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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 AUDITED ANNUAL REPORT AS AT DECEMBER 31, 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 Report of the Board of Directors 5 Report of the Investment Manager 6 Report of the Réviseur d’Entreprises agréé 9 Combined Statement of Net Assets 11 Combined Statement of Operations and Changes in Net Assets 22 Statement of Changes in Shares Outstanding 33 Statistics 43 Statement of Investments Eastspring Investments – Asia Pacific Equity Fund(*) (“Asia Pacific Equity Fund”) 54 Eastspring Investments – Asian Bond Fund (“Asian Bond Fund”) 56 Eastspring Investments – Asian Dynamic Fund(*) (“Asian Dynamic Fund”) 70 Eastspring Investments – Asian Equity Fund (“Asian Equity Fund”) 72 Eastspring Investments – Asian Equity Income Fund (“Asian Equity Income Fund”) 75 Eastspring Investments – Asian High Yield Bond Fund (“Asian High Yield Bond Fund”) 77 Eastspring Investments – Asian Infrastructure Equity Fund(*) (“Asian Infrastructure Equity Fund”) 82 Eastspring Investments – Asian Local Bond Fund (“Asian Local Bond Fund”) 84 Eastspring Investments – Asian Low Volatility Equity Fund (“Asian Low Volatility Equity Fund”) 91 Eastspring Investments – Asian Property Securities Fund(1) (“Asian Property Securities Fund”) 94 Eastspring Investments – Asian Smaller Companies Fund(*) (“Asian Smaller Companies Fund”) 96 Eastspring Investments – Asian Total Return Bond Fund(*) (“Asian Total Return Bond Fund”) 98 Eastspring Investments – China Equity Fund (“China Equity Fund”) 100 Eastspring Investments – Developed and Emerging Asia Equity Fund(*) (“Developed and Emerging Asia Equity Fund”) 102 Eastspring Investments – Dragon Peacock Fund (“Dragon Peacock Fund”) 104 Eastspring Investments – Emerging Europe, Middle East and Africa Dynamic Fund(*) (“Emerging Europe, Middle East and Africa Dynamic Fund”) 106 Eastspring Investments – European Investment Grade Bond Fund (“European Investment Grade Bond Fund”) 108 Eastspring Investments – Global Emerging Markets Bond Fund(*) (“Global Emerging Markets Bond Fund”) 117 Eastspring Investments – Global Emerging Markets Customized Equity Fund(*) (“Global Emerging Markets Customized Equity Fund”) 130 Eastspring Investments – Global Emerging Markets Dynamic Fund (“Global Emerging Markets Dynamic Fund”) 133 Eastspring Investments – Global Equity Navigator Fund(*) (“Global Equity Navigator Fund”) 135 Eastspring Investments – Global Low Volatility Equity Fund(*) (“Global Low Volatility Equity Fund”) 136 Eastspring Investments – Global Market Navigator Fund (“Global Market Navigator Fund”) 144 Eastspring Investments – Global Multi Asset Income Plus Growth Fund(*) (“Global Multi Asset Income Plus Growth Fund”) 162 Eastspring Investments – Global Technology Fund(*) (“Global Technology Fund”) 177 Eastspring Investments – Greater China Equity Fund (“Greater China Equity Fund”) 179 Eastspring Investments – Hong Kong Equity Fund (“Hong Kong Equity Fund”) 181 Eastspring Investments – India Discovery Fund(*) (“India Discovery Fund”) 183 Eastspring Investments – India Equity Fund (“India Equity Fund”) 184 Eastspring Investments – Indonesia Equity Fund (“Indonesia Equity Fund”) 185 Eastspring Investments – Japan Dynamic Fund (“Japan Dynamic Fund”) 186 Eastspring Investments – Japan Equity Fund(*) (“Japan Equity Fund”) 187 Eastspring Investments – Japan Fundamental Value Fund(*) (“Japan Fundamental Value Fund”) 189 Eastspring Investments – Japan Smaller Companies Fund(*) (“Japan Smaller Companies Fund”) 191 Eastspring Investments – Latin American Equity Fund(*) (“Latin American Equity Fund”) 192 Eastspring Investments – Malaysia Equity Fund(*) (“Malaysia Equity Fund”) 194 Eastspring Investments – North American Value Fund (“North American Value Fund”) 195 Eastspring Investments – Pan European Fund(*) (“Pan European Fund”) 197 Eastspring Investments – Philippines Equity Fund(*) (“Philippines Equity Fund”) 199 Eastspring Investments – Thailand Equity Fund(*) (“Thailand Equity Fund”) 200 Eastspring Investments – US Bond Fund(*) (“US Bond Fund”) 202 Eastspring Investments – US Corporate Bond Fund (“US Corporate Bond Fund”) 206 Eastspring Investments – US Equity Income Fund(*) (“US Equity Income Fund”) 216 Eastspring Investments – US High Investment Grade Bond Fund (“US High Investment Grade Bond Fund”) 218 Eastspring Investments – US High Yield Bond Fund (“US High Yield Bond Fund”) 223 Eastspring Investments – US Investment Grade Bond Fund (“US Investment Grade Bond Fund”) 233 Eastspring Investments – US Strategic Income Bond Fund(*) (“US Strategic Income Bond Fund”) 240 Eastspring Investments – US Total Return Bond Fund(*) (“US Total Return Bond Fund”) 249 Eastspring Investments – Vietnam Equity Fund(*) (“Vietnam Equity Fund”) 256 Eastspring Investments – World Value Equity Fund (“World Value Equity Fund”) 257 Notes to the Financial Statements 263 Appendices 283 (*) 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, Mr Manuel HAUSER (resigned January 1, 2018) Pan European Fund and World Value Equity Fund Independent Director (for investments in Europe): Grand Duchy of Luxembourg M&G Investment Management Limited Laurence Pountney Hill, London EC4R 0HH Mr Thomas NUMMER (appointed January 1, 2018) United Kingdom Independent Director Grand Duchy of Luxembourg For Global Technology Fund: Administration and Management Henderson Global Investors Limited 4 Broadgate, London EC2M 2DA United Kingdom Registered office 26, Boulevard Royal For China Equity Fund, Greater China Equity Fund L-2449 Luxembourg and Hong Kong Equity Fund: Grand Duchy of Luxembourg Eastspring Investments (Hong Kong) Limited(1) 13/F, One International Financial Centre Management Company 1 Harbour View Street Eastspring Investments (Luxembourg) S.A. Central, Hong Kong 26, Boulevard Royal L-2449 Luxembourg For Global Market Navigator Fund (for investments in high Grand Duchy of Luxembourg yield bonds), Global Multi Asset Income Plus Growth Fund (for investments in high yield bonds), North American Board of Directors of the Management Company Value Fund, US Bond Fund, US Corporate Bond Fund, Mr Guy Robert STRAPP US Equity Income Fund, US High Investment Grade Chief Executive Officer Bond Fund, US High Yield Bond Fund, US Investment Eastspring Investments Grade Bond Fund, US Strategic Income Bond Fund, Mrs Michele Mi-Kyung BANG US Total Return Bond Fund and World Value Equity Deputy Chief Executive Officer Fund (for investments in the US): Eastspring Investments PPM America, Inc. Mr Hendrik Gerrit RUITENBERG 225 West Wacker Drive, Suite 1200 Executive Officer Chicago, Illinois 60606 Eastspring Investments (Luxembourg) S.A. United States of America Conducting Officers of the Management Company Mr Hendrik Gerrit RUITENBERG Executive Officer Eastspring Investments (Luxembourg) S.A. (1) Until October 1, 2017. With effect from October 2, 2017, Eastspring Mr Christophe BÉCUE Investments (Hong Kong) Limited ceased to be the investment sub- Compliance Officer manager of Eastspring Investments – Hong Kong Equity Fund and Eastspring Investments (Singapore) Limited remains the sole investment Eastspring Investments (Luxembourg) S.A. manager. 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(2) The Bank of New York Mellon SA/NV Luxembourg Branch 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 (2) Listing agent of the SICAV
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