EASTSPRING INVESTMENTS

Transcription

1 SOCIÉTÉ D INVESTISSEMENT À CAPITAL VARIABLE LUXEMBOURG UNAUDITED SEMI-ANNUAL REPORT AS AT June 30, , boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg R.C.S. Luxembourg B No subscription can be received on the basis of this report. Subscriptions can be accepted only on the basis of the current Prospectus of the SICAV.

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3 TABLE OF CONTENTS Directory, Administration and Management 2 General Information 4 Combined Statement of Net Assets 5 Combined Statement of Operations and Changes in Net Assets 16 Statement of Changes in Shares Outstanding 27 Statistics 36 Statement of Investments Eastspring Investments Asia Pacific Equity Fund ( * ) ( Asia Pacific Equity Fund ) Eastspring Investments Asian Bond Fund ( Asian Bond Fund ) Eastspring Investments Asian Dynamic Fund ( * ) ( Asian Dynamic Fund ) Eastspring Investments Asian Equity Fund ( Asian Equity Fund ) Eastspring Investments Asian Equity Income Fund ( Asian Equity Income Fund ) Eastspring Investments Asian High Yield Bond Fund ( Asian High Yield Bond Fund ) Eastspring Investments Asian Infrastructure Equity Fund ( Asian Infrastructure Equity Fund ) Eastspring Investments Asian Local Bond Fund ( Asian Local Bond Fund ) Eastspring Investments Asian Property Securities Fund (1) ( Asian Property Securities Fund ) Eastspring Investments China Equity Fund ( China Equity Fund ) Eastspring Investments Developed and Emerging Asia Equity Fund ( * ) ( Developed and Emerging Asia Equity Fund ) Eastspring Investments Dragon Peacock Fund ( Dragon Peacock Fund ) Eastspring Investments Emerging Asia Equity Fund ( * ) ( Emerging Asia Equity Fund ) Eastspring Investments Emerging Europe, Middle East and Africa Dynamic Fund ( Emerging Europe, Middle East and Africa Dynamic Fund ) Eastspring Investments European Investment Grade Bond Fund ( European Investment Grade Bond Fund ) Eastspring Investments Global Bond Navigator Fund ( * ) ( Global Bond Navigator Fund ) Eastspring Investments Global Emerging Markets Bond Fund ( * ) ( Global Emerging Markets Bond Fund ) Eastspring Investments Global Emerging Markets Dynamic Fund ( Global Emerging Markets Dynamic Fund ) Eastspring Investments Global Equity Navigator Fund ( * ) ( Global Equity Navigator Fund ) Eastspring Investments Global Low Volatility Equity Fund ( * ) ( Global Low Volatility Equity Fund ) Eastspring Investments Global Market Navigator Fund ( Global Market Navigator Fund ) Eastspring Investments Global Multi Asset Income Plus Growth Fund ( * ) ( Global Multi Asset Income Plus Growth Fund ) Eastspring Investments Global Technology Fund ( * ) ( Global Technology Fund ) Eastspring Investments Greater China Equity Fund ( Greater China Equity Fund ) Eastspring Investments Hong Kong Equity Fund ( Hong Kong Equity Fund ) Eastspring Investments India Equity Fund ( India Equity Fund ) Eastspring Investments Indonesia Equity Fund ( Indonesia Equity Fund ) Eastspring Investments Japan Dynamic Fund ( Japan Dynamic Fund ) Eastspring Investments Japan Equity Fund ( * ) ( Japan Equity Fund ) Eastspring Investments Japan Fundamental Value Fund ( * ) ( Japan Fundamental Value Fund ) Eastspring Investments Japan Smaller Companies Fund ( * ) ( Japan Smaller Companies Fund ) Eastspring Investments Latin American Equity Fund ( Latin American Equity Fund ) Eastspring Investments Malaysia Equity Fund ( * ) ( Malaysia Equity Fund ) Eastspring Investments North American Value Fund ( North American Value Fund ) Eastspring Investments Pan European Fund ( * ) ( Pan European Fund ) Eastspring Investments Philippines Equity Fund ( * ) ( Philippines Equity Fund ) Eastspring Investments Thailand Equity Fund ( Thailand Equity Fund ) Eastspring Investments US Bond Fund ( * ) ( US Bond Fund ) Eastspring Investments US Corporate Bond Fund ( US Corporate Bond Fund ) Eastspring Investments US High Investment Grade Bond Fund ( US High Investment Grade Bond Fund ) Eastspring Investments US High Yield Bond Fund ( US High Yield Bond Fund ) Eastspring Investments US Investment Grade Bond Fund ( US Investment Grade Bond Fund ) Eastspring Investments US Strategic Income Bond Fund ( * ) ( US Strategic Income Bond Fund ) Eastspring Investments US Total Return Bond Fund ( * ) ( US Total Return Bond Fund ) Eastspring Investments Vietnam Equity Fund ( * ) ( Vietnam Equity Fund ) Eastspring Investments World Value Equity Fund ( World Value Equity Fund ) Notes to the Financial Statements 226 Appendices 245 Annex ( * ) Not authorized in Hong Kong and not available to Hong Kong residents. (1) This Sub-Fund is not authorized by the Hong Kong Securities and Futures Commission under the Code on REITs, but is authorized under the Code on Unit Trusts and Mutual Funds. Such authorization is not a recommendation or endorsement of the Sub-Fund nor does it guarantee the commercial merits of the Sub-Fund or its performance. It does not mean the Sub-Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Furthermore, the dividend/payout policy of this Sub-Fund is not representative of the dividend/payout policy of the underlying REITs. 1

4 DIRECTORY, ADMINISTRATION AND MANAGEMENT Board of Directors Chairman Mr Peter Martin LLOYD Independent Director Former Chief Actuary Prudential Corporation Asia United Kingdom Directors Mr Guy Robert STRAPP Chief Executive Officer Eastspring Investments Mrs Francine KEISER Independent Director Grand Duchy of Luxembourg Mr Manuel HAUSER Independent Director Grand Duchy of Luxembourg Administration and Management Registered office 26, boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg Management Company Eastspring Investments (Luxembourg) S.A. 26, boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg Board of Directors of the Management Company Mr Guy Robert STRAPP Chief Executive Officer Eastspring Investments Mrs Michele Mi-Kyung BANG Deputy Chief Executive Officer Eastspring Investments Mr Hendrik Gerrit RUITENBERG Executive Officer Eastspring Investments (Luxembourg) S.A. Administration and Management (continued) Auditor of the Management Company KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Investment Manager Eastspring Investments (Singapore) Limited 10 Marina Boulevard #32-01 Marina Bay Financial Centre Tower 2 Singapore Investment Sub-Managers For European Investment Grade Bond Fund, Pan European Fund and World Value Equity Fund (for investments in Europe): M&G Investment Management Limited Laurence Pountney Hill, London EC4R OHH United Kingdom For Global Technology Fund: Henderson Global Investors Limited 4 Broadgate, London EC2M 3AE United Kingdom For China Equity Fund, Greater China Equity Fund and Hong Kong Equity Fund: Eastspring Investments (Hong Kong) Limited 13/F, One International Financial Centre 1 Harbour View Street Central, Hong Kong For Global Multi-Asset Income Plus Growth Fund (for investments in high yield bonds), North American Value Fund, US Bond Fund, US Corporate Bond Fund, US High Investment Grade Bond Fund, US High Yield Bond Fund, US Investment Grade Bond Fund, US Strategic Income Bond Fund, US Total Return Bond Fund and World Value Equity Fund (for investments in the US): PPM America, Inc. 225 West Wacker Drive, Suite 1200 Chicago, Illinois United States of America Conducting Officers of the Management Company Mr Hendrik Gerrit RUITENBERG Executive Officer Eastspring Investments (Luxembourg) S.A. Mr Christophe BÉCUE Compliance Officer Eastspring Investments (Luxembourg) S.A. 2

5 DIRECTORY, ADMINISTRATION AND MANAGEMENT (continued) Administration and Management (continued) Global Distributor Eastspring Investments (Singapore) Limited 10 Marina Boulevard #32-01 Marina Bay Financial Centre Tower 2 Singapore Depositary, Central Administration, Registrar and Transfer Agent and Listing Agent The Bank of New York Mellon (Luxembourg) S.A. Vertigo Building - Polaris 2-4, rue Eugène Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg Auditor of the SICAV KPMG Luxembourg Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg Legal Advisor Clifford Chance 10, boulevard G-D Charlotte L-1011 Luxembourg Grand Duchy of Luxembourg 3

6 GENERAL INFORMATION Current Prospectus Copies of Eastspring Investments (the SICAV ) Articles of Association and Prospectus dated March 2016 and KIID may be obtained, free of charge, from the Registered Office of the SICAV. Please refer to the Prospectus dated March 2016 to have the current applicable terms and conditions. The SICAV is governed by the Luxembourg Law dated December 17, 2010, as amended (the 2010 Law ). The SICAV complies with the provisions of Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS). Annual General Meeting The annual general meeting of Shareholders of the SICAV will be held at the Registered Office of the SICAV or at such other place in Luxembourg on the second Friday of April in each year at 11 a.m., or if any such day is not a business day in Luxembourg, on the next following business day in Luxembourg. Notices of all general meetings will be sent to the holders of registered Shares by post 8 days prior to the meeting at their addresses in the register of Shareholders. The notices of all general meetings of Shareholders may be published in any newspapers as the Board of Directors may decide. Report and Accounts The financial year-end of the SICAV will be the last day of December of each year. Audited annual reports will be published within 4 months after the financial year-end and unaudited semi-annual reports will be published within 2 months after the end of the relevant period. Such reports will be made available at the registered office of the SICAV during normal business hours. Publication of Prices The NAV and the issue, Conversion and Redemption Prices of the Shares in any Sub-Fund will be made public and available at the website of the Management Company ( registered office of the SICAV. Prices for the share classes listed on the Luxembourg Stock Exchange are available on the Bourse de Luxembourg ( Purchases and Sales A detailed list of investments purchased and sold for any Sub-Fund during the year/period is available upon request, free of charge, from the Registered Office of the SICAV. 4

7 Combined Statement of Net Assets As at June 30, 2016 (continued) Asia Pacific Equity Fund Asian Bond Fund Asian Dynamic Fund Asian Equity Fund Note USD USD USD USD Assets Investment in securities at 1,185,705,560 2,734,377, ,467, ,551,676 Unrealised appreciation/(depreciation) (138,985,310) 124,529,667 (24,592,420) (33,584,914) Investments in securities at market value 2(a) 1,046,720,250 2,858,907, ,875, ,966,762 Cash at bank 207,983,259 60,046,221 9,532,499 6,606,925 Cash equivalents* 102,711,549 Amounts receivable on sale of investments 4,366, , ,040 Amounts receivable on subscriptions 381,267 26,776, ,739 Interest and dividends receivable, net 10,791,696 30,475, ,538 2,265,898 Unrealised appreciation on futures contracts 2(c), 10 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 1,402,932 1,775 Market value of credit default swaps 2(d), ,926 Other 11 Total 1,270,242,961 3,080,510, ,509, ,426,150 Liabilities Cash owed to bank 194,383,887 Amounts payable on purchase of investments 6,955,335 Amounts payable on redemptions 55,543 1,050, ,973 Unrealised depreciation on futures contracts 2(c), ,744 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 Market value of credit default swaps 2(d), 12 Management fees payable ,614 5,275 48,632 Tax and expenses payable 242, ,592 32, ,312 Other liabilities 3,250 Total liabilities 201,638,036 2,614,312 38, ,917 Total net asset value prior to dilution 1,068,604,925 3,077,896, ,471, ,019,233 Adjustment due to dilution Total net asset value after dilution 1,068,604,925 3,077,896, ,471, ,019,233 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. The accompanying notes form an integral part of these financial statements. 5

8 Combined Statement of Net Assets As at June 30, 2016 (continued) Asian Equity Income Fund Asian High Yield Bond Fund Asian Infrastructure Equity Fund Asian Local Bond Fund Note USD USD USD USD Assets Investment in securities at 671,363, ,033,634 27,164,398 2,065,764,197 Unrealised appreciation/(depreciation) (44,367,680) 2,291,653 (1,028,774) 2,272,728 Investments in securities at market value 2(a) 626,995, ,325,287 26,135,624 2,068,036,925 Cash at bank 11,670,969 2,790, ,100 95,925,855 Cash equivalents* 2,262 4,866, ,280 Amounts receivable on sale of investments 1,527, ,600 3,591,100 Amounts receivable on subscriptions 6,749, ,522 6,338 10,288,999 Interest and dividends receivable, net 6,004,992 2,608,845 60,399 24,067,197 Unrealised appreciation on futures contracts 2(c), 10 Unrealised appreciation on forward foreign exchange contracts 2(c), , , ,572 Market value of credit default swaps 2(d), 12 Other 3,514 7 Total 653,645, ,029,271 26,640,468 2,202,758,928 Liabilities Cash owed to bank Amounts payable on purchase of investments 161,400 9,622,622 Amounts payable on redemptions 1,299, ,450 61, ,224 Unrealised depreciation on futures contracts 2(c), 10 2,132,586 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 Market value of credit default swaps 2(d), 12 Management fees payable 3 129,783 81,046 25,884 54,888 Tax and expenses payable 110,615 59,736 20, ,712 Other liabilities 5,850 39,814 Total liabilities 1,540, , ,847 12,594,846 Total net asset value prior to dilution 652,105, ,528,789 26,532,621 2,190,164,082 Adjustment due to dilution Total net asset value after dilution 652,105, ,528,789 26,532,621 2,190,164,082 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. 6 The accompanying notes form an integral part of these financial statements.

9 Combined Statement of Net Assets As at June 30, 2016 (continued) Asian Property Securities Fund Developed and Emerging Asia Equity Fund (1) China Equity Fund Dragon Peacock Fund Note USD USD USD USD Assets Investment in securities at 7,088, ,482,296 2,703,801, ,956,308 Unrealised appreciation/(depreciation) (23,670) (14,023,127) (236,460,780) 3,143,850 Investments in securities at market value 2(a) 7,064, ,459,169 2,467,340, ,100,158 Cash at bank 17,466 1,499, ,155,090 1,169,290 Cash equivalents* (222) (355) 4,576 Amounts receivable on sale of investments 110,560 1,032,655 4,156 Amounts receivable on subscriptions 425,813 23,884 Interest and dividends receivable, net 44,603 4,374,400 18,372,234 1,040,552 Unrealised appreciation on futures contracts 2(c), 10 4,087,285 Unrealised appreciation on forward foreign exchange contracts 2(c), ,609 Market value of credit default swaps 2(d), 12 Other 3,347 Total 7,237, ,965,812 2,872,995, ,338,040 Liabilities Cash owed to bank 189,874,514 Amounts payable on purchase of investments 68,158 5,061,096 Amounts payable on redemptions 1,175, ,715 Unrealised depreciation on futures contracts 2(c), 10 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 Market value of credit default swaps 2(d), 12 Management fees payable , ,565 Tax and expenses payable 4, , ,955 79,981 Other liabilities 16,423 Total liabilities 72,611 1,490, ,298,223 1,038,261 Total net asset value prior to dilution 7,164, ,475,203 2,677,697, ,299,779 Adjustment due to dilution Total net asset value after dilution 7,164, ,475,203 2,677,697, ,299,779 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. (1) Sub-Fund name changed, see Note 1. The accompanying notes form an integral part of these financial statements. 7

10 Combined Statement of Net Assets As at June 30, 2016 (continued) Emerging Emerging Asia Equity Fund Europe, Middle East and Africa Dynamic Fund European Investment Grade Bond Fund Global Bond Navigator Fund Note USD USD EUR USD Assets Investment in securities at 88,741, ,934, ,094,165 11,622,178 Unrealised appreciation/(depreciation) (10,031,324) (46,955,402) 15,470, ,149 Investments in securities at market value 2(a) 78,710, ,979, ,564,547 11,957,327 Cash at bank 10,351,808 14,260,671 14,643, ,178 Cash equivalents* (1,997) Amounts receivable on sale of investments 20,144 Amounts receivable on subscriptions 2,914, Interest and dividends receivable, net 1,063,821 1,120,628 6,117,074 26,646 Unrealised appreciation on futures contracts 2(c), ,341 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 Market value of credit default swaps 2(d), 12 Other Total 90,477, ,275, ,323,060 12,226,151 Liabilities Cash owed to bank Amounts payable on purchase of investments Amounts payable on redemptions 139, ,000 Unrealised depreciation on futures contracts 2(c), 10 1,680,068 Unrealised depreciation on forward foreign exchange contracts 2(c), ,145 Market value of credit default swaps 2(d), 12 Management fees payable ,304 Tax and expenses payable 19, ,662 60,724 10,978 Other liabilities Total liabilities 19, ,262 2,029, ,282 Total net asset value prior to dilution 90,457, ,133, ,293,699 12,050,869 Adjustment due to dilution (57,844) Total net asset value after dilution 90,457, ,133, ,293,699 11,993,025 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. 8 The accompanying notes form an integral part of these financial statements.

11 Combined Statement of Net Assets As at June 30, 2016 (continued) Global Emerging Markets Bond Fund Global Emerging Markets Dynamic Fund Global Equity Navigator Fund Global Low Volatility Equity Fund Note USD USD USD USD Assets Investment in securities at 883,455, ,274,218 68,017, ,648,585 Unrealised appreciation/(depreciation) 14,765,232 (13,658,131) 1,881,407 10,936,043 Investments in securities at market value 2(a) 898,220, ,616,087 69,899, ,584,628 Cash at bank 10,861,052 26,157,303 12,824,870 3,078,446 Cash equivalents* 7,504,638 (11) Amounts receivable on sale of investments 2,205,600 5,490,582 Amounts receivable on subscriptions 4,033 Interest and dividends receivable, net 14,149,489 5,218,548 14, ,736 Unrealised appreciation on futures contracts 2(c), 10 Unrealised appreciation on forward foreign exchange contracts 2(c), ,669 Market value of credit default swaps 2(d), 12 Other 1, Total 933,682, ,484,383 82,738, ,004,310 Liabilities Cash owed to bank Amounts payable on purchase of investments 7,153,247 6,059,025 Amounts payable on redemptions 183,410 24,661 Unrealised depreciation on futures contracts 2(c), ,588 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 Market value of credit default swaps 2(d), 12 Management fees payable 3 74, Tax and expenses payable 153, ,384 17,268 18,454 Other liabilities 118,942 3,629 Total liabilities 7,683,175 6,195, ,864 18,454 Total net asset value prior to dilution 925,999, ,288,683 82,349, ,985,856 Adjustment due to dilution Total net asset value after dilution 925,999, ,288,683 82,349, ,985,856 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. The accompanying notes form an integral part of these financial statements. 9

12 Combined Statement of Net Assets As at June 30, 2016 (continued) Global Market Navigator Fund Global Multi Asset Income Plus Growth Fund (2) Greater China Equity Fund Global Technology Fund Hong Kong Equity Fund Note USD USD USD USD USD Assets Investment in securities at 128,615, ,211,627 62,934, ,506, ,951,524 Unrealised appreciation/(depreciation) 4,317,296 6,053,685 17,822,575 1,752,202 (29,161,051) Investments in securities at market value 2(a) 132,932, ,265,312 80,756, ,258, ,790,473 Cash at bank 3,126,105 1,445,229 3,390, ,887 13,153,348 Cash equivalents* 7 (534) Amounts receivable on sale of investments 420, , ,803 2,429,651 Amounts receivable on subscriptions 21,155 11,903 35,057 9,057 Interest and dividends receivable, net 177, ,757 69,408 1,355,951 2,541,092 Unrealised appreciation on futures contracts 2(c), 10 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 6,158 Market value of credit default swaps 2(d), 12 Other Total 136,263, ,626,732 84,706, ,289, ,923,621 Liabilities Cash owed to bank 1,317, ,434 Amounts payable on purchase of investments 340,209 1,110,539 12,810,553 Amounts payable on redemptions ,498 63,865 6,199,581 Unrealised depreciation on futures contracts 2(c), 10 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 Market value of credit default swaps 2(d), 12 Management fees payable 3 7,562 64,763 63,553 4,251 Tax and expenses payable 18,934 20,054 24,037 37, ,196 Other liabilities Total liabilities 1,344, , ,732 1,275,590 19,118,581 Total net asset value prior to dilution 134,919, ,266,469 84,207, ,013, ,805,040 Adjustment due to dilution Total net asset value after dilution 134,919, ,266,469 84,207, ,013, ,805,040 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. (2) New Sub-Fund launched, see Note The accompanying notes form an integral part of these financial statements.

13 Combined Statement of Net Assets As at June 30, 2016 (continued) India Equity Fund Indonesia Equity Fund Japan Dynamic Fund Japan Equity Fund Note USD USD JPY JPY Assets Investment in securities at 142,959, ,321, ,877,614,815 25,573,728,687 Unrealised appreciation/(depreciation) 13,429,124 (6,422,114) (58,098,515,439) (4,456,827,189) Investments in securities at market value 2(a) 156,388, ,899, ,779,099,376 21,116,901,498 Cash at bank 1,404,018 2,356,215 2,084,500, ,620,719 Cash equivalents* (11) (439,273) (28,239) Amounts receivable on sale of investments 5,999 22, ,269,314 7,341,300 Amounts receivable on subscriptions 172,526 1,622, ,947, ,006 Interest and dividends receivable, net 244, , ,638,892 26,115,160 Unrealised appreciation on futures contracts 2(c), 10 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 Market value of credit default swaps 2(d), 12 Other 1, ,927 Total 158,215, ,200, ,270,369,767 21,441,171,444 Liabilities Cash owed to bank Amounts payable on purchase of investments 1,121,724,287 7,511,629 Amounts payable on redemptions 275, , ,978,638 49,934,043 Unrealised depreciation on futures contracts 2(c), 10 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 1,908,713,214 12,583,578 Market value of credit default swaps 2(d), 12 Management fees payable 3 33,415 88, ,927,289 1,690,841 Tax and expenses payable 78, ,203 42,936,149 4,698,470 Other liabilities 949 Total liabilities 387, ,612 3,806,279,577 76,419,510 Total net asset value prior to dilution 157,827, ,750, ,464,090,190 21,364,751,934 Adjustment due to dilution Total net asset value after dilution 157,827, ,750, ,464,090,190 21,364,751,934 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. The accompanying notes form an integral part of these financial statements. 11

14 Combined Statement of Net Assets As at June 30, 2016 (continued) Japan Fundamental Value Fund Japan Smaller Companies Fund Latin American Equity Fund Malaysia Equity Fund Note JPY JPY USD USD Assets Investment in securities at 46,551,729,610 20,495,553, ,298,493 8,181,220 Unrealised appreciation/(depreciation) (8,607,362,710) (2,948,831,628) (42,004,011) (637,972) Investments in securities at market value 2(a) 37,944,366,900 17,546,721, ,294,482 7,543,248 Cash at bank 417,233, ,217,826 5,947, ,426 Cash equivalents* 112, ,615 Amounts receivable on sale of investments 167,286, ,102,258 Amounts receivable on subscriptions 501,634 88,962,398 8,062,630 Interest and dividends receivable, net 47,508,116 22,465, ,932 30,399 Unrealised appreciation on futures contracts 2(c), 10 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 Market value of credit default swaps 2(d), 12 Other 130,692 47,329 9,426 Total 38,577,139,924 17,964,638, ,993,978 7,860,499 Liabilities Cash owed to bank 1 Amounts payable on purchase of investments 132,889, ,411,411 Amounts payable on redemptions 9,042 Unrealised depreciation on futures contracts 2(c), 10 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 3,058 Market value of credit default swaps 2(d), 12 Management fees payable ,675,003 6,823 1,571 Tax and expenses payable 5,539,383 3,675,334 66,069 3,905 Other liabilities Total liabilities 138,432, ,761,987 82,756 5,476 Total net asset value prior to dilution 38,438,707,565 17,677,876, ,911,222 7,855,023 Adjustment due to dilution Total net asset value after dilution 38,438,707,565 17,677,876, ,911,222 7,855,023 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. 12 The accompanying notes form an integral part of these financial statements.

15 Combined Statement of Net Assets As at June 30, 2016 (continued) North American Value Fund Pan European Fund Philippines Equity Fund Thailand Equity Fund Note USD USD USD USD Assets Investment in securities at 1,771,738,981 45,859,890 63,162,921 15,760,300 Unrealised appreciation/(depreciation) 8,712,621 (3,322,950) 3,311,637 (150,930) Investments in securities at market value 2(a) 1,780,451,602 42,536,940 66,474,558 15,609,370 Cash at bank 9,930, ,637 1,186, ,690 Cash equivalents* (104) Amounts receivable on sale of investments Amounts receivable on subscriptions , ,633 48,033 Interest and dividends receivable, net 2,493,746 57,693 37,565 Unrealised appreciation on futures contracts 2(c), 10 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 13,565 Market value of credit default swaps 2(d), 12 Other 3,162 3,252 Total 1,792,889,270 43,323,736 68,458,750 15,891,345 Liabilities Cash owed to bank 26 Amounts payable on purchase of investments Amounts payable on redemptions 19, , ,832 6,296 Unrealised depreciation on futures contracts 2(c), 10 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 Market value of credit default swaps 2(d), 12 Management fees payable 3 3,920 29,804 29,606 7,207 Tax and expenses payable 208,826 16,477 29,928 9,769 Other liabilities Total liabilities 232, , ,366 23,272 Total net asset value prior to dilution 1,792,656,870 42,670,056 68,291,384 15,868,073 Adjustment due to dilution Total net asset value after dilution 1,792,656,870 42,670,056 68,291,384 15,868,073 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. The accompanying notes form an integral part of these financial statements. 13

16 Combined Statement of Net Assets As at June 30, 2016 (continued) US High Investment Grade Bond US High Yield Bond US Investment Grade Bond Fund US Corporate US Bond Fund Bond Fund Fund Fund Note USD USD USD USD USD Assets Investment in securities at 57,090,161 4,633,436, ,991,389 1,755,727, ,543,539 Unrealised appreciation/(depreciation) 2,381, ,329,980 11,080,085 (109,082,409) 25,914,827 Investments in securities at market value 2(a) 59,471,744 4,863,766, ,071,474 1,646,645, ,458,366 Cash at bank 1,228 4,321,325 1,387,489 Cash equivalents* 6,520 (1,052) 277,104 3,105 32,674 Amounts receivable on sale of investments 5,849,907 72,265,698 1,807,586 2,714,474 Amounts receivable on subscriptions 305,460 8,716, ,514 6,713,498 3,079,291 Interest and dividends receivable, net 257,200 35,220,126 1,599,154 27,456,720 3,825,685 Unrealised appreciation on futures contracts 2(c), 10 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 18,281,651 53,310 Market value of credit default swaps 2(d), 12 Other Total 65,890,831 4,979,969, ,572,157 1,699,100, ,551,289 Liabilities Cash owed to bank 112,658 39,029,252 8,718,446 Amounts payable on purchase of investments 7,870,633 72,853,474 2,499,550 8,319,356 Amounts payable on redemptions 1,961,759 4,198,097 3,189,310 13,967,898 6,731,285 Unrealised depreciation on futures contracts 2(c), , ,867 Unrealised depreciation on forward foreign exchange contracts 2(c), ,867 4,963,338 Market value of credit default swaps 2(d), ,575 18,068 Management fees payable 3 29, ,222 20,600 1,063, ,437 Tax and expenses payable 33, ,903 49, , ,864 Other liabilities 10,554 6,838 7,525 Total liabilities 10,253, ,118,812 6,186,695 24,327,926 15,496,535 Total net asset value prior to dilution 55,637,211 4,857,850, ,385,462 1,674,772, ,054,754 Adjustment due to dilution 195,586 Total net asset value after dilution 55,832,797 4,857,850, ,385,462 1,674,772, ,054,754 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. 14 The accompanying notes form an integral part of these financial statements.

17 Combined Statement of Net Assets As at June 30, 2016 (continued) US Strategic Income Bond Fund US Total Return Bond Fund Vietnam Equity Fund World Value Equity Fund Combined (3) Note USD USD USD USD USD Assets Investment in securities at 48,008,642 50,278,340 2,075, ,128,539 27,323,785,134 Unrealised appreciation/(depreciation) 574,755 1,347, ,867 (4,964,168) (975,537,844) Investments in securities at market value 2(a) 48,583,397 51,625,669 2,648, ,164,371 26,348,247,290 Cash at bank 3,749,999 5,741,178 28,838 2,898, ,801,573 Cash equivalents* ,636,242 Amounts receivable on sale of investments 1,377,553 3,803,810 1,189, ,626,671 Amounts receivable on subscriptions 50,145 83,131,518 Interest and dividends receivable, net 462, ,115 3, , ,876,067 Unrealised appreciation on futures contracts 2(c), 10 4,418,626 Unrealised appreciation on forward foreign exchange contracts 2(c), ,196 22,413,749 Market value of credit default swaps 2(d), ,926 Other ,416 38,107 Total 54,173,161 61,496,836 2,687, ,973,147 27,873,380,769 Liabilities Cash owed to bank ,684,027 Amounts payable on purchase of investments 3,141,387 8,842, , ,194,055 Amounts payable on redemptions 583,708 50,176,586 Unrealised depreciation on futures contracts 2(c), , ,819 5,851,610 Unrealised depreciation on forward foreign exchange contracts 2(c), 11 24,055,307 Market value of credit default swaps 2(d), ,642 Management fees payable 3 2, ,012 4,826,204 Tax and expenses payable 9,348 9,517 8,472 80,643 5,578,030 Other liabilities 3,197 10, ,377 Total liabilities 3,420,604 8,966,454 10,608 1,253, ,765,838 Total net asset value prior to dilution 50,752,557 52,530,382 2,676, ,719,729 27,180,614,931 Adjustment due to dilution 28, ,366 Total net asset value after dilution 50,752,557 52,530,382 2,648, ,719,729 27,180,724,297 * Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts. (3) See Note 2(f). The accompanying notes form an integral part of these financial statements. 15

18 Combined Statement of Operations and Changes in Net Assets For the Period Ended June 30, 2016 (continued) Asia Pacific Equity Fund Asian Bond Fund Asian Dynamic Fund Asian Equity Fund Note USD USD USD USD Net at the beginning of the period 1,119,958,884 2,727,928, ,813, ,208,749 Income Dividends, net 22,464,164 2,097,542 6,987,733 Interest on bonds, net 64,016,489 Mutual funds income Interest from money market deposits Bank interest, net 1 288, Total Income 22,464,165 64,304,842 2,097,543 6,987,735 Expenses Management fees 3 2,323 2,164,409 30, ,431 Administration fees ,634 4,197 13,168 Depositary fees 173, ,521 18,973 86,990 Transaction fees 7, 16 52,361 11,247 9,722 60,993 Central Administration, Registrar and Transfer Agent fees 5 83, ,138 16,631 49,495 Audit fees, printing and publication expenses 7 6,644 16, ,478 Subscription tax 6 60, ,244 6,832 23,075 Bank interest, net 2,511 7,068 3,450 Compliance fees 7 Directors fees 7 3,193 7, ,734 Interest on swaps 12 50,556 Other charges 7 30,640 38,591 19,312 27,758 Total expenses 416,761 3,336, , ,572 Net surplus / (deficit) from Investments 22,047,404 60,968,770 1,990,247 6,418,163 Net realised profit / (loss) on: Sales of investments (131,070,370) 5,102,777 (17,253,085) (89,116,251) Futures contracts 137,466 Forward foreign exchange contracts (198,368) (3,570,711) 5,902 30,150 Credit default swaps 57,994 Foreign exchange 1,695,218 (405,042) (42,351) (409,934) Net realised profit / (loss) (129,573,520) 1,322,484 (17,289,534) (89,496,035) Change in net unrealised appreciation / (depreciation) on: Investments 98,175, ,799,199 16,746,881 77,300,450 Future contracts (675,744) Forward foreign exchange contracts 4,003,348 11,831 Credit default swaps (57,994) Foreign exchange 147,688 (22,812) (8,987) 1,389 Net change in unrealised appreciation/(depreciation) 98,323, ,045,997 16,737,894 77,313,670 Net increase / (decrease) in net as a result of operations (9,203,047) 185,337,251 1,438,607 (5,764,202) Movement in capital Issue of shares 281,397, ,059, ,372 49,431,710 Redemption of shares (314,464,805) (394,601,225) (64) (378,854,755) Dividends and distributions Dividends and distributions declared during the period (9,083,469) (39,827,058) (2,269) Change in total net for the period (51,353,959) 349,968,025 1,657,915 (335,189,516) translation Net at the end of the period 1,068,604,925 3,077,896, ,471, ,019, The accompanying notes form an integral part of these financial statements.

19 Combined Statement of Operations and Changes in Net Assets For the Period Ended June 30, 2016 (continued) Asian Equity Income Fund Asian High Yield Bond Fund Asian Infrastructure Equity Fund Asian Local Bond Fund Note USD USD USD USD Net at the beginning of the period 329,522, ,379,805 24,866,574 2,105,214,418 Income Dividends, net 11,661, ,768 Interest on bonds, net 5,204,542 44,685,919 Mutual funds income Interest from money market deposits Bank interest, net 2 16, ,875 Total Income 11,661,834 5,221, ,768 44,810,794 Expenses Management fees 3 819, , , ,242 Administration fees 4 94,397 38,950 34,668 Depositary fees 37,546 13,152 5, ,135 Transaction fees 7, 16 72,352 5,624 12,042 33,513 Central Administration, Registrar and Transfer Agent fees 5 61,749 42,509 12, ,614 Audit fees, printing and publication expenses 7 1, ,578 Subscription tax 6 39,487 22,898 4, ,045 Bank interest, net ,363 2,504 Compliance fees 7 Directors fees ,147 Interest on swaps 12 Other charges 7 23,020 1,928 15,278 41,483 Total expenses 1,056, , ,769 1,255,929 Net surplus / (deficit) from Investments 10,605,330 4,545, ,999 43,554,865 Net realised profit / (loss) on: Sales of investments (23,886,002) (1,443,576) (95,888) 4,208,269 Futures contracts (1,904,862) Forward foreign exchange contracts (1,783,778) 1,668, ,088,492 Credit default swaps Foreign exchange 176, ,266 (753) 491,676 Net realised profit / (loss) (25,492,868) 360,683 (96,437) 6,883,575 Change in net unrealised appreciation / (depreciation) on: Investments 28,369,727 9,294, , ,367,139 Future contracts (2,428,008) Forward foreign exchange contracts 2,896, , ,381 Credit default swaps Foreign exchange (9,910) 7, ,130 Net change in unrealised appreciation/(depreciation) 31,256,160 9,574, , ,748,642 Net increase / (decrease) in net as a result of operations 16,368,622 14,480, , ,187,082 Movement in capital Issue of shares 357,862,921 28,960,200 3,216, ,392,753 Redemption of shares (47,123,831) (29,713,578) (2,540,710) (250,110,485) Dividends and distributions Dividends and distributions declared during the period (4,524,443) (2,578,613) (85,519,686) Change in total net for the period 322,583,269 11,148,984 1,666,047 84,949,664 translation Net at the end of the period 652,105, ,528,789 26,532,621 2,190,164,082 The accompanying notes form an integral part of these financial statements. 17

20 Combined Statement of Operations and Changes in Net Assets For the Period Ended June 30, 2016 (continued) Asian Property Securities Fund Developed and Emerging Asia Equity Fund (1) China Equity Fund Dragon Peacock Fund Note USD USD USD USD Net at the beginning of the period 7,338, ,825,947 2,391,406, ,213,973 Income Dividends, net 152,461 5,744,624 42,297,846 1,668,678 Interest on bonds, net Mutual funds income Interest from money market deposits Bank interest, net 2,537 8,958 1 Total Income 154,998 5,744,624 42,306,804 1,668,679 Expenses Management fees 3 1,560 1,059, ,117 Administration fees , ,034 Depositary fees , ,372 26,283 Transaction fees 7, 16 3,880 25,164 23,247 39,575 Central Administration, Registrar and Transfer Agent fees 5 10,462 62,983 87,016 18,178 Audit fees, printing and publication expenses ,463 13, Subscription tax , ,075 23,104 Bank interest, net 112 3, Compliance fees 7 Directors fees , Interest on swaps 12 Other charges 7 11,517 32, ,002 26,018 Total expenses 29,015 1,586, ,039 1,124,413 Net surplus / (deficit) from Investments 125,983 4,158,145 41,686, ,266 Net realised profit / (loss) on: Sales of investments (150,064) (13,545,360) (679,049,605) (6,240,505) Futures contracts 8,882,230 Forward foreign exchange contracts (515,765) (14,560) Credit default swaps Foreign exchange ,395 (920,460) (35,931) Net realised profit / (loss) (149,359) (14,041,730) (671,102,395) (6,276,436) Change in net unrealised appreciation / (depreciation) on: Investments 369,691 (1,008,996) 571,601,339 3,647,932 Future contracts 4,087,285 Forward foreign exchange contracts 741,291 Credit default swaps Foreign exchange 55 (25,117) (342,626) (5,240) Net change in unrealised appreciation/(depreciation) 369,746 (292,822) 575,345,998 3,642,692 Net increase / (decrease) in net as a result of operations 346,370 (10,176,407) (54,069,632) (2,089,478) Movement in capital Issue of shares 29,505 80,341,244 2,529,497,553 2,865,567 Redemption of shares (545,550) (65,325,257) (2,189,136,969) (9,690,283) Dividends and distributions Dividends and distributions declared during the period (3,873) (190,324) Change in total net for the period (173,548) 4,649, ,290,952 (8,914,194) translation Net at the end of the period 7,164, ,475,203 2,677,697, ,299,779 (1) Sub-Fund name change, see Note The accompanying notes form an integral part of these financial statements.

21 Combined Statement of Operations and Changes in Net Assets For the Period Ended June 30, 2016 (continued) Emerging Emerging Asia Equity Fund Europe, Middle East and Africa Dynamic Fund European Investment Grade Bond Fund Global Bond Navigator Fund Note USD USD EUR USD Net at the beginning of the period 85,673, ,287, ,121,353 12,265,473 Income Dividends, net 1,691,652 6,209,595 Interest on bonds, net 4,917,495 64,539 Mutual funds income 142,363 Interest from money market deposits Bank interest, net Total Income 1,691,652 6,209,700 4,917, ,079 Expenses Management fees 3 6 5,452 72,595 Administration fees ,038 Depositary fees 12, ,558 28,761 (3,582) Transaction fees 7, 16 7,363 27,468 29,575 1,689 Central Administration, Registrar and Transfer Agent fees 5 9, ,823 56,960 6,295 Audit fees, printing and publication expenses ,127 2, Subscription tax 6 4,338 17,996 25,785 2,987 Bank interest, net ,752 Compliance fees 7 1,348 Directors fees , Interest on swaps 12 Other charges 7 31,077 3,028 17,943 5,455 Total expenses 65, , , ,581 Net surplus / (deficit) from Investments 1,626,376 5,864,380 4,706,812 92,498 Net realised profit / (loss) on: Sales of investments (3,791,452) (32,968,079) 6,307,546 (180,511) Futures contracts 53,565 (3,376,262) Forward foreign exchange contracts (553,448) 967,345 (11,946) Credit default swaps Foreign exchange 8,532 2,057 (162,655) 10,766 Net realised profit / (loss) (3,729,355) (33,519,470) 3,735,974 (181,691) Change in net unrealised appreciation / (depreciation) on: Investments 6,599,869 71,835,330 16,958, ,243 Future contracts 243,741 (1,887,367) Forward foreign exchange contracts 85,009 (3,481) Credit default swaps Foreign exchange 43,287 (3,571) 6,456 (1,839) Net change in unrealised appreciation/(depreciation) 6,886,897 71,831,759 15,162, ,923 Net increase / (decrease) in net as a result of operations 4,783,918 44,176,669 23,605, ,730 Movement in capital Issue of shares 83,189, ,913, ,180,568 1,101,416 Redemption of shares (83,189,955) (150,243,680) (2,605,600) (1,929,594) Dividends and distributions Dividends and distributions declared during the period (8,192) Change in total net for the period 4,783,918 2,846, ,172,346 (272,448) translation Net at the end of the period 90,457, ,133, ,293,699 11,993,025 The accompanying notes form an integral part of these financial statements. 19

22 Combined Statement of Operations and Changes in Net Assets For the Period Ended June 30, 2016 (continued) Global Emerging Markets Bond Fund Global Emerging Markets Dynamic Fund Global Equity Navigator Fund Global Low Volatility Equity Fund Note USD USD USD USD Net at the beginning of the period 764,889, ,758,078 82,547, ,388,585 Income Dividends, net 9,549,034 1,463,435 Interest on bonds, net 23,044,015 Mutual funds income 54,794 Interest from money market deposits Bank interest, net 62,226 1 Total Income 23,106,241 9,549,034 54,794 1,463,436 Expenses Management fees 3 413, Administration fees 4 82, Depositary fees 81,108 86,685 13,328 11,833 Transaction fees 7, 16 4,092 13,229 2,322 5,296 Central Administration, Registrar and Transfer Agent fees 5 83,925 55,828 7,378 10,692 Audit fees, printing and publication expenses 7 4,836 2, Subscription tax 6 58,538 25,925 2,807 5,756 Bank interest, net 87,582 2,253 2, Compliance fees 7 Directors fees 7 2,308 1, Interest on swaps 12 Other charges 7 7,187 10,721 3,924 5,938 Total expenses 826, ,658 33,107 40,484 Net surplus / (deficit) from Investments 22,280,174 9,350,376 21,687 1,422,952 Net realised profit / (loss) on: Sales of investments (2,138,874) (51,597,806) 1,149,463 (482,921) Futures contracts (1,398,830) Forward foreign exchange contracts 287,613 (856,499) 740 (576) Credit default swaps Foreign exchange (2,149,482) 298,253 (135,456) 36,674 Net realised profit / (loss) (4,000,743) (52,156,052) (384,083) (446,823) Change in net unrealised appreciation / (depreciation) on: Investments 55,588,539 96,337, ,857 7,872,040 Future contracts (568,871) Forward foreign exchange contracts 2,888,592 Credit default swaps Foreign exchange (14,863) 30,660 84,573 (1,269) Net change in unrealised appreciation/(depreciation) 58,462,268 96,367, ,559 7,870,771 Net increase / (decrease) in net as a result of operations 76,741,699 53,562,199 (197,837) 8,846,900 Movement in capital Issue of shares 149,535, ,624,003 5,750,371 Redemption of shares (63,639,717) (479,655,597) Dividends and distributions Dividends and distributions declared during the period (1,527,876) Change in total net for the period 161,109, ,530,605 (197,837) 14,597,271 translation Net at the end of the period 925,999, ,288,683 82,349, ,985, The accompanying notes form an integral part of these financial statements.

23 Combined Statement of Operations and Changes in Net Assets For the Period Ended June 30, 2016 (continued) Global Market Navigator Fund Global Multi Asset Income Plus Growth Fund (2) Greater China Equity Fund Global Technology Fund Hong Kong Equity Fund Note USD USD USD USD USD Net at the beginning of the period 13,175,295 91,200, ,771, ,203,395 Income Dividends, net 736, , ,972 2,154,692 15,462,160 Interest on bonds, net 26, ,507 Mutual funds income 456,000 13,963 Interest from money market deposits Bank interest, net 1,210 3, Total Income 1,220,335 1,219, ,313 2,154,692 15,462,162 Expenses Management fees 3 44, , ,663 25,053 Administration fees 4 9,881 28,552 8,351 Depositary fees 4,211 8,784 9,390 20,575 65,086 Transaction fees 7, 16 1,294 9,413 16,055 13,940 Central Administration, Registrar and Transfer Agent fees 5 16,897 7,694 22,589 24,296 61,817 Audit fees, printing and publication expenses ,431 Subscription tax 6 7,707 4,999 5,083 8,100 31,769 Bank interest, net , Compliance fees 7 1,495 Directors fees ,660 Interest on swaps 12 Other charges 7 2, ,083 10,028 11,483 Total expenses 78,148 22, , , ,669 Net surplus / (deficit) from Investments 1,142,187 1,196,839 (72,034) 1,666,031 15,239,493 Net realised profit / (loss) on: Sales of investments 11,527 53, ,410 (7,551,447) (15,597,828) Futures contracts (19,709) Forward foreign exchange contracts 19,614 (8,474) 195 Credit default swaps Foreign exchange (82,408) (34,794) 11,150 (10,508) (65,303) Net realised profit / (loss) (70,976) 18, ,086 (7,561,760) (15,663,131) Change in net unrealised appreciation / (depreciation) on: Investments 4,267,236 6,053,685 (4,311,080) 6,254,197 (3,379,694) Future contracts (3,082) Forward foreign exchange contracts 1,512 Credit default swaps Foreign exchange 554 (2,656) (323) (3,447) (12,901) Net change in unrealised appreciation/(depreciation) 4,266,220 6,051,029 (4,311,403) 6,250,750 (3,392,595) Net increase / (decrease) in net as a result of operations 5,337,431 7,266,469 (4,204,351) 355,021 (3,816,233) Movement in capital Issue of shares 116,977, ,000,000 2,542,192 14,264, ,700,514 Redemption of shares (566,394) (5,331,059) (12,376,821) (16,282,636) Dividends and distributions Dividends and distributions declared during the period (4,315) Change in total net for the period 121,744, ,266,469 (6,993,218) 2,242,328 86,601,645 translation Net at the end of the period 134,919, ,266,469 84,207, ,013, ,805,040 (2) New Sub-Fund launched, see Note 1. The accompanying notes form an integral part of these financial statements. 21

24 Combined Statement of Operations and Changes in Net Assets For the Period Ended June 30, 2016 (continued) India Equity Fund Indonesia Equity Fund Japan Dynamic Fund Japan Equity Fund Note USD USD JPY JPY Net at the beginning of the period 158,172, ,386, ,925,118,481 28,819,342,887 Income Dividends, net 1,724,349 3,213,286 2,535,491, ,656,616 Interest on bonds, net Mutual funds income Interest from money market deposits Bank interest, net 1 4,218 Total Income 1,724,350 3,213,286 2,535,496, ,656,616 Expenses Management fees 3 186, ,003 1,066,644,406 11,442,848 Administration fees 4 48, ,643 3,814,287 Depositary fees 54,164 29,514 27,721,680 2,743,457 Transaction fees 7, 16 43,650 53,370 4,232,471 1,320,115 Central Administration, Registrar and Transfer Agent fees 5 21,372 32,544 24,057,769 1,565,294 Audit fees, printing and publication expenses ,157 1,318, ,775 Subscription tax 6 11,395 21,441 25,397,640 1,399,932 Bank interest, net 4,756 1,315 78,970 87,606 Compliance fees 7 Directors fees ,717 73,398 Interest on swaps 12 Other charges 7 24,618 7,143 3,005, ,666 Total expenses 395, ,710 1,153,109,015 23,515,378 Net surplus / (deficit) from Investments 1,328,480 2,357,576 1,382,387, ,141,238 Net realised profit / (loss) on: Sales of investments (547,705) (14,253,598) (5,333,354,081) 175,584,009 Futures contracts Forward foreign exchange contracts (578) (5,689) (4,088,734,615) (26,367,160) Credit default swaps Foreign exchange (49,793) (70,811) (465,453,114) (3,178,030) Net realised profit / (loss) (598,076) (14,330,098) (9,887,541,810) 146,038,819 Change in net unrealised appreciation / (depreciation) on: Investments (1,445,895) 40,091,247 (56,601,741,404) (6,820,059,553) Future contracts Forward foreign exchange contracts (2,018,067,823) (10,296,209) Credit default swaps Foreign exchange (12,735) 9,685 1,567, ,933 Net change in unrealised appreciation/(depreciation) (1,458,630) 40,100,932 (58,618,241,448) (6,829,931,829) Net increase / (decrease) in net as a result of operations (728,226) 28,128,410 (67,123,396,105) (6,432,751,772) Movement in capital Issue of shares 13,647,290 30,911,721 49,830,352,047 3,060,202,606 Redemption of shares (13,263,838) (55,676,160) (58,167,984,233) (3,661,107,179) Dividends and distributions Dividends and distributions declared during the period (420,934,608) Change in total net for the period (344,774) 3,363,971 (75,461,028,291) (7,454,590,953) translation Net at the end of the period 157,827, ,750, ,464,090,190 21,364,751, The accompanying notes form an integral part of these financial statements.