 0.84CHINA NATIONAL BUILDING

MATERIAL CO LTD H SHARES 174,000 1,454,640 0.06CHINA NATIONAL MATERIALS CO

LTD 231,000 1,647,030 0.07CHINA OVERSEAS LAND &

INVESTMENT LTD 165,075 5,001,773 0.22CHINA PACIFIC INSURANCE GROUP

CO LTD H SHARES 139,884 5,553,395 0.24CHINA PETROLEUM & CHEMICAL

CORP H SHARES 1,054,838 7,130,705 0.31CHINA POWER INTERNATIONAL


CORP H SHARES 143,987 1,369,316 0.06CHINA RAILWAY GROUP LTD H

SHARES 198,504 1,193,009 0.05CHINA RAILWAY SIGNAL &

COMMUNICATION CO LTD 226,000 1,362,780 0.06CHINA RESOURCES BEER HOLDINGS

CO LTD 70,666 2,088,180 0.09CHINA RESOURCES GAS GROUP LTD 44,000 1,133,000 0.05CHINA RESOURCES LAND LTD 103,942 3,242,990 0.14CHINA RESOURCES PHARMACEUTIC

GROUP LTD 82,500 849,750 0.04CHINA RESOURCES POWER

HOLDINGS CO LTD 114,294 1,650,405 0.07CHINA SHENHUA ENERGY CO LTD H

SHARES 136,597 3,326,137 0.15CHINA SOUTH CITY HOLDINGS LTD 354,000 835,440 0.04CHINA SOUTHERN AIRLINES CO LTD

H SHARES 122,614 1,250,663 0.05

34

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


CHINA TAIPING INSURANCE HOLDINGS CO LTD 32,052 1,083,358 0.05

CHINA TELECOM CORP LTD H SHARES 682,301 2,640,505 0.12

CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LTD 532,000 1,537,480 0.07

CHINA UNICOM HONG KONG LTD 216,876 2,541,787 0.11CHINA VANKE CO LTD H SHARES 67,580 2,588,314 0.11CHINA ZHONGWANG HOLDINGS LTD 282,661 1,271,975 0.06CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 286,548 2,031,625 0.09CHOW TAI FOOK JEWELLERY GROUP

LTD 69,800 611,448 0.03CITIC PACIFIC LTD 238,272 2,940,276 0.13CK ASSET HOLDINGS LTD 135,465 10,112,462 0.44CK HUTCHISON HOLDINGS LTD 113,377 11,972,611 0.52CK INFRASTRUCTURE HOLDINGS

LTD 29,159 2,030,924 0.09CLP HOLDINGS LTD 71,477 5,707,438 0.25CNOOC LTD 659,073 8,027,509 0.35COSCO PACIFIC LTD 190,136 1,557,214 0.07COSCO SHIPPING ENERGY

TRANSPORT CO LTD 260,000 1,170,000 0.05COUNTRY GARDEN HOLDINGS CO

LTD 300,183 5,049,078 0.22CRRC CORP LTD H SHARES 197,108 1,527,587 0.07CSC FINANCIAL CO LTD H SHARES 181,500 1,323,135 0.06CSPC PHARMACEUTICAL GROUP

LTD 128,504 2,230,829 0.10DAH SING BANKING GROUP LTD 59,600 1,102,600 0.05DAH SING FINANCIAL HOLDINGS LTD 22,800 1,203,840 0.05DALI FOODS GROUP CO LTD 97,500 749,775 0.03DONGFENG MOTOR GROUP CO LTD

H SHARES 206,306 2,108,447 0.09ENN ENERGY HOLDINGS LTD 18,065 1,091,126 0.05FAR EAST HORIZON LTD 94,000 792,420 0.03FIRST PACIFIC CO LTD 222,350 1,240,713 0.05GALAXY ENTERTAINMENT GROUP

LTD 90,570 6,276,501 0.28

HoldingsMarket

value

% of net

asset value

HKD

GCL POLY ENERGY HOLDINGS LTD 1,420,682 1,917,921 0.08GEELY AUTOMOBILE HOLDINGS LTD 212,316 5,318,516 0.23GF SECURITIES CO LTD 61,000 1,066,280 0.05GREAT EAGLE HOLDINGS LTD 18,293 750,928 0.03GREAT WALL MOTOR CO LTD H

SHARES 211,431 2,019,166 0.09GUANGDONG INVESTMENT LTD 127,603 1,485,299 0.07GUANGZHOU AUTOMOBILE GROUP

CO LTD H SHARES 96,000 1,701,120 0.07GUANGZHOU R&F PROPERTIES CO

LTD H SHARES 59,309 1,304,798 0.06HAIER ELECTRONICS GROUP CO LTD 102,505 2,747,134 0.12HAITIAN INTERNATIONAL HOLDINGS

LTD 67,000 1,638,150 0.07HAITONG INTERNATIONAL


LTD 978,017 – –HANG LUNG PROPERTIES LTD 112,625 2,331,338 0.10HANG SENG BANK LTD 31,902 5,940,152 0.26HENDERSON LAND DEVELOPMENT

CO LTD 58,807 3,216,743 0.14HENGAN INTERNATIONAL GROUP

CO LTD 21,774 1,633,050 0.07HONG KONG AND CHINA GAS CO

LTD 323,060 4,994,508 0.22HONG KONG EXCHANGES AND

CLEARING LTD 54,909 16,275,028 0.71HOPEWELL HIGHWAY

INFRASTRUCTURE LTD 118,000 566,400 0.02HOPEWELL HOLDINGS LTD 53,933 1,706,979 0.07HSBC HOLDINGS PLC 768,010 64,666,442 2.83HYSAN DEVELOPMENT CO LTD 46,768 2,043,762 0.09INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LTD H SHARES 3,464,594 25,637,996 1.12JIANGSU EXPRESSWAY CO LTD H

SHARES 117,625 1,418,558 0.06JIANGXI COPPER CO LTD H SHARES 83,000 1,098,920 0.05JOHNSON ELECTRIC HOLDINGS LTD 25,296 808,207 0.04KERRY LOGISTICS NETWORK LTD 42,000 473,760 0.02KERRY PROPERTIES LTD 32,356 1,210,114 0.05KINGBOARD CHEMICAL HOLDINGS

LTD 61,000 2,626,050 0.12

35

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


KINGBOARD LAMINATES HOLDINGS LTD 81,000 1,116,180 0.05

KINGSOFT CORP LTD 85,000 2,273,750 0.10KUNLUN ENERGY CO LTD 142,504 1,105,831 0.05LEE & MAN PAPER MANUFACTURING

LTD 200,000 1,844,000 0.08LEGEND HOLDINGS CORP 51,400 1,454,620 0.06LENOVO GROUP LTD 437,271 1,972,092 0.09L’OCCITANE INTERNATIONAL SA 65,250 946,125 0.04LONGFOR PROPERTIES CO LTD 76,340 1,950,487 0.09LUYE PHARMA GROUP LTD 177,000 1,237,230 0.05MANULIFE FINANCIAL CORP 4,203 699,352 0.03MELCO INTERNATIONAL

DEVELOPMENT LTD 42,000 989,100 0.04MTR CORP LTD 52,930 2,371,264 0.10NEW CHINA LIFE INSURANCE CO

LTD H SHARES 20,300 1,034,285 0.05NEW WORLD DEVELOPMENT CO LTD 165,069 2,089,774 0.09NINE DRAGONS PAPER HOLDINGS

LTD 86,000 1,047,480 0.05NWS HOLDINGS LTD 83,561 1,273,470 0.06PCCW LTD 149,000 671,990 0.03PEOPLE’S INSURANCE GROUP OF

CHINA CO LTD H SHARES 609,524 2,724,572 0.12PETROCHINA CO LTD H SHARES 921,223 5,711,583 0.25PICC PROPERTY & CASUALTY CO

LTD 243,625 3,956,470 0.17PING AN INSURANCE (GROUP) CO


SHARES 372,000 1,945,560 0.09POWER ASSETS HOLDINGS LTD 43,167 3,002,265 0.13PRADA S.P.A. 27,800 888,210 0.04RED STAR MACALLINE GROUP CORP

LTD H SHARES 95,800 986,740 0.04SAMSONITE INTERNATIONAL SA 56,894 1,928,707 0.08SANDS CHINA LTD 98,029 4,568,151 0.20SHANDONG WEIGAO GROUP

MEDICAL POLYMER CO LTD 256,000 1,482,240 0.07

HoldingsMarket

value

% of net

asset value

HKD

SHANGRI-LA ASIA LTD 36,000 716,400 0.03SHENZHEN EXPRESSWAY CO LTD 170,000 1,397,400 0.06SHENZHEN INTERNATIONAL

HOLDINGS LTD 116,208 1,843,059 0.08SHENZHEN INVESTMENT LTD 432,104 1,512,364 0.07SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 29,900 2,414,425 0.11SHIMAO PROPERTY HOLDINGS LTD 106,609 2,489,320 0.11SHUI ON LAND LTD 399,089 1,085,522 0.05SIHUAN PHARMACEUTICAL

HOLDINGS GROUP LTD 487,000 1,461,000 0.06SINO BIOPHARMACEUTICAL LTD 100,073 1,443,053 0.06SINO LAND CO LTD 166,854 2,406,035 0.11SINO-OCEAN GROUP HOLDING LTD 331,436 2,144,391 0.09SINOPEC SHANGHAI

PETROCHEMICAL CO LTD 334,000 1,599,860 0.07SINOPHARM GROUP CO LTD H

SHARES 37,951 1,311,207 0.06SINOTRANS LTD H SHARES 333,000 1,581,750 0.07SINOTRUK HONG KONG LTD 131,500 1,351,820 0.06SJM HOLDINGS LTD 164,108 1,283,325 0.06SUN ART RETAIL GROUP LTD 80,500 854,910 0.04SUN HUNG KAI PROPERTIES LTD 60,910 8,277,669 0.36SUNAC CHINA HOLDINGS LTD 128,000 4,806,400 0.21SUNNY OPTICAL TECHNOLOGY

GROUP CO LTD 20,000 2,166,000 0.09SWIRE PACIFIC LTD CLASS A 24,313 1,902,492 0.08SWIRE PROPERTIES LTD 55,309 1,512,701 0.07TECHTRONIC INDUSTRIES CO LTD 56,158 2,925,832 0.13TENCENT HOLDINGS LTD 144,067 66,789,461 2.93TEXWINCA HOLDINGS LTD 138,000 590,640 0.03THE WHARF (HOLDINGS) LTD 90,963 2,915,364 0.13TRAVELSKY TECHNOLOGY LTD H

SHARES 84,000 2,062,200 0.09VTECH HOLDINGS LTD 4,500 486,900 0.02WANT WANT CHINA HOLDINGS LTD 329,074 2,273,901 0.10WH GROUP LTD 307,500 2,979,675 0.13WHARF REAL ESTATE INVESTMENT

CO LTD 60,963 3,295,050 0.14WHEELOCK AND CO LTD 48,021 2,941,286 0.13WYNN MACAU LTD 48,400 1,335,840 0.06XINYI GLASS HOLDINGS LTD 200,000 2,380,000 0.10YUE YUEN INDUSTRIAL HOLDINGS

LTD 32,000 1,129,600 0.05

36

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


YUEXIU PROPERTY CO LTD 456,000 766,080 0.03ZHEJIANG EXPRESSWAY CO LTD H

SHARES 154,000 1,426,040 0.06ZHUZHOU CSR TIMES ELECTRIC CO

LTD H SHARES 14,410 623,953 0.03ZIJIN MINING GROUP CO LTD H

SHARES 368,000 1,449,920 0.06

677,206,477 29.68


ZONE LTD 25,824 1,360,593 0.06BAJAJ AUTO LTD 3,215 1,319,354 0.06BAJAJ HOLDINGS AND INVESTMENT

LTD 2,651 929,419 0.04BHARAT PETROLEUM CORP LTD 11,946 722,610 0.03BHARTI AIRTEL LTD 12,442 672,976 0.03CASTROL INDIA LTD 39,425 890,848 0.04COLGATE-PALMOLIVE (INDIA) LTD 5,334 734,937 0.03CUMMINS INDIA LTD 8,988 998,389 0.04DIVI’S LABORATORIES LTD 6,737 858,657 0.04GAIL INDIA LTD 20,409 1,200,402 0.05GLAXOSMITHKLINE CONSUMER

HEALTHCARE LTD 1,366 1,125,040 0.05GREAT EASTERN SHIPPING CO LTD 13,018 643,939 0.03HERO MOTOCORP LTD 3,197 1,451,315 0.06HINDUSTAN UNILEVER LTD 4,642 781,843 0.03HOUSING DEVELOPMENT FINANCE

CORP LTD 11,690 2,812,254 0.12ICICI BANK LTD 23,627 1,026,931 0.05ICICI PRUDENTIAL LIFE INSURANCE

CO LTD 3,576 178,845 0.01INDIAN OIL CORP LTD 12,768 655,909 0.03INFOSYS LIMITED 16,345 2,312,771 0.10ITC LTD 29,273 976,431 0.04KANSAI NEROLAC PAINTS LTD 16,514 1,034,059 0.05MARICO LTD 17,918 682,174 0.03

HoldingsMarket

value

% of net

asset value

HKD

MARUTI SUZUKI INDIA LTD 975 1,140,720 0.05MPHASIS LTD 9,410 1,040,867 0.05MRF LTD 88 737,088 0.03NHPC LIMITED 267,892 975,115 0.04NMDC LTD 61,693 1,066,659 0.05OIL & NATURAL GAS CORP LTD 37,033 926,057 0.04OIL INDIA LTD 20,866 918,216 0.04ORACLE FINANCIAL SERVICES

SOFTWARE LTD 1,435 737,267 0.03RELIANCE INDUSTRIES LTD 24,169 2,856,633 0.13RELIANCE INFRASTRUCTURE 18,454 1,128,191 0.05RURAL ELECTRIFICATION

CORPORATION LTD 47,198 903,394 0.04STATE BANK OF INDIA 19,918 766,033 0.03TATA CONSULTANCY SERVICES LTD 3,887 1,487,673 0.07TATA MOTORS LTD 13,023 639,382 0.03TORRENT PHARMACEUTICALS LTD 6,108 1,016,252 0.04UNION BANK OF INDIA 53,341 894,377 0.04

40,603,620 1.78

IndonesiaASTRA AGRO LESTARI TBK PT 83,160 631,558 0.03ASTRA INTERNATIONAL TBK PT 197,400 980,215 0.04BANK CENTRAL ASIA TBK PT 101,716 1,350,357 0.06BANK MANDIRI (PERSERO) TBK PT 214,892 1,023,136 0.05BANK RAKYAT INDONESIA

(PERSERO) TBK PT 863,760 1,867,025 0.08TELEKOMUNIKASI INDONESIA

PERSERO TBK 413,130 962,975 0.04

6,815,266 0.30

IrelandCRH PLC 3,766 1,094,097 0.05GLANBIA PLC 6,556 879,612 0.04KERRY GROUP PLC-A 1,012 845,537 0.03PENTAIR PLC 2,084 1,165,443 0.05

3,984,689 0.17

37

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


ItalyA2A 74,299 1,119,207 0.05ASSICURAZIONI GENERALI SPA 11,233 1,747,909 0.08ATLANTIA 2,779 722,425 0.03BUZZI UNICEM SPA-RSP 7,567 999,773 0.04ENEL SPA 38,340 1,908,935 0.08ENI SPA 10,544 1,488,237 0.07INTESA SANPAOLO SPA 61,690 1,899,716 0.08ITALGAS SPA 22,402 1,085,702 0.05MONCLER 4,466 1,154,883 0.05SALVATORE FERRAGAMO ITALIA 3,419 754,879 0.03STMICROELECTRONICS NV 10,393 1,947,325 0.09UNICREDIT SPA 5,792 1,001,491 0.04

15,830,482 0.69

JapanABC-MART INC 2,300 1,170,118 0.05ADASTRIA HOLDINGS CO LTD 2,700 450,585 0.02AISIN SEIKI CO LTD 2,200 1,004,167 0.04AMADA HOLDINGS CO LTD 13,800 1,597,953 0.07ANA HOLIDAYS INC 4,800 1,527,101 0.07ASAHI KASEI CORPORATION 10,600 1,081,962 0.05ASHIKAGA HOLDINGS CO LTD 36,300 1,287,524 0.06ASTELLAS PHARMA INC 15,713 1,621,307 0.07AUTOBACS SEVEN CO LTD 900 140,522 0.01AZBIL CORP 4,400 1,598,469 0.07BRIDGESTONE CORP 5,420 2,060,678 0.09CANON INC 8,850 2,757,886 0.12CAPCOM CO LTD 2,200 654,994 0.03CENTRAL JAPAN RAILWAY CO 1,821 2,694,472 0.12CHUBU ELECTRIC POWER CO INC 6,300 618,225 0.03CHUGAI PHARMACEUTICAL CO LTD 1,800 744,204 0.03CITIZEN HOLDINGS CO LTD 22,300 1,332,645 0.06COCA-COLA BOTTLERS JAPAN

HOLDINGS INC 5,400 1,491,632 0.07COLOPL INC 6,000 409,291 0.02CONCORDIA FINANCIAL GROUP LTD 12,600 596,782 0.03

HoldingsMarket

value

% of net

asset value

HKD

DAICEL CORP 11,041 1,045,884 0.05DAI-ICHI LIFE INSURANCE CO LTD 12,200 1,997,950 0.09DAIICHI SANKYO CO LTD 7,034 1,849,746 0.08DAIKIN INDUSTRIES LTD 1,588 1,490,046 0.07DAIKYO INC 5,920 978,617 0.04DAITO TRUST CONSTRUCTION CO

LTD 1,345 1,837,396 0.08DAIWA HOUSE INDUSTRY CO LTD 5,558 1,714,492 0.08DAIWA SECURITIES GROUP INC 13,736 769,878 0.03DENA CO LTD 7,049 1,193,534 0.05DENSO CORP 2,094 1,023,754 0.04DISCO CORP 1,291 2,362,603 0.10EAST JAPAN RAILWAY CO 2,765 2,148,663 0.09EXEDY CORP 2,900 792,750 0.03FANUC CORP 1,127 2,380,243 0.10FUJIFILM HOLDINGS CORP 2,832 850,258 0.04FUJITSU GENERAL LTD 3,800 587,324 0.03GLORY LIMITED 2,400 732,596 0.03GREE INC 20,600 1,045,067 0.05GUNGHO ONLINE ENTERTAINMENT

INC 25,500 573,738 0.03HAMAMATSU PHOTONICS K.K. 4,600 1,328,332 0.06HANKYU HANSHIN HOLDINGS INC 2,500 787,304 0.03HASEKO CORP 12,336 1,506,217 0.07HEIWA CORP 5,732 897,021 0.04HINO MOTORS LTD 9,730 1,006,058 0.04HIROSE ELECTRIC CO LTD 1,300 1,523,017 0.07HITACHI HIGH-TECHNOLOGIES CORP 4,400 1,614,233 0.07HITACHI LTD 40,153 2,492,758 0.11HONDA MOTOR CO LTD 12,443 3,411,251 0.15HORIBA LIMITED 2,400 1,205,516 0.05HOYA CORP 5,339 2,130,496 0.09IIDA GROUP HOLDINGS CO LTD 8,200 1,269,733 0.06INPEX CORP 9,600 976,107 0.04ITOCHU CORP 12,415 1,902,835 0.08JAFCO CO LTD 2,910 1,288,621 0.06JAPAN AIRLINES CO LTD 4,563 1,344,785 0.06JAPAN AVIATION ELECTRONICS

INDUSTRY LTD 3,000 393,598 0.02JAPAN EXCHANGE GROUP INC 8,492 1,193,249 0.05JAPAN PETROLEUM EXPLORATION

CO LTD 6,800 1,466,625 0.06JAPAN TOBACCO INC 9,780 2,531,222 0.11JTEKT CORP 10,200 1,420,823 0.06

38

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


JXTG HOLDINGS INC 27,450 1,423,654 0.06KAKAKU.COM INC 8,500 1,163,920 0.05KAKEN PHARMACEUTICAL CO LTD 2,134 874,650 0.04KAMIGUMI COMPANY LIMITED 4,200 720,472 0.03KANEKA CORP 16,000 1,160,230 0.05KANSAI ELECTRIC POWER CO INC 7,500 727,383 0.03KAO CORP 4,408 2,388,797 0.10KDDI CORP 14,054 2,772,361 0.12KEIYO BANK LTD 22,670 847,941 0.04KEYENCE CORP 1,028 4,893,291 0.21KIRIN HOLDINGS CO LTD 4,900 955,363 0.04KISSEI PHARMACEUTICAL CO LTD 5,300 1,171,587 0.05KOEI TEMCO HOLDINGS CO LTD 7,100 1,228,116 0.05KOMATSU LTD 4,607 1,398,026 0.06KOMERI CO LTD 5,100 1,149,303 0.05KONAMI HOLDINGS CORP 4,300 1,922,634 0.08KUBOTA CORP 10,516 1,670,552 0.07KURARAY CO LTD 10,184 1,488,649 0.07KURITA WATER INDUSTRIES LTD 3,900 997,646 0.04KYOCERA CORP 2,907 1,510,381 0.07KYORIN HOLDINGS INC 5,674 844,035 0.04KYUSHU ELECTRIC POWER CO INC 13,800 1,180,666 0.05KYUSHU RAILWAY COMPANY 5,400 1,356,205 0.06LAWSON INC 2,074 1,096,753 0.05LEOPALACE21 CORP 11,300 732,775 0.03LINTEC CORP 700 156,493 0.01MAEDA ROAD CONSTRUCTION CO

LTD 7,780 1,355,215 0.06MAKITA CORP 2,200 810,269 0.04MARUBENI CORP 30,300 1,776,420 0.08MARUICHI STEEL TUBE LTD 4,400 1,034,118 0.05MATSUI SECURITIES CO LTD 26 1,928 –MEIJI HOLDINGS CO LTD 1,552 1,015,327 0.04MINEBEA MITSUMI INC 3,800 671,733 0.03MITSUBISHI CORP 7,139 1,560,202 0.07MITSUBISHI ELECTRIC CORP 9,432 1,346,622 0.06MITSUBISHI SHOKUHIN CO LTD 3,963 922,892 0.04MITSUBISHI UFJ FINANCIAL GROUP

INC 92,983 5,468,706 0.24

HoldingsMarket

value

% of net

asset value

HKD

MITSUI AND CO LTD 13,900 1,906,340 0.08MITSUI FUDOSAN CO LTD 5,498 1,125,731 0.05MIZUHO FINANCIAL GROUP INC 174,760 2,570,837 0.11MOCHIDA PHARMACEUTICAL CO

LTD 1,778 1,067,627 0.05MS&AD INSURANCE GROUP

HOLDINGS INC 6,954 1,849,138 0.08MURATA MANUFACTURING CO LTD 1,834 2,117,086 0.09NEXON CO LTD 8,306 2,157,464 0.09NGK INSULATORS LTD 8,500 1,353,339 0.06NHK SPRING CO LTD 9,491 823,569 0.04NIDEC CORP 1,200 1,500,446 0.07NIHON KOHDEN CORP 6,265 1,158,651 0.05NINTENDO CO LTD 571 1,962,680 0.09NIPPO CORP 6,802 1,218,973 0.05NIPPON KAYAKU CO LTD 9,292 1,069,297 0.05NIPPON PAPER INDUSTRIES CO LTD 7,000 1,040,280 0.05NIPPON SHOKUBAI CO LTD 2,200 1,221,710 0.05NIPPON TELEGRAPH AND

TELEPHONE CORP 5,526 2,055,444 0.09NISSAN MOTOR CO LTD 16,217 1,352,012 0.06NITTO DENKO CORP 1,600 1,143,492 0.05NOF CORP 4,800 1,007,061 0.04NOMURA HOLDINGS INC 29,246 1,482,643 0.06NTT DOCOMO INC 9,643 1,868,714 0.08OBIC BUSINESS CONSULTANTS CO

LTD 1,700 751,584 0.03OMRON CORP 2,100 1,024,731 0.04ORACLE CORP JAPAN 2,318 1,458,316 0.06ORIENTAL LAND CO LTD 2,603 1,988,268 0.09ORIX CORP 17,094 2,492,595 0.11OSG CORPORATION 3,600 713,249 0.03PANASONIC CORP 9,419 1,092,686 0.05RESONA HOLDINGS INC 37,200 1,752,065 0.08ROHM CO LTD 1,800 1,543,868 0.07ROHTO PHARMACEUTICAL CO LTD 7,100 1,497,752 0.07SANKYO CO LTD 3,200 811,702 0.04SCREEN HOLDING CO LTD 2,300 1,562,355 0.07SEGA SAMMY HOLDINGS INC 4,600 501,997 0.02SEINO HOLDINGS CO LTD 11,900 1,544,220 0.07SEKISUI HOUSE LTD 6,980 999,297 0.04SENSHU IKEDA HOLDINGS INC 32,300 969,751 0.04SEVEN AND I HOLDINGS CO LTD 5,482 1,762,146 0.08SHIGA BANK LTD 24,000 1,007,749 0.04

39

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SHIKOKU ELECTRIC POWER CO INC 10,700 944,579 0.04SHIMACHU CO LTD 4,700 1,214,078 0.05SHIMAMURA CO LTD 1,278 1,174,901 0.05SHIN ETSU CHEMICAL CO LTD 2,557 2,273,768 0.10SHIONOGI & CO LTD 2,185 945,184 0.04SKYLARK CO LTD 8,400 946,184 0.04SMC CORP 678 2,600,096 0.11SOFTBANK CORP 6,812 4,383,234 0.19SOMPO JAPAN NIPPONKOA

HOLDINGS INC 2,600 813,394 0.04SONY CORP 7,193 2,684,776 0.12SONY FINANCIAL HOLDINGS INC 6,100 871,563 0.04SQUARE ENIX HOLDINGS CO LTD 4,700 1,675,462 0.07START TODAY CO LTD 5,900 1,354,951 0.06SUBARU CORP 6,883 1,784,391 0.08SUMITOMO CORP 9,900 1,332,925 0.06SUMITOMO FORESTRY CO LTD 9,374 1,259,418 0.06SUMITOMO HEAVY INDUSTRIES LTD 4,300 1,532,869 0.07SUMITOMO MITSUI FINANCIAL

GROUP INC 9,693 3,388,002 0.15SUMITOMO OSAKA CEMENT CO LTD 29,000 1,068,082 0.05SUMITOMO REALTY &

DEVELOPMENT CO LTD 2,934 880,041 0.04SUMITOMO RUBBER INDUSTRIES

LTD 8,992 1,364,020 0.06T & D HOLDINGS INC 5,100 710,046 0.03TADANO LTD 10,700 1,459,803 0.06TAIYO YUDEN CO LTD 5,000 658,505 0.03TAKEDA PHARMACEUTICAL CO LTD 6,438 2,959,316 0.13TDK CORP 2,900 2,088,371 0.09TEIJIN LTD 6,800 1,174,762 0.05THE 77 BANK LTD 7,169 1,466,075 0.06THE AWA BANK LTD 19,846 985,485 0.04THE SURUGA BANK LTD 4,712 743,475 0.03TODA CORP 18,000 1,106,633 0.05TOHOKU ELECTRIC POWER CO INC 12,700 1,280,388 0.06TOKIO MARINE HOLDINGS INC 6,867 2,529,145 0.11TOKYO ELECTRIC POWER CO INC 19,450 616,007 0.03TOKYO ELECTRON LTD 1,547 2,267,982 0.10

HoldingsMarket

value

% of net

asset value

HKD

TOPPAN FORMS CO LTD 8,300 730,926 0.03TOSOH CORP 3,000 537,409 0.02TOYO SUISAN KAISHA LTD 4,081 1,293,968 0.06TOYOBO CO LTD 7,600 1,131,081 0.05TOYOTA BOSHOKU CORPORATION 3,700 618,529 0.03TOYOTA MOTOR CORP 20,230 10,842,792 0.48TS TECH CO LTD 4,300 1,437,354 0.06ULVAC INC 1,400 731,306 0.03WEST JAPAN RAILWAY CO 2,605 1,526,133 0.07YAMAGUCHI FINANCIAL GROUP INC 11,000 1,007,319 0.04YAMATO KOGYO CO LTD 5,600 1,253,954 0.06ZENKOKU HOSHO CO LTD 3,694 1,349,928 0.06ZENSHO HOLDINGS CO LTD 7,900 1,081,195 0.05ZEON CORP 11,302 1,328,947 0.06

269,635,789 11.82

MalaysiaALLIANCE BANK MALAYSIA BHD 90,000 781,995 0.04AMMB HOLDINGS BHD 21,384 206,828 0.01BRITISH AMERICAN TOBACCO

(MALAYSIA) BHD 11,900 816,192 0.04DIGI.COM BHD 58,600 582,071 0.03HONG LEONG FINANCIAL GROUP

BHD 26,900 1,001,852 0.04MAXIS BHD 78,356 955,981 0.04MISC BHD 76,300 1,155,966 0.05PETRONAS CHEMICALS GROUP BHD 43,200 705,637 0.03PUBLIC BANK BHD 27,000 1,190,871 0.05TENAGA NASIONAL BHD 52,896 1,674,955 0.07WESTPORTS HOLDINGS BHD 42,300 297,086 0.01

9,369,434 0.41

Netherlands AEGON NV 22,542 1,209,775 0.05AERCAP HOLDINGS NV 2,526 1,068,853 0.05AIRBUS SE 1,419 1,278,917 0.05AKZO NOBEL NV 1,380 1,014,107 0.04ASML HOLDING NV 1,550 2,464,734 0.11ASR NEDERLAND NV 2,138 733,278 0.03HEINEKEN NV 2,013 1,776,226 0.08

40

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


ING GROEP NV 14,769 2,277,981 0.10KONINKLIJKE AHOLD DELHAIZE N

ORD 6,132 1,073,664 0.05KONINKLIJKE PHILIPS NV 4,261 1,364,260 0.06KONINKLIJKE VOPAK 2,010 712,683 0.03NXP SEMICONDUCTORS 874 822,501 0.04UNILEVER NV 7,546 3,429,940 0.15WOLTERS KLUWER NV 1,609 668,328 0.03YANDEX N V SHS CLASS A 3,699 1,120,519 0.05

21,015,766 0.92

New ZealandAIR NEW ZEALAND LTD 34,979 623,643 0.03FISHER & PAYKEL HEALTHCARE 18,426 1,423,934 0.06SKY CITY ENTERTAINMENT GROUP

LTD 31,899 766,307 0.03

2,813,884 0.12

NorwayDNB ASA 10,727 1,709,426 0.08MARINE HARVEST ASA 7,365 1,001,444 0.04STATOIL ASA 9,829 1,802,674 0.08YARA INTERNATIONAL ASA 4,163 1,571,557 0.07

6,085,101 0.27

PhilippinesGT CAPITAL HOLDING INC 5,295 1,085,821 0.05MEGAWORLD CORP 998,700 753,720 0.03METROPOLITAN BANK AND TRUST

CO 63,510 963,463 0.04

2,803,004 0.12

HoldingsMarket

value

% of net

asset value

HKD

PolandBANK HANDLOWY W WARSZAWIE

SA 4,250 844,945 0.04

PortugalEDP – ENERGIAS DE PORTUGAL SA 47,167 1,300,138 0.06

Russian Federation GAZPROM PJSC 88,160 1,756,867 0.08MAGNITOGORSK IRON & STEEL


RUSSIA 57,210 2,103,473 0.09PUBLIC JOINT STOCK COMPANY

ALROSA 102,600 1,162,370 0.05SURGUTNEFTEGAS 173,900 694,745 0.03TRANSNEFT PJSC PREFERENCE

SHARES 50 1,251,071 0.06

7,968,367 0.35

SingaporeBOC AVIATION LTD 26,300 1,209,800 0.05CAPITALAND LTD 37,300 855,700 0.04DBS GROUP HOLDINGS LTD 13,604 2,145,615 0.09HONG KONG LAND HOLDINGS LTD 61,836 3,482,260 0.15JARDINE MATHESON HOLDINGS LTD 8,578 4,259,025 0.19JARDINE STRATEGIC HOLDINGS LTD 9,335 2,905,927 0.13KEPPEL CORP LTD 21,000 1,087,726 0.05OVERSEA-CHINESE BANKING CORP

LTD 33,040 2,552,230 0.11SIA ENGINEERING CO LTD 40,900 816,115 0.03SINGAPORE EXCHANGE LTD 27,500 1,347,187 0.06SINGAPORE TELECOMMUNICATIONS

LTD 51,665 1,092,650 0.05UNITED OVERSEAS BANK LTD 11,396 1,867,495 0.08VENTURE CORPORATION LTD 9,600 1,322,549 0.06WING TAI HOLDINGS LTD 8 116 –

24,944,395 1.09

41

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


South KoreaBGF CO LTD 5,982 672,561 0.03CELLTRION INC 676 1,563,142 0.07DB INSURANCE CO LTD 1,297 687,790 0.03DGB FINANCIAL GROUP INC 15,080 1,369,620 0.06HANKOOK TIRE CO LTD 2,559 1,002,769 0.04HANWHA CHEMICAL CORP 3,774 973,020 0.04HYOSUNG CORP 1,294 1,279,514 0.06HYUNDAI GLOVIS CO LTD 779 795,955 0.04HYUNDAI HEAVY INDUSTRIES CO

LTD 1,049 1,067,990 0.05HYUNDAI MIPO DOCKYARD CO LTD 1,566 1,278,921 0.06HYUNDAI MOBIS 886 1,606,149 0.07HYUNDAI MOTOR CO LTD 958 1,136,731 0.05HYUNDAI STEEL CO 2,624 1,095,508 0.05INDUSTRIAL BANK OF KOREA 9,547 1,164,282 0.05KANGWON LAND INC 4,021 955,709 0.04KB FINANCIAL GROUP INC 4,815 2,373,495 0.10KIA MOTORS CORP 5,424 1,376,575 0.06KOREA ELECTRIC POWER CORP 2,642 691,808 0.03LG DISPLAY CO LTD 4,978 1,174,053 0.05LG ELECTRONICS INC 1,191 894,155 0.04LG ELECTRONICS INC PREFERENCE

SHARES 4,274 1,349,239 0.06LG HAUSYS LTD 1,079 723,135 0.03LOTTE CHEMICAL CORP 466 1,433,548 0.06LOTTE CHILSUNG BEVERAGE

COMPANY LTD 72 799,482 0.04LS CORP 1,462 845,963 0.04NAVER CORP 256 1,706,312 0.08NH INVESTMENT & SECURITIES CO

LTD 10,611 1,305,698 0.06NHN ENTERTAINMENT CORP 1,970 1,193,298 0.05NONGSHIM CO LTD 317 751,122 0.03POSCO DAEWOO CORP 631 111,384 0.01SAMSUNG ELECTRONIC CO LTD

PREFERENCE SHARES 146 2,255,311 0.10SAMSUNG ELECTRONICS CO LTD 819 14,966,887 0.66SAMSUNG FIRE & MARINE

INSURANCE PREFERENCE SHARES 22 30,777 –

HoldingsMarket

value

% of net

asset value

HKD

SAMSUNG SECURITIES CO LTD 2,357 751,839 0.03SK HOLDINGS CO LTD 438 1,021,787 0.04SK HYNIX INC 4,399 2,368,200 0.10SK INNOVATION CO LTD 650 973,607 0.04WOORI BANK CO LTD 12,755 1,574,191 0.07YUHAN CORP 315 537,581 0.02

57,859,108 2.54

SpainACCIONA SA 1,606 1,141,378 0.05AMADEUS IT HOLDING SA A SHARES 2,212 1,346,618 0.06BANCO BILBAO VIZCAYA

ARGENTARIA SA 29,501 2,175,385 0.09BANCO SANTANDER SA 77,392 4,511,627 0.20CAIXABANK 19,144 810,850 0.03CORPORACION FINANCIERA ALBA

SA 2,149 1,053,228 0.05ENDESA SA 5,905 1,041,398 0.05GRIFOLS SA PREFERENCE SHARES 5,256 1,020,147 0.04IBERDROLA SA 27,114 1,732,540 0.08MEDIASET ESPANA COMMUNICACION 6,850 607,899 0.03REPSOL SA 12,201 1,801,646 0.08TELEFONICA SA 15,270 1,227,917 0.05ZARDOYA OTIS SA 12,771 1,144,803 0.05

19,615,436 0.86

SwedenALFA-LAVAL AB 8,498 1,749,146 0.08ARJO AB 7,310 187,804 0.01ATLAS COPCO AB A SHARES 5,560 2,045,775 0.09ELECTROLUX AB SERIES B 5,728 1,586,824 0.07GETINGE AB 7,311 785,538 0.03HENNES & MAURITZ AB B SHARES 6,599 915,636 0.04HUSQVARNA AB B SHARES 12,500 1,023,425 0.04ICA GRUPPEN AB 3,367 1,032,002 0.05INDUSTRIVARDEN A SHARES 3,597 795,174 0.03INVESTOR AB B SHARES 4,035 1,547,340 0.07NORDEA BANK AB 14,564 1,410,244 0.06SKANDINAVISKA ENSKILDA

BANKEN-A 14,224 1,409,899 0.06

42

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SKF AB B SHARES 8,291 1,607,878 0.07SVENSKA CELLULOSA AB SCA-B 16,219 1,316,933 0.06SWEDBANK AB – A SHS ORD NPV 5,402 1,083,385 0.05SWEDBANK AB A SHARES 3,711 1,179,567 0.05TELEFONAKTIEBOLAGET LM

ERICSSON 15,433 777,624 0.03TELIA CO AB 18,896 744,192 0.03TRELLEBORG AB B SHARES 3,982 833,891 0.04VOLVO AB 7,851 1,257,520 0.06

23,289,797 1.02

SwitzerlandABB LTD 4,615 1,007,628 0.04ADECCO GROUP AG 876 564,578 0.02BALOISE HOLDING AG 1,084 1,389,058 0.06CIE FINANCIERE RICHEMONT 1,921 1,443,668 0.06CREDIT SUISSE GROUP AG 12,426 1,877,711 0.08FLUGHAFEN ZUERICH AG 580 1,157,534 0.05GARMIN LTD 1,673 823,588 0.04GEBERIT AG 415 1,539,848 0.07GIVAUDAN 61 1,149,659 0.05KUEHNE + NAGEL INTERNATIONAL

AG 1,023 1,470,987 0.06LAFARGEHOLCIM LTD 2,368 1,135,658 0.05LONZA GROUP AG 1,035 2,254,569 0.10NESTLE SA 15,038 10,175,255 0.45NOVARTIS AG 10,822 7,666,741 0.34ROCHE HOLDINGS AG 3,148 6,077,346 0.27SIKA AG 34 2,307,143 0.10SULZER AG 1,130 1,258,802 0.06SWISS LIFE HOLDING AG 514 1,511,477 0.07SWISS RE AG 2,663 2,056,861 0.09SWISSCOM AG 276 1,180,608 0.05UBS GROUP AG 14,773 2,349,209 0.10ZURICH INSURANCE GROUP AG 955 2,457,955 0.11

52,855,883 2.32

HoldingsMarket

value

% of net

asset value

HKD


ENGINEERING INC 70,000 777,704 0.03AU OPTRONICS CORP 353,000 1,316,756 0.06CHENG UEI PRECISION INDUSTRY

CO LTD 59,000 727,534 0.03CHINA LIFE INSURANCE CO LTD 82,540 664,510 0.03CHINA MOTOR CORPORATION 8,000 57,214 –CTBC FINANCIAL HOLDING CO LTD 309,660 1,770,029 0.08E.SUN FINANCIAL HOLDING

COMPANY LTD 263,198 1,356,125 0.06ETERNAL MATERIALS CO LTD 107,018 887,424 0.04FAR EASTONE

TELECOMMUNICATIONS CO LTD 59,000 1,203,321 0.05FENG HSIN STEEL CO LTD 44,864 721,175 0.03FORMOSA CHEMICALS & FIBER

CORP 48,351 1,414,320 0.06HON HAI PRECISION IND CO LTD 127,480 3,154,196 0.14INNOLUX CORPORATION 354,000 1,306,236 0.06MEGA FINANCIAL HOLDING CO LTD 98,000 665,369 0.03NAN YA PLASTICS CORP 49,867 1,071,918 0.05NOVATEK MICROELECTRONICS

CORP 35,000 1,150,588 0.05SINOPAC FINANCIAL HOLDINGS CO

LTD 469,465 1,266,150 0.05TAIWAN BUSINESS BANK 309,310 717,172 0.03TAIWAN SEMICONDUCTOR MFG. CO

LTD 201,995 13,822,817 0.61TRANSCEND INFORMATION INC 30,000 678,679 0.03UNIMICRON TECHNOLOGY CORP 231,000 1,314,206 0.06VANGUARD INTERNATIONAL

SEMICONDUCTOR CORP 41,000 723,978 0.03YULON NISSAN MOTOR CO LTD 12,000 851,771 0.04

37,619,192 1.65

ThailandBANGKOK BANK PCL (FOREIGN REG) 27,293 1,513,107 0.07BANGKOK LIFE ASSURANCE


REG) 54,400 1,083,416 0.05DELTA ELECTRONICS THAI PCL

(FOREIGN REG) 76,554 1,472,055 0.06

43

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


INDORAMA VENTURES PCL (FOREIGN REG) 114,300 1,598,453 0.07

KASIKORNBANK PCL (FOREIGN REG) 26,643 1,536,953 0.07PTT PCL (FOREIGN REG) 17,499 2,132,547 0.09

10,318,852 0.45

TurkeyARCELIK A.S. 14,257 566,559 0.02FORD OTOMOTIV SANAYI 11,928 1,492,151 0.07TURKIYE SINAI KALKINMA BANKASI 223,517 754,953 0.03TURKIYE VAKIFLAR BANKASI T.A.O.

CLASS D 80,383 1,261,982 0.06

4,075,645 0.18

United Kingdom3I GROUP PLC 15,659 1,622,193 0.07AGGREKO PLC 13,025 1,168,525 0.05ANGLO AMERICAN PLC 12,692 2,411,974 0.11ASHMORE GROUP PLC 13,406 641,761 0.03ASHTEAD GROUP PLC 5,535 1,295,901 0.06ASTRAZENECA PLC 6,245 3,394,161 0.15AUTO TRADER GROUP PLC 31,035 1,243,017 0.05AVIVA PLC 23,390 1,335,116 0.06BAE SYSTEMS PLC 15,590 1,029,994 0.04BARCLAYS PLC 44,483 989,227 0.04BARRATT DEVELOPMENTS PLC 18,548 1,207,268 0.05BELLWAY PLC 3,867 1,428,385 0.06BERKELEY GROUP HOLDINGS PLC 2,447 1,079,416 0.05BHP BILLITON PLC 10,395 1,808,270 0.08BOOKER GROUP PLC 55,515 1,399,176 0.06BP PLC 95,086 5,299,600 0.23BRITISH AMERICAN TOBACCO PLC 11,300 6,056,720 0.27BT GROUP PLC 41,519 1,179,655 0.05CENTRICA PLC 59,504 883,216 0.04

HoldingsMarket

value

% of net

asset value

HKD

COCA-COLA EUROPEAN PARTNERS PLC 3,384 1,062,946 0.05

COMPASS GROUP PLC 8,100 1,335,617 0.06DIAGEO PLC 10,099 2,844,657 0.12DIRECT LINE INSURANCE GROUP

PLC 32,390 1,330,431 0.06EASYJET PLC 3,620 668,373 0.03EXPERIAN PLC 5,550 1,001,875 0.04FERGUSON PLC 1,592 962,553 0.04GLAXOSMITHKLINE PLC 22,085 3,243,434 0.14GLENCORE PLC 51,468 2,310,991 0.10HALMA PLC 10,490 1,489,939 0.07HIKMA PHARMACEUTICALS PLC 9,814 1,055,540 0.05HOWDEN JOINERY GROUP PLC 22,050 1,138,700 0.05HSBC HOLDINGS PLC 79,169 6,613,861 0.29IMI PLC 6,750 997,771 0.04IMPERIAL TOBACCO GROUP PLC 4,053 1,306,628 0.06INTERCONTINENTAL HOTELS GROUP

PLC 3,257 1,706,967 0.07INTERNATIONAL CONSOLIDATED

AIRLINES GROUP SA 15,378 1,095,009 0.05JOHNSON MATTHEY PLC 3,530 1,358,479 0.06LEGAL & GENERAL GROUP PLC 61,415 1,848,436 0.08LLOYDS BANKING GROUP PLC 347,204 2,684,319 0.12LONDON STOCK EXCHANGE GROUP

PLC 1,899 829,446 0.04MEGGITT PLC 22,448 1,159,004 0.05MONDI PLC 73 15,240 –NATIONAL GRID PLC 16,467 1,473,841 0.06OLD MUTUAL PLC 66,615 1,732,282 0.08PERSIMMON PLC 4,892 1,361,369 0.06POLYMETAL INTERNATIONAL PLC 11,012 1,010,712 0.04PRUDENTIAL PLC 8,587 1,820,399 0.08RECKITT BENCKISER GROUP PLC 2,436 1,843,232 0.08RELX PLC 5,782 1,001,954 0.04RIGHTMOVE PLC 2,268 1,113,215 0.05RIO TINTO PLC 8,469 3,694,383 0.16ROYAL DUTCH SHELL PLC A SHARES 17,026 4,663,275 0.20ROYAL DUTCH SHELL PLC B SHARES 17,912 4,972,683 0.22ROYAL MAIL PLC 19,690 1,028,214 0.05SAGE GROUP PLC 15,148 1,262,279 0.06SHIRE PLC 3,727 1,379,366 0.06SKY PLC 7,268 856,077 0.04SMITH & NEPHEW PLC 9,868 1,392,813 0.06

44

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SSE PLC 6,803 987,067 0.04ST JAMES’S PLACE PLC 7,162 946,751 0.04STANDARD CHARTERED PLC 8,840 805,854 0.04STANDARD LIFE ABERDEEN PLC 14,278 675,724 0.03TAYLOR WIMPEY PLC 58,048 1,230,587 0.05TRAVIS PERKINS PLC 6,949 1,128,824 0.05UNILEVER PLC 4,470 1,988,702 0.09VODAFONE GROUP PLC 108,446 2,709,103 0.12WILLIAM HILL PLC 26,885 926,988 0.04

115,539,485 5.06

United States of America3M CO 681 1,334,265 0.06ABBOTT LABORATORIES 4,457 2,166,910 0.09ABBVIE INC 3,261 2,862,255 0.13ACCENTURE PLC CLASS A 1,269 1,595,015 0.07ACTIVISION BLIZZARD INC COM 1,710 991,465 0.04ADOBE SYS INC 406 634,340 0.03AETNA INC 1,430 2,089,521 0.09AFFILIATED MANAGERS GROUP INC 596 930,592 0.04AFLAC INC 2,293 1,581,830 0.07AGNC INVESTMENT CORP 6,043 888,110 0.04AIR PRODUCTS & CHEMICALS INC 1,157 1,523,650 0.07ALASKA AIR GROUP INC 1,053 541,351 0.02ALLEGHANY CORP 141 692,243 0.03ALLERGAN PLC 712 1,003,845 0.04ALLSTATE CORP 1,333 1,029,775 0.04ALLY FINANCIAL INC 7,019 1,634,336 0.07ALPHABET INC 1,121 10,311,064 0.45ALTRIA GROUP INC 4,932 2,713,393 0.12AMAZON.COM INC 795 9,021,711 0.40AMDOCS LTD 2,078 1,111,703 0.05AMEREN CORP 2,580 1,142,756 0.05AMERICAN AIRLINES GROUP INC 2,661 1,130,556 0.05AMERICAN ELECTRIC POWER CO

INC 1,402 754,219 0.03AMERICAN EXPRESS CO 2,632 2,046,254 0.09AMGEN INC 1,629 2,370,490 0.10

HoldingsMarket

value

% of net

asset value

HKD

ANDEAVOR 1,249 1,056,614 0.05ANSYS INC 1,014 1,282,038 0.06ANTERO RESOURCES

CORPORATION 6,914 1,050,726 0.05APPLE INC 10,313 13,505,341 0.59APPLIED MATERIALS INC 2,541 1,065,859 0.05ARROW ELECTRONICS INC 1,497 952,387 0.04ASHLAND GLOBAL HOLDINGS INC 1,269 720,486 0.03ASSURANT INC 956 684,024 0.03AT&T INC 8,632 2,528,428 0.11AUTOLIV INC 1,168 1,390,507 0.06AUTOMATIC DATA PROCESSING INC 936 905,080 0.04AVANGRID INC 2,649 1,009,431 0.04AVNET INC 2,576 856,292 0.04AXIS CAPITAL HOLDINGS LTD 1,362 538,287 0.02BANK OF AMERICA CORP 11,104 2,779,180 0.12BARRICK GOLD CORP 10,701 1,206,835 0.05BAXTER INTL INC 2,896 1,631,546 0.07BB&T CORP 2,230 962,615 0.04BECTON DICKINSON & CO 678 1,288,297 0.06BED BATH & BEYOND INC 3,352 605,100 0.03BERKSHIRE HATHAWAY INC CLASS A 2 5,058,524 0.22BERKSHIRE HATHAWAY INC CLASS B 1,763 2,956,132 0.13BIOGEN INC 740 2,013,080 0.09BIOVERATIV INC 1,970 1,587,975 0.07BLACKROCK INC 263 1,155,646 0.05BOEING CO 980 2,716,254 0.12BRISTOL MYERS SQUIBB CO 3,198 1,565,814 0.07BROADCOM LTD 577 1,119,354 0.05BROWN & BROWN INC 1,609 660,446 0.03CA INC 3,906 1,095,238 0.05CAMPBELL SOUP CO 1,276 464,577 0.02CAPITAL ONE FINANCIAL CORP 1,309 1,064,371 0.05CELGENE CORP 1,445 1,143,310 0.05CENTERPOINT ENERGY INC 4,821 1,062,589 0.05CHECK POINT SOFTWARE

TECHNOLOGIES LTD 1,442 1,166,313 0.05CHEVRON CORP 3,763 3,689,316 0.16CHUBB LTD 956 1,167,581 0.05CIGNA CORP 518 844,132 0.04CISCO SYSTEMS INC 6,945 2,256,452 0.10CIT GROUP INC 2,772 1,099,013 0.05CITIGROUP INC 3,718 2,282,210 0.10CITRIX SYS INC 1,689 1,225,399 0.05CNA FINANCIAL CORP 2,611 1,106,045 0.05

45

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


COCA COLA CO 7,207 2,682,610 0.12COGNIZANT TECHNOLOGY

SOLUTIONS 1,305 795,941 0.03COLGATE PALMOLIVE CO 1,759 1,021,389 0.04COMCAST CORP CLASS A 6,084 2,023,820 0.09COOPER COS INC 614 1,174,996 0.05CORNING INC 5,537 1,352,056 0.06COSTCO WHOLESALE CORP 495 754,462 0.03CUMMINS INC 894 1,314,567 0.06D R HORTON INC 2,588 992,866 0.04DANAHER CORP 1,300 1,029,803 0.04DARDEN RESTAURANTS INC 1,787 1,339,689 0.06DELTA AIR LINES INC 2,368 1,051,448 0.05DENTSPLY SIRONA INC 2,195 1,043,991 0.05DISCOVERY COMMUNICATIONS INC

CLASS C 502 93,683 –DOWDUPONT INC 2,977 1,759,839 0.08DR PEPPER SNAPPLE GROUP INC 1,484 1,385,299 0.06DST SYSTEMS INC 1,085 707,501 0.03DXC TECHNOLOGY CO 902 702,320 0.03EASTMAN CHEM CO 1,554 1,205,487 0.05EBAY INC 5,123 1,626,012 0.07EDGEWELL PERSONAL CARE CO 1,983 875,691 0.04ELECTRONIC ARTS INC 1,778 1,765,574 0.08EMERSON ELEC CO 1,585 895,435 0.04EVEREST RE GROUP LTD 383 688,392 0.03EXELON CORP 4,823 1,452,707 0.06EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 2,028 1,030,230 0.05EXXON MOBIL CORP 7,912 5,402,413 0.24F5 NETWORKS INC 1,035 1,170,080 0.05FACEBOOK INC CLASS A 4,491 6,564,723 0.29FASTENAL CO 2,842 1,221,682 0.05FEDEX CORP 543 1,114,765 0.05FLEX LTD 9,474 1,334,549 0.06FNF GROUP 3,733 1,138,118 0.05FORTIVE CORP 2,323 1,381,225 0.06FRANKLIN RESOURCES INC 2,738 908,216 0.04GAP INC 6,030 1,567,710 0.07

HoldingsMarket

value

% of net

asset value

HKD

GENERAL ELECTRIC CO 11,873 1,501,612 0.07GENERAL MILLS INC 1,421 650,074 0.03GENERAL MOTORS CO 5,306 1,760,041 0.08GENTEX CORP 6,368 1,179,430 0.05GENUINE PARTS CO 1,494 1,216,084 0.05GGP INC 1,012 182,290 0.01GILEAD SCIENCES INC 4,306 2,822,314 0.12GOODYEAR TIRE & RUBR CO 4,023 1,095,635 0.05H&R BLOCK INC 4,160 863,538 0.04HARLEY DAVIDSON INC 2,807 1,063,930 0.05HARTFORD FINANCIAL SERVICES

GROUP INC 3,497 1,607,181 0.07HELMERICH & PAYNE INC 2,148 1,210,138 0.05HERBALIFE LTD 636 412,829 0.02HOLOGIC INC 3,379 1,128,505 0.05ILLINOIS TOOL WORKS INC 1,015 1,378,727 0.06INGERSOLL-RAND PLC 1,784 1,320,417 0.06INGREDION INC 1,003 1,126,844 0.05INTEL CORP 11,804 4,444,496 0.19INTERNATIONAL BUSINESS

MACHINES CORP 1,366 1,748,987 0.08INTERNATIONAL FLAVORS &

FRAGRANCE INC 502 590,133 0.03INTUIT INC 533 699,947 0.03INTUITIVE SURGICAL INC 593 2,002,137 0.09J.B. HUNT TRANSPORT SERVICES

INC 1,371 1,295,685 0.06JABIL INC 4,230 841,345 0.04JAZZ PHARMACEUTICALS PLC 1,052 1,199,173 0.05JOHNSON & JOHNSON 5,003 5,407,473 0.24JPMORGAN CHASE & CO 6,929 6,268,716 0.27JUNIPER NETWORKS INC 4,156 850,031 0.04KEYSIGHT TECHNOLOGIES INC 2,852 1,042,173 0.05KINDER MORGAN INC 4,660 655,334 0.03KLA-TENCOR CORP 994 853,642 0.04LAM RESEARCH CORP 1,262 1,890,431 0.08LEGGETT & PLATT INC 2,533 921,444 0.04LIBERTY GLOBAL PLC SERIES C 1,284 359,128 0.02LKQ CORP 2,549 837,947 0.04LOEWS CORP 1,637 661,312 0.03LOWE’S COS INC 1,222 1,000,990 0.04LYONDELLBASELL INDUSTRIES NV

CLASS A 1,544 1,447,226 0.06MALLINCKRODT PLC 2,482 350,596 0.02

46

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


MARATHON PETROLEUM CORP 2,938 1,591,784 0.07MARRIOTT INTERNATIONAL INC

CLASS A 1,614 1,859,994 0.08MARVELL TECHNOLOGY GROUP LTD 10,606 1,935,324 0.08MASTERCARD INC CLASS A 1,812 2,395,147 0.10MAXIM INTEGRATED PRODS INC 3,300 1,574,458 0.07MCDONALD’S CORP 1,707 2,284,927 0.10MEDTRONIC PLC 2,443 1,641,169 0.07MERCK & CO INC 5,140 2,381,984 0.10METLIFE INC 2,085 783,912 0.03METTLER-TOLEDO INTERNATIONAL 237 1,251,718 0.05MICHAEL KORS HOLDINGS LTD 2,903 1,498,574 0.07MICRON TECHNOLOGY INC 2,451 838,129 0.04MICROSOFT CORP 14,291 10,619,870 0.47MONSANTO CO 1,010 962,179 0.04MOODY’S CORP 1,108 1,402,099 0.06MOSAIC CO 3,504 748,194 0.03MURPHY OIL CORP 3,223 809,194 0.04NEWELL BRANDS INC 4,754 983,123 0.04NORFOLK SOUTHERN CORP 702 828,430 0.04NORTHROP GRUMMAN CORP 407 1,084,019 0.05NVR INC 42 1,044,032 0.05OCCIDENTAL PETROLEUM CORP 1,811 1,061,924 0.05OLD REPUBLIC INTERNATIONAL

CORP 4,460 749,650 0.03ORACLE CORP 5,277 2,129,315 0.09PAYCHEX INC COM 2,406 1,284,356 0.06PAYPAL HOLDINGS INC 2,253 1,503,486 0.07PEPSICO INC 2,412 2,269,500 0.10PFIZER INC 11,479 3,325,541 0.15PG&E CORP 3,842 1,275,022 0.06PHILIP MORRIS INTERNATIONAL INC 2,428 2,036,349 0.09PHILLIPS 66 2,106 1,686,730 0.07PINNACLE WEST CAPITAL CORP 1,417 886,085 0.04PPL CORP 3,102 773,234 0.03PRAXAIR INC 725 915,737 0.04PRICELINE.COM INC 85 1,271,175 0.06PROCTER & GAMBLE CO 3,639 2,457,431 0.11PRUDENTIAL FINANCIAL INC 1,039 965,589 0.04

HoldingsMarket

value

% of net

asset value

HKD

PULTEGROUP INC 6,060 1,508,678 0.07QIAGEN NV 5,279 1,385,694 0.06QORVO INC 2,220 1,246,187 0.05QUALCOMM INC 1,888 1,007,841 0.04RAYTHEON CO 659 1,076,947 0.05RENAISSANCERE HOLDINGS LTD 921 915,860 0.04ROBERT HALF INTERNATIONAL INC 1,790 810,343 0.04ROCKWELL COLLINS INC 1,298 1,405,984 0.06ROSS STORES INC 2,427 1,563,981 0.07S&P GLOBAL INC 495 701,150 0.03SAFEWAY PDC LLC CVR (Casa Ley) 2,856 – –SALESFORCE COM INC 776 691,371 0.03SANTANDER CONSUMER USA

HOLDINGS INC 10,974 1,480,612 0.06SCANA CORP 2,404 764,144 0.03SCHLUMBERGER LTD 1,985 1,142,372 0.05SKYWORKS SOLUTIONS INC 1,833 1,393,672 0.06SNAP-ON INC 842 1,128,190 0.05SOUTHERN CO 3,340 1,178,438 0.05SOUTHWEST AIRLS CO 2,015 958,221 0.04STANLEY BLACK & DECKER INC 809 1,051,829 0.05STARBUCKS CORP 3,587 1,593,835 0.07STRYKER CORP 1,367 1,757,538 0.08SUNTRUST BANKS INC 1,235 682,926 0.03SYMANTEC CORP 3,049 649,370 0.03SYNCHRONY FINANCIAL 5,354 1,661,641 0.07TE CONNECTIVITY LTD 2,230 1,788,311 0.08TECHNIPFMC LTD 6,366 1,612,717 0.07TEXAS INSTRUMENTS INC 2,826 2,424,082 0.11THE HOME DEPOT INC 2,263 3,555,918 0.16THE PRINCIPAL FINANCIAL GROUP 1,292 683,119 0.03THE PROGRESSIVE CORP 4,089 1,730,221 0.08THE TRAVELERS COS INC 1,425 1,670,943 0.07THE WALT DISNEY CO 2,621 2,227,737 0.10THERMO FISHER SCIENTIFIC INC 843 1,477,665 0.06THOMSON REUTERS CORP 3,004 1,019,418 0.04TIFFANY & CO 1,921 1,602,417 0.07TIME WARNER INC 1,653 1,232,767 0.05TJX COS INC 2,414 1,516,520 0.07TOLL BROTHERS INC 2,754 1,003,346 0.04TORCHMARK CORP 1,087 772,399 0.03TWENTY-FIRST CENTURY FOX INC

CLASS B 1,091 311,377 0.01U.S. BANCORP 3,244 1,449,801 0.06

47

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


UNION PACIFIC CORP 1,688 1,762,548 0.08UNITED CONTINENTAL HOLDINGS

INC 1,505 798,328 0.03UNITED PARCEL SERVICE INC CLASS B 1,418 1,412,083 0.06UNITEDHEALTH GROUP INC 1,366 2,529,781 0.11UNIVERSAL HEALTH SERVICES INC

CLASS B 1,070 1,016,828 0.04VALERO ENERGY CORP 2,584 1,939,614 0.08VARIAN MEDICAL SYSTEMS INC 1,191 1,187,707 0.05VERISIGN INC 1,477 1,327,588 0.06VERIZON COMMUNICATIONS INC 7,926 3,351,951 0.15VISA INC CLASS A 3,477 3,378,457 0.15W. W. GRAINGER INC 366 771,942 0.03W.R. BERKLEY CORP 1,937 1,105,658 0.05WALGREEN BOOTS ALLIANCE INC 1,805 1,062,499 0.05WAL-MART STORES INC 2,691 2,243,666 0.10WATERS CORP 727 1,226,000 0.05WELLS FARGO & CO 8,315 4,278,026 0.19WESTERN UNION CO 6,126 996,136 0.04WYNDHAM WORLDWIDE CORP 1,812 1,759,228 0.08XILINX INC 2,595 1,482,062 0.06XL GROUP LTD 2,285 658,405 0.03YUM BRANDS INC 1,276 844,223 0.04YUM CHINA HOLDINGS INC 3,318 1,203,893 0.05ZIMMER BIOMET HOLDINGS INC 1,007 1,001,223 0.04

389,360,529 17.06

Equities (Total) 2,057,127,509 90.15

Unit trustsListed investments

AMERICAN TOWER CORP 1,179 1,362,014 0.06DUKE REALTY CORP 5,213 1,076,821 0.05HOSPITALITY PROPERTIES TRUST 4,094 909,717 0.04

HoldingsMarket

value

% of net

asset value

HKD

IRON MOUNTAIN INC 3,012 825,244 0.04KIMCO REALTY CORP 5,296 659,030 0.03LINK REIT 81,047 5,608,453 0.24PUBLIC STORAGE 743 1,137,627 0.05SIMON PROPERTY GROUP INC 804 1,027,343 0.04WEYERHAEUSER CO 3,754 1,102,239 0.05

13,708,488 0.60

Unit trustsUnlisted but quoted investments

HSBC GLOBAL INVESTMENT FUNDS – HSBC INVESTMENT FUNDS LUXEMBOURG SA 490,190 44,351,717 1.95

HSBC INDEX TRACKER INVESTMENT FUND – EUROPEAN INDEX FUND CLASS INSTITUTIONAL ACCUMULATION 210,983 22,664,039 0.99

HSBC INDEX TRACKER INVESTMENT FUND – JAPAN INDEX FUND CLASS INSTITUTIONAL ACCUMULATION 3,043,726 44,077,676 1.93

HSBC POOLED INVESTMENT FUND – HSBC POOLED WORLD BOND (UNHEDGED) CLASS W 3,390,534 47,285,398 2.07

158,378,830 6.94


RightsAGILE GROUP-PREFERENCE OFFER

RTS (2018) 2,846 – –HYUNDAI HEAVY IND RTS

(09MAR2018) 185 – –IBERDROLA SA RTS (2018) 4 – –UNICREDIT SPA RTS (21FEB2018) 5,792 225 –IBERDROLA SA RTS (JAN 2017) 2 225 –

48

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Stapled Securities

AustraliaAPA GROUP STAPLED SECURITY 13,129 670,201 0.03MACQUARIE ATLAS ROADS GROUP 24,792 901,284 0.04

1,571,485 0.07

Derivative assets

Foreign currency forward contracts 563,776 0.02

Total financial assets 2,231,350,313 97.78





Total investments (Total cost of investments: $1,668,948,430) 2,228,956,443 97.68


Total net assets 2,281,923,336 100.00

49


HSBC Managed Growth Fundfor the period from 1 August 2017 to 31 January 2018

% ofnet asset


% ofnet asset

value31 July 2017

Financial assets

Equities


90.15 89.16

50


HSBC Managed Growth Fundfor the period from 1 August 2017 to 31 January 2018

% ofnet asset


% ofnet asset

value31 July 2017

Certificate of depositsUnlisted investments – 3.08

Unit trustsListed investments 0.60 0.69Unlisted but quoted investments 6.94 4.16

7.54 4.85

Rights – –

Stapled SecuritiesAustralia 0.07 –

Derivative assets



Derivative financial liabilities




51

Performance Record





HKD HKD HKD HKD




HKD HKD HKD HKD

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 N/A N/A N/A N/A2017 N/A N/A N/A N/A1 August 2017 to 31 January 2018 N/A N/A N/A N/A

52

Performance Record



HKD HKD HKD HKD



31 January 2018HKD

2017HKD

2016HKD

2015HKD

Total net asset value 2,281,923,336 3,056,105,877 3,070,761,353 3,337,796,993


31 January 2018HKD

2017HKD

2016HKD

2015HKD

Net asset value per unit– “A” class income units 25.04 21.91 18.46 19.48– Provident class units 30.36 26.46 21.92 22.79

53



A Class

Date ofDistribution

Date ofPayment


TotalDistribution

HKD HKD

2017 Yearly Distribution 31 July 2017 09 August 2017 0.21 2,267,405.27

54


HSBC Managed Stable Fund

Market review




55




ASSETSFinancial assets at fair value through profit or loss 332,789,367 1,494,489,334Interest and dividends receivable 2,012,349 9,777,515Subscriptions receivable 1,481,870 1,246,593Amounts due from brokers 3,406,518 1,237,234Cash and cash equivalents 56,465,535 99,865,858

396,155,639 1,606,616,534

LIABILITIESFinancial liabilities at fair value through profit or loss 2,594,307 3,888,080Redemptions payable 563,714 5,132,177Amounts due to brokers 8,303,272 32,864Distributions payable – 224,065Other payables 2,116,934 1,820,774

13,578,227 11,097,960

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 382,577,412 1,595,518,574

Representing:Financial liabilities 382,577,412 1,595,518,574


"A" class income units 2,018,601 1,863,501



“A” class income units 15.26 14.42


56

Portfolio Statement

HSBC Managed Stable Fundas at 31 January 2018

HoldingsMarket

value

% of net

asset value

HKD

Financial assets


AustraliaADELAIDE BRIGHTON LTD 1,626 66,835 0.02AGL ENERGY LTD 322 47,803 0.01AMCOR LTD 530 48,874 0.01ANSELL LTD 387 61,643 0.02ANZ BANKING GROUP LTD 1,433 259,386 0.07ARISTOCRAT LEISURE LTD 357 54,039 0.01ASX LTD 245 84,939 0.02AUSNET SERVICES LTD 5,597 60,085 0.02BHP BILLITON LTD 1,293 247,311 0.06C.S.R. LTD 2,027 64,703 0.02CALTEX AUSTRALIA LTD 190 41,840 0.01COCHLEAR LIMITED 34 37,408 0.01COMMONWEALTH BANK OF

AUSTRALIA 872 435,579 0.11CSL LTD 193 178,976 0.05DULUXGROUP LTD 1,281 59,226 0.02FLIGHT CENTRE TRAVEL GROUP LTD 190 61,407 0.02FORTESCUE METALS GROUP LTD 2,036 63,958 0.02INSURANCE AUSTRALIA GROUP LTD 1,411 64,700 0.02IOOF HOLDINGS LTD 1,120 78,170 0.02MACQUARIE GROUP LTD 147 96,015 0.02MAGELLAN FINANCIAL GROUP LTD 268 46,762 0.01METCASH LTD 3,745 75,900 0.02NATIONAL AUSTRALIA BANK LTD 1,306 240,947 0.06ORICA LTD 717 87,188 0.02ORIGIN ENERGY LTD 956 56,551 0.01OZ MINERALS LTD 844 49,980 0.01PERPETUAL LTD 185 61,373 0.02PLATINUM INVESTMENT

MANAGEMENT LTD 1,349 70,999 0.02QANTAS AIRWAYS LTD 1,654 55,206 0.01QBE INSURANCE GROUP LTD 799 54,551 0.01RIO TINTO LTD 202 98,318 0.03SOUTH32 LTD 2,556 61,839 0.02SUNCORP GROUP LTD 469 40,575 0.01TABCORP HOLDINGS LTD 1,794 58,742 0.01TELSTRA CORP LTD 2,970 69,034 0.02WESFARMERS LTD 400 110,987 0.03

HoldingsMarket

value

% of net

asset value

HKD

WESTPAC BANKING CORP 1,579 309,614 0.08WOODSIDE PETROLEUM LTD 486 101,945 0.03WOOLWORTHS GROUP LTD 662 112,994 0.03

3,876,402 1.01

AustriaANDRITZ AG 84 39,548 0.01ERSTE GROUP BANK AG 233 92,013 0.02TELEKOM AUSTRIA AG 861 65,352 0.02VIENNA INSURANCE GROUP AG

WIENER VERSICHERUNG GRUPPE 275 76,473 0.02VOESTALPINE AG 218 111,048 0.03

384,434 0.10

BelgiumANHEUSER-BUSCH INBEV SA/NV 145 128,764 0.03BPOST SA 226 58,971 0.02ETABLISSEMENTEN FRANZ

COLRUYT NV 119 51,678 0.01KBC GROEP NV 144 108,598 0.03PROXIMUS SA 203 53,721 0.01SOFINA 43 58,824 0.02

460,556 0.12

CanadaARC RESOURCES LTD 544 46,924 0.01BANK OF MONTREAL 95 61,370 0.02BANK OF NOVA SCOTIA 126 65,644 0.02BARRICK GOLD CORP 601 67,779 0.02BCE INC 158 57,939 0.01CANADIAN IMPERIAL BANK OF

COMMERCE 92 71,473 0.02CANADIAN NATIONAL RAILWAY CO 90 56,562 0.01CI FINANCIAL CORP 211 39,831 0.01ENBRIDGE INC 150 43,061 0.01GREAT-WEST LIFECO INC 174 38,581 0.01IMPERIAL OIL LTD 199 49,060 0.01INTER PIPELINE LTD 326 49,007 0.01

57

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


MANULIFE FINANCIAL CORP 221 36,773 0.01METRO INC 212 55,630 0.01NUTRIEN LTD 151 61,947 0.02POWER CORP OF CANADA 251 50,230 0.01ROGERS COMMUNICATIONS INC

CLASS B 152 58,171 0.02ROYAL BANK OF CANADA 161 108,102 0.03SUNCOR ENERGY INC 213 60,509 0.02TECK RESOURCES LTD CLASS B 369 84,030 0.02TORONTO-DOMINION BANK 208 99,215 0.03TOURMALINE OIL CORP 341 43,196 0.01TRANSCANADA CORP 208 75,094 0.02

1,380,128 0.36


DenmarkCARLSBERG A/S 80 80,626 0.02DANSKE BANK A/S 216 68,859 0.02H LUNDBECK A/S 153 61,214 0.02NOVO NORDISK A/S 464 202,531 0.05PANDORA A/S 92 68,462 0.02VESTAS WIND SYSTEMS A/S 84 44,979 0.01

526,671 0.14

FinlandFORTUM OYJ 431 73,344 0.02KONE OYJ 171 76,809 0.02METSO OYJ 187 51,291 0.01NESTE OYJ 186 100,909 0.03NOKIAN RENKAAT OYJ 188 74,517 0.02ORION OYJ CLASS B 181 56,964 0.02UPM-KYMMENE OYJ 323 85,414 0.02

HoldingsMarket

value

% of net

asset value

HKD

WARTSILA ABP OYJ 99 53,112 0.01

572,360 0.15

FranceAIR LIQUIDE SA 60 63,460 0.02ALSTOM RGPT 159 54,765 0.01ARKEMA 83 83,217 0.02ATOS SE 72 89,095 0.02AXA SA 275 70,993 0.02BNP PARIBAS SA 310 201,166 0.05BOUYGUES SA 193 84,190 0.02CAPGEMINI SA 44 45,851 0.01CARREFOUR SA 334 62,728 0.02CNP ASSURANCES SA 421 84,666 0.02COMPAGNIE DE SAINT-GOBAIN SA 203 92,597 0.02CREDIT AGRICOLE SA 398 58,848 0.02DANONE SA 119 80,538 0.02ELECTRICITE DE FRANCE SA 817 88,163 0.02ELIOR GROUP SA 341 61,667 0.02ENGIE SA 384 52,307 0.01ESSILOR INTERNATIONAL SA 56 62,421 0.02EURAZEO SA 14 11,561 –FAURECIA SA 24 16,926 0.01HERMES INTERNATIONAL SA 9 39,040 0.01L'OREAL SA 55 98,123 0.03LVMH MOET HENNESSY LOUIS

VUITTON SE 65 159,980 0.04MICHELIN (CIE GENERALE DES

ETABLISSEMENTS) 90 112,947 0.03ORANGE SA 496 70,293 0.02PERNOD RICARD SA 52 65,005 0.02PEUGEOT SA 382 67,332 0.02RENAULT SA 51 44,012 0.01SAFRAN SA 136 120,507 0.03SANOFI SA 310 214,818 0.06SARTORIUS STEDIM BIOTECH 75 51,008 0.01SCHNEIDER ELECTRIC SE 139 102,227 0.03SCOR SE 133 46,717 0.01SEB SA 37 59,989 0.02SOCIETE BIC SA 57 51,262 0.01SOCIETE GENERALE DE PARIS SA 264 120,525 0.03THALES SA 93 81,880 0.02

58

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


TOTAL SA 587 266,728 0.07UBISOFT ENTERTAINMENT 105 70,531 0.02VALEO SA 74 45,785 0.01VEOLIA ENVIRONNEMENT SA 413 81,649 0.02

3,335,517 0.87

GermanyADIDAS AG 53 96,723 0.02ALLIANZ SE 119 236,361 0.06BASF SE 239 219,644 0.06BAYER AG 206 211,918 0.05BAYERISCHE MOTOREN WERKE AG 96 86,027 0.02BEIERSDORF AG 84 78,343 0.02CECONOMY AG 275 31,042 0.01COMMERZBANK 289 37,333 0.01CONTINENTAL AG 31 73,006 0.02COVESTRO AG 111 100,129 0.03DAIMLER AG 249 179,341 0.05DEUTSCHE BANK AG 503 72,506 0.02DEUTSCHE BOERSE AG 62 62,494 0.02DEUTSCHE LUFTHANSA AG 437 122,373 0.03DEUTSCHE POST AG 270 100,153 0.03DEUTSCHE TELEKOM AG 736 101,294 0.03DEUTSCHE WOHNEN SE 129 45,752 0.01EMS-CHEMIE HOLDING AG 14 80,570 0.02EVONIK INDUSTRIES AG 239 74,053 0.02FIELMANN AG 90 61,823 0.02FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 107 99,294 0.03FRESENIUS MEDICAL CARE AG & CO

KGAA 56 50,745 0.01FUCHS PETROLUB SE 110 43,783 0.01FUCHS PETROLUB SE PREFERENCE

SHARES 127 54,447 0.01GEA GROUP AG 206 80,207 0.02HANNOVER RUECK – REG 60 64,366 0.02HEIDELBERGER ZEMENT AG 39 33,166 0.01

HoldingsMarket

value

% of net

asset value

HKD

HELLA GMBH & CO KGAA 15 8,382 –HENKEL AG & CO KGAA

PREFERENCE SHARES 51 55,953 0.01HUGO BOSS AG 75 54,179 0.01INFINEON TECHNOLOGIES AG 593 135,262 0.03KION GROUP 32 23,048 0.01LINDE AG 52 93,353 0.02MERCK KGAA 42 36,020 0.01MUENCHENER

RUECKVERSICHERUNGS-GESELLS CHAFT AG 48 89,002 0.02

PORSCHE AUTOMOBIL HOLDING SE PREFERENCE SHARES 145 105,114 0.03

PROSIEBENSAT.1 MEDIA SE 192 57,601 0.01RATIONAL AG 11 60,663 0.02SAP SE 258 228,332 0.06SIEMENS AG 158 187,756 0.05SUEDZUCKER AG 145 21,743 0.01TALANX AG 178 61,812 0.02UNITED INTERNET AG 61 34,889 0.01VOLKSWAGEN AG PREFERENCE

SHARES 33 56,919 0.01VONOVIA SE 153 59,198 0.02

3,866,119 1.01


REFINERIES SA 308 60,471 0.02

60,471 0.02

Hong KongAAC TECHNOLOGIES HOLDINGS INC 1,256 164,285 0.04AGILE GROUP HOLDINGS LTD 8,000 112,320 0.03AGRICULTURAL BANK OF CHINA LTD

H SHARES 58,937 282,898 0.07AIA GROUP LTD 30,196 2,023,132 0.53AIR CHINA LTD H SHARES 10,000 114,400 0.03ALUMINUM CORP OF CHINA LTD 12,000 63,600 0.02ANHUI CONCH CEMENT CO LTD H

SHARES 3,734 160,935 0.04

59

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


ANHUI EXPRESSWAY CO LTD H SHARES 6,000 39,120 0.01

ANTA SPORTS PRODUCTS LTD 3,000 113,100 0.03ASM PACIFIC TECHNOLOGY LTD 500 53,400 0.01BAIC MOTOR CORP LTD 4,500 55,080 0.01BANK OF CHINA LTD H SHARES 187,712 884,124 0.23BANK OF COMMUNICATIONS CO

LTD H SHARES 16,958 114,975 0.03BANK OF EAST ASIA LTD 4,071 137,803 0.04BEIJING CAPITAL INTERNATIONAL


CO LTD H SHARES 26,000 57,720 0.02BOC HONG KONG HOLDINGS LTD 8,431 336,819 0.09BRILLIANCE CHINA AUTOMOTIVE

HOLDINGS LTD 3,479 69,580 0.02BYD CO LTD 1,000 73,650 0.02BYD ELECTRONIC CO LTD 5,000 96,400 0.03CAFE DE CORAL HOLDINGS LTD 1,000 20,700 0.01CGN POWER CO LTD H SHARES 22,000 48,620 0.01CHINA BLUECHEMICAL LTD 20,000 56,400 0.01CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 39,276 130,004 0.03CHINA CITIC BANK CORP LTD H

SHARES 18,993 122,315 0.03CHINA COMMUNICATIONS


CHINA CONCH VENTURE HOLDINGS LTD 6,000 131,400 0.03

CHINA CONSTRUCTION BANK CORP H SHARES 223,432 2,015,357 0.53


SHARES 12,000 53,160 0.01CHINA EVERBRIGHT LTD 5,000 96,500 0.03CHINA EVERGRANDE GROUP 7,236 187,051 0.05CHINA GALAXY SECURITIES CO H

SHARES 16,176 103,365 0.03

HoldingsMarket

value

% of net

asset value

HKD

CHINA GAS HOLDINGS LTD 1,600 36,640 0.01CHINA HUARONG ASSET

MANAGEMENT CO LTD 14,000 55,300 0.01CHINA LIFE INSURANCE CO LTD H

SHARES 16,498 436,372 0.11CHINA MENGNIU DAIRY CO LTD 4,100 104,755 0.03CHINA MERCHANTS BANK CO LTD H

SHARES 8,758 335,869 0.09CHINA MERCHANTS PORT

HOLDINGS INTERNATIONAL CO 3,533 73,133 0.02CHINA MINSHENG BANKING CORP

LTD H SHARES 15,475 138,501 0.04CHINA MINSHENG FINANCIAL

HOLDINGS CORP LTD 126,700 35,476 0.01CHINA MOBILE LTD 13,001 1,073,883 0.28CHINA NATIONAL BUILDING

MATERIAL CO LTD H SHARES 10,000 83,600 0.02CHINA NATIONAL MATERIALS CO

LTD 13,000 92,690 0.02CHINA OVERSEAS LAND &

INVESTMENT LTD 9,169 277,821 0.07CHINA PACIFIC INSURANCE GROUP

CO LTD H SHARES 8,034 318,950 0.08CHINA PETROLEUM & CHEMICAL

CORP H SHARES 60,965 412,123 0.11CHINA POWER INTERNATIONAL


CORP H SHARES 8,015 76,223 0.02CHINA RAILWAY GROUP LTD H

SHARES 10,996 66,086 0.02CHINA RAILWAY SIGNAL &

COMMUNICATION CO LTD 13,000 78,390 0.02CHINA RESOURCES BEER HOLDINGS

CO LTD 3,966 117,195 0.03CHINA RESOURCES GAS GROUP LTD 2,400 61,800 0.02CHINA RESOURCES LAND LTD 5,814 181,397 0.05CHINA RESOURCES PHARMACEUTIC

GROUP LTD 4,500 46,350 0.01CHINA RESOURCES POWER

HOLDINGS CO LTD 6,648 95,997 0.03CHINA SHENHUA ENERGY CO LTD H

SHARES 7,477 182,065 0.05CHINA SOUTH CITY HOLDINGS LTD 20,000 47,200 0.01

60

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


CHINA SOUTHERN AIRLINES CO LTD H SHARES 8,000 81,600 0.02

CHINA TAIPING INSURANCE HOLDINGS CO LTD 1,800 60,840 0.02

CHINA TELECOM CORP LTD H SHARES 38,664 149,630 0.04

CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LTD 28,000 80,920 0.02

CHINA UNICOM HONG KONG LTD 13,013 152,512 0.04CHINA VANKE CO LTD H SHARES 3,917 150,021 0.04CHINA ZHONGWANG HOLDINGS LTD 15,600 70,200 0.02CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 16,000 113,440 0.03CHOW TAI FOOK JEWELLERY GROUP

LTD 3,600 31,536 0.01CITIC LTD 12,825 158,261 0.04CK ASSET HOLDINGS LTD 7,604 567,639 0.15CK HUTCHISON HOLDINGS LTD 6,304 665,702 0.17CK INFRASTRUCTURE HOLDINGS

LTD 1,556 108,375 0.03CLP HOLDINGS LTD 3,970 317,005 0.08CNOOC LTD 36,928 449,783 0.12COSCO SHIPPING ENERGY

TRANSPORT CO LTD 16,000 72,000 0.02COSCO SHIPPING PORTS LTD 10,697 87,608 0.02COUNTRY GARDEN HOLDINGS CO

LTD 16,933 284,813 0.07CRRC CORP LTD H SHARES 10,641 82,468 0.02CSC FINANCIAL CO LTD H SHARES 10,500 76,545 0.02CSPC PHARMACEUTICAL GROUP

LTD 7,000 121,520 0.03DAH SING BANKING GROUP LTD 3,200 59,200 0.02DAH SING FINANCIAL HOLDINGS LTD 1,200 63,360 0.02DALI FOODS GROUP CO LTD 5,000 38,450 0.01DONGFENG MOTOR GROUP CO LTD

H SHARES 12,524 127,995 0.03ENN ENERGY HOLDINGS LTD 978 59,071 0.02FAR EAST HORIZON LTD 6,000 50,580 0.01FIRST PACIFIC CO LTD 12,335 68,829 0.02

HoldingsMarket

value

% of net

asset value

HKD

GALAXY ENTERTAINMENT GROUP LTD 5,028 348,440 0.09

GCL POLY ENERGY HOLDINGS LTD 82,600 111,510 0.03GEELY AUTOMOBILE HOLDINGS LTD 12,000 300,600 0.08GF SECURITIES CO LTD 3,200 55,936 0.01GREAT EAGLE HOLDINGS LTD 1,053 43,226 0.01GREAT WALL MOTOR CO LTD H

SHARES 12,393 118,353 0.03GUANGDONG INVESTMENT LTD 8,000 93,120 0.02GUANGZHOU AUTOMOBILE GROUP

CO LTD H SHARES 6,000 106,320 0.03GUANGZHOU R&F PROPERTIES CO

LTD H SHARES 3,200 70,400 0.02HAIER ELECTRONICS GROUP CO LTD 6,000 160,800 0.04HAITIAN INTERNATIONAL HOLDINGS

LTD 4,000 97,800 0.03HAITONG INTERNATIONAL


LTD 141,272 – –HANG LUNG PROPERTIES LTD 6,262 129,623 0.03HANG SENG BANK LTD 1,799 334,974 0.09HENDERSON LAND DEVELOPMENT

CO LTD 3,501 191,505 0.05HENGAN INTERNATIONAL GROUP

CO LTD 1,214 91,050 0.02HONG KONG AND CHINA GAS CO

LTD 17,823 275,544 0.07HONG KONG EXCHANGES AND

CLEARING LTD 3,061 907,280 0.24HOPEWELL HIGHWAY

INFRASTRUCTURE LTD 6,000 28,800 0.01HOPEWELL HOLDINGS LTD 3,000 94,950 0.02HSBC HOLDINGS PLC 43,389 3,653,354 0.95HYSAN DEVELOPMENT CO LTD 2,700 117,990 0.03INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LTD H SHARES 196,271 1,452,405 0.38JIANGSU EXPRESSWAY CO LTD H

SHARES 6,000 72,360 0.02JIANGXI COPPER CO LTD H SHARES 5,000 66,200 0.02JOHNSON ELECTRIC HOLDINGS LTD

H SHARES 1,500 47,925 0.01KERRY LOGISTICS NETWORK LTD 3,000 33,840 0.01

61

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


KERRY PROPERTIES LTD 1,895 70,873 0.02KINGBOARD CHEMICAL HOLDINGS

LTD 3,500 150,675 0.04KINGBOARD LAMINATES HOLDINGS

LTD 4,500 62,010 0.02KINGSOFT CORP LTD 5,000 133,750 0.03KUNLUN ENERGY CO LTD 8,000 62,080 0.02LEE & MAN PAPER MANUFACTURING

LTD 11,000 101,420 0.03LEGEND HOLDINGS CORP 2,900 82,070 0.02LENOVO GROUP LTD 23,804 107,356 0.03L’OCCITANE INTERNATIONAL SA 3,500 50,750 0.01LONGFOR PROPERTIES CO LTD 4,500 114,975 0.03LUYE PHARMA GROUP LTD 10,000 69,900 0.02MELCO INTERNATIONAL

DEVELOPMENT LTD 2,000 47,100 0.01MTR CORP LTD 2,848 127,590 0.03NEW CHINA LIFE INSURANCE CO


LTD 8,887 112,509 0.03NINE DRAGONS PAPER HOLDINGS

LTD 5,000 60,900 0.02NWS HOLDINGS LTD 4,650 70,866 0.02PCCW LTD 8,000 36,080 0.01PEOPLE’S INSURANCE GROUP OF

CHINA CO LTD H SHARES 35,804 160,044 0.04PETROCHINA CO LTD H SHARES 52,510 325,562 0.09PICC PROPERTY AND CASUALTY CO

LTD 13,657 221,790 0.06PING AN INSURANCE (GROUP) CO


SHARES 21,000 109,830 0.03POWER ASSETS HOLDINGS LTD 2,473 171,997 0.05PRADA S.P.A. 1,400 44,730 0.01RED STAR MACALLINE GROUP C H

SHARES 5,400 55,620 0.01SAMSONITE INTERNATIONAL SA 3,129 106,073 0.03

HoldingsMarket

value

% of net

asset value

HKD

SANDS CHINA LTD 5,439 253,457 0.07SHANDONG WEIGAO GROUP

MEDICAL POLYMER CO LTD 16,000 92,640 0.02SHANGRI-LA ASIA LTD 2,000 39,800 0.01SHENZHEN EXPRESSWAY CO LTD 10,000 82,200 0.02SHENZHEN INTERNATIONAL

HOLDINGS LTD 6,293 99,807 0.03SHENZHEN INVESTMENT LTD 24,097 84,340 0.02SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 1,700 137,275 0.04SHIMAO PROPERTY HOLDINGS LTD 6,120 142,902 0.04SHUI ON LAND LTD 22,267 60,566 0.02SIHUAN PHARMACEUTICAL

HOLDINGS GROUP LTD 28,000 84,000 0.02SINO BIOPHARMACEUTICAL LTD 5,370 77,435 0.02SINO LAND CO LTD 9,243 133,284 0.03SINO-OCEAN GROUP HOLDING LTD 19,421 125,654 0.03SINOPEC SHANGHAI

PETROCHEMICAL CO LTD H SHARES 18,000 86,220 0.02


SINOTRANS LTD H SHARES 19,000 90,250 0.02SINOTRUK HONG KONG LTD 7,500 77,100 0.02SJM HOLDINGS LTD 9,000 70,380 0.02SUN ART RETAIL GROUP LTD 4,500 47,790 0.01SUN HUNG KAI PROPERTIES LTD 3,410 463,419 0.12SUNAC CHINA HOLDINGS LTD 7,000 262,850 0.07SUNNY OPTICAL TECHNOLOGY

GROUP CO LTD 1,100 119,130 0.03SWIRE PACIFIC LTD CLASS A 1,357 106,185 0.03SWIRE PROPERTIES LTD 3,070 83,965 0.02TECHTRONIC INDUSTRIES CO LTD 3,092 161,093 0.04TENCENT HOLDINGS LTD 8,126 3,767,214 0.98TEXWINCA HOLDINGS LTD 8,000 34,240 0.01THE WHARF (HOLDINGS) LTD 5,428 173,967 0.05TRAVELSKY TECHNOLOGY LTD H

SHARES 5,000 122,750 0.03VTECH HOLDINGS LTD 300 32,460 0.01WANT WANT CHINA HOLDINGS LTD 18,314 126,550 0.03WH GROUP LTD 18,000 174,420 0.05WHARF REAL ESTATE INVESTMENT

CO LTD 3,428 185,283 0.05WHEELOCK AND CO LTD 2,772 169,785 0.04

62

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


WYNN MACAU LTD 2,800 77,280 0.02XINYI GLASS HOLDINGS LTD 12,000 142,800 0.04YUE YUEN INDUSTRIAL HOLDINGS

LTD 2,000 70,600 0.02YUEXIU PROPERTY CO LTD 22,000 36,960 0.01ZHEJIANG EXPRESSWAY CO LTD H

SHARES 8,000 74,080 0.02ZHUZHOU CSR TIMES ELECTRIC CO

LTD H SHARES 739 31,999 0.01ZIJIN MINING GROUP CO LTD H

SHARES 20,000 78,800 0.02

38,155,449 9.97


ZONE LTD 1,453 76,554 0.02BAJAJ AUTO LTD 179 73,457 0.02BAJAJ HOLDINGS AND INVESTMENT

LTD 148 51,888 0.01BHARAT PETROLEUM CORP LTD 665 40,226 0.01BHARTI AIRTEL LTD 692 37,430 0.01CASTROL INDIA LTD 2,215 50,050 0.01COLGATE-PALMOLIVE (INDIA) LTD 297 40,922 0.01CUMMINS INDIA LTD 502 55,762 0.01DIVI’S LABORATORIES LTD 342 43,589 0.01GAIL INDIA LTD 1,068 62,817 0.02GLAXOSMITHKLINE CONSUMER

HEALTHCARE LTD 76 62,594 0.02GREAT EASTERN SHIPPING CO LTD 601 29,729 0.01HERO MOTOCORP LTD 183 83,075 0.02HINDUSTAN UNILEVER LTD 243 40,928 0.01HOUSING DEVELOPMENT FINANCE

CO LTD 680 163,587 0.04ICICI BANK LTD 1,315 57,156 0.02ICICI PRUDENTIAL LIFE INSURANCE

CO LTD 312 15,604 –INDIAN OIL CORP LTD 665 34,162 0.01INFOSYS LIMITED 958 135,554 0.04

HoldingsMarket

value

% of net

asset value

HKD

ITC LTD 1,531 51,068 0.01KANSAI NEROLAC PAINTS LTD 864 54,101 0.01MARICO LTD 933 35,521 0.01MARUTI SUZUKI INDIA LTD 50 58,499 0.02MPHASIS LTD 524 57,961 0.02MRF LTD 5 41,880 0.01NHPC LIMITED 14,009 50,992 0.01NMDC LTD 3,466 59,926 0.02OIL & NATURAL GAS CORP LTD 2,076 51,913 0.01OIL INDIA LTD 1,091 48,010 0.01ORACLE FINANCIAL SERVICES

SOFTWARE LTD 72 36,992 0.01RELIANCE INDUSTRIES LTD 1,413 167,008 0.04RELIANCE INFRASTRUCTURE 1,035 63,275 0.02RURAL ELECTRIFICATION

CORPORATION LTD 2,626 50,263 0.01STATE BANK OF INDIA 926 35,613 0.01TATA CONSULTANCY SERVICES LTD 204 78,077 0.02TATA MOTORS LTD 678 33,287 0.01TORRENT PHARMACEUTICALS LTD 340 56,569 0.02UNION BANK OF INDIA 2,968 49,765 0.01

2,235,804 0.58

IndonesiaASTRA AGRO LESTARI TBK PT 3,900 29,619 0.01ASTRA INTERNATIONAL TBK PT 11,200 55,615 0.01BANK CENTRAL ASIA TBK PT 5,600 74,344 0.02BANK MANDIRI (PERSERO) TBK PT 12,000 57,134 0.02PT BANK RAKYAT INDONESIA

(PERSERO) TBK 49,100 106,130 0.03TELEKOMUNIKASI INDONESIA

(PERSERO) TBK PT 23,000 53,611 0.01

376,453 0.10

IrelandCRH PLC 197 57,232 0.02GLANBIA PLC 345 46,288 0.01KERRY GROUP PLC-A 53 44,282 0.01PENTAIR PLC 118 65,990 0.02

213,792 0.06

63

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


ItalyA2A 3,898 58,718 0.01ASSICURAZIONI GENERALI SPA 640 99,587 0.03ATLANTIA 156 40,554 0.01BUZZI UNICEM SPA 426 56,284 0.01ENEL SPA 2,180 108,541 0.03ENI SPA 607 85,675 0.02INTESA SANPAOLO SPA 3,518 108,335 0.03ITALGAS SPA 1,245 60,338 0.02MONCLER 249 64,390 0.02SALVATORE FERRAGAMO SPA 152 33,560 0.01STMICROELECTRONICS NV 593 111,110 0.03UNICREDIT SPA 322 55,677 0.01

882,769 0.23

JapanABC-MART INC 130 66,137 0.02ADASTRIA HOLDINGS CO LTD 200 33,377 0.01AISIN SEIKI CO LTD 130 59,337 0.02AMADA HOLDINGS CO LTD 800 92,635 0.02ANA HOLIDAYS INC 300 95,444 0.03ASAHI KASEI CORP 600 61,243 0.02ASHIKAGA HOLDINGS CO LTD 2,100 74,485 0.02ASTELLAS PHARMA INC 898 92,658 0.02AUTOBACS SEVEN CO LTD 100 15,613 –AZBIL CORP 250 90,822 0.02BRIDGESTONE CORP 311 118,242 0.03CANON INC 519 161,734 0.04CAPCOM CO LTD 130 38,704 0.01CENTRAL JAPAN RAILWAY CO 99 146,487 0.04CHUBU ELECTRIC POWER CO INC 300 29,439 0.01CHUGAI PHARMACEUTICAL CO LTD 100 41,345 0.01CITIZEN WATCH CO LTD 1,200 71,712 0.02COCA-COLA BOTTLERS JAPAN

HOLDINGS INC 300 82,868 0.02COLOPL INC 300 20,465 0.01CONCORDIA FINANCIAL GROUP LTD 700 33,155 0.01

HoldingsMarket

value

% of net

asset value

HKD

DAICEL CORP 630 59,678 0.02DAI-ICHI LIFE HOLDINGS INC 669 109,560 0.03DAIICHI SANKYO CO LTD 400 105,189 0.03DAIKIN INDUSTRIES LTD 89 83,510 0.02DAIKYO INC 300 49,592 0.01DAITO TRUST CONSTRUCTION CO

LTD 70 95,627 0.03DAIWA HOUSE INDUSTRY CO LTD 300 92,542 0.02DAIWA SECURITIES GROUP INC 760 42,597 0.01DENA CO LTD 400 67,728 0.02DENSO CORP 120 58,668 0.02DISCO CORP 70 128,104 0.03EAST JAPAN RAILWAY CO 156 121,227 0.03EXEDY CORP 200 54,672 0.01FANUC CORP 64 135,169 0.04FUJIFILM HOLDINGS CORP 160 48,037 0.01FUJITSU GENERAL LTD 200 30,912 0.01GLORY LIMITED 140 42,735 0.01GREE INC 1,100 55,805 0.01GUNGHO ONLINE ENTERTAINMENT

INC 1,300 29,249 0.01HAMAMATSU PHOTONICS K.K. 300 86,630 0.02HANKYU HANSHIN HOLDINGS INC 140 44,089 0.01HASEKO CORP 700 85,469 0.02HEIWA CORP 300 46,948 0.01HINO MOTORS LTD 573 59,247 0.02HIROSE ELECTRIC CO LTD 70 82,009 0.02HITACHI HIGH-TECHNOLOGIES CORP 250 91,718 0.02HITACHI LTD 2,242 139,187 0.04HONDA MOTOR CO LTD 696 190,809 0.05HORIBA LIMITED 140 70,322 0.02HOYA CORP 301 120,112 0.03IIDA GROUP HOLDINGS CO LTD 500 77,423 0.02INPEX CORP 600 61,007 0.02ITOCHU CORP 700 107,288 0.03JAFCO CO LTD 160 70,852 0.02JAPAN AIRLINES CO LTD 250 73,679 0.02JAPAN AVIATION ELECTRONICS

INDUSTRY LTD 200 26,240 0.01JAPAN EXCHANGE GROUP INC 462 64,918 0.02JAPAN PETROLEUM EXPLORATION

CO LTD 400 86,272 0.02JAPAN TOBACCO INC 517 133,808 0.04JTEKT CORP 600 83,578 0.02

64

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


JXTG HOLDINGS INC 1,450 75,202 0.02KAKAKU.COM INC 500 68,466 0.02KAKEN PHARMACEUTICAL CO LTD 120 49,184 0.01KAMIGUMI COMPANY LIMITED 200 34,308 0.01KANEKA CORP 900 65,263 0.02KANSAI ELECTRIC POWER CO INC 400 38,794 0.01KAO CORP 246 133,313 0.04KDDI CORP 754 148,738 0.04KEIYO BANK LTD 1,300 48,625 0.01KEYENCE CORP 58 276,081 0.07KIRIN HOLDINGS CO LTD 300 58,492 0.02KISSEI PHARMACEUTICAL CO LTD 300 66,316 0.02KOEI TEMCO HOLDINGS CO LTD 400 69,190 0.02KOMATSU LTD 241 73,133 0.02KOMERI CO LTD 300 67,606 0.02KONAMI HOLDINGS CORP 240 107,310 0.03KUBOTA CORP 556 88,325 0.02KURARAY CO LTD 600 87,705 0.02KURITA WATER INDUSTRIES LTD 200 51,161 0.01KYOCERA CORP 180 93,522 0.02KYORIN HOLDINGS INC 300 44,626 0.01KYUSHU ELECTRIC POWER CO INC 800 68,444 0.02KYUSHU RAILWAY COMPANY 300 75,345 0.02LAWSON INC 110 58,169 0.02LEOPALACE21 CORP 700 45,393 0.01MAEDA ROAD CONSTRUCTION CO

LTD 430 74,903 0.02MAKITA CORP 130 47,880 0.01MARUBENI CORP 1,700 99,667 0.03MARUICHI STEEL TUBE LTD 240 56,406 0.02MEIJI HOLDINGS CO LTD 80 52,336 0.01MINEBEA MITSUMI INC 200 35,354 0.01MITSUBISHI CORP 400 87,419 0.02MITSUBISHI ELECTRIC CORP 573 81,808 0.02MITSUBISHI SHOKUHIN CO LTD 200 46,575 0.01MITSUBISHI UFJ FINANCIAL GROUP

INC 5,297 311,538 0.08MITSUI AND CO LTD 800 109,717 0.03MITSUI FUDOSAN CO LTD 273 55,898 0.01

HoldingsMarket

value

% of net

asset value

HKD

MIZUHO FINANCIAL GROUP INC 10,166 149,549 0.04MOCHIDA PHARMACEUTICAL CO

LTD 90 54,042 0.01MS&AD INSURANCE GROUP

HOLDINGS INC 400 106,364 0.03MURATA MANUFACTURING CO LTD 105 121,207 0.03NEXON CO LTD 500 129,874 0.03NGK INSULATORS LTD 500 79,608 0.02NHK SPRING CO LTD 500 43,387 0.01NIDEC CORP 70 87,526 0.02NIHON KOHDEN CORP 400 73,976 0.02NINTENDO CO LTD 35 120,304 0.03NIPPO CORP 370 66,307 0.02NIPPON KAYAKU CO LTD 500 57,539 0.02NIPPON PAPER INDUSTRIES CO LTD 400 59,445 0.02NIPPON SHOKUBAI CO LTD 130 72,192 0.02NIPPON TELEGRAPH AND

TELEPHONE CORP 338 125,722 0.03NISSAN MOTOR CO LTD 962 80,202 0.02NITTO DENKO CORP 90 64,321 0.02NOF CORP 300 62,941 0.02NOMURA HOLDINGS INC 1,600 81,113 0.02NTT DOCOMO INC 571 110,654 0.03OBIC BUSINESS CONSULTANTS CO

LTD 100 44,211 0.01OMRON CORP 120 58,556 0.02ORACLE CORP JAPAN 130 81,786 0.02ORIENTAL LAND CO LTD 160 122,214 0.03ORIX CORP 960 139,984 0.04OSG CORPORATION 200 39,625 0.01PANASONIC CORP 535 62,065 0.02RESONA HOLDINGS INC 2,100 98,907 0.03ROHM CO LTD 100 85,770 0.02ROHTO PHARMACEUTICAL CO LTD 400 84,380 0.02SANKYO CO LTD 200 50,731 0.01SCREEN HOLDING CO LTD 130 88,307 0.02SEGA SAMMY HOLDINGS INC 300 32,739 0.01SEINO HOLDINGS CO LTD 700 90,836 0.02SEKISUI HOUSE LTD 450 64,425 0.02SENSHU IKEDA HOLDINGS INC 1,700 51,039 0.01SEVEN & I HOLDINGS CO LTD 311 99,969 0.03SHIGA BANK LTD 1,260 52,907 0.01SHIKOKU ELECTRIC POWER CO INC 600 52,967 0.01SHIMACHU CO LTD 300 77,494 0.02

65

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SHIMAMURA CO LTD 70 64,353 0.02SHIN ETSU CHEMICAL CO LTD 144 128,049 0.03SHIONOGI & CO LTD 130 56,235 0.01SKYLARK CO LTD 500 56,320 0.01SMC CORP 40 153,398 0.04SOFTBANK CORP 385 247,731 0.07SOMPO HOLDINGS INC 140 43,798 0.01SONY CORP 426 159,004 0.04SONY FINANCIAL HOLDINGS INC 300 42,864 0.01SQUARE ENIX HOLDINGS CO LTD 260 92,685 0.02START TODAY CO LTD 300 68,896 0.02SUBARU CORP 373 96,699 0.03SUMITOMO CORP 600 80,783 0.02SUMITOMO FORESTRY CO LTD 500 67,176 0.02SUMITOMO HEAVY INDUSTRIES LTD 240 85,555 0.02SUMITOMO MITSUI FINANCIAL

GROUP INC 536 187,348 0.05SUMITOMO OSAKA CEMENT CO LTD 1,600 58,929 0.02SUMITOMO REALTY &

DEVELOPMENT CO LTD 182 54,590 0.01SUMITOMO RUBBER INDUSTRIES

LTD 500 75,846 0.02SURUGA BANK LTD 316 49,859 0.01T&D HOLDINGS INC 300 41,767 0.01TADANO LTD 600 81,858 0.02TAIYO YUDEN CO LTD 300 39,510 0.01TAKEDA PHARMACEUTICAL CO LTD 366 168,237 0.04TDK CORP 160 115,220 0.03TEIJIN LTD 400 69,104 0.02THE 77 BANK LTD 420 85,891 0.02THE AWA BANK LTD 1,120 55,615 0.01TODA CORP 1,000 61,480 0.02TOHOKU ELECTRIC POWER CO INC 700 70,573 0.02TOKIO MARINE HOLDINGS INC 383 141,061 0.04TOKYO ELECTRIC POWER CO INC 950 30,088 0.01TOKYO ELECTRON LTD 90 131,945 0.03TOPPAN FORMS CO LTD 500 44,032 0.01TOSOH CORP 200 35,827 0.01TOYO SUISAN KAISHA LTD 230 72,926 0.02

HoldingsMarket

value

% of net

asset value

HKD

TOYOBO CO LTD 400 59,531 0.02TOYOTA BOSHOKU CORPORATION 200 33,434 0.01TOYOTA MOTOR CORP 1,133 607,261 0.16TS TECH CO LTD 240 80,224 0.02ULVAC INC 100 52,236 0.01WEST JAPAN RAILWAY CO 150 87,877 0.02YAMAGUCHI FINANCIAL GROUP INC 590 54,029 0.01YAMATO KOGYO CO LTD 300 67,176 0.02ZENKOKU HOSHO CO LTD 200 73,088 0.02ZENSHO HOLDINGS CO LTD 500 68,430 0.02ZEON CORP 600 70,551 0.02

15,284,594 4.00

MalaysiaALLIANCE BANK MALAYSIA BERHAD 4,600 39,969 0.01AMMB HOLDINGS BHD 1,200 11,606 –BRITISH AMERICAN TOBACCO

(MALAYSIA) BHD 700 48,011 0.01DIGI.COM BHD 2,500 24,832 0.01HONG LEONG FINANCIAL GROUP

BHD 1,400 52,141 0.01MAXIS BHD 3,900 47,582 0.01MISC BHD 4,200 63,631 0.02PETRONAS CHEMICALS GROUP BHD 2,100 34,302 0.01PUBLIC BANK BHD 1,500 66,159 0.02TENAGA NASIONAL BHD 2,942 93,159 0.02WESTPORTS HOLDINGS BHD 2,900 20,368 0.01

501,760 0.13

NetherlandsAEGON NV 1,255 67,353 0.02AERCAP HOLDINGS NV 142 60,086 0.02AIRBUS SE 75 67,596 0.02AKZO NOBEL NV 73 53,645 0.01ASML HOLDING NV 91 144,704 0.04ASR NEDERLAND NV-W/I 119 40,814 0.01HEINEKEN NV 115 101,473 0.03ING GROEP NV 859 132,493 0.03KONINKLIJKE AHOLD DELHAIZE NV 344 60,232 0.01KONINKLIJKE PHILIPS NV 222 71,079 0.02

66

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


KONINKLIJKE VOPAK 94 33,329 0.01NXP SEMICONDUCTORS NV 49 46,113 0.01UNILEVER NV 445 202,269 0.05WOLTERS KLUWER NV 80 33,229 0.01YANDEX N V SHARESS CLASS A 209 63,311 0.02

1,177,726 0.31

New ZealandAIR NEW ZEALAND LTD 1,542 27,492 0.01FISHER & PAYKEL HEALTHCARE CORP 1,035 79,983 0.02SKY CITY ENTERTAINMENT GROUP

LTD 1,471 35,338 0.01

142,813 0.04

NorwayDNB ASA 612 97,527 0.03MARINE HARVEST ASA 375 50,990 0.01STATOIL ASA 559 102,523 0.03YARA INTERNATIONAL ASA 238 89,846 0.02

340,886 0.09

PhilippinesGT CAPITAL HOLDING INC 305 62,545 0.02MEGAWORLD CORP 55,500 41,886 0.01METROPOLITAN BANK AND

TRUST CO 3,540 53,703 0.01

158,134 0.04


SA 223 44,335 0.01

HoldingsMarket

value

% of net

asset value

HKD

PortugalENERGIAS DE PORTUGAL SA 2,672 73,653 0.02

Russian FederationGAZPROM PJSC 5,040 100,438 0.03MAGNITOGORSK IRON & STEEL


RUSSIA 3,255 119,679 0.03PUBLIC JOINT STOCK COMPANY

ALROSA 5,900 66,842 0.02SURGUTNEFTEGAS 9,900 39,551 0.01TRANSNEFT PJSC PREFERENCE

SHARES 3 75,064 0.02

457,367 0.12

SingaporeBOC AVIATION LTD 1,400 64,400 0.02CAPITALAND LTD 1,900 43,588 0.01DBS GROUP HOLDINGS LTD 822 129,645 0.03HONG KONG LAND HOLDINGS LTD 3,643 205,154 0.05JARDINE MATHESON HOLDINGS LTD 477 236,833 0.06JARDINE STRATEGIC HOLDINGS LTD 537 167,165 0.04KEPPEL CORP LTD 1,100 56,976 0.02OVERSEA-CHINESE BANKING CORP

LTD 1,886 145,687 0.04SIA ENGINEERING CO LTD 2,300 45,894 0.01SINGAPORE EXCHANGE LTD 1,500 73,483 0.02SINGAPORE TELECOMMUNICATIONS

LTD 2,947 62,325 0.02UNITED OVERSEAS BANK LTD 604 98,979 0.03VENTURE CORP LTD 500 68,883 0.02

1,399,012 0.37

South KoreaBGF CO LTD 315 35,416 0.01CELLTRION INC 39 90,181 0.02DAEWOO INTERNATIONAL CORP 60 10,591 –

67

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


DB INSURANCE CO LTD 72 38,181 0.01DGB FINANCIAL GROUP INC 839 76,201 0.02HANKOOK TIRE CO LTD 143 56,036 0.02HANWHA CHEMICAL CORP 212 54,658 0.01HYOSUNG CORP 73 72,183 0.02HYUNDAI GLOVIS CO LTD 43 43,936 0.01HYUNDAI HEAVY INDUSTRIES CO

LTD 58 59,050 0.02HYUNDAI MIPO DOCKYARD CO LTD 88 71,868 0.02HYUNDAI MOBIS 49 88,828 0.02HYUNDAI MOTOR CO LTD 53 62,888 0.02HYUNDAI STEEL CO 148 61,789 0.02INDUSTRIAL BANK OF KOREA 531 64,757 0.02KANGWON LAND INC 226 53,716 0.01KB FINANCIAL GROUP INC 280 138,023 0.04KIA MOTORS CORP 305 77,407 0.02KOREA ELECTRIC POWER CORP 134 35,088 0.01LG DISPLAY CO LTD 280 66,037 0.02LG ELECTRONICS INC 66 49,550 0.01LG ELECTRONICS INC PREFERENCE

SHARES 240 75,764 0.02LG HAUSYS LTD 60 40,211 0.01LOTTE CHEMICAL CORP 27 83,060 0.02LOTTE CHILSUNG BEVERAGE CO LTD 4 44,416 0.01LS CORP 81 46,869 0.01NAVER CORP 14 93,314 0.02NH INVESTMENT & SECURITIES CO 596 73,339 0.02NHN ENTERTAINMENT CORP 111 67,236 0.02NONGSHIM CO LTD 17 40,281 0.01SAMSUNG ELECTRONIC CO LTD

PREFERENCE SHARES 8 123,579 0.03SAMSUNG ELECTRONICS CO LTD 47 858,906 0.22SAMSUNG FIRE & MARINE

INSURANCE PREFERENCE SHARES 3 4,197 –SAMSUNG SECURITIES CO LTD 124 39,554 0.01SK HOLDINGS CO LTD 25 58,321 0.02SK HYNIX INC 256 137,817 0.04SK INNOVATION CO LTD 37 55,421 0.01

HoldingsMarket

value

% of net

asset value

HKD

WOORI BANK CO LTD 729 89,971 0.02YUHAN CORP 15 25,599 0.01

3,264,239 0.85

SpainACCIONA SA 85 60,409 0.02AMADEUS IT GROUP SA 123 74,880 0.02BANCO BILBAO VIZCAYA

ARGENTARIA SA 1,739 128,233 0.03BANCO SANTANDER SA 4,500 262,331 0.07CAIXABANK 1,065 45,108 0.01CORPORACION FINANCIERA ALBA

SA 113 55,382 0.01ENDESA SA 310 54,671 0.01GRIFOLS SA PREFERENCE SHARES 294 57,063 0.01IBERDROLA SA 1,546 98,787 0.03MEDIASET ESPANA

COMMUNICACION 316 28,043 0.01REPSOL SA 677 99,969 0.03TELEFONICA SA 801 64,411 0.02ZARDOYA OTIS SA 670 60,059 0.01

1,089,346 0.28

SwedenALFA-LAVAL AB 484 99,622 0.03ARJO AB 413 10,611 –ATLAS COPCO AB A SHARES 327 120,318 0.03ELECTROLUX AB SERIES B 319 88,372 0.02GETINGE AB 406 43,623 0.01HENNES & MAURITZ AB B SHARES 347 48,147 0.01HUSQVARNA AB B SHARES 695 56,902 0.02ICA GRUPPEN AB 172 52,719 0.01INDUSTRIVARDEN A SHARES 200 44,213 0.01INVESTOR AB B SHARES 231 88,584 0.02NORDEA BANK AB 831 80,466 0.02SKANDINAVISKA ENSKILDA

BANKEN-A 791 78,405 0.02SKF AB B SHARES 477 92,505 0.03SVENSKA CELLULOSA AB SCA-B 935 75,919 0.02

68

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SWEDBANK A SHARES 284 56,957 0.02SWEDISH MATCH AB 195 61,982 0.02TELEFONAKTIEBOLAGET LM

ERICSSON 867 43,686 0.01TELIASONERA AB 982 38,675 0.01TRELLEBORG AB B SHARES 209 43,768 0.01VOLVO AB 474 75,922 0.02

1,301,396 0.34

SwitzerlandABB LTD 258 56,331 0.01ADECCO GROUP AG 46 29,647 0.01BALOISE HOLDING AG 62 79,448 0.02CIE FINANCIERE RICHEMONT 108 81,164 0.02CREDIT SUISSE GROUP AG 706 106,685 0.03FLUGHAFEN ZUERICH AG 32 63,864 0.02GARMIN LTD 88 43,321 0.01GEBERIT AG 24 89,051 0.02GIVAUDAN 4 75,387 0.02KUEHNE + NAGEL INTERNATIONAL

AG 59 84,837 0.02LAFARGEHOLCIM LTD 132 63,305 0.02LONZA GROUP AG 60 130,700 0.03NESTLE SA 859 581,230 0.15NOVARTIS AG 620 439,233 0.11ROCHE HOLDING AG 181 349,428 0.09SIKA AG 2 135,714 0.04SULZER AG 63 70,181 0.02SWISS LIFE HOLDING AG 29 85,278 0.02SWISS RE AG 152 117,403 0.03SWISSCOM AG 15 64,163 0.02UBS GROUP AG 859 136,599 0.04ZURICH INSURANCE GROUP AG 55 141,558 0.04

3,024,527 0.79

HoldingsMarket

value

% of net

asset value

HKD


ENGINEERING INC 4,000 44,440 0.01AU OPTRONICS CORP 20,000 74,604 0.02CHENG UEI PRECISION INDUSTRY

CO LTD 3,000 36,993 0.01CHINA LIFE INSURANCE CO LTD 5,620 45,245 0.01CHINA MOTOR CORPORATION 1,000 7,152 –CTBC FINANCIAL HOLDING CO LTD 17,133 97,933 0.03E.SUN FINANCIAL HOLDING

COMPANY LTD 14,724 75,865 0.02ETERNAL MATERIALS CO LTD 6,032 50,019 0.01FAR EASTONE

TELECOMMUNICATIONS CO LTD 3,000 61,186 0.02FENG HSIN STEEL CO LTD 2,602 41,826 0.01FORMOSA CHEMICALS & FIBER


LTD 7,358 182,057 0.05INNOLUX CORPORATION 20,000 73,799 0.02MEGA FINANCIAL HOLDING CO LTD 6,000 40,737 0.01NAN YA PLASTICS CORP 3,000 64,487 0.02NOVATEK MICROELECTRONICS


LTD 26,410 71,228 0.02TAIWAN BUSINESS BANK 15,980 37,052 0.01TAIWAN SEMICONDUCTOR

MANUFACTURING CO LTD 11,392 779,571 0.20TRANSCEND INFORMATION INC 2,000 45,245 0.01UNIMICRON TECHNOLOGY CORP 13,000 73,960 0.02VANGUARD INTERNATIONAL

SEMICONDUCTOR CORP 2,000 35,316 0.01YULON NISSAN MOTOR CO LTD 600 42,588 0.01

2,134,804 0.56

ThailandBANGKOK BANK PCL (FOREIG REG) 1,500 83,159 0.02BANGKOK LIFE ASSURANCE


REG) 2,787 55,505 0.02

69

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


DELTA ELECTRONICS THAI PCL (FOREIGN REG) 4,273 82,166 0.02

INDORAMA VENTURES PCL (FOREIGN REG) 6,593 92,201 0.02

KASIKORNBANK PCL (FOREIGN REG) 1,443 83,242 0.02PTT PCL (FOREIGN REG) 940 114,555 0.03

565,676 0.15

TurkeyARCELIK A.S. 658 26,148 0.01FORD OTOMOTIV SANAYI 683 85,441 0.02TURKIYE SINAI KALKINMA BANKASI 11,621 39,251 0.01TURKIYE VAKIFLAR BANKASI T.A.O.

CLASS D 4,467 70,130 0.02

220,970 0.06

United Kingdom3I GROUP PLC 909 94,168 0.02AGGREKO PLC 732 65,671 0.02ANGLO AMERICAN PLC 742 141,009 0.04ASHMORE GROUP PLC 619 29,632 0.01ASHTEAD GROUP PLC 313 73,282 0.02ASTRAZENECA PLC 364 197,834 0.05AUTO TRADER GROUP PLC 1,623 65,005 0.02AVIVA PLC 1,324 75,575 0.02BAE SYSTEMS PLC 812 53,647 0.01BARCLAYS PLC 2,334 51,904 0.01BARRATT DEVELOPMENTS PLC 1,050 68,343 0.02BELLWAY PLC 225 83,110 0.02BERKELEY GROUP HOLDINGS PLC 139 61,315 0.02BHP BILLITON PLC 603 104,895 0.03BOOKER GROUP PLC 3,118 78,585 0.02BP PLC 5,477 305,260 0.08BRITISH AMERICAN TOBACCO PLC 661 354,291 0.09BT GROUP PLC 2,179 61,911 0.02

HoldingsMarket

value

% of net

asset value

HKD

CENTRICA PLC 3,368 49,991 0.01COCA-COLA EUROPEAN PARTNERS

PLC 191 59,995 0.02COMPASS GROUP PLC 458 75,520 0.02DIAGEO PLC 590 166,190 0.04DIRECT LINE INSURANCE GROUP

PLC 1,833 75,291 0.02EASYJET PLC 161 29,726 0.01EXPERIAN PLC 291 52,531 0.01FERGUSON PLC 85 51,393 0.01GLAXOSMITHKLINE PLC 1,286 188,864 0.05GLENCORE PLC 3,016 135,423 0.04HALMA PLC 610 86,641 0.02HIKMA PHARMACEUTICALS PLC 513 55,175 0.01HOWDEN JOINERY GROUP PLC 1,148 59,285 0.02HSBC HOLDINGS PLC 4,532 378,608 0.10IMI PLC 355 52,475 0.01IMPERIAL TOBACCO GROUP PLC 229 73,826 0.02INTERCONTINENTAL HOTELS GROUP

PLC 189 99,053 0.03INTERNATIONAL CONSOLIDATED

AIRLINES GROUP SA 870 61,949 0.02JOHNSON MATTHEY PLC 185 71,195 0.02LEGAL & GENERAL GROUP PLC 3,567 107,358 0.03LLOYDS BANKING GROUP PLC 20,268 156,697 0.04LONDON STOCK EXCHANGE GROUP

PLC 108 47,172 0.01MEGGITT PLC 1,271 65,623 0.02NATIONAL GRID PLC 957 85,654 0.02OLD MUTUAL PLC 3,869 100,611 0.03PERSIMMON PLC 277 77,085 0.02POLYMETAL INTERNATIONAL PLC 574 52,683 0.01PRUDENTIAL PLC 499 105,785 0.03RECKITT BENCKISER GROUP PLC 140 105,933 0.03RELX PLC 327 56,665 0.01RIGHTMOVE PLC 119 58,409 0.01RIO TINTO PLC 492 214,622 0.06ROYAL DUTCH SHELL PLC A SHARES 1,000 273,891 0.07ROYAL DUTCH SHELL PLC B SHARES 1,051 291,776 0.08ROYAL MAIL PLC 1,114 58,173 0.01SAGE GROUP PLC 857 71,414 0.02SHIRE PLC 217 80,312 0.02SKY PLC 379 44,641 0.01SMITH & NEPHEW PLC 559 78,900 0.02

70

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SSE PLC 355 51,508 0.01ST JAMES’S PLACE PLC 374 49,439 0.01STANDARD CHARTERED PLC 460 41,934 0.01STANDARD LIFE ABERDEEN PLC 659 31,188 0.01TAYLOR WIMPEY PLC 3,286 69,662 0.02TRAVIS PERKINS PLC 362 58,805 0.02UNILEVER PLC 262 116,564 0.03VODAFONE GROUP PLC 6,331 158,156 0.04WILLIAM HILL PLC 1,411 48,651 0.01

6,547,879 1.71

United States of America3M CO 38 74,452 0.02ABBOTT LABORATORIES 263 127,866 0.03ABBVIE INC 191 167,645 0.04ACCENTURE PLC CLASS A 74 93,011 0.02ACTIVISION BLIZZARD INC COM 90 52,182 0.01ADOBE SYSTEMS INC 21 32,811 0.01AETNA INC 84 122,741 0.03AFFILIATED MANAGERS GROUP INC 33 51,526 0.01AFLAC INC 129 88,991 0.02AGNC INVESTMENT CORP 342 50,262 0.01AIR PRODUCTS & CHEMICALS INC 67 88,232 0.02ALASKA AIR GROUP INC 52 26,733 0.01ALLEGHANY CORP 7 34,367 0.01ALLERGAN PLC 40 56,396 0.01ALLSTATE CORP 75 57,939 0.02ALLY FINANCIAL INC 402 93,604 0.02ALPHABET INC 65 597,865 0.16ALTRIA GROUP INC 288 158,446 0.04AMAZON.COM INC 45 510,663 0.13AMDOCS LTD 117 62,594 0.02AMEREN CORP 146 64,668 0.02AMERICAN AIRLINES GROUP INC 150 63,729 0.02AMERICAN ELECTRIC POWER CO

INC 73 39,271 0.01AMERICAN EXPRESS CO 152 118,173 0.03

HoldingsMarket

value

% of net

asset value

HKD

AMGEN INC 95 138,242 0.04ANDEAVOR 70 59,218 0.02ANSYS INC 59 74,596 0.02ANTERO RESOURCES

CORPORATION 390 59,269 0.02APPLE INC 581 760,846 0.20APPLIED MATERIALS INC 144 60,403 0.02ARROW ELECTRONICS INC 85 54,077 0.01ASHLAND GLOBAL HOLDINGS INC 72 40,879 0.01ASSURANT INC 51 36,491 0.01AT&T INC 506 148,214 0.04AUTOLIV INC 67 79,764 0.02AUTOMATIC DATA PROCESSING INC 50 48,348 0.01AVANGRID INC 149 56,778 0.01AVNET INC 135 44,876 0.01AXIS CAPITAL HOLDINGS LTD 77 30,432 0.01BANK OF AMERICA CORP 649 162,436 0.04BAXTER INTERNATIONAL INC 167 94,084 0.02BB&T CORP 117 50,505 0.01BECTON DICKINSON & CO 36 68,405 0.02BED BATH & BEYOND INC 191 34,479 0.01BERKSHIRE HATHAWAY INC CLASS B 238 399,069 0.10BIOGEN IDEC INC 43 116,976 0.03BIOVERATIV INC 111 89,475 0.02BLACKROCK INC 14 61,517 0.02BOEING CO 56 155,215 0.04BRISTOL MYERS SQUIBB CO 185 90,580 0.02BROADCOM LTD 32 62,079 0.02BROWN & BROWN INC 85 34,890 0.01CA INC 221 61,968 0.02CAMPBELL SOUP CO 77 28,035 0.01CAPITAL ONE FINANCIAL CORP 69 56,105 0.01CELGENE CORP 82 64,880 0.02CENTERPOINT ENERGY INC 272 59,951 0.02CHECK POINT SOFTWARE

TECHNOLOGIES LTD 81 65,514 0.02CHEVRON CORP 220 215,692 0.06CHUBB LTD 51 62,287 0.02CIGNA CORP 28 45,629 0.01CISCO SYSTEMS INC 408 132,560 0.03CIT GROUP INC 156 61,849 0.02CITIGROUP INC 218 133,814 0.04CITRIX SYS INC 98 71,101 0.02CNA FINANCIAL CORP 148 62,694 0.02

71

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


COCA COLA CO 422 157,078 0.04COGNIZANT TECHNOLOGY

SOLUTION CORP 68 41,474 0.01COLGATE PALMOLIVE CO 99 57,486 0.02COMCAST CORP CLASS A 359 119,420 0.03COOPER COS INC 33 63,151 0.02CORNING INC 320 78,139 0.02COSTCO WHOLESALE CORP 26 39,628 0.01CUMMINS INC 50 73,522 0.02D R HORTON INC 136 52,175 0.01DANAHER CORP 73 57,827 0.02DARDEN RESTAURANTS INC 104 77,967 0.02DELTA AIR LINES INC 134 59,499 0.02DENTSPLY SIRONA INC 124 58,977 0.02DISCOVERY COMMUNICATIONS INC

CLASS C 53 9,891 –DOWDUPONT INC 170 100,495 0.03DR PEPPER SNAPPLE GROUP INC 84 78,413 0.02DST SYSTEMS INC 57 37,168 0.01DXC TECHNOLOGY CO 46 35,817 0.01EASTMAN CHEMICAL CO 88 68,264 0.02EBAY INC 297 94,266 0.02EDGEWELL PERSONAL CARE CO 104 45,926 0.01ELECTRONIC ARTS INC 103 102,280 0.03EMERSON ELECTRIC CO 83 46,890 0.01EVEREST RE GROUP LTD 21 37,745 0.01EXELON CORP 279 84,036 0.02EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 115 58,420 0.02EXXON MOBIL CORP 452 308,631 0.08F5 NETWORKS INC 55 62,178 0.02FACEBOOK INC CLASS A 258 377,132 0.10FASTENAL CO 161 69,209 0.02FEDEX CORP 30 61,589 0.02FLEX LTD 548 77,194 0.02FNF GROUP 210 64,025 0.02FORTIVE CORP 131 77,891 0.02FRANKLIN RESOURCES INC 144 47,766 0.01GAP INC 349 90,735 0.02

HoldingsMarket

value

% of net

asset value

HKD

GENERAL ELECTRIC CO 686 86,760 0.02GENERAL MILLS INC 75 34,311 0.01GENERAL MOTORS CO 304 100,839 0.03GENTEX CORP 355 65,750 0.02GENUINE PARTS CO 84 68,374 0.02GGP INC 55 9,907 –GILEAD SCIENCES INC 252 165,170 0.04GOODYEAR TIRE & RUBR CO 224 61,005 0.02H&R BLOCK INC 217 45,045 0.01HARLEY DAVIDSON INC 157 59,507 0.02HARTFORD FINANCIAL SERVICES

GROUP INC 202 92,837 0.02HELMERICH AND PAYNE INC 121 68,169 0.02HERBALIFE LTD 42 27,262 0.01HOLOGIC INC 191 63,789 0.02ILLINOIS TOOL WORKS INC 59 80,143 0.02INGERSOLL-RAND PLC 103 76,235 0.02INGREDION INC 59 66,285 0.02INTEL CORP 686 258,296 0.07INTERNATIONAL BUSINESS

MACHINES CORP 79 101,149 0.03INTERNATIONAL FLAVORS &

FRAGRANCE INC 25 29,389 0.01INTUIT INC 28 36,770 0.01INTUITIVE SURGICAL INC COM NEW 36 121,546 0.03J B HUNT TRANSPORT SERVICES INC 78 73,715 0.02JABIL INC 222 44,156 0.01JAZZ PHARMACEUTICALS PLC 61 69,534 0.02JOHNSON & JOHNSON 285 308,041 0.08JPMORGAN CHASE & CO 395 357,359 0.09JUNIPER NETWORKS INC 218 44,588 0.01KEYSIGHT TECHNOLOGIES INC 160 58,467 0.02KINDER MORGAN INC 263 36,986 0.01KLA-TENCOR CORP 52 44,657 0.01LAM RESEARCH CORP 75 112,347 0.03LEGGETT & PLATT INC 133 48,382 0.01LIBERTY GLOBAL PLC SERIES C 87 24,333 0.01LKQ CORP 134 44,051 0.01LOEWS CORP 86 34,742 0.01LOWE’S COMPANIES INC 65 53,244 0.01LYONDELLBASELL INDUSTRIES NV 87 81,547 0.02MALLINCKRODT PLC 131 18,504 –MARATHON PETROLEUM CORP 169 91,563 0.02MARRIOTT INTERNATIONAL INC

CLASS A 93 107,174 0.03

72

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


MARVELL TECHNOLOGY GROUP LTD 627 114,411 0.03MASTERCARD INCORPORATED A

SHRS 107 141,435 0.04MAXIM INTEGRATED PRODS INC 191 91,128 0.02MCDONALD’S CORP 101 135,195 0.04MEDTRONIC PLC 141 94,722 0.02MERCK & CO INC 302 139,953 0.04METLIFE INC 110 41,357 0.01METTLER-TOLEDO INTERNATIONAL 13 68,660 0.02MICHAEL KORS HOLDINGS LTD 167 86,208 0.02MICRON TECHNOLOGY INC 129 44,112 0.01MICROSOFT CORP 807 599,695 0.16MONSANTO CO 53 50,491 0.01MOODY’S CORP 64 80,988 0.02MOSAIC CO 198 42,278 0.01MURPHY OIL CORP 169 42,431 0.01NEWELL BRANDS INC 269 55,629 0.01NORFOLK SOUTHERN CORP 37 43,664 0.01NORTHROP GRUMMAN CORP 23 61,259 0.02NVR INC 2 49,716 0.01OCCIDENTAL PETROLEUM CORP 102 59,810 0.02OLD REPUBLIC INTERNATIONAL

CORP 234 39,331 0.01ORACLE CORP 311 125,491 0.03PAYCHEX INC 140 74,734 0.02PAYPAL HOLDINGS INC 126 84,083 0.02PEPSICO INC 142 133,611 0.03PFIZER INC 670 194,103 0.05PG&E CORP 223 74,006 0.02PHILIP MORRIS INTERNATIONAL INC 142 119,095 0.03PHILLIPS 66 122 97,712 0.03PINNACLE WEST CAPITAL CORP 75 46,899 0.01PPL CORP 163 40,631 0.01PRAXAIR INC 38 47,997 0.01PRICELINE GROUP INC 5 74,775 0.02PROCTER & GAMBLE CO 213 143,840 0.04PRUDENTIAL FINANCIAL INC 55 51,114 0.01PULTEGROUP INC 350 87,135 0.02QIAGEN NV 293 76,910 0.02

HoldingsMarket

value

% of net

asset value

HKD

QORVO INC 125 70,168 0.02QUALCOMM INC 99 52,848 0.01RAYTHEON CO 35 57,197 0.02RENAISSANCERE HOLDINGS LTD 48 47,732 0.01ROBERT HALF INTERNATIONAL INC 94 42,554 0.01ROCKWELL COLLINS INC 75 81,239 0.02ROSS STORES INC 141 90,862 0.02S&P GLOBAL INC 26 36,828 0.01SAFEWAY PDC LLC CVR (Casa Ley) 440 – –SALESFORCE.COM INC 41 36,529 0.01SANTANDER CONSUMER USA

HOLDINGS INC 634 85,539 0.02SCANA CORP 126 40,051 0.01SCHLUMBERGER LTD 112 64,456 0.02SKYWORKS SOLUTIONS INC 107 81,355 0.02SNAP-ON INC 48 64,315 0.02SOUTHERN CO 189 66,684 0.02SOUTHWEST AIRLINES CO 106 50,408 0.01STANLEY BLACK & DECKER INC 43 55,907 0.01STARBUCKS CORP 207 91,978 0.02STRYKER CORP 79 101,570 0.03SUNTRUST BANKS INC 61 33,732 0.01SYMANTEC CORP 160 34,077 0.01SYNCHRONY FINANCIAL 307 95,279 0.02TE CONNECTIVITY LTD 128 102,647 0.03TECHNIPFMC LTD 364 92,213 0.02TEXAS INSTRUMENTS INC 166 142,391 0.04THE HOME DEPOT INC 132 207,415 0.05THE PRINCIPAL FINANCIAL GROUP

INC 68 35,954 0.01THE PROGRESSIVE CORP 236 99,861 0.03THE TRAVELERS COS INC 82 96,153 0.03THE WALT DISNEY CO 154 130,893 0.03THERMO FISHER SCIENTIFIC INC 48 84,138 0.02THOMSON REUTERS CORP 169 57,351 0.01TIFFANY & CO 111 92,592 0.02TIME WARNER INC 93 69,357 0.02TJX COS INC 140 87,951 0.02TOLL BROTHERS INC 156 56,834 0.01TORCHMARK CORP 57 40,503 0.01TWENTY-FIRST CENTURY FOX INC

CLASS B 72 20,549 0.01U.S. BANCORP 188 84,021 0.02UNION PACIFIC CORP 98 102,328 0.03

73

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


UNITED CONTINENTAL HOLDINGS INC 85 45,088 0.01

UNITED PARCEL SERVICE INC CLASS B 82 81,658 0.02UNITEDHEALTH GROUP INC 81 150,009 0.04UNIVERSAL HEALTH SERVICES INC

CLASS B 57 54,167 0.01VALERO ENERGY CORP 149 111,843 0.03VARIAN MEDICAL SYSTEMS INC 63 62,826 0.02VERISIGN INC 83 74,604 0.02VERIZON COMMUNICATIONS INC 462 195,382 0.05VISA INC CLASS A 202 196,275 0.05W. R. BERKLEY CORP 109 62,218 0.02W. W. GRAINGER INC 18 37,964 0.01WALGREENS BOOTS ALLIANCE INC 102 60,042 0.02WAL-MART STORES INC 158 131,735 0.03WATERS CORP 39 65,769 0.02WELLS FARGO & CO 484 249,016 0.07WESTERN UNION CO 345 56,100 0.01WYNDHAM WORLDWIDE CORP 105 101,942 0.03XILINX INC 150 85,668 0.02XL GROUP LTD 109 31,408 0.01YUM BRANDS INC 67 44,328 0.01YUM CHINA HOLDINGS INC 186 67,488 0.02ZIMMER BIOMET HOLDINGS INC 53 52,696 0.01

21,969,915 5.74

Equities (Total) 116,071,229 30.34

Debt securities


ASB FINANCE LTD 2.63% 14 DECEMBER 2021 1,000,000 995,300 0.26

AUSTRALIA (GOVERNMENT OF) 5.25% 15 MARCH 2019 56,000 368,273 0.10

HoldingsMarket

value

% of net

asset value

HKD

AUSTRALIAN (GOVERNMENT OF) 4.75% 21 APRIL 2027 143,000 1,050,841 0.27

AUSTRIA (REPUBLIC OF) 3.9% 15 JULY 2020 200,000 2,151,809 0.56

BELGIUM (KINGDOM OF) 4% 28 MARCH 2019 489,000 5,014,033 1.31

BELGIUM, KINGDOM OF (GOVERNMENT) 2.6% 22 JUNE 2024 137,000 1,521,057 0.40

BMW FINANCE NV 1.73% 30 JUNE 2020 1,000,000 983,600 0.26

BONOS Y OBLIG DEL ESTADO 5.15% 31 OCTOBER 2044 218,000 3,246,685 0.85

DAIMLER AG 2.29% 09 MAY 2022 1,000,000 977,600 0.26DENMARK (KINGDOM OF) 1.5% 15

NOVEMBER 2023 580,000 816,229 0.21EUROPEAN INVESTMENT BANK

2.15% 18 JANUARY 2027 35,600,000 3,034,220 0.79FRANCE (GOVERNMENT OF) 5.75%

25 OCTOBER 2032 126,500 1,992,042 0.52FRANCE (GOVERNMENT OF) OAT 4%

25 APRIL 2018 240,000 2,362,590 0.62FRANCE (GOVERNMENT OF) OAT

4.25% 25 OCTOBER 2023 969,000 11,589,372 3.03GERMANY (REPUBLIC OF) 3.25% 4

JULY 2042 52,000 726,189 0.19GERMANY (REPUBLIC OF) 3.5% 04

JULY 2019 125,000 1,289,732 0.34GERMANY (REPUBLIC OF) 4% 4

JANUARY 2037 93,000 1,361,231 0.36GERMANY (REPUBLIC OF) 4.25% 04

JULY 2018 190,000 1,889,174 0.49GERMANY (REPUBLIC OF) 4.75% 4

JULY 2040 91,000 1,518,937 0.40GERMANY (REPUBLIC OF) 5.5% 4

JANUARY 2031 91,000 1,391,160 0.36HONG KONG (GOVERNMENT OF)

1.04% 20 NOVEMBER 2019 3,300,000 3,287,823 0.86HONG KONG (GOVERNMENT OF)

2.16% 9 DECEMBER 2019 350,000 355,913 0.09IFC DEVELOPMENT CORP TRS 3.4%

4 JUNE 2020 2,000,000 2,042,600 0.53ITALY (REPUBLIC OF) 4% 1

FEBRUARY 2037 402,000 4,656,155 1.22ITALY (REPUBLIC OF) 4.5%

1 MARCH 2024 128,000 1,484,552 0.39

74

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Debt securities


ITALY (REPUBLIC OF) 5.5% 1 NOVEMBER 2022 305,000 3,620,263 0.95




JAPAN GOVERNMENT 20 YEAR BOND #61 1% 20 MARCH 2023 44,500,000 3,364,989 0.88



JAPAN-109 (5 YEAR ISSUE) 0.1% 20 MARCH 2018 50,000,000 3,583,801 0.94

JPMORGAN CHASE & CO 4.22% 19 SEPTEMBER 2018 4,000,000 4,054,400 1.06

KOREA EXPRESSWAY CORP 1.65% 18 OCTOBER 2019 3,000,000 2,951,700 0.77

KOREA FINANCE CORP 4.42% 12 APRIL 2021 2,000,000 2,099,400 0.55

MEXICO (UNITED STATES OF) 8% 11 JUNE 2020 25,550 1,099,511 0.29



OVERSEA-CHINESE BANKING CORP LTD 1.59% 25 SEPTEMBER 2020 2,000,000 1,956,000 0.51




HoldingsMarket

value

% of net

asset value

HKD

SWEDEN (GOVERNMENT OF) 4.25% 12 MARCH 2019 635,000 667,770 0.17

UK (GOVT OF) 4.25% 07 DECEMBER 2027 90,000 1,251,090 0.33

UK TREASURY NOTES 4.25% 7 MARCH 2036 560,000 8,498,110 2.22

US TREASURY NOTES 1.5% 31 AUGUST 2018 979,000 7,648,226 2.00

US TREASURY NOTES 2% 31 OCTOBER 2021 1,091,000 8,409,871 2.20

US TREASURY NOTES 2.125% 31 AUGUST 2020 1,085,000 8,461,080 2.21

US TREASURY NOTES 2.25% 15 AUGUST 2027 128,000 962,821 0.25

US TREASURY NOTES 2.5% 15 MAY 2024 850,000 6,603,305 1.73

US TREASURY NOTES 3% 15 NOVEMBER 2044 775,000 6,150,180 1.61

US TREASURY NOTES 4.375% 15 FEBRUARY 2038 548,000 5,299,094 1.39

164,649,934 43.04

Unlisted but quoted investments

AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 3.25% 21 APRIL 2025 242,000 1,592,048 0.42

BANK OF NOVA SCOTIA 2.295% 27 APRIL 2022 3,000,000 2,959,170 0.77

CANADA (GOVERNMENT OF) 5.75% 1 JUNE 2029 236,000 2,016,584 0.53

CANADIAN (GOVERNMENT OF) 0.75% 1 MAY 2019 147,000 926,260 0.24

CATERPILLAR FINANCIAL SERVICE 2.14% 13 DECEMBER 2019 2,000,000 1,993,600 0.52

HKCG FINANCE LTD 3.3% 16 MAY 2022 2,000,000 2,033,800 0.53

ITALY, REPUBLIC OF (GOVERNMENT) 0.7% 01 MAY 2020 454,000 4,495,995 1.18

NATIONAL AUSTRALIA BANK 1.72% 24 AUGUST 2020 1,000,000 985,815 0.26

75

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Debt securities

BondsUnlisted but quoted investments

NORDEA BANK AB 3.045% 27 AUG 2025 2,000,000 1,985,600 0.52

OP YRITYSPANKKI OYJ 2.16% 18 SEP 2020 2,000,000 1,975,000 0.52

POLAND, REPUBLIC OF (GOVERNMENT) 5.25% 25 OCTOBER 2020 365,000 931,979 0.24

ROYAL BANK OF CANADA 1.7% 20 AUGUST 2018 2,000,000 1,999,600 0.52

ROYAL BANK OF CANADA 1.83% 14 APRIL 2020 1,000,000 988,600 0.26

SUMITOMO MITSUI BANKING CORP 2.09% 20 APRIL 2020 3,000,000 2,983,200 0.78

TOTAL CAPITAL INTERNATIONAL SA 3.088% 14 SEP 2026 2,000,000 2,007,200 0.52


33,787,950 8.83

Debt securities (Total) 198,437,884 51.87

Unit TrustsListed investments

AMERICAN TOWER CORP 69 79,711 0.02DUKE REALTY CORP 295 60,937 0.02HOSPITALITY PROPERTIES TRUST 214 47,552 0.01IRON MOUNTAIN INC 170 46,577 0.01KIMCO REALTY CORP 277 34,470 0.01LINK REIT 4,569 316,175 0.08PUBLIC STORAGE 42 64,307 0.02SIMON PROPERTY GROUP INC 45 57,501 0.01WEYERHAEUSER CO 198 58,136 0.02

765,366 0.20

HoldingsMarket

value

% of net

asset value

HKD




HSBC INDEX TRACKER INVESTMENT FUND – JAPAN INDEX FUND CLASS INSTITUTIONAL ACCUMULATION 436,357 6,319,103 1.65

16,407,203 4.29


Rights

AGILE GROUP-PREF OFFER 2018 RTS 240 – –HYUNDAI HEAVY IND RTS 09 MARCH

2018 10 – –IBERDROLA SA RIGHTS 2018 20 – –UNICREDIT SPA RTS 21 FEB 2018 322 13 –


Stapled securitiesAustraliaAPA GROUP STAPLED SECURITY LTD 683 34,865 0.01MACQUARIE ATLAS ROADS GROUP

LTD 1,379 50,132 0.01

84,997 0.02

Derivative assets

Foreign currency forward contracts 1,022,675 0.27

76

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Total financial assets 332,789,367 86.99





Total investments (Total cost of investments: $298,961,304) 330,195,060 86.31


Total net assets 382,577,412 100.00

77


HSBC Managed Stable Fundfor the period from 1 August 2017 to 31 January 2018

% ofnet asset


% ofnet asset

value31 July 2017

Financial assets

Equities


30.34 30.69

78


HSBC Managed Stable Fundfor the period from 1 August 2017 to 31 January 2018

% ofnet asset


% ofnet asset

value31 July 2017

Debt securities

BondsListed investments 43.04 49.41Unlisted but quoted investments 8.83 1.78

51.87 51.19


Unit trustsListed investments 0.20 0.76Unlisted but quoted investments 4.29 2.04

4.49 2.80

Rights – –

Stapled securities 0.02 –

Derivative assets







79

Performance Record





HKD HKD HKD HKD




HKD HKD HKD HKD

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 N/A 16.71 N/A 16.712015 N/A N/A N/A N/A2016 N/A N/A N/A N/A2017 N/A N/A N/A N/A1 August 2017 to 31 January 2018 N/A N/A N/A N/A

80

Performance Record



HKD HKD HKD HKD



31 January 2018HKD

2017HKD

2016HKD

2015HKD

Total net asset value 382,577,412 1,595,518,574 1,730,032,452 1,523,265,416


31 January 2018HKD

2017HKD

2016HKD

2015HKD

Net asset value per unit– “A” class income units 15.26 14.42 13.91 13.62– Provident class units 19.57 18.42 17.49 16.97

81



A Class

Date ofDistribution

Date ofPayment


TotalDistribution

HKD HKD

2017 Yearly Distribution 31 July 2017 09 August 2017 0.12 224,064.54

82


HSBC Managed Stable Growth Fund

Market review




83




ASSETSFinancial assets at fair value through profit or loss 350,524,133 335,507,718Interest and dividends receivable 1,488,094 1,732,416Subscriptions receivable 1,355,052 1,067,351Amounts due from brokers 762,348 512,940Cash and cash equivalents 30,774,799 9,339,422

384,904,426 348,159,847

LIABILITIESFinancial liabilities at fair value through profit or loss 856,214 786,210Redemptions payable 235,558 –Amounts due to brokers 4,715,834 14,805Other payables 732,713 651,981

6,540,319 1,452,996

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 378,364,107 346,706,851

Representing:Total equity 378,364,107 346,706,851

Total number of units in issue


Net asset value per unit


84

Portfolio Statement

HSBC Managed Stable Growth Fundas at 31 January 2018

HoldingsMarket

value

% of net

asset value

HKD

Financial assets


AustraliaADELAIDE BRIGHTON LTD 2,574 105,801 0.03AGL ENERGY LTD 515 76,454 0.02AMCOR LTD 910 83,915 0.02ANSELL LTD 636 101,306 0.03ANZ BANKING GROUP LTD 2,204 398,944 0.10ARISTOCRAT LEISURE LTD 592 89,610 0.02ASX LTD 392 135,903 0.04AUSNET SERVICES LTD 9,002 96,638 0.02BHP BILLITON LTD 1,989 380,435 0.10CALTEX AUSTRALIA LTD 305 67,165 0.02COCHLEAR LTD 60 66,014 0.02COMMONWEALTH BANK OF

AUSTRALIA 1,381 689,833 0.18CSL LTD 300 278,202 0.07CSR LTD 3,188 101,762 0.03DULUXGROUP LTD 2,100 97,091 0.02FLIGHT CENTRE TRAVEL GROUP LTD 305 98,574 0.03FORTESCUE METALS GROUP LTD 3,548 111,456 0.03INSURANCE AUSTRALIA GROUP LTD 2,476 113,534 0.03IOOF HOLDINGS LTD 1,825 127,375 0.03MACQUARIE GROUP LTD 232 151,534 0.04MAGELLAN FINANCIAL GROUP LTD 403 70,318 0.02METCASH LTD 6,099 123,608 0.03NATIONAL AUSTRALIA BANK LTD 2,007 370,276 0.10ORICA LTD 1,121 136,315 0.04ORIGIN ENERGY LTD 1,534 90,742 0.02OZ MINERALS LTD 1,438 85,155 0.02PERPETUAL LTD 328 108,812 0.03PLATINUM INVESTMENT

MANAGEMENT LTD 2,201 115,840 0.03QANTAS AIRWAYS LTD 2,669 89,084 0.02QBE INSURANCE GROUP LTD 1,279 87,323 0.02RIO TINTO LTD 321 156,238 0.04SOUTH32 LTD 4,237 102,509 0.03SUNCORP GROUP LTD 752 65,059 0.02TABCORP HOLDINGS LTD 3,050 99,869 0.03TELSTRA CORP LTD 4,673 108,618 0.03WESFARMERS LTD 623 172,862 0.05

HoldingsMarket

value

% of net

asset value

HKD

WESTPAC BANKING CORP 2,426 475,697 0.13WOODSIDE PETROLEUM LTD 771 161,727 0.04WOOLWORTHS GROUP LTD 1,018 173,758 0.05

6,165,356 1.63

AustriaANDRITZ AG 141 66,384 0.02ERSTE GROUP BANK AG 365 144,141 0.04TELEKOM AUSTRIA AG 1,437 109,072 0.03VIENNA INSURANCE GROUP AG 437 121,522 0.03VOESTALPINE AG 338 172,175 0.04

613,294 0.16

BelgiumANHEUSER BUSCH INBEV NV 224 198,919 0.05BPOST SA 356 92,892 0.02ETABLISSEMENTEN FRANZ

COLRUYT NV 181 78,603 0.02KBC GROEP NV 226 170,438 0.05PROXIMUS NV 312 82,566 0.02SOFINA SA 72 98,496 0.03

721,914 0.19

BermudaSHANGRI-LA ASIA LTD 2,745 54,626 0.01SIHUAN PHARMACEUTICAL

HOLDINGS GROUP LTD 45,000 135,000 0.04VTECH HLDGS LTD 427 46,201 0.01

235,827 0.06

CanadaARC RESOURCES LTD 871 75,130 0.02BANK OF MONTREAL 156 100,776 0.03BANK OF NOVA SCOTIA 203 105,760 0.03BCE INC 258 94,610 0.02CANADIAN IMPERIAL BANK OF

COMMERCE 150 116,533 0.03

85

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


CANADIAN NATIONAL RAILWAY CO 144 90,500 0.02CI FINANCIAL CORP 353 66,636 0.02ENBRIDGE INC 238 68,324 0.02GREAT-WEST LIFECO INC 288 63,858 0.02IMPERIAL OIL LTD 316 77,904 0.02INTER PIPELINE LTD 480 72,157 0.02METRO INC 332 87,118 0.02NUTRIEN LTD 241 98,869 0.03POWER CORPORATION OF CANADA 418 83,650 0.02ROGERS COMMUNICATIONS INC

CLASS B 244 93,380 0.02ROYAL BANK OF CANADA 256 171,888 0.05SUNCOR ENERGY INC 338 96,019 0.03TECK RESOURCES LTD 577 131,396 0.03TORONTO-DOMINION BANK 325 155,023 0.04TOURMALINE OIL CORP 547 69,292 0.02TRANSCANADA CORP 338 122,028 0.03

2,040,851 0.54

Cayman IslandsCK ASSET HOLDINGS LTD 12,074 901,324 0.24WHARF REAL ESTATE INVESTMENT C 5,794 313,166 0.08

1,214,490 0.32

ChinaCHINA HUARONG ASSET

MANAGEMENT 24,000 94,800 0.03CHINA RESOURCES PHARMACEUTIC 7,500 77,250 0.02CSC FINANCIAL CO LTD-H 16,500 120,285 0.03ZHEJIANG EXPRESSWAY CO LTD ‘H’ 14,000 129,640 0.03

421,975 0.11

HoldingsMarket

value

% of net

asset value

HKD


DenmarkCARLSBERG A/S – B 138 139,080 0.04DANSKE BANK A/S 361 115,084 0.03H LUNDBECK A/S 248 99,223 0.02NOVO NORDISK A/S 709 309,470 0.08PANDORA A/S 151 112,367 0.03VESTAS WIND SYSTEMS A/S 135 72,288 0.02

847,512 0.22

FinlandFORTUM OYJ 672 114,355 0.03KONE OYJ-B 267 119,931 0.03METSO OYJ 317 86,947 0.02NESTE OYJ 280 151,906 0.04NOKIAN TYRES PLC 288 114,154 0.03ORION OYJ CLASS B 280 88,121 0.02UPM-KYMMENE OYJ 505 133,543 0.04WARTSILA ABP OYJ 167 89,592 0.03

898,549 0.24

France AIR LIQUIDE SA 98 103,651 0.03AIRBUS GROUP SE 122 109,956 0.03ALSTOM SA 240 82,664 0.02ARKEMA SA 128 128,335 0.03ATOS SE 116 143,542 0.04AXA SA 425 109,716 0.03BNP PARIBAS SA 476 308,887 0.08BOUYGUES SA 306 133,483 0.04CAPGEMINI SA 75 78,156 0.02CARREFOUR SA 551 103,482 0.03CNP ASSURANCES SA 657 132,128 0.03COMPAGNIE DE SAINT-GOBAIN 329 150,072 0.04CREDIT AGRICOLE SA 637 94,186 0.02

86

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


DANONE SA 193 130,620 0.03ELECTRICITE DE FRANCE SA 1,274 137,477 0.04ELIOR GROUP SA 550 99,462 0.03ENGIE SA 615 83,772 0.02ESSILOR INTERNATIONAL SA 96 107,008 0.03EURAZEO SA 21 17,341 –FAURECIA SA 35 24,683 0.01HERMES INTERNATIONAL 15 65,068 0.02L’OREAL SA 95 169,485 0.04LVMH MOET HENNESSY LOUIS

VUITTON SE 103 253,506 0.07MICHELIN (CIE GENERALE DES

ETABLISSEMENTS) 141 176,951 0.05ORANGE SA 827 117,203 0.03PERNOD-RICARD SA 92 115,009 0.03PEUGEOT SA 603 106,286 0.03RENAULT SA 89 76,806 0.02SAFRAN SA 212 187,849 0.05SANOFI SA 482 334,008 0.09SARTORIUS STEDIM BIOTECH SA 118 80,252 0.02SCHNEIDER ELECTRIC SE 227 166,946 0.04SCOR SE 213 74,817 0.02SEB SA 63 102,144 0.03SOCIETE BIC SA 90 80,940 0.02SOCIETE GENERALE DE PARIS SA 418 190,832 0.05TECHNIPFMC PLC 558 141,400 0.04THALES SA 143 125,901 0.03TOTAL SA 901 409,407 0.11UBISOFT ENTERTAINMENT 172 115,536 0.03VALEO SA 132 81,671 0.02VEOLIA ENVIRONNEMENT 652 128,899 0.03

5,579,537 1.47

GermanyADIDAS AG 85 155,123 0.04ALLIANZ SE 185 367,452 0.10BASF SE 372 341,873 0.09

HoldingsMarket

value

% of net

asset value

HKD

BAYER AG 318 327,135 0.09BAYERISCHE MOTOREN WERKE AG 151 135,314 0.04BEIERSDORF AG 133 124,043 0.03CECONOMY AG 487 54,972 0.01COMMERZBANK 476 61,490 0.02CONTINENTAL AG 51 120,106 0.03COVESTRO AG 166 149,742 0.04DAIMLER AG 387 278,735 0.07DEUTSCHE BANK AG – REGD SHS 812 117,047 0.03DEUTSCHE BOERSE AG 103 103,821 0.03DEUTSCHE LUFTHANSA AG 679 190,141 0.05DEUTSCHE POST AG 422 156,536 0.04DEUTSCHE TELEKOM AG 1,165 160,337 0.04DEUTSCHE WOHNEN AG 194 68,805 0.02EVONIK INDUSTRIES AG 379 117,431 0.03FIELMANN AG 143 98,230 0.03FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 169 156,828 0.04FRESENIUS MEDICAL CARE AG &

CO KGAA 93 84,272 0.02FUCHS PETROLUB SE 174 69,256 0.02FUCHS PETROLUB SE PREFERENCE

SHARES 206 88,316 0.02GEA GROUP AG 323 125,761 0.03HANNOVER RUECK SE 97 104,058 0.03HEIDELBERGCEMENT AG 68 57,828 0.02HELLA KGAA HUECK & CO 21 11,735 –HENKEL AG & CO KGAA

PREFERENCE SHARES 77 84,479 0.02HUGO BOSS AG 121 87,409 0.02INFINEON TECHNOLOGIES AG 910 207,568 0.06KION GROUP AG 31 22,328 0.01LINDE AG 86 154,993 0.04MERCK KGAA 73 62,607 0.02MUENCHENER

RUECKVERSICHERUNGS-GESELLSCHAFT AG 76 140,919 0.04

PORSCHE AUTOMOBIL HOLDING SE 232 168,182 0.04PROSIEBENSAT.1 MEDIA SE 304 91,201 0.02RATIONAL AG 19 104,782 0.03SAP SE 398 352,233 0.09SIEMENS AG 238 282,822 0.07SUEDZUCKER AG 168 25,192 0.01TALANX AG 292 101,400 0.03

87

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


UNITED INTERNET AG 101 57,767 0.02VOLKSWAGEN AG PREFERENCE

SHARES 53 91,415 0.02VONOVIA SE 256 99,051 0.03

5,960,735 1.58


REFINERIES SA 473 92,865 0.02

Hong KongAAC TECHNOLOGIES HOLDINGS INC 2,225 291,030 0.08AGILE GROUP HOLDINGS LTD 12,306 172,776 0.05AGRICULTURAL BANK OF CHINA LTD

H SHARES 92,655 444,744 0.12AIA GROUP LTD 48,325 3,237,775 0.86AIR CHINA LTD H SHARES 16,000 183,040 0.05ALUMINUM CORP OF CHINA LTD 20,000 106,000 0.03ANHUI CONCH CEMENT CO LTD 6,010 259,031 0.07ANHUI EXPRESSWAY CO LTD 10,000 65,200 0.02ANTA SPORTS PRODUCTS LTD 4,488 169,198 0.04ASM PACIFIC TECHNOLOGY LTD 900 96,120 0.03BAIC MOTOR CORP LTD 7,000 85,680 0.02BANK OF CHINA LTD H SHARES 299,749 1,411,818 0.37BANK OF COMMUNICATIONS CO

LTD H SHARES 28,728 194,776 0.05BANK OF EAST ASIA LTD 6,363 215,388 0.06BEIJING CAPITAL INTERNATIONAL


CO LTD 46,000 102,120 0.03BOC AVIATION LTD 2,333 107,318 0.03BOC HONG KONG HOLDINGS LTD 13,346 533,173 0.14BRILLIANCE CHINA AUTOMOTIVE

HOLDINGS LTD 6,088 121,760 0.03BYD CO LTD 1,500 110,475 0.03

HoldingsMarket

value

% of net

asset value

HKD

BYD ELECTRONIC CO LTD 8,000 154,240 0.04CAFE DE CORAL HOLDINGS LTD 2,000 41,400 0.01CGN POWER CO LTD H SHARES 35,000 77,350 0.02CHINA BLUECHEMICAL LTD 32,000 90,240 0.02CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 61,369 203,131 0.05CHINA CITIC BANK CORP LTD H

SHARES 31,311 201,643 0.05CHINA COMMUNICATIONS


CHINA CONCH VENTURE HOLDINGS LTD 10,298 225,526 0.06

CHINA CONSTRUCTION BANK CORP H SHARES 355,959 3,210,750 0.85


SHARES 21,000 93,030 0.02CHINA EVERBRIGHT LTD 8,000 154,400 0.04CHINA EVERGRANDE GROUP 12,274 317,283 0.08CHINA GALAXY SECURITIES CO H

SHARES 25,652 163,916 0.04CHINA GAS HOLDINGS LTD 2,569 58,830 0.02CHINA LIFE INSURANCE CO LTD H

SHARES 26,333 696,508 0.18CHINA MENGNIU DAIRY CO LTD 7,064 180,485 0.05CHINA MERCHANTS BANK CO LTD H

SHARES 13,905 533,257 0.14CHINA MERCHANTS HOLDINGS

INTERNATIONAL CO LTD 5,348 110,704 0.03CHINA MINSHENG BANKING CORP

LTD H SHARES 23,496 210,289 0.06CHINA MINSHENG FINANCIAL

HOLDING CORP LTD 239,400 67,032 0.02CHINA MOBILE LTD 21,002 1,734,765 0.46CHINA NATIONAL BUILDING

MATERIAL CO LTD 16,000 133,760 0.04CHINA NATIONAL MATERIALS CO

LTD H SHARES 21,850 155,790 0.04CHINA OVERSEAS LAND &

INVESTMENT LTD 14,944 452,803 0.12CHINA PACIFIC INSURANCE GROUP

CO LTD H SHARES 12,767 506,850 0.13

88

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


CHINA PETROLEUM & CHEMICAL CORP H SHARES 94,739 640,436 0.17

CHINA POWER INTERNATIONAL DEVELOPMENT LTD 38,667 82,747 0.02

CHINA RAILWAY CONSTRUCTION CORP H SHARES 12,801 121,738 0.03

CHINA RAILWAY GROUP LTD H SHARES 18,508 111,233 0.03

CHINA RAILWAY SIGNAL & COMMUNICATION CORP LTD 21,000 126,630 0.03

CHINA RESOURCES BEER HOLDINGS CO LTD 6,326 186,933 0.05

CHINA RESOURCES GAS GROUP LTD 3,402 87,601 0.02CHINA RESOURCES LAND LTD 10,077 314,402 0.08CHINA RESOURCES POWER

HOLDINGS CO LTD 11,136 160,804 0.04CHINA SHENHUA ENERGY CO LTD H

SHARES 12,241 298,068 0.08CHINA SOUTH CITY HOLDINGS LTD 32,000 75,520 0.02CHINA SOUTHERN AIRLINES CO LTD

H SHARES 11,159 113,822 0.03CHINA TAIPING INSURANCE

HOLDINGS CO LTD 2,942 99,440 0.03CHINA TELECOM CORP LTD H

SHARES 62,272 240,993 0.06CHINA TRAVEL INTERNATIONAL

INVESTMENT HONG KONG LTD 48,166 139,200 0.04CHINA UNICOM HONG KONG LTD 20,350 238,502 0.06CHINA VANKE CO LTD H SHARES 6,242 239,069 0.06CHINA ZHONGWANG HOLDINGS LTD 25,600 115,200 0.03CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 26,323 186,630 0.05CHOW TAI FOOK JEWELLERY GROUP

LTD 6,400 56,064 0.01CITIC LTD 22,071 272,356 0.07CK HUTCHISON HOLDINGS LTD 10,235 1,080,816 0.29CK INFRASTRUCTURE HOLDINGS

LTD 2,766 192,652 0.05CLP HOLDINGS LTD 6,641 530,284 0.14

HoldingsMarket

value

% of net

asset value

HKD

CNOOC LTD 59,346 722,834 0.19COSCO PACIFIC LTD 18,231 149,312 0.04COSCO SHIPPING ENERGY

TRANSPORTATION CO LTD 24,415 109,867 0.03COUNTRY GARDEN HOLDINGS CO

LTD 27,201 457,521 0.12CRRC CORP LTD H SHARES 18,286 141,716 0.04CSPC PHARMACEUTICAL GROUP

LTD 11,953 207,504 0.05DAH SING BANKING GROUP LTD 5,487 101,509 0.03DAH SING FINANCIAL HOLDINGS LTD 2,000 105,600 0.03DALI FOODS GROUP CO LTD 8,500 65,365 0.02DONGFENG MOTOR GROUP CO LTD

H SHARES 18,480 188,866 0.05ENN ENERGY HOLDINGS LTD 1,390 83,956 0.02FAR EAST HORIZON LTD 9,000 75,870 0.02FIRST PACIFIC CO LTD 21,443 119,652 0.03GALAXY ENTERTAINMENT GROUP

LTD 8,354 578,932 0.15GCL POLY ENERGY HOLDINGS LTD 127,420 172,017 0.05GEELY AUTOMOBILE HOLDINGS LTD 19,089 478,179 0.13GF SECURITIES CO LTD H SHARES 5,200 90,896 0.02GREAT EAGLE HOLDINGS LTD 1,405 57,675 0.01GREAT WALL MOTOR CO LTD H

SHARES 19,947 190,494 0.05GUANGDONG INVESTMENT LTD 11,567 134,640 0.04GUANGZHOU AUTOMOBILE GROUP

CO LTD 9,418 166,887 0.04GUANGZHOU R&F PROPERTIES CO

LTD H SHARES 5,600 123,200 0.03HAIER ELECTRONICS GROUP CO LTD 9,923 265,936 0.07HAITIAN INTERNATIONAL HOLDINGS

LTD 6,000 146,700 0.04HAITONG INTERNATIONAL


LTD 64,025 – –HANG LUNG PROPERTIES LTD 10,813 223,829 0.06HANG SENG BANK LTD 2,831 527,132 0.14HENDERSON LAND DEVELOPMENT

CO LTD 5,582 305,335 0.08HENGAN INTERNATIONAL GROUP

CO LTD 2,010 150,750 0.04

89

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


HONG KONG AND CHINA GAS CO LTD 29,198 451,401 0.12

HONG KONG EXCHANGES AND CLEARING LTD 4,951 1,467,476 0.39

HOPEWELL HIGHWAY INFRASTRUCTURE LTD 11,000 52,800 0.01

HOPEWELL HOLDINGS LTD 5,193 164,358 0.04HSBC HOLDINGS PLC 69,361 5,840,196 1.54HYSAN DEVELOPMENT CO LTD 4,081 178,340 0.05INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LTD H SHARES 312,628 2,313,447 0.61JIANGSU EXPRESSWAY CO LTD H

SHARES 10,451 126,039 0.03JIANGXI COPPER CO LTD H SHARES 7,552 99,988 0.03JOHNSON ELECTRIC HOLDINGS LTD 2,500 79,875 0.02KERRY LOGISTICS NETWORK LTD 3,000 33,840 0.01KERRY PROPERTIES LTD 3,200 119,680 0.03KINGBOARD CHEMICAL HOLDINGS

LTD 5,613 241,640 0.06KINGBOARD LAMINATES HOLDINGS

LTD 8,000 110,240 0.03KINGSOFT CORP LTD 8,064 215,712 0.06KUNLUN ENERGY CO LTD 13,010 100,958 0.03LEE & MAN PAPER MANUFACTURING

LTD 19,000 175,180 0.05LEGEND HOLDINGS CORP 4,700 133,010 0.03LENOVO GROUP LTD 41,194 185,785 0.05LONGFOR PROPERTIES 7,000 178,850 0.05LUYE PHARMA GROUP LTD 15,931 111,358 0.03MANULIFE FINANCIAL CORP 365 60,734 0.02MELCO INTERNATIONAL

DEVELOPMENT LTD 4,276 100,700 0.03MTR CORP LTD 4,725 211,680 0.06NEW CHINA LIFE INSURANCE CO


LTD 15,363 194,496 0.05NINE DRAGONS PAPER HOLDINGS

LTD 8,000 97,440 0.03

HoldingsMarket

value

% of net

asset value

HKD

NWS HOLDINGS LTD 8,037 122,484 0.03PCCW LTD 14,000 63,140 0.02PEOPLE’S INSURANCE GROUP OF

CHINA CO LTD H SHARES 55,253 246,981 0.06PETROCHINA CO LTD H SHARES 83,103 515,239 0.14PICC PROPERTY AND CASUALTY CO

LTD 22,840 370,922 0.10PING AN INSURANCE (GROUP) CO

OF CHINA LTD H SHARES 19,322 1,790,183 0.47POSTAL SAVINGS BANK OF CHINA

CO LTD 34,000 177,820 0.05POWER ASSETS HOLDINGS LTD 3,897 271,036 0.07PRADA S.P.A. 2,500 79,875 0.02RED STAR MACALLINE GROUP CORP

LTD 8,600 88,580 0.02SAMSONITE INTERNATIONAL SA 5,244 177,772 0.05SANDS CHINA LTD 8,879 413,761 0.11SHANDONG WEIGAO GROUP

MEDICAL POLYMER CO LTD H SHARES 24,000 138,960 0.04

SHENZHEN EXPRESSWAY CO LTD H SHARES 16,000 131,520 0.03

SHENZHEN INTERNATIONAL HOLDINGS LTD 10,917 173,144 0.05

SHENZHEN INVESTMENT LTD 40,258 140,903 0.04SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 2,766 223,354 0.06SHIMAO PROPERTY HOLDINGS LTD 9,710 226,729 0.06SHUI ON LAND LTD 34,616 94,156 0.02SINO BIOPHARMACEUTICAL LTD 9,544 137,624 0.04SINO LAND CO LTD 14,846 214,079 0.06SINO-OCEAN GROUP HOLDINGS LTD 30,117 194,857 0.05SINOPEC SHANGHAI

PETROCHEMICAL CO LTD H SHARES 32,509 155,718 0.04


SINOTRANS LTD H SHARES 30,000 142,500 0.04SINOTRUK HONG KONG LTD 12,000 123,360 0.03SJM HOLDINGS LTD 15,000 117,300 0.03SUN ART RETAIL GROUP LTD 7,000 74,340 0.02SUN HUNG KAI PROPERTIES LTD 5,491 746,227 0.20SUNAC CHINA HOLDINGS LTD 11,849 444,930 0.12

90

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SUNNY OPTICAL TECHNOLOGY GROUP CO LTD 1,706 184,760 0.05

SWIRE PACIFIC LTD CLASS A 2,319 181,462 0.05SWIRE PROPERTIES LTD 5,050 138,118 0.04TECHTRONIC INDUSTRIES CO LTD 5,023 261,698 0.07TENCENT HOLDINGS LTD 13,011 6,031,900 1.59TEXWINCA HOLDINGS LTD 12,000 51,360 0.01THE WHARF (HOLDINGS) LTD 8,794 281,848 0.07TRAVELSKY TECHNOLOGY LTD H

SHARES 8,000 196,400 0.05WANT WANT CHINA HOLDINGS LTD 29,388 203,071 0.05WH GROUP LTD 28,000 271,320 0.07WHEELOCK AND CO LTD 4,649 284,751 0.07WYNN MACAU LTD 4,729 130,520 0.03XINYI GLASS HOLDINGS LTD 18,000 214,200 0.06YUE YUEN INDUSTRIAL HOLDINGS

LTD 3,000 105,900 0.03YUEXIU PROPERTY CO LTD 40,000 67,200 0.02ZHUZHOU CRRC TIMES ELECTRIC CO

LTD H SHARES 1,335 57,806 0.02ZIJIN MINING GROUP CO LTD H

SHARES 34,000 133,960 0.04

59,748,442 15.79


ZONE LTD 2,285 120,390 0.03BAJAJ AUTO LTD 284 116,546 0.03BAJAJ HOLDINGS AND INVESTMENT

LTD 234 82,039 0.02BHARAT PETROLEUM

CORPORATION LTD 1,042 63,030 0.02BHARTI AIRTEL LTD (DEMAT) (NSE) 1,108 59,931 0.02CASTROL INDIA LTD 3,563 80,510 0.02COLGATE-PALMOLIVE (INDIA) LTD 475 65,447 0.02CUMMINS INDIA LTD 801 88,975 0.02DIVI’S LABORATORIES LTD 606 77,237 0.02

HoldingsMarket

value

% of net

asset value

HKD

GAIL (INDIA) LTD 1,767 103,930 0.03GLAXOSMITHKLINE CONSUMER

HEALTHCARE LTD 122 100,479 0.03GREAT EASTERN SHIPPING

COMPANY LTD 1,131 55,945 0.02HERO MOTOCORP LTD 285 129,379 0.03HINDUSTAN UNILEVER LTD 431 72,592 0.02HOUSING DEVELOPMENT FINANCE 1,050 252,598 0.07ICICI BANK LTD 2,125 92,362 0.02ICICI PRUDENTIAL LIFE INSURANCE

COMPANY LTD 224 11,203 –INDIAN OIL CORPN LTD 1,109 56,971 0.02INFOSYS LTD 1,456 206,020 0.05ITC LTD 2,634 87,860 0.02KANSAI NEROLAC PAINTS LTD 1,499 93,863 0.02MARICO LTD 1,557 59,278 0.02MARUTI SUZUKI INDIA LTD 92 107,637 0.03MPHASIS LTD 788 87,163 0.02MRF LTD 8 67,008 0.02NHPC LIMITED 23,851 86,817 0.02NMDC LTD 5,376 92,950 0.02OIL AND NATURAL GAS

CORPORATION LTD 3,098 77,469 0.02OIL INDIA LTD 1,746 76,833 0.02ORACLE FINANCIAL SERVICES

SOFTWARE LTD 133 68,332 0.02RELIANCE INDUSTRIES LTD 2,177 257,309 0.07RELIANCE INFRASTRUCTURE 1,687 103,135 0.03RURAL ELECTRIFICATION CORP LTD 4,246 81,271 0.02STATE BANK OF INDIA 1,626 62,535 0.02TATA CONSULTANCY SVCS LTD 353 135,104 0.04TATA MOTORS LTD 1,132 55,577 0.01TORRENT PHARMACEUTICALS LTD 550 91,509 0.02UNION BANK OF INDIA LTD 4,745 79,560 0.02

3,606,794 0.95

Indonesia ASTRA AGRO LESTARI TBK 7,255 55,098 0.02ASTRA INTERNATIONAL TBK 17,600 87,395 0.02BANK CENTRAL ASIA TBK 9,151 121,487 0.03BANK MANDIRI (PERSERO) TBK 18,600 88,558 0.02

91

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


PT BANK RAKYAT INDONESIA (PERSERO) TBK 78,840 170,413 0.05

TELEKOMUNIKASI INDONESIA PERSERO TBK 37,157 86,610 0.02

609,561 0.16

Ireland CRH PLC 325 94,419 0.02GLANBIA PLC 559 75,000 0.02KERRY GROUP PLC-A 94 78,538 0.02PENTAIR PLC 193 107,932 0.03

355,889 0.09

ItalyA2A 6,744 101,589 0.03ASSICURAZIONI GENERALI SPA 998 155,294 0.04ATLANTIA 243 63,170 0.02BUZZI UNICEM SPA 633 83,634 0.02ENEL SPA 3,414 169,982 0.04ENI SPA 959 135,358 0.04INTESA SANPAOLO SPA 5,543 170,694 0.04ITALGAS SPA 1,941 94,070 0.02MONCLER 398 102,921 0.03SALVATORE FERRAGAMO SPA 297 65,574 0.02STMICROELECTRONICS NV 942 176,501 0.05UNICREDIT SPA 503 86,973 0.02

1,405,760 0.37

JapanABC-MART INC 210 106,837 0.03ADASTRIA HLDGS CO LTD 195 32,542 0.01AISIN SEIKI CO LTD 183 83,528 0.02AMADA HOLDINGS CO LTD 1,300 150,532 0.04

HoldingsMarket

value

% of net

asset value

HKD

ANA HOLDINGS INC 459 146,029 0.04ASAHI KASEI CORPORATION 1,000 102,072 0.03ASTELLAS PHARMA INC 1,525 157,353 0.04AUTOBACS SEVEN CO LTD 57 8,900 –AZBIL CORP 409 148,585 0.04BRIDGESTONE CORP 509 193,521 0.05CANON INC 821 255,845 0.07CAPCOM CO LTD 177 52,697 0.01CENTRAL JAPAN RAILWAY CO 168 248,584 0.07CHUBU ELECTRIC POWER CO INC 553 54,266 0.01CHUGAI PHARMACEUTICAL CO LTD 170 70,286 0.02CITIZEN HOLDINGS CO LTD 2,092 125,018 0.03COCA-COLA WEST CO LTD 523 144,467 0.04COLOPL INC 500 34,108 0.01CONCORDIA FINANCIAL GROUP LTD 1,200 56,836 0.02DAICEL CORP 1,000 94,727 0.03DAI-ICHI LIFE INSURANCE CO LTD 1,184 193,899 0.05DAIICHI SANKYO CO LTD 638 167,776 0.04DAIKIN INDUSTRIES LTD 149 139,809 0.04DAIKYO INC 500 82,654 0.02DAITO TRUST CONSTRUCTION CO

LTD 121 165,297 0.04DAIWA HOUSE INDUSTRY CO LTD 533 164,416 0.04DAIWA SECURITIES GROUP INC 1,300 72,863 0.02DENA CO LTD 600 101,592 0.03DENSO CORP 189 92,402 0.02DISCO CORP 117 214,117 0.06EAST JAPAN RAILWAY CO 262 203,598 0.05EXEDY CORP 239 65,334 0.02FANUC CORP 104 219,650 0.06FUJI HEAVY INDUSTRIES LTD 654 169,547 0.04FUJIFILM HOLDINGS CORP 241 72,356 0.02FUJITSU GENERAL LTD 300 46,368 0.01GLORY LTD 200 61,050 0.02GREE INC 1,900 96,390 0.03GUNGHO ONLINE ENTERTAINMENT

INC 2,100 47,249 0.01HAMAMATSU PHOTONICS KK 441 127,347 0.03HANKYU HANSHIN HOLDINGS INC 219 68,968 0.02HASEKO CORP 1,200 146,519 0.04HEIWA CORP 488 76,369 0.02HINO MOTORS LTD 965 99,779 0.03HIROSE ELECTRIC CO LTD 117 137,072 0.04HITACHI HIGH-TECHNOLOGIES CORP 410 150,417 0.04

92

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


HITACHI LTD 3,727 231,378 0.06HONDA MOTOR CO LTD 1,170 320,756 0.08HORIBA LIMITED 224 112,515 0.03HOYA CORP 502 200,320 0.05IIDA GROUP HOLDINGS CO LTD 750 116,134 0.03INPEX CORP 900 91,510 0.02ITOCHU CORP 1,104 169,209 0.04JAFCO CO LTD 253 112,035 0.03JAPAN AIRLINES CO LTD 382 112,581 0.03JAPAN AVIATION ELECTRONICS

INDUSTRY LTD 300 39,360 0.01JAPAN EXCHANGE GROUP INC 825 115,924 0.03JAPAN PETROLEUM EXPLORATION

CO LTD 600 129,408 0.03JAPAN TOBACCO INC 885 229,052 0.06JTEKT CORP 1,000 139,296 0.04JX HOLDINGS INC 2,531 131,267 0.03KAKAKU.COM INC 800 109,545 0.03KAKEN PHARMACEUTICAL CO LTD 179 73,366 0.02KAMIGUMI CO LTD 375 64,328 0.02KANEKA CORP 1,323 95,937 0.03KANSAI ELECTRIC POWER CO INC 700 67,889 0.02KAO CORP 404 218,937 0.06KDDI CORP 1,299 256,247 0.07KEIYO BANK LTD 2,000 74,807 0.02KEYENCE CORP 99 471,241 0.12KIRIN HOLDINGS CO LTD 430 83,838 0.02KISSEI PHARMACEUTICAL CO LTD 500 110,527 0.03KOEI TECMO HOLDINGS CO LTD 630 108,974 0.03KOMATSU LTD 434 131,700 0.03KOMERI CO LTD 500 112,677 0.03KONAMI HOLDINGS CORP 402 179,744 0.05KUBOTA CORP 1,022 162,353 0.04KURARAY CO LTD 1,011 147,783 0.04KURITA WATER INDUSTRIES LTD 350 89,532 0.02KYOCERA CORP 278 144,440 0.04KYORIN HOLDINGS INC 488 72,592 0.02KYUSHU ELECTRIC POWER CO INC 1,300 111,222 0.03KYUSHU RAILWAY COMPANY 500 125,575 0.03

HoldingsMarket

value

% of net

asset value

HKD

LAWSON INC 188 99,416 0.03LEOPALACE21 CORP 962 62,383 0.02LINTEC CORP 44 9,837 –MAEDA ROAD CONSTRUCTION CO

LTD 730 127,160 0.03MAKITA CORP 200 73,661 0.02MARUBENI CORP 2,724 159,702 0.04MARUICHI STEEL TUBE LTD 372 87,430 0.02MEBUKI FINANCIAL GROUP INC 3,300 117,048 0.03MEIJI HOLDINGS CO LTD 123 80,467 0.02MINEBEA MITSUMI INC 300 53,032 0.01MITSUBISHI CORP 683 149,267 0.04MITSUBISHI ELECTRIC CORP 933 133,206 0.04MITSUBISHI SHOKUHIN CO LTD 319 74,288 0.02MITSUBISHI UFJ FINANCIAL GROUP

INC 8,326 489,686 0.13MITSUI AND CO LTD 1,300 178,291 0.05MITSUI FUDOSAN CO LTD 510 104,424 0.03MIZUHO FINANCIAL GROUP INC 15,659 230,354 0.06MOCHIDA PHARMACEUTICAL CO

LTD 144 86,467 0.02MS&AD INSURANCE GROUP

HOLDINGS INC 659 175,235 0.05MURATA MANUFACTURING CO LTD 176 203,166 0.05NEXON CO LTD 794 206,240 0.05NGK INSULATORS LTD 800 127,373 0.03NHK SPRING CO LTD 887 76,968 0.02NIDEC CORP 108 135,040 0.04NIHON KOHDEN CORP 600 110,964 0.03NINTENDO CO LTD 59 202,799 0.05NIPPO CORP 655 117,381 0.03NIPPON KAYAKU CO LTD 900 103,569 0.03NIPPON PAPER INDUSTRIES CO LTD 662 98,381 0.03NIPPON SHOKUBAI CO LTD 200 111,065 0.03NIPPON TELEGRAPH AND

TELEPHONE CORP 531 197,510 0.05NISSAN MOTOR CO LTD 1,501 125,138 0.03NITTO DENKO CORP 132 94,338 0.03NOF CORP 500 104,902 0.03NOMURA HOLDINGS INC 2,650 134,343 0.04NTT DOCOMO INC 941 182,356 0.05OBIC BUSINESS CONSULTANTS CO

LTD 132 58,358 0.02OMRON CORP 170 82,954 0.02

93

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


ORACLE CORP JAPAN 222 139,666 0.04ORIENTAL LAND CO LTD 252 192,487 0.05ORIX CORP 1,520 221,642 0.06OSG CORPORATION 300 59,437 0.02PANASONIC CORP 903 104,756 0.03RESONA HOLDINGS INC 3,386 159,476 0.04ROHM CO LTD 170 145,810 0.04ROHTO PHARMACEUTICAL CO LTD 668 140,915 0.04SANKYO CO LTD 265 67,219 0.02SCREEN HOLDINGS CO LTD 221 150,122 0.04SEGA SAMMY HOLDINGS INC 398 43,434 0.01SEINO HOLDINGS CO LTD 1,100 142,743 0.04SEKISUI HOUSE LTD 703 100,646 0.03SENSHU IKEDA HOLDINGS INC 2,899 87,037 0.02SEVEN & I HOLDINGS CO LTD 528 169,721 0.04SHIGA BANK LTD 1,890 79,360 0.02SHIKOKU ELECTRIC POWER CO INC 1,000 88,278 0.02SHIMACHU CO LTD 429 110,817 0.03SHIMAMURA CO LTD 119 109,400 0.03SHIN ETSU CHEMICAL CO LTD 241 214,305 0.06SHIONOGI & CO LTD 205 88,679 0.02SKYLARK CO LTD 800 90,113 0.02SMC CORP 61 233,932 0.06SOFTBANK CORP 631 406,022 0.11SOMPO HOLDINGS INC 200 62,569 0.02SONY CORP 696 259,781 0.07SONY FINANCIAL HOLDINGS INC 600 85,727 0.02SQUARE ENIX HOLDINGS CO LTD 420 149,722 0.04START TODAY CO LTD 580 133,199 0.04SUMITOMO CORP 900 121,175 0.03SUMITOMO FORESTRY CO LTD 894 120,111 0.03SUMITOMO HEAVY INDUSTRIES LTD 366 130,472 0.03SUMITOMO MITSUI FINANCIAL

GROUP INC 907 317,024 0.08SUMITOMO OSAKA CEMENT CO LTD 3,000 110,491 0.03SUMITOMO REALTY &

DEVELOPMENT CO LTD 248 74,387 0.02SUMITOMO RUBBER INDUSTRIES

LTD 863 130,911 0.03

HoldingsMarket

value

% of net

asset value

HKD

SURUGA BANK LTD 382 60,273 0.02T&D HOLDINGS INC 400 55,690 0.01TADANO LTD 1,000 136,430 0.04TAIYO YUDEN CO LTD 400 52,680 0.01TAKEDA PHARMACEUTICAL CO LTD 594 273,040 0.07TDK CORP 277 199,475 0.05TEIJIN LTD 600 103,655 0.03THE 77 BANK LTD 653 133,540 0.04THE AWA BANK LTD 1,628 80,841 0.02TODA CORP 1,589 97,691 0.03TOHOKU ELECTRIC POWER CO INC 1,200 120,982 0.03TOKIO MARINE HOLDINGS INC 653 240,503 0.06TOKYO ELECTRIC POWER CO INC 1,540 48,774 0.01TOKYO ELECTRON LTD 142 208,179 0.06TOPPAN FORMS CO LTD 787 69,306 0.02TOSOH CORP 220 39,410 0.01TOYO SUISAN KAISHA LTD 373 118,268 0.03TOYOBO CO LTD 700 104,179 0.03TOYOTA BOSHOKU CORP 300 50,151 0.01TOYOTA MOTOR CORP 1,829 980,300 0.26TS TECH CO LTD 400 133,707 0.04ULVAC INC 130 67,907 0.02WEST JAPAN RAILWAY CO 259 151,734 0.04YAMAGUCHI FINANCIAL GROUP INC 959 87,820 0.02YAMATO KOGYO CO LTD 536 120,021 0.03ZENKOKU HOSHO CO LTD 300 109,631 0.03ZENSHO HOLDINGS CO LTD 700 95,802 0.03ZEON CORP 1,059 124,523 0.03

24,783,867 6.55

LuxembourgL’OCCITANE INTERNATIONAL 5,963 86,463 0.02

MalaysiaALLIANCE FINANCIAL GROUP BHD 8,300 72,117 0.02AMMB HOLDINGS BHD 1,700 16,443 –BRITISH AMERICAN TOBACCO 1,100 75,446 0.02DIGI.COM BHD 5,100 50,658 0.01HONG LEONG FIN GR 2,400 89,385 0.02

94

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


MAXIS BHD 7,000 85,403 0.02MISC BHD 7,000 106,052 0.03PETRONAS CHEMICALS GROUP BHD 3,700 60,437 0.02PUBLIC BANK BHD 2,500 110,266 0.03TENAGA NASIONAL BHD 4,660 147,559 0.04WESTPORTS HOLDINGS BHD 3,998 28,079 0.01

841,845 0.22

NetherlandsAEGON NV 1,946 104,437 0.03AERCAP HOLDINGS NV 230 97,322 0.03AKZO NOBEL NV 116 85,244 0.02ASML HOLDING NV 139 221,031 0.06ASR NEDERLAND NV-W/I 191 65,508 0.02HEINEKEN NV 181 159,710 0.04ING GROEP NV 1,327 204,677 0.05KONINKLIJKE AHOLD DELHIZE NV 561 98,227 0.03KONINKLIJKE PHILIPS NV 387 123,907 0.03KONINKLIJKE VOPAK NV 175 62,050 0.02UNILEVER NV 673 305,904 0.08WOLTERS KLUWER N.V. 131 54,413 0.01

1,582,430 0.42

New Zealand

AIR NEW ZEALAND LTD 3,039 54,182 0.02FISHER & PAYKEL HEALTHCARE

CORPORATION LTD 1,656 127,973 0.03SKY CITY ENTERTAINMENT GROUP

LTD 2,772 66,592 0.02

248,747 0.07

HoldingsMarket

value

% of net

asset value

HKD

NorwayDNB ASA 974 155,214 0.04MARINE HARVEST ASA 676 91,918 0.03STATOIL ASA 907 166,347 0.04YARA INTERNATIONAL ASA 375 141,565 0.04

555,044 0.15

PhilippinesGT CAPITAL HOLDINGS INC 485 99,457 0.02MEGAWORLD CORP 83,500 63,017 0.02METROPOLITAN BANK AND TRUST

CO 5,450 82,678 0.02

245,152 0.06


SA 379 75,349 0.02

Portugal EDP ENERGIAS DE PORTUGAL SA 4,291 118,279 0.03

RussiaAK ALROSA PAO 9,300 105,361 0.03GAZPROM PAO 7,928 157,991 0.04MAGNITOGORSK IRON & STEEL

OJSC 13,300 84,324 0.02SBERBANK ROSSII PAO 5,110 187,882 0.05SURGUTNEFTEGAZ OAO 15,200 60,725 0.02TRANSNEFT’ PAO 5 125,107 0.03

SingaporeCAPITALAND LTD 3,300 75,705 0.02DBS GROUP HOLDINGS LTD 1,323 208,663 0.06

95

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


HONG KONG LAND HOLDINGS LTD 5,589 314,741 0.08JARDINE MATHESON HOLDINGS LTD 796 395,219 0.10JARDINE STRATEGIC HOLDINGS LTD 839 261,175 0.07KEPPEL CORP LTD 1,800 93,234 0.03OVERSEA-CHINESE BANKING CORP

LTD 2,948 227,723 0.06SIA ENGINEERING COMPANY LTD 3,800 75,825 0.02SINGAPORE EXCHANGE LTD 2,600 127,370 0.03SINGAPORE TELECOMMUNICATIONS

LTD 4,655 98,447 0.03UNITED OVERSEAS BANK LTD 1,089 178,458 0.05VENTURE CORP LTD 915 126,056 0.03

2,182,616 0.58

South KoreaBGF CO LTD 520 58,464 0.02CELLTRION INC 61 141,053 0.04DGB FINANCIAL GROUP INC 1,332 120,977 0.03DONGBU INSURANCE CO LTD 107 56,741 0.01HANKOOK TIRE CO LTD 232 90,912 0.02HANWHA CHEMICAL CORP 316 81,472 0.02HYOSUNG CORP 118 116,679 0.03HYUNDAI GLOVIS CO LTD 72 73,567 0.02HYUNDAI HEAVY INDUSTRIES CO

LTD 93 94,684 0.02HYUNDAI MIPO DOCKYARD CO LTD 136 111,069 0.03HYUNDAI MOBIS 82 148,650 0.04HYUNDAI MOTOR CO LTD 84 99,672 0.03HYUNDAI STEEL CO 243 101,451 0.03INDUSTRIAL BANK OF KOREA 845 103,050 0.03KANGWON LAND INC 348 82,712 0.02KB FINANCIAL GROUP INC 437 215,414 0.06KIA MOTORS CORP 491 124,613 0.03KOREA ELECTRIC POWER CORP 230 60,226 0.02LG DISPLAY CO LTD 443 104,481 0.03LG ELECTRONICS INC 488 200,607 0.05

HoldingsMarket

value

% of net

asset value

HKD

LG HAUSYS LTD 96 64,338 0.02LOTTE CHEMICAL CORP 43 132,280 0.03LOTTE CHILSUNG BEVERAGE

COMPANY LTD 7 77,727 0.02LS CORP 123 71,172 0.02NAVER CORP 24 159,967 0.04NH INVESTMENT & SECURITIES CO 963 118,498 0.03NHN ENTERTAINMENT CORP 186 112,667 0.03NONGSHIM CO LTD 26 61,606 0.02POSCO DAEWOO CORP 47 8,296 –SAMSUNG ELECTRONICS CO LTD 87 1,550,308 0.41SAMSUNG FIRE & MARINE

INSURANC – PREF 2 2,798 –SAMSUNG SECURITIES CO LTD 205 65,391 0.02SK HOLDINGS CO LTD 38 88,648 0.02SK HYNIX INC 396 213,186 0.06SK INNOVATION CO LTD 60 89,871 0.02WOORI BANK CO LTD 1,137 140,326 0.04YUHAN CORP 23 39,252 0.01

5,182,825 1.37

SpainACCIONA SA 148 105,183 0.03AMADEUS IT HOLDING SA A SHARES 200 121,756 0.03BANCO BILBAO VIZCAYA

ARGENTARIA SA 2,710 199,834 0.05BANCO SANTANDER SA 6,954 405,389 0.11CAIXABANK 1,705 72,216 0.02CORPORACION FINANCIERA ALBA

SA 200 98,020 0.03ENDESA SA (REG) 543 95,763 0.03GRIFOLS SA 441 85,594 0.02IBERDROLA SA 2,453 156,743 0.04MEDIASET ESPANA COMUNICACION

SA 595 52,803 0.01REPSOL SA 1,109 163,759 0.04TELEFONICA SA 1,310 105,342 0.03ZARDOYA OTIS SA 1,093 97,977 0.03

1,760,379 0.47

96

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


SwedenAB SKF 735 142,539 0.04ALFA LAVAL AB 755 155,402 0.04ARJO AB 632 16,237 –ATLAS COPCO AB A SHARES 506 186,180 0.05ELECTROLUX AB 510 141,285 0.04GETINGE AB B SHARES 606 65,112 0.02HENNES & MAURITZ AB B SHARES 557 77,286 0.02HUSQVARNA AB 1,111 90,962 0.02ICA GRUPPEN AB 305 93,484 0.02INDUSTRIVARDEN AB 321 70,962 0.02INVESTOR AB B SHARES 366 140,354 0.04NORDEA BANK AB 1,293 125,202 0.03SKANDINAVISKA ENSKILDA

BANKEN-A 1,274 126,280 0.03SVENSKA CELLULOSA AB SCA-B 1,490 120,984 0.03SWEDBANK AB A SHARES 469 94,059 0.03SWEDISH MATCH AB 320 101,714 0.03TELEFONAKTIEBOLAGET LM

ERICSSON 1,292 65,100 0.02TELIA CO AB 1,642 64,668 0.02TRELLEBORG AB 355 74,343 0.02VOLVO AB B SHARES 705 112,922 0.03

2,065,075 0.55

SwitzerlandABB LTD 419 91,484 0.02ADECCO SA 76 48,982 0.01BALOISE HOLDING AG 96 123,016 0.03COMPAGNIE FINANCIERE

RICHEMONT SA 172 129,261 0.03CREDIT SUISSE GROUP AG 1,116 168,640 0.05EMS CHEMIE HOLDING AG 23 132,366 0.04FLUGHAFEN ZUERICH AG 49 97,792 0.03GEBERIT AG 38 140,998 0.04GIVAUDAN SA 6 113,081 0.03

HoldingsMarket

value

% of net

asset value

HKD

KUEHNE UND NAGEL INTERNATIONAL AG 93 133,726 0.04

LAFARGEHOLCIM LTD-REG 211 101,193 0.03LONZA GROUP AG 94 204,763 0.05NESTLE SA 1,360 920,225 0.24NOVARTIS LTD 981 694,980 0.18ROCHE HOLDING AG 281 542,482 0.14SIKA AG 3 203,571 0.05SULZER AG 104 115,854 0.03SWISS LIFE HOLDING AG-REG 47 138,209 0.04SWISS RE AG 244 188,462 0.05SWISSCOM AG 25 106,939 0.03UBS GROUP AG 1,357 215,791 0.06ZURICH INSURANCE GROUP AG 86 221,345 0.06

4,833,160 1.28


ENGINEERING, INC. 6,193 68,805 0.02AU OPTRONICS CORP. 32,248 120,291 0.03CHENG UEI PRECISION INDUSTRY

CO LTD 6,000 73,987 0.02CHINA LIFE INSURANCE CO LTD 8,279 66,652 0.02CHINA MOTOR CORP 1,000 7,152 –CTBC FINANCIAL HOLDING CO LTD 27,333 156,237 0.04E.SUN FINANCIAL HOLDING CO LTD 23,274 119,919 0.03ETERNAL MATERIALS CO LTD 10,240 84,913 0.02FAR EASTONE

TELECOMMUNICATIONS CO LTD 5,000 101,976 0.03FENG HSIN STEEL CO LTD 4,491 72,191 0.02FORMOSA CHEMICALS & FIBRE


LTD 11,615 287,386 0.07INNOLUX CORPORATION 32,000 118,078 0.03MEGA FINANCIAL HOLDING CO.,

LTD. 9,000 61,105 0.02NAN YA PLASTICS CORP 4,725 101,566 0.03NOVATEK MICROELECTRONICS


LTD 41,575 112,128 0.03

97

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


TAIWAN BUSINESS BANK 28,690 66,521 0.02TAIWAN SEMICONDUCTOR

MANUFACTURING CO 18,220 1,246,822 0.33TRANSCEND INFORMATION INC 3,000 67,868 0.02UNIMICRON TECHNOLOGY CORP 22,000 125,163 0.03VANGUARD INTERNATIONAL

SEMICONDUCTOR CORP 3,339 58,960 0.01YULON NISSAN MOTOR CO., LTD. 1,000 70,981 0.02

3,422,492 0.90

ThailandBANGKOK BANK PCL (FOREIG REG) 2,400 133,055 0.03BANGKOK LIFE ASSURANCE PCL 300 2,772 –BANGKOK LIFE ASSURANCE-FOREI 8,712 80,498 0.02CP ALL PCL 4,800 95,596 0.03DELTA ELECTRONICS THAILAND PCL 6,995 134,507 0.04INDORAMA VENTURES PCL 10,389 145,287 0.04KASIKORNBANK PCL (FOREIGN REG) 2,331 134,468 0.04PTT PCL (FOREIGN REG) 1,656 201,811 0.05

927,994 0.25

TurkeyARCELIK AS 1,239 49,237 0.01FORD OTOMOTIV SANAYI AS 1,044 130,601 0.03TURKIYE SINAI KALKINMA BANKASI

AS 19,422 65,600 0.02TURKIYE VAKIFLAR BANKASI TAO 6,886 108,107 0.03

353,545 0.09

United Kingdom3I GROUP PLC 1,400 145,033 0.04AGGREKO PLC 1,160 104,068 0.03ANGLO AMERICAN PLC 1,150 218,545 0.06

HoldingsMarket

value

% of net

asset value

HKD

ASHMORE GROUP PLC 1,031 49,355 0.01ASHTEAD GROUP PLC 490 114,723 0.03ASTRAZENECA PLC 566 307,621 0.08AUTO TRADER GROUP PLC 2,788 111,665 0.03AVIVA PLC 2,047 116,844 0.03BAE SYSTEMS PLC 1,389 91,768 0.02BARCLAYS PLC 4,007 89,109 0.02BARRATT DEVELOPMENTS PLC 1,699 110,586 0.03BELLWAY PLC 338 124,850 0.03BERKELEY GROUP HOLDINGS PLC 219 96,605 0.03BHP BILLITON PLC 943 164,040 0.04BOOKER GROUP PLC 4,742 119,515 0.03BP PLC 8,607 479,710 0.13BRITISH AMERICAN TOBACCO PLC 1,022 547,785 0.15BT GROUP PLC 3,634 103,251 0.03CENTRICA PLC 5,298 78,638 0.02COCA-COLA EUROPEAN PARTNERS

PL 304 95,489 0.03COMPASS GROUP PLC 723 119,216 0.03DIAGEO PLC 907 255,481 0.07DIRECT LINE INSURANCE GROUP

PLC 2,884 118,461 0.03EASYJET PLC 315 58,160 0.02EXPERIAN PLC 494 89,176 0.02FERGUSON PLC 143 86,460 0.02GLAXOSMITHKLINE PLC 2,001 293,870 0.08GLENCORE PLC 4,680 210,139 0.06HALMA PLC 920 130,672 0.03HIKMA PHARMACEUTICALS PLC 882 94,863 0.03HOWDEN JOINERY GROUP PLC 1,978 102,147 0.03HSBC HOLDINGS PLC 7,177 599,574 0.16IMI PLC 602 88,986 0.02IMPERIAL TOBACCO GROUP PLC 361 116,381 0.03INTERCONTINENTAL HOTELS GROUP

PLC 286 149,890 0.04INTERNATIONAL CONSOLIDATED

AIRLINES GROUP SA 1,335 95,060 0.03JOHNSON MATTHEY PLC 302 116,221 0.03LEGAL & GENERAL GROUP PLC 5,552 167,101 0.04LLOYDS BANKING GROUP PLC 31,195 241,176 0.06LONDON STOCK EXCHANGE GROUP

PLC 169 73,816 0.02MEGGITT PLC 1,965 101,454 0.03NATIONAL GRID PLC 1,519 135,955 0.04

98

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


OLD MUTUAL PLC 5,985 155,636 0.04PERSIMMON PLC 438 121,889 0.03POLYMETAL INTERNATIONAL PLC 927 85,083 0.02PRUDENTIAL PLC 764 161,964 0.04RECKITT BENCKISER GROUP PLC 223 168,736 0.05RELX PLC 494 85,605 0.02RIGHTMOVE PLC 203 99,640 0.03RIO TINTO PLC 767 334,584 0.09ROYAL DUTCH SHELL PLC A SHARES 1,537 420,971 0.11ROYAL DUTCH SHELL PLC B SHARES 1,616 448,630 0.12ROYAL MAIL PLC 1,636 85,432 0.02SAGE GROUP PLC 1,295 107,912 0.03SHIRE PLC 340 125,834 0.03SKY PLC 648 76,326 0.02SMITH & NEPHEW PLC 879 124,066 0.03SSE PLC 583 84,589 0.02ST JAMES’S PLACE PLC 593 78,389 0.02STANDARD CHARTERED PLC 788 71,834 0.02STANDARD LIFE ABERDEEN PLC 1,241 58,732 0.02TAYLOR WIMPEY PLC 5,118 108,499 0.03TRAVIS PERKINS PLC 596 96,817 0.03UNILEVER PLC 398 177,070 0.05VODAFONE GROUP PLC 9,655 241,193 0.06WILLIAM HILL PLC 2,249 77,545 0.02

10,310,435 2.74

United States of America3M CO 62 121,475 0.03ABBOTT LABORATORIES 409 198,848 0.05ABBVIE INC 291 255,417 0.07ACCENTURE PLC CLASS A 115 144,544 0.04ACTIVISION BLIZZARD INC 143 82,912 0.02ADOBE SYS INC 35 54,684 0.01AETNA INC 128 187,034 0.05AFFILIATED MANAGERS GROUP INC 51 79,631 0.02AFLAC INC 206 142,109 0.04AIR PRODUCTS AND CHEMICALS

INC 104 136,957 0.04

HoldingsMarket

value

% of net

asset value

HKD

ALASKA AIR GROUP INC 91 46,783 0.01ALLEGHANY CORP 12 58,914 0.02ALLERGAN PLC 61 86,004 0.02ALLSTATE CORP 120 92,703 0.02ALLY FINANCIAL INC 636 148,089 0.04ALPHABET INC CLASS A 49 453,087 0.12ALPHABET INC CLASS C 50 457,531 0.12ALTRIA GROUP INC 445 244,822 0.06AMAZON.COM INC 71 805,713 0.21AMDOCS LTD 179 95,763 0.03AMEREN CORP 223 98,773 0.03AMERICAN AIRLINES GROUP INC 237 100,692 0.03AMERICAN ELECTRIC POWER CO

INC 117 62,941 0.02AMERICAN EXPRESS CO 238 185,034 0.05AMGEN INC 147 213,912 0.06ANDEAVOR 112 94,748 0.02ANSYS INC 92 116,319 0.03ANTERO RESOURCES

CORPORATION 622 94,526 0.02APPLE INC 927 1,213,949 0.32APPLIED MATERIALS INC 221 92,702 0.02ARROW ELECTRONICS INC 140 89,068 0.02ASHLAND GLOBAL HOLDINGS INC 118 66,996 0.02ASSURANT INC 83 59,387 0.02AT&T INC 778 227,887 0.06AUTOLIV INC 105 125,003 0.03AUTOMATIC DATA PROCESSING IN 79 76,390 0.02AVANGRID INC 237 90,311 0.02AVNET INC 230 76,455 0.02AXIS CAPITAL HOLDINGS LTD 118 46,636 0.01BANK OF AMERICA CORP 997 249,536 0.07BARRICK GOLD CORP 974 109,846 0.03BAXTER INTERNATIONAL INC 258 145,352 0.04BB&T CORP 187 80,722 0.02BECTON DICKINSON & CO 61 115,909 0.03BED BATH & BEYOND INC 291 52,531 0.01BERKSHIRE HATHAWAY INC CLASS B 371 622,079 0.16BIOGEN IDEC INC 67 182,265 0.05BIOVERATIV INC 176 141,870 0.04BLACKROCK INC 24 105,458 0.03BOEING CO 90 249,452 0.07BRISTOL MYERS SQUIBB CO 291 142,480 0.04BROADCOM LTD 55 106,697 0.03

99

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


BROWN & BROWN INC 149 61,160 0.02CA INC 340 95,336 0.02CAMPBELL SOUP CO 94 34,224 0.01CAPITAL ONE FINANCIAL CORP 114 92,695 0.02CELGENE CORP 134 106,023 0.03CENTERPOINT ENERGY INC 430 94,776 0.02CHECK POINT SOFTWARE

TECHNOLOGIES LTD 132 106,764 0.03CHEVRON CORP 336 329,421 0.09CHUBB LTD 83 101,370 0.03CIGNA CORP 45 73,332 0.02CISCO SYSTEMS INC 636 206,638 0.05CIT GROUP INC COM USD0.01 247 97,928 0.03CITIGROUP INC 335 205,632 0.05CITRIX SYS INC 151 109,553 0.03CNA FINANCIAL CORP 223 94,465 0.02COCA COLA CO 648 241,200 0.06COGNIZANT TECHNOLOGY SOLUTIO 116 70,750 0.02COLGATE PALMOLIVE CO 161 93,487 0.02COMCAST CORP CLASS A 542 180,294 0.05COOPER COS INC/THE 56 107,166 0.03CORNING INC 487 118,918 0.03COSTCO WHOLESALE CORP 46 70,112 0.02CUMMINS INC 79 116,164 0.03D.R. HORTON INC 217 83,250 0.02DANAHER CORP DEL 117 92,682 0.02DARDEN RESTAURANTS INC 158 118,450 0.03DELTA AIR LINES INC 205 91,025 0.02DENTSPLY SIRONA INC 199 94,649 0.02DISCOVERY COMMUNICATIONS INC

CLASS C 37 6,905 –DOWDUPONT INC 261 154,289 0.04DR PEPPER SNAPPLE GROUP INC 133 124,154 0.03DST SYSTEMS INC 100 65,207 0.02DXC TECHNOLOGY CO 79 61,511 0.02EASTMAN CHEMICAL CO 140 108,602 0.03EBAY INC 475 150,762 0.04EDGEWELL PERSONAL CARE CO 177 78,163 0.02ELECTRONIC ARTS INC 161 159,875 0.04

HoldingsMarket

value

% of net

asset value

HKD

EMERSON ELECTRIC CO 133 75,137 0.02EVEREST RE GROUP LTD 36 64,705 0.02EXELON CORP 450 135,542 0.04EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 189 96,013 0.03EXXON MOBIL CORP 707 482,748 0.13F5 NETWORKS INC 93 105,138 0.03FACEBOOK INC CLASS A 402 587,624 0.16FASTENAL CO 246 105,747 0.03FEDEX CORP 47 96,490 0.03FIDELITY NATIONAL FINANCIAL INC 326 99,391 0.03FLEX LTD 809 113,959 0.03FORTIVE CORP 205 121,890 0.03FRANKLIN RESOURCES INC 244 80,937 0.02GAP INC 547 142,212 0.04GARMIN LTD 149 73,350 0.02GENERAL ELECTRIC CO 1,080 136,591 0.04GENERAL MILLS INC 119 54,440 0.01GENERAL MOTORS CO 474 157,229 0.04GENTEX CORP 580 107,423 0.03GENUINE PARTS CO 140 113,957 0.03GILEAD SCIENCES INC 384 251,688 0.07GOODYEAR TIRE & RUBBER CO 342 93,141 0.02H&R BLOCK INC 348 72,238 0.02HARLEY DAVIDSON INC 251 95,136 0.02HARTFORD FINANCIAL SERVICES

GROUP INC 313 143,851 0.04HELMERICH AND PAYNE INC 186 104,789 0.03HERBALIFE LTD 44 28,560 0.01HOLOGIC INC 306 102,197 0.03ILLINOIS TOOL WORKS INC 91 123,610 0.03INGERSOLL-RAND PLC 160 118,423 0.03INGREDION INC 91 102,236 0.03INTEL CORP 1,057 397,987 0.10INTERNATIONAL BUSINESS

MACHINES CORP 123 157,486 0.04INTERNATIONAL FLAVORS &

FRAGRANCES INC 44 51,725 0.01INTUIT 49 64,348 0.02INTUITIVE SURGICAL INC 53 178,943 0.05J B HUNT TRANSPORT SERVICES INC 123 116,243 0.03JABIL CIRCUIT INC 364 72,399 0.02JAZZ PHARMACEUTICALS PLC 94 107,150 0.03JOHNSON & JOHNSON 446 482,057 0.13

100

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


JPMORGAN CHASE & CO 613 554,585 0.15JUNIPER NETWORKS INC 362 74,040 0.02KEYSIGHT TECHNOLOGIES INC 266 97,201 0.03KINDER MORGAN INC 433 60,893 0.02KLA-TENCOR CORP 89 76,433 0.02LAM RESEARCH CORP 116 173,764 0.05LEGGETT & PLATT INC 222 80,758 0.02LIBERTY GLOBAL PLC SERIES C 103 28,809 0.01LKQ CORP 213 70,021 0.02LOEWS CORP 152 61,405 0.02LOWE’S COMPANIES INC 103 84,371 0.02LYONDELLBASELL INDUSTRIES NV 135 126,539 0.03MALLINCKRODT PLC 203 28,675 0.01MARATHON PETROLEUM CORP 262 141,949 0.04MARRIOTT INTERNATIONAL INC

CLASS A 140 161,338 0.04MARVELL TECHNOLOGY GROUP LTD 931 169,884 0.04MASTERCARD INC CLASS A 164 216,779 0.06MAXIM INTEGRATED PRODUCTS INC 294 140,270 0.04MCDONALD’S CORP 153 204,800 0.05MEDTRONIC PLC 218 146,449 0.04MERCK & CO INC 464 215,027 0.06METLIFE INC 175 65,796 0.02METTLER-TOLEDO INTERNATIONAL I 22 116,193 0.03MICHAEL KORS HOLDINGS LTD 254 131,119 0.03MICRON TECHNOLOGY INC 219 74,888 0.02MICROSOFT CORP 1,289 957,876 0.25MONSANTO CO 91 86,691 0.02MOODY’S CORP 97 122,747 0.03MOSAIC CO 312 66,620 0.02MURPHY OIL CORP 287 72,057 0.02NEWELL BRANDS INC 433 89,544 0.02NORFOLK SOUTHERN CORP 65 76,707 0.02NORTHROP GRUMMAN CORP 38 101,211 0.03NVR INC 4 99,432 0.03NXP SEMICONDUCTORS NV 78 73,404 0.02OCCIDENTAL PETROLEUM CORP 157 92,061 0.02OLD REPUBLIC INTERNATIONAL

CORP 397 66,729 0.02

HoldingsMarket

value

% of net

asset value

HKD

ORACLE CORP 479 193,281 0.05PAYCHEX INC 209 111,567 0.03PAYPAL HOLDINGS INC 201 134,133 0.04PEPSICO INC 217 204,180 0.05PFIZER INC 1,022 296,080 0.08PG&E CORP 343 113,829 0.03PHILIP MORRIS INTERNATIONAL INC 219 183,674 0.05PHILLIPS 66 188 150,572 0.04PINNACLE WEST CAPITAL CORP 132 82,543 0.02PPL CORP 260 64,810 0.02PRAXAIR INC 63 79,574 0.02PRICELINE GROUP INC 8 119,640 0.03PRINCIPAL FINANCIAL GROUP INC 120 63,448 0.02PROCTER & GAMBLE CO 328 221,500 0.06PRUDENTIAL FINANCIAL INC 95 88,288 0.02PULTEGROUP INC 531 132,196 0.03QIAGEN NV 471 123,634 0.03QORVO INC 191 107,217 0.03QUALCOMM INC 168 89,681 0.02RAYTHEON CO 59 96,419 0.03RENAISSANCERE HOLDINGS LTD 80 79,554 0.02ROBERT HALF INTERNATIONAL INC 160 72,433 0.02ROCKWELL COLLINS INC 114 123,484 0.03ROSS STORES INC 209 134,682 0.04S&P GLOBAL INC 40 56,659 0.01SAFEWAY PDC LLC CVR (CASA LEY) 93 – –SAFEWAY PDC LLC CVR (PDC) 93 – –SALESFORCE COM INC 72 64,148 0.02SANTANDER CONSUMER USA

HOLDINGS INC 995 134,245 0.04SCANA CORP 210 66,751 0.02SCHLUMBERGER LTD 172 98,986 0.03SKYWORKS SOLUTIONS INC 163 123,933 0.03SNAP-ON INC 79 105,852 0.03SOUTHERN CO 286 100,908 0.03SOUTHWEST AIRLINES CO 180 85,598 0.02STANLEY BLACK & DECKER INC 73 94,912 0.02STARBUCKS CORP 325 144,409 0.04STRYKER CORP 127 163,283 0.04SUNTRUST BANKS INC 107 59,168 0.02SYMANTEC CORP 283 60,273 0.02SYNCHRONY FINANCIAL 482 149,591 0.04TE CONNECTIVITY LTD 201 161,189 0.04TEXAS INSTRUMENTS INC 257 220,449 0.06

101

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Financial assets


THE HOME DEPOT INC 204 320,551 0.08THE PROGRESSIVE CORP 365 154,446 0.04THE TRAVELERS COS INC 131 153,610 0.04THE WALT DISNEY CO 238 202,290 0.05THERMO FISHER SCIENTIFIC INC 74 129,712 0.03THOMSON REUTERS CORP 270 91,625 0.02TIFFANY & CO 174 145,143 0.04TIME WARNER INC 151 112,612 0.03TJX COS INC 219 137,580 0.04TOLL BROTHERS INC 246 89,623 0.02TORCHMARK CORP 97 68,926 0.02TWENTY-FIRST CENTURY FOX INC

CLASS B 80 22,832 0.01U.S. BANCORP 279 124,690 0.03UNION PACIFIC CORP 155 161,845 0.04UNITED CONTINENTAL HOLDINGS

INC 135 71,611 0.02UNITED PARCEL SERVICE INC

CLASS B 128 127,466 0.03UNITEDHEALTH GROUP INC 123 227,791 0.06UNIVERSAL HEALTH SERVICES INC

CLASS B 94 89,329 0.02VALERO ENERGY CORP 232 174,145 0.05VARIAN MEDICAL SYSTEMS INC 111 110,693 0.03VERISIGN INC 132 118,647 0.03VERIZON COMMUNICATIONS INC 721 304,915 0.08VISA INC CLASS A 314 305,101 0.08W W GRAINGER INC 32 67,492 0.02W. R. BERKLEY CORP 168 95,896 0.03WALGREENS BOOTS ALLIANCE INC 163 95,949 0.03WAL-MART STORES INC 245 204,273 0.05WATERS CORP 64 107,929 0.03WELLS FARGO & CO 744 382,784 0.10WESTERN UNION CO 533 86,670 0.02WYNDHAM WORLDWIDE CORP 163 158,253 0.04XILINX INC 232 132,500 0.03XL GROUP LTD 199 57,340 0.01YANDEX NV 330 99,965 0.03

HoldingsMarket

value

% of net

asset value

HKD

YUM BRANDS INC 114 75,424 0.02YUM CHINA HOLDINGS INC 298 108,125 0.03ZIMMER BIOMET HOLDINGS INC 88 87,495 0.02

34,709,724 9.17

Equities (Total) 185,598,616 49.05

Debt securities


AUSTRALIA (GOVERNMENT OF) 3.25% 21 APRIL 2025 211,000 1,388,108 0.37

AUSTRALIA (GOVERNMENT OF) 5.25% 15 MARCH 2019 197,000 1,295,532 0.34



BONOS Y OBLIG DEL ESTADO 2.15% 31 OCTOBER 2025 52,000 546,799 0.14

CANADA (GOVERNMENT OF) 0.75% MAY 2019 147,000 926,260 0.24

CANADA (GOVERNMENT OF) 5.75% JUNE 2029 198,000 1,691,880 0.45

DENMARK (KINGDOM OF) 1.5% 15 NOVEMBER 2023 561,000 789,490 0.21

EUROPEAN INVESTMENT BANK 2.15% 18 JANUARY 2027 4,800,000 409,108 0.11

FRANCE (GOVERNMENT OF) 4.5% 25 APRIL 2041 138,000 2,123,802 0.56

FRANCE (GOVERNMENT OF) 5.75% 25 OCTOBER 2032 143,000 2,251,873 0.59

FRANCE (GOVERNMENT OF) OAT 4% 25 APRIL 2018 51,000 502,050 0.13

FRANCE (GOVERNMENT OF) OAT 4.25% 25 OCTOBER 2023 577,000 6,900,998 1.82

GERMANY (REP OF) 3.5% 4 JULY 2019 193,000 1,991,346 0.53

102

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Debt securities


GERMANY (REPUBLIC OF) 0% 15 AUGUST 2026 191,000 1,781,091 0.47



ITALY (REPUBLIC OF) 0.7% 1 MAY 2020 330,000 3,268,014 0.86

ITALY (REPUBLIC OF) 4% 1 FEBRUARY 2037 315,000 3,648,480 0.96

ITALY (REPUBLIC OF) 4.5% 1 MARCH 2024 195,000 2,261,623 0.60

ITALY (REPUBLIC OF) 5% 1 MARCH 2022 365,000 4,192,715 1.11



JAPAN GOVERNMENT 20 YEAR BOND #150 1.4% 20 SEPTEMBER 2034 250,000 20,742 0.01





MEXICO (UNITED STATES OF) 8% 11 JUNE 2020 22,700 976,865 0.26



HoldingsMarket

value

% of net

asset value

HKD

POLAND (GOVERNMENT OF) 5.25% 25 OCTOBER 2020 325,000 829,844 0.22





SWEDEN (GOVERNMENT OF) 4.25% 12 MARCH 2019 485,000 510,029 0.13

UK TREASURY 4.25% 7 MARCH 2036 392,000 5,948,677 1.57UNITED KINGDOM OF GREAT

BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 4.25% 7 DECEMBER 2027 201,000 2,794,102 0.74

UNITED STATES TREASURY 1.75% 15 MAY 2022 316,000 2,401,293 0.63

US TREASURY BONDS 5.375% 15 FEBRUARY 2031 65,000 656,067 0.17

US TREASURY NOTE 2.25% 15 AUGUST 2027 375,000 2,820,763 0.75

US TREASURY NOTES 1.5% 31 AUGUST 2018 1,234,000 9,640,359 2.55

US TREASURY NOTES 2% 31 OCTOBER 2021 810,000 6,243,809 1.65

US TREASURY NOTES 2.125% 31 AUGUST 2020 700,000 5,458,761 1.44


US TREASURY NOTES 3% 15 NOVEMBER 2044 554,000 4,396,387 1.16

US TREASURY NOTES 4% 15 AUGUST 2018 468,000 3,706,194 0.98


Debt securities (Total) 144,160,199 38.10

103

Portfolio Statement


HoldingsMarket

value

% of net

asset value

HKD

Unit trusts Listed investments

AGNC INVESTMENT CORP 547 80,390 0.02AMERICAN TOWER CORP 106 122,454 0.03DUKE REALTY CORP 457 94,400 0.02GGP INC 79 14,230 –HOSPITALITY PROPERTIES TRUST 369 81,995 0.02IRON MOUNTAIN INC 264 72,332 0.02KIMCO REALTY CORP 492 61,224 0.02LINK REIT 7,322 506,682 0.13PUBLIC STORAGE 65 99,523 0.03SIMON PROPERTY GROUP INC 74 94,557 0.03WEYERHAEUSER CO 325 95,426 0.03

1,323,213 0.35




HSBC INDEX TRACKER INVESTMENT FUND – JAPAN INDEX FUND CLASS INSTITUTIONAL ACCUMULATION 574,869 8,324,957 2.20

19,305,752 5.10


Rights

Listed investments

AGILE GROUP-PREF OFFER 2018 RTS (2018) 246 – –

HYUNDAI HEAVY IND RTS (MAR 2018) 16 – –

HoldingsMarket

value

% of net

asset value

HKD

IBERDROLA SA – RTS 2018 20 – –UNICREDIT SPA RTS (21 FEB 2018) 524 20 –


Stapled Securities

Australia APA GROUP 1,141 58,245 0.02MACQUARIE ATLAS ROADS GROUP 2,148 78,088 0.02

136,333 0.04

Total financial assets 350,524,133 92.64



Foreign currency forward contracts (856,214) (0.23)

Total financial liabilities (856,214) (0.23)

Total investments (Total cost of investments: $298,255,826) 349,667,919 92.41



104


HSBC Managed Stable Growth Fundfor the period from 1 August 2017 to 31 January 2018

% ofnet asset


% ofnet asset

value31 July 2017

Financial assets

Equities

Listed investments Australia 1.63 1.82Austria 0.16 0.17Belgium 0.19 0.20Bermuda 0.06 –Canada 0.54 0.75Cayman Islands 0.32 –China 0.11 –Czech Republic 0.02 0.02Denmark 0.22 0.24Finland 0.24 0.30France 1.47 1.51Germany 1.58 1.67Greece 0.02 0.03Hong Kong 15.79 16.80India 0.95 0.78Indonesia 0.16 0.23Ireland 0.09 0.08Italy 0.37 0.29Japan 6.55 6.78Luxembourg 0.02 –Malaysia 0.22 0.18Netherlands 0.42 0.39New Zealand 0.07 0.03Norway 0.15 0.15Philippines 0.06 0.07Poland 0.02 0.08Portugal 0.03 0.04Russia 0.19 0.15Singapore 0.58 0.71South Korea 1.37 1.53Spain 0.47 0.42Sweden 0.55 0.67Switzerland 1.28 1.34Taiwan 0.90 0.95Thailand 0.25 0.24Turkey 0.09 0.10United Kingdom 2.74 2.87United States of America 9.17 9.61

49.05 51.20

105


HSBC Managed Stable Growth Fundfor the period from 1 August 2017 to 31 January 2018

% ofnet asset


% ofnet asset

value31 July 2017

Bonds Listed investments 38.10 38.79


Unit Trusts Listed investments 0.35 0.39Unlisted but quoted investments 5.10 2.06

5.45 2.45

Rights – –

Stapled securities Australia 0.04 –

Foreign currency forward contractsForeign currency forward contracts – 0.06






106

Performance Record


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



HKD HKD HKD HKD

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 18.702017 18.14 20.58 18.14 20.581 August 2017 to 31 January 2018 20.50 22.53 20.50 22.53

(b) Total net asset value (calculated in accordance with HKFRS)

31 January 2018HKD

2017HKD

2016HKD

2015HKD

Total net asset value 378,364,107 346,706,851 343,524,802 362,266,836

(c) Net asset value per unit (calculated in accordance with HKFRS)

31 January 2018HKD

2017HKD

2016HKD

2015HKD

Net asset value per unit– Provident class units 22.37 20.58 18.70 18.62

107


HSBC Global Money Funds

Market review

HSBC Global Money Funds – Hong Kong Dollar

The Fed hiked policy rates by 25bp in December 2017. This was after a 25bp hike in March 2017 and another 25bp hike in June 2017. Liquidity conditions in Hong Kong have tightened over the 6-month period. 3M and 6M HIBOR levels have increased. In 2018, we expect HKD rates at the short-end to largely mirror movements in US short-end rates though the pace of pass-through would depend on the state of liquidity in HKD.

The Fund Manager will endeavor to extend WAM (via solid issuers) if sufficiently compensated from a term premium standpoint. The Fund Manager will monitor market levels and expectations around further Fed hikes in order to benefit from any uptick in short-term rates.

HSBC Global Money Funds – US Dollar

The Fed hiked policy rates by 25bp in December 2017. The Fed upgraded their economic forecasts and maintained a projection of three rate hikes in 2018 in December FOMC meeting.

3mth US T-bill yields increased by 39bp to 146bp and 6mth US T-bill yields increased by 52bp to 166bp.

We maintain liquidity in the front-end buckets primarily via US T-bill positions and overnight deposits. We would look to extend WAM only if compensated in yield terms, given expectations of further rate hikes as well as the prospect of Fed balance sheet unwinding.


108



31 January 2018 31 July 2017

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 2,281,859,968 181,573,183 1,923,228,292 144,322,804Interest receivable 1,680,886 230,506 793,167 122,492Cash and cash equivalents 1,850,608,568 21,799,252 2,108,180,796 26,742,677

4,134,149,422 203,602,941 4,032,202,255 171,187,973

LIABILITIESRedemptions payable 8,317,243 1,851,657 48,492,375 1,401,324Amounts due to brokers – 20,990,118 129,632,995 4,995,726Other payables 1,981,225 203,074 1,638,362 178,702

10,298,468 23,044,849 179,763,732 6,575,752

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 4,123,850,954 180,558,092 3,852,438,523 164,612,221

Representing:Equity – 180,558,092 – 164,612,221Financial liabilities 4,123,850,954 – 3,852,438,523 –

Units Units Units UnitsTotal number of units in issue

Series A units 198,379,216 90,875,245 185,786,502 83,259,253

Series L units 396,621 – 225,265 –

HKD USD HKD USDNet asset value per unit

Series A units 20.75 1.99 20.71 1.98

Series L units 19.36 – 19.64 –

109

Portfolio Statement

HSBC Global Money Funds – Hong Kong Dollaras at 31 January 2018

HoldingsMarket

value

% of net

asset value

HKD

Fixed income instrumentsUnlisted but quoted investments

AGRICULTURAL BANK CHINA HONG KONG BRANCH 0% 20 FEBRUARY 2018 100,000,000 99,936,171 2.42

AGRICULTURAL BANK CHINA HONG KONG BRANCH 0% 19 MARCH 2018 30,000,000 29,964,626 0.73

AGRICULTURAL BANK CHINA HONG KONG BRANCH 0% 22 MARCH 2018 70,000,000 69,864,225 1.69

BANK OF CHINA/HONG KONG SER CD (REG S) 0% 08 FEBRUARY 2018 65,000,000 64,988,708 1.58

BANK OF CHINA/HONG KONG SER CD (REG S) 0% 12 MARCH 2018 50,000,000 49,923,341 1.21

BANK OF CHINA/HONG KONG SER CD 0% CD 28 FEBRUARY 2018 70,000,000 69,935,988 1.70

BANK OF CHINA/SYDNEY SER CD 0% 21 FEBRUARY 2018 50,000,000 49,967,495 1.21

BANK OF NOVA SCOTIA/HK SER CD 0% 17 APRIL 2018 60,000,000 59,879,465 1.45

BNP PARIBAS/HONG KONG SER CD 0% 12 MARCH 2018 160,000,000 159,807,350 3.88

CHINA CONSTRUCTION BANK CORP 0% CP 28 FEBRUARY 2018 110,000,000 109,882,428 2.66

CHINA CONSTRUCTION BANK SYDNEY BRANCH 0% 02 FEBRUARY 2018 60,000,000 59,998,495 1.45

CHINA DEVELOPMENT BANK HONG KONG SER CD 0% 05 JULY 2018 70,000,000 69,551,528 1.69

CREDIT SUISSE/SYDNEY SER CD 0% 20 FEBRUARY 2018 60,000,000 59,972,888 1.45

DBS BANK HONG KONG LTD SER CD 0% 28 FEBRUARY 2018 240,000,000 239,845,657 5.81

DZ BANK AG CP 0% 17 APRIL 2018 70,000,000 69,862,244 1.69HONG KONG T-BILLS 04 APRIL 2018 280,000,000 279,535,544 6.78HONG KONG T-BILLS 11 APRIL 2018 130,000,000 129,784,174 3.15HONG KONG T-BILLS 28 MARCH 2018 220,000,000 219,679,154 5.33INDUSTRIAL AND COMMERCIAL

BANK OF CHINA ASIA LTD CD 0% 15 MARCH 2018 70,000,000 69,928,627 1.70

INDUSTRIAL AND COMMERCIAL BANK OF CHINA/SYDNEY SER CD 0% 10 APRIL 2018 80,000,000 79,824,638 1.94

HoldingsMarket

value

% of net

asset value

HKD

ING BANK NV 0% CP 27 MARCH 2018 60,000,000 59,915,869 1.45NATIXIS SA 0% CD 19 MARCH 2018 50,000,000 49,941,533 1.21TORONTO DOMINION BANK

LONDON SER CD 0% 02 MARCH 2018 70,000,000 69,966,228 1.70

TORONTO DOMINION BANK LONDON SER CD 0% 29 MARCH 2018 60,000,000 59,903,592 1.45

Fixed income instruments (Total) 2,281,859,968 55.33

Total investments (Total cost of investments: HKD2,278,191,942) 2,281,859,968 55.33

Other net assets 1,841,990,986 44.67

Total net assets 4,123,850,954 100.00

110

Portfolio Statement

HSBC Global Money Funds – US Dollar as at 31 January 2018

HoldingsMarket

value

% of net

asset value

USD

Fixed income instrumentsListed Investments

AMERICAN HONDA FINANCE SER MTN (REG) 1.5% 13 MARCH 2018 2,000,000 1,999,680 1.11

BANK NEDERLANDSE GEMEENTEN SER REGS (REG) (REGS) 1% 12 FEBRUARY 2018 2,500,000 2,499,613 1.38

BANK OF MONTREAL SER MTN (REG) 1.35% 28 AUGUST 2018 2,000,000 1,998,080 1.11

BANK OF NOVA SCOTIA (REG) 1.45% 25 APRIL 2018 1,300,000 1,299,110 0.72

BANK TOKYO-MITSUBISHI UFJ SER REGS (REGS) 1.65% 26 FEBRUARY 2018 2,000,000 2,000,243 1.11

BNZ INTERNATIONAL FUNDING/LONDON SER REGS (REG) (REG S) 1.9% 26 FEBRUARY 2018 2,500,000 2,500,125 1.38

COMMONWEALTH BANK OF AUSTRALIA NEW YORK SER GMTN (REG) 1.625% 12 MARCH 2018 1,800,000 1,799,940 1.00

COOPERAT RABOBANK UA/NEW YORK (REG) 1.7% 19 MARCH 2018 3,000,000 3,000,093 1.66

CREDIT AGRICOLE LONDON SER REGS (REG) 2.125% 17 APRIL 2018 500,000 500,302 0.28

EXXON MOBIL CORPORATION (REG) 1.305% 06 MARCH 2018 2,000,000 1,999,727 1.11

GENERAL ELECTRIC CAPITAL CORPORATION (REG) 5.625% 01 MAY 2018 1,000,000 1,010,306 0.56

L -BANK BW FOERDERBANK SER EMTN (BR) (REG S) 1% 23 APRIL 2018 2,000,000 1,997,021 1.11

NORDEA BANK AB SER REGS (REG) (REG S) 1.625% 15 MAY 2018 2,000,000 2,000,306 1.11

ROYAL BANK OF CANADA SER GMTN (REG) 1.8% 30 JULY 2018 2,500,000 2,499,495 1.38

SIEMENS FINANCIERINGSMAT SER EMTN (BR) (REG S) 1.5% 12 MARCH 2018 3,500,000 3,499,643 1.94

SKANDINAVISKA ENSKILDA SER REGS (REG S) 1.75% 19 MARCH 2018 300,000 300,036 0.17

HoldingsMarket

value

% of net

asset value

USD

SUMITOMO MITSUI BANKING (REG) 2.5% 19 JULY 2018 2,000,000 2,005,613 1.11

SWEDBANK AB SER REGS (REG) (REG S) 1.75% 12 MARCH 2018 400,000 399,959 0.22

TORONTO-DOMINION BANK (REG) 1.75% 23 JULY 2018 2,500,000 2,498,925 1.38

UBS AG STAMFORD CT SER BKNT (REG) 1.8% 26 MARCH 2018 2,500,000 2,501,033 1.38

US TREASURY BILL 01 FEBRUARY 2018 23,000,000 23,000,000 12.74

US TREASURY BILL 08 FEBRUARY 2018 17,000,000 16,996,049 9.41

US TREASURY BILL 12 APRIL 2018 15,000,000 14,960,333 8.29US TREASURY BILL 15 FEBRUARY

2018 21,000,000 20,990,117 11.62US TREASURY BILL 19 APRIL 2018 23,000,000 22,930,513 12.70US TREASURY BILL 26 APRIL 2018 18,000,000 17,942,111 9.94WESTPAC BANKING CORP (REG)

1.55% 25 MAY 2018 2,000,000 1,998,423 1.11

157,126,796 87.03

Unlisted but quoted investments AGRICULTURAL BANK OF CHINA

LIMITED/HONG KONG SER CD (BR) 0% 13 FEBRUARY 2018 2,000,000 1,998,821 1.11

BANK OF CHINA LONDON 0% CP 05 FEBRUARY 2018 2,500,000 2,499,506 1.38

CAISSE DES DEPOT 0% CP 23 MARCH 2018 1,000,000 997,983 0.55

CHINA CONSTRUCTION BANK/SG 0% CD 22 FEBRUARY 2018 2,000,000 1,997,745 1.11

CSE D AMORT DETTE 0% CP 16 APRIL 2018 2,500,000 2,491,198 1.38

DBS BANK LTD 0% CP 22 FEBRUARY 2018 2,500,000 2,497,893 1.38

ERSTE ABWICKLUNGS 0% CP 19 APRIL 2018 1,000,000 996,833 0.55

EUROFIMA 0% CP 24 APRIL 2018 2,500,000 2,490,642 1.38MIZUHO BANK LTD SYDNEY 0% CD

09 APRIL 2018 2,500,000 2,491,754 1.38NRW.BANK 0% CP 28 FEBRUARY

2018 1,000,000 998,939 0.55

111

Portfolio Statement

HSBC Global Money Funds – US Dollaras at 31 January 2018

HoldingsMarket

value

% of net

asset value

USD

TEMASEK FINANCIAL II PTE 0% CP 16 MARCH 2018 2,500,000 2,495,116 1.38

TOYOTA KREDITBANK GMBH 0% CP 25 APRIL 2018 2,500,000 2,489,957 1.38

24,446,387 13.53

Fixed income instruments (Total) 181,573,183 100.56

Total investments (Total cost of investments: USD181,454,927) 181,573,183 100.56

Other net liabilities (1,015,091) (0.56)


112


HSBC Global Money Funds – Hong Kong Dollarfor the period from 1 August 2017 to 31 January 2018

% ofnet asset


% ofnet asset

value31 July 2016

Fixed income instruments

Unlisted but quoted investments 55.33 49.92

Total investments 55.33 49.92

Other net assets 44.67 50.08


HSBC Global Money Funds – US Dollarfor the period from 1 August 2017 to 31 January 2018

% ofnet asset


% ofnet asset

value31 July 2016

Fixed income instruments

Listed Investments 87.03 67.62Unlisted but quoted investments 13.53 20.05

Total investments 100.56 87.67

Other net liabilities (0.56) 12.33


113

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 20.66 19.75 19.81 1.97 1.972017 20.66 20.71 19.64 19.75 1.97 1.98August 2017 – January 2018 20.71 20.75 19.36 19.64 1.98 1.99

31 January 2018 2017 2016 2015 2014 2013 2012 2011

Total net asset value of Hong Kong Dollar sub-fund (in HK$) – Series A units 4,116,173,063 3,848,013,760 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 7,677,891 4,424,763 3,964,223 3,407,065 2,898,920 24,949,920 43,739,206 37,611,159

4,123,850,954 3,852,438,523 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 of Hong Kong Dollar sub-fund (in HK$) – Series A units 20.75 20.71 20.66 20.62 20.58 20.54 20.51 20.47 – Series L units 19.36 19.64 19.75 19.81 19.86 19.90 19.97 20.02

Total net asset value of US Dollar sub-fund (in US$)– Series A units 180,558,092 164,612,221 132,317,186 115,251,019 111,224,408 98,947,175 105,256,815 83,250,222

Net asset value per unit of US Dollar sub-fund (in US$)– Series A units 1.99 1.98 1.97 1.97 1.97 1.98 1.98 1.98

114

Administration


ManagerHSBC Investment Funds (Hong Kong) LimitedHSBC Main Building1 Queen’s Road CentralHong Kong

Directors of the ManagerStuart Glenn BERRYPedro Augusto BOTELHO BASTOSGuillermo Eduardo MALDONADO-CODINAChun Pong Stephen TAMKa Yin Joanne LAU

Investment adviserHSBC Global Asset Management (Hong Kong) LimitedHSBC Main Building1 Queen’s Road CentralHong Kong

Investment sub-adviserHSBC Global Asset Management (UK) Limited8 Canada SquareLondon E14 5HQUnited Kingdom

Custodian, trustee and registrarHSBC Trustee (Cayman) LimitedP.O. Box 484HSBC House68 West Bay RoadGrand Cayman KY1-1106Cayman Islands

AuditorsKPMGP.O. Box 493Century YardCricket SquareGrand Cayman KY1-1106Cayman Islands

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Administration








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AdministrationAdministration


Manager and registrarHSBC Investment Funds (Hong Kong) LimitedHSBC Main Building1 Queen’s Road CentralHong Kong



TrusteeHSBC Trustee (Cayman) LimitedP.O. Box 484HSBC House68 West Bay RoadGrand Cayman KY1-1106Cayman Islands

Custodian, administrator and valuation agentHSBC Institutional Trust Services (Asia) LimitedHSBC Main Building1 Queen’s Road CentralHong Kong

AuditorsKPMG P.O. Box 493Century YardCricket SquareGrand Cayman KY1-1106Cayman Islands

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