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Portfolio Data as of June 30, 2010

Top 10 Holdings
Security Sector % of Net Assets
Cheung Kong Infrastructure Holdings, Ltd. Utilities 5.3%
China Mobile, Ltd. Telecom Services 4.8%
Chunghwa Telecom Co., Ltd. Telecom Services 4.0%
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology 3.8%
Television Broadcasts, Ltd. Consumer Discretionary 3.6%
CapitaRetail China Trust, REIT Financials 3.6%
Jiangsu Expressway Co., Ltd. Industrials 3.4%
HSBC Holdings PLC Financials 3.4%
Café de Coral Holdings, Ltd. Consumer Discretionary 3.3%
The Link REIT Financials 3.2%
38.4%     
Top 10 holdings may combine more than one security from the same issuer.

Sector Allocation (%)a
Fund MSCI China Index^ Difference
Financials 18.1 38.1 -20.0
Utilities 13.5 2.0 11.5
Consumer Discretionary 13.3 5.4 7.9
Information Technology 13.3 4.8 8.5
Telecom Services 11.8 13.3 -1.5
Industrials 7.4 7.5 -0.1
Health Care 5.9 0.9 5.0
Consumer Staples 5.6 6.2 -0.6
Energy 5.0 16.8 -11.8
Materials 2.5 5.0 -2.5
Cash and Other Assets, Less Liabilities 3.6 0.0 3.6
 
Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.
Source: FactSet Research Systems.

Market Cap Exposure (%)a,b
Fund MSCI China Index^ Difference
Large cap (over $5 billion) 43.7 75.5 -31.7
Mid cap ($1 - $5 billion) 33.7 23.8 9.9
Small cap (under $1 billion) 19.0 0.7 18.3
Cash and Other Assets, Less Liabilities 3.6 0.0 3.6
Source: FactSet Research Systems.

Portfolio Characteristicsc

Number of securities 39
Weighted average market cap $25.2 bil
P/E using FY1 Estimates 13.0x
P/E using FY2 Estimates 11.6x
Source: FactSet Research Systems.


^ The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes China-affiliated corporations and H shares listed on the Hong Kong exchange, and B shares listed on the Shanghai and Shenzhen exchanges. It is not possible to invest directly in an index.

a Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to marginal rounding errors.
b Equity market cap of issuer.
c The P/E figures represent the Harmonic Average P/E- which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners- weighted by the size of the company's position within the portfolio.



The information contained in this document does not, in any way, constitute investment advice. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned. Information on this document is from sources considered reliable, but no representation or warranty is made as to its completeness or accuracy.