.

CostMkt Value% TNAPosition ReturnPosition GainContribution to Total Gain

.

Xingda International Holdings16,228,0009,969,2072.20%-39%-6,258,793-4.8%

.

Great Wall Jiufu Core Value Eq5,688,127741,3510.20%-87%-4,946,776-3.8%

.

Maanshan Iron & Steel20,366,61616,835,6163.70%-17%-3,531,000-2.7%

.

Tongde Fund2,808,602760,4470.20%-73%-2,048,155-1.6%

.

Xingan Fund2,881,342924,7640.20%-68%-1,956,578-1.5%

.

Kexun Fund2,762,150854,3510.20%-69%-1,907,799-1.5%

.

Xingke Fund2,728,245838,2170.20%-69%-1,890,028-1.4%

.

Jingyang Fund2,792,111919,9640.20%-67%-1,872,147-1.4%

.

Kehui Fund2,362,844719,8390.20%-70%-1,643,005-1.3%

.

Datang International Power Gen12,342,00011,688,8462.60%-5%-653,154-0.5%

.

Shanghai Municipal Raw Water C12,321,29912,703,5202.80%3%382,2210.3%

.

Anhui Expressway Co12,899,09013,382,6682.90%4%483,5780.4%

.

Air China Ltd20,631,94721,165,2144.60%3%533,2670.4%

.

Ping An Insurance Group Co of149,184908,0110.20%509%758,8270.6%

.

Inner Mongolia Yili Industrial779,5201,776,6140.40%128%997,0940.8%

.

GOME Electrical Appliances Hol10,435,00011,605,5742.60%11%1,170,5740.9%

.

China Coal Energy Co17,061,00018,232,4634.00%7%1,171,4630.9%

.

Baoshan Iron & Steel Co Ltd4,365,0005,590,2181.20%28%1,225,2180.9%

.

China Communications Construct8,636,00010,411,6112.30%21%1,775,6111.4%

.

Shenzhen Development Bank Co1,248,7363,049,8740.70%144%1,801,1381.4%

.

Wuhan Iron & Steel Co Ltd18,478,87521,705,5434.80%17%3,226,6682.5%

.

Guangzhou Baiyun International8,393,61812,812,6952.80%53%4,419,0773.4%

.

Henan Shen Huo Coal Industry &4,734,9129,451,2032.10%100%4,716,2913.6%

.

Shanxi Xishan Coal And Electri6,212,00010,969,1602.40%77%4,757,1603.6%

.

Jiangxi Ganyue Expressway Co L9,992,99915,098,9923.30%51%5,105,9933.9%

.

Jiaozuo Wanfang Aluminum Manuf7,019,47712,948,9202.80%84%5,929,4434.5%

.

Inner Mongolia Yili Industrial2,598,3998,571,4701.90%230%5,973,0714.6%

.

Neo-Neon Holdings Ltd6,970,00013,006,0282.90%87%6,036,0284.6%

.

Hudong Heavy Machinery Co786,9348,342,5061.80%960%7,555,5725.8%

.

Shanghai Zhenhua Port Machiner6,667,60014,300,8993.20%114%7,633,2995.8%

.

Daqin Railway Co Ltd13,042,00021,679,8664.80%66%8,637,8666.6%

.

Guangxi Liugong Machinery6,075,00014,970,9903.30%146%8,895,9906.8%

.

China Merchants Property Devel3,454,90812,871,7692.80%273%9,416,8617.2%

.

Huaxia Bank Co Ltd21,398,61931,059,0296.80%45%9,660,4107.4%

.

Zhengzhou Yutong Bus Co8,899,28818,742,1294.10%111%9,842,8417.5%

.

Shenzhen Chiwan Wharf Holdings6,163,97419,073,5374.20%209%12,909,5639.9%

.

China Merchants Bank Co Ltd11,839,40426,618,8255.80%125%14,779,42111.3%

.

Shanghai Pudong Development Ba7,180,28724,819,1865.50%246%17,638,89913.5%

.

309,395,107440,121,11696.9%130,726,0091

.

.

Total loss from 7 funds invested-16,264,488

.

Loss as % of NAV3.7%