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Eastspring Investments Société D’Investissement À Capital Variable Luxembourg

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Eastspring Investments Société D’Investissement À Capital Variable Luxembourg EASTSPRING INVESTMENTS SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE LUXEMBOURG UNAUDITED SEMI-ANNUAL REPORT AS AT JUNE 30, 2017 26, boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg R.C.S Luxembourg B 81.110 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. EASTSPRING INVESTMENTS 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”) 47 Eastspring Investments – Asian Bond Fund (“Asian Bond Fund”) 49 Eastspring Investments – Asian Dynamic Fund(*) (“Asian Dynamic Fund”) 62 Eastspring Investments – Asian Equity Fund (“Asian Equity Fund”) 64 Eastspring Investments – Asian Equity Income Fund (“Asian Equity Income Fund”) 67 Eastspring Investments – Asian High Yield Bond Fund (“Asian High Yield Bond Fund”) 69 Eastspring Investments – Asian Infrastructure Equity Fund(*) (“Asian Infrastructure Equity Fund”) 74 Eastspring Investments – Asian Local Bond Fund (“Asian Local Bond Fund”) 76 Eastspring Investments – Asian Low Volatility Equity Fund(*) (“Asian Low Volatility Equity Fund”) 83 Eastspring Investments – Asian Property Securities Fund(1) (“Asian Property Securities Fund”) 86 Eastspring Investments – China Equity Fund (“China Equity Fund”) 88 Eastspring Investments – Developed and Emerging Asia Equity Fund(*) (“Developed and Emerging Asia Equity Fund”) 90 Eastspring Investments – Dragon Peacock Fund (“Dragon Peacock Fund”) 93 Eastspring Investments – Emerging Europe, Middle East and Africa Dynamic Fund(*) (“Emerging Europe, Middle East and Africa Dynamic Fund”) 95 Eastspring Investments – European Investment Grade Bond Fund (“European Investment Grade Bond Fund”) 97 Eastspring Investments – Global Bond Navigator Fund(*) (“Global Bond Navigator Fund”) 105 Eastspring Investments – Global Emerging Markets Bond Fund(*) (“Global Emerging Markets Bond Fund”) 106 Eastspring Investments – Global Emerging Markets Customized Equity Fund(*) (“Global Emerging Markets Customized Equity Fund”) 118 Eastspring Investments – Global Emerging Markets Dynamic Fund (“Global Emerging Markets Dynamic Fund”) 121 Eastspring Investments – Global Equity Navigator Fund(*) (“Global Equity Navigator Fund”) 123 Eastspring Investments – Global Low Volatility Equity Fund(*) (“Global Low Volatility Equity Fund”) 124 Eastspring Investments – Global Market Navigator Fund (“Global Market Navigator Fund”) 132 Eastspring Investments – Global Multi Asset Income Plus Growth Fund(*) (“Global Multi Asset Income Plus Growth Fund”) 146 Eastspring Investments – Global Technology Fund(*) (“Global Technology Fund”) 160 Eastspring Investments – Greater China Equity Fund (“Greater China Equity Fund”) 162 Eastspring Investments – Hong Kong Equity Fund (“Hong Kong Equity Fund”) 164 Eastspring Investments – India Discovery Fund(*) (“India Discovery Fund”) 166 Eastspring Investments – India Equity Fund (“India Equity Fund”) 167 Eastspring Investments – Indonesia Equity Fund (“Indonesia Equity Fund”) 169 Eastspring Investments – Japan Dynamic Fund (“Japan Dynamic Fund”) 170 Eastspring Investments – Japan Equity Fund(*) (“Japan Equity Fund”) 171 Eastspring Investments – Japan Fundamental Value Fund(*) (“Japan Fundamental Value Fund”) 173 Eastspring Investments – Japan Smaller Companies Fund(*) (“Japan Smaller Companies Fund”) 175 Eastspring Investments – Latin American Equity Fund(*) (“Latin American Equity Fund”) 176 Eastspring Investments – Malaysia Equity Fund(*) (“Malaysia Equity Fund”) 178 Eastspring Investments – North American Value Fund (“North American Value Fund”) 179 Eastspring Investments – Pan European Fund(*) (“Pan European Fund”) 181 Eastspring Investments – Philippines Equity Fund(*) (“Philippines Equity Fund”) 183 Eastspring Investments – Thailand Equity Fund(*) (“Thailand Equity Fund”) 184 Eastspring Investments – US Bond Fund(*) (“US Bond Fund”) 186 Eastspring Investments – US Corporate Bond Fund (“US Corporate Bond Fund”) 190 Eastspring Investments – US Equity Income Fund(*) (“US Equity Income Fund”) 200 Eastspring Investments – US High Investment Grade Bond Fund (“US High Investment Grade Bond Fund”) 202 Eastspring Investments – US High Yield Bond Fund (“US High Yield Bond Fund”) 207 Eastspring Investments – US Investment Grade Bond Fund (“US Investment Grade Bond Fund”) 217 Eastspring Investments – US Strategic Income Bond Fund(*) (“US Strategic Income Bond Fund”) 225 Eastspring Investments – US Total Return Bond Fund(*) (“US Total Return Bond Fund”) 233 Eastspring Investments – Vietnam Equity Fund(*) (“Vietnam Equity Fund”) 239 Eastspring Investments – World Value Equity Fund (“World Value Equity Fund”) 240 Notes to the Financial Statements 246 Appendices 265 Annex 280 (*) 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 EASTSPRING INVESTMENTS DIRECTORY, ADMINISTRATION AND MANAGEMENT Board of Directors Administration and Management (continued) Chairman Auditor of the Management Company Mr Peter Martin LLOYD KPMG Luxembourg, Société coopérative Independent Director 39, Avenue John F. Kennedy Former Chief Actuary – Prudential Corporation Asia L-1855 Luxembourg United Kingdom Grand Duchy of Luxembourg Directors Investment Manager Mr Guy Robert STRAPP Eastspring Investments (Singapore) Limited Chief Executive Officer 10 Marina Boulevard #32-01 Eastspring Investments Marina Bay Financial Centre Tower 2 Singapore 018983 Mrs Francine KEISER Independent Director Investment Sub-Managers Grand Duchy of Luxembourg For European Investment Grade Bond Fund, Pan European Fund and World Value Equity Fund Mr Manuel HAUSER (for investments in Europe): Independent Director M&G Investment Management Limited Grand Duchy of Luxembourg Laurence Pountney Hill, London EC4R 0HH United Kingdom Administration and Management For Global Technology Fund: Registered office Henderson Global Investors Limited 26, boulevard Royal 4 Broadgate, London EC2M 2DA L-2449 Luxembourg United Kingdom Grand Duchy of Luxembourg For China Equity Fund, Greater China Equity Fund Management Company and Hong Kong Equity Fund: Eastspring Investments (Luxembourg) S.A. Eastspring Investments (Hong Kong) Limited 26, boulevard Royal 13/F, One International Financial Centre L-2449 Luxembourg 1 Harbour View Street Grand Duchy of Luxembourg Central, Hong Kong Board of Directors of the Management Company For Global Market Navigator Fund (for investments Mr Guy Robert STRAPP in high yield bonds), Global Multi Asset Income Plus Chief Executive Officer Growth Fund (for investments in high yield bonds), Eastspring Investments North American Value Fund, US Bond Fund, US Corporate Bond Fund, US Equity Income Fund, Mrs Michele Mi-Kyung BANG US High Investment Grade Bond Fund, US High Yield Deputy Chief Executive Officer Bond Fund, US Investment Grade Bond Fund, Eastspring Investments US Strategic Income Bond Fund, US Total Return Bond Fund and World Value Equity Fund (for investments in Mr Hendrik Gerrit RUITENBERG the US): Executive Officer PPM America, Inc. Eastspring Investments (Luxembourg) S.A. 225 West Wacker Drive, Suite 1200 Chicago, Illinois 60606 Conducting Officers of the Management Company United States of America Mr Hendrik Gerrit RUITENBERG Executive Officer Eastspring Investments (Luxembourg) S.A. Mr Christophe BÉCUE Compliance Officer Eastspring Investments (Luxembourg) S.A. 2 EASTSPRING INVESTMENTS 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 018983 Depositary, Central Administration, Registrar and Transfer Agent and Listing Agent(1) The Bank of New York Mellon SA/NV 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 (1) Listing agent of the SICAV in relation to the listing of its Shares on the Luxembourg Stock Exchange 3 EASTSPRING INVESTMENTS GENERAL INFORMATION Current Prospectus Copies of Eastspring Investments’ (the “SICAV”) Articles of Association and Prospectus dated March 2017 and KIID may be obtained, free of charge, from the Registered Office of the SICAV. Please refer to the Prospectus dated March 2017 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 the Directive 2009/65/EC of the European Union Parliament
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