Lipper Fund Market Insight Reports

The Month in Closed-End Funds: January 2012

lipperclientservices@thomsonreuters.com — Fri, 03 Feb 2012 00:00:00 -0700

For the second consecutive month equity and fixed income closed-end funds (CEFs) posted returns in the black for January, gaining 5.33% and 4.18%, respectively, on a NAV basis. On a market basis equity funds rose 8.09% and fixed income funds gained 4.94%.

For the third consecutive month all of Lipper’s municipal debt fund classifications posted positive returns, while for the second month in a row all of the taxable fixed income classifications were in the plus column. Continuing the trend, all equity CEF classifications were also in the black. In all, only ten CEFs posted negative returns for January.

For the first month in three world equity funds (+6.86%) outpaced their domestic equity fund (+4.65%) and mixed-equity fund (+4.71%) counterparts.

Once again, municipal debt CEFs (+4.65% on a NAV basis) outpaced their domestic taxable bond CEF (+3.23%) and world bond CEF (+4.36%) brethren for the month.

The January median discount of all CEFs narrowed 62 basis points (bps) to 1.71%, falling below the 12-month moving average of 3.90% for the third consecutive month. Three of the fixed income macro-groups remained in premium territory.

Hong Kong MPF Market Summary (December 2011)

lipperclientservices@thomsonreuters.com — Fri, 13 Jan 2012 00:00:00 -0700

• Hong Kong MPFs gained 0.36% on average for December, attributed mainly to equity MPFs and mixed-asset MPFs climbing 0.44% and 0.40%, respectively. Bond MPFs gained 0.21% for the month.

• Hong Kong MPFs fell 8.41% on average for all of 2011–their biggest loss since 2008. Equity MPFs, incurring a loss of 15.11% on average, underperformed all other types of MPFs for 2011. Mixed-asset MPFs, recording a negative return of 7.27% on average, came in second from the bottom of the performance league table by asset type. Bond MPFs gained 2.76% on average.

• Inflation is expected to continue heading south in 2012 in China, thereby giving the Chinese government and the People’s Bank of China more room to introduce more stimulus measures.

• More evidence has emerged that the U.S. economic outlook is becoming more positive.

• European sovereign debt continues to be the main obstacle hindering the global markets from staging a sustainable recovery. The latest statistics from the European Central Bank show that European banks are still placing a large part of their ECB loans at the central bank, reflecting that banks in the Eurozone still lack confidence to inject capital into the financial system.

Hong Kong MPF Market Summary (December 2011)

lipperclientservices@thomsonreuters.com — Fri, 13 Jan 2012 00:00:00 -0700

• 香港強積金12月平均上升0.36%。股票強積金平均上漲0.44%，優于債券強積金(+0.21%)和混合型強積金(+0.40%)。

• 2011年香港強積金平均錄得8.41%的跌幅 - 自2008年以來最大的損失。股票強積金平均下跌15.11%，遠遜于債券強積金(+2.76%)和混合型強積金(-7.27%)。

• 從2012年全年來看，中國通脹率在這新的一年裡料將溫和，從而給予中國政府和中國人民銀行更多的空間來實施更多的刺激舉措。

• 把目光轉向大洋彼岸的美國，越來越多的數據顯示出美國經濟前景正趨向好轉。

• 然而，歐洲形勢仍然沉重。歐洲主權債務問題依然是阻礙全球市場展開持續性反彈的主要絆腳石。歐洲央行的最新數據反映出歐洲銀行業者仍然將他們自央行拆借到資金的大部分存放在央行。這暗示出歐元區的銀行業者對於將資金注入金融體系依然缺乏信心。

Role Reversal in Q4 Sends Riskier Strategies to the Top

lipperclientservices@thomsonreuters.com — Fri, 06 Jan 2012 00:00:00 -0700

General U.S. Treasury Funds was the year’s clear winner (+15.83%) but took a backseat for Q4 (+1.25%).

A “risk-on” mentality changed the market sentiment and sent High Current Yield Funds up 5.58% and Loan Participation Funds up 3.20% for the quarter.

The largest fixed income group, the $723-billion Intermediate Investment-Grade Debt Funds category, was up 1.33% for the quarter.

Munis continued to silence critics; Lipper’s General Muni Debt Funds category gained 2.18% for Q4.

The Month in Closed-End Funds: December 2011

lipperclientservices@thomsonreuters.com — Thu, 05 Jan 2012 00:00:00 -0700

For the second month in three equity and fixed income closed-end funds (CEFs) posted returns in the black for December, gaining 0.29% and 2.42%, respectively, on a NAV basis. However, for the year equity CEFs declined 3.39%, while fixed income CEFs produced an eye-popping 11.43% positive return.

For the second consecutive month all of Lipper's municipal debt fund classifications posted positive returns, while in a reversal of November's negative performance, all of the taxable fixed income classifications were also in the plus column. For the equity CEFs, however, all four world equity classifications were in the red, while their domestic cousins were in the black.

Mixed-equity funds (+1.51%) outpaced their domestic equity funds (+0.99%) and world equity funds (-1.65%) counterparts.

Once again municipal debt CEFs (+2.99% on a NAV basis) outpaced their domestic taxable bond CEF (+1.70%) and world bond CEF (+0.39%) brethren for the month.

The December median discount of all CEFs narrowed 96 basis points (bps) to 2.33%, falling below the 12-month moving average of 4.06% for only the second month in 13. Three of the fixed income macro-groups remained in premium territory.

Equity Funds Post an 8.73% Return for Q4 but Finish the Year 2011 Down 6.00%

Wed, 04 Jan 2012 00:00:00 -0700

Equity funds (+8.73%) posted their first positive quarterly return in three, with U.S. Diversified Equity (USDE) Funds (+10.77%) leading Lipper's other three broad equity macro-classifications: Sector Equity Funds (+7.44%), Mixed-Asset Funds (+5.65%), and World Equity Funds (+4.47%).

Sovereign debt issues, Middle East unrest, and slowing global growth dropped old favorites to the bottom of the pack. India Region Funds (-16.00%) and Japanese Funds (-3.24%) dragged down the World Equity Funds group for the quarter.

For the first quarter in eight value-oriented funds (+13.14%) outperformed the other USDE fund styles, while for the first quarter in four, small-cap funds (+14.60%) outpaced the other capitalization groups.

For the year investors bid up defensive issues, pushing Utility Funds (+8.68%), Health/ Biotechnology Funds (+8.18%), and Real Estate Funds (+7.64%) to the head o f the class.

Singapore Fund Market Insight Report, November 2011 - Risk Assets Suffer With No End In Sight For Eurozone Debt Crisis

lipperclientservices@thomsonreuters.com — Tue, 20 Dec 2011 00:00:00 -0700

Riskier asset classessuffered in November; the MSCI World index shed 2.38%, while it’s emerging marketscomponent fared even worse at -6.66%.

Singapore markets fellin step with their Asian and European counterparts, and finished 5.37% lower,while Singapore-registered unit trusts retreated 1.97%.

Performance patternsdid yet another about-turn: risky asset class offerings such as commodity (-3.19%),equity (-2.50%), and mixed asset (-1.13%) funds and even bond funds (-1.21%)suffered.

Rising risk aversionbenefited conservative products however, with protected (1.61%), money market(0.48%) and guaranteed (-0.17%) funds posting flat to decent returns.

In an environment of heightened and prolonged uncertainty, investors would do well to stay cautiously positive and to focus on high-quality debt and/or blue-chip equity allocations.

Hong Kong MPF Market Summary (November 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Dec 2011 00:00:00 -0700

• Hong Kong MPFs fell 3.80% on average for November, attributed mainly to the equity MPFs and mixed-asset MPFs, which fell 5.62% and 3.77%, respectively.

• Bond MPFs fell 1.51% for the month.

• Investors generally believe the rescue plan announced by the Eurozone leaders last Friday is insufficient to resolve the European sovereign debt crisis. They want the ECB to increase its purchasing of PIIGS countries’ government bonds from the fixed income markets but the plan announced last Friday did not include such an enlarged role for the ECB.

• As long as the Eurozone leaders continue to act against the demands of investors in handling the European sovereign debt crisis, the turbulence in the global financial markets will continue and a sustainable recovery of asset prices will not occur. Also, the longer the Eurozone leaders remain defiant, the larger will be the bill they will eventually have to pay to resolve this issue.

Hong Kong MPF Market Summary (November 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Dec 2011 00:00:00 -0700

• 香港強積金11月平均下滑3.80%。股票強積金平均下跌5.62%，遜于債券強積金(-1.51%)和混合型強積金(-3.77%)。

• 投資者仍普遍認為歐元區領導人上週五宣佈的援助計畫不足以解決主權債危機。他們希望歐洲央行加大力度購買歐豬國家的公債，但上週五宣佈的計畫中卻未涉及這一部分。

• 只要歐元區領導人在應對債務危機上繼續與投資者的要求背道而馳，環球金融市場的動盪就將持續，而資產價格的持續復蘇則將永遠無望實現。決策者無視投資者要求的時間越長，他們最終為解決問題所支付的代價就將越發高昂。

Hong Kong Fund Market Summary (November 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Dec 2011 00:00:00 -0700

• Funds authorized for sale in Hong Kong declined 4.35% on average for November, attributable to equity funds and mixed-asset funds falling 5.25% and 3.69%, respectively.

• Bond funds declined 2.74% on average for the month.

• Investors generally believe the rescue plan announced by the Eurozone leaders last Friday is insufficient to resolve the European sovereign debt crisis. They want the ECB to increase its purchasing of PIIGS countries’ government bonds from the fixed income markets but the plan announced last Friday did not include such an enlarged role for the ECB.

• As long as the Eurozone leaders continue to act against the demands of investors in handling the European sovereign debt crisis, the turbulence in the global financial markets will continue and a sustainable recovery of asset prices will not occur. Also, the longer the Eurozone leaders remain defiant, the larger will be the bill they will eventually have to pay to resolve this issue.

Hong Kong Fund Market Summary (November 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Dec 2011 00:00:00 -0700

• 香港認可買賣基金11月平均下跌4.35%，這歸因於股票基金和混合型基金，兩個類別在11月各自平均下跌5.25%和3.69%。

• 債券基金也下滑2.74%。

• 投資者仍普遍認為歐元區領導人上週五宣佈的援助計畫不足以解決主權債危機。他們希望歐洲央行加大力度購買歐豬國家的公債，但上週五宣佈的計畫中卻未涉及這一部分。

• 只要歐元區領導人在應對債務危機上繼續與投資者的要求背道而馳，環球金融市場的動盪就將持續，而資產價格的持續復蘇則將永遠無望實現。決策者無視投資者要求的時間越長，他們最終為解決問題所支付的代價就將越發高昂。

Malaysia Fund Market Summary (November 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Dec 2011 00:00:00 -0700

• Funds registered for sale in Malaysia declined 0.98% on average for November, attributable mainly to equity funds and mixed-asset funds falling 1.74% and 0.72%, respectively.

• Bond funds declined 0.10% for the month.

• Investors generally believe the rescue plan announced by the Eurozone leaders last Friday is insufficient to resolve the European sovereign debt crisis. They want the ECB to increase its purchasing of PIIGS countries’ government bonds from the fixed income markets but the plan announced last Friday did not include such an enlarged role for the ECB.

• As long as the Eurozone leaders continue to act against the demands of investors in handling the European sovereign debt crisis, the turbulence in the global financial markets will continue and a sustainable recovery of asset prices will not occur. Also, the longer the Eurozone leaders remain defiant, the larger will be the bill they will eventually have to pay to resolve this issue.

The Month in Closed-End Funds: November 2011

lipperclientservices@thomsonreuters.com — Mon, 05 Dec 2011 00:00:00 -0700

Given the dour mood in the market, it wasn't surprising to see equity and fixed income closed-end funds (CEFs) post returns in the red for the month of November, losing 1.49% and 0.39%, respectively, on a NAV basis.

In a reversal from October, for the month of November all of Lipper's municipal debt fund classifications except High Yield Municipal Debt (-0.02%) posted positive returns, while only two equity classifications (Value Funds and Sector Equity Funds) could claim the same and none of the taxable fixed income categories were in the black.

Domestic equity funds (-0.56%) mitigated losses better than their world equity funds (-3.00%) and mixed-equity funds (-2.00%) counterparts.

For the month municipal debt CEFs (+0.51% on a NAV basis) outpaced their domestic taxable bond CEF (-1.71%) and world bond CEF (-2.22%) brethren.

The November median discount of all CEFs narrowed 119 basis points (bps) to 3.29%, falling below the 12-month moving average of 4.04% for the first month in 12. Municipal debt funds witnessed the largest narrowing of discounts of all of the macro-groups, narrowing a whopping 263 bps to 0.18%.

Singapore Fund Market Insight Report, October 2011 - October Proves on Oasis of Optimism Ahead of Efforts to Resolve Eurozone Debt Crisis

lipperclientservices@thomsonreuters.com — Mon, 21 Nov 2011 00:00:00 -0700

• Global equitiesrallied in October amid hopes for a resolution of the EU crisis, and amidencouraging data in the US; the MSCI World index advanced 10.37% on the month.

• Singapore markets rosein tandem and finished 6.75% higher, while Singapore-registered unit trusts advanced4.87%.

• Performance patternsdid an about-turn: risky asset class offerings such as equity (7.15%), mixedasset (3.08%) and commodity (+1.37%) funds posted the largest gains on the month.

• Rising risk appetiteshurt conservative products however, with protected (-2.09%), money market(-1.52%) and guaranteed (-1.24%) funds suffering losses.

• In an environment ofheightened and prolonged uncertainty, investors would do well to stay cautiouslypositive and to focus on high-quality debt and/or bluechip equity allocations.

China Fund Market Insight Report, October 2011 Month-End Analysis (Chinese) -风暴后的片刻宁静

Fri, 18 Nov 2011 00:00:00 -0700

全球及亚太市场上月普遍反弹，香港恒生指数大幅反弹12.92%，上综指数10月回升4.62%，今年以来仍大幅回落12.1%，印度尼西亚及菲律宾股市今年以来累计升幅仍有3.16%及2.36%，是表现最强势的亚太市场。

中国各分类基金10月全面回升，其他可转债基金上月平均大幅走升6.88%；今年以来货币市场基金平均业绩以2.72%居于领先地位，其余类型基金均呈亏损，中国股票型表现最差，今年以来平均亏损达15.02%。

QFII A股基金10月整体平均业绩回升4.43%，平均升幅优于国内股票型，今年以来平均业绩则仍回落15.16%，与国内股票型在伯仲之间。海外投资者投资热度意兴阑珊，多数QFII A股基金持续处于净赎回态势。

QDII基金上月平均业绩大幅走升7.85%，表现明显优于国内股票型，今年以来QDII基金平均业绩仍亏损14.88%，亏损幅度略小于国内股票基金。

欧债风暴袭卷未平，全球系统性风险高升，中国总体经济持续处于结构调整的震痛期，投资者仍不宜过于躁进。

HK MPF Market Summary (Oct 2011)

lipperclientservices@thomsonreuters.com — Fri, 11 Nov 2011 00:00:00 -0700

•    Hong Kong MPFs gained 6.64% on average for October-their best month since May 2009.

•    Equity MPFs (+10.56%) outperformed both bond MPFs (+0.89%) and mixed-asset MPFs (+6.19%) for the first month since May 2011.

•    The sovereign debt crisis of the PIIGS countries will continue to haunt the global financial markets for years.

•    The measures that have so far been announced by the Eurozone leaders to tackle the sovereign debt crisis of the PIIGS countries are inadequate, along with their snail’s-pace reaction in dealing with every new tricky issue of the crisis, enhance the gravity of the crisis and increase the cost to resolve it.

HK MPF Market Summary (Oct 2011)

lipperclientservices@thomsonreuters.com — Fri, 11 Nov 2011 00:00:00 -0700

•    香港強積金10月平均上升6.64% - 自二零零九年五月以來最好的一個月。

•    股票強積金平均上漲10.56%，是二零一一年五月以來的第一個月表現優于債券強積金(+0.89%)和混合型強積金(+6.19%)。

•    歐豬國家的主權債危機將繼續困擾全球金融市場數年之久。

•    這應歸咎於歐元區領導人迄今宣佈的主權債務危機應對措施並不充分，且對危機中每項新難題的回應都緩慢至極。

•    這加劇了危機的殺傷力，並導致解決危機所需的成本愈發高昂。

HK Fund Market Summary (Oct 2011)

lipperclientservices@thomsonreuters.com — Fri, 11 Nov 2011 00:00:00 -0700

•    Funds authorized for sale in Hong Kong gained 8.35% on average for October, attributable to equity funds and mixed-asset funds climbing 10.82% and 6.39%, respectively.

•    Bond funds also advanced–up 3.34% on average for the month.

•    The sovereign debt crisis of the PIIGS countries will continue to haunt the global financial markets for years.

•    The measures that have so far been announced by the Eurozone leaders to tackle the sovereign debt crisis of the PIIGS countries are inadequate, along with their snail’s-pace reaction in dealing with every new tricky issue of the crisis, enhance the gravity of the crisis and increase the cost to resolve it.

HK Fund Market Summary (Oct 2011)

lipperclientservices@thomsonreuters.com — Fri, 11 Nov 2011 00:00:00 -0700

•    香港認可買賣基金10月平均上升8.35%，這歸因於股票基金和混合型基金，兩個類別在10月各自平均上漲10.82%和6.39%。

•    債券基金也在當月上升3.34%。

•    歐豬國家的主權債危機將繼續困擾全球金融市場數年之久。

•    這應歸咎於歐元區領導人迄今宣佈的主權債務危機應對措施並不充分，且對危機中每項新難題的回應都緩慢至極。

•    這加劇了危機的殺傷力，並導致解決危機所需的成本愈發高昂。

Malaysia Fund Market Summary (Oct 2011)

lipperclientservices@thomsonreuters.com — Fri, 11 Nov 2011 00:00:00 -0700

•    Funds registered for sale in Malaysia gained 4.44% on average for October, attributable mainly to equity funds and mixed-asset funds climbing 6.90% and 4.52%, respectively.

•    Bond funds gained 0.87% for the month. •

•    The sovereign debt crisis of the PIIGS countries will continue to haunt the global financial markets for years.

•    The measures that have so far been announced by the Eurozone leaders to tackle the sovereign debt crisis of the PIIGS countries are inadequate, along with their snail’s-pace reaction in dealing with every new tricky issue of the crisis, enhance the gravity of the crisis and increase the cost to resolve it.

The Month in Closed-End Funds: October 2011

lipperclientservices@thomsonreuters.com — Thu, 03 Nov 2011 00:00:00 -0600

For the first month since April 2011 both equity and fixed income closed-end funds (CEFs) posted returns in the black, with equity funds posting their strongest one-month return (+9.17%) since May 2009 and fixed income funds chalking up a 1.34% NAV-based return.

In a reversal from September, for the month of October all of Lipper's 12 equity and 9 taxable fixed income CEF classifications posted positive returns, while for the first month in seven all 11 of the municipal debt CEF classifications were in the red.

Domestic equity funds (+9.79%) outpaced their world equity funds (+9.20%) and mixed-equity funds (+6.83%) counterparts.

For the month world income CEFs (+5.30% on a NAV basis) outpaced their domestic taxable bond CEF (+4.05%) and municipal debt CEF (-0.50%) brethren.

The October median discount of all CEFs narrowed 18 basis points (bps) to 4.48%, remaining above the 12-month moving average of 4.11%. Domestic equity funds witnessed the largest widening of all of the macro-groups, widening 139 bps to 8.93%.

HK MPF Market Summary (Sep 2011)

lipperclientservices@thomsonreuters.com — Thu, 20 Oct 2011 00:00:00 -0600

•    Hong Kong MPFs fell 7.75% on average for September–their worst month since October 2008.

•    Equity MPFs (-12.01%) underperformed both bond MPFs (-2.04%) and mixed-asset MPFs (-7.51%) for a fourth straight month.

•    The CBOE volatility index since August 2011 shows that whenever it fell to 30, the rebound of the global equity markets ended. Global equity markets then underwent a new round of correction, which then ended after the index surged above 43.

•    The CBOE volatility index dropped below 30 on October 14, 2011, but climbed back to 34.8 on October 20, 2011.

•    Investors can thus use the CBOE volatility index as a reference to help make their investment decisions.

HK MPF Market Summary (Sep 2011)

lipperclientservices@thomsonreuters.com — Thu, 20 Oct 2011 00:00:00 -0600

•    香港強積金9月平均下跌7.75% - 自二零零八年十月以來最差的一個月。

•    股票強積金平均下滑12.01%，表現連續第四個月遜于債券強積金(-2.04%)和混合型強積金(-7.51%)。

•    研究一下芝加哥期權交易所(CBOE)的波動率指數，2011年8月以來的數據顯示出，每當波動率指數跌到30，全球股市的反彈就結束了。之後，全球股市將經歷一輪新的修正，直至波動率指數重返43上方後，修正走勢才可能告一段落。

•    CBOE波動率指數在2011年10月14日跌至30下方，不過到10月20日已經回升到34.8。

•    投資者或許可以在做投資決定時參考該波動率指數。

HK Fund Market Summary (Sep 2011)

lipperclientservices@thomsonreuters.com — Thu, 20 Oct 2011 00:00:00 -0600

•    Funds authorized for sale in Hong Kong dropped 9.44% on average for September, attributable to equity funds and mixed-asset funds falling 11.82% and 7.51%, respectively.

•    Bond funds also declined–down 4.52% on average for the month.

•    Commodities funds–the star performers for August–slid 13.77% on average for September.

•    The CBOE volatility index since August 2011 shows that whenever it fell to 30, the rebound of the global equity markets ended. Global equity markets then underwent a new round of correction, which then ended after the index surged above 43.

•    The CBOE volatility index dropped below 30 on October 14, 2011, but climbed back to 34.8 on October 20, 2011.

•    Investors can thus use the CBOE volatility index as a reference to help make their investment decisions.

HK Fund Market Summary (Sep 2011)

lipperclientservices@thomsonreuters.com — Thu, 20 Oct 2011 00:00:00 -0600

•    香港認可買賣基金9月平均下跌9.44%，這歸因於股票基金和混合型基金，兩個類別在9月各自平均下跌11.82%和7.51%。

•    債券基金也下滑4.52%。

•    商品基金也平均下跌13.77%。

•    研究一下芝加哥期權交易所(CBOE)的波動率指數，2011年8月以來的數據顯示出，每當波動率指數跌到30，全球股市的反彈就結束了。之後，全球股市將經歷一輪新的修正，直至波動率指數重返43上方後，修正走勢才可能告一段落。

•    CBOE波動率指數在2011年10月14日跌至30下方，不過到10月20日已經回升到34.8。

•    投資者或許可以在做投資決定時參考該波動率指數。

Malaysia Fund Market (Sep 2011)

lipperclientservices@thomsonreuters.com — Thu, 20 Oct 2011 00:00:00 -0600

•    With the turbulence in the global markets continuing in September for a fourth straight month, funds registered for sale in Malaysia fell 3.32% on average for the month.

•    This was attributed mainly to equity funds and mixed-asset funds falling 5.39% and 3.19%, respectively.

•    Bond funds declined 0.35% for the month.

•    The CBOE volatility index since August 2011 shows that whenever it fell to 30, the rebound of the global equity markets ended. Global equity markets then underwent a new round of correction, which then ended after the index surged above 43.

•    The CBOE volatility index dropped below 30 on October 14, 2011, but climbed back to 34.8 on October 20, 2011.

•    Investors can thus use the CBOE volatility index as a reference to help make their investment decisions.

Singapore Fund Market Insight Report, September 2011 - Investor Confidence Ebbs as Eurozone Debt Woes Persist

lipperclientservices@thomsonreuters.com — Wed, 19 Oct 2011 00:00:00 -0600

The Eurozone debtcrisis and weak US data continued to take center-stage in September, batteringmarkets in the process; the MSCI World index shed 8.85% on the month.

Singapore marketsfinished 7.28% lower as a result, while Singapore-registered unit trustsretreated 2.80%.

Performance wasnegative across risky asset class offerings, with commodity (-7.83%) and equity(-4.97%) funds losing the most ground.

Rising risk aversionfavoured conservative products such as protected (5.14%), money market (3.77%)and bond (1.21%) funds.

As the US and EU falter anddoubts remain over the likelihood of a global recovery, investors would do wellto stay cautiously positive and to focus on high quality debt and/or blue chip equityallocations.

India Fund Market Insight Report, September 2011 - Markets Resilient Amid Macro Headwinds and Negative Fund Flows

lipperclientservices@thomsonreuters.com — Wed, 19 Oct 2011 00:00:00 -0600

The Eurozone debtcrisis and weak US data continued to take center-stage in September, batteringglobal equities in the process; the MSCI World index shed 8.85% on the month.

Indian markets provedmore resilient, with the S&P CNX Nifty finishing just 1.15% lower, while India-registeredunit trusts retreated 0.01% on average.

Performance has been lacklusteramong risky asset class offerings; equity portfolios saw the sharpest losses(1.77%), while mixed asset funds were merely flat (+0.07%).

Fixed income fundsbenefited from rising risk aversion globally and locally, and bond funds postedmodest gains – of 0.56% - on the month.

As the US and EU falter anddoubts remain over the likelihood of a global recovery, investors would do wellto stay cautiously positive and to focus on high quality debt and/or blue chip equityallocations.

China Fund Market Insight Report, September2011 Month-End Analysis (Chinese) -余波荡漾

lipperclientservices@thomsonreuters.com — Sat, 15 Oct 2011 00:00:00 -0600

全球及亚太市场上月跌势未见明显和缓，泰股及港股跌幅均逾14%，上综指数9月回落8.11%，今年以来则已大幅回落15.98%，印度尼西亚及菲律宾股市今年以来由升转跌，累计跌幅为4.17%及4.8%，在亚太股市中最为抗跌，香港股市今年以来下跌23.63%，表现最为弱势。

中国各分类基金9月除货币市场型外，其余各类基金全军覆墨，中国股票型，进取混合型及灵活混合型上月平均跌幅均逾9%；今年以来货币市场基金平均业绩以2.39%居于领先位置，其余类型基金均呈亏损，中国股票型表现最差，今年以来平均亏损达17.84%。

QFII A股基金9月整体平均业绩回落10.57%，平均跌幅大于国内股票型，今年以来平均业绩则回落19.78%，同样滞后于国内股票型。整体QFII A股基金9月总资产规模跌落百亿美元以下，A股市场长期表现低迷，导致海外资金快速退潮。

QDII基金上月平均业绩下跌12.43%，跌幅明显大于国内股票型，今年以来QDII基金平均业绩大幅亏损22.51%，亏损幅度持续大于国内股票基金。

主权基金入场救市，惟市场信心仍无法有效提振，反弹走势无以为继，投资者仍相对谨慎，市场回暖关键取决于中国经济结构调整出现明显优化及国际经济形势趋于稳定，否则后市仍将趋向震荡整理。

Q3 Bond Fund Performance Asks: Whither the Eurozone?

lipperclientservices@thomsonreuters.com — Thu, 06 Oct 2011 00:00:00 -0600

-- General U.S. Treasury Funds remained in the driver’s seat for Q3, up a stunning 14.55%.

-- A “risk-off” mentality gripped the market and saw High Yield Funds drop 6.63% and Emerging Markets Debt Funds fall 6.88%.

-- The largest fixed income group, the $670-billion Intermediate Investment Grade Debt Funds category, was flat (0.00%) for September but still managed a 1.90% quarterly return.

-- Munis continued to silence the critics; Lipper’s General Muni Debt Funds group gained 3.65% for Q3.

The Month in Closed-End Funds: September 2011

lipperclientservices@thomsonreuters.com — Wed, 05 Oct 2011 00:00:00 -0600

Equity closed-end funds (CEFs) suffered their largest monthly loss (-8.56%) since February 2009, while for the fifth month in six fixed income CEFs posted a NAV-based return in the black, gaining 0.55%.

For the month of September none of Lipper's 12 equity and 9 taxable fixed income CEF classifications posted positive returns, while all 11 of the municipal debt CEF classifications were in the black.

For the second month in a row mixed-equity funds (-5.36%) mitigated losses better than their domestic equity (-7.74%) and world equity (-11.57%) counterparts.

For the month municipal debt CEFs (+2.39% on a NAV basis) outpaced their domestic taxable bond CEF (-1.65%) and world income CEF (-6.49%) counterparts.

The September median discount of all CEFs widened 56 basis points (bps) to 4.66%, remaining above the 12-month moving average of 3.87%. World Income Funds witnessed the largest widening of all of the macro-groups, widening 405 bps to 6.81%.

Equity Funds, Losing 17.44%, Suffer Their Largest Quarterly Decline Since Q4 2008

lipperclientservices@thomsonreuters.com — Tue, 04 Oct 2011 00:00:00 -0600

For the second quarter in a row equity funds posted negative returns on average, with World Equity Funds (-20.44%) lagging Lipper's other three broad macro-classifications: Mixed-Equity Funds (-10.08%), U.S. Diversified Equity (USDE) Funds (-16.67%), and Sector Equity Funds (-15.36%).

Sovereign debt concerns, slowing global growth, and a weakening U.S. dollar pushed some old favorites to the bottom of the pack. China Region Funds (-25.59%) and Latin American Funds (-25.36%) dragged down the group.

For the second consecutive quarter large-cap funds (-15.41%) mitigated losses better than the other capitalization groups. Small-cap funds (-21.75%) dropped to the bottom.

Dedicated Short-Bias Funds (+29.82%) and Commodities Specialty Funds (+1.17%) provided the only plus-side returns among equity fund groups.

Singapore Fund Market Insight Report, August 2011 - Investors Rattled as Sovereign Debt Woes in the US and Eurozone Persist

lipperclientservices@thomsonreuters.com — Fri, 23 Sep 2011 00:00:00 -0600

The downgrade of USSovereign debt and the Eurozone debt crisis continued to take center-stage in August,ratting markets in the process; the MSCI World index shed 7.26% on the month.

Singapore marketsfinished 9.53% lower as a result, while Singapore-registered unit trustsretreated 6.28%.

Performance wasnegative almost across the board, with the sole exception being commodity funds(+2.32%), which were buoyed up by soaring precious metals prices.

Equity and mixed assetfunds were among the least profitable as risky asset classes were batteredthroughout the month; they lost 8.90% and 4.54% respectively.

As the US and EU falter anddoubts remain over the likelihood of a global recovery, investors would do wellto stay cautiously positive for any improvements in the market environment.

India Fund Market Insight Report, August 2011 - More Losses as Macro Woes Persist and Foreign Flows Stay Negative

lipperclientservices@thomsonreuters.com — Fri, 23 Sep 2011 00:00:00 -0600

The historic creditdowngrade of US sovereign debt and the Eurozone debt crisis took centerstage inAugust, ratting markets in the process; the MSCI World index shed 7.26% on themonth.

The S&P CNX Niftyfinished 8.77% lower, while India-registered unit trusts retreated 1.30% onaverage.

Performance has beenflat to negative almost across the board; the sharpest losses were among equityand mixed asset portfolios, which shed 7.76% and 1.72% respectively.

Fixed income fundsbenefited from rising risk aversion globally and locally, and bond funds were theonly asset class to post decent gains – of 0.76% - on the month.

As the US and EU falter anddoubts remain over the likelihood of a global recovery, investors would do wellto stay cautiously positive for any improvements in the market environment.

Hong Kong MPF Market Summary (August 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Sep 2011 00:00:00 -0600

• Hong Kong MPFs fell 5.27% on average for August–their worst month since October 2008.

• Equity MPFs (-8.81%) underperformed both bond MPFs (+0.97%) and mixed-asset MPFs (-4.97%) for a third straight month.

• The investment outlook for the global markets has now become increasingly challenging, and investors should not adopt an aggressive approach for their investment portfolios at this stage.

Hong Kong MPF Market Summary (August 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Sep 2011 00:00:00 -0600

• 香港強積金8月平均下跌5.27% - 自二零零八年十月以來最差的一個月。

• 股票強積金平均下滑8.81%，表現連續第三個月遜于債券強積金(+0.97%)和混合型強積金(-4.97%)。

• 由此，全球市場的投資前景已經變得更具挑戰性，投資者在當前階段最好不要採取激進的投資策略。

Hong Kong Fund Market Summary (August 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Sep 2011 00:00:00 -0600

• Funds authorized for sale in Hong Kong dropped 6.17% on average for August, attributable to equity funds and mixed-asset funds falling 8.68% and 4.89%, respectively.

• Bond funds also declined–down 0.69% on average for the month.

• Commodities funds–the star performers for the month–climbed 4.56% on average for August.

• The investment outlook for the global markets has now become increasingly challenging, and investors should not adopt an aggressive approach for their investment portfolios at this stage.

Hong Kong Fund Market Summary (August 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Sep 2011 00:00:00 -0600

• 香港認可買賣基金8月平均下跌6.17%，這歸因於股票基金和混合型基金，兩個類別在8月各自平均下跌8.68%和4.89%。

• 債券基金也下滑0.69%。

• 商品基金倒是一枝獨秀，8月平均上漲4.56%。

• 由此，全球市場的投資前景已經變得更具挑戰性，投資者在當前階段最好不要採取激進的投資策略。

Malaysia Fund Market Summary (August 2011)

lipperclientservices@thomsonreuters.com — Thu, 15 Sep 2011 00:00:00 -0600

• With the turbulence in the global markets continuing in August for a third straight month, funds registered for sale in Malaysia fell 3.48% on average for the month.

• This was attributed to equity funds and mixed-asset funds falling 8.52% and 5.00%, respectively.

• Bond funds climbed 9.70% for the month.

• The investment outlook for the global markets has now become increasingly challenging, and investors should not adopt an aggressive approach for their investment portfolios at this stage.

China Fund Market Insight Report, August 2011 Month-End Analysis (Chinese) -腥风血雨

lipperclientservices@thomsonreuters.com — Thu, 15 Sep 2011 00:00:00 -0600

全球系统性风险乍现，韩国、香港及台湾股市上月暴跌逾10%，上综指数8月回落4.97%，今年以来已大幅回落8.57%，印度尼西亚、泰国及菲律宾股市今年以来扬升逾3.5%，表现最为抢眼，印度股市今年以来下跌18.69%，表现最为弱势。

中国各分类基金8月除货币市场型外，其余各类基金全盘尽墨；今年以来货币市场基金平均业绩以2.13%居于领先位置，其余类型基金均呈亏损，平衡混合型表现最差，今年以来平均亏损达9.35%。

QFII A股基金，8月整体平均业绩回落3.93%，今年以来平均业绩则回落10.08%，滞后于国内股票型，QFII A股基金资产规模持续缩减，部分基金出现三成以上大量赎回。

QDII基金上月平均业绩下跌6.45%，跌幅明显大于国内股票型，今年以来QDII基金平均业绩大幅亏损10.21%，亏损幅度已正式大于国内股票基金。

国际局势动荡持续方兴未艾，中国如临深渊，如履薄冰，必须步步为营，谨慎以对，短期股市仍无利好刺激，四季度仍难脱盘整走势。

The Month in Closed-End Funds: August 2011

lipperclientservices@thomsonreuters.com — Tue, 06 Sep 2011 00:00:00 -0600

Equity closed-end funds (CEFs) suffered their largest monthly loss (-5.27%) since May 2010, while for the first month in five fixed income CEFs posted a NAV-based return in the red, losing 0.25%.

For the month of August none of Lipper's 12 equity and 9 taxable fixed income CEF classifications posted positive returns, while all 11 of the municipal debt CEF classifications were in the black.

Mixed-equity funds (-3.65%) mitigated losses better than their domestic equity (-5.21%) and world equity (-7.16%) counterparts.

For the month municipal debt CEFs (+1.92%) outpaced their world income CEF (-1.06%) and domestic taxable bond CEF (-4.05%) counterparts on a NAV basis. On a market-price basis two of the three groups were in the black, with muni bond funds returning 4.15% and world income funds returning 1.38%.

The August median discount of all CEFs narrowed 209 basis points (bps) to 4.10%, remaining above the 12-month moving average of 3.57%. High-yield funds witnessed the largest narrowing of all of the macro-groups, narrowing 369 bps to 0.69%.

Singapore FundMarket Insight Report, July 2011 - No Love for Risk as Headwinds Intensify

lipperclientservices@thomsonreuters.com — Mon, 22 Aug 2011 00:00:00 -0600

US debt limit talksand the Eurozone debt crisis took centerstage in July, ratting markets in theprocess; the MSCI World index shed 1.79% on the month.

Singapore marketsfinished 2.21% higher on generally bullish sentiment in South East Asian equities,while Singapore-registered unit trusts retreated 2.13% in the face of macro headwinds.

Performance wasnegative almost across the board, with the sole exception of commodity funds (+0.72%),which were buoyed up by soaring precious metals prices.

Equity and mixed assetfunds were among the least profitable, losing 2.76% and 1.63% respectively.

As the US and EU falter anddoubts remain over the likelihood of a global recovery, investors would do wellto stay cautiously positive for any improvements in the market environment.

India FundMarket Insight Report, July 2011 - Returns Sag as Inflation Adds to Macro Woes

lipperclientservices@thomsonreuters.com — Mon, 22 Aug 2011 00:00:00 -0600

US debt limit talksand the Eurozone debt crisis took centerstage in July, ratting markets in theprocess; the MSCI World index shed 1.79% on the month.

The BSE Sensexfinished 3.44% lower, while India-registered unit trusts advanced 0.25% on average.

Performance has beenflat to moderately positive across most asset class offerings save equities,which shed 0.64%.

Fixed income fundsinitially benefited from rising risk aversion, but had to give up some of thegains later in the month in the face of the unexpectedly aggressive RBI ratehike.

As the US and EU falter anddoubts remain over the likelihood of a global recovery, investors would do wellto stay cautiously positive for any improvements in the market environment.

Malaysia Fund Market Summary (July 2011)