アンダーソン 毛 利 友 常 法 律 事 務 所 弁 護 士 ( 氏 名 ) 平 川 修 (TEL) 03(6888)1000

Transcription

1 平 成 27 年 12 月 期 中 間 決 算 短 信 ( 平 成 27 年 1 月 1 日 ~ 平 成 27 年 6 月 30 日 ) Interim Earning Report for Fiscal Year ending December 2015 (January 1, 2015 June 30, 2015) 平 成 27 年 9 月 4 日 September 4, 2015 フ ァ ン ド 名 ChinaAMC CSI 300 Index ETF-JDR 上 場 取 引 所 東 コ ー ド 番 号 1575 売 買 単 位 10 口 連 動 対 象 指 標 CSI300 指 数 主 要 投 資 資 産 株 式 管 理 会 社 チャイナ アセット マネジメント( 香 港 ) リミテッド U R L 代 表 者 ( 役 職 名 ) 最 高 経 営 責 任 者 ( 氏 名 ) 張 霄 岭 問 合 せ 先 責 任 者 ( 役 職 名 ) アンダーソン 毛 利 友 常 法 律 事 務 所 弁 護 士 ( 氏 名 ) 平 川 修 (TEL) 03(6888)1000 Fund name: ChinaAMC CSI 300 Index ETF-JDR Listed Exchange: TSE Code: 1575 Trading unit: 10 units Underlying indicator: CSI 300 Index Primary invested assets: Stocks Management co.: China Asset Management (Hong Kong) Limited URL: Representative: (Title) Chief Executive Officer (Name) Zhang Xiaoling Contact person: (Title) Anderson Mori & Tomotsune, Attorney-at-law 半 期 報 告 書 提 出 予 定 日 平 成 27 年 9 月 30 日 Scheduled date of submission of Semi-annual Report: September 30, 2015 (Name) Osamu Hirakawa (TEL) 03(6888)1000 Ⅰ ファンドの 運 用 状 況 I Fund Management 1. 平 成 27 年 6 月 中 間 期 の 運 用 状 況 ( 平 成 27 年 1 月 1 日 ~ 平 成 27 年 6 月 30 日 ) 1. Management Status for Half-Year ended June 2015 (from January 1, 2015 to June 30, 2015) (1) 信 託 財 産 である 外 国 ETF の 資 産 内 訳 ( 百 万 円 未 満 切 捨 て) (1) Assets of Trust Asset Foreign ETF (amounts below 1 mil. yen are discarded) 27 年 6 月 中 間 期 SAN ended June 年 12 月 期 FY ended December 2014 主 要 投 資 資 産 Primary Invested Assets 金 額 Amount 百 万 円 JPY mil. 構 成 比 ratio % % 現 金 預 金 その 他 の 資 産 ( 負 債 控 除 後 ) Cash/Deposits/Other Assets (excluding liabilities) 金 額 Amount 百 万 円 JPY mil. 構 成 比 ratio % % 合 計 ( 純 資 産 ) Total (Net Assets) 金 額 Amount 百 万 円 JPY mil. 構 成 比 ratio 258, , , , , , % %

2 (2) 信 託 財 産 である 外 国 ETF の 設 定 交 換 実 績 (2) Creation and Redemption of Trust Asset Foreign ETF 27 年 6 月 中 間 期 SAN ended June 年 12 月 期 FY ended December 2014 前 計 算 期 間 末 発 行 済 口 数 No. of Issued Units at End of Previous Calculation Period (1) 千 口 000 units (3) 信 託 財 産 である 外 国 ETF の 基 準 価 額 (3) Net Asset Value of Trust Asset Foreign ETF 27 年 6 月 中 間 期 SAN ended June 年 12 月 期 FY ended December 2014 総 資 産 Total Assets (1) 百 万 円 JPY mil. 設 定 口 数 No. of Units Created (2) 千 口 000 units 交 換 口 数 No. of Units Redeemed (3) 千 口 000 units 当 中 間 計 算 期 間 末 発 行 済 口 数 No. of Issued Units at End of Semi-annual Period (1+2-3) 千 口 000 units 335,100 76, , , , , , ,100 負 債 Liabilities (2) 百 万 円 JPY mil. 純 資 産 Net Assets (3(1-2)) 百 万 円 JPY mil. 1 口 当 たり 基 準 価 額 ((3/ 当 中 間 計 算 期 間 末 ( 前 計 算 期 間 末 ) 発 行 済 口 数 ) 1) Net Asset Value per 1 unit ((3/No. of Issued Units at End of Semi-annul Period (Previous Calculation Period)) 1) 279,484 19, , ,446 3, , (4) 上 場 外 国 ETF 信 託 受 益 証 券 に 係 る 設 定 交 換 実 績 (4) Creation and Redemption of Listed Foreign ETF Trust Beneficiary Certificates (JDR) 27 年 6 月 中 間 期 SAN ended June 年 12 月 期 FY ended December 2014 前 計 算 期 間 末 発 行 済 口 数 No. of Issued Units at End of Previous Calculation Period (1) 千 口 000 units 設 定 口 数 No. of Units Created (2) 千 口 000 units 交 換 口 数 No. of Units Redeemed (3) 千 口 000 units 円 JPY 当 中 間 計 算 期 間 末 発 行 済 口 数 No. of Issued Units at End of Semi-annual Period (1+2-3) 千 口 000 units

3 (5) 上 場 外 国 ETF 信 託 受 益 証 券 の 分 配 金 (5) Dividend Payment of Listed Foreign ETF Trust Beneficiary Certificates (JDR) 1 口 当 たり 分 配 金 Dividend per 1 unit 27 年 6 月 中 間 期 SAN ended June 年 12 月 期 FY ended December 2014 円 JPY 0 4 注 ) 日 本 円 への 換 算 は 1 人 民 元 = 円 (2015 年 7 月 31 日 東 京 時 間 午 後 3 時 現 在 のブルームバーグに よる 米 国 ドル/ 人 民 元 (CNH) 及 び 米 国 ドル/ 日 本 円 の 仲 値 )により 計 算 されています Note: Conversion into Japanese yen has been made at the exchange rate of 1.00 = JPY 19.94, calculated from the middle rates for USD- and USD-JPY as of 15:00 Tokyo time on July 31, 2015 published by Bloomberg. 2. 信 託 財 産 である 外 国 ETF の 会 計 方 針 の 変 更 2. Change in Accounting Policies of Trust Asset Foreign ETF (1) 会 計 基 準 等 の 改 正 に 伴 う 会 計 方 針 の 変 更 (1) Changes accompanying revision to accounting standards, etc. (2)(1) 以 外 の 会 計 方 針 の 変 更 (2) Changes other than those in (1) : 無 :No : 無 :No

4 ChinaAMC ETF Series ChinaAMC CSI 300 Index ETF Unaudited Semi-Annual Report For the period from to

5 UNAUDITED SEMI-ANNUAL REPORT ChinaAMC CSI 300 Index ETF For the period from 1 January 2015 to 30 June 2015

6 CONTENTS Pages MANAGEMENT AND ADMINISTRATION 1 3 REPORT OF THE MANAGER TO THE UNITHOLDERS 4 5 FINANCIAL STATEMENTS Statement of financial position 6 Statement of comprehensive income 7 Statement of changes in net assets attributable to unitholders 8 Statement of cash flows 9-10 INVESTMENT PORTFOLIO MOVEMENTS IN INVESTMENT PORTFOLIO PERFORMANCE RECORD 29 DISTRIBUTION DISCLOSURE 30 IMPORTANT: Any opinion expressed herein reflects the Manager s view only and is subject to change. For more information about the Sub-Fund, please refer to the prospectus of the Sub-Fund which is available at our website: Investors should not rely on the information contained in this report for their investment decisions.

7 MANAGEMENT AND ADMINISTRATION Manager and RQFII Holder Investment Adviser China Asset Management (Hong Kong) Limited China Asset Management Co., Ltd. 37/F, Bank of China Tower 3/F Tower B, Tongtai Building 1 Garden Road No. 33 Finance Street Central, Hong Kong Xicheng District, Beijing People s Republic of China Directors of the Manager Mr. Yang Minghui Mr. Zhang Xiaoling Mr. Zhou Quan (resigned on 10 April 2015) Mr. Gan Tian Administrator and Custodian Citibank, N.A. 50/F, Citibank Tower, Citibank Plaza 3 Garden Road Central, Hong Kong Trustee Registrar Cititrust Limited Computershare Hong Kong Investor Services 50/F, Citibank Tower, Citibank Plaza Limited 3 Garden Road 46/F, Hopewell Centre Central, Hong Kong 183 Queen s Road East Wanchai, Hong Kong PRC Custodian Citibank (China) Co., Limited Citigroup Tower No. 33, Hua Yuan Shi Qiao Road Lu Jia Zui Finance and Trade Area, Shanghai People s Republic of China Service Agent HK Conversion Agency Services Limited 2/F, Infinitus Plaza 199 Des Voeux Road Central Hong Kong Auditors Legal Counsel to the Manager Ernst & Young Simmons & Simmons 22/F, CITIC Tower 13/F, One Pacific Place 1 Tim Mei Avenue 88 Queensway Central, Hong Kong Hong Kong 1

8 MANAGEMENT AND ADMINISTRATION (continued) Participating Dealers ABN AMRO Clearing Hong Kong Limited Level 70, International Commerce Centre 1 Austin Road West Kowloon, Hong Kong BNP Paribas Securities (Asia) Limited 59/F-63/F, Two International Finance Centre 8 Finance Street Central, Hong Kong BOCI Securities Limited 18/F, Grand Millennium Plaza 181 Queen s Road Central, Hong Kong China International Capital Corporation Hong Kong Securities Limited 29/F, One International Finance Centre 1 Harbour View Street Central, Hong Kong China Merchants Securities (HK) Co., Limited 48/F, One Exchange Square 8 Connaught Place Central, Hong Kong CITIC Securities Brokerage (HK) Limited 26/F, CITIC Tower 1 Tim Mei Avenue Central, Hong Kong Credit Suisse Securities (Hong Kong) Limited 88/F, International Commerce Centre 1 Austin Road West Kowloon, Hong Kong Deutsche Securities Asia Limited 52/F, International Commerce Centre 1 Austin Road West Kowloon, Hong Kong Goldman Sachs (Asia) Securities Limited 68/F, Cheung Kong Center 2 Queen s Road Central, Hong Kong Guotai Junan Securities (Hong Kong) Limited 27/F, Low Block, Grand Millennium Plaza 181 Queen s Road Central Hong Kong Haitong International Securities Company Limited 35/F, Infinitus Plaza 199 Des Voeux Road Central Hong Kong J.P. Morgan Broking (Hong Kong) Limited 33/F, One Island East 18 Westlands Road, Island East Hong Kong Macquarie Bank Limited Level 18, One International Finance Centre 1 Harbour View Street Central, Hong Kong Merrill Lynch Far East Limited 15/F, Citibank Tower 3 Garden Road Central, Hong Kong Morgan Stanley Hong Kong Securities Limited 46/F, International Commerce Centre 1 Austin Road West Kowloon, Hong Kong Nomura International (Hong Kong) Limited 30/F, Two International Finance Centre 8 Finance Street Central, Hong Kong 2

9 MANAGEMENT AND ADMINISTRATION (continued) Participating Dealers (continued) SG Securities (HK) Limited 38/F, Pacific Place 3 1 Queen s Road East Admiralty, Hong Kong Standard Chartered Bank (Hong Kong) Limited 32/F, 4-4A Des Voeux Road Central, Hong Kong UBS Securities Hong Kong Limited 42/F, One Exchange Square Central, Hong Kong Yuanta Securities (Hong Kong) Company Limited 23/F, Tower 1, Admiralty Centre 18 Harcourt Road Hong Kong The Hongkong and Shanghai Banking Corporation Limited Level 18, HSBC Main Building 1 Queen s Road Central, Hong Kong 3

10 REPORT OF THE MANAGER TO THE UNITHOLDERS Introduction The ChinaAMC CSI 300 Index ETF (the Sub-Fund ), a sub-fund of ChinaAMC ETF Series, an umbrella unit trust established under Hong Kong law by a trust deed dated 28 May 2012, as amended or supplemented from time to time, (the Trust Deed ) between China Asset Management (Hong Kong) Limited (the Manager ) and Cititrust Limited (the Trustee ). The Sub-Fund is a physical exchange traded fund investing directly in the PRC s domestic securities markets through the Manager s status as a Renminbi Qualified Foreign Institutional Investor ( RQFII ). Its counter (stock code: 83188) and HKD counter (stock code: 03188) commenced trading on the Stock Exchange of Hong Kong Limited (the SEHK ) on 17 July 2012 and 26 October 2012 respectively. The Sub-Fund is an index-tracking fund that seeks to track the performance of the CSI 300 Index (the Index ). The Manager primarily uses a full replication strategy through investing directly in securities included in the Index with substantially the same weightings in which they are included in the Index, through the RQFII investment quota granted to the Manager by the State Administration of Foreign Exchange (the SAFE ). The Manager may also use a representative sampling strategy where it is not possible to acquire certain securities which are constituents of the Index due to restrictions or limited availability. This means that the Sub-Fund will invest directly in a representative sample of securities that collectively has an investment profile that aims to reflect the profile of the Index, through the RQFII investment quota granted to the Manager by the SAFE. The securities constituting the representative sample may or may not themselves be constituents of the Index. Performance of the Sub-Fund The investment objective of the Sub-Fund is to provide investment results that, before fees and expenses, closely correspond to the performance of the Index. There can be no assurance that the Sub-Fund will achieve its investment objective. A summary of the performance of the Sub-Fund is in below: Total Returns in respective currency 1,2 : 1-Month 3-Month Since Launch The Index -7.60% 10.41% 86.40% 3 Counter of the Sub-Fund (NAV-to-NAV) -7.24% 11.26% 87.73% 3 Counter of the Sub-Fund (Market-to-Market) -9.89% 12.33% 86.36% 4 HKD Counter of the Sub-Fund (NAV-to-NAV) -7.30% 11.22% 97.55% 5 HKD Counter of the Sub-Fund (Market-to-Market) -8.23% 12.38% % 6 1 Source: Bloomberg, as of 30 June Performances of CSI 300 Index and Counter of the Sub-Fund are calculated in while performances of HKD Counter of the Sub-Fund are calculated in HKD. 2 Past performance figures shown are not indicative of the future performance of the Sub-Fund. 3 Calculated since 16 July Calculated since 17 July Calculated since 25 October Calculated since 26 October

11 REPORT OF THE MANAGER TO THE UNITHOLDERS (continued) Activities of the Sub-Fund According to Bloomberg, the average daily trading volume of the Sub-Fund was approximately 12,075,550 units from 1 January 2015 to 30 June As of 30 June 2015, there were 289,350,000 units outstanding. Activities of the Index There was one rebalance for the Index from 1 January 2015 to 30 June As of 30 June 2015, the Sub- Fund comprised of all 301 constituent stocks in the Index. China Asset Management (Hong Kong) Limited 25 August

12 STATEMENT OF FINANCIAL POSITION As at 30 June June December 2014 (Unaudited) (Audited) ASSETS Financial assets at fair value through profit or loss 12,953,269,825 11,900,403,350 Other receivable 1,400,409 2,195,076 Amounts due from brokers 1,466,000 Cash and cash equivalents 1,060,148, ,751,957 TOTAL ASSETS 14,016,284,259 12,008,350,383 LIABILITIES Management fee payable 7,570,664 17,678,636 Custodian, fund administration and trustee fees payable 4,494,804 3,050,361 Withholding tax provision 116,842, ,842,305 Amounts payable on subscription of units 27,422, ,073 Amounts payable on redemption of units 31,068,412 Subscription received in advance 815,298,413 Other payables and accruals 2,723,326 1,368,593 TOTAL LIABILITIES 974,351, ,307,380 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 13,041,932,488 11,838,043,003 NUMBER OF UNITS IN ISSUE 289,350, ,100,000 NET ASSET VALUE PER UNIT

13 STATEMENT OF COMPREHENSIVE INCOME For the period from 1 January 2015 to 30 June January 2015 to 30 June 2015 (Unaudited) 1 January 2014 to 30 June 2014 (Unaudited) INCOME Dividend income 84,564,100 93,132,477 Interest income 223, ,607 84,787,310 93,259,084 EXPENSES Management fees ( 40,539,900) ( 25,267,433) Brokerage fees ( 8,806,631) ( 3,963,052) Custodian, fund administration and trustee fees ( 4,053,990) ( 2,526,743) Audit fee ( 57,898) ( 58,900) Index licensing fee ( 30,114) ( 25,231) Data licensing fee ( 2,313,217) ( 1,179,452) Professional fee ( 430,586) ( 247,337) Other operating expenses ( 8,151,959) ( 3,951,792) ( 64,384,295) ( 37,219,940) PROFIT BEFORE INVESTMENT AND EXCHANGE DIFFERENCES 20,403,015 56,039,144 INVESTMENT GAINS/(LOSSES) AND EXCHANGE DIFFERENCES Net change in unrealised gains/(losses) on financial assets at fair value through profit or loss 146,193,993 ( 422,347,744) Net realised gains/(losses) on financial assets at fair value through profit or loss 2,822,962,946 ( 193,340,722) NET INVESTMENTS AND EXCHANGE GAINS/(LOSSES) 2,969,156,939 ( 615,688,466) PROFIT/(LOSS) BEFORE TAX 2,989,559,954 ( 559,649,322) Withholding tax (expense)/credit ( 8,991,679) 148,490,649 TOTAL COMPREHENSIVE INCOME 2,980,568,275 ( 411,158,673) 7

14 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS For the period from 1 January 2015 to 30 June January 2015 to 30 June 2015 (Unaudited) 1 January 2014 to 30 June 2014 (Unaudited) At 1 January 11,838,043,003 9,172,353,719 Issue of units 3,527,377,565 1,681,131,422 Redemption of units ( 5,304,056,355) ( 2,512,229,329) Total comprehensive income 2,980,568,275 ( 411,158,673) At 30 June 13,041,932,488 7,930,097,139 8

15 STATEMENT OF CASH FLOWS For the period from 1 January 2015 to 30 June January 2015 to 30 June 2015 (Unaudited) 1 January 2014 to 30 June 2014 (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Profit/(loss) before tax 2,989,559,954 ( 559,649,322) Adjustments for: Net realised (gains)/losses on financial assets at fair value through profit or loss ( 2,822,962,946) 193,340,722 Net change in unrealised (gains)/losses on financial assets at fair value through profit or loss ( 146,193,993) 422,347,744 Operating gains before changes in working capital 20,403,015 56,039,144 Purchase of financial assets at fair value through profit or loss ( 4,551,453,655) ( 2,069,576,509) Proceeds from sale of financial assets at fair value through profit or loss 6,467,744,119 2,903,657,503 Decrease in other receivable 794, ,100 Increase in amounts due from brokers ( 1,466,000) Decrease in management fee payable ( 10,107,972) ( 1,370,489) Increase/(decrease) in custodian, fund administration and trustee fees payable 1,444,443 ( 1,635,779) Increase/(decrease) in other payables and accruals 1,354,733 ( 201,133) Increase in subscription received in advance 815,298,413 Cash generated from operations 2,744,011, ,458,837 Tax paid ( 8,991,679) ( 10,210,945) Net cash flows from operating activities 2,735,020, ,247,892 9

16 STATEMENT OF CASH FLOWS (continued) For the period from 1 January 2015 to 30 June January 2015 to 30 June 2015 (Unaudited) 1 January 2014 to 30 June 2014 (Unaudited) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of units 3,554,201,677 1,681,131,422 Payments on redemption of units ( 5,334,825,693) ( 2,512,229,329) Net cash flows used in financing activities ( 1,780,624,016) ( 831,097,907) NET INCREASE IN CASH AND CASH EQUIVALENTS 954,396,068 46,149,985 Cash and cash equivalents at the beginning of the period 105,751,957 93,245,039 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1,060,148, ,395,024 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank 1,060,148, ,395,024 NET CASH FLOWS FROM OPERATING ACTIVITIES INCLUDES: Dividend received 75,594,742 82,921,532 Interest received 200, ,607 10

17 INVESTMENT PORTFOLIO 30 June 2015 (Unaudited) Financial assets at fair value through profit or loss (100%) Holdings/ Market % of shares value NAV Listed securities (100%) China (100%) Consumer Discretionary Beijing Enlight Media Co Ltd 514,288 12,805, % Beiqi Foton Motor Co Ltd 1,904,432 16,816, % BYD Co Ltd 541,634 29,914, % China International Travel Service Co Ltd 437,131 28,981, % China South Publishing & Media Group Co Ltd 807,351 18,496, % Chinese Universe Publishing And Media Co Ltd 618,563 14,820, % Chongqing Changan Automobile Co Ltd 2,567,788 54,308, % CITIC Guoan Information Industry Co Ltd 1,044,320 24,614, % FAW Car Co Ltd 933,782 23,232, % Fuyao Glass Industry Group Co., Ltd 1,591,176 22,721, % Great Wall Motor Co Ltd 390,695 16,706, % Gree Electric Appliances, Inc. of Zhuhai 2,742, ,229, % Guangdong Alpha Animation and Culture Co Ltd 435,466 16,482, % Haining China Leather Market Co Ltd 628,906 12,345, % Heilan Home Co., Ltd 1,466,528 26,588, % Hisense Electric Co Ltd 892,096 21,936, % Huawen Media Investment Corp 1,247,357 25,882, % Huayi Brothers Media Co Ltd 989,580 37,742, % HUAYU Automotive Systems Company Limited 1,177,785 25,145, % Hunan TV & Broadcast Intermediary Co Ltd 818,431 35,102, % Jiangsu Phoenix Publishing & Media Co Ltd 876,293 14,984, % Jishi Media Co., Ltd. 1,001,875 15,148, % Liaoning Cheng Da Co Ltd 1,389,555 33,974, % Midea Group Co., Ltd 2,396,076 89,325, % Pangda Automobile Trade Co Ltd 3,644,992 19,901, % Qingdao Haier Co Ltd 1,737,490 52,698, % SAIC Motor Co Ltd 3,762,487 85,032, % Shanghai Oriental Pearl Media Co., Ltd. 1,432,407 60,275, % Shenzhen Overseas Chinese Town Co Ltd 4,138,849 53,722, % Sichuan Changhong Electric Co Ltd 4,200,784 41,335, % Suning Commerce Group Co., Ltd. 5,055,776 77,353, % TCL Corporation 9,734,720 55,001, % Wanxiang Qianchao Co Ltd 1,314,762 28,740, % Wasu Media Holding Co., Ltd 144,451 5,168, % Weifu High-Technology Group Co Ltd 674,923 20,915, % Youngor Group Co Ltd 1,774,260 32,397, % Zhe Jiang Daily Media Group Co., Ltd 668,767 13,107, % Zhejiang Huace Film & TV Co Ltd 436,611 11,788, % Zhejiang Yasha Decoration Co Ltd 645,035 18,841, % 11

18 INVESTMENT PORTFOLIO (continued) 30 June 2015 (Unaudited) Financial assets at fair value through profit or loss (100%) (continued) Holdings/ Market % of shares value NAV Listed securities (100%) (continued) China (100%) (continued) Consumer Staples Beijing Dabeinong Technology Group Co Ltd 1,699,305 22,974, % Beijing Yanjing Brewery Co Ltd 1,595,272 16,590, % Beingmate Baby & Child Food Co., Ltd. 581,835 11,293, % Bright Dairy & Food Co Ltd 707,512 16,272, % By-Health Co., Ltd 337,500 13,257, % Foshan Haitian Flavouring and Food Company Ltd. 318,671 10,178, % Gansu Yasheng Industrial (Group) Co Ltd 1,777,438 18,414, % Henan Shuanghui Investment & Development Co Ltd 1,132,545 24,157, % Inner Mongolia Yili Industrial Group Co Ltd 6,989, ,094, % Jiangsu Yanghe Brewery Joint-Stock Co Ltd 524,909 36,407, % Jointown Pharmaceutical Group Co Ltd 378,650 8,466, % Kweichow Moutai Co Ltd 529, ,544, % Luzhou Lao Jiao Co Ltd 795,818 25,951, % Meihua Holdings Group Co., Ltd 2,112,771 22,057, % New Hope Liuhe Co., Ltd 1,151,722 22,354, % Shanghai Bailian Group Co., Ltd. 881,753 18,349, % Shanghai Jahwa United Co Ltd 609,370 26,446, % Shanxi Xinghuacun Fen Wine Factory Co Ltd 295,228 8,337, % Shenzhen Agricultural Products Co Ltd 966,190 19,710, % Tsingtao Brewery Co Ltd 395,618 18,431, % Wuliangye Yibin Co Ltd 2,161,458 68,518, % Yonghui Superstores Co Ltd 2,325,416 26,951, % Energy China Coal Energy Co Ltd 2,092,383 23,895, % China Oilfield Services Limited 673,548 18,818, % China Petroleum & Chemical Corporation 11,617,791 82,021, % China Shenhua Energy Co Ltd 2,201,068 45,892, % Guanghui Energy Co., Ltd. 3,543,034 36,847, % Guizhou Panjiang Refined Coal Co Ltd 580,447 9,118, % Jizhong Energy Resources Co Ltd 1,207,922 9,687, % Offshore Oil Engineering Co Ltd 2,485,210 41,403, % PetroChina Co Ltd 5,531,388 62,670, % Shaanxi Coal Industry Company Limited 2,143,777 17,536, % Shanxi Lu'an Environmental Energy Development Co Ltd 1,361,599 13,166, % Shanxi Xishan Coal And Electricity Power Co Ltd 1,786,725 16,938, % Wintime Energy Co Ltd 3,767,634 25,921, % Yang Quan Coal Industry (Group) Co., Ltd 1,373,722 14,080, % Yantai Jereh Oilfield Services Group Co Ltd 530,944 23,547, % 12

19 INVESTMENT PORTFOLIO (continued) 30 June 2015 (Unaudited) Financial assets at fair value through profit or loss (100%) (continued) Holdings/ Market % of shares value NAV Listed securities (100%) (continued) China (100%) (continued) Energy (continued) Yanzhou Coal Mining Co Ltd 429,047 5,899, % Financials Agricultural Bank of China Co Ltd 30,120, ,745, % AVIC Capital Co., Ltd. 2,490,877 57,663, % Bank of Beijing Co Ltd 9,449, ,861, % Bank of China Ltd 26,399, ,094, % Bank of Communications Co Ltd 22,089, ,015, % Bank of Nanjing Co Ltd 2,047,522 46,683, % Bank of Ningbo Co Ltd 1,807,670 38,232, % Changjiang Securities Company Limited 3,772,506 52,626, % China Citic Bank Corporation Limited 3,646,410 28,113, % China Construction Bank 10,937,745 77,986, % China Everbright Bank Co Ltd 22,686, ,598, % China Fortune Land Development Co., Ltd. 1,200,156 36,544, % China Life Insurance Company Limited 1,905,489 59,679, % China Merchants Bank Co Ltd 18,800, ,954, % China Merchants Property Development Co Ltd 1,324,441 41,905, % China Merchants Securities Co Ltd 2,657,811 70,325, % China Minsheng Banking Corp Ltd 25,035, ,848, % China Pacific Insurance (Group) Co Ltd 3,572, ,827, % China Vanke Co Ltd 11,051, ,473, % CITIC Securities Co Ltd 8,968, ,354, % Everbright Securities Co Ltd 1,431,400 38,576, % Financial Street Holding Co Ltd 2,723,918 38,488, % Founder Securities Co Ltd 4,695,113 55,824, % Gemdale Corporation 2,560,024 32,384, % GF Securities Co., Ltd. 3,366,917 76,260, % Guosen Securities Co., Ltd. 1,279,996 32,115, % Guoyuan Securities Company Limited 1,336,218 50,749, % Haitong Securities Company Limited 9,217, ,948, % Hua Xia Bank Co Ltd 5,073,820 77,172, % Huatai Securities Co Ltd 3,702,263 85,633, % Industrial and Commercial Bank of China Ltd 27,181, ,520, % Industrial Bank 13,014, ,508, % Industrial Securities Co Ltd 4,704,255 64,401, % New China Life Insurance Co Ltd 954,594 58,287, % Northeast Securities Co Ltd 1,342,237 26,133, % Oceanwide Hoodings Co., Ltd. 1,434,801 21,019, % 13

20 INVESTMENT PORTFOLIO (continued) 30 June 2015 (Unaudited) Financial assets at fair value through profit or loss (100%) (continued) Holdings/ Market % of shares value NAV Listed securities (100%) (continued) China (100%) (continued) Financials (continued) Orient Securities Company Limited 1,102,830 31,562, % Ping An Bank Co., Ltd. 6,509,742 94,651, % Ping An Insurance (Group) Company of China Ltd 6,161, ,851, % Poly Real Estate Group Co Ltd 7,352,634 83,967, % Risesun Real Estate Development Co Ltd 1,703,694 21,296, % Sealand Securities Co., Ltd. 1,543,440 25,929, % Shanghai Chengtou Holding Co., Ltd. 1,387,117 12,969, % Shanghai Lujiazui Finance and Trade Zone Development Co Ltd 454,343 22,599, % Shanghai Pudong Development Bank Co Ltd 12,751, ,262, % Shanxi Securities Co Ltd 1,411,846 25,540, % Shenwan Hongyuan Group Co., Ltd 5,081,810 82,579, % Sinolink Securities Co. Ltd. 2,080,775 50,770, % Soochow Securities Co Ltd 1,543,421 31,593, % Southwest Securities Co Ltd 1,586,733 31,179, % The Pacific Securities Co. Ltd 2,585,200 33,400, % Western Securities Co., Ltd 1,276,666 36,219, % Xinhu Zhongbao Co Ltd 2,757,016 21,284, % Zhejiang China Commodities City Group Co Ltd 3,107,654 47,484, % Health Care Aier Eye Hospital Group Co Ltd 438,826 14,156, % Beijing SL Pharmaceutical Co Ltd 322,962 18,295, % Beijing Tongrentang Co Ltd 780,630 28,032, % China Resources Sanjiu Medical & Pharmaceutical Co Ltd 437,400 13,292, % Guangxi Wuzhou Zhongheng Group Co Ltd 1,045,522 24,047, % Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited 606,129 20,887, % Huadong Medicine Co Ltd 226,109 16,162, % Hualan Biological Engineering INC 339,890 15,053, % Jiangsu Hengrui Medicine Co Ltd 1,297,532 57,792, % Jilin Aodong Pharmaceutical Group Co., Ltd. 809,487 27,198, % Kangmei Pharmaceutical Co Ltd 3,507,762 62,192, % Lepu Medical Technology (Beijing) Co Ltd 559,253 22,688, % Searainbow Holding Corp 813,642 39,868, % Shandong Dong-Ee Jiao Co Ltd 595,024 32,428, % Shanghai Fosun Pharmaceutical (Group) Co Ltd 1,313,915 38,024, % Shanghai Pharmaceuticals Holding Co., Ltd 1,105,491 24,619, % Shanghai RAAS Blood Products Co Ltd 321,726 21,053, % 14

21 INVESTMENT PORTFOLIO (continued) 30 June 2015 (Unaudited) Financial assets at fair value through profit or loss (100%) (continued) Holdings/ Market % of shares value NAV Listed securities (100%) (continued) China (100%) (continued) Health Care (continued) Shenzhen Hepalink Pharmaceutical Co Ltd 262,091 8,908, % Shenzhen Salubris Pharmaceuticals Co Ltd 361,049 10,326, % Sichuan Kelun Pharmaceutical Co Ltd 406,489 16,275, % Tasly Pharmaceutical Group Co., Ltd 744,114 37,027, % Tonghua Dongbao Pharmaceutical Co., Ltd. 914,575 20,056, % Xizang Haisco Pharmaceutical Group Co., Ltd 238,751 6,446, % Yunnan Baiyao Group Co., Ltd. 591,901 51,063, % Zhejiang NHU Co Ltd 616,506 10,536, % Industrials Air China Ltd 2,810,719 43,172, % AVIC Aero-Engine Controls Co Ltd 530,352 17,586, % Avic Aircraft Co., Ltd. 1,520,166 66,248, % AVIC Aviation Engine Corporation Plc. 655,697 34,850, % AVIC Helicopter Co., Ltd. 255,256 15,813, % Beijing Orient Landscape Co Ltd 454,404 17,403, % Beijing Originwater Technology Co Ltd 605,921 29,562, % BlueFocus Communication Group Co Ltd 1,530,824 24,202, % China Avionics Systems Co., Ltd. 598,835 20,917, % China Baoan Group Co., Ltd. 1,465,178 23,897, % China CAMC Engineering Co Ltd 429,476 12,789, % China Communications Construction Company Limited 1,732,988 30,431, % China Cosco Holdings Co Ltd 3,203,600 39,980, % China CSSC Holdings Limited 784,188 40,385, % China Eastern Airlines Corp Ltd 3,838,432 47,289, % China First Heavy Industries Co Ltd 2,743,001 33,217, % China Gezhouba Group Co Ltd 3,122,737 36,504, % China International Marine Containers (Group) Co Ltd 980,160 31,659, % China National Chemical Engineering Co Ltd 2,246,656 21,972, % China Railway Construction Co Ltd 3,509,664 54,856, % China Railway Group Limited 7,794, ,701, % China Shipbuilding Industry Co Ltd 9,006, ,292, % China Shipping Container Lines Co Ltd 3,613,892 34,331, % China Southern Airlines Co Ltd 3,991,648 58,038, % China Spacesat Co Ltd 661,697 37,690, % China State Construction Engineering Co Ltd 17,090, ,018, % China XD Electric Co Ltd 2,341,191 23,997, % CRRC Corporation Limited 10,426, ,425, % 15

22 INVESTMENT PORTFOLIO (continued) 30 June 2015 (Unaudited) Financial assets at fair value through profit or loss (100%) (continued) Holdings/ Market % of shares value NAV Listed securities (100%) (continued) China (100%) (continued) Industrials (continued) Daqin Railway Co Ltd 6,768,789 95,033, % Dongfang Electric Corporation Limited 1,349,645 27,627, % Fangda Carbon New Material Co., Ltd 1,174,652 13,990, % Guangshen Railway Company Limited 3,871,402 31,822, % Hainan Airlines Co Ltd 6,714,845 42,907, % Han's Laser Technology Industry Group Co., Ltd. 966,426 27,755, % Jiangxi Hongdu Aviation Industry Co Ltd 491,749 17,004, % Luxshare Precision Industry Co., Ltd. 559,336 18,911, % Metallurgical Corporation of China Co Ltd 5,558,029 40,184, % NARI Technology Co., Ltd. 1,647,184 34,080, % Ningbo Port Co Ltd 4,365,845 38,594, % Power Construction Corporation of China, Ltd 4,330,528 49,108, % Sany Heavy Industry Co Ltd 4,287,081 41,541, % Shanghai Construction Co Ltd 2,045,286 19,184, % Shanghai Electric Group Co Ltd 3,286,069 49,061, % Shanghai International Airport Co Ltd 1,103,851 34,992, % Shanghai International Port (Group) Co Ltd 2,903,193 22,964, % Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd 329,577 11,561, % Shenzhen Inovance Technology Co Ltd 542,386 26,034, % Siasun Robot & Automation Co Ltd 531,430 41,058, % Spring Airlines Co., Ltd. 119,673 15,089, % Suzhou Gold Mantis Construction Decoration Co Ltd 999,602 28,178, % TBEA Co Ltd 2,953,778 43,745, % Tianjin Port Co Ltd 877,320 13,151, % Wei Chai Power Co Ltd 1,371,049 43,407, % XCMG Construction Machinery Co Ltd 1,607,322 21,329, % Xiamen C&D Inc 1,902,821 33,318, % Xinjiang Goldwind Science & Technology Co Ltd 1,750,881 34,089, % XJ Electric Co Ltd 693,072 17,437, % Yingkou Port Liability Co Ltd 2,036,300 12,828, % Zhengzhou Yutong Bus Co Ltd 1,523,236 31,302, % Zoomlion Heavy Industry Science & Technology Co Ltd 4,990,069 40,469, % Information Technology Aisino Co.,Ltd 624,840 40,433, % Beijing Shiji Information Technology Co Ltd 147,830 19,216, % Beijing Ultrapower Software Co Ltd 1,250,628 19,059, % Beijing Xinwei Telecom Technology Group Co., Ltd. 170,859 7,499, % Beijing Zhong Ke San Huan High-Tech Co Ltd 969,971 19,991, % 16