REG-INVESCO Asia Trust: Final Results - Part 1

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Invesco Asia Trust plc

Annual Financial Report Announcement

for the Financial Year Ended 30 April 2008

FINANCIAL INFORMATION AND PERFORMANCE STATISTICS

The benchmark index of the Company is the MSCI All Countries Asia Pacific ex
Japan Index (adjusted for sterling)

Performance Statistics

At At

30 April 30 April %

2008 2007 Change

Net assets (�'000) 118,862 116,146 +2.3

Actual gearing 102 107

Asset gearing 101 106

Net asset value (`NAV') per ordinary
share:

- per Balance Sheet 126.7p 109.6p +15.6

- after charging proposed final dividend 125.2p 108.3p +15.6
(capital NAV)

Net asset value (total return)(i) +16.3

Mid-market price per ordinary share 112.8p 97.8p +15.3

Discount per ordinary share on capital NAV 9.9% 9.7%

Benchmark Index(i)

-capital return 247.9 214.3 +15.7

-total return 455.6 382.5 +19.1

(i) Source: Thomson Financial Datastream.

Revenue

Gross income (�'000) 3,247 2,816 +15.3

Net revenue available for ordinary shares 1,762 1,434 +22.9
(�'000)

Dividend per share 1.5p 1.3p +15.4

Total expense ratio 1.3% 1.2%

Return per Ordinary Share

Revenue return 1.8p 1.3p

Capital return 16.2p 8.3p

Total return 18.0p 9.6p

Chairman's Statement

Performance and Prospects

The Company's performance for the 12 months to 30 April 2008 reflects a more
volatile period for Asia, and for equities. With Asia having outperformed for
much of 2007, a rise in risk-aversion levels towards the end of the period
caused a retreat in a number of Asian stockmarkets. Dominating the headlines
has been the credit crisis, which resulted from the collapse of the US
subprime-mortgage market. Despite Asian banks having limited exposure to these
subprime loans, Asia suffered in line with global equities, with markets which
had outperformed strongly being the worst affected. This has led to a more
muted performance for the Company for the year as a whole, but, encouragingly,
still strongly in positive territory. Over the period, the net asset value per
ordinary share increased from 108.3p to 125.2p, a rise of 15.6% on a capital
basis, compared to the benchmark index, the MSCI All Countries Asia Pacific ex
Japan Index adjusted for sterling, which rose by 15.7%. However, on a total
return basis the NAV rose 16.3% compared to a 19.1% increase in the benchmark
index. The Company's share price rose from 97.8p to 112.8p, while the discount
to net asset value at which the shares trade was relatively unchanged at 9.9%
(up from 9.7%).

Dividend

The Board is pleased to recommend a final dividend of 1.5p per ordinary share
(2007: 1.3p). The dividend, which is subject to the approval of shareholders at
the Annual General Meeting, will be payable on 11 August 2008 to shareholders
on the Register on 11 July 2008.

Share Buy Backs

During the year the Company repurchased 12,125,000 shares for cancellation.
This represented 11.4% of the Company's capital at the start of the year. The
shares were purchased at an average discount of 10.1% to net asset value, so
enhancing NAV per share by 1.23%.

Gearing

The Company has a �15 million uncommitted revolving loan facility, of which �
2.5 million was drawn down at the year end, gearing the portfolio by 2% (2007:
7%).

The Board and the Manager review gearing regularly and closely.

Duncan Neil (known as Peter) Robertson

It was with great regret and sadness that the Board announced in March that
Peter Robertson passed away on 21 March 2008. Peter had served as a member of
the Board since 1995. He had wide experience of investment management in Asian
markets and his wise counsel and guidance were valued highly by both his fellow
Directors and the Company's investment managers. He will be much missed by
colleagues and friends alike.

Special Business at the Annual General Meeting

As in previous years, the Board seeks shareholders' approval to renew the
authorities to issue new ordinary shares, if necessary, while disapplying
pre-emption rights, and to buy back the Company's ordinary shares in the market
within the limits set out in Special Resolutions 8 and 9. This year, we are
proposing that shares so acquired by the Company can also be held in treasury
with a view to their resale if appropriate, or later cancellation. Shares that
are purchased but not cancelled, are known as Treasury Shares. The holding of
Treasury Shares is restricted to 10% of each class of a Company's share
capital. Shares held in treasury will only be reissued on terms that are in the
best interest of shareholders.

With Special Resolution 10, subdivided into sections 10.1 and 10.2, your Board
seeks shareholders' authority to adopt revised Articles of Association for the
Company in two stages. The changes follow the introduction of certain
provisions of the Companies Act 2006 as well as the Transparency Directive on
20 January 2007. The Companies Act changes came into force during 2007 and
early 2008 and the remainder will come into force in October 2008.

Ordinary Resolution 11 is proposed pursuant to changes in the UK Listing Rules.
Listed investment companies are now subject to additional requirements in
respect of their published investment policies. To comply with the new
standards, the Directors are proposing a restated investment policy to be
formally adopted, subject to shareholders' approval at the AGM. The restated
policy is set out in the Report of the Directors. This will not give rise to
changes in the way the Company's assets are managed.

Outlook

With contagion from the credit markets having reduced liquidity and confidence
globally, equities have struggled since the turn of the year. At the same time,
inflationary pressures have increased sharply, with inflation rates
significantly surpassing both central bank targets and economists'
expectations. The combination of these two events has caused investors to
reduce exposure to the markets across the board, with the relative safety of
government bonds benefiting from the flight to quality. However, recently we
have seen investors developing a more sanguine view, with a number of Asian
stockmarkets making strong gains. This may offer hope for a more stable
environment, although there are worries that global economic headwinds may
negatively impact markets in the second half of the year.

Asian economic and corporate fundamentals remain positive, and there are many
reasons for optimism. Economic data has remained relatively resilient, with
exports holding up well as growth in the rest of the world has helped to offset
weakness in the US. Consensus estimates of corporate earnings growth for the
region have been revised downwards recently, with the market now trading on a
prospective earnings multiple of 13.5 times (on those consensus forecasts). As
this is in the upper-end of historic ranges further gains may be limited. This
suggests that risk and reward are now more balanced in Asia, with individual
stock selection becoming increasingly important in adding value to Company
performance.

I look forward to seeing shareholders at the Annual General Meeting of the
Company on 6 August 2008, when there will be opportunities for them to meet
members of the Board and the Investment Manager.

David Hinde

Chairman

19 June 2008

Manager's Report

Market & Economic Review

Asian equities ended higher than at the start of the 12 months under review,
despite a sharp increase in volatility. Hopes that the worst of the credit
crisis may be over encouraged investors to be more positive on equities towards
the end of the period. Overall, Asian markets outperformed versus developed and
other emerging markets. The MSCI All Countries Asia Pacific ex Japan Index
(Total Return) ended 19.1% higher, while the MSCI World Index actually recorded
a fall of 1.0% in sterling terms.

The period was remarkable for the sharp increase in risk and volatility. Having
peaked in October 2007, Asia followed world stockmarkets lower on increased
concerns that the US economy might be about to enter a recession. Sharp falls
in share prices across the globe in January caused a number of Asian markets to
suffer quite substantial declines, with markets which had outperformed in 2007
being the worst affected. However, since their lows in February, Asian
stockmarkets have staged a rebound as sentiment towards equities has improved.
Hong Kong and Chinese bourses recently enjoyed a strong turnaround in fortunes
after a string of government announcements highlighted Beijing's eagerness to
prop up stockmarkets. Chinese domestic stockmarkets had fallen to their lowest
levels in nearly nine months in March, on a mixture of concerns over weaker
profits, the effects of a US economic slowdown on the rest of the world and an
oversupply of new companies coming to the market. However, Hong Kong and
Chinese markets bounced back strongly, as Chinese policymakers announced new
measures to stabilise the local `A' share market. The government placed
restrictions on the sale of shares by imposing controls on investors in listed
companies in an effort to avert fears of a flood of new paper hitting the
market. The government also reversed its decision from last year by lowering
the stamp duty on stock transactions back to 0.1% from 0.3%, a move initiated
in May 2007 to arrest the rapid ascent of local stockmarkets. This provided an
immediate lift to the markets, with the Shanghai Composite index recording its
biggest one-day gain in more than six years after the announcement. This helped
the index to end the period 7.0% higher. Hong Kong's Hang Seng index performed
even better, closing 28.4% higher (all figures are � sterling returns) over the
12-month period.

India also enjoyed strong gains towards the end of the period, regaining some
of the ground it had lost since the turn of the year. Software companies in
particular benefited from a fall in the Indian rupee rate against the US
dollar. Taiwan benefited strongly from Ma Ying-jeou's presidential election
victory. His Kuomintang Party, which favours closer ties with China, won a
landslide victory in the presidential elections with 58% of the votes. Other
Asian markets also enjoyed strong gains for the year: Thailand's main
stockmarket index was up by 34.2%, while Indonesia (+14.6%) and South Korea
(+10.9%) also ended the period with solid gains. By contrast, both the
Philippines and Malaysian stockmarkets suffered. The Philippines struggled as
inflationary pressures weighed heavily on investors' minds, while Malaysian
shares were hindered after the country's ruling coalition suffered a big
election setback, leaving investors uncertain about government's policies,
including important plans for infrastructure spending and fuel-subsidy cuts.

Despite the recent volatility, Asian macroeconomic fundamentals continued to
demonstrate a reasonably solid footing. For China and India, the two largest
economies in the region, data remained relatively strong, although snowstorms
in China had a temporary negative impact on growth. Despite this, China's
economic growth remained solidly in double-digit territory, growing 10.6%
year-on-year (y-o-y) in the first quarter of 2008, while India maintained its
robust growth at 8.4% in the fourth quarter. Elsewhere, initial first quarter
data for 2008 has provided a surprisingly positive picture, with Hong Kong,
Thailand and Indonesia all reporting better-than-expected economic growth
figures. Hong Kong's economy actually accelerated further in the first quarter,
as exports to China and Europe spurred its economy to expand by 7.1% y-o-y,
after gaining 6.9% in the previous quarter. However, there are indications that
growth may slow across the region in the second half of the year as the global
economic slowdown takes more of a hold. Indeed, the World Bank has cut its
forecast for Chinese economic growth to 9.6% from 11.6% last year, while
India's government has also stated that growth in its economy looks set to
moderate. Palaniappan Chidambaram, the Indian finance minister, forecast growth
to slow to 8.7% in the year ending 31 March 2008, down from 9.6% in fiscal year
2007. Encouragingly, however, these figures remain on the high side, with Asian
growth remaining far superior to that in developed markets.

Inflationary pressures continued to be a concern for the region, with upward
inflation surprises being a recurrent theme this year. Chinese inflation hit an
11-year high recently, while India's inflation rate has also continued upwards.
Wholesale inflation in India hit 7.3% by mid-April, while China's remained
above 8% as commodity and oil prices surged. Elsewhere, consumer prices across
the region also continued to tick higher. Soaring food prices were largely to
blame for pushing up consumer inflation, with rice and pork prices in
particular driving prices higher. This has seen central banks become far more
vigilant, with rising inflation forcing Australia's central bank into two
separate 25 basis-point rate hikes this year. Both China's and India's central
banks have also responded by asking lenders to set aside more cash reserves.
The concern is that inflation is not set to dissipate quickly as wage growth in
a number of Asian countries continues to grow at double-digit rates. Recently,
retail sales in China expanded by 22% in April, boosted by rising incomes and
higher prices. With China, India and Indonesia home to 40% of the world
population, it may take some time for inflation to moderate from these
relatively high levels.

Company Performance

Over the period, the Company provided strong absolute total returns, gaining
16.3% over the year ended 30 April 2008. By comparison, the MSCI All Countries
Asia Pacific ex Japan Price Index (Total Return) ended the period 19.1% higher.

At a country level, the decision to increase our exposure to Taiwan proved
positive as the presidential election benefited a number of Taiwanese stocks.
The share prices of China Life Insurance, Far East Textile and Polaris
Securities rose well over 50% during the period. Stock selection within Hong
Kong and Indonesia also proved positive.

On a sector basis, stock selection within financials and industrials was
strong. In particular, stock selection in diversified financials and insurance
aided performance. The share price of Jardine Matheson, a conglomerate with a
number of businesses in the Asia-Pacific region, rose strongly as the company
delivered 2007 profits ahead of analyst expectations. By contrast, poor returns
from some of our consumer stocks negatively impacted on relative performance.
In particular, our holding in ABC Learning Centres in Australia, the world's
largest owner of childcare centres, suffered as worries over its ability to
repay debt emerged. The shares of Synear Food Holdings, the Chinese-based food
company, also fell sharply after the firm announced worse-than-expected
fourth-quarter earnings.

Outlook for Asian Economies and Markets

Asian markets have underperformed so far in 2008, reflecting the high valuation
levels some markets had reached in 2007. Recently, however, Asia has enjoyed
somewhat of a revival as investors have become a little more willing to accept
risk. There are of course concerns on how an economic slowdown in the global
economy will impact on Asia's export-driven economies. In addition, Asia's
vulnerability as a consumer, rather than as a producer of commodities, may also
provide a negative backdrop. However, year-to-date falls have seen valuations
in a number of stockmarkets come down to more attractive levels, as investors
have come to realise that previous earnings growth forecasts were too high for
2008. This should help support Asian markets, and if indeed we encounter a
softer landing for the global economy, this may provide an additional tailwind
for Asian equities to outperform.

Macroeconomic conditions, despite remaining relatively resilient so far, may
weaken in the second half of 2008 as the full effects of a global slowdown
become apparent. Exports have held up well, as growth in Europe and within Asia
has helped to offset weakness in exports to the US. In China, however, after a
long period in which the main focus was the risk of overheating, there has
recently been greater acknowledgement of the risks to growth. These risks stem
mainly from global conditions, but there is also a concern that with inflation
well above the government's 5% target, and with many inflationary pressures in
the pipeline, there appears to be little chance of significant monetary policy
easing in the short term. Central banks across the region are now facing an
increasing dilemma. The expected US recession is posing downside risks to
growth, but commodity-price inflation, partly reflecting the weaker US dollar,
has continued to push inflation rates higher in most areas. Surging rice prices
are another factor that has been fanning regional inflation. Rice prices have
recently hit an all-time high, raising fears of fresh outbreaks of social
unrest across Asia, where the grain is the staple food for more than 2.5
billion people. The latest increase in rice prices has been sparked by global
rice stocks falling to their lowest levels in decades, along with a number of
major rice-producing nations implementing restrictions on rice exports to
ensure that domestic needs are met. Increasingly, governments are introducing
measures to curb inflation. South Korea has frozen domestic utility prices,
while China's policymakers have also introduced new price freezes. In our view,
accelerating food prices are an issue where policymakers need to remain
vigilant, but we do expect some pressures to subside in the second half of the
year, leaving central banks with a clearer picture and a little more room for
manoeuvre.

In terms of corporate earnings, consensus estimates of earnings growth for the
region have recently been revised lower by around 3%. Earnings growth forecasts
for the region as a whole now stand at 12% for 2008. This, however, may be
still too high and we may see further downgrades as we move further into 2008.
With the region on a prospective multiple of 13.5 times earnings, according to
consensus earnings forecasts, overall valuations are close to the top end of
recent historic ranges. Although we continue to see areas where valuations are
at attractive levels, stock selection will likely be the key to outperformance
in 2008.

Looking forward, we continue to be relatively sanguine about prospects for the
region on a medium to long-term view and we certainly expect Asia to outperform
if investors become more comfortable that a slowdown in global growth will not
extend into a prolonged recession. Importantly, growth in China and India
remains strong. The global macroeconomic picture is uncertain at the moment,
but Asian growth still remains superior to that of the developed world.
Corporate earnings and balance sheets are currently strong and interest rates
in many economies remain low. Valuations remain at a slight premium to those in
the developed world, but if Asia can continue to deliver stronger growth, this
should not be perceived as a major concern.

Although markets may be susceptible to any global macroeconomic scare or rising
geo-political concerns, the overall message is that Asia continues to be an
attractive investment destination on a medium- to long-term view. Asia
certainly has its best chance since the early 1990s of remaining resilient in
the face of a global slowdown.

Strategy

In terms of strategy, our aim is to find growth, but in areas where we feel
that valuations are not excessive. We continue to favour domestic-growth plays,
but remain vigilant on the valuation levels of some Chinese stocks,
particularly as the Chinese government will be forced to maintain a tight
monetary policy to combat inflation concerns. Instead, we continue to favour
Hong Kong, where a combination of falling US interest rates and continuing
strong growth in China makes it an attractive proposition. Essentially, we
favour quality companies which have been de-rated along with the market,
despite maintaining a positive outlook and robust earnings growth.

The Company is strongly focused on the consumer sector as demographics,
highsavings rates and increasing wages are all powerful factors that will help
maintain the strength of consumer spending. By contrast, we are underweight in
some cyclical areas, where global economic headwinds are likely to reduce
earnings expectations.

More generally, the stockmarkets of India and China have fallen to a greater
degree than other countries in Asia, although they may still look expensive if
earnings continue to disappoint. However, they are expected to lead in any
recovery. We are therefore looking to invest in China and India as their
markets de-rate and become more attractive. Indeed, we recently bought Ping An
Insurance after the share price had fallen by more than 50% from its peak.

Stuart Parks

Investment Manager

19 June 2008

INVESTMENTS IN ORDER OF VALUATION

Classification of Investments

at 30 April 2008

2008 2007

At % of At % of

Valuation Portfolio Valuation Portfolio

Australia �'000 �'000

Materials 6,638 5.6 5,572 4.5

Consumer Discretionary 393 0.3 1,747 1.4

Industrials 1,669 1.4 2,231 1.8

Financials 2,460 2.1 2,208 1.8

Utilities 1,163 1.0 911 0.7

12,323 10.4 12,669 10.2

China

Energy 771 0.6 2,304 1.9

Consumer Staples 667 0.6 186 0.2

Materials - - 951 0.8

Consumer Discretionary 691 0.6 191 0.2

Industrials 694 0.6 - -

Financials 701 0.6 4,304 3.4

Information Technology 2,384 2.0 - -

Utilities - - 1,622 1.3

5,908 5.0 9,558 7.8

Hong Kong

Energy 1,618 1.3 - -

Consumer Staples 1,021 0.9 - -

Consumer Discretionary 2,099 1.8 4,542 3.7

Industrials 4,873 4.0 3,176 2.6

Financials 16,021 13.3 13,844 11.2

Telecommunication Services 6,306 5.2 3,055 2.5

Utilities 3 - - -

Open Ended Funds - - 1,293 1.1

31,941 26.5 25,910 21.1

India

Consumer Staples 2,482 2.0 1,536 1.3

Materials 2,480 2.1 2,593 2.1

Consumer Discretionary 1,112 0.9 2,021 1.6

Industrials 1,996 1.7 660 0.5

Financials 965 0.8 - -

Information Technology 1,981 1.6 1,621 1.3

Telecommunication Services 1,237 1.0 - -

12,253 10.1 8,431 6.8

Indonesia

Consumer Staples 641 0.5 - -

Materials 1,097 0.9 - -

Industrials 333 0.3 - -

Financials - - 1,408 1.1

2,071 1.7 1,408 1.1

Malaysia

Consumer Discretionary 604 0.5 2,195 1.8

Industrials 74 0.1 2,857 2.3

Financials 1,699 1.4 430 0.4

Utilities 428 0.4 2,651 2.2

2,805 2.4 8,133 6.7

2008 2007

At % of At % of

Valuation Portfolio Valuation Portfolio

�'000 �'000

Philippines

Consumer Staples 417 0.3 - -

Financials 2,413 2.0 3,539 2.9

Utilities - - 398 0.3

2,830 2.3 3,937 3.2

Singapore

Energy 2,598 2.2 876 0.7

Consumer Staples 660 0.6 3,127 2.5

Industrials 2,923 2.4 4,549 3.7

Healthcare 1,367 1.1 1,368 1.1

Financials 2,505 2.1 4,636 3.7

Information Technology 1,106 0.9 1,179 1.0

11,159 9.3 15,735 12.7

South Korea

Consumer Staples - - 938 0.8

Materials 1,138 0.9 1,217 1.0

Consumer Discretionary - - 368 0.3

Industrials 4,099 3.4 2,568 2.1

Financials 6,283 5.2 8,990 7.2

Information Technology 5,218 4.3 6,513 5.3

16,738 13.8 20,594 16.7

Taiwan

Materials 186 0.2 1,626 1.3

Consumer Discretionary 1,637 1.4 - -

Industrials 1,236 1.0 1,207 1.0

Financials 7,130 6.0 3,278 2.7

Information Technology 7,840 6.5 6,952 5.7

18,029 15.1 13,063 10.7

Thailand

Consumer Discretionary - - 221 0.2

Financials 816 0.7 1,206 1.0

816 0.7 1,427 1.2

Other

Materials 748 0.6 1,219 1.0

Financials 1,335 1.1 - -

Consumer Staples 1,199 1.0 973 0.8

3,282 2.7 2,192 1.8

Total Market Valuation 120,155 100.0 123,057 100.0

INVESTMENTS IN ORDER OF VALUATION

at 30 April 2008

Ordinary shares unless stated otherwise

At
Market

Value % of

Company Principal Activity Country �'000 Portfolio

China Mobile* Telecommunication Hong Kong 6,306 5.2
Services

Jardine Matheson Diversified Financials Hong Kong 5,979 5.0

Samsung Electronics Technology Hardware South Korea 5,218 4.3
Equipment

BHP Billiton Materials Australia 4,767 4.0

Taiwan Semiconductor Semiconductors Taiwan 4,572 3.8
Manufacturing

Kookmin Bank Banking South Korea 3,670 3.1

United Phosphorus Chemicals India 2,480 2.1

Qbe Insurance Insurance Australia 2,460 2.1

Wharf Diversified Financials Hong Kong 2,423 2.0

Sina Software & Services China 2,384 2.0

Top Ten Holdings 40,259 33.6

China Life Insurance Taiwan 2,340 1.9

ITC Food, Beverages & India 2,200 1.8
Tobacco

Cheung Kong Real Estate Hong Kong 2,192 1.8

DBS Banking Singapore 2,164 1.8

Keppel Capital Goods Singapore 2,072 1.7

Noble Capital Goods Hong Kong 2,066 1.7

China Insurance* Insurance Hong Kong 2,004 1.7

Cathay Financial Insurance Taiwan 2,003 1.7

Infosys Technologies Software & Services India 1,981 1.6

Newcrest Mining Materials Australia 1,871 1.6

Top Twenty Holdings 61,152 50.9

Mediatek Semiconductors Taiwan 1,818 1.5

Downer Capital Goods Australia 1,669 1.4

Far East Textile Consumer Durables & Taiwan 1,637 1.4
Apparel

Cnooc* Energy Hong Kong 1,618 1.3

Banco De Oro Universal Banking Philippines 1,560 1.3
Bank

Daelim Industrial Capital Goods South Korea 1,559 1.3

Dah Sing Banking Banking Hong Kong 1,530 1.3

Sinopac Financial Diversified Financials Taiwan 1,521 1.3

Daegu Bank Banking South Korea 1,475 1.2

Macquarie Korea Transportation South Korea 1,456 1.2

Top Thirty Holdings 76,995 64.1

Hon Hai Precision Technology Hardware Taiwan 1,450 1.2
Equipment

Parkway Healthcare Singapore 1,367 1.1

China Real Estate Real Estate United 1,335 1.1
Opportunities Kingdom

Polaris Securities Diversified Financials Taiwan 1,266 1.1

Bharti Airtel Telecommunication India 1,237 1.0
Services

M.P. Evans Food, Beverages & United 1,199 1.0
Tobacco Kingdom

Apa Utilities Australia 1,163 1.0

Korea Investment Diversified Financials South Korea 1,138 0.9

Posco Materials South Korea 1,138 0.9

Voltas Consumer Durables & India 1,112 0.9
Apparel

Top Forty Holdings 89,400 74.3

Datacraft Asia Technology Hardware Singapore 1,106 0.9
Equipment

Tambang Batubara Materials Indonesia 1,097 0.9

At
Market

Value % of

Company Principal Activity Country �'000 Portfolio

Samsung Heavy Capital Goods South Korea 1,084 0.9

Bharat Heavy Capital Goods India 1,030 0.9

HKR International Real Estate Hong Kong 1,013 0.8

Jain Irrigation Capital Goods India 966 0.8

ICICI Bank Banking India 965 0.8

Singapore Petrol Energy Singapore 948 0.8

Beijing Enterprise* Capital Goods Hong Kong 891 0.7

Bumiputra-Commerce Banking Malaysia 891 0.7

Top Fifty Holdings 99,391 82.5

Citic Pacific Capital Goods Hong Kong 884 0.7

Wing Lung Bank Banking Hong Kong 880 0.7

Filinvest Land Real Estate Philippines 853 0.7

Cosco Pacific Transportation Singapore 851 0.7

Ezra Energy Singapore 850 0.7

Cathay Pacific Air Transportation Hong Kong 835 0.7

CPN Retail Growth Real Estate Thailand 816 0.7

China Resources Retailing Hong Kong 803 0.7
Enterprise*

Straits Asia Energy Singapore 800 0.7

Petrochina Energy China 771 0.6

Top Sixty Holdings 107,734 89.4

West China Cement Materials United 748 0.6
Kingdom

Wah Lee Industrial Capital Goods Taiwan 709 0.6

Ping An Insurance+ Insurance China 701 0.6

China National Capital Goods China 694 0.6
Materials+

Hong Kong & Shanghai Hotels, Restaurants & Hong Kong 694 0.6
Hotels Leisure

Great Wall Motor+ Automobiles & Components China 691 0.6

Synear Food Food, Beverages & China 667 0.6
Tobacco

Bandar Raya Development Real Estate Malaysia 664 0.6

Petra Foods Food, Beverages & Singapore 660 0.6
Tobacco

Unilever Indonesia Household & Personal Indonesia 641 0.5
Products

Top Seventy Holdings 114,603 95.3

Genting Hotels, Restaurants & Malaysia 604 0.5
Leisure

Dickson Concept Retailing Hong Kong 602 0.5

China Mengniu Food, Beverages & Hong Kong 529 0.4
Tobacco

Taiwan Sogo Shingkong Commercial Services & Taiwan 527 0.4
Security Supplies

Tenaga Nasional Utilities Malaysia 428 0.4

Alliance Global Food, Beverages & Philippines 417 0.3
Tobacco

ABC Learning Centres Consumer Services Australia 393 0.3

Parkway Life Real Real Estate Singapore 341 0.3

United Tractors Capital Goods Indonesia 333 0.3

China Green Food, Beverages & Hong Kong 308 0.3
Tobacco

Top Eighty Holdings 119,085 99.0

Hong Kong Aircraft Transportation Hong Kong 197 0.2

Taiwan Fertilizer Materials Taiwan 186 0.2

Hengan International Household & Personal Hong Kong 184 0.2
Products

Bandar Raya Development Real Estate Malaysia 144 0.1
Warrants

Dhampur Sugar Food, Beverages & India 141 0.1
Tobacco

Dhampur Sugar Mills Food, Beverages & India 96 0.1
Tobacco

At Market

Value % of

Company Principal Activity Country �'000 Portfolio

Krisassets Capital Goods Malaysia 74 0.1

Dabur India Household & Personal India 45 0.0
Products

China Resource Power Utilities Hong Kong 3 0.0

Total 120,155 100.0

*Red Chip Holdings

+H-Shares

Related Party Transactions

David Hinde, the Chairman of the Company, is a non-executive director of Dah
Sing Banking Group, and the Fund holds shares in that company equivalent to
1.3% of the value of the portfolio. The Board has delegated authority for
investment selection to the Manager and the Manager has selected this
investment independently in accordance with the investment strategy set out in
the Annual Financial Report. The Board as a whole reviews the investment
portfolio on a regular basis and is satisfied that the investment was selected
in an objective manner and that no conflict of interest has arisen as a result
of the selection of this stock.

Principal Risks and Uncertainties

The Company's investments are traded on the Far Eastern, Indian and
Australasian

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