2 00 7 ( )
1
2007
2 00 7 ( )
2
2 00 7 ( )
3
4
5
7
10
33
33
33
36
2 00 7 ( )
4
1 Strategic Asset Allocation (Asset Class) 2 Tactical Asset Allocation ETF market position intrinsic value earning surprise investment trend 60% MSCI MSCI World Index +40% MSCI MSCI Emerging Markets Index
2 00 7 ( )
5
manager@southernfund.com custody@icbc.com.cn
The Bank of New York Mellon
One Wall Street New York, NY10286
Thomas Renyi Chairman Robert Kelly Chief Executive Officer
BNY Mellon Asset Management
International Limited
160
Alan Mearns Chief Executive Officer
http://www.nffund.com
2007 9 19
( )
2007 12 31
2 00 7 ( )
6
1
2
3
2 00 7 ( )
7
2 00 7 ( )
8
2 00 7 ( )
9
2 00 7 ( )
10
2007
2007
2007
2008 3 16
(2008) 20235
( )
2007 12 31 2007 9 19 ( ) 2007 12 31 ( )
(1) (2) (3)
2 00 7 ( )
11
2007 12 31
2007 9 19 ( ) 2007 12 31
·
2008 3 27
2007 12 31
1,201,966,393.75
28,269,312,275.87
9,289,492,416.63
18,979,819,859.24
199,849,000.00
2 00 7 ( )
12
234,928.06
202,955,539.08
5 6,9 62 ,6 31. 43
29,931,280,768.19
1,469,698,635.40
126,895,321.54
8 4,0 35 ,3 06. 62
2 4,8 60 ,0 17. 01
638,240.81
1,706,127,521.38
30,113,695,452.01
(1,888,542,205.20)
28,225,153,246.81
29,931,280,768.19
11
30,113,695,452.01
0.9 37
2 7,4 33 ,2 54. 23
2 7,4 33 ,2 54. 23
(1,011,239,743.87)
(690,872,073.48)
(591,331,896.29)
1 1,1 74 ,2 70. 81
235,851,828.99
2 3,9 38 ,1 26. 10
(583,471,013.95)
2 00 7 ( )
13
(88,262,717.04)
1,086,165.09
(1,654,454,055.54)
(153,303,438.28)
(24,860,017.01)
(47,829,432.87)
(160,260.50)
(226,153,148.66)
(1,880,607,204.20)
2007 9 19 ( )
2007 12 31
29,998,151,206.40
-- 29,998,151,206.40
--
(1,880,607,204.20)
(1,880,607,204.20)
115,544,245.61
(7,935,001.00)
107,609,244.61
340,685,164.58
(24,111,317.33)
316,573,847.25
(225,140,918.97)
16,176,316.33
(208,964,602.64)
--
--
--
30,113,695,452.01
(1,888,542,205.20)
28,225,153,246.81
2 00 7 ( )
14
( ) ( ) [2007] 244 29,992,251,706.52
(2007) 119 2007
9 19 29,998,151,206.40 5,899,499.88 (The Bank of New York Mellon) (BNY Mellon Asset Management International Limited)
(ETF) 95% 60%-100% 60% ( ) 40% 0%-40% 60% MSCI (MSCI World Index)+40% MSCI (MSCI Emerging Markets Index)
6 2007 12 31
2008 3 27
2006 2 15 2007
5 15 4
2 00 7 ( )
15
2007 12 31
2007 9 19 ( ) 2007 12 31
4
(a)
(b)
(c)
(d)
2 00 7 ( )
16
(e)
(i)
(ii)
(iii)
(iv)
2 00 7 ( )
17
(v)
(f)
(i)
(1)
/( )
(2)
/( )
(3)
( )
/( )
(ii)
(iii)
2 00 7 ( )
18
(g) /( )
/( )
/( )
/( )
/( )
(h)
1.85%
0.3%
(i)
(j)
/( ) /( )
(k)
2 00 7 ( )
19
12 60% 3
(l)
[2002]128 [2004]78
(a)
(b)
(c)
(a)
(a)
2 00 7 ( )
20
9,336,949,956.09 9,289,492,416.63 (47,457,539.46)
19,715,682,333.73 18,979,819,859.24 (735,862,474.49)
29,052,632,289.82 28,269,312,275.87(783,320,013.95)
- 199,849,000.00199,849,000.00
2007 12 31
2007 12 31
478,240.81
160,000.00
638,240.81
(a)
29,992,251,706.52 29,992,251,706.52
(a)
5,899,499.88
5,899,499.88
29,998,151,206.40 29,998,151,206.40
(b)
340,685,164.58
340,685,164.58
(b)
(225,140,918.97)
(225,140,918.97)
2007 12 31
30,113,695,452.01 30,113,695,452.01
2 00 7 ( )
21
(a) 2007 9 12 29,992,251,706.52
5,899,499.88 5,899,499.88
(b) 2007
9 19 ( ) 2007 12 18 2007 12 19
2007 9 19
( ) 2007 12 31
4,503,694,241.90
(5,194,566,315.38)
(690,872,073.48)
2007 9 19
( ) 2007 12 31
6,523,569,982.41
(7,114,901,878.70)
(591,331,896.29)
2007 9 19
( ) 2007 12 31
203,450,176.59
32,401,652.40
235,851,828.99
2 00 7 ( )
22
2007 9 19
( ) 2007 12 31
(47,457,539.46)
(735,862,474.49)
199,849,000.00
(583,471,013.95)
2007 9 19
( ) 2007 12 31
824,949.16
(a)
261,215.93
1,086,165.09
(a) 25%
2007 9 19
( ) 2007 12 31
160,000.00
260.50
160,260.50
(a)
( )
2 00 7 ( )
23
( )
( )
( )
(b)
1.85%
X 1.85% /
153,303,438.28
(c)
0.3%
X 0.3% /
24,860,017.01
(d)
2007 12 31 821,533,017.69 2007 12
31 380,433,376.06 9,347,061.82
18,086,192.41
(e)
2007 9 19
( ) 2007 12 31
2 00 7 ( )
24
( )
1,470,000,000.00
(a)
(b) 10% 10%
(c) 50% ( )
2 00 7 ( )
25
2007 12 31 1 1 3 3 1
( )
- ( ) 745,000,000.00 3,696,100,000.00 6,289,870,000.00 10,730,970,000.00
- ( ) 100,000,000.00 500,000,000.00 870,000,000.00 1,470,000,000.00
(d)
(i)
60%-100% 0%-40% 2007 12 31
2007 12 31
-
9,289,492,416.6332.91%
-
18,979,819,859.2467.24%
-
199,849,000.000.71%
28,469,161,275.87100.86%
2007 12 31 ( 1) 5% 19.44 ( 1) 5% 19.44
2 00 7 ( )
26
(ii)
2007 12 31 1 1 5 5
1,201,966,393.75 - - - 1,201,966,393.75
1,782,687,158.20 - - 26,486,625,117.6728,269,312,275.87
- - - 199,849,000.00199,849,000.00
- - - 234,928.06 234,928.06
- - - 202,955,539.08202,955,539.08
- - - 56,962,631.4356,962,631.43
2,984,653,551.95 - - 26,946,627,216.2429,931,280,768.19
- - - 1,469,698,635.401,469,698,635.40
- - - 126,895,321.54126,895,321.54
- - - 84,035,306.6284,035,306.62
- - - 24,860,017.0124,860,017.01
- - - 638,240.81 638,240.81
- - - 1,706,127,521.381,706,127,521.38
2,984,653,551.95 - - 25,240,499,694.8628,225,153,246.81
2007 12 31
(iii)
2007 12 31
2007 12 31
2 00 7 ( )
27
380,433,376.06 233,680.51821,299,337.181,201,966,393.75
9,289,492,416.63 18,979,819,859.24 - 28,269,312,275.87
- - 199,849,000.00199,849,000.00
- 81.96234,846.10234,928.06
- 202,657,837.08297,702.00202,955,539.08
- - 56,962,631.4356,962,631.43
9,669,925,792.69 19,182,711,458.791,078,643,516.7129,931,280,768.19
58,300,663.21 1,411,397,972.19 - 1,469,698,635.40
- - 126,895,321.54126,895,321.54
- - 84,035,306.6284,035,306.62
- - 24,860,017.0124,860,017.01
- - 638,240.81638,240.81
58,300,663.21 1,411,397,972.19236,428,885.981,706,127,521.38
9,611,625,129.48 17,771,313,486.60 842,214,630.73 28,225,153,246.81
2007 12 31 5% 13.69 5%
13.69
2007 9 19 ( ) 2007
12 31
/( )
(1,018,817,211.46)
(767,317,816.96)
131,680,972.88
(1,654,454,055.54)
2007 12 31
19,182,711,458.79
2 00 7 ( )
28
9,669,925,792.69
1,078,643,516.71
29,931,280,768.19
(i)
(ii)
(iii)
( )
2 00 7 ( )
29
China Railway Group Limited China Mobile Limited Sun Hung Kai Properties Limited China Telecom Corporation
Limited China Shenhua Energy Company
Limited China Life Insurance Company
Limited China Petroleum & Chemical
Corporation CNOOC Limited Air China Limited China Unicom Limited HSBC Holdings plc Hong Kong Exchanges and
Clearing Limited
China Merchants Bank
Co.,Limited
Hang Seng Bank Ltd. Ping An Insurance (Group)
Company of China, Ltd.
Cheung Kong (Holdings) Limited Hutchison Whampoa Limited Esprit Holdings Limited BYD Electronic (International)
Co,Ltd.
China Communications
Construction Company Limited
China Travel International
Iivestment Hong Kong Limited
China Coal Energy Co.,Ltd. Tencent Holdings Limited Zijin Mining Group Co.Ltd. China Southern Airlines Company
Limited
China COSCO Holdings Company
Limited
2 00 7 ( )
30
Shenzhen Expressway Company
Limited
China Everbright Limited BOC Hong Kong (Holdings)
Limited
China Mengniu Dairy Company
Limited
Zhaojin Mining Industry Company
Limited
China Insurance International
Holdings Company Limited
Aluminum corporation of china
limited
China Overseas Land &
Investment Ltd.
Sinotruk (Hong Kong) Ltd. Belle International Holdings
Limited
Xinyi Glass Holdings Ltd. NetDragon Websoft Inc. Angang Steel Company Limited ZTE Corporation Digital China Holdings Limited China Pharmaceutical Group
Limited
Xinjiang Xinxin Mining Industry
Co.,Ltd.
Maanshan Iron and Steel Company
Limited
1 2% 20
China Telecom Corporation Limited China Mobile Limited China Railway Group Limited CNOOC Limited China Shenhua Energy Company Limited Sun Hung Kai Properties Limited
2 00 7 ( )
31
China Life Insurance Company Limited Bank of China Limited Petrochina Company Limited Ping An Insurance (Group) Company of
China, Ltd.
China Petroleum & Chemical Corporation Hong Kong Exchanges and Clearing
Limited
China Unicom Limited China Merchants Bank Co.,Limited Aluminum corporation of china limited China Construction Bank Corporation
HSBC Holdings plc Air China Limited Angang Steel Company Limited Jiangxi Copper Company Limited
2 2% 20
Petrochina Company Limited 0857 504,065,419.50 1.79% Bank of China Limited 3988 468,404,827.50 1.66% China Construction Bank Corporation 0939 354,993,485.78 1.26% CNOOC Limited 0883 263,641,428.79 0.93% China Telecom Corporation Limited 0728 259,870,407.83 0.92% Angang Steel Company Limited 0347 229,167,113.45
0.81% Aluminum corporation of china limited 2600 221,252,712.44 0.78% Jiangxi Copper Company Limited 0358 206,633,995.77 0.73% China Shenhua Energy Company Limited 1088 178,015,811.91 0.63% China Shipping Container Lines Company
Limited
2866 154,618,795.82 0.55% Sun Hung Kai Properties Limited 0016 136,671,551.11 0.48% Ping An Insurance (Group) Company of
China, Ltd.
( ) 2318 134,213,112.07 0.48% Bank of Communications Co., Ltd. 3328 132,674,414.42 0.47% China COSCO Holdings Company
Limited
1919 117,888,756.53 0.42% Maanshan Iron and Steel Company 0323 114,959,232.31 0.41%
2 00 7 ( )
32
Limited
Anhui Conch Cement Company Limited 0914
98,081,777.67 0.35% China Citic Bank Corporation Limited 0998
87,803,414.51 0.31% China Life Insurance Company Limited 2628
82,429,517.22 0.29% China Unicom Limited 0762
80,390,483.56 0.28% China Mobile Limited 0941
63,660,475.67 0.23%
3
ISHARES S&P 500
INDEX FUND ETF
BGI 3,049,668 3,268,868,999.03 11.58%
ISHARES MSCI
EMERGING MKT IN ETF
BGI 2,420,691 2,657,631,575.63 9.42%
ISHARES MSCI SOUTH
KOREA IND ETF
BGI 5,048,601 2,386,007,302.94 8.45%
ISHARES MSCI
BRAZIL ETF
BGI 3,632,300 2,141,172,635.41 7.59%
ISHARES MSCI JAPAN
INDEX FD ETF
BGI 21,584,349 2,095,368,324.52 7.42%
GOLDMAN SACHS LIQ
RES FD INSTL CL
Goldman Sachs
Assets Management
International
1,782,687,158.20 1,782,687,158.20 6.32%
MARKET VECTORS
RUSSIA ETF ETF
Van Eck Associates
Corporation 2,831,100 1,053,441,902.88 3.73%
ISHARES MSCI
MEXICO ETF
BGI 2,435,770 996,370,230.35 3.53%
ISHARES MSCI
MALAYSIA ETF
BGI 7,722,338 718,081,352.67 2.54%
ISHARES MSCI SPAIN
INDEX FD ETF
BGI 1,194,228 555,241,727.08 1.97%
2 00 7 ( )
33
1
2
3
4
5
6
2007 12 31
1
2
1
2 00 7 ( )
34
5 6 160,000.00 1
7
BOCI Securities Limited 1,193,186,391.28 6.25%
528,413,708.50 1.67%
4,347,439.35 21.99%
2 00 7 ( )
35
Goldman Sachs (Asia)L.L.C
2,217,623,697.16 11.62% 10,435,206,822.67 32.99%
3,033,006.88 15.34% China International Capital
Corporation Hong Kong
Securities Limited
4,548,598,285.11 23.83%
117,123,070.30 0.37%
2,887,898.69 14.61% UBS Securities Asia Limited
4,476,662,810.94 23.45% 7,056,358,928.64 22.31%
2,264,483.80 11.45% CITI Group Global
Markets
Asia Limited
1,321,511,473.13 6.92% 5,244,989,608.91 16.58%
1,651,868.02 8.35% J.P. Morgan Securities (Asia
Pacific)Limited
1,669,639,116.10 8.75% 5,306,167,246.12 16.78%
1,232,714.59 6.23% First Shanghai Securities Ltd.
231,549,406.09 1.21%
- - 0.00 %
1,175,724.04 5.95% Cantor Fitzgerald
797,243,307.80 4.18%
389,078,745.12 1.23%
1,090,033.26 5.51% Morgan Stanley Asia Limited
627,845,037.88 3.29%
12,841,227.61 0.04%
810,778.82 4.10% BOCOM International
Securities Limited
611,611,698.97 3.20%
- - 0.00 %
647,206.00 3.27% Huatai Financial Holdings
(Hong Kong) Limited
291,318,544.99 1.53%
- - 0.00 %
369,906.87 1.87% Credit Suisse(Hong Kong)
Limited
1,043,710,926.12 5.47% 2,117,135,040.30 6.69%
179,465.81 0.91% BNP Paribas Corporate &
Investment Banking
53,179,203.90 0.28%
- - 0.00 %
67,735.17 0.34% RBC Dominion Securities Inc.
0.00%
420,739,282.19 1.33%
9,200.00 0.05% CSC Securities (Hong Kong)
Limited
4,109,265.35 0.02% 0.00%
5,184.30 0.03%
1,193,186,391.28 100% 100% 19,772,645.60 100% 2007-12-29
2 00 7 ( )
36
1
