2017 12 31

........................................................................................................................................... 1

......................................................................................................... 2

............................................................................................................. 3

................................................................................................................................ 4 – 6

....................................................................................................................................... 7

....................................................................................................................................... 8

..................................................................................................... 9

....................................................................................................................................... 10

.................................................................................................................................... 11 – 29

.................................................................................................................... 30 – 31

......................................................................................................... 32 – 34

............................................................................................................. 35– 36

- 1 -

68 9

121 22

1 2 10

18

5

15

21

- 2 -

2017 3 2.60% 2014

2.03%

2.50% 2017 2017 JP Morgan

9.32%

2018

2017 A 6.22% JP Morgan

9.32% 3.10% Markit iBoXX 5.42%

A

44% 6 68%

15% 14% 4% 7%

2.52 4.25

- 3 -

2017 12 31 2010 10 27

2018 4 13

- 4 -

7 29

2017 12 31

2017 12 31

- 5 -

2010 10 27

E

- 6 -

2018 4 13

- 7 -

2017 12 31

2017 2016

3(a) 57,838,396 50,413,895

783,075 608,133 625,148 1,018,576

3(d) 1,258,226 1,271,669 ────────── ──────────

60,504,845 53,312,273

---------------- ----------------

7(b) 6,945 6,175

7(a) 30,889 27,175 - 2,660

32,814 29,996 ────────── ──────────

70,648 66,006 ---------------- ----------------

6 60,434,197 53,246,267 ══════════ ══════════

60,435,127 53,257,234

6 (930) (10,967) ══════════ ══════════

2018 4 13

…………………………..…………………………..…… …………………………..…………………………..……

11 29

- 8 -

2017 12 31

2017 2016

2,818,675 2,279,356 5 924,055 (59,477) 21,150 (20,064)

276,635 7,500 ───────── ─────────

4,040,515 2,207,315 --------------- ---------------

7(a) 354,806 276,310

7(b) 79,964 63,650 6,874 6,285 26,220 23,179

7(c) 4,115 5,842 684 606

4,041 3,086 12,206 10,290

───────── ─────────

488,910 389,248 --------------- ---------------

3,551,605 1,818,067

6 (10,037) (14,316) ───────── ─────────

3,541,568 1,803,751 ═════════ ═════════

11 29

- 9 -

2017 12 31

2017 2016

53,257,234 43,943,920

---------------- ----------------

3,659,743 7,735,248 (23,418) (225,685)

───────── ─────────

3,636,325 7,509,563 ---------------- ----------------

3,541,568 1,803,751 ---------------- ----------------

6 60,435,127 53,257,234 ══════════ ══════════

11 29

- 10 -

2017 12 31

2017 2016

3,551,605 1,818,067

(2,818,675) (2,279,356)

───────── ─────────

732,930 (461,289)

(7,424,501) (9,292,504)

393,428 35,670 - (1,665)

770 948 3,714 4,546

2,818 775 ───────── ─────────

(6,290,841) (9,713,519)

2,643,733 2,247,564 ───────── ─────────

(3,647,108) (7,465,955) -------------- --------------

3,659,743 7,735,248 (26,078) (223,025)

───────── ─────────

3,633,665 7,512,223 -------------- --------------

(13,443) 46,268

1,271,669 1,225,401 ───────── ─────────

1,258,226 1,271,669 ═════════ ═════════

1,258,226 1,271,669

═════════ ═════════

11 29

- 11 -

1

2010 10 27

104(1)

2017 12 31

2013 2 4

75%

25%

40%

2

(a)

- 12 -

2

(a)

(i) 2017 1 1

7 2017 1 1

2017 1 1

(ii) 2017 1 1

9

39 2018 1 1

(SPPI)

SPPI

確認

9

9

9

2017 1 1

- 13 -

2

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

- 14 -

2

(c)

(d)

(i)

(ii)

(e)

- 15 -

2

(f)

(g)

(h)

(i)

(j)

104

26A(1A)

3

(a)

- 16 -

3

(a)

2017 2016

57,754,021 50,399,075 84,375 14,820 ───────── ─────────

57,838,396 50,413,895 ═════════ ═════════

2017 2016

- - 2,054,750 3.86 2,074,160 3.43% - - 3,506,090 5.80% 3,998,490 7.51

- - 1,514,250 2.84 23,608,158 39.06% 25,187,793 47.29 10,374,035 17.17% 688,018 1.29 7,455,705 12.34% 12,180,014 22.87 3,566,565 5.90% 3,828,850 7.19 7,169,308 11.86% 946,910 1.78 ───────── ───────── ───────── ───────── 57,754,021 95.56% 50,399,075 94.63 ═════════ ═════════ ═════════ ═════════

2017 12 31 (12,489,063) 84,375 - 2016 12 31 1,515,894 14,820 -

- 17 -

3

(a)

3(b) 3(c)

10%

3(b)

(b)

2017 12 31

5,533,815 17,665,664 34,554,542 - 57,754,021

- - - 84,375 84,375

- - - 783,075 783,075

625,148 - - - 625,148

1,258,226 - - - 1,258,226

────────── ────────── ────────── ────────── ──────────

7,417,189 17,665,664 34,554,542 867,450 60,504,845

══════════ ══════════ ══════════ ══════════ ══════════

- - - 30,889 30,889

- - - 6,945 6,945

- - - 32,814 32,814

- - - 60,435,127 60,435,127

────────── ────────── ────────── ────────── ──────────

- - - 60,505,775 60,505,775

══════════ ══════════ ══════════ ══════════ ══════════

7,417,189 17,665,664 34,554,542

══════════ ══════════ ══════════

- 18 -

3

(b)

2016 12 31

3,687,246 36,806,694 9,905,135 - 50,399,075

- - - 14,820 14,820

- - - 608,133 608,133

1,018,576 - - - 1,018,576

1,271,669 - - - 1,271,669

────────── ────────── ────────── ─────────── ───────────

5,977,491 36,806,694 9,905,135 622,953 53,312,273

══════════ ══════════ ══════════ ═══════════ ═══════════

- - - 27,175 27,175

- - - 6,175 6,175

- - - 2,660 2,660

- - - 29,996 29,996

- - - 53,257,234 53,257,234

────────── ────────── ────────── ─────────── ───────────

- - - 53,323,240 53,323,240

══════════ ══════════ ══════════ ═══════════ ═══════════

5,977,491 36,806,694 9,905,135

══════════ ══════════ ══════════

2017 12 31 1,258,226 2016 1,271,669

10

1,258 2016 1,272

2017 12 31

57,754,021 2016 50,399,075

12,489,063 2016 5.53 2016

2.81

2017 12 31 25

625,721 2016 354,442

- 19 -

3

(c)

2017 2016 12 31

2017 12 31

57,838,396 - - 57,838,396 783,075 - - 783,075 1,246,080 23 12,123 1,258,226 625,148 - - 625,148 (70,648) - - (70,648) ───────── ──────── ─────── ──────── 60,422,051 23 12,123 60,434,197 ═════════ ═════════ ═══════ ════════

2016 12 31

48,366,168 2,032,907 - 50,399,075 553,768 54,365 - 608,133 638,217 88,480 544,972 1,271,669 793,638 224,938 - 1,018,576 (66,006) - - (66,006) ───────── ──────── ─────── ──────── 50,285,785 2,400,690 544,972 53,231,447 ═════════ ════════ ═══════ ════════

1,515,894 (1,515,894)

- - ──────── ───────── ─────── ──────── 51,801,679 884,796 544,972 53,231,447 ═════════ ═════════ ═══════ ════════

- 20 -

3

(c)

2017 2016

+/-5% 1 +/-5% 44,240

+/-5% 606 +/-5% 27,249

(d)

2017 2016 12 31 95.56%

2016 94.63%

- 21 -

3

(d)

2017 2016

A+ - 1.79 AA 2.56 1.82 A- 1.69 - BBB+ 8.63 2.84 BBB - 3.80 BBB- 4.28 11.19 BB+ 3.61 3.75 BB- 4.97 - B+ 1.63 - B - 4.94 B- 5.80 4.62 CCC+ - 7.61 A3 - - Baa3 12.98 9.21 Baa2 4.95 4.72 Baa1 10.92 6.49 Ba3 0.83 - Ba1 - 2.62 B3 3.35 - B2 5.07 3.57 Caa1 - 1.61 BBB+ 3.35 6.59 BBB 4.12 2.64 BBB- 2.66 1.85 BB+ 3.40 3.66 10.76 9.31 ────────── ────────── 95.56 94.63 ══════════ ══════════

2008 1 25

- 22 -

3

(d)

2017 12 31

57,754,021 A+

84,375 A-

1,258,205 A+

21 A-

625,148 A-

2016 12 31

50,399,075 A+

14,820 A-

1,271,649 A+

20 A-

1,018,576 A-

2017 2016 12 31

2016

(e)

- 23 -

3

(e)

3

2017 12 31

30,889

6,945

32,814

60,435,127

──────────

60,505,775

══════════

2016 12 31

27,175

6,175

29,996

2,660

53,257,234 ──────────

53,323,240

══════════

10% 2017

12 31 2 2016 2 10%

2017 12 31 60,504,845 2016 53,312,273

3 3

2017 12 31

60,283,614 221,231

══════════ ═════

2016 12 31

53,312,273 -

══════════ ═════

- 24 -

3

(f)

1

1

2

3

3

2017 2016 12 31

1 2 3

2017 12 31

- 57,754,021 - 57,754,021

84,375 - - 84,375

─────────── ─────────── ─────────── ───────────

84,375 57,754,021 - 57,838,396

═══════════ ═══════════ ═══════════ ═══════════

2016 12 31

- 50,399,075 - 50,399,075

14,820 - - 14,820

─────────── ─────────── ─────────── ───────────

14,820 50,399,075 - 50,413,895

═══════════ ═══════════ ═══════════ ═══════════

- 25 -

3

(f)

1

2

3 2017 2016 12

31 3

2017 2016 12 31

(g)

4

5

2017 2016

585,717 (6,533) 338,338 (52,944) ───────── ─────────

924,055 (59,477) ═════════ ═════════

- 26 -

6

2017 12 31 A A

R R I R R

R A I

2017 2016

A

15,695,928.849 15,695,928.849

- -

─────────── ───────────

15,695,928.849 15,695,928.849

═══════════ ═══════════

A

13,834,611.893 8,262,024.195

2,599,572.927 5,572,587.698

─────────── ───────────

16,434,184.820 13,834,611.893

═══════════ ═══════════

R

80,437.711 90,265.721

(6,363.636) (9,828.010)

─────────── ───────────

74,074.075 80,437.711

═══════════ ═══════════

R

- -

22,731.397 -

─────────── ───────────

22,731.397 -

═══════════ ═══════════

I

- -

- -

─────────── ───────────

- -

═══════════ ═══════════

- 27 -

6

2017 2016

R

15,691.400 17,657.001

- (1,965.601)

─────────── ───────────

15,691.400 15,691.400

═══════════ ═══════════

R

51,990.832 205,300.242

(6,879.605) (153,309.410)

─────────── ───────────

45,111.227 51,990.832

═══════════ ═══════════

2(f)

38

2017 12 31 930

2016 10,967

2017 12 31 930 2016 10,967

10,037 2016 14,316

2017 12 31

A 35,902,185 15,695,928.849 2.287

A

R

189,464,264

50,362

16,434,184.820 22,731.397

11.528

2.215

R 161,681 74,074.075 2.182

R 175,222 15,691.400 11.166

R 503,743 45,111.227 11.166

═════════════ ═════════════ ═════════

- 28 -

6

2016 12 31

A 33,795,618 15,695,928.849 2.153

A 148,937,963 13,834,611.893 10.765

R 166,348 80,437.711 2.068

R 164,690 15,691.400 10.495

R 545,675 51,990.832 10.495

══════════ ═══════════ ═════════

7

(a)

R R 1.25%

R R 1.25%

I 0.80%

I 0.80%

A 0.60%

A 0.60%

354,806 2016 276,310 2017 12 31

30,889 2016 27,175

(b)

0.125% 0.15%

35,000

40,000

79,964 2016 63,650 2017 12 31

6,945 2016 6,175

- 29 -

7

(c)

12,797,712 2016 21,900,326 6.03% 2016 10.98%

0.03% 2016

0.03% 4,115 2016 5,842

625,148 2016 1,018,576

(d)

2017 12 31 BOCOM International Global Investment Limited

15,695,928.849 A 2016 15,695,928.849 A

(e)

7(c)

2017 12 31 於

84,375 2016 14,820

(f)

2017 12 31 21 2016 20

8

2017 12 31

2016

9

2017 12 31 2016 12 31

10

2018 4 13

- 30 -

2017 12 31

(95.70%)

(95.56%)

OIL & GAS HOLDING 7.5% 10/25/2027 2,000,000 2,052,760 3.40%

CHINA SINGYES SOLAR TECH 6.75% 10/17/2018 1,500,000 1,494,315 2.47%

BANCO BTG PACTUAL LUX 5.5% 1/31/2023 500,000 499,265 0.83%

CHARMING LIGHT INVST LTD 4.375% 12/21/2027 5,000,000 5,039,600 8.33% FRANSHION BRILLIANT LTD 4% PERP 2,500,000 2,463,700 4.08% HONG SENG LTD 8.5% 11/20/2018 2,000,000 2,006,480 3.32% PRIME BLOOM HOLDINGS LTD 7.5% 12/19/2019 2,000,000 2,012,600 3.33%

ANTON OILFIELD SERV GRP/ 9.75% 12/5/2020 2,000,000 2,023,340 3.35% CHINA EVERGRANDE GROUP 8.25% 3/23/2022 1,000,000 1,061,510 1.76% CHINA JINJIANG ENV 6% 7/27/2020 1,000,000 994,640 1.65% JIAYUAN INTL GROUP LTD 9.75% 9/15/2018 2,000,000 2,033,020 3.36% KAISA GROUP HOLDINGS LTD 8.5% 6/30/2022 1,000,000 970,980 1.61% OMGRID FUNDING LTD 5.196% 5/16/2027 2,000,000 1,989,760 3.29%

GUANGHUI INVESTMENT GR 7.875% 3/30/2020 1,500,000 1,493,490 2.47% HUZHOU CITY INVS DEV 4.875% 12/20/2020 1,600,000 1,607,344 2.66% INNER MONGOLIA HIGHWAY C 4.375% 12/4/2020 2,500,000 2,492,900 4.12%

CHINA TAIPING INSURANCE 5.45% PERP 500,000 512,980 0.85% SHAOXING CITY INV HK 4.75% 4/12/2019 2,000,000 2,021,840 3.34%

MOF REP OF MALDIVES BOND 7% 6/7/2022 2,000,000 2,004,000 3.32%

ALPHA HOLDING SA 10% 12/19/2022 1,000,000 983,020 1.63% MEXICO CITY ARPT TRUST 5.5% 7/31/2047 2,500,000 2,473,850 4.09% PETROLEOS MEXICANOS 6.5% 3/13/2027 2,500,000 2,741,220 4.54%

MINEJESA CAPITAL BV 5.625% 8/10/2037 2,800,000 2,956,100 4.88% MYRIAD INTL HOLDINGS BV 4.85% 7/6/2027 2,000,000 2,074,160 3.43% PETROBRAS GLOBAL FINANCE 5.999% 1/27/2028 2,000,000 2,009,780 3.33%

MAZOON ASSETS CO SAOC 5.2% 11/8/2027 1,000,000 1,002,970 1.66%

- 31 -

2017 12 31

(95.70%)

(95.56%)

CERRO DEL AGUILA SA 4.125% 8/16/2027 200,000 198,308 0.33%

BANQUE OUEST AFRICAINE D 5% 7/27/2027 1,500,000 1,562,565 2.58%

JULIUS BAER GROUP LTD 4.75% PERP 1,700,000 1,710,319 2.83% UBS GROUP AG 7.125% PERP 2,000,000 2,180,360 3.61%

ABU DHABI CRUDE OIL 4.6% 11/2/2047 1,500,000 1,546,935 2.56% EMIRATES SEMBCORP WATER 4.45% 8/1/2035 1,000,000 1,022,170 1.69% NBK TIER 1 FNC LTD 5.75% PERP 500,000 517,740 0.86% ─────────── ───────

57,754,021 95.56% ------------------ -----------

(0.14%)

US 10YR NOTE (CBT)Mar18 (100) 84,375 0.14% ─────────── ───────

84,375 0.14% ------------------ -----------

57,838,396 95.70%

------------------ ------------

2,596,731 4.30%

─────────── ───────

2017 12 31

60,435,127

100.00%

═══════════ ═══════

57,542,642

═══════════

- 32 -

（續）

2017 12 31

2016 2017

ABU DHABI CRUDE OIL 4.60 11/02/2047 - 1,500,000 - 1,500,000

ADANI TRANSMISSION LTD 4.00 08/03/2026 1,000,000 - 1,000,000 -

AFRICAN EXPORT-IMPORT BA 4.00 05/24/2021 1,000,000 - 1,000,000 -

ALPHA HOLDING SA 10.00% 12/19/2022 - 1,000,000 - 1,000,000

ANTON OILFIELD SERV GRP 9.75 12/05/2020 - 2,000,000 - 2,000,000

AYC FINANCE LTD 5.125 12/31/2049 - 500,000 500,000 -

BANCO BTG PACTUAL LUX 5.50% 01/31/2023 - 500,000 - 500,000

BANK OF INDIA/JERSEY 3.125 05/06/2020 1,000,000 - 1,000,000 -

BANQUE OUEST AFRICAINE D 5.00 07/27/2027 - 1,500,000 - 1,500,000

BAOXIN AUTO FINANCE I LTD 5.625 10/30/2049 - 2,750,000 2,750,000 -

BCEG HONG KONG CO LTD 3.85 06/10/2018 2,000,000 - 2,000,000 -

BHARAT PETROLEUM CORP LT 4.625 10/25/2022 500,000 - 500,000 -

CALC BOND 2 LTD 4.90 08/22/2021 - 500,000 500,000 -

CENTRAL PLAZA DEV LTD 3.875 01/25/2020 - 1,000,000 1,000,000 -

CERRO DEL AGUILA SA 4.125 08/16/2027 - 200,000 - 200,000

CHALCO HK INVESTMENT CO VAR 10/29/2049 1,000,000 - 1,000,000 -

CHANDRA ASRI PETROCHEMIC 4.95 11/08/2024 - 1,400,000 1,400,000 -

CHANGDE CITY CONS INV 3.70 12/15/2019 1,000,000 - 1,000,000 -

CHANGSHA PILOT INV HLD 3.10 12/02/2019 1,500,000 - 1,500,000 -

CHARMING LIGHT INVST LTD 4.375 12/21/2027 - 6,000,000 1,000,000 5,000,000

CHENGDU XINGCHENG INV 3.25 11/29/2021 1,000,000 - 1,000,000 -

CHINA EVERGRANDE GROUP 8.25 03/23/2022 - 1,000,000 - 1,000,000

CHINA EVERGRANDE GROUP 8.75 10/30/2018 2,000,000 - 2,000,000 -

CHINA JINJIANG ENV 6.00 07/27/2020 - 1,000,000 - 1,000,000

CHINA LIFE INSU OVERS/HK 3.35 07/27/2027 - 200,000 200,000 -

CHINA MINMETALS CORP 3.75 PERPETUAL CALL

11/13/2022

- 2,000,000 2,000,000 -

CHINA SINGYES SOLAR TECH 6.75% 10/17/2018 - 2,000,000 500,000 1,500,000

CHINA SINGYES SOLAR TECH 7.875 11/21/2017 6,000,000 - 6,000,000 -

CHINA SINGYES SOLAR TECH 7.95 02/15/2019 - 200,000 200,000 -

CHINA SOUTH CITY HOLDING 5.75 03/09/2020 - 1,000,000 1,000,000 -

CHINA SOUTH CITY HOLDING 6.75 09/13/2021 1,000,000 1,000,000 2,000,000 -

CHINA SOUTH CITY HOLDING 8.25 01/29/2019 500,000 - 500,000 -

CHINA TAIPING INSURANCE 5.45 09/29/2049 500,000 - - 500,000

CHN AOYUAN PROPERTY GRP 6.35 01/11/2020 - 1,000,000 1,000,000 -

CHOUZHOU INTL INV LTD 4.00 12/05/2020 - 3,000,000 3,000,000 -

CITIC LTD 3.875 02/28/2027 - 2,000,000 2,000,000 -

DBS GROUP HOLDINGS LTD 3.60 12/29/2049 1,500,000 500,000 2,000,000 -

DR PENG HOLDING HONGKONG 5.05 06/01/2020 - 2,000,000 2,000,000 -

EASY TACTIC LTD 5.75 01/13/2022 - 2,000,000 2,000,000 -

EMIRATES REIT SUKUK LTD 5.125% - 1,000,000 1,000,000 -

EMIRATES SEMBCORP WATER 4.45% 08/01/2035 - 1,500,000 500,000 1,000,000

EMPEROR INTL HOLDINGS LTD 4.00 09/19/21 - 1,000,000 1,000,000 -

EXPORT CREDIT BANK OF TU 4.25 09/18/22 - 200,000 200,000

EXPORT-IMPORT BK INDIA 3.375 08/05/2026 1,000,000 - 1,000,000 -

EXPRESS BVI 2015 LTD 3.00 06/04/2018 1,000,000 - 1,000,000 -

- 33 -

2017 12 31

2016 2017

FRANSHION BRILLIANT LTD - 2,500,000 - 2,500,000

GENEL ENERGY FINANCE LTD 7.50 05/14/2019 200,000 - 200,000 -

GEMSTONES INTERNATIONAL 8.50 08/15/2020 - 630,000 630,000 -

GREENLAND GLB INVST 4.85 08/17/2020 - 400,000 400,000 -

GUANGHUI INVESTMENT GR 7.875 03/30/2020 - 2,000,000 500,000 1,500,000

HANRUI OVERSEAS INTERNAT 4.90 06/28/2019 2,000,000 - 2,000,000 -

HAZINE MUSTESARLIGI VARL 4.489 11/25/2024 1,000,000 - 1,000,000 -

HESTEEL HONG KONG CO LTD 4.25 04/07/2020 - 1,000,000 1,000,000 -

HINDUSTAN PETROLEUM CORP 4.00 07/12/2027 - 500,000 500,000 -

HK BAORONG DEVELOPMENT 3.625 12/09/2018 1,500,000 - 1,500,000 -

HONG KONG SUKUK 2017 LTD 3.132 02/28/2027 - 2,000,000 2,000,000 -

HONG SENG LTD 8.50% 11/20/2018 - 2,000,000 - 2,000,000

HT GLOBAL IT SOLUTIONS 7.00 07/14/2021 - 400,000 400,000 -

HUARONG FINANCE 2017 CO 4.25 11/07/2027 - 2,000,000 2,000,000 -

HUZHOU CITY INVS DEV 4.875 12/20/2020 - 1,600,000 - 1,600,000

INDIKA ENERGY III PTE 5.875 11/09/2024 - 600,000 600,000 -

INNER MONGOLIA HIGHWAY C 4.375% 12/04/2020 - 3,000,000 500,000 2,500,000

JIAYUAN INTL GROUP LTD 9.75 09/15/2018 2,000,000 - - 2,000,000

JULIUS BAER GROUP LTD 4.75 12/31/2049 - 1,700,000 - 1,700,000

KAISA GROUP HOLDINGS LTD 8.50 06/30/2022 - 1,000,000 - 1,000,000

KAZTRANSGAS JSC 4.375 26/09/2027 - 2,000,000 2,000,000 -

KWG PROPERTY HOLDING LTD 6.00 09/15/2022 - 2,000,000 2,000,000 -

MAOYE INTERNATIONAL HLDG 7.00 10/23/2018 - 500,000 500,000 -

MAOYE INTERNATIONAL HOLD 7.75 05/19/2017 2,000,000 - 2,000,000 -

MAZOON ASSETS CO SAOC 5.20 11/08/27 - 1,000,000 - 1,000,000

MEXICO CITY ARPT TRUST 3.875 04/30/28 - 700,000 700,000 -

MEXICO CITY ARPT TRUST 5.50 07/31/47 - 2,500,000 - 2,500,000

MINEJESA CAPITAL BV 4.625 08/10/2030 - 500,000 500,000 -

MINEJESA CAPITAL BV 5.625 08/10/2037 - 2,800,000 - 2,800,000

MINMETALS BOUNTEOUS FINA 3.50 07/30/2020 1,000,000 - 1,000,000 -

MIRVAC GROUP FINANCE LTD 3.625 03/18/2027 - 500,000 500,000 -

MOF REP OF MALDIVES BOND 7.00 06/07/2022 - 2,000,000 - 2,000,000

MYRIAD INTL HOLDINGS LTD 4.85 07/06/27 - 2,000,000 - 2,000,000

NBK TIER 1 FNC LTD VAR 12/29/2049 500,000 - - 500,000

OIL & GAS HOLDING 7.50 10/25/2027 - 2,000,000 - 2,000,000

OMGRID FUNDING LTD 5.196 05/16/27 - 2,000,000 - 2,000,000

OVERSEAS CHINESE TOWN ASIA 4.30 10/10/2049 - 2,000,000 2,000,000 -

PARKSON RETAIL GROUP LTD 4.50 05/03/2018 1,000,000 - 1,000,000 -

PELABUHAN INDONESIA III 4.875 10/01/2024 1,000,000 - 1,000,000 -

PETROBRAS GLOBAL FINANCE 6.00 01/27/2028 - 2,000,000 - 2,000,000

PETROLEOS MEXICANOS 6.50 03/13/2027 - 2,500,000 - 2,500,000

PRESS METAL LABUAN LTD 4.80 10/30/2022 - 200,000 200,000 -

PRIME BLOOM HOLDINGS LTD 7.50 12/19/19 - 2,000,000 - 2,000,000

QINGHAI GENERAL AVIATION 6.00 12/12/2018 - 600,000 600,000 -

QINGHAI INVEST GROUP 7.25 02/22/2020 - 1,000,000 1,000,000 -

QNB FINANCE LTD 2.125 09/07/2021 1,000,000 - 1,000,000 -

REPUBLIC OF INDONESIA 3.50% 01/11/2028 - 4,000,000 4,000,000 -

REPUBLIC OF INDONESIA 4.35% 01/11/2048 - 2,000,000 2,000,000 -

REPUBLIC OF SOUTH AFRICA 4.85 09/27/2027 - 1,500,000 1,500,000 -

- 34 -

2017 12 31

2016 2017

REPUBLIC OF SOUTH AFRICA 5.65 09/27/2047 - 500,000 500,000 -

RKP OVERSEAS FI 7.95 02/17/2049 - 200,000 200,000 -

ROSY CAPITAL GLOBAL LTD 5.25 07/30/2018 2,500,000 - 2,500,000 -

SAUDI INTERNATIONAL BOND 4.625 10/04/2047 - 2,000,000 2,000,000 -

SHAOXING CITY INV HK 4.75 04/12/2019 2,500,000 - 500,000 2,000,000

SILVER SPARKLE LTD 7.875 08/10/2019 1,000,000 - 1,000,000 -

SOFTBANK GROUP CORP 6.875 07/19/2049 - 1,500,000 1,500,000 -

SPARC EM SPC PANAMA METR 0.00 12/05/2022 - 200,000 200,000 -

STATE BANK INDIA/LONDON 3.622 04/17/2019 1,000,000 - 1,000,000 -

STATE BANK INDIA/LONDON 4.875 04/17/2024 1,000,000 - 1,000,000 -

STATE OF QATAR 3.25 06/02/2026 1,000,000 - 1,000,000 -

SUN HUNG KAI & CO BVI 4.65 09/08/2022 - 400,000 400,000 -

SUNAC CHINA HOLDINGS LTD 8.75 12/05/2019 500,000 - 500,000 -

THIRD PKSTAN INTL SUKUK 5.625% 12/05/2022 - 200,000 200,000 -

TRAD & DEV BANK MONGOLIA 10.00 01/21/2017 6,000,000 - 6,000,000 -

TRILLION CHANCE LTD 8.50 01/10/2019 2,000,000 - 2,000,000 -

TURKIYE SINAI KALKINMA B 4.875 05/18/2021 500,000 - 500,000 -

UBS GROUP AG VAR 12/29/2049 - 2,000,000 - 2,000,000

UNION LIFE INSURANCE 3.00 09/19/2021 2,000,000 - 2,000,000 -

VANKE REAL ESTATE HK 3.95 12/23/19 1,000,000 - 1,000,000 -

VOYAGE BONDS LTD 3.375 09/28/2022 - 600,000 600,000 -

WEICHAI INTL HK ENERGY 3.75 09/14/2049 - 800,000 800,000 -

WEICHAI INTL HK ENERGY 4.125 09/30/2020 1,000,000 - 1,000,000 -

WING LUNG BANK LTD 3.75% 11/22/2027 - 3,000,000 3,000,000 -

WISDOM GLORY GROUP LTD 5.25 12/31/2049 - 500,000 500,000 -

XINYUAN REAL ESTATE 8.125 08/30/2019 1,000,000 - 1,000,000 -

YANGZHOU URBAN CONSTRUCT 4.375 12/19/2020 - 400,000 400,000 -

YUNNAN ENERGY INST OVR 4.25 11/14/2022 - 1,000,000 1,000,000 -

ZHAOHAI INVESTMENT BVI 4.00 07/23/2020 1,500,000 1,000,000 2,500,000 -

ZHONGRONG INT RES CO LTD 7.25 10/26/2020 - 1,000,000 1,000,000 -

ZHUZHOU CITY CONSTRUCTION 2.98 10/19/2019 2,000,000 - 2,000,000 -

FUT 10Y US TN MAR 18 - (100) - (100)

FUT 10Y US TN JUN 17 - (130) (130) -

FUT 10Y US TN SEP 17 - (35) (35) -

FUT 10Y US TN DEC 17 - (270) (270) -

FUT USD/CNH FUTURES MAR 2017 (15) 15 - -

- 35 -

2017 12 31

2017 12 31

R 50,362 2.215 R 161,681 2.182 I - - A 35,902,185 2.287 R 175,222 11.166 R 503,743 11.166 I - - A 189,464,264 10.771 ═════════════ ═════════

2016 12 31 R - - R 166,348 2.068 I - - A 33,795,618 2.153 R 164,690 10.495 R 545,675 10.495 I - - A 148,937,963 10.765 ═════════════ ═════════

2015 12 31

R - - R 180,449.39 1.999 I - - A 32,457,472.2 2.067 R 23,098.34 10.139 R 268,567.52 10.139 I - - A 11,014,332.8 10.332 ═════════════ ═════════

- 36 -

2017 12 31

2017 12 31 2.215 2.100

R 2.182 2.068 R 2.265 2.137 I - - A 11.166 10.500 R 11.166 10.501 R 11.416 10.687 I - - A 11.528 10.771 ═════════ ═════════

2016 12 31 R - - R 2.085 1.965 I - - A 2.168 2.034 R 10.579 10.000 R 10.579 10.000 I - - A 10.842 10.201 ═════════ ═════════

2015 12 31 R - - R 2.014 1.919 I - - A 2.075 1.973 R 10.220 9.734 R 10.220 9.734 I - - A 10.374 9.859 ═════════ ═════════

2014 12 31 R 2.064 1.892 R 2.033 1.892 I 2.079 1.901 A - - R 10.315 9.475 R 10.315 9.475 I - - A - - ═════════ ═════════

2013 12 31 R - - R 2.052 1.798 I - - A 2.055 1.805 R 10.266 8.992 R 10.266 8.992 I - - A 10.282 9.027 ═════════ ═════════